ASTRA FUNDS. Audited Financial Statements December 31, 2012

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1 ASTRA FUNDS Audited Financial Statements December 31, 2012

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3 Table of contents Page ASTRA Money Market Fund... 3 ASTRA Treasury Fund... 7 ASTRA Fiera Capital Bond Fund ASTRA OAM Bond Fund ASTRA PIMCO Bond Fund ASTRA Bond Index Fund ASTRA Conservative Strategy Fund ASTRA Balanced Strategy Fund ASTRA Growth Strategy Fund ASTRA Aggressive Strategy Fund ASTRA Celestia Conservative Fund ASTRA Celestia Balanced Fund ASTRA Celestia Growth Fund ASTRA Celestia Aggressive Fund ASTRA Conservative Fundamental Portfolio Fund ASTRA Balanced Fundamental Portfolio Fund ASTRA Growth Fundamental Portfolio Fund ASTRA Aggressive Fundamental Portfolio Fund ASTRA Sprott / Fiera Capital Canadian Balanced Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Dynamic Power Balanced Fund ASTRA Acuity High Income Fund ASTRA UBS Global High Income Fund ASTRA Guardian Canadian Dividend Equity Fund ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ASTRA Triasima Canadian Equity Fund ASTRA Greystone Canadian Growth Equity Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Canadian Fundamental Equity Fund ASTRA Canadian Index Fund ASTRA Canadian Small Cap Equity Fund ASTRA MFS McLean Budden U.S. Equity Fund ASTRA Tradewinds U.S. Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA U.S. Index Fund ASTRA International Equity Fund ASTRA Carnegie International Equity Fund ASTRA International Fundamental Equity Fund ASTRA International Index Fund ASTRA Calamos Global Equity Fund ASTRA Lazard Global Equity Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Lazard Global Infrastructure Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA Morgan Stanley Global Real Estate Fund ASTRA CoreCommodity Management Commodity Fund Notes to Financial Statements Independent Auditor's Report ASTRA Sigma Alpha Global Macro Fund Notes to Financial Statements Independent Auditor's Report Financial Highlights

4 ASTRA MONEY MARKET FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 10,969 13,003 Cash Receivables ,994 13,151 Liabilities Bank overdraft - - Accounts payable Net Assets 10,994 13,016 Net asset value per unit Class A Class C Investments, at cost 10,969 13,003 OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 13,016 11,691 Capital units transactions Proceeds from issue of units 13,213 40,658 Reinvestment of distributions Redemption of units (15,292) (39,393) (2,022) 1,325 Distributions to unitholders Net investment income (57) (60) Net realized gain on sale of investments - - (57) (60) from operations Net assets - End of year 10,994 13,016 DISTRIBUTIONS ($/unit) Class A Net investment income - - Net realized gain on sale of investments - - Class C Net investment income Net realized gain on sale of investments - - Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments - - Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments - - from operations from operations per unit Class A - - Class C

5 ASTRA MONEY MARKET FUND (in thousands of dollars; except per unit amounts) CHANGES IN NUMBER OF UNITS Class A Units outstanding at the beginning 672, ,699 Units issued 584,961 3,307,399 Units redeemed (623,763) (3,398,169) Units outstanding at the end 634, ,929 CHANGES IN NUMBER OF UNITS Class C Units outstanding at the beginning 628, ,434 Units issued 742, ,401 Units redeemed (905,480) (541,150) Units outstanding at the end 465, ,685 MANAGEMENT EXPENSE RATIO Class A 1.48% 1.47% Class C - - 4

6 ASTRA MONEY MARKET FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.77%) MFS MB Money Market Fund 1,096,924 10,969 10,969 OTHER NET ASSETS (0.23%) 25 TOTAL NET ASSETS (100%) 10,994 TOP HOLDINGS OF UNDERLYING FUND MFS MB Money Market Fund % Government of Canada, Treasury Bill, 0.99%, Government of Canada, Treasury Bill, 0.96%, Government of Canada, Treasury Bill, 0.98%, Province of Quebec, Treasury Bill, 0.97%, Government of Canada, Treasury Bill, 0.96%, Province of Manitoba, Treasury Bill, 1.01%, Province of Ontario, Treasury Bill, 1.21%, Government of Canada, Treasury Bill, 0.96%, Manulife Bank of Canada, Note, 1.16%, Bank of Montreal, Note, 1.25%, Royal Bank of Canada, Note, 1.19%, CIBC, Note, 1.18%, Bank of Nova Scotia, Note, 1.40%, Nestlé Canada, Note, 1.07%, Province of British Columbia, Treasury Bill, 1.17%, CIBC, Note, 1.10%, Government of Canada, Treasury Bill, 0.99%, National Bank of Canada, Note, 1.11%, Bank of Nova Scotia, Note, 1.14%, Honda Financial, Note, 1.22%, GE Capital, Note, 1.25%, Honda Financial, Note, 1.25%, Province of Ontario, Treasury Bill, 1.14%, The Toronto-Dominion Bank, Note, 1.10%, Province of British Columbia, Treasury Bill, 1.13%,

7 ASTRA MONEY MARKET FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Money Market Fund is a segregated fund that invests exclusively in the underlying fund called MFS MB Money Market Fund. The ASTRA Money Market Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS McLean Budden Limited. The manager's investment strategy favours an interest rate anticipation management approach. The manager's investment strategy is to favour an approach based on term and sector management as well as the quality of debt securities. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 10, ,969 Products Money Market Total 10, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 13, ,003 Products Money Market Total 13, ,003 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 6

8 ASTRA TREASURY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 45,329 42,443 Cash Receivables ,689 42,951 Liabilities Bank overdraft - - Accounts payable Net Assets 45,689 42,951 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 45,717 42,984 Adjustment to bid prices of investments (28) (33) Net assets at bid prices of investments 45,689 42,951 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.01) (0.01) Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 42,951 27,872 Capital units transactions Proceeds from issue of units 32,990 44,533 Reinvestment of distributions Redemption of units (30,625) (30,229) 2,709 14,835 Distributions to unitholders Net investment income (344) (480) Net realized gain on sale of investments - (51) (344) (531) from operations Net assets - End of year 45,689 42,951 Changes in number of units Units outstanding at the beginning 4,028,732 2,637,474 Units issued 3,125,729 4,238,046 Units redeemed (2,872,420) (2,846,788) Units outstanding at the end 4,282,041 4,028,732 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments Investments, at cost 45,085 42,186 OPERATIONS Years ended December Income Interest 1,305 1,134 1,305 1,134 Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments (74) 52 Net unrealized gain (loss) on investments (13) 243 from operations from operations per unit Management Expense Ratio 1.89% 1.89% 7

9 ASTRA TREASURY FUND (in thousands) INVESTMENT PORTFOLIO As at December 31, 2012 Par Average Fair Value Cost Value CANADIAN BONDS (99.21%) Government of Canada (27.56%) Canada Housing Trust No 1, 1.43%*, ,860 10,897 10,917 Canada Housing Trust No 1, 3.75%, ,500 1,675 1,675 12,572 12,592 Provincials and Subsidized (9.97%) Concordia University, 4.65%, Financement-Québec, 3.50%, ,785 1,900 1,899 Kativik Regional Government, 2.80%, McGill University, 4.50%, Ontario, 1.47%*, Quebec, 4.25%, ,000 1,112 1,119 Université de Montréal, 4.55%, ,550 4,554 Municipals and Subsidized (26.98%) Baie-Saint-Paul, 3.25%, Beaupré, 2.20%, Boucherville, 2.25%, Boucherville, 3.20%, Chambly, 2.35%, Châteauguay, 3.15%, Châteauguay, 4.35%, Delson, 2.60%, Dolbeau-Mistassini, 3.15%, Gaspé, 3.20%, Gatineau, 3.90%, Kirkland, 3.05%, Laval, 4.65%, Lévis, 2.75%, Lévis, 2.95%, Lévis, 3.05%, Lévis, 4.80%, Longueuil, 3.40%, Longueuil, 4.00%, Longueuil, 5.20%, Mascouche, 4.80%, Mirabel, 3.15%, Mont-Royal, 3.40%, Montreal Urban Community, 8.85%, Montreal, 4.80%, Montreal-West, 3.40%, Orford, 2.95%, Pointe-Claire, 3.05%, Quebec, 2.95%, Quebec, 3.00%, Quebec, 3.85%, Quebec, 4.10%, Repentigny, 3.00%, Repentigny, 4.30%, Réseau de transport de la Capitale, 4.60%, Réseau de transport de la Capitale, 4.65%, Réseau de transport de la Capitale, 4.75%, Rouyn-Noranda, 3.05%, Saguenay, 3.25%, Saguenay, 4.55%, Saint-Basile-le-Grand, 3.75%, Saint-Bruno, 3.10%, Par Average Fair Value Cost Value CANADIAN BONDS (99.21%) (Cont'd) Municipals and Subsidized (26.98%) (Cont'd) Saint-Jean-sur-Richelieu, 2.60%, Saint-Jean-sur-Richelieu, 3.55%, Saint-Jérôme, 2.75%, Saint-Jérôme, 4.40%, Saint-Lambert, 3.10%, Saint-Mathieu, 4.00%, Sainte-Adèle, 3.05%, Sainte-Agathe, 2.40%, Sainte-Thérèse, 2.55%, Salaberry-de-Valleyfield, 3.35%, Sept-Îles, 3.10%, Sherbrooke, 3.25%, Sherbrooke, 4.20%, Société de transport de l'outaouais, 3.15%, Société de transport de Trois-Rivières, 3.05%, Terrebonne, 2.75%, Terrebonne, 3.00%, Terrebonne, 4.00%, Thetford Mines, 3.00%, Trois-Rivières, 3.30%, Trois-Rivières, 4.60%, Trois-Rivières, 4.75%, Trois-Rivières, 4.95%, Victoriaville, 3.30%, Westmount, 4.30%, ,209 12,326 Corporations (34.70%) 407 East Development Group General Partnership, 2.81%, Alimentation Couche-Tard Inc., 2.86%, AON Finance NS, 4.76%, Bank of Montreal, 2.96%, Bank of Montreal, 4.65%, Bank of Nova Scotia, 2.90%, Bank of Nova Scotia, 3.04%, Bell Canada, 3.60%, BMW Canada Inc., 2.64%, British Columbia Ferry Services Inc., 5.74%, British Columbia Ferry Services Inc., 6.21%, Caisse centrale Desjardins du Québec, 2.28%, Canada Safeway Ltd., 3.00%, Capital Desjardins Inc., 3.80%, CDP Financial Inc., 1.75%*, ,250 2,249 2,258 Central 1 Credit Union, 4.00%, CIBC, 2.65%, Daimler Canada Finance Inc., 1.98%*, Enbridge Gas Distribution Inc., 5.57%, Enbridge Inc., 2.30%*, George Weston Ltd., 3.78%, Great-West Lifeco Inc., 6.00%, HSBC Bank Canada, 2.90%, Industrial Alliance, 5.71%, Industrial Alliance, 8.25%, Kellogg Canada Inc., 2.10%, Laurentian Bank of Canada, 2.45%, * Floating rate: the identified rate is the effective rate as of December 31,

10 ASTRA TREASURY FUND (in thousands) INVESTMENT PORTFOLIO As at December 31, 2012 Par Average Fair Value Cost Value CANADIAN BONDS (99.21%) (Cont'd) Corporations (34.70%) (Cont'd) Laurentian Bank of Canada, 3.70%, Loblaw Cos Ltd., 4.85%, Loblaw Cos Ltd., 5.40%, Manulife Financial Corporation, 5.16%, National Bank of Canada, 3.26%, National Bank of Canada, 3.58%, National Bank of Canada, 4.93%, Royal Bank of Canada, 3.18%, Royal Bank of Canada, 5.00%, Standard Life Assurance Co. of Canada, 3.94%, Sun Life Financial Inc., 7.90%, Suncor Energy Inc., 5.80%, TELUS Corp., 4.95%, The Toronto-Dominion Bank, 3.37%, Thomson Reuters Corp., 5.20%, Toyota Credit Canada Inc., 2.45%, VW Credit Canada Inc., 2.55%, VW Credit Canada Inc., 2.90%, Wells Fargo Financial Canada Corp., 3.97%, ,754 15,857 TOTAL CANADIAN BONDS 45,085 45,329 TOTAL INVESTMENTS (99.21%) 45,085 45,329 OTHER NET ASSETS (0.79%) 360 TOTAL NET ASSETS (100%) 45,689 * Floating rate: the identified rate is the effective rate as of December 31,

11 ASTRA TREASURY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Treasury Fund (the Fund ) is to generate regular income and moderate short-to medium-term capital growth. Investment strategy The Fund is invested mainly in Canadian short-term fixed income securities. These securities are issued by federal, provincial and municipal governments as well as Canadian companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Optimum Asset Management, focuses on capital preservation and favours an approach based on interest rate expectations, yield curve management, sector selection and securities selection. Credit spread management and market timing are also considered. As at December 31, 2012 and 2011, the Fund s assets are mainly made up of Canadian bonds securities traded on an active market. Risk exposure The Fund is exposed mainly to credit risk, interest rate risk, bond market risk, as well as risk related to the use of derivative financial instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund s main credit concentration risk arises from fixed income securities. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows: Credit rating* 2012 (%) 2011 (%) Governments, municipals and subsidized Companies rated AAA Companies rated AA Companies rated A Companies rated BBB Not rated * Sources: DBRS and Standard & Poor s Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative products. Interest rate risk The following table indicates the Fund s interest rate exposure with financial instruments at fair value by contract maturities. Investments Under 1 year ($) From 1 to 5 years ($) Over 5 years ($) ,459 35,314 6, ,437 34,079 4,927 The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant. Change in prevailing interest rate (%) Impact on Net assets ($) (929) Impact on Net assets ($) (1,299) 1,299 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades fixed income securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 85% and 100% in fixed income securities and up to a maximum of 15% in money market securities. On purchase, money market securities must be rated R1 or higher by the Dominion Bond Rating Service (DBRS) and bond securities must be rated BBB or higher by Standard & Poor s. Bond securities rated BBB may not make up more than 10% of the Fund s assets. Corporate bond securities may not exceed 70% of the Fund s assets. Holdings in a single corporate issuer are limited to 10% of Fund assets. A minimum of 25% of the market value of the Fund must be invested in fixed income securities issued or guaranteed by the Government of Canada. 10

12 ASTRA TREASURY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Price risk (Cont d) The table below shows the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant. Benchmark DEX Universe Short Term Index Change in benchmark (%) Impact on Net assets ($) 907 (907) 2011 Impact on Net assets ($) 845 (845) The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2012 and 2011, all of the Fund s securities are denominated in Canadian dollars, the Fund s functional currency. Consequently, the Fund is not exposed to currency risk. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds - 45,329-45,329 Equities Exchange Traded Funds Investment Funds Products Money Market Total - 45,329-45, Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds - 42,244-42,244 Equities Exchange Traded Funds Investment Funds Products Money Market Total - 42,443-42,443 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 11

13 ASTRA FIERA CAPITAL BOND FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 381, ,018 Cash 5,052 2,921 Receivables , ,075 Liabilities Bank overdraft - - Accounts payable 4,265 1,705 4,265 1,705 Net Assets 382, ,370 Net asset value per unit Investments, at cost 379, ,220 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 184, ,127 Capital units transactions Proceeds from issue of units 225,054 73,643 Reinvestment of distributions - 6,024 Redemption of units (33,183) (28,339) 191,871 51,328 Distributions to unitholders Net investment income - (2,836) Net realized gain on sale of investments - (3,189) - (6,025) from operations 6,392 12,940 Net assets - End of year 382, ,370 Changes in number of units Units outstanding at the beginning 17,323,485 12,453,566 Units issued 20,758,741 7,556,957 Units redeemed (3,067,692) (2,687,038) Units outstanding at the end 35,014,534 17,323,485 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 3 1 Distribution from the underlying fund 9,667 5,849 Management fee distribution received - - 9,670 5,850 Expenses (note 4) Management fees 5,052 2,863 Administrative fees ,314 3,014 Net investment income (loss) 4,356 2,836 Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund 4,927 3,411 Net unrealized gain (loss) on investments (3,090) 6,300 from operations 6,392 12,940 from operations per unit Management Expense Ratio 2.08% 2.05% 12

14 ASTRA FIERA CAPITAL BOND FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.78%) Fiera Active Fixed Income Fund ,610, , ,864 Fiera Tactical Fixed Income Fund ,480, , ,947 TOTAL INVESTMENTS (99.78%) 379, ,811 OTHER NET ASSETS (0.22%) 822 TOTAL NET ASSETS (100%) 382,633 TOP HOLDINGS OF UNDERLYING FUND Fiera Active Fixed Income Fund % Government of Canada, 4.00%, Government of Canada, 2.25%, Government of Canada, 1.50%, Cadillac Fairview Finance Trust, 3.24%, Government of Canada, 3.00%, TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund % Government of Canada, Treasury Bill, 0.92%, Government of Canada, Treasury Bill, 0.95%, Government of Canada, 4.00%, Government of Canada, Treasury Bill, 0.96%, Government of Canada, Treasury Bill, 0.98%,

15 ASTRA FIERA CAPITAL BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Fiera Capital Bond Fund is a segregated fund that invests exclusively in underlying funds called Fiera Active Fixed Income Fund and Fiera Tactical Fixed Income Fund. The ASTRA Fiera Capital Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital with complementary management styles. The Fund s assets are made up of approximately 67% of the Fiera Active Fixed Income Fund with a management approach based on duration, maturity dates and credit and 33% of the Fiera Tactical Fixed Income Fund with a management approach that puts emphasis on the duration. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 381, ,811 Products Money Market Total 381, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 183, ,018 Products Money Market Total 183, ,018 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 14

16 ASTRA OAM BOND FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 68,145 58,446 Cash Receivables 1,052-69,197 59,025 Liabilities Bank overdraft Accounts payable Net Assets 68,334 59,025 Net asset value per unit Investments, at cost 66,831 56,778 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 59,026 62,664 Capital units transactions Proceeds from issue of units 16,841 12,000 Reinvestment of distributions 532 1,715 Redemption of units (8,694) (18,944) 8,679 (5,229) Distributions to unitholders Net investment income (532) (993) Net realized gain on sale of investments - (722) (532) (1,715) from operations 1,161 3,305 Net assets - End of year 68,334 59,025 Changes in number of units Units outstanding at the beginning 5,480,262 5,984,608 Units issued 1,606,375 1,283,952 Units redeemed (802,682) (1,788,298) Units outstanding at the end 6,283,955 5,480,262 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 1,978 2,095 Management fee distribution received - - 1,979 2,095 Expenses (note 4) Management fees 1,209 1,043 Administrative fees ,274 1,102 Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments (354) 1,590 from operations 1,161 3,305 from operations per unit Management Expense Ratio 2.10% 2.05% 15

17 ASTRA OAM BOND FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.72%) Optimum Bond Pooled Fund 6,443,282 66,831 68,145 OTHER NET ASSETS (0.28%) 189 TOTAL NET ASSETS (100%) 68,334 TOP HOLDINGS OF UNDERLYING FUND Optimum Bond Pooled Fund % Hydro-Québec, 1.41%*, Canada Housing Trust No 1, 1.42%*, Financement-Québec, 1.67%, Province of Quebec, 5.00%, Province of Ontario, 1.47%*, Government of Canada, 4.00%, Province of Quebec, 8.50%, Province of Quebec, 3.50%, Province of Ontario, 4.65%, Terrebonne, 3.00%, Saint-Lambert, 2.35%, Toronto, 3.50%, Greater Toronto Airport, 5.63%, Toronto, 5.20%, Bank of Nova Scotia, 3.04%, Sun Life Financial Inc., 4.95%, The Toronto-Dominion Bank, 5.76%, BC Ferry Services, 5.02%, Bell Canada, 5.00%, Sun Life Financial Inc., 5.86%, Royal Bank of Canada, 4.35%, Laurentian Bank of Canada, 3.70%, International Inc., 5.96%, Industrial Alliance, 5.13%, TELUS Corp., 5.05%, * Floating rate: the identified rate is the effective rate as of December 31,

18 ASTRA OAM BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA OAM Bond Fund is a segregated fund that invests exclusively in the underlying fund called Optimum Bond Pooled Fund. The ASTRA OAM Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Optimum Asset Management. The manager's investment strategy favours an interest rate anticipation and yield curve management approach. The choice of sectors, the choice of securities, the management of credit spreads and the synchronization of interventions are all also given consideration. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 68, ,145 Products Money Market Total 68, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 58, ,446 Products Money Market Total 58, ,446 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 17

19 ASTRA PIMCO BOND FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 134,165 95,859 Cash 417 2,415 Receivables ,613 98,288 Liabilities Bank overdraft - - Accounts payable 7 2, ,275 Net Assets 134,606 96,013 Net asset value per unit Investments, at cost 131,089 93,922 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 96,013 72,342 Capital units transactions Proceeds from issue of units 55,291 38,248 Reinvestment of distributions 1,617 1,719 Redemption of units (21,378) (18,020) 35,530 21,947 Distributions to unitholders Net investment income (1,617) (1,662) Net realized gain on sale of investments - (57) (1,617) (1,719) from operations 4,680 3,443 Net assets - End of year 134,606 96,013 Changes in number of units Units outstanding at the beginning 9,730,029 7,479,942 Units issued 5,680,522 4,098,750 Units redeemed (2,134,290) (1,848,663) Units outstanding at the end 13,276,261 9,730,029 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 1 Distribution from the underlying fund 4,797 3,346 Management fee distribution received - - 4,798 3,347 Expenses (note 4) Management fees 2,304 1,603 Administrative fees ,418 1,685 Net investment income (loss) 2,380 1,662 Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund 1,109 - Net unrealized gain (loss) on investments 1,139 1,724 from operations 4,680 3,443 from operations per unit Management Expense Ratio 2.22% 2.15% 18

20 ASTRA PIMCO BOND FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.67%) PIMCO Canada Canadian CorePLUS Bond Trust 1,284, , ,165 OTHER NET ASSETS (0.33%) 441 TOTAL NET ASSETS (100%) 134,606 TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust % Fin Fut BA MSE Fin Fut BA MSE Fin Fut BA MSE Fin Fut BA MSE Government of Canada, 1.50%, Province of Ontario, 4.20%, Province of Quebec, 4.25%, Province of Ontario, 4.40%, Province of Quebec, 4.50%, Government of Canada, 4.00%, Mexico, 10.00%, Province of Ontario, 4.00%, Province of Quebec, 4.50%, Government of Canada, 1.50%, RR 1.56 Hydro-Québec, 11.00%, Government of Canada, 5.00%, Province of Quebec, 4.50%, Province of Ontario, 6.20%, Canada Post, 4.36%, Royal Bank of Canada, 3.77%, Canada Housing Trust No 1, 2.65%, Province of Quebec, 3.30%, RR 0.94 Canada Post, 4.08%, Kommunalbanken, 3,74%, Canada Housing Trust No 1, 3.80%,

21 ASTRA PIMCO BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA PIMCO Bond Fund is a segregated fund that invests exclusively in the underlying fund called PIMCO Canada Canadian CorePLUS Bond Trust. The ASTRA PIMCO Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by PIMCO Canada Trust. The manager's investment strategy favours an approach based on diversification of sources for adding value while minimizing the risk of the portfolio. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 134, ,165 Products Money Market Total 134, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 95, ,859 Products Money Market Total 95, ,859 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 20

22 ASTRA BOND INDEX FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 60,440 56,818 Cash Receivables ,553 56,969 Liabilities Bank overdraft - - Accounts payable Net Assets 60,550 56,894 Net asset value per unit Investments, at cost 57,781 53,195 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 56,894 49,949 Capital units transactions Proceeds from issue of units 25,716 23,076 Reinvestment of distributions 491 1,649 Redemption of units (23,198) (20,020) 3,009 4,705 Distributions to unitholders Net investment income (491) (1,059) Net realized gain on sale of investments - (590) (491) (1,649) from operations 1,138 3,889 Net assets - End of year 60,550 56,894 Changes in number of units Units outstanding at the beginning 5,179,196 4,741,778 Units issued 2,386,056 2,307,135 Units redeemed (2,097,997) (1,869,717) Units outstanding at the end 5,467,255 5,179,196 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 2,366 2,147 Management fee distribution received - - 2,367 2,147 Expenses (note 4) Management fees 1,272 1,035 Administrative fees ,337 1,088 Net investment income (loss) 1,030 1,059 Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments (964) 2,124 from operations 1,138 3,889 from operations per unit Management Expense Ratio 2.06% 2.05% 21

23 ASTRA BOND INDEX FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.82%) BlackRock Canada Universe Bond Index Fund - Class D 2,566,895 57,781 60,440 OTHER NET ASSETS (0.18%) 110 TOTAL NET ASSETS (100%) 60,550 TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund - Class D % Government of Canada, 4.00%, Government of Canada, 5.00%, Government of Canada, 3.75%, Government of Canada, 5.75%, Government of Canada, 5.75%, Government of Canada, 2.00%, Government of Canada, 3.50%, Government of Canada, 3.00%, Government of Canada, 2.25%, Canada Housing Trust No 1, 2.75%, Government of Canada, 3.25%, Government of Canada, 3.00%, Province of Ontario, 4.65%, Government of Canada, 2.75%, Province of Ontario, 3.15%, Government of Canada, 1.00%, Government of Canada, 4.25%, Canada Housing Trust No 1, 1.85%, Government of Canada, 4.00%, Canada Housing Trust No 1, 2.05%, Province of Ontario, 4.00%, Government of Canada, 2.50%, Province of Ontario, 4.20%, Government of Canada, 2.75%, Government of Canada, 4.00%,

24 ASTRA BOND INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Bond Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canada Universe Bond Index Fund - Class D. The ASTRA Bond Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the DEX Universe Bond Index. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 60, ,440 Products Money Market Total 60, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 56, ,818 Products Money Market Total 56, ,818 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 23

25 ASTRA CONSERVATIVE STRATEGY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 87,358 70,583 Cash 1, Receivables ,714 70,733 Liabilities Bank overdraft - - Accounts payable Net Assets 88,714 70,479 Net asset value per unit Investments, at cost 87,134 71,256 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 70,479 58,492 Capital units transactions Proceeds from issue of units 32,797 27,991 Reinvestment of distributions - 2,213 Redemption of units (17,375) (15,469) 15,422 14,735 Distributions to unitholders Net investment income - (709) Net realized gain on sale of investments - (1,226) Return of Capital - (282) - (2,217) from operations 2,813 (531) Net assets - End of year 88,714 70,479 Changes in number of units Units outstanding at the beginning 6,880,380 5,487,047 Units issued 3,145,248 2,856,157 Units redeemed (1,665,416) (1,462,824) Units outstanding at the end 8,360,212 6,880,380 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments Return of Capital OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 1,915 2,304 Management fee distribution received 640-2,556 2,304 Expenses (note 4) Management fees 1,901 1,530 Administrative fees ,981 1,595 Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund 1,014 1,044 Net unrealized gain (loss) on investments 897 (2,617) from operations 2,813 (531) from operations per unit 0.37 (0.09) Management Expense Ratio 2.48% 2.47% 24

26 ASTRA CONSERVATIVE STRATEGY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (98.47%) ASTRA Fiera Capital Bond Fund ,591,368 28,802 28,318 ASTRA AlphaFixe Bond Fund ,664,386 28,402 28,312 Greystone Canadian Equity Fund ,846 10,338 10,955 Jarislowsky Fraser Canadian Equity Fund ,690 11,102 10,996 ASTRA Hillsdale U.S. Equity Fund, Class B ,407 2,612 2,626 ASTRA Carnegie International Equity Fund ,070 2,343 2,639 Hexavest World Fund ,634 3,535 3,512 TOTAL INVESTMENTS (98.47%) 87,134 87,358 OTHER NET ASSETS (1.53%) 1,356 TOTAL NET ASSETS (100%) 88,714 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 25

27 ASTRA CONSERVATIVE STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Conservative Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) Canadian Equities (25%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Foreign Equities (10%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Managers Fiera Capital AlphaFixe Capital Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 87, ,358 Products Money Market Total 87, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 70, ,583 Products Money Market Total 70, ,583 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 26

28 ASTRA BALANCED STRATEGY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 230, ,314 Cash 1, Receivables , ,812 Liabilities Bank overdraft - - Accounts payable Net Assets 232, ,812 Net asset value per unit Investments, at cost 226, ,474 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 204, ,087 Capital units transactions Proceeds from issue of units 59,406 57,007 Reinvestment of distributions - 3,135 Redemption of units (42,335) (46,634) 17,071 13,508 Distributions to unitholders Net investment income - (1,035) Net realized gain on sale of investments - (2,100) - (3,135) from operations 10,512 (4,648) Net assets - End of year 232, ,812 Changes in number of units Units outstanding at the beginning 21,425,991 20,061,804 Units issued 6,032,819 6,126,856 Units redeemed (4,312,024) (4,762,669) Units outstanding at the end 23,146,786 21,425,991 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 2 1 Distribution from the underlying fund 4,338 3,845 Management fee distribution received 2,392 2,293 6,732 6,139 Expenses (note 4) Management fees 5,164 4,900 Administrative fees ,378 5,104 Net investment income (loss) 1,354 1,035 Net realized gain (loss) on sale of investments (240) 761 Net realized gain distributed by the underlying fund 3,077 1,339 Net unrealized gain (loss) on investments 6,321 (7,783) from operations 10,512 (4,648) from operations per unit 0.48 (0.22) Management Expense Ratio 2.53% 2.52% 27

29 ASTRA BALANCED STRATEGY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.34%) ASTRA Fiera Capital Bond Fund ,734,132 49,412 51,734 ASTRA AlphaFixe Bond Fund ,867,859 49,351 51,726 Greystone Canadian Equity Fund ,831,742 43,815 40,471 Jarislowsky Fraser Canadian Equity Fund ,291,432 38,488 40,610 ASTRA Hillsdale U.S. Equity Fund, Class B ,357,804 13,791 13,850 ASTRA Carnegie International Equity Fund ,509,448 12,812 13,925 Hexavest World Fund ,183 19,021 18,535 TOTAL INVESTMENTS (99.34%) 226, ,851 OTHER NET ASSETS (0.66%) 1,544 TOTAL NET ASSETS (100%) 232,395 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 28

30 ASTRA BALANCED STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Balanced Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (45%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) Canadian Equities (35%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Foreign Equities (20%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Managers Fiera Capital AlphaFixe Capital Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 230, ,851 Products Money Market Total 230, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 204, ,314 Products Money Market Total 204, ,314 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 29

31 ASTRA GROWTH STRATEGY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 61,451 55,159 Cash Receivables ,532 55,466 Liabilities Bank overdraft - - Accounts payable Net Assets 61,532 55,337 Net asset value per unit Investments, at cost 61,201 57,093 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 55,337 54,247 Capital units transactions Proceeds from issue of units 12,313 15,586 Reinvestment of distributions Redemption of units (9,416) (11,620) 2,897 4,380 Distributions to unitholders Net investment income - (129) Net realized gain on sale of investments - (285) - (414) from operations 3,298 (2,876) Net assets - End of year 61,532 55,337 Changes in number of units Units outstanding at the beginning 5,423,081 5,022,653 Units issued 1,173,138 1,494,552 Units redeemed (895,880) (1,094,124) Units outstanding at the end 5,700,339 5,423,081 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 1,273 1,079 Management fee distribution received ,769 1,562 Expenses (note 4) Management fees 1,425 1,377 Administrative fees ,483 1,433 Net investment income (loss) Net realized gain (loss) on sale of investments (87) 200 Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 2,184 (3,484) from operations 3,298 (2,876) from operations per unit 0.60 (0.54) Management Expense Ratio 2.59% 2.57% 30

32 ASTRA GROWTH STRATEGY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.87%) ASTRA Fiera Capital Bond Fund ,101 8,760 9,170 ASTRA AlphaFixe Bond Fund ,717 8,748 9,167 Greystone Canadian Equity Fund ,158 14,351 13,834 Jarislowsky Fraser Canadian Equity Fund ,587 14,232 13,886 ASTRA Hillsdale U.S. Equity Fund, Class B ,440 4,578 4,605 ASTRA Carnegie International Equity Fund ,786 4,208 4,629 Hexavest World Fund ,375 6,324 6,160 TOTAL INVESTMENTS (99.87%) 61,201 61,451 OTHER NET ASSETS (0.13%) 81 TOTAL NET ASSETS (100%) 61,532 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 31

33 ASTRA GROWTH STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The Astra Growth Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The Astra Growth Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) Canadian Equities (45%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Foreign Equities (25%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Managers Fiera Capital AlphaFixe Capital Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 61, ,451 Products Money Market Total 61, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 55, ,159 Products Money Market Total 55, ,159 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 32

34 ASTRA AGGRESSIVE STRATEGY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 14,360 13,328 Cash - 46 Receivables ,369 13,381 Liabilities Bank overdraft 2 - Accounts payable Net Assets 14,367 13,351 Net asset value per unit Investments, at cost 14,105 13,677 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 13,351 12,262 Capital units transactions Proceeds from issue of units 2,787 3,832 Reinvestment of distributions - 48 Redemption of units (2,615) (1,848) 172 2,032 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (48) - (48) from operations 844 (895) Net assets - End of year 14,367 13,351 Changes in number of units Units outstanding at the beginning 1,492,263 1,279,411 Units issued 300, ,114 Units redeemed (282,789) (201,262) Units outstanding at the end 1,510,347 1,492,263 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 22 (20) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 604 (943) from operations 844 (895) from operations per unit 0.56 (0.64) Management Expense Ratio 2.69% 2.68% 33

35 ASTRA AGGRESSIVE STRATEGY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.95%) ASTRA Fiera Capital Bond Fund ,533 1,368 1,426 ASTRA AlphaFixe Bond Fund ,206 1,367 1,426 Greystone Canadian Equity Fund ,669 2,630 2,512 Jarislowsky Fraser Canadian Equity Fund ,155 2,552 2,521 Sceptre Pooled Investment Fund - Small Capitalization Section , ASTRA Hillsdale U.S. Equity Fund, Class B ,560 1,497 1,505 ASTRA Carnegie International Equity Fund ,962 1,316 1,513 Hexavest World Fund ,083 2,051 2,012 ASTRA Emerging Markets Fundamental Equity Fund , TOTAL INVESTMENTS (99.95%) 14,105 14,360 OTHER NET ASSETS (0.05%) 7 TOTAL NET ASSETS (100%) 14,367 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 34

36 ASTRA AGGRESSIVE STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Aggressive Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) Canadian Equities (40%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Sceptre Pooled Investment Fund - Small Capitalization Section (page 48) Foreign Equities (40%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) ASTRA Emerging Markets Fundamental Equity Fund (page 143) Managers Fiera Capital AlphaFixe Capital Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Fiera Capital Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 14, ,360 Products Money Market Total 14, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 13, ,328 Products Money Market Total 13, ,328 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 35

37 ASTRA CELESTIA CONSERVATIVE FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 28,394 15,584 Cash Receivables ,973 15,694 Liabilities Bank overdraft - - Accounts payable Net Assets 28,451 15,597 Net asset value per unit Investments, at cost 28,369 15,618 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 15,597 10,002 Capital units transactions Proceeds from issue of units 15,601 7,966 Reinvestment of distributions Redemption of units (3,675) (2,427) 11,926 5,997 Distributions to unitholders Net investment income - (137) Net realized gain on sale of investments - (321) - (458) from operations Net assets - End of year 28,451 15,597 Changes in number of units Units outstanding at the beginning 1,561, ,584 Units issued 1,527, ,818 Units redeemed (359,736) (236,747) Units outstanding at the end 2,729,814 1,561,655 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 59 (450) Transaction costs - (1) from operations from operations per unit Management Expense Ratio 2.59% 2.57% 36

38 ASTRA CELESTIA CONSERVATIVE FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.80%) ASTRA Fiera Capital Bond Fund ,416 8,637 8,484 PIMCO Canada Canadian CorePLUS Bond Trust ,290 8,591 8,493 Greystone Canadian Equity Fund ,397 1,432 1,423 Jarislowsky Fraser Canadian Equity Fund ,392 1,428 1,427 Sceptre Pooled Investment Fund - Small Capitalization Section , ASTRA Hillsdale U.S. Equity Fund, Class B ,302 1,273 1,278 ASTRA Carnegie International Equity Fund ,023 1,131 1,283 Hexavest World Fund ,475 1,441 1,425 ASTRA Emerging Markets Fundamental Equity Fund , ASTRA CoreCommodity Management Commodity Fund, Class A ,351 1,242 1,126 ASTRA Morgan Stanley Global Real Estate Fund ,861 1,056 1,169 Lazard Global Listed Infrastructure (Canada) Fund ,169 1,047 1,140 TOTAL INVESTMENTS (99.80%) 28,369 28,394 OTHER NET ASSETS (0.20%) 57 TOTAL NET ASSETS (100%) 28,451 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 37

39 ASTRA CELESTIA CONSERVATIVE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Celestia Conservative Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Conservative Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (60%) Funds ASTRA Fiera Capital Bond Fund (page 12) PIMCO Canada Canadian CorePLUS Bond Trust (page 48) Canadian Equities (12%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Sceptre Pooled Investment Fund - Small Capitalization Section (page 48) Foreign Equities (16%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) ASTRA Emerging Markets Fundamental Equity Fund (page 143) Specialty Funds (12%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48) Managers Fiera Capital PIMCO Canada Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Fiera Capital Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management BlackRock Asset Management Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 28, ,394 Products Money Market Total 28, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 15, ,584 Products Money Market Total 15, ,584 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 38

40 ASTRA CELESTIA BALANCED FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 56,400 39,278 Cash Receivables ,703 39,641 Liabilities Bank overdraft - - Accounts payable Net Assets 56,337 39,395 Net asset value per unit Investments, at cost 55,189 39,676 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 39,395 29,288 Capital units transactions Proceeds from issue of units 20,888 20,000 Reinvestment of distributions Redemption of units (6,630) (8,868) 14,258 11,922 Distributions to unitholders Net investment income - (128) Net realized gain on sale of investments - (665) - (793) from operations 2,684 (1,022) Net assets - End of year 56,337 39,395 Changes in number of units Units outstanding at the beginning 4,148,705 2,933,371 Units issued 2,133,742 2,109,373 Units redeemed (676,318) (894,039) Units outstanding at the end 5,606,129 4,148,705 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 1, Management fee distribution received ,609 1,045 Expenses (note 4) Management fees 1, Administrative fees , Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 1,608 (1,845) Transaction costs - (5) from operations 2,684 (1,022) from operations per unit 0.55 (0.29) Management Expense Ratio 2.70% 2.68% 39

41 ASTRA CELESTIA BALANCED FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (100.11%) ASTRA Fiera Capital Bond Fund ,026,481 10,942 11,217 PIMCO Canada Canadian CorePLUS Bond Trust ,476 11,083 11,229 Greystone Canadian Equity Fund ,287 4,599 4,513 Jarislowsky Fraser Canadian Equity Fund ,054 4,552 4,530 Sceptre Pooled Investment Fund - Small Capitalization Section ,850 2,534 2,809 ASTRA Hillsdale U.S. Equity Fund, Class B ,974 3,646 3,662 ASTRA Carnegie International Equity Fund ,897 3,204 3,680 Hexavest World Fund ,679 4,577 4,521 ASTRA Emerging Markets Fundamental Equity Fund ,399 1,728 1,723 ASTRA CoreCommodity Management Commodity Fund, Class A ,548 3,162 2,790 ASTRA Morgan Stanley Global Real Estate Fund ,963 2,596 2,899 Lazard Global Listed Infrastructure (Canada) Fund ,115 2,566 2,827 TOTAL INVESTMENTS (100.11%) 55,189 56,400 OTHER NET ASSETS (-0.11%) (63) TOTAL NET ASSETS (100%) 56,337 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 40

42 ASTRA CELESTIA BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The Astra Celestia Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The Astra Celestia Balanced Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%) Funds ASTRA Fiera Capital Bond Fund (page 12) PIMCO Canada Canadian CorePLUS Bond Trust (page 48) Canadian Equities (21%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Sceptre Pooled Investment Fund - Small Capitalization Section (page 48) Foreign Equities (24%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) ASTRA Emerging Markets Fundamental Equity Fund (page 143) Managers Fiera Capital PIMCO Canada Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Fiera Capital Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 56, ,400 Products Money Market Total 56, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 39, ,278 Products Money Market Total 39, ,278 Specialty Funds (15%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48) Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 41

43 ASTRA CELESTIA GROWTH FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 26,390 18,312 Cash Receivables ,450 18,452 Liabilities Bank overdraft - - Accounts payable Net Assets 26,450 18,398 Net asset value per unit Investments, at cost 25,627 18,458 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 18,398 12,332 Capital units transactions Proceeds from issue of units 9,469 8,779 Reinvestment of distributions Redemption of units (2,847) (1,882) 6,622 7,257 Distributions to unitholders Net investment income - (28) Net realized gain on sale of investments - (332) - (360) from operations 1,430 (831) Net assets - End of year 26,450 18,398 Changes in number of units Units outstanding at the beginning 1,951,724 1,220,178 Units issued 972, ,637 Units redeemed (291,656) (191,091) Units outstanding at the end 2,632,227 1,951,724 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 909 (1,219) Transaction costs - (3) from operations 1,430 (831) from operations per unit 0.63 (0.53) Management Expense Ratio 2.75% 2.73% 42

44 ASTRA CELESTIA GROWTH FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.77%) ASTRA Fiera Capital Bond Fund ,906 3,195 3,277 PIMCO Canada Canadian CorePLUS Bond Trust ,398 3,232 3,280 Greystone Canadian Equity Fund ,405 2,371 2,373 Jarislowsky Fraser Canadian Equity Fund ,703 2,363 2,381 Sceptre Pooled Investment Fund - Small Capitalization Section ,129 1,375 1,575 ASTRA Hillsdale U.S. Equity Fund, Class B ,382 2,098 2,105 ASTRA Carnegie International Equity Fund ,331 1,825 2,116 Hexavest World Fund ,733 2,674 2,640 ASTRA Emerging Markets Fundamental Equity Fund ,113 1,075 1,073 ASTRA CoreCommodity Management Commodity Fund, Class A ,462 2,065 1,826 ASTRA Morgan Stanley Global Real Estate Fund ,616 1,698 1,896 Lazard Global Listed Infrastructure (Canada) Fund ,831 1,656 1,848 TOTAL INVESTMENTS (99.77%) 25,627 26,390 OTHER NET ASSETS (0.23%) 60 TOTAL NET ASSETS (100%) 26,450 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 43

45 ASTRA CELESTIA GROWTH FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Celestia Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Growth Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (25%) Funds ASTRA Fiera Capital Bond Fund (page 12) PIMCO Canada Canadian CorePLUS Bond Trust (page 48) Canadian Equities (24%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Sceptre Pooled Investment Fund - Small Capitalization Section (page 48) Foreign Equities (30%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) ASTRA Emerging Markets Fundamental Equity Fund (page 143) Managers Fiera Capital PIMCO Canada Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Fiera Capital Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 26, ,390 Products Money Market Total 26, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 18, ,312 Products Money Market Total 18, ,312 Specialty Funds (21%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48) Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 44

46 ASTRA CELESTIA AGGRESSIVE FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 20,665 15,728 Cash Receivables ,815 15,945 Liabilities Bank overdraft - - Accounts payable Net Assets 20,815 15,836 Net asset value per unit Investments, at cost 19,990 16,015 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 15,836 10,594 Capital units transactions Proceeds from issue of units 6,086 7,977 Reinvestment of distributions Redemption of units (2,434) (1,763) 3,652 6,566 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (352) - (352) from operations 1,327 (972) Net assets - End of year 20,815 15,836 Changes in number of units Units outstanding at the beginning 1,770,087 1,083,091 Units issued 656, ,157 Units redeemed (262,458) (185,161) Units outstanding at the end 2,164,146 1,770,087 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 66 (9) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 962 (1,359) Transaction costs - (3) from operations 1,327 (972) from operations per unit 0.65 (0.69) Management Expense Ratio 2.80% 2.78% 45

47 ASTRA CELESTIA AGGRESSIVE FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.28%) ASTRA Fiera Capital Bond Fund , ,025 PIMCO Canada Canadian CorePLUS Bond Trust ,816 1,006 1,026 Greystone Canadian Equity Fund ,295 2,066 2,061 Jarislowsky Fraser Canadian Equity Fund ,789 2,055 2,069 Sceptre Pooled Investment Fund - Small Capitalization Section ,152 1,244 1,436 ASTRA Hillsdale U.S. Equity Fund, Class B ,682 1,945 1,955 ASTRA Carnegie International Equity Fund ,976 1,675 1,965 Hexavest World Fund ,564 2,508 2,477 ASTRA Emerging Markets Fundamental Equity Fund ,927 1,057 1,050 ASTRA CoreCommodity Management Commodity Fund, Class A ,541 2,099 1,835 ASTRA Morgan Stanley Global Real Estate Fund ,634 1,695 1,907 Lazard Global Listed Infrastructure (Canada) Fund ,895 1,647 1,859 TOTAL INVESTMENTS (99.28%) 19,990 20,665 OTHER NET ASSETS (0.72%) 150 TOTAL NET ASSETS (100%) 20,815 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 46

48 ASTRA CELESTIA AGGRESSIVE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Celestia Aggressive Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Aggressive Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (10%) Funds ASTRA Fiera Capital Bond Fund (page 12) PIMCO Canada Canadian CorePLUS Bond Trust (page 48) Canadian Equities (27%) Funds Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Sceptre Pooled Investment Fund - Small Capitalization Section (page 48) Foreign Equities (36%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) ASTRA Emerging Markets Fundamental Equity Fund (page 143) Managers Fiera Capital PIMCO Canada Managers Greystone Managed Investments Jarislowsky Fraser Ltd. Fiera Capital Managers Hillsdale Investment Management Carnegie Asset Management Hexavest Asset Management BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 20, ,665 Products Money Market Total 20, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 15, ,728 Products Money Market Total 15, ,728 Specialty Funds (27%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48) Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 47

49 ASTRA STRATEGY & CELESTIA FUNDS TOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2012 TOP HOLDINGS OF UNDERLYING FUND ASTRA Hillsdale U.S. Equity Fund, Class B % Eli Lilly & Co Capitol Federal Financial Inc PepsiCo Inc General Mills Inc Johnson & Johnson 0.89 TOP HOLDINGS OF UNDERLYING FUND ASTRA AlphaFixe Bond Fund % Bâtirente AlphaFixe Bond Fund TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund % The Toronto-Dominion Bank 7.77 Bank of Nova Scotia 5.68 Suncor Energy Inc Bank of Montreal 4.91 Enbridge Inc TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund % Microsoft Corp Johnson & Johnson 2.02 AT&T Inc Wal-Mart Stores Inc Exxon Mobil Corp TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund % Royal Bank of Canada 6.58 The Toronto-Dominion Bank 6.51 Bank of Nova Scotia 5.51 Metro Inc., Class A 3.97 Canadian National Railway Company 3.57 TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund % Atlantia SpA 8.59 Fraport AG 7.53 Societa Iniziative Auto e Servizi SpA 5.60 Abertis Infraestructuras SA 5.46 CSX Corp TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust % Fin Fut BA MSE Fin Fut BA MSE Fin Fut BA MSE Fin Fut BA MSE Government of Canada, 1.50%, TOP HOLDINGS OF UNDERLYING FUND Sceptre Pooled Investment Fund - Small Capitalization Section % Constellation Software Inc Dundee Precious Metals Inc Linamar Corp Whitecap Resources Inc Stantec Inc

50 ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 16,634 11,834 Cash Receivables ,697 12,198 Liabilities Bank overdraft - - Accounts payable Net Assets 16,630 12,081 Net asset value per unit Investments, at cost 16,182 11,621 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 12,081 7,631 Capital units transactions Proceeds from issue of units 7,450 6,444 Reinvestment of distributions Redemption of units (3,467) (2,052) 4,005 4,485 Distributions to unitholders Net investment income (22) (66) Net realized gain on sale of investments - (27) (22) (93) from operations Net assets - End of year 16,630 12,081 Changes in number of units Units outstanding at the beginning 1,147, ,838 Units issued 700, ,532 Units redeemed (324,006) (194,559) Units outstanding at the end 1,524,137 1,147,811 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 239 (91) from operations from operations per unit Management Expense Ratio 2.50% 2.47% 49

51 ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (100.02%) ASTRA Canadian Fundamental Equity Fund ,329 2,142 2,172 ASTRA U.S. Fundamental Equity Fund ,535 1,306 1,322 ASTRA International Fundamental Equity Fund ,526 1,330 1,368 ASTRA Emerging Markets Fundamental Equity Fund ,863 1,014 1,017 BlackRock Canada Universe Bond Index Fund - Class D ,769 10,390 10,755 TOTAL INVESTMENTS (100.02%) 16,182 16,634 OTHER NET ASSETS (-0.02%) (4) TOTAL NET ASSETS (100%) 16,630 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 50

52 ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Conservative Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%) Funds BlackRock Canada Universe Bond Index Fund - Class D (page 61) Canadian Equities (13%) Funds ASTRA Canadian Fundamental Equity (page 93) Foreign Equities (22%) Funds ASTRA U.S. Fundamental Equity (page 110) ASTRA International Fundamental Equity (page 123) ASTRA Emerging Markets Fundamental Equity (page 143) Manager BlackRock Asset Management Manager BlackRock Asset Management Manager BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 16, ,634 Products Money Market Total 16, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 11, ,834 Products Money Market Total 11, ,834 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 51

53 ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 37,413 29,377 Cash Receivables ,594 29,914 Liabilities Bank overdraft - - Accounts payable Net Assets 37,594 29,641 Net asset value per unit Investments, at cost 36,426 29,696 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 29,641 17,568 Capital units transactions Proceeds from issue of units 13,078 16,356 Reinvestment of distributions Redemption of units (7,086) (3,211) 6,007 13,225 Distributions to unitholders Net investment income (15) - Net realized gain on sale of investments - (80) (15) (80) from operations 1,961 (1,072) Net assets - End of year 37,594 29,641 Changes in number of units Units outstanding at the beginning 2,930,706 1,662,909 Units issued 1,271,723 1,577,740 Units redeemed (683,250) (309,943) Units outstanding at the end 3,519,179 2,930,706 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received , Expenses (note 4) Management fees Administrative fees Net investment income (loss) 199 (57) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 1,306 (1,165) from operations 1,961 (1,072) from operations per unit 0.60 (0.45) Management Expense Ratio 2.57% 2.52% 52

54 ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.52%) ASTRA Canadian Fundamental Equity Fund ,366 8,122 8,237 ASTRA U.S. Fundamental Equity Fund ,870 5,120 5,181 ASTRA International Fundamental Equity Fund ,196 5,210 5,360 ASTRA Emerging Markets Fundamental Equity Fund ,162 3,791 3,801 BlackRock Canada Universe Bond Index Fund - Class D ,993 14,183 14,834 TOTAL INVESTMENTS (99.52%) 36,426 37,413 OTHER NET ASSETS (0.48%) 181 TOTAL NET ASSETS (100%) 37,594 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 53

55 ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Balanced Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%) Funds BlackRock Canada Universe Bond Index Fund - Class D (page 61) Canadian Equities (22%) Funds ASTRA Canadian Fundamental Equity (page 93) Foreign Equities (38%) Funds ASTRA U.S. Fundamental Equity (page 110) ASTRA International Fundamental Equity (page 123) ASTRA Emerging Markets Fundamental Equity (page 143) Manager BlackRock Asset Management Manager BlackRock Asset Management Manager BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 37, ,413 Products Money Market Total 37, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 29, ,377 Products Money Market Total 29, ,377 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 54

56 ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 19,717 16,883 Cash Receivables ,724 17,147 Liabilities Bank overdraft 7 - Accounts payable Net Assets 19,717 16,950 Net asset value per unit Investments, at cost 19,355 17,221 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 16,950 12,549 Capital units transactions Proceeds from issue of units 5,782 9,199 Reinvestment of distributions Redemption of units (4,155) (3,888) 1,627 5,423 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (112) - (112) from operations 1,140 (910) Net assets - End of year 19,717 16,950 Changes in number of units Units outstanding at the beginning 1,712,859 1,189,308 Units issued 566, ,824 Units redeemed (406,075) (376,273) Units outstanding at the end 1,873,189 1,712,859 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 74 (9) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 700 (1,072) from operations 1,140 (910) from operations per unit 0.62 (0.59) Management Expense Ratio 2.65% 2.57% 55

57 ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (100.00%) ASTRA Canadian Fundamental Equity Fund ,671 5,079 5,124 ASTRA U.S. Fundamental Equity Fund ,483 3,282 3,312 ASTRA International Fundamental Equity Fund ,753 3,363 3,427 ASTRA Emerging Markets Fundamental Equity Fund ,503 2,010 2,000 BlackRock Canada Universe Bond Index Fund - Class D ,639 5,621 5,854 TOTAL INVESTMENTS (100.00%) 19,355 19,717 OTHER NET ASSETS (-) - TOTAL NET ASSETS (100%) 19,717 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 56

58 ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Growth Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Growth Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%) Funds BlackRock Canada Universe Bond Index Fund - Class D (page 61) Canadian Equities (26%) Funds ASTRA Canadian Fundamental Equity (page 93) Foreign Equities (44%) Funds ASTRA U.S. Fundamental Equity (page 110) ASTRA International Fundamental Equity (page 123) ASTRA Emerging Markets Fundamental Equity (page 143) Manager BlackRock Asset Management Manager BlackRock Asset Management Manager BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 19, ,717 Products Money Market Total 19, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 16, ,883 Products Money Market Total 16, ,883 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 57

59 ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 15,400 10,844 Cash Receivables ,441 10,934 Liabilities Bank overdraft - - Accounts payable Net Assets 15,441 10,898 Net asset value per unit Investments, at cost 15,116 11,280 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 10,898 6,777 Capital units transactions Proceeds from issue of units 6,962 6,298 Reinvestment of distributions - 35 Redemption of units (3,324) (1,402) 3,638 4,931 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (35) - (35) from operations 905 (775) Net assets - End of year 15,441 10,898 Changes in number of units Units outstanding at the beginning 1,117, ,684 Units issued 686, ,033 Units redeemed (328,795) (134,230) Units outstanding at the end 1,475,512 1,117,487 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 40 (21) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 720 (823) from operations 905 (775) from operations per unit 0.69 (0.87) Management Expense Ratio 2.69% 2.62% 58

60 ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.73%) ASTRA Canadian Fundamental Equity Fund ,703 4,247 4,303 ASTRA U.S. Fundamental Equity Fund ,566 3,009 3,038 ASTRA International Fundamental Equity Fund ,407 3,053 3,144 ASTRA Emerging Markets Fundamental Equity Fund ,360 1,861 1,872 BlackRock Canada Universe Bond Index Fund - Class D ,252 2,946 3,043 TOTAL INVESTMENTS (99.73%) 15,116 15,400 OTHER NET ASSETS (0.27%) 41 TOTAL NET ASSETS (100%) 15,441 TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page. 59

61 ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Aggressive Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%) Funds BlackRock Canada Universe Bond Index Fund - Class D (page 61) Canadian Equities (28%) Funds ASTRA Canadian Fundamental Equity (page 93) Foreign Equities (52%) Funds ASTRA U.S. Fundamental Equity (page 110) ASTRA International Fundamental Equity (page 123) ASTRA Emerging Markets Fundamental Equity (page 143) Manager BlackRock Asset Management Manager BlackRock Asset Management Manager BlackRock Asset Management Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 15, ,400 Products Money Market Total 15, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 10, ,844 Products Money Market Total 10, ,844 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 60

62 ASTRA FUNDS FUNDAMENTAL PORTFOLIOS TOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2012 TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund - Class D % Government of Canada, 4.00%, Government of Canada, 5.00%, Government of Canada, 3.75%, Government of Canada, 5.75%, Government of Canada, 5.75%, Government of Canada, 2.00%, Government of Canada, 3.50%, Government of Canada, 3.00%, Government of Canada, 2.25%, Canada Housing Trust No 1, 2.75%, Government of Canada, 3.25%, Government of Canada, 3.00%, Province of Ontario, 4.65%, Government of Canada, 2.75%, Province of Ontario, 3.15%, Government of Canada, 1.00%, Government of Canada, 4.25%, Canada Housing Trust No 1, 1.85%, Government of Canada, 4.00%, Canada Housing Trust No 1, 2.05%, Province of Ontario, 4.00%, Government of Canada, 2.50%, Province of Ontario, 4.20%, Government of Canada, 2.75%, Government of Canada, 4.00%,

63 ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 4, Cash 2 48 Receivables 2-4, Liabilities Bank overdraft - - Accounts payable Net Assets 4, Net asset value per unit Investments, at cost 4, CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year Capital units transactions Proceeds from issue of units 4, Reinvestment of distributions - 7 Redemption of units (681) (51) 3, Distributions to unitholders Net investment income - (3) Net realized gain on sale of investments - (4) - (7) from operations (416) (45) Net assets - End of year 4, Changes in number of units Units outstanding at the beginning 85,632 - Units issued 469,403 90,632 Units redeemed (76,363) (5,000) Units outstanding at the end 478,672 85,632 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund 19 5 Management fee distribution received Expenses (note 4) Management fees 68 2 Administrative fees Net investment income (loss) (25) 3 Net realized gain (loss) on sale of investments (7) - Net realized gain distributed by the underlying fund 21 6 Net unrealized gain (loss) on investments (405) (54) from operations (416) (45) from operations per unit (1.18) (0.77) Management Expense Ratio 3.42% 3.36% 62

64 ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (99.90%) ASTRA Fiera Capital Bond Fund ,947 1,682 1,671 Sprott Canadian Equity Fund ,373 2,325 1,920 Sprott Small Cap Equity Fund , TOTAL INVESTMENTS (99.90%) 4,556 4,097 OTHER NET ASSETS (0.10%) 4 TOTAL NET ASSETS (100%) 4,101 TOP HOLDINGS OF UNDERLYING FUND ASTRA Fiera Capital Bond Fund Please refer to the page 12. TOP HOLDINGS OF UNDERLYING FUND Sprott Canadian Equity Fund % Silver Bullion First Majestic Silver Corp Silver Lake Resources Ltd Gold Bullion 2.30 Aurcana Corp TOP HOLDINGS OF UNDERLYING FUND Sprott Small Cap Equity Fund % Home Capital Group Inc Amaya Gaming Group Inc Wi-LAN Inc Mandalay Resource Company 3.70 Mart Resources Inc

65 ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is a segregated fund that invests exclusively in the underlying funds called ASTRA Fiera Capital Bond Fund, Sprott Canadian Equity Fund and Sprott Small Cap Equity Fund. The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital and Sprott Asset Management LP. The managers investment strategy favours underlying funds that contain fixed income securities, Canadian equities and small-cap equities. The fund s assets are made up approximately 40% fixed-income securities and 60% equity securities. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 4, ,097 Products Money Market Total 4, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds Products Money Market Total During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 64

66 ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 45,017 35,295 Cash 286 2,669 Receivables ,331 37,981 Liabilities Bank overdraft - - Accounts payable - 2,545-2,545 Net Assets 45,331 35,436 Net asset value per unit Investments, at cost 46,732 37,669 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 35,436 6,824 Capital units transactions Proceeds from issue of units 18,559 35,024 Reinvestment of distributions - 1,058 Redemption of units (9,637) (4,731) 8,922 31,351 Distributions to unitholders Net investment income - (233) Net realized gain on sale of investments - (825) - (1,058) from operations 973 (1,681) Net assets - End of year 45,331 35,436 Changes in number of units Units outstanding at the beginning 3,617, ,412 Units issued 1,883,712 3,439,498 Units redeemed (974,814) (458,969) Units outstanding at the end 4,526,839 3,617,941 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund 1, Management fee distribution received - - 1, Expenses (note 4) Management fees 1, Administrative fees , Net investment income (loss) Net realized gain (loss) on sale of investments (76) (13) Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 659 (2,739) from operations 973 (1,681) from operations per unit 0.23 (0.83) Management Expense Ratio 2.69% 2.68% 65

67 ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.31%) Fidelity Canadian Asset Allocation Fund 1,848,539 46,732 45,017 OTHER NET ASSETS (0.69%) 314 TOTAL NET ASSETS (100%) 45,331 TOP HOLDINGS OF UNDERLYING FUND Fidelity Canadian Asset Allocation Fund % The Toronto-Dominion Bank 4.34 Suncor Energy Inc Enbridge Inc Bank of Nova Scotia 2.74 Royal Bank of Canada 2.26 Cenovus Energy Inc Shoppers Drug Mart Corp BCE Inc SPDR S&P 500 ETF Trust 1.40 Bank of Montreal 1.26 Brookfield Asset Management Inc., Class A 1.23 Open Text Corp Yamana Gold Inc Rogers Communications Inc., Class B NV 1.04 SPDR Gold Shares 1.04 TELUS Corp Alimentation Couche-Tard Inc., Class B 0.98 Silver Wheaton Corp Eldorado Gold Corp Agrium Inc Canadian Natural Resources Ltd Province of Ontario, 4.20%, Agnico-Eagle Mines Ltd First Quantum Minerals Ltd Crescent Point Energy Corp

68 ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Fidelity Canadian Asset Allocation Fund is a segregated fund that invests exclusively in the underlying fund called Fidelity Canadian Asset Allocation Fund. The ASTRA Fidelity Canadian Asset Allocation Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fidelity Investments using a management method it developed, which uses the manager's strategy to invest in a diversified portfolio of equities and fixed-income securities. The fund s assets include Canadian and foreign equities, percentage of which varies from 20% to 90%. The Fund invests 10% to 60% in fixed-income securities, and 0% to 70% in money market securities. The Fund s neutral mix is 65% Canadian equities, 30% fixed-income securities and 5% money market securities. The manager s philosophy is to add value using the neutral mix as a guideline and gradually adjust the Fund s assets in reaction to, or in anticipation of, market changes. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 45, ,017 Products Money Market Total 45, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 35, ,295 Products Money Market Total 35, ,295 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 67

69 ASTRA DYNAMIC POWER BALANCED FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 5,371 1,220 Cash Receivables 4-5,482 1,373 Liabilities Bank overdraft - - Accounts payable Net Assets 5,422 1,233 Net asset value per unit Investments, at cost 5,236 1,239 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 1,233 - Capital units transactions Proceeds from issue of units 4,752 1,303 Reinvestment of distributions - - Redemption of units (705) (51) 4,047 1,252 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 142 (19) Net assets - End of year 5,422 1,233 Changes in number of units Units outstanding at the beginning 128,586 - Units issued 487, ,030 Units redeemed (72,379) (5,444) Units outstanding at the end 543, ,586 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund 96 3 Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) (13) - Net realized gain (loss) on sale of investments 1 - Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 154 (19) from operations 142 (19) from operations per unit 0.38 (0.29) Management Expense Ratio 3.04% 2.99% 68

70 ASTRA DYNAMIC POWER BALANCED FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.06%) Dynamic Power Balanced Fund 526,048 5,236 5,371 OTHER NET ASSETS (0.94%) 51 TOTAL NET ASSETS (100%) 5,422 TOP HOLDINGS OF UNDERLYING FUND Dynamic Power Balanced Fund % Athabasca Oil Corporation 3.72 The Toronto-Dominion Bank 3.49 Bank of Nova Scotia 3.33 Royal Bank of Canada 2.88 CBS Corporation, Class B NV 2.32 Province of British Columbia, 3.70%, Visa Inc., Class A 2.12 Continental Gold Ltd Dundee International REIT 2.06 African Minerals Ltd., 8.50%, Whitecap Resources Inc Alimentation Couche-Tard Inc., Class B 1.74 MasterCard Inc., Class A 1.73 CIBC 1.71 Pfizer Inc Yum! Brands Inc JPMorgan Chase & Co Valeant Pharmaceuticals International Inc Paramount Resources Ltd., Class A 1.45 Microsoft Corp United Rentals Inc EMC Corp Allergan Inc Suncor Energy Inc GoldCorp Inc

71 ASTRA DYNAMIC POWER BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Dynamic Power Balanced Fund is a segregated fund that invests exclusively in the underlying fund called Dynamic Power Balanced Fund. The ASTRA Dynamic Power Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Dynamic Funds. The manager's investment strategy favours a diversified portfolio of equities and fixed-income securities. Fund assets of these two components may vary from 40% to 60%. For the equities portion, the manager uses a fundamental analysis to assess the growth potential of these holdings. Assessment of the financial situation and management of each company, its business sector and the economy as a whole are analyzed. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 5, ,371 Products Money Market Total 5, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 1, ,220 Products Money Market Total 1, ,220 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 70

72 ASTRA ACUITY HIGH INCOME FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 86,629 93,974 Cash - 1,507 Receivables ,787 95,531 Liabilities Bank overdraft Accounts payable - 1, ,455 Net Assets 86,601 94,076 Net asset value per unit Investments, at cost 87,056 94,759 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 94,076 75,336 Capital units transactions Proceeds from issue of units 17,770 41,614 Reinvestment of distributions 2,723 2,265 Redemption of units (24,572) (15,102) (4,079) 28,777 Distributions to unitholders Net investment income (660) (78) Net realized gain on sale of investments - - Return of Capital (2,957) (3,092) (3,617) (3,170) from operations 221 (6,867) Net assets - End of year 86,601 94,076 Changes in number of units Units outstanding at the beginning 12,184,220 8,746,510 Units issued 2,706,656 5,279,360 Units redeemed (3,298,363) (1,841,650) Units outstanding at the end 11,592,513 12,184,220 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments - - Return of Capital OPERATIONS Years ended December Income Interest 1 1 Distribution from the underlying fund 3,084 2,317 Management fee distribution received - - 3,085 2,318 Expenses (note 4) Management fees 2,334 2,155 Administrative fees ,425 2,240 Net investment income (loss) Net realized gain (loss) on sale of investments (797) (44) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 358 (6,901) from operations 221 (6,867) from operations per unit 0.02 (0.66) Management Expense Ratio 2.78% 2.73% 71

73 ASTRA ACUITY HIGH INCOME FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (100.03%) Acuity Pooled High Income Fund 5,360,731 87,056 86,629 OTHER NET ASSETS (-0.03%) (28) TOTAL NET ASSETS (100%) 86,601 TOP HOLDINGS OF UNDERLYING FUND Acuity Pooled High Income Fund % The Toronto-Dominion Bank 4.36 Royal Bank of Canada 4.30 Bank of Nova Scotia 4.24 Canadian Energy Services & Technology Corp Cathedral Energy Services Ltd Peabody Energy Corp Suncor Energy Inc Canada Housing Trust No 1, 1.85%, Renegade Petroleum Ltd Bank of Montreal 1.84 Canadian Natural Resources Ltd Antofagasta PLC 1.74 Just Energy Group Inc., 6.00%, CIBC 1.56 Government of Canada, 5.00%, Canadian National Railway Company 1.45 US Bancorp 1.34 GoldCorp Inc Teck Resources Ltd., Class B 1.32 Trilogy Energy Corp JPMorgan Chase & Co Magna International Inc Wells Fargo & Co Yamana Gold Inc Government of Canada, 1.50%,

74 ASTRA ACUITY HIGH INCOME FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Acuity High Income Fund is a segregated fund that invests exclusively in the underlying fund called Acuity Pooled High Income Fund. The ASTRA Acuity High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Acuity Investment Management. The manager's investment strategy is to favours a bottom-up management approach. The fund has a blended value/growth management style. Preference is given to reasonably priced securities of corporations that are able to maintain interest and dividend payments in the medium term. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 86, ,629 Products Money Market Total 86, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 93, ,974 Products Money Market Total 93, ,974 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 73

75 ASTRA UBS GLOBAL HIGH INCOME FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 22,476 14,609 Cash Receivables ,649 14,660 Liabilities Bank overdraft - - Accounts payable Net Assets 22,649 14,660 Net asset value per unit Investments, at cost 21,678 15,424 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 14,660 16,193 Capital units transactions Proceeds from issue of units 10,373 3,535 Reinvestment of distributions Redemption of units (3,776) (3,494) 7, Distributions to unitholders Net investment income (159) - Net realized gain on sale of investments (7) (13) Return of Capital (730) (756) (896) (769) from operations 1,779 (1,222) Net assets - End of year 22,649 14,660 Changes in number of units Units outstanding at the beginning 2,625,606 2,540,629 Units issued 1,881, ,351 Units redeemed (653,568) (561,374) Units outstanding at the end 3,853,270 2,625,606 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments Return of Capital OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 159 (32) Net realized gain (loss) on sale of investments 7 45 Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 1,613 (1,235) from operations 1,779 (1,222) from operations per unit 0.61 (0.48) Management Expense Ratio 2.96% 2.94% 74

76 ASTRA UBS GLOBAL HIGH INCOME FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.24%) UBS (Canada) Global Allocation Fund 2,698,572 21,678 22,476 OTHER NET ASSETS (0.76%) 173 TOTAL NET ASSETS (100%) 22,649 TOP HOLDINGS OF UNDERLYING FUND UBS (Canada) Global Allocation Fund % German Democratic Republic, 1.50%, Australian Government, 5.75%, Novartis AG 1.14 Nestlé SA 1.13 BP 1.09 UK treasury, 3.75%, HSBC Holdings PLC 1.07 Toyota Industries Corp Budesrepublik Deutschland, 3.25%, Imperial Tobacco 0.86 Apple Inc Rio Tinto PLC 0.81 Vodafone Group 0.80 SABMiller PLC 0.78 Telenor 0.71 Carrefour SA 0.70 SAP AG 0.67 Mitsubishi 0.67 Sampo 0.65 Total SA 0.65 Shin-Etsu Chemical 0.65 AIA Group Ltd Deutsche Bank AG 0.63 Jardine Matheson Holding 0.62 Itochu Corp

77 ASTRA UBS GLOBAL HIGH INCOME FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA UBS Global High Income Fund is a segregated fund that invests exclusively in the underlying fund called UBS (Canada) Global Allocation Fund. The ASTRA UBS Global High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by UBS Global Asset Management. The manager's investment strategy favours a bottom-up management approach for the choice of securities as well as a top-down approach for the choice of sectors and asset allocation. The manager s philosophy is to earn superior returns with a moderate risk profile. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 22, ,476 Products Money Market Total 22, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 14, ,609 Products Money Market Total 14, ,609 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 76

78 ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December $ Assets Investments, at fair value 17,659 Cash - Receivables 9 17,668 Liabilities Bank overdraft 65 Accounts payable - 65 Net Assets 17,603 Net asset value per unit Investments, at cost 16,331 CHANGES IN NET ASSETS Year ended December $ Net assets - Beginning of year - Capital units transactions Proceeds from issue of units 19,058 Reinvestment of distributions - Redemption of units (2,938) 16,120 Distributions to unitholders Net investment income - Net realized gain on sale of investments - - from operations 1,483 Net assets - End of year 17,603 Changes in number of units Units outstanding at the beginning - Units issued 1,868,324 Units redeemed (279,734) Units outstanding at the end 1,588,590 DISTRIBUTIONS ($/unit) 2012 Net investment income - Net realized gain on sale of investments - OPERATIONS Year ended December $ Income Interest - Distribution from the underlying fund 339 Management fee distribution received Expenses (note 4) Management fees 191 Administrative fees Net investment income (loss) 139 Net realized gain (loss) on sale of investments 16 Net realized gain distributed by the underlying fund - Net unrealized gain (loss) on investments 1,328 from operations 1,483 from operations per unit 1.07 Management Expense Ratio 2.54% 77

79 ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (100.32%) Guardian Equity Income Fund 1,135,633 16,331 17,659 OTHER NET ASSETS (-0.32%) (56) TOTAL NET ASSETS (100%) 17,603 TOP HOLDINGS OF UNDERLYING FUND Guardian Equity Income Fund % Guardian Canadian Short-Term Investment Fund 5.10 The Toronto-Dominion Bank 4.61 Bank of Nova Scotia 4.14 Canadian REIT 3.54 TELUS Corp Keyera Corp Baytex Energy Corp RioCan Real Estate Investment Trust 3.02 AtlaGas Ltd ARC Resources Ltd Crescent Point Energy Corp CIBC 2.75 Shaw Communications Inc Royal Bank of Canada 2.58 Progressive Waste Solutions Ltd Brookfield Renewable Energy Partners LP 2.53 Cenovus Energy Inc Manulife Financial Corporation 2.47 Chartwell Seniors Housing Real Estate Investment Trust 2.32 Peyto Exploration & Development Corp Thomson Reuters Corp Vermilion Energy Inc BCE Inc Cineplex Inc Bonavista Energy Corp

80 ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND OTHER INFORMATION Year ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Guardian Canadian Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Equity Income Fund. The ASTRA Guardian Canadian Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The manager's investment strategy favours a bottom-up management approach and a management style focused equally on growth and value. The manager s also favours income trusts and reasonably priced highreturn equities paying stable and predictable dividends. Fair value of financial instruments The following table shows, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 17, ,659 Products Money Market Total 17, ,659 During the year ended December 31, 2012, there was no transfer of financial instruments between Levels 1 and 2. 79

81 ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 198, ,461 Cash Receivables , ,871 Liabilities Bank overdraft - - Accounts payable Net Assets 199, ,871 Net asset value per unit Investments, at cost 197, ,097 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 213, ,754 Capital units transactions Proceeds from issue of units 33,298 52,151 Reinvestment of distributions - 2,319 Redemption of units (62,077) (63,045) (28,779) (8,575) Distributions to unitholders Net investment income - (160) Net realized gain on sale of investments - (2,161) - (2,321) from operations 13,940 (18,987) Net assets - End of year 199, ,871 Changes in number of units Units outstanding at the beginning 13,426,651 13,888,033 Units issued 2,047,304 3,240,486 Units redeemed (3,822,355) (3,701,868) Units outstanding at the end 11,651,600 13,426,651 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 2 2 Distribution from the underlying fund 6,264 6,049 Management fee distribution received - - 6,266 6,051 Expenses (note 4) Management fees 5,055 5,662 Administrative fees ,259 5,891 Net investment income (loss) 1, Net realized gain (loss) on sale of investments 196 1,855 Net realized gain distributed by the underlying fund 8, Net unrealized gain (loss) on investments 3,940 (21,363) from operations 13,940 (18,987) from operations per unit 1.11 (1.40) Management Expense Ratio 2.58% 2.57% 80

82 ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.80%) Jarislowsky Fraser Canadian Equity Fund 6,316, , ,633 OTHER NET ASSETS (0.20%) 399 TOTAL NET ASSETS (100%) 199,032 TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund % Royal Bank of Canada 6.58 The Toronto-Dominion Bank 6.51 Bank of Nova Scotia 5.51 Metro Inc., Class A 3.97 Canadian National Railway Company 3.57 Suncor Energy Inc Cenovus Energy Inc Enbridge Inc Potash Corporation of Saskatchewan Inc SNC-Lavalin Group Inc Canadian Natural Resources Ltd Rogers Communications Inc., Class B 3.14 Manulife Financial Corporation 2.72 TransCanada Corp Thomson Reuters Corp Talisman Energy Inc Shoppers Drug Mart Corp Shaw Communications Inc., Class B 2.18 Encana Corporation 2.18 Great-West Lifeco Inc BCE Inc Canadian Tire Corp. Ltd., Class A 1.91 Imperial Oil Ltd West Fraser Timber Co. Ltd Tim Hortons Inc

83 ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is a segregated fund that invests exclusively in the underlying fund called Jarislowsky Fraser Canadian Equity Fund. The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Jarislowsky Fraser Ltd. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. The manager's philosophy is founded upon conservative, time proven principles of fundamental investing. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 198, ,633 Products Money Market Total 198, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 213, ,461 Products Money Market Total 213, ,461 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 82

84 ASTRA TRIASIMA CANADIAN EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 105,834 43,930 Cash Receivables ,816 44,069 Liabilities Bank overdraft - - Accounts payable Net Assets 106,816 44,069 Net asset value per unit Investments, at cost 101,422 44,216 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 44,069 10,487 Capital units transactions Proceeds from issue of units 68,135 38,412 Reinvestment of distributions Redemption of units (10,364) (3,733) 57,771 35,130 Distributions to unitholders Net investment income - (108) Net realized gain on sale of investments - (343) - (451) from operations 4,976 (1,097) Net assets - End of year 106,816 44,069 Changes in number of units Units outstanding at the beginning 4,155, ,636 Units issued 6,163,325 3,546,735 Units redeemed (935,181) (342,144) Units outstanding at the end 9,383,371 4,155,227 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund Management fee distribution received 1, , Expenses (note 4) Management fees 1, Administrative fees , Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 4,698 (1,570) from operations 4,976 (1,097) from operations per unit 0.75 (0.63) Management Expense Ratio 2.58% 2.57% 83

85 ASTRA TRIASIMA CANADIAN EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.08%) Bâtirente Triasima Canadian Equity Fund 4,522, , ,834 OTHER NET ASSETS (0.92%) 982 TOTAL NET ASSETS (100%) 106,816 TOP HOLDINGS OF UNDERLYING FUND Bâtirente Triasima Canadian Equity Fund % Royal Bank of Canada 4.34 Inter Pipeline Fund, Class A 3.34 Alimentation Couche-Tard Inc., Class B 2.99 Catamaran Corp Enbridge Inc Parkland Fuel Corp Cineplex Inc Agrium Inc Dollarama Inc Agnico-Eagle Mines Ltd CIBC 2.09 Franco-Nevada Corporation 2.00 Rogers Communications Inc., Class B NV 1.99 The Toronto-Dominion Bank 1.94 TELUS Corp Metro Inc., Class A 1.85 West Fraser Timber Co. Ltd Argonaut Gold Inc Dorel Industries Inc., Class B 1.75 Canadian Pacific Railway Ltd Alaris Royalty Corp Rogers Sugar Inc Encana Corporation 1.54 Boardwalk REIT 1.54 Teck Resources Ltd., Class B

86 ASTRA TRIASIMA CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Triasima Canadian Equity Fund is a segregated fund that invests exclusively in the underlying fund called Bâtirente Triasima Canadian Equity Fund. The ASTRA Triasima Canadian Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Triasima Inc. Portfolio Management. The manager s investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. The manager uses qualitative and quantitative measures for selecting securities. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 105, ,834 Products Money Market Total 105, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 43, ,930 Products Money Market Total 43, ,930 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 85

87 ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 45,343 56,916 Cash Receivables ,524 57,261 Liabilities Bank overdraft - - Accounts payable Net Assets 45,524 57,261 Net asset value per unit Investments, at cost 48,095 63,570 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 57,261 74,810 Capital units transactions Proceeds from issue of units 8,512 18,513 Reinvestment of distributions - - Redemption of units (22,544) (23,564) (14,032) (5,051) Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 2,295 (12,498) Net assets - End of year 45,524 57,261 Changes in number of units Units outstanding at the beginning 5,247,454 5,665,168 Units issued 760,285 1,557,966 Units redeemed (2,028,785) (1,975,680) Units outstanding at the end 3,978,954 5,247,454 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest 1 - Distribution from the underlying fund 1,173 1,135 Management fee distribution received - - 1,174 1,135 Expenses (note 4) Management fees 1,228 1,717 Administrative fees ,278 1,787 Net investment income (loss) (104) (652) Net realized gain (loss) on sale of investments (1,503) (370) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 3,902 (11,476) from operations 2,295 (12,498) from operations per unit 0.51 (2.21) Management Expense Ratio 2.58% 2.57% 86

88 ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.60%) Greystone Canadian Equity Fund 2,052,277 48,095 45,343 OTHER NET ASSETS (0.40%) 181 TOTAL NET ASSETS (100%) 45,524 TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund % The Toronto-Dominion Bank 7.77 Bank of Nova Scotia 5.68 Suncor Energy Inc Bank of Montreal 4.91 Enbridge Inc Canadian National Railway Company 3.74 TransCanada Corp National Bank of Canada 3.43 Manulife Financial Corporation 3.18 GoldCorp. Inc Yamana Gold Inc Agrium Inc Magna International Inc Intact Financial Corporation 2.60 Valeant Pharmaceuticals International Inc Teck Resources Ltd CGI Group Inc Agnico-Eagle Mines Ltd ARC Resources Ltd Saputo Inc Crescent Point Energy Corp Finning International Inc Royal Bank of Canada 1.85 Catamaran Corp Brookfield Asset Management Inc

89 ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Greystone Canadian Growth Equity Fund is a segregated fund that invests exclusively in the underlying fund called Greystone Canadian Equity Fund. The ASTRA Greystone Canadian Growth Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Greystone Managed Investments. The manager's investment strategy favours a bottom-up management approach and a predominantly growth-oriented management style. The manager favours large-cap companies with prospects for above average earnings growth. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 45, ,343 Products Money Market Total 45, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 56, ,916 Products Money Market Total 56, ,916 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 88

90 ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 18,832 5,952 Cash 742 1,077 Receivables ,691 7,038 Liabilities Bank overdraft - - Accounts payable 281 1, ,008 Net Assets 19,410 6,030 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 19,439 6,041 Adjustment to bid prices of investments (29) (11) Net assets at bid prices of investments 19,410 6,030 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.01) (0.02) Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 6,030 - Capital units transactions Proceeds from issue of units 14,742 24,720 Reinvestment of distributions - - Redemption of units (2,189) (18,467) 12,553 6,253 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 827 (223) Net assets - End of year 19,410 6,030 Changes in number of units Units outstanding at the beginning 724,606 - Units issued 1,714,666 2,639,975 Units redeemed (249,974) (1,915,369) Units outstanding at the end 2,189, ,606 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 17,856 5,968 OPERATIONS Years ended December Income Interest - - Dividends Distribution from the underlying fund Expenses (note 4) Management fees Administrative fees Net investment income (loss) (58) (11) Net realized gain (loss) on sale of investments (121) (203) Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 992 (16) Transaction costs (22) (9) from operations 827 (223) from operations per unit 0.60 (0.77) Management Expense Ratio 2.84% 2.78% 89

91 ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND (in thousands; except numbers of shares and units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Shares Cost Value CANADIAN EQUITIES (76.96%) Energy (17.43%) ARC Resources Ltd. 13, Cameco Corp. 13, Canadian Natural Resources Ltd. 8, Cenovus Energy Inc. 18, Crescent Point Energy Corp. 4, Pembina Pipeline Corp. 11, Peyto Exploration & Development Corp. 18, ShawCor Ltd., Class A 15, TransGlobe Energy Corp. 50, ,309 3,383 Number Average Fair of Shares Cost Value CANADIAN EQUITIES (76.96%) (Cont'd) Information Technology (3.38%) CGI Group Inc., Class A 13, Open Text Corp. 6, TOTAL CANADIAN EQUITIES 14,059 14,939 Number Average Fair of Units Cost Value INVESTMENT FUND (20.06%) Montrusco Bolton Quantitative Canadian Equity Fund 107,809 3,797 3,893 Materials (11.90%) Alamos Gold Inc. 39, Argonaut Gold Inc. 28, First Quantum Minerals Ltd. 17, GoldCorp Inc. 9, Potash Corporation of Saskatchewan Inc. 8, Silver Wheaton Corp. 8, ,306 2,309 TOTAL INVESTMENTS (97.02%) 17,856 18,832 OTHER NET ASSETS (2.98%) 578 TOTAL NET ASSETS (100%) 19,410 Industrials (3.57%) Canadian National Railway Company 5, Finning International Inc. 9, Consumer Discretionary (7.01%) Cogeco Cable Inc. 4, Dollarama Inc. 5, Gildan Activewear Inc. 18, Tim Hortons Inc. 4, ,263 1,361 Consumer Staples (5.84%) Metro Inc., Class A 8, Saputo Inc. 6, The North West Co. Inc. 12, ,134 Health Care (1.17%) Catamaran Corp. 4, Financials (25.33%) Bank of Nova Scotia 15, Canadian Western Bank 14, Home Capital Group Inc. 16, Industrial Alliance 10, Laurentian Bank of Canada 8, National Bank of Canada 7, Royal Bank of Canada 4, The Toronto-Dominion Bank 10, TMX Group Ltd. 3, ,478 4,916 Telecommunication Services (1.33%) TELUS Corp. 3,

92 ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Montrusco Bolton Canadian Equity Fund (the Fund ) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in Canadian all-cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Montrusco Bolton, is to manage about 80% of the portfolio using an all-cap fundamental approach and 20% using a quantitative approach based on share momentum. With regard to the fundamental approach, the manager s investment strategy is to favour a bottom-up management approach and a predominantly growthoriented management style. Preference is given to companies whose share valuation presents a strong growth potential. As at December 31, 2012 and 2011, the Fund s assets are mainly made up of Canadian equities. Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund invests between 90% and 100% in Canadian equities and up to a maximum of 10% in money market securities. The Fund s assets must be invested in at least seven sectors of the S&P/TSX Index. The percentage of securities from a single issuer is limited to 8% of the Fund s assets. Exceptions are allowed for securities that have a weighting in the S&P/TSX index that is greater than 10%. In this case, the limit permitted is 65 times the weight of the security in the S&P/TSX composite index. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant. Benchmark S&P/TSX Index Change in benchmark (%) + 5,00-5, Impact on net assets ($) 942 (942) 2011 Impact on net assets ($) 298 (298) The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2012 and 2011, all of the Fund s securities are denominated in Canadian dollars, the Fund s functional currency. Consequently, the Fund is not exposed to currency risk. As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, it is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, it is not exposed to the risk of interest rate fluctuation. 91

93 ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities 14, ,939 Exchange Traded Funds Investment Funds - 3,893-3,893 Products Money Market Total 14,939 3,893-18, Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities 4, ,757 Exchange Traded Funds Investment Funds - 1,195-1,195 Products Money Market Total 4,757 1,195-5,952 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 92

94 ASTRA CANADIAN FUNDAMENTAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 21,202 2,268 Cash Receivables ,483 2,270 Liabilities Bank overdraft - - Accounts payable Net Assets 21,483 2,270 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 21,537 2,270 Adjustment to bid prices of investments (54) - Net assets at bid prices of investments 21,483 2,270 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.03) - Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 2,270 2,531 Capital units transactions Proceeds from issue of units 20,661 1,313 Reinvestment of distributions - - Redemption of units (1,933) (1,270) 18, Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 485 (304) Net assets - End of year 21,483 2,270 Changes in number of units Units outstanding at the beginning 232, ,262 Units issued 2,003, ,815 Units redeemed (190,338) (123,041) Units outstanding at the end 2,045, ,036 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 20,950 2,330 OPERATIONS Years ended December Income Interest - - Dividends Distribution from the underlying fund - 25 Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 110 (17) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund - 11 Net unrealized gain (loss) on investments 314 (314) Transaction costs (37) - from operations 485 (304) from operations per unit 0.32 (1.20) Management Expense Ratio 2.44% 2.57% 93

95 ASTRA CANADIAN FUNDAMENTAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (98.69%) ishares Canadian Fundamental Index Fund 1,789,233 20,950 21,202 OTHER NET ASSETS (1.31%) 281 TOTAL NET ASSETS (100%) 21,483 TOP HOLDINGS OF UNDERLYING FUND ishares Canadian Fundamental Index Fund % Royal Bank of Canada 7.04 The Toronto-Dominion Bank 5.34 Bank of Nova Scotia 5.01 Manulife Financial Corporation 4.37 Bank of Montreal 3.67 Encana Corporation Suncor Energy Inc Financial Sun Life Inc CIBC 2.86 TransCanada Corp Brookfield Asset Management Inc Power Corporation of Canada 2.18 Canadian National Railway Company 2.12 Canadian Natural Resources Ltd Enbridge Inc Cenovus Energy Inc Teck Resources Ltd Nexen Inc Barrick Gold Corp Magna International Inc Research In Motion Ltd Thomson Reuters Corp Talisman Energy Inc Canadian Oil Sands Ltd BCE Inc

96 ASTRA CANADIAN FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Canadian Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded fund called ishares Canadian Fundamental Index Fund. The ASTRA Canadian Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Canada Index, which comprises those Canadian companies with the highest fundamental weightings. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds 21, ,202 Investment Funds Products Money Market Total 21, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 2, ,268 Products Money Market Total 2, ,268 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 95

97 ASTRA CANADIAN INDEX FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 37,214 40,396 Cash 10 - Receivables ,234 40,406 Liabilities Bank overdraft - 7 Accounts payable Net Assets 37,234 40,399 Net asset value per unit Investments, at cost 35,558 40,324 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 40,399 21,828 Capital units transactions Proceeds from issue of units 5,246 27,011 Reinvestment of distributions Redemption of units (10,198) (5,802) (4,952) 21,328 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (119) - (119) from operations 1,787 (2,638) Net assets - End of year 37,234 40,399 Changes in number of units Units outstanding at the beginning 3,881,432 1,861,637 Units issued 497,044 2,538,947 Units redeemed (955,841) (519,152) Units outstanding at the end 3,422,635 3,881,432 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 31 (53) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 1,584 (2,811) from operations 1,787 (2,638) from operations per unit 0.51 (1.28) Management Expense Ratio 2.53% 2.52% 96

98 ASTRA CANADIAN INDEX FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.95%) BlackRock Canadian Equity Index Fund - Class D 1,559,661 35,558 37,214 OTHER NET ASSETS (0.05%) 20 TOTAL NET ASSETS (100%) 37,234 TOP HOLDINGS OF UNDERLYING FUND BlackRock Canadian Equity Index Fund - Class D % Royal Bank of Canada 5.77 The Toronto-Dominion Bank 5.13 Bank of Nova Scotia 4.54 Suncor Energy Inc Bank of Montreal 2.64 Canadian National Railway Company 2.60 Potash Corporation of Saskatchewan Inc Barrick Gold Corp Enbridge Inc TransCanada Corp BCE Inc CIBC 2.16 Canadian Natural Resources Ltd GoldCorp Inc Cenovus Energy Inc Manulife Financial Corporation 1.64 TELUS Corp Brookfield Asset Management Inc., Class A 1.37 Teck Resources Ltd., Class B 1.16 Valeant Pharmaceuticals International Inc Rogers Communications Inc., Class B 1.10 Sun Life Financial Inc Canadian Pacific Railway Ltd Agrium Inc Encana Corporation

99 ASTRA CANADIAN INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Canadian Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canadian Equity Index Fund - Class D. The ASTRA Canadian Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the Capped S&P/TSX Composite Index of the Canadian stock market. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 37, ,214 Products Money Market Total 37, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 40, ,396 Products Money Market Total 40, ,396 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2. 98

100 ASTRA CANADIAN SMALL CAP EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 49,804 50,500 Cash Receivables ,005 50,718 Liabilities Bank overdraft - - Accounts payable Net Assets 50,005 50,718 Net asset value per unit Investments, at cost 40,766 41,830 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 50,718 51,983 Capital units transactions Proceeds from issue of units 11,256 22,378 Reinvestment of distributions Redemption of units (11,701) (18,492) (445) 4,617 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (733) - (733) from operations (268) (5,149) Net assets - End of year 50,005 50,718 Changes in number of units Units outstanding at the beginning 4,119,999 3,760,814 Units issued 928,427 1,735,353 Units redeemed (956,694) (1,376,168) Units outstanding at the end 4,091,732 4,119,999 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest 1 - Management fee distribution received Expenses (note 4) Management fees 1,348 1,375 Administrative fees ,398 1,427 Net investment income (loss) (1,397) (1,427) Net realized gain (loss) on sale of investments 761 2,905 Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 368 (6,627) from operations (268) (5,149) from operations per unit (0.06) (1.32) Management Expense Ratio 2.80% 2.78% 99

101 ASTRA CANADIAN SMALL CAP EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.60%) Sceptre Pooled Investment Fund - Small Capitalization Section 351,996 40,766 49,804 OTHER NET ASSETS (0.40%) 201 TOTAL NET ASSETS (100%) 50,005 TOP HOLDINGS OF UNDERLYING FUND Sceptre Pooled Investment Fund - Small Capitalization Section % Constellation Software Inc Dundee Precious Metals Inc Linamar Corp Whitecap Resources Inc Stantec Inc Russel Metals Inc TransGlobe Energy Corp Painted Pony Petroleum Ltd Northern Property REIT 2.41 West Fraser Timber Co. Ltd Northland Power Inc B2Gold Corp FirstService Corp Allied Properties REIT 2.23 Argonaut Gold Inc Element Financial Corp TransForce Inc Canadian Energy Services & Technology Corp Descartes Systems Group Inc Home Capital Group Inc Secure Energy Services Inc North West Co. Inc The Jean Coutu Group (PJC) Inc., Class A 1.85 CCL Industries Inc., Class B NV 1.79 Canadian Western Bank

102 ASTRA CANADIAN SMALL CAP EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Canadian Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Sceptre Pooled Investment Fund - Small Capitalization Section. The ASTRA Canadian Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 49, ,804 Products Money Market Total 49, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 50, ,500 Products Money Market Total 50, ,500 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

103 ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 26,252 76,314 Cash Receivables 5 7,405 26,475 83,719 Liabilities Bank overdraft - 7,018 Accounts payable ,018 Net Assets 26,475 76,701 Net asset value per unit Investments, at cost 23,550 77,086 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 76, ,369 Capital units transactions Proceeds from issue of units 7,668 23,584 Reinvestment of distributions - - Redemption of units (64,842) (51,850) (57,174) (28,266) Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 6,948 (4,402) Net assets - End of year 26,475 76,701 Changes in number of units Units outstanding at the beginning 12,434,960 16,987,412 Units issued 1,163,058 3,807,989 Units redeemed (9,768,501) (8,360,441) Units outstanding at the end 3,829,517 12,434,960 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - 1 Distribution from the underlying fund 784 1,360 Management fee distribution received ,361 Expenses (note 4) Management fees 1,087 2,525 Administrative fees ,130 2,625 Net investment income (loss) (346) (1,264) Net realized gain (loss) on sale of investments 3, Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 3,474 (3,271) from operations 6,948 (4,402) from operations per unit 1.08 (0.27) Management Expense Ratio 2.71% 2.68% 102

104 ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.16%) MFS MB U.S. Equity Core Fund 2,551,154 23,550 26,252 OTHER NET ASSETS (0.84%) 223 TOTAL NET ASSETS (100%) 26,475 TOP HOLDINGS OF UNDERLYING FUND MFS MB U.S. Equity Core Fund % Apple Inc Danaher Corp JPMorgan Chase & Co Pfizer Inc Exxon Mobil Corp Johnson & Johnson 2.24 The Walt Disney Co Google Inc., Class A 2.03 EMC Corp ACE Ltd Oracle Corp The Goldman Sachs Group Inc Wells Fargo & Co The Procter & Gamble Company 1.74 Visa Inc., Class A 1.71 United Technologies Corp BlackRock Inc Covidien PLC 1.65 Chevron Corp Honeywell International Inc American Express Co Philip Morris International Inc Microchip Technology Inc Danone SA 1.49 Thermo Fisher Scientific Inc

105 ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA MFS McLean Budden U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called MFS MB U.S. Equity Core Fund. The ASTRA MFS McLean Budden U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS McLean Budden Limited. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth while also favouring undervalued securities. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 26, ,252 Products Money Market Total 26, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 76, ,314 Products Money Market Total 76, ,314 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

106 ASTRA TRADEWINDS U.S. EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December $ Assets Investments, at fair value 11,752 Cash 1,262 Receivables ,160 Liabilities Bank overdraft - Accounts payable Net Assets 12,999 Net asset value per unit 9.64 Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 12,999 Adjustment to bid prices of investments - Net assets at bid prices of investments 12,999 Transactional NAV per unit at closing price of investments 9.64 Adjustment per unit to bid prices of investments - Net assets per unit at bid prices of investments 9.64 CHANGES IN NET ASSETS Year ended December $ Net assets - Beginning of year - Capital units transactions Proceeds from issue of units 14,366 Reinvestment of distributions - Redemption of units (1,379) 12,987 Distributions to unitholders Net investment income - Net realized gain on sale of investments - - from operations 12 Net assets - End of year 12,999 Changes in number of units Units outstanding at the beginning - Units issued 1,496,845 Units redeemed (147,773) Units outstanding at the end 1,349,072 DISTRIBUTIONS ($/unit) 2012 Net investment income - Net realized gain on sale of investments - Investments, at cost 11,727 OPERATIONS Year ended December $ Income Interest - Dividends Expenses (note 4) Management fees 190 Administrative fees Net investment income (loss) (75) Net realized gain (loss) on sale of investments 82 Net unrealized gain (loss) on investments 25 Transaction costs (20) from operations 12 from operations per unit 0.01 Management Expense Ratio 3.05% 105

107 ASTRA TRADEWINDS U.S. EQUITY FUND (in thousands; except number of shares) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Shares Cost Value EQUITIES (90.41%) CANADIAN EQUITIES (4.88%) Energy (2.91%) Cameco Corp. 12, Talisman Energy Inc. 11, Materials (1.48%) Barrick Gold Corp. 5, Consumer Discretionary (0.49%) Advance Auto Parts Inc TOTAL CANADIAN EQUITIES U.S. EQUITIES (84.18%) Energy (15.00%) Arch Coal Inc. 17, Baker Hughes Inc. 4, BP PLC 6, Chesapeake Energy Corp. 2, CONSOL Energy Inc. 5, Devon Energy Corp. 2, Gazprom OAO 13, Hess Corporation 5, Peabody Energy Corp. 4, Transocean Ltd. 2, Weatherford International Ltd. 29, ,065 1,950 Materials (7.97%) Domtar Corp. 1, Impala Platinum Holdings Ltd. 3, Kinross Gold Corp. 34, Newmont Mining Corp. 2, Stora Enso OYJ 27, The Mosaic Company 4, ,036 Industrials (3.55%) AGCO Corp. 2, General Dynamics Corp. 1, Manpower Inc. 1, Southwest Airlines Co. 8, The Japan Steel Works Ltd Consumer Discretionary (6.80%) General Motors Co. 16, Interpublic Group of Companies Inc. 11, Time Warner Cable Inc. 1, Time Warner Inc. 4, Number Average Fair of Shares Cost Value EQUITIES (90.41%) (Cont d) U.S. EQUITIES (84.18%) (Cont'd) Consumer Staples (10.19%) Archer Daniels Midland Co. 11, Carrefour SA 18, Molson Coors Brewing Co., Class B 4, Smithfield Foods Inc. 8, The Kroger Co. 8, Tyson Foods Inc., Class A 6, Walgreen Co. 5, ,263 1,324 Health Care (9.17%) Aetna Inc. 6, Allscripts Healthcare Solutions Inc. 10, Dendreon Corp. 15, Forest Laboratories Inc. 5, Health Net Inc. 5, Novartis AG 2, Teva Pharmaceutical Industries Ltd. 6, ,232 1,192 Financials (15.39%) Ageas 1, American International Group Inc. 14, Axis Capital Holdings Ltd. 9, Endurance Specialty Holdings Ltd. 4, Loews Corp. 10, Northern Trust Corp. 3, Old Republic International Corp. 18, UBS AG 8, ,888 2,001 Telecommunication Services (2.24%) NII Holdings Inc., Class B 14, Nippon Telegraph & Telephone Corp. 3, Vivendi SA 5, Information Technology (8.86%) Cisco Systems Inc. 12, Corning Inc. 10, Ingram Micro Inc., Class A 11, Intel Corporation 6, Microsoft Corp. 11, Western Digital Corp. 3, ,176 1,152 Utilities (5.01%) Electricité de France SA 35, Exelon Corp. 13, JSC RusHydro 46, TOTAL U.S. EQUITIES 10,905 10,

108 ASTRA TRADEWINDS U.S. EQUITY FUND (in thousands; except number of shares) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Shares Cost Value EQUITIES (90.41%) (Cont d) FOREIGN EQUITIES (1.35%) Financials (0.86%) Sumitomo Mitsui Trust Holdings Inc. 32, Information Technology (0.49%) Telefonaktiebolaget LM Ericsson, Class B 6, TOTAL FOREIGN EQUITIES TOTAL EQUITIES 11,727 11,752 TOTAL INVESTMENTS (90.41%) 11,727 11,752 OTHER NET ASSETS (9.59%) 1,247 TOTAL NET ASSETS (100%) 12,

109 ASTRA TRADEWINDS U.S. EQUITY FUND OTHER INFORMATION Year ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Tradewinds U.S. Equity Fund (the Fund ) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of all-cap U.S. companies. The Fund may hold fund units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Tradewinds Global Investors, favours a bottom-up management approach and a predominantly value management style. Preference is given to high-quality companies that are traded below their intrinsic value. As at December 31, 2012, the Fund s assets are made up of U.S. equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian and U.S. dollar), as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2012, the Fund has no securities loans and no derivative instruments. Price risk The Fund trades U.S. equity securities which must meet the requirements of the investment policy. No more than 30% of the Fund s assets may be invested in securities of companies in the same sector. Market capitalization of target companies must be greater than $1 billion at the time of purchase. The percentage of securities from a single issuer is limited to 8% of the Fund s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant. Benchmark S&P 500 Index Change in benchmark (%) + 5,00-5, Impact on Net assets ($) 588 (588) The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2012, all of the Fund s securities are denominated in U.S. dollars. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant. Against other currencies Canadian dollar Change in exchange rate (%) + 5,00-5, Impact on Net assets ($) (588) 588 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2012, the Fund was not using any financial instrument as a foreign currency hedge. Interest rate risk As at December 31, 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates. 108

110 ASTRA TRADEWINDS U.S. EQUITY FUND OTHER INFORMATION Year ended December 31 (in thousands of dollars) Fair value of financial instruments The following table shows, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities 11, ,752 Exchange Traded Funds Investment Funds Products Money Market Total 11, ,752 During the year ended December 31, 2012, there was no transfer of financial instruments between Levels 1 and

111 ASTRA U.S. FUNDAMENTAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 14, Cash Receivables , Liabilities Bank overdraft - - Accounts payable Net Assets 14, Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 14, Adjustment to bid prices of investments 98 - Net assets at bid prices of investments 14, Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year Capital units transactions Proceeds from issue of units 14, Reinvestment of distributions - - Redemption of units (1,104) (395) 13, Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 346 (12) Net assets - End of year 14, Changes in number of units Units outstanding at the beginning 48,961 18,347 Units issued 1,285,073 67,935 Units redeemed (99,238) (37,321) Units outstanding at the end 1,234,796 48,961 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 13, OPERATIONS Years ended December Income Interest - - Dividends Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) (4) (7) Net realized gain (loss) on sale of investments 82 4 Net realized gain distributed by the underlying fund - 3 Net unrealized gain (loss) on investments 287 (12) Transaction costs (19) - from operations 346 (12) from operations per unit 0.38 (0.28) Management Expense Ratio 2.51% 2.68% 110

112 ASTRA U.S. FUNDAMENTAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (98.82%) ishares US Fundamental Index Fund 890,769 13,771 14,056 OTHER NET ASSETS (1.18%) 168 TOTAL NET ASSETS (100%) 14,224 TOP HOLDINGS OF UNDERLYING FUND ishares US Fundamental Index Fund % Bank of America Corp Exxon Mobil Corp General Electric Company 2.25 AT&T Inc Citigroup Inc JPMorgan Chase & Co Chevron Corp Wal-Mart Stores Inc Pfizer Inc Verizon Communications Inc Berkshire Hathaway Inc. Class B 1.43 Wells Fargo & Co Johnson & Johnson 1.13 The Procter & Gamble Company 1.05 ConocoPhillips 0.98 Microsoft Corp IBM Corp Merck & Company Inc The Goldman Sachs Group Inc Coca-Cola Co Altria Group Inc Home Depot Inc Sprint Nextel Corp PepsiCo Inc Intel Corporation

113 ASTRA U.S. FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA U.S. Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called ishares US Fundamental Index Fund. The ASTRA U.S. Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI US 1,000 C$ Hedged Index, which comprises the largest 1,000 USlisted companies by fundamental value. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds 14, ,056 Investment Funds Products Money Market Total 14, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds Products Money Market Total During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

114 ASTRA U.S. INDEX FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 14,591 8,810 Cash 37 - Receivables ,634 8,813 Liabilities Bank overdraft - 9 Accounts payable Net Assets 14,634 8,804 Net asset value per unit Investments, at cost 13,667 8,913 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 8,804 6,160 Capital units transactions Proceeds from issue of units 7,375 3,697 Reinvestment of distributions - - Redemption of units (2,541) (1,164) 4,834 2,533 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations Net assets - End of year 14,634 8,804 Changes in number of units Units outstanding at the beginning 1,516,564 1,076,796 Units issued 1,181, ,975 Units redeemed (407,927) (203,207) Units outstanding at the end 2,289,924 1,516,564 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) (79) (70) Net realized gain (loss) on sale of investments 48 (33) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 1, from operations from operations per unit Management Expense Ratio 2.64% 2.63% 113

115 ASTRA U.S. INDEX FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.71%) BlackRock CDN US Equity Index Fund - Class D 1,693,857 13,667 14,591 OTHER NET ASSETS (0.29%) 43 TOTAL NET ASSETS (100%) 14,634 TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN US Equity Index Fund - Class D % Apple Inc Exxon Mobil Corp General Electric Company 1.72 Chevron Corp IBM Corp Microsoft Corp Johnson & Johnson 1.52 AT&T Inc Google Inc., Class A 1.48 The Procter & Gamble Company 1.45 Pfizer Inc Wells Fargo & Co JPMorgan Chase & Co Berkshire Hathaway Inc., Class B 1.28 Coca-Cola Co Philip Morris International Inc Oracle Corp Bank of America Corp Merck & Company Inc Verizon Communications Inc Citigroup Inc Wal-Mart Stores Inc PepsiCo Inc QUALCOMM Inc Cisco Systems Inc

116 ASTRA U.S. INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA U.S. Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN US Equity Index Fund - Class D. The ASTRA U.S. Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the S&P 500 Index (CAN $). Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 14, ,591 Products Money Market Total 14, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 8, ,810 Products Money Market Total 8, ,810 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

117 ASTRA INTERNATIONAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 136,294 87,955 Cash - 1,494 Receivables ,942 89,452 Liabilities Bank overdraft Accounts payable Net Assets 136,518 88,512 Net asset value per unit Investments, at cost 140,852 99,861 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 88,512 93,946 Capital units transactions Proceeds from issue of units 61,097 26,229 Reinvestment of distributions - - Redemption of units (21,699) (22,892) 39,398 3,337 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 8,608 (8,771) Net assets - End of year 136,518 88,512 Changes in number of units Units outstanding at the beginning 14,237,072 13,745,813 Units issued 9,469,560 4,034,715 Units redeemed (3,360,924) (3,543,456) Units outstanding at the end 20,345,708 14,237,072 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest 1 1 Distribution from the underlying fund 5,496 1,787 Management fee distribution received - - 5,497 1,788 Expenses (note 4) Management fees 3,600 2,793 Administrative fees ,714 2,884 Net investment income (loss) 1,783 (1,096) Net realized gain (loss) on sale of investments (523) (1,497) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 7,348 (6,178) from operations 8,608 (8,771) from operations per unit 0.49 (0.63) Management Expense Ratio 3.34% 3.25% 116

118 ASTRA INTERNATIONAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.84%) Hexavest Europac Fund 146, , ,294 OTHER NET ASSETS (0.16%) 224 TOTAL NET ASSETS (100%) 136,518 TOP HOLDINGS OF UNDERLYING FUND Hexavest Europac Fund % Nestlé SA 2.33 Novartis AG 1.94 Roche Holding AG 1.86 Sanofi 1.67 HSBC Holdings PLC 1.49 BP PLC 1.44 AstraZeneca PLC 1.32 Vodafone Group PLC 1.29 Mitsubishi UFJ Financial Group Inc GlaxoSmithKline PLC 0.95 Unilever NV 0.95 Total SA 0.93 Reckitt Benckiser Group PLC 0.93 Diageo PLC 0.91 Compagnie Financière Richemont SA 0.89 Australia & New Zealand Banking Group Ltd Nippon Telegraph & Telephone Corp British American Tobacco PLC 0.80 Royal Dutch Shell PLC, Class B 0.80 Tesco PLC 0.80 Toyota Motor Corp LVMH Moet Hennessy Louis Vuitton SA 0.78 Mizuho Financial Group Inc ABB Ltd Commonwealth Bank of Australia

119 ASTRA INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA International Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest Europac Fund. The ASTRA International Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Emphasis is placed on macroeconomic factors as well as a strategy based on fundamental research supported by quantitative models. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 136, ,294 Products Money Market Total 136, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 87, ,955 Products Money Market Total 87, ,955 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

120 ASTRA CARNEGIE INTERNATIONAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 55,971 42,657 Cash 1,408 1,059 Receivables ,399 43,832 Liabilities Bank overdraft - - Accounts payable Net Assets 57,399 43,420 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 57,440 43,462 Adjustment to bid prices of investments (41) (42) Net assets at bid prices of investments 57,399 43,420 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.01) - Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 43,420 41,746 Capital units transactions Proceeds from issue of units 15,527 12,640 Reinvestment of distributions - - Redemption of units (9,827) (9,024) 5,700 3,616 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 8,279 (1,942) Net assets - End of year 57,399 43,420 Changes in number of units Units outstanding at the beginning 5,555,114 5,076,172 Units issued 1,810,621 1,579,694 Units redeemed (1,139,220) (1,100,752) Units outstanding at the end 6,226,515 5,555,114 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 45,745 39,917 OPERATIONS Years ended December Income Interest - - Dividends 1,244 1,107 1,244 1,107 Expenses (note 4) Management fees 1,474 1,282 Administrative fees ,523 1,325 Net investment income (loss) (279) (218) Net realized gain (loss) on sale of investments 1,178 (150) Net unrealized gain (loss) on investments 7,486 (1,495) Transaction costs (106) (79) from operations 8,279 (1,942) from operations per unit 1.44 (0.37) Management Expense Ratio 3.10% 3.10% 119

121 ASTRA CARNEGIE INTERNATIONAL EQUITY FUND (in thousands; except number of shares) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Shares Cost Value FOREIGN EQUITIES (97.51%) Energy (5.37%) BG Group PLC 75,600 1,753 1,237 Total SA 35,800 1,937 1,846 3,690 3,083 Industrials (15.63%) ABB Ltd. 73,400 1,517 1,496 FANUC Corporation 10,500 1,668 1,918 Makita Corp. 38,800 1,586 1,766 Schneider Electric SA 26,400 1,573 1,897 Wolseley PLC 40,365 1,543 1,892 7,887 8,969 Consumer Discretionary (13.95%) Genting Berhad 273, Inditex SA 13,100 1,173 1,804 L'Occitane International SA 452, ,421 LVMH Moet Hennessy Louis Vuitton SA 6,400 1,020 1,169 Next PLC 23,500 1,011 1,409 Toyota Industries Corp. 44,300 1,291 1,387 6,449 8,009 Consumer Staples (20.00%) British American Tobacco PLC 82,700 3,093 4,174 Diageo PLC 72,300 1,358 2,089 Japan Tobacco Inc. 60,200 1,351 1,686 Nestlé SA 39,900 2,082 2,584 Swedish Match AB 28,300 1, ,895 11,477 Health Care (6.75%) Novo Nordisk A/S, Class B 11,650 1,282 1,875 Roche Holding AG 10,000 1,716 2,000 2,998 3,875 Financials (21.51%) Barclays PLC 523,700 1,691 2,220 HDFC Bank Ltd. 97,100 2,705 3,934 HSBC Holdings PLC 249,000 2,264 2,606 Prudential PLC 137,100 1,797 1,916 UBS AG 107,900 1,650 1,673 10,107 12,349 Information Technology (14.30%) Samsung Electronics Co. Ltd. 4,470 1,719 3,135 SAP AG 51,100 3,177 4,074 Tencent Holdings Ltd. 31, ,000 5,719 8,209 TOTAL FOREIGN EQUITIES 45,745 55,971 TOTAL INVESTMENTS (97.51%) 45,745 55,971 OTHER NET ASSETS (2.49%) 1,428 TOTAL NET ASSETS (100%) 57,

122 ASTRA CARNEGIE INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Carnegie International Equity Fund (the Fund ) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of large-cap international companies located outside of North America. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Carnegie Asset Management, favours a bottom-up management approach based on securities selection and long-term investment. The Fund has a blended value/growth management style. Preference is given to companies with strong pricing power that take advantage of evolving global economic trends. As at December 31, 2012 and 2011, the Fund s assets are made up of international equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. Price risk The Fund trades international equity securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 80% and 100% in international equities and up to a maximum of 20% in money market securities. The Fund s assets must be invested in at least five sectors within the MSCI EAFE Index. No more than 30% of the Fund s assets may be invested in securities of companies in the same sector. Capitalization of target companies must be greater than $1 billion without falling below the company with the smallest capitalization in the MSCI EAFE Index. Exposure to emerging economies is limited to 30% of the Fund s assets. The percentage of securities from a single issuer is limited to 10% of the Fund s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant. Benchmark MSCI EAFE Index Change in benchmark (%) + 5,00-5, Impact on Net assets ($) 2,799 (2,799) 2011 Impact on Net assets ($) 2,133 (2,133) The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table indicates the Fund s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency. Currency ($) ($) Australian Dollar Danish Krone 1,875 1,171 Euro 10,791 6,612 Hong Kong Dollar 2,422 5,193 Japanese Yen 6,757 4,804 Malaysian Ringgit Norwegian Krone Pound Sterling 17,542 10,005 Swedish Krona Swiss Franc 7,753 5,884 U.S. Dollar 7,069 5,828 Total 55,971 42,657 As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates. 121

123 ASTRA CARNEGIE INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Currency risk (Cont d) The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant. Against other currencies Canadian dollar Change in exchange rate (%) + 5,00-5, Impact on Net assets ($) (2,799) 2, Impact on Net assets ($) (2,133) 2,133 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2012 and 2011, the Fund was not using any financial instrument as a foreign currency hedge. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities 55, ,971 Exchange Traded Funds Investment Funds Products Money Market Total 55, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities 42, ,657 Exchange Traded Funds Investment Funds Products Money Market Total 42, ,657 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

124 ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 13, Cash Receivables , Liabilities Bank overdraft - - Accounts payable Net Assets 13, Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 13, Adjustment to bid prices of investments 11 - Net assets at bid prices of investments 13, Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year Capital units transactions Proceeds from issue of units 13, Reinvestment of distributions - - Redemption of units (974) (114) 12, Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 449 (21) Net assets - End of year 13, Changes in number of units Units outstanding at the beginning 15,620 5,173 Units issued 1,689,951 23,540 Units redeemed (121,676) (13,093) Units outstanding at the end 1,583,895 15,620 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments - - Investments, at cost 12, OPERATIONS Years ended December Income Interest - - Dividends Distribution from the underlying fund - 2 Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 77 - Net realized gain (loss) on sale of investments 52 (3) Net unrealized gain (loss) on investments 343 (18) Transaction costs (23) - from operations 449 (21) from operations per unit 0.39 (1.71) Management Expense Ratio 2.71% 2.89% 123

125 ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (98.35%) ishares International Fundamental Index Fund 1,025,481 12,872 13,198 OTHER NET ASSETS (1.65%) 222 TOTAL NET ASSETS (100%) 13,420 TOP HOLDINGS OF UNDERLYING FUND ishares International Fundamental Index Fund % HSBC Holdings PLC 1.73 BP PLC 1.64 Total SA 1.35 Royal Dutch Shell PLC, Class A 1.26 Vodafone Group PLC 1.25 Banco Santander SA 1.20 Royal Dutch Shell PLC, Class B 0.96 Sanofi 0.96 Toyota Motor Corp Samsung Electronics Co. Ltd Nestlé SA 0.91 Allianz SE 0.90 Eni SpA 0.90 BNP Paribas SA 0.89 Telefonica SA 0.83 AXA SA 0.77 Barclays PLC 0.71 Novartis AG 0.69 GlaxoSmithKline PLC 0.68 Deutsche Telekom AG 0.66 Mitsubishi UFJ Financial Group Inc Siemens AG 0.64 ING Groep NV 0.62 Banco Bilbao Vizcaya Argentaria SA 0.62 Daimler AG

126 ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA International Fundamental Equity Fund is a segregated fund that invests exclusively the Exchange Traded Fund called ishares International Fundamental Index Fund. The ASTRA International Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Developed ex US 1,000 Index, which comprises the top 1,000 non US listed companies with the largest fundamental value. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds 13, ,198 Investment Funds Products Money Market Total 13, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds Products Money Market Total During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

127 ASTRA INTERNATIONAL INDEX FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 34,690 28,210 Cash Receivables ,730 28,613 Liabilities Bank overdraft - - Accounts payable Net Assets 34,730 28,233 Net asset value per unit Investments, at cost 35,238 32,702 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 28,233 14,849 Capital units transactions Proceeds from issue of units 8,429 26,354 Reinvestment of distributions - 97 Redemption of units (5,587) (10,673) 2,842 15,778 Distributions to unitholders Net investment income - (97) Net realized gain on sale of investments (97) from operations 3,655 (2,297) Net assets - End of year 34,730 28,233 Changes in number of units Units outstanding at the beginning 3,644,006 1,675,973 Units issued 1,046,178 3,182,329 Units redeemed (675,156) (1,214,296) Units outstanding at the end 4,015,028 3,644,006 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments (376) (146) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 3,944 (2,248) from operations 3,655 (2,297) from operations per unit 0.95 (1.12) Management Expense Ratio 2.91% 2.89% 126

128 ASTRA INTERNATIONAL INDEX FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.88%) BlackRock CDN MSCI EAFE Equity Index Fund - Class D 3,426,690 35,238 34,690 OTHER NET ASSETS (0.12%) 40 TOTAL NET ASSETS (100%) 34,730 TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI EAFE Equity Index Fund - Class D % Nestlé SA 1.91 HSBC Holdings PLC 1.74 Novartis AG 1.31 Roche Holding AG 1.29 BP PLC 1.19 Toyota Motor Corp Royal Dutch Shell PLC, Class A 1.16 BHP Billiton Ltd Vodafone Group PLC 1.12 Sanofi 1.01 Total SA 0.99 GlaxoSmithKline PLC 0.98 Commonwealth Bank of Australia 0.93 British American Tobacco PLC 0.89 Royal Dutch Shell PLC, Class B 0.84 Siemens AG 0.81 BASF SE 0.78 Westpac Banking Corp Banco Santander SA 0.75 Bayer AG 0.71 Rio Tinto PLC 0.69 SAP AG 0.67 BHP Billiton PLC 0.66 Diageo PLC 0.66 Australia & New Zealand Banking Group Ltd

129 ASTRA INTERNATIONAL INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA International Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN MSCI EAFE Equity Index Fund - Class D. The ASTRA International Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the stock market MSCI EAFE Index (CAN $). Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 34, ,690 Products Money Market Total 34, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 28, ,210 Products Money Market Total 28, ,210 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

130 ASTRA CALAMOS GLOBAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 18,675 12,343 Cash 1,127 1,425 Receivables ,847 13,801 Liabilities Bank overdraft - - Accounts payable Net Assets 19,847 13,171 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 19,866 13,185 Adjustment to bid prices of investments (19) (14) Net assets at bid prices of investments 19,847 13,171 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.01) (0.01) Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 13,171 - Capital units transactions Proceeds from issue of units 10,136 15,773 Reinvestment of distributions - - Redemption of units (3,673) (2,158) 6,463 13,615 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 213 (444) Net assets - End of year 19,847 13,171 Changes in number of units Units outstanding at the beginning 1,399,885 - Units issued 1,069,504 1,624,752 Units redeemed (383,418) (224,867) Units outstanding at the end 2,085,971 1,399,885 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 18,009 12,690 OPERATIONS Years ended December Income Interest Dividends Expenses (note 4) Management fees Administrative fees Net investment income (loss) (241) (110) Net realized gain (loss) on sale of investments (540) 23 Net unrealized gain (loss) on investments 1,013 (347) Transaction costs (19) (10) from operations 213 (444) from operations per unit 0.12 (0.41) Management Expense Ratio 3.26% 3.25% 129

131 ASTRA CALAMOS GLOBAL EQUITY FUND (in thousands; except number of shares) INVESTMENT PORTFOLIO As at December 31, 2012 Par Average Fair Value Cost Value BONDS (45.80%) CANADIAN BONDS (2.28%) Government of Canada (2.28%) Canada, 2.00%, Canada, 2.00%, TOTAL CANADIAN BONDS FOREIGN BONDS (43.52%) Government (7.19%) Brazil, 10.00%, New Zealand, 6.00%, New Zealand, 6.50%, Norway, 4.25%, , Norway, 6.50%, Singapore, 1.13%, Sweden, 3.00%, , ,402 1,426 Corporations (36.33%) Affiliated Managers Group Inc., 3.95%, C Amgen Inc., 0.38%, C AngloGold Ashanti Holdings Finance PLC, 3.50%, C Asahi Group Holdings Ltd., 0.00%, C 13, Billion Express Investments Ltd., 0.75%, C BSH Bosch und Siemens Hausgeräte GmbH, 2.38%, , Caterpillar Financial Services Ltd., 1.35%, , CGGVeritas, 1.75%, C Continental Resources Inc., 5.00%, Dialog Semiconductor PLC, 1.00%, C Elekta AB, 2.75%, C EMC Corp., 1.75%, C Expedia Inc., 5.95%, Gap Inc., 5.95%, Gilead Sciences Inc., 1.63%, C GoldCorp Inc., 2.00%, C Hon Hai Precision Industry Co. Ltd., 0.00%, C KDDI Corp., 0.00% C 20, Liberty Interactive LLC, 3.25%, C Limited Brands Inc., 5.63%, Linear Technology Corp., 3.00%, C Microsoft Corp., 0.00%, C Newmont Mining Corp., 1.25%, C Newmont Mining Corp., 1.63%, C Nuance Communications Inc., 2.75%, C Oil States International Inc., 6.50%, Omnicom Group Inc., 0.00%, C Pegatron Corp., 0.00%, C priceline.com Inc., 1.00%, C Qiagen Euro Finance SA, 3.25%, C SanDisk Corp., 1.50%, C Sawai Pharmaceutical Co. Ltd., 0.00%, C 9, Shire PLC, 2.75%, C Siemens Finance, 1.05%, C Subsea 7 SA, 2.25%, C Par Average Fair Value Cost Value BONDS (45.80%) (Cont'd) FOREIGN BONDS (43.52%) (Cont'd) Corporations (36.33%) (Cont'd) Symantec Corp., 1.00%, C Technip SA, 0.25%, C Technip SA, 0.50%, C Temasek Financial III Pte Ltd., 0.00%, C Teva Pharmaceutical Finance Co. LLC, 0.25%, C TIBCO Software Inc., 2.25%, C UCB, 4.50%, C Unicharm Corp., 0.00%, C 20, ,351 7,211 TOTAL FOREIGN BONDS 8,753 8,637 TOTAL BONDS 9,199 9,090 Number Average Fair of Shares Cost Value EQUITIES (45.38%) CANADIAN EQUITIES (0.60%) Materials (0.60%) Yamana Gold Inc. 7, TOTAL CANADIAN EQUITIES U.S. EQUITIES (15.64%) Energy (2.67%) Murphy Oil Corp. 3, National Oilwell Varco Inc Schlumberger Ltd. 3, Consumer Staples (2.32%) Coca-Cola Co. 12, Health Care (2.54%) Amgen Inc. 2, Johnson & Johnson 4, Financials (2.56%) Franklin Resources Inc. 2, JPMorgan Chase & Co. 2, T. Rowe Price Group Inc. 2, Information Technology (5.55%) Cisco Systems Inc. 13, ebay Inc. 7, QUALCOMM Inc. 7, ,101 TOTAL U.S. EQUITIES 2,925 3,103 FOREIGN EQUITIES (29.14%) Energy (0.49%) Petroleum Geo-Services ASA 5, Materials (2.48%) Givaudan SA Newcrest Mining Ltd. 16, C: convertible security. 130

132 ASTRA CALAMOS GLOBAL EQUITY FUND (in thousands; except number of shares) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Shares Cost Value EQUITIES (45.38%) (Cont'd) FOREIGN EQUITIES (29.14%) (Cont'd) Industrials (0.92%) ABB Ltd. 9, Consumer Discretionary (4.69%) SABMiller PLC 5, The Swatch Group AG (BR) 1, Consumer Staples (3.79%) Danone SA 3, Diageo PLC 9, Nestlé SA 4, Health Care (6.98%) Covidien PLC 3, Novartis AG 3, Novo Nordisk A/S, Class B 5, Sawai Pharmaceutical Co. Ltd ,148 1,386 Information Technology (9.79%) Accenture PLC, Class A 4, Hon Hai Precision Industry Co. Ltd. 95, Samsung Electronics Co. Ltd SAP AG 11, Taiwan Semiconductor Manufacturing Co. Ltd. 105, ,640 1,943 TOTAL FOREIGN EQUITIES 5,140 5,784 TOTAL EQUITIES 8,166 9,006 PREFERRED SHARES (2.91%) U.S. SHARES (2.91%) Anglogold Ashanti Ltd., 6.00%, , Chesapeake Energy Corp., 5.75%, perpetual Chesapeake Energy Corp., 5.75%, perpetual NextEra Energy Inc., 5.60% perpetual 3, TOTAL PREFERRED SHARES TOTAL INVESTMENTS (94.09%) 18,009 18,675 OTHER NET ASSETS (5.91%) 1,172 TOTAL NET ASSETS (100%) 19,847 C: convertible security. 131

133 ASTRA CALAMOS GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Calamos Global Equity Fund (the Fund ) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities and convertible bonds of large-cap global companies located outside of Canada. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Calamos Investments, favours a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or equity. Sector deviations are the result of the bottomup approach to security selection. As at December 31, 2012 and 2011, the Fund s assets are mainly made up of international equities and convertible bonds of global companies. Risk exposure The Fund is exposed mainly to credit risk, market risk including interest rate risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk and risks associated with the use of derivatives. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund s main credit concentration risk arises from fixed income securities. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows: Credit rating* (%) (%) Governments, municipals and subsidized Companies rated AAA Companies rated AA - - Companies rated A Companies rated BBB Companies rated BB Companies rated B - - Not rated * Source: Standard & Poor s Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Fixed income securities held by the Fund are traded on an active market. The Fund s securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative instruments. Interest rate risk The following table indicates the Fund s interest rate risk exposure, as at December 31, by presenting the assets and liabilities at fair value by contract maturity dates. Investments Under 1 year ($) 1 to 5 years ($) Over 5 years ($) ,621 5,866 1, , The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant. Change in prevailing interest rate (%) Impact on net assets ($) (225) Impact on net assets ($) (173) 173 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy. The Fund s assets must be invested in at least five countries in the MSCI World Index. The maximum amount invested in a single sector will generally be limited to either 40% or 2x the weight of the sector in the index, whichever is higher. The following table presents the impact on the Fund s net assets, as at December 31, of a potential change in the benchmark, with all other variables held constant. Benchmark MSCI World Index Change in benchmark (%) Impact on net assets ($) 934 (934) 2011 Impact on net assets ($) 617 (617) The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. 132

134 ASTRA CALAMOS GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Currency risk The following table indicates the Fund s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency. Currency ($) ($) Australian Dollar Brazilian real Chinese Yuan Renminbi Danish Krone Euro 1,737 1,040 Hong Kong Dollar Japanese Yen New Taïwan Dollar New Zealand Dollar Norwegian Krone Pound Sterling Singapore Dollar South Korean won Swedish Krona Swiss Franc 1, U.S. Dollar 9,150 6,635 Total 18,103 11,677 The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant Against other currencies Canadian dollar Change in exchange rate (%) Impact on net assets ($) (905) Impact on net assets ($) (584) 584 The results of the sensitivity analysis conducted with respect to the currency risk represent the Management s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2012 and 2011, the Fund was not using any financial instrument as a foreign currency hedge. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds - 9,090-9,090 Equities 9, ,585 Exchange Traded Funds Investment Funds Products Money Market Total 9,585 9,090-18, Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds - 6,327-6,327 Equities 6, ,016 Exchange Traded Funds Investment Funds Products Money Market Total 6,016 6,327-12,343 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

135 ASTRA LAZARD GLOBAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 50,532 28,478 Cash 96 - Receivables ,628 28,495 Liabilities Bank overdraft - 63 Accounts payable Net Assets 50,628 28,432 Net asset value per unit Investments, at cost 48,334 29,626 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 28,432 - Capital units transactions Proceeds from issue of units 27,122 33,079 Reinvestment of distributions Redemption of units (7,978) (3,653) 19,144 29,625 Distributions to unitholders Net investment income - (199) Net realized gain on sale of investments (199) from operations 3,052 (994) Net assets - End of year 50,628 28,432 Changes in number of units Units outstanding at the beginning 3,049,423 - Units issued 2,805,065 3,430,623 Units redeemed (827,658) (381,200) Units outstanding at the end 5,026,830 3,049,423 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund 1, Management fee distribution received - - 1, Expenses (note 4) Management fees 1, Administrative fees , Net investment income (loss) (315) 199 Net realized gain (loss) on sale of investments 21 (45) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 3,346 (1,148) from operations 3,052 (994) from operations per unit 0.75 (0.46) Management Expense Ratio 3.41% 3.25% 134

136 ASTRA LAZARD GLOBAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.81%) Lazard Global Thematic (Canada) Fund 4,508,809 48,334 50,532 OTHER NET ASSETS (0.19%) 96 TOTAL NET ASSETS (100%) 50,628 TOP HOLDINGS OF UNDERLYING FUND Lazard Global Thematic (Canada) Fund % China Overseas Land & Investment Ltd Hong Kong Exchanges & Clearing Ltd Oracle Corp Visa Inc., Class A 1.69 IBM Corp Hong Kong & China Gas Co. Ltd EMC Corp SPDR Gold Shares 1.58 Prudential PLC 1.45 Amgen Inc HDFC Bank Ltd FANUC Corporation 1.33 Monsanto Co Exxon Mobil Corp China Shenhua Energy Co. Ltd Uni-President Enterprises Co CVS Caremark Corp SAP AG 1.15 DBS Group Holdings Ltd Taiwan Semiconductor Manufacturing Co. Ltd ABB Ltd AIA Group Ltd Comcast Corp., Class A 1.11 Microsoft Corp Abbott Laboratories

137 ASTRA LAZARD GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Thematic (Canada) Fund. The ASTRA Lazard Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours an approach based on investment themes. Securities are selected from within the investment themes based on growth at a reasonable price management style. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 50, ,532 Products Money Market Total 50, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 28, ,478 Products Money Market Total 28, ,478 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

138 ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 21,740 20,617 Cash Receivables ,149 20,937 Liabilities Bank overdraft - - Accounts payable Net Assets 22,149 20,662 Net asset value per unit Investments, at cost 21,311 21,426 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 20,662 27,007 Capital units transactions Proceeds from issue of units 5,460 8,805 Reinvestment of distributions Redemption of units (5,780) (14,087) (320) (5,103) Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (179) - (179) from operations 1,807 (1,063) Net assets - End of year 22,149 20,662 Changes in number of units Units outstanding at the beginning 2,127,361 2,598,350 Units issued 528, ,149 Units redeemed (562,634) (1,374,138) Units outstanding at the end 2,093,158 2,127,361 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) (2) (296) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 1,238 (1,242) from operations 1,807 (1,063) from operations per unit 0.87 (0.45) Management Expense Ratio 3.28% 3.25% 137

139 ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (98.15%) Hexavest World Fund - Class B 18,935 21,311 21,740 OTHER NET ASSETS (1.85%) 409 TOTAL NET ASSETS (100%) 22,149 TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund - Class B % Microsoft Corp Johnson & Johnson 2.02 AT&T Inc Wal-Mart Stores Inc Exxon Mobil Corp The Procter & Gamble Company 1.50 Pfizer Inc Walgreen Co Cisco Systems Inc Merck & Company Inc Kinross Gold Corp Ford Motor Co Abbott Laboratories 0.98 Barrick Gold Corp Hewlett-Packard Co Eli Lilly & Co Verizon Communications Inc Lockheed Martin Corp PepsiCo Inc General Motors Co Dell Inc IAMGOLD Corp Nestlé SA 0.77 Wells Fargo & Co Newmont Mining Corp

140 ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Hexavest Hedged Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest World Fund - Class B. The ASTRA Hexavest Hedged Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. Emphasis is placed on analysis of macro-economic factors combined with a strategy based on quantitative models supporting fundamental research. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 21, ,740 Products Money Market Total 21, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 20, ,617 Products Money Market Total 20, ,617 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

141 ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 27,192 17,443 Cash Receivables ,538 17,571 Liabilities Bank overdraft Accounts payable Net Assets 27,341 17,571 Net asset value per unit Investments, at cost 25,251 18,135 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 17,571 5,278 Capital units transactions Proceeds from issue of units 10,223 17,399 Reinvestment of distributions - - Redemption of units (3,462) (3,815) 6,761 13,584 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 3,009 (1,291) Net assets - End of year 27,341 17,571 Changes in number of units Units outstanding at the beginning 1,765, ,863 Units issued 977,276 1,659,143 Units redeemed (325,960) (369,485) Units outstanding at the end 2,416,837 1,765,521 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) (422) (137) Net realized gain (loss) on sale of investments 55 (12) Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 2,633 (1,142) from operations 3,009 (1,291) from operations per unit 1.43 (1.40) Management Expense Ratio 3.16% 3.10% 140

142 ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.46%) Lazard Global Small Cap Equity (Canada) Fund 2,203,541 25,251 27,192 OTHER NET ASSETS (0.54%) 149 TOTAL NET ASSETS (100%) 27,341 TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund % Schweitzer-Mauduit International Inc Ain Pharmaciez Inc Azimut Holding SpA 1.84 IG Group Holdings PLC 1.64 Jafco Co. Ltd FLIR Systems Inc Dignity PLC 1.59 ON Semiconductor Corp Iconix Brand Group Inc Foster Wheeler AG 1.53 Sysmex Corp SS&C Technologies Holdings Inc NetScout Systems Inc Wirecard AG 1.48 FTI Consulting Inc Vera Bradley Inc II-VI Inc Ultra Electronics Holdings PLC 1.39 Carpenter Technology Corp VCA Antech Inc B/E Aerospace Inc PacWest BanCorp 1.37 Regal-Beloit Corp Valeo SA 1.37 Lender Processing Services Inc

143 ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Small Cap Equity (Canada) Fund. The ASTRA Lazard Global Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly core style management approach with a value bias. The manager uses a quantitative management approach for its first selection of titles followed by a fundamental approach with a strong bias toward good quality, well-managed companies. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 27, ,192 Products Money Market Total 27, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 17, ,443 Products Money Market Total 17, ,443 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

144 ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 70,322 23,884 Cash Receivables ,490 24,355 Liabilities Bank overdraft - - Accounts payable Net Assets 70,490 24,065 Net asset value per unit Investments, at cost 67,883 26,720 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 24,065 21,644 Capital units transactions Proceeds from issue of units 47,936 19,790 Reinvestment of distributions - 12 Redemption of units (5,912) (12,962) 42,024 6,840 Distributions to unitholders Net investment income - - Net realized gain on sale of investments - (12) - (12) from operations 4,401 (4,407) Net assets - End of year 70,490 24,065 Changes in number of units Units outstanding at the beginning 2,461,786 1,762,805 Units issued 4,735,853 1,837,914 Units redeemed (575,564) (1,138,933) Units outstanding at the end 6,622,075 2,461,786 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund 1, Management fee distribution received , Expenses (note 4) Management fees 1, Administrative fees , Net investment income (loss) 317 (139) Net realized gain (loss) on sale of investments (1,151) 44 Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 5,275 (4,419) Transaction costs (109) - from operations 4,401 (4,407) from operations per unit 0.92 (2.38) Management Expense Ratio 3.19% 3.10% 143

145 ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.76%) Claymore Emerging Markets Fundamental Index Fund 3,630,002 67,883 70,322 OTHER NET ASSETS (0.24%) 168 TOTAL NET ASSETS (100%) 70,490 TOP HOLDINGS OF UNDERLYING FUND Claymore Emerging Markets Fundamental Index Fund % Market Vectors Russia ETF 2.83 ishares S&P India Nifty 50 Index Fund 2.77 Taiwan Semiconductor Manufacturing Co. Ltd China Mobile Ltd Petróleo Brasileiro SA 2.34 China Construction Bank Corp Oil Lukoil 2.07 Gazprom OAO 1.99 Bank of China Ltd ishares MSCI Malaysia Index Fund 1.66 Petróleo Brasileiro NPV 1.60 Hon Hai Precision Industry Co. Ltd Industrial & Commercial Bank of China Ltd America Movil SAB de CV 1.56 Vale SA 1.26 Banco Itau Holding Financeira SA 1.26 Banco Bradesco SA 1.26 PetroChina Co. Ltd ishares MSCI Indonesia Investable Market Index Fund 1.21 China Petroleum & Chemical Corp MTN Group Ltd Vale SA 1.01 ishares MSCI Chile Investable Market Index Fund 1.00 Standard Bank Group Ltd CNOOC Ltd

146 ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Emerging Markets Fundamental Equity Fund is a segregated fund that invests exclusively in the underlying fund called Claymore Emerging Markets Fundamental Index Fund. The ASTRA Emerging Markets Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management. The manager's investment strategy is to favours companies with the most attractive fundamental data. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds - 70,322-70,322 Products Money Market Total - 70,322-70, Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 23, ,884 Products Money Market Total 23, ,884 During the year ended December 31, 2012, there is a total transfer of financial instruments from Level 2 to 1 because the Fund was totally transferred in a new segregated fund. During the year ended December, 31, 2011, there was no transfer of financial instruments between Level 1 and

147 ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 38,724 25,425 Cash Receivables ,892 25,489 Liabilities Bank overdraft - - Accounts payable Net Assets 38,892 25,489 Net asset value per unit Investments, at cost 34,961 25,402 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 25,489 18,370 Capital units transactions Proceeds from issue of units 14,337 16,115 Reinvestment of distributions - 1,016 Redemption of units (5,681) (8,777) 8,656 8,354 Distributions to unitholders Net investment income - (420) Net realized gain on sale of investments - (596) - (1,016) from operations 4,747 (219) Net assets - End of year 38,892 25,489 Changes in number of units Units outstanding at the beginning 3,728,288 2,510,720 Units issued 1,972,142 2,376,498 Units redeemed (770,042) (1,158,930) Units outstanding at the end 4,930,388 3,728,288 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments OPERATIONS Years ended December Income Interest - 3 Distribution from the underlying fund 1, Management fee distribution received - - 1, Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments 3,740 (1,269) from operations 4,747 (219) from operations per unit 1.10 (0.08) Management Expense Ratio 3.22% 3.15% 146

148 ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.57%) Lazard Global Listed Infrastructure (Canada) Fund 3,809,254 34,961 38,724 OTHER NET ASSETS (0.43%) 168 TOTAL NET ASSETS (100%) 38,892 TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund % Atlantia SpA 8.59 Fraport AG 7.53 Societa Iniziative Auto e Servizi SpA 5.60 Abertis Infraestructuras SA 5.46 CSX Corp Tokyo Gas Co. Ltd Osaka Gas Co. Ltd Aéroports de Paris 3.84 Transurban Group 3.77 DUET Group 3.76 Autostrada Torino-Milano SpA 3.38 Terna Rete Elettrica Nazionale SpA 3.14 Red Electrica Corporacion SA 3.13 Flughafen Zuerich AG 3.11 Norfolk Southern Corp Macquarie Atlas Roads Group 2.86 Spark Infrastructure Group 2.84 Flughafen Wien AG 2.58 Toho Gas Co. Ltd Hera SpA 2.33 Enagas SA 2.08 Snam SpA 2.07 Macquarie Korea Infrastructure Fund 1.98 California Water Service Group 1.75 PG&E Corp

149 ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Infrastructure Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Listed Infrastructure (Canada) Fund. The ASTRA Lazard Global Infrastructure Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Preference is given to oligopolistic infrastructures companies that provide high and stable returns and own long-term infrastructures. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 38, ,724 Products Money Market Total 38, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 25, ,425 Products Money Market Total 25, ,425 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

150 ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 23,085 18,499 Cash Receivables ,202 18,617 Liabilities Bank overdraft - - Accounts payable Net Assets 23,202 18,617 Net asset value per unit Investments, at cost 21,316 20,049 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 18,617 19,708 Capital units transactions Proceeds from issue of units 5,215 7,838 Reinvestment of distributions Redemption of units (4,084) (8,296) 1,131 (327) Distributions to unitholders Net investment income - (131) Net realized gain on sale of investments (131) from operations 3,454 (633) Net assets - End of year 23,202 18,617 Changes in number of units Units outstanding at the beginning 2,875,922 2,891,826 Units issued 733,677 1,187,896 Units redeemed (569,974) (1,203,800) Units outstanding at the end 3,039,625 2,875,922 DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest - - Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments 23 (2,789) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 3,319 2,025 from operations 3,454 (633) from operations per unit 1.16 (0.22) Management Expense Ratio 3.47% 3.41% 149

151 ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Number Average Fair of Units Cost Value INVESTMENTS (99.50%) Presima Global Real Estate Securities Enhanced Yield Fund 21,570 21,316 23,085 OTHER NET ASSETS (0.50%) 117 TOTAL NET ASSETS (100%) 23,202 TOP HOLDINGS OF UNDERLYING FUND Presima Global Real Estate Securities Enhanced Yield Fund % Senior Housing Properties Trust 3.09 Mapletree Industrial Trust 3.05 Simon Property Group Inc Suntec REIT 2.84 Highwoods Properties Inc EPR Properties 2.58 Health Care REIT Inc Cominar REIT 2.55 Home Properties Inc RioCan Real Estate Investment Trust 2.25 Westfield Retail Trust 2.24 Calloway REIT 2.13 Ventas Inc Mid-America Apartment Communities Inc Hyprop Investments Ltd Growthpoint Properties Ltd Liberty Property Trust 2.01 Japan Retail Fund Investment Corp CFS Retail Property Trust Group 1.95 Camden Property Trust 1.93 Weingarten Realty Investors 1.91 Mack-Cali Realty Corp Brookfield Office Properties Inc Washington REIT 1.78 H&R REIT

152 ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Presima Global Real Estate Enhanced Yield Fund is a segregated fund that invests exclusively in the underlying fund called Presima Global Real Estate Securities Enhanced Yield Fund. The ASTRA Presima Global Real Estate Enhanced Yield Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Presima. The manager's investment strategy favours a combined bottomup and top-down management approach coupled with healthy geographic and sector diversification. The manager analyzes real estate cycles, macro-economics and companies. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 23, ,085 Products Money Market Total 23, , Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 18, ,499 Products Money Market Total 18, ,499 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

153 ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 40,758 19,423 Cash Receivables 497 1,945 41,365 21,789 Liabilities Bank overdraft - - Accounts payable Net Assets 41,365 21,789 Net asset value per unit Investments, at cost 34,918 22,088 CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 21,789 - Capital units transactions Proceeds from issue of units 16,320 24,503 Reinvestment of distributions - - Redemption of units (3,631) (1,508) 12,689 22,995 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations 6,887 (1,206) Net assets - End of year 41,365 21,789 Changes in number of units Units outstanding at the beginning 2,536,767 - Units issued 1,685,497 2,707,581 Units redeemed (369,664) (170,814) Units outstanding at the end 3,852,600 2,536,767 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - OPERATIONS Years ended December Income Interest (3) (1) Distribution from the underlying fund Management fee distribution received Expenses (note 4) Management fees Administrative fees Net investment income (loss) 39 (6) Net realized gain (loss) on sale of investments 371 (563) Net realized gain distributed by the underlying fund - - Net unrealized gain (loss) on investments 6,477 (637) from operations 6,887 (1,206) from operations per unit 2.18 (1.21) Management Expense Ratio 3.54% 3.41% 152

154 ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND (in thousands; except number of units) INVESTMENT PORTFOLIO As at December 31, 2012 Percentage Number Average Fair of Net Assets of Units Cost Value % INVESTMENTS (98.53%) MS Real Estate Securities Global Best Ideas ,624,650 10,498 13,204 MSIF Global Real Estate Portfolio ,834,701 24,420 27,554 TOTAL INVESTMENTS (98.53%) 34,918 40,758 OTHER NET ASSETS (1.47%) 607 TOTAL NET ASSETS (100%) 41,365 TOP HOLDINGS OF UNDERLYING FUND MSIF Global Real Estate Portfolio % Simon Property Group Inc Sun Hung Kai Properties Ltd Equity Residential 3.99 Mitsubishi Estate Co. Ltd Westfield Group 2.87 Mitsui Fudosan Co. Ltd Vornado Realty Trust 2.83 Hongkong Land Holdings Ltd Host Hotels & Resorts Inc HCP Inc Sumitomo Realty & Development Co. Ltd Unibail-Rodamco SE 2.09 Starwood Hotels & Resorts Worldwide Inc Boston Properties Inc Regency Centers Corp Public Storage 1.63 AvalonBay Communities Inc Forest City Enterprises Inc., Class A 1.43 General Growth Properties Inc Senior Housing Properties Trust 1.19 Land Securities Group PLC 1.16 Kerry Properties Ltd Westfield Retail Trust 1.08 The Macerich Co RioCan Real Estate Investment Trust

155 ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments The ASTRA Morgan Stanley Global Real Estate Fund is a segregated fund that invests exclusively in the underlying funds called MS Real Estate Securities Global Best Ideas and MSIF Global Real Estate Portfolio. The ASTRA Morgan Stanley Global Real Estate Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Morgan Stanley Investment Management. The manager's investment strategy favours a combined bottom-up and top-down management approach. Regional allocation is achieved by concentrating on the main regional criteria, including relative valuation, fundamentals of real estate, demographics and macroeconomics. The manager then selects securities by using a fundamental analysis, putting an emphasis on the value of underlying assets. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 27,554 13,204-40,758 Products Money Market Total 27,554 13,204-40, Financial Level 1 Level 2 Level 3 Total Instruments ($) ($) ($) ($) Bonds Equities Exchange Traded Funds Investment Funds 14,243 5,180-19,423 Products Money Market Total 14,243 5,180-19,423 During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

156 ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 126, ,149 Positive fair value of derivative products 1, Cash 3,036 5,368 Receivables , ,397 Liabilities Bank overdraft - - Negative fair value of derivative products 2,777 3,315 Accounts payable ,932 3,648 Net Assets 128, ,749 Net asset value per unit Class A Class C Class D Class E Class F Investments, at cost 126, ,149 OPERATIONS Years ended December Income (loss) Interest 1, products (4,956) (2,899) (3,950) (2,119) CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 102,749 66,322 Capital units transactions Proceeds from issue of units 36,346 74,246 Reinvestment of distributions - - Redemption of units (6,656) (28,120) 29,690 46,126 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations (4,324) (9,699) Net assets - End of year 128, ,749 DISTRIBUTIONS ($/unit) Class A Net investment income - - Net realized gain on sale of investments - - Class C Net investment income - - Net realized gain on sale of investments - - Class D Net investment income - - Net realized gain on sale of investments - - Class E Net investment income - - Net realized gain on sale of investments - - Class F Net investment income - - Net realized gain on sale of investments - - Expenses (note 4) Management fees Administrative fees Net investment income (loss) (4,852) (2,955) Net realized gain (loss) on sale of investments (112) (286) Net unrealized gain (loss) on investments 724 (6,377) Transaction costs (84) (81) from operations (4,324) (9,699) from operations per unit Class A (0.57) (1.42) Class C (0.32) (1.14) Class D (0.34) (1.21) Class E (0.32) (1.22) Class F (0.38) (0.99) 155

157 ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND (in thousands of dollars; except per unit amounts) CHANGES IN NUMBER OF UNITS Class A Units outstanding at the beginning 1,868,160 17,535 Units issued 611,056 1,956,475 Units redeemed (152,080) (105,850) Units outstanding at the end 2,327,136 1,868,160 Class D Units outstanding at the beginning 3,366,941 2,930,502 Units issued 1,290,533 1,802,199 Units redeemed (90,875) (1,365,760) Units outstanding at the end 4,566,599 3,366,941 Class F Units outstanding at the beginning 589,299 - Units issued 614, ,156 Units redeemed (2,883) (1,857) Units outstanding at the end 1,200, ,299 CHANGES IN NUMBER OF UNITS Class C Units outstanding at the beginning 2,975,402 1,833,176 Units issued 1,018,411 1,941,327 Units redeemed (330,551) (799,101) Units outstanding at the end 3,663,262 2,975,402 Class E Units outstanding at the beginning 1,359,844 1,135,956 Units issued 222, ,389 Units redeemed (70,892) (100,501) Units outstanding at the end 1,511,667 1,359,844 MANAGEMENT EXPENSE RATIO Class A 3.37% 3.36% Class C 0.14% - Class D 0.31% 0.88% Class E 0.31% 0.90% Class F 0.61% 0.67% Reconciliation on Net Assets with Transactional NAV Transactional NAV at closing price of investments Adjustment to bid price of investments Net assets at bid price of investments Transactional NAV per unit at closing price of investments Adjustment per unit to bid price of investments Net assets per unit at bid price of investments Class A 20,576 (319) 20, (0.14) 8.70 Class C 37,446 (580) 36, (0.16) Class D 46,508 (721) 45, (0.16) Class E 15,405 (239) 15, (0.16) Class F 10,197 (158) 10, (0.13)

158 ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND (in thousands, except number of contracts) INVESTMENT PORTFOLIO As at December 31, 2012 Par Average Fair Value Cost Value MONEY MARKET (99.09%) Government of Canada, Treasury Bill,0.96%, , , ,946 TOTAL INVESTMENTS (99.09%) 126, ,946 FAIR VALUE OF DERIVATIVES PRODUCTS (-1.34%) (1,716) OTHER NET ASSETS (2.25%) 2,885 TOTAL NET ASSETS (100%) 128,115 As December 31, 2012, $22,387 in money market securities were deposited in warranty. Futures contracts Contract Value Contract name Expiration Number of contracts Currency Contract value Gain (loss) unrealized $ 2,465 Live cattle February US 2, ,483 RBOB gas February US 3, ,222 Naturel gas February US 3,134 (88) 6,478 Heating oil February US 6, ,701 Gold, 100 oz troy February US 7,495 (206) 2,165 Crude oil February US 2, Lean hogs February US Aluminium March US ,274 Silver March US 1,203 (71) 218 Wheat March US 194 (24) 6,435 Cacao March US 6,073 (362) 6,806 Coffee "C" March US 6,331 (475) 3,266 Cotton no 2 March US 3, Soybeans March US 769 (42) 1,293 Orange juice March US 1,208 (85) 294 Corn March US 277 (17) 722 Sugar no 11 March US 696 (26) 3,264 Cotton no 2 May US 3, ,242 RBOB gas May US 3, ,695 Soybeans May US 7,356 (339) 3,950 Corn May US 3,710 (240) 5,795 Live cattle June US 5, Naturel gas June US 904 (57) 3,880 Corn July US 3,699 (181) 1,060 Lean hogs July US 1,043 (17) 6,723 Sugar no 11 July US 6, ,884 Aluminium September US 7,707 (177) 664 Wheat September US 582 (82) 7,264 Copper September US 7,208 (56) 1,270 Nickel September US 1,231 (39) 380 Lean hogs October US 373 (7) 567 Wheat December US 521 (46) 4,424 Natural gas December US 4,284 (140) 30,924 Crude oil December US 31, ,714 Total of futures contracts 134,998 (1,716) 157

159 ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA CoreCommodity Management Commodity Fund (the Fund ) is to generate capital growth while offering a hedge against inflation. Investment strategy The Fund invests mainly in commodity futures contracts and forward contracts traded on the LME (London Metals Exchange), and may also invest in non-canadian currency futures and options contracts. The cash portion is invested mainly in Canadian money market securities issued by governments and companies. The fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, CoreCommodity Management, favours different strategies to surpass the performance of the Thomson Reuters/Jefferies CRB Index. Fund assets are invested in some 20 commodities grouped into five main sectors: energy, precious metals base/industrial metals, agriculture and livestock. As at December 31, 2012 and 2011, the Fund s assets are made up of money market securities and derivatives. Risk exposure The Fund is exposed to market risk, interest rate risk, currency risk (Canadian and U.S. dollar) and risks associated with the use of derivatives. It does not use financial leverage or derivative products (other than futures contracts, forward contracts and options described above) for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2012, the Fund holds money market securities and derivatives. Consequently, it is exposed to credit risk. The money market securities have R-1 High credit rating according to DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level. Price risk The Fund makes transactions in money market securities which must have a minimum rating of R-1 (low) or the equivalent based on the rating of two recognized rating agencies (DBRS, Moody s, Standard & Poor s or Fitch). The percentage of assets attributed to the Fund's five major sector exposures must be similar to the weighting of these sectors in the Thomson Reuters/Jefferies CRB Index, but it may differ. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant. Benchmark Thomson Reuters / Jefferies CRB Index Change in benchmark (%) + 5,00-5, Impact on net assets ($) 6,750 (6,750) 2011 Impact on net assets ($) 5,465 (5,465) The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable. Futures contracts ($) Total exposure ($) U.S. dollar Cash ($) , , , , ,015 The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant. Against other currencies Canadian dollar Change in exchange rate (%) + 5,00-5, Impact on net assets ($) (6,750) 6, Impact on net assets ($) (5,651) 5,651 The results of sensitivity analysis conducted with respect to the currency risk represent the Management s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2012 and 2011, the Fund has no securities loans. Interest risk rate The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund. 158

160 ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Level 1 ($) Level 2 ($) Level 3 ($) Total ($) Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Products 1, ,061 Money Market - 126, ,946 Total of Financial Assets 1, , ,007 Financial Liabilities Products Total of Financial Liabilities (2,777) - - (2,777) (2,777) - - (2,777) 2011 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Products Money Market - 100, ,149 Total of Financial Assets , ,024 Financial Liabilities Products Total of Financial Liabilities (3,315) - - (3,315) (3,315) - - (3,315) During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and

161 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 1. THE FUNDS ASTRA Funds (hereinafter the Funds ) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the Company ). The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not considered separate legal entities. The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, or for years ended December 31, with the exception of funds that are opened during the year. In this case, the information presented is related to the period extending from the inception date of the fund to December 31. List of the Funds available as at December 31, 2012: ASTRA Fund Managers Fund inception date Money Market MFS McLean Budden Ltd. December 1, 1997 Treasury Optimum Asset Management September 25, 2008 Fiera Capital Bond Fiera Capital June 16, 2009 OAM Bond Optimum Asset Management September 25, 2008 PIMCO Bond PIMCO Canada May 27, 2008 Bond Index BlackRock Asset Management July 4, 2005 Conservative Strategy Multiple (page 24) December 7, 1998 Balanced Strategy Multiple (page 27) December 1, 1997 Growth Strategy Multiple (page 30) December 7, 1998 Aggressive Strategy Multiple (page 33) November 14, 2005 Celestia Conservative Multiple (page 36) September 23, 2008 Celestia Balanced Multiple (page 39) September 23, 2008 Celestia Growth Multiple (page 42) September 23, 2008 Celestia Aggressive Multiple (page 45) September 23, 2008 Conservative Fundamental Portfolio Multiple (page 49) September 17, 2009 Balanced Fundamental Portfolio Multiple (page 52) September 17, 2009 Growth Fundamental Portfolio Multiple (page 55) September 17, 2009 Aggressive Fundamental Portfolio Multiple (page 58) September 17, 2009 Sprott / Fiera Capital Canadian Balanced Fund Multiple (page 62) October, 28, 2011 Fidelity Canadian Asset Allocation Fidelity Investments January 7, 2010 Dynamic Power Balanced Dynamic Funds October, 28, 2011 Acuity High Income Acuity Investment Management January 24, 2007 UBS Global High Income UBS Global Asset Management November 15, 2007 Guardian Canadian Dividend Equity Guardian Capital LP June 1, 2012 Jarislowsky Fraser Ltd. Canadian Value Equity Jarislowsky Fraser Ltd. November 1, 2001 Triasima Canadian Equity Triasima Inc. Portfolio Management October 2, 2006 Greystone Canadian Growth Equity Greystone Managed Investments November 1, 2001 Montrusco Bolton Canadian Equity Montrusco Bolton May 26, 2011 Canadian Fundamental Equity BlackRock Asset Management September 15, 2009 Canadian Index BlackRock Asset Management December 7, 1998 Canadian Small Cap Equity Fiera Capital November 1, 2001 MFS McLean Budden U.S. Equity MFS McLean Budden Ltd. December 1, 1997 Trdewinds U.S. Equity Tradewinds Global Investors March 30, 2012 U.S. Fundamental Equity BlackRock Asset Management September 15, 2009 U.S. Index BlackRock Asset Management December 7, 1998 International Equity Hexavest Asset Management December 1, 1997 Carnegie International Equity Carnegie Asset Management June 9, 2008 International Fundamental Equity BlackRock Asset Management September 15, 2009 International Index BlackRock Asset Management July 4, 2005 Calamos Global Equity Calamos Investment June 3, 2011 Lazard Global Equity Lazard Asset Management March 31,

162 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 1. THE FUNDS (Cont d) ASTRA Fund Managers Fund inception date Hexavest Hedged Global Equity Hexavest Asset Management September 1, 2009 Lazard Global Small Cap Equity Lazard Asset Management September 15, 2010 Emerging Markets Fundamental Equity BlackRock Asset Management July 23, 2009 Lazard Global Infrastructure Lazard Asset Management June 12, 2007 Presima Global Real Estate Enhanced Yield Presima April 18, 2006 Morgan Stanley Global Real Estate Morgan Stanley Investment Management March 31, 2011 CoreCommodity Management Commodity CoreCommodity Management September 15, 2010 Changes to product offering Since May 27, 2011, the ASTRA Lazard Global Equity Fund and the ASTRA Morgan Stanley Global Real Estate Fund has been offered to clients covered under the Information Folder. Previously, these funds were offered to institutional clients only. Since June 3, 2011, the ASTRA Presima Global Real Estate Enhanced Yield Fund has been offered to clients covered under the Information Folder. Previously, this fund was offered to institutional clients only. Since November 26, 2012, the ASTRA Tradewinds U.S. Equity Fund has been offered to clients covered under the Information Folder. Previously, this fund was offered to institutional clients only. Closure of Funds The following Funds were closed and, unless otherwise instructed by unitholders, net assets were transferred to the destination Funds listed below: ASTRA closed Fund ASTRA destination Fund Closing date Gryphon Balanced Growth Strategy May 27, 2011 Ivy Diversified Growth and Income Fidelity Canadian Asset Allocation May 27, 2011 Natcan Canadian Equity Triasima Canadian Equity May 27, 2011 Howson Tattersall Canadian Small Cap Equity Canadian Small Cap Equity May 27, 2011 AllianceBernstein Global Equity Calamos Global Equity June 3, 2011 Global Equity Calamos Global Equity June 3, 2011 BNP Paribas Global Real Estate Presima Global Real Estate Enhanced Yield June 3, 2011 Commodity CoreCommodity Management Commodity June 3, 2011 Hong Kong China Fundamental Equity Emerging Markets Fundamental Equity April 27, 2012 Dividend Guardian Canadian Dividend Equity June 1, 2012 MFS McLean Budden Diversified Growth Balanced Strategy December 21, 2012 MFS McLean Budden Canadian Equity Triasima Canadian Equity December 21, 2012 Jarislowsky Fraser Ltd. U.S. Value Equity Tradewinds U.S. Equity December 21, 2012 Addenda Bond Fiera Capital Bond December 21, 2012 Fund holdings The Company did not holds units of the following Funds as at December 31,2012 and 2011: Furthemore, as at December 31, 2012 and 2011, the pension plans offered to the employees of the Company held units of ASTRA Funds. 161

163 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of financial statements These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates. Changes in accounting standards Future accounting standards - International Financial Reporting Standards (IFRS) The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CICA Handbook Accounting, the amendments made to IFRS 10 Consolidated Financial Statements, to IFRS 12 Disclosure of Interests in Other Entities and to IAS 27 Separate Financial Statements on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Funds will adopt the IFRS for the annual financial statements starting January 1, Investment valuation The investments held by the Funds are recorded at fair value, which is determined as follows: Bonds and money market securities Bonds and money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers. Equities and exchange traded Funds Equities and exchange traded Funds traded on a recognized stock market are valued in accordance with the bid price recorded on the day of valuation by the stock market where the equities are traded. Investment fund units Underlying investment fund units are valued at their net asset value per unit established by the manager of the underlying fund on the day of valuation. products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded. Forward contracts are valued according at the bid price obtained from recognized independent valuation service providers. If a security is not actively traded and the bid price or net asset cannot be reliably obtained, the fair market value is established using a valuation method that uses observable market data wherever possible. Fair value of financial instruments The valuation of a financial instrument s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised of three levels: Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment. Bonds, money market securities and forward contracts are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data. Equities, exchange traded Funds and futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded. Units of investment funds are generally classified as Level 1 when the daily net asset value per unit reflects an active market and when redemption of units is available on request. Units of investment funds are generally classified as Level 2 when redemption of units is not available on a daily basis. Other financial instruments such as cash, receivables and accounts payable are classified as Level 1 and are excluded from the specific tables for each Fund. 162

164 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont d) Investment transactions and income recognition Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis. The interest income is accrued as earned and the dividend income is recorded on the ex-dividend date. Distribution income and net realized gains distributed by underlying fund are recorded upon distribution and allocated as established by the underlying fund manager. Income distributed by the underlying fund may include interests and dividends. Management fee distributions represent amounts received from the underlying fund administrator in compensation for the management expense ratio included in the cost of underlying fund units. These distributions are calculated and recorded daily and monthly. Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investments are calculated using the average cost of investments and, where applicable, exclude transaction costs which are recorded directly to operations. Gains or losses realized from the liquidation of derivatives as a hedge are included under Net realized gain (loss) on sale of investments in the statement of operations. Gains or losses realized from the liquidation of derivatives for income are included under products in the statement of operations. products As part of their investment policy, the securities Funds may use standard futures or forward contracts as a hedge or for other purposes. The fair value of a future contract represents the gain or loss from its sale on valuation day. When the derivative instruments are used for hedging, the fair value is recorded within its securities in the portfolio. When the derivatives are used for income, the fair value is recorded under "Fair value of derivatives products" in the statement of net assets. s with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets. Other assets and liabilities Other assets and liabilities are accounted at cost. Receivables include QST, accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee, where applicable. Their carrying value approximates their fair value due to the short-term maturities. Foreign currency conversion Some investments and other assets and liabilities are denominated in foreign currencies. They are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under Net realized gain (loss) on sale of investments. Unrealized exchange gains and losses are recorded under Net unrealized gain (loss) on investments. from operations per unit from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year. Management expense ratio Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year. Reconciliation of net assets to net asset value Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day. 3. UNITHOLDERS EQUITY The net assets of each Fund are divided into units of equal value and represent unitholders equity. The units of Funds have no par value and may be issued in an unlimited number. The price of a Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund s net asset value by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Funds manager s office, based on day-end values in Quebec City. 163

165 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 4. MANAGEMENT FEES AND OTHER FEES In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Funds and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the Information Folder and unitholder communications as well as any other costs incurred by the Funds. Certain funds may be required to pay fees related to the Fund s performance. This is the case of the ASTRA CoreCommodity Management Commodity Fund which is subject to performance fees based on its returns. These fees correspond to 25% of the cumulative performance over that of the index on the futures contract portion. When the additional cumulative performance is lower than the index, the performance fees are reduced by 25% of the difference between the cumulative performance and the index down to a minimum of 0 for the current year. As at December 31, 2012, the balance of performance-related fees payable is $68 ( $206) for class D, $26 ( $116) for class E and $14 ( $11) for class F. 5. FINANCIAL INSTRUMENT RISK In the normal course of business, the Funds are exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Funds are comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Funds or the underlying funds. The Funds exposure to risk depends on the investment strategies and the types of investments held in the portfolios. The results of risk sensitivity analyses conducted represent Management s best estimates. Actual results may vary significantly from these estimates. A description of financial risks to which the Fund is exposed is presented in the other documents accompanying the financial statements of each Fund. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments are subject to credit risk. Liquidity risk Liquidity risk is the risk that the Funds may be unable to meet their obligations in a timely fashion as a result of their inability to liquidate their assets. The Funds are exposed to this risk because of daily redemptions of units. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Funds are exposed to interest rate risk when they hold interest-bearing financial instruments. When the fund holds interest -bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact on cash and money market securities. Price risk Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss. Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates. The Funds are exposed to currency risk when they hold assets or liabilities denominated in currencies other than the Canadian dollar because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect. 164

166 ASTRA FUND NOTES TO Years ended December 31 (in thousands of dollars) 6. FINANCIAL RISK MANAGEMENT The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Funds or underlying funds. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The management of the assets held in the Funds is therefore outsourced and is conducted through external managers. The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers. The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds. External manager selection process The external manager selection process is used whenever a need arises to launch a new product, improve the Funds offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels. Performance evaluation of external managers The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds. Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy. The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager s mandate. External management of the Funds The Company has delegated the management of the risks of the Funds to an external manager of the underlying fund. The external fund management policy provides for the monitoring and performance evaluation of the managers of the underlying funds. Accordingly, the periodic reviews include a performance review and qualitative monitoring of each of the external managers. 7. CAPITAL MANAGEMENT The Funds have no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of each Fund. Capital is managed in accordance with the investment objectives of the Funds, which include liquidity management to meet redemption obligations. 8. INCOME TAXES The Funds qualify as segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Funds and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Funds are not subject to income taxes. 9. COMPARATIVE FIGURES Some figures in the financial statements as at December 31, 2011, have been reclassified to make their presentation conform to the presentation of statements adopted as at December 31,

167 INDEPENDENT AUDITORS REPORT To the Unitholders of the following ASTRA Funds: ASTRA Money Market Fund ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA OAM Bond Fund ASTRA PIMCO Bond Fund ASTRA Bond Index Fund ASTRA U.S. Index Fund ASTRA Conservative Strategy Fund ASTRA Balanced Strategy Fund ASTRA Growth Strategy Fund ASTRA Aggressive Strategy Fund ASTRA Celestia Conservative Fund ASTRA Celestia Balanced Fund ASTRA Celestia Growth Fund ASTRA Celestia Aggressive Fund ASTRA Conservative Fundamental Portofolio Fund ASTRA Balanced Fundamental Portofolio Fund ASTRA Growth Fundamental Portofolio Fund ASTRA Aggressive Fundamental Portofolio Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Acuity High Income Fund ASTRA UBS Global High Income Fund ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ASTRA Triasima Canadian Equity Fund ASTRA Greystone Canadian Growth Equity Fund ASTRA Canadian Fundamental Equity Fund ASTRA Canadian Index Fund ASTRA Canadian Small Cap Equity Fund ASTRA MFS McLean Budden U.S. Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA International Equity Fund ASTRA Carnegie International Equity Fund ASTRA International Fundamental Equity Fund ASTRA International Index Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Lazard Global Infrastructure Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA CoreCommodity Management Commodity Fund ASTRA Sprott/Fiera Capital Canadian Balanced Fund ASTRA Dynamic Power Balanced Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Calamos Global Equity Fund ASTRA Lazard Global Equity Fund ASTRA Morgan Stanley Global Real Estate Fund [collectively referred to as the Funds ] ASTRA Guardian Canadian Dividend Equity Fund ASTRA Tradewinds U.S. Equity Fund [collectively referred to as the NewFunds ] 1 166

168 We have audited the accompanying financial statements of the Funds and New Funds (the Funds ), which comprise the statements of net assets and investment portfolio as at December 31, 2012 and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements SSQ, Life Insurance Company Inc. (the Manager of the Funds ) is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as the Manager of the Funds determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds and New Funds as at December 31, 2012 and the results of their operations and their changes in net assets for the year then ended in accordance with Canadian generally accepted accounting principles. Québec City, Canada February 27, CPA auditeur, CA permis de comptabilité publique n o A

169 ASTRA SIGMA ALPHA GLOBAL MACRO FUND (in thousands of dollars; except per unit amounts) NET ASSETS As at December Assets Investments, at fair value 23,450 16,168 Positive fair value of derivative products Cash 505 1,604 Receivables ,839 17,831 Liabilities Bank overdraft - - Negative fair value of derivative products Accounts payable Net Assets 24,769 17,626 Net asset value per unit Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 24,809 17,678 Adjustment to bid prices of investments (40) (52) Net assets at bid prices of investments 24,769 17,626 Transactional NAV per unit at closing price of investments Adjustment per unit to bid prices of investments (0.01) (0.03) Net assets per unit at bid prices of investments CHANGES IN NET ASSETS Years ended December Net assets - Beginning of year 17,626 2,527 Capital units transactions Proceeds from issue of units 19,734 18,407 Reinvestment of distributions - - Redemption of units (7,890) (2,756) 11,844 15,651 Distributions to unitholders Net investment income - - Net realized gain on sale of investments from operations (4,701) (552) Net assets - End of year 24,769 17,626 Changes in number of units Units outstanding at the beginning 1,701, ,865 Units issued 1,833,375 1,713,448 Units redeemed (809,969) (258,834) Units outstanding at the end 2,724,885 1,701,479 DISTRIBUTIONS ($/unit) Net investment income - - Net realized gain on sale of investments - - Investments, at cost 23,450 16,168 OPERATIONS Years ended December Income (loss) Interest products (4,823) 38 (4,634) 82 Expenses (note 4) Management fees Administrative fees Net investment income (loss) (5,589) (376) Net realized gain (loss) on sale of investments (35) 36 Net unrealized gain (loss) on investments 974 (191) Transaction costs (51) (21) from operations (4,701) (552) from operations per unit (1.74) (0.78) Management Expense Ratio 3.52% 6.09% 168

170 ASTRA SIGMA ALPHA GLOBAL MACRO FUND (in thousands, except number of contracts) INVESTMENT PORTFOLIO As at December 31, 2012 Par Average Fair Value Cost Value MONEY MARKET (94.67%) Government of Canada, Treasury Bill, 0.91%, ,500 23,450 23,450 TOTAL INVESTMENTS (94.67%) 23,450 23,450 FAIR VALUE OF DERIVATIVE PRODUCTS (3.23%) 799 OTHER NET ASSETS (2.10%) 520 TOTAL NET ASSETS (100%) 24,769 As December 31, 2012, $2,829 in money market securities were deposited in warranty. Futures contracts Contract Value Contract name Expiration Number of contracts Currency Current value Gain (loss) unrealized $ 3,747 Hang Seng January HK 3, ,057 MSCI Singapore January SG 3,042 (15) 4,299 Gold February US 4, ,079 Mini Dow Jones March US 5,054 (25) 3,660 Mini S&P 500 March US 3, (4,222) Japanese Yen March 2013 (28) US (4,013) 209 3,181 KOSPI 200 March KR 3, ,291 Nikkei 225 March JP 4, ,072 Mini Nasdaq 100 March US 4, ,876 Silver March US 3, ,429 US Note 10 years March US 3,426 (3) 3,341 Australian Note 10 years March AU 3,314 (27) 2,324 Copper March US 2, ,134 Total of futures contracts 40,

171 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 1. THE FUND The ASTRA Sigma Alpha Global Macro Fund (hereinafter the Fund ) is a segregated fund constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the Company ). The net assets of the Fund are owned by the Company and are accounted within its other assets. The Fund is not considered a separate legal entity. The Fund began its activities on September 30, The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, 2012 and SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of financial statements These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates. Changes in accounting standards Future accounting standards - International Financial Reporting Standards (IFRS) The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CICA Handbook Accounting, the amendments made to IFRS 10 Consolidated Financial Statements, to IFRS 12 Disclosure of Interests in Other Entities and to IAS 27 Separate Financial Statements on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Fund will adopt the IFRS for the annual financial statements starting January 1, Investment valuation The investments held by the Fund are recorded at fair value, which is determined as follows: Money market securities Money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers. products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded. Fair value of financial instruments The valuation of a financial instrument s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised of three levels: Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment. Money market securities are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data. Futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded. Other financial instruments such as cash, receivables and accounts payable are classified as Level 1 and are excluded from the tables shown in note

172 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont d) Investment transactions and income recognition Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis. Interest income is accrued as it is earned. Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investment are calculated using the average cost of investments, excluding transaction costs which are recorded directly to operations. Gains or losses realized from the liquidation of derivatives are included under products in the statement of operations. products As part of the investment policy, the Fund is mainly invested in futures contracts for income. The fair value of a future contract represents the gain or loss from its sale on valuation day and is reported under "Fair value of derivatives products" in the statement of net assets. s with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets. Other assets and liabilities Other assets and liabilities are accounted at cost. Receivables include QST, accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee. Their carrying value approximates their fair value due to the short-term maturities. Foreign currency conversion Some investments and other assets and liabilities are denominated in foreign currencies. These are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under Net realized gain (loss) on sale of investments. Unrealized exchange gains and losses are recorded under Net unrealized gain (loss) on investments. from operations per unit from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year. Management expense ratio Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year. Reconciliation of net assets to net asset value Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day. 3. UNITHOLDERS EQUITY The net assets of the Fund are divided into units of equal value and represent the unitholders equity. The units of the Fund have no par value and may be issued in an unlimited number. The price of the Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund s net asset by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Fund s manager s office, based on day-end values in Quebec City. 4. MANAGEMENT FEES AND OTHER FEES In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Fund and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the information folder and unitholder communications as well as any other costs incurred by the Fund. The Fund is also subject to performance fees based on its yield. This fee corresponds to 20% on returns in excess of 5%. As at December 31, 2012 and 2011, there was no payable performance fee. 171

173 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note Level 1 ($) Level 2 ($) Level 3 ($) Total ($) Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Products Money Market - 23,450-23,450 Total of Financial Assets ,450-24,319 Financial Liabilities Products (70) - - (70) Total of Financial Liabilities (70) - - (70) 2011 Level 1 ($) Level 2 ($) Level 3 ($) Total ($) Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Products Money Market - 16,168-16,168 Total of Financial Assets 30 16,168-16,198 Financial Liabilities Products (205) - - (205) Total of Financial Liabilities (205) - - (205) During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and FINANCIAL INSTRUMENT RISK In the normal course of business, the Fund is exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Fund is comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Fund. The Fund s exposure to risk depends on the investment strategy and the types of investments held in the portfolio. The results of the sensibility analysis to which the Fund is exposed represent Management s best estimate. Actual results may vary significantly from these estimates. Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments and derivative products are subject to credit risk. Liquidity risk Liquidity risk is the risk that the Fund may be unable to meet its obligations in a timely fashion as a result of its inability to liquidate its assets. The Fund is exposed to this risk because of daily redemptions of units. 172

174 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 6. FINANCIAL INSTRUMENT RISK (Cont d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Fund is exposed to interest rate risk when it holds interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact in cash and money market securities. Price risk Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss. Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates. The Fund is exposed to currency risk when it hold assets or liabilities denominated in a currency other than the Canadian dollar, because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect. 7. FINANCIAL RISK EXPOSURE Fund objective The fundamental investment objective of this Fund is to obtain a return on 91-day treasury bills while controlling the volatility significantly below that of the markets. The Fund is mainly invested in futures contracts in the following worldwide indices (including emerging markets), bonds, currencies and commodities. It may also be invested in fixed income Canadian securities and money market securities. The Fund may hold units of funds corresponding to the above-mentioned securities. The investment approach of the external manager, Sigma Alpha Capital, is to implement a tactical and strategic asset allocation strategy for the four main asset classes: stock index, bonds, currencies and commodities. The investment process is based on a close analysis of economic cycles around the world combined with rigorous risk management parameters. Credit risk As at December 31, 2012 and 2011, the Fund holds money market securities and derivatives. Consequently, the Fund is exposed to credit risk. The money market securities have R-1 High credit rating according to the DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level. As at December 31, 2012 and 2011, the Fund has no securities loans. Interest rate risk The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund. Price risk The Fund s most significant exposure to price risk arises from its investment in standardized futures contracts. As at December 31, 2012, had the prices on the respective stock exchanges for these securities increased or decreased by 5%, with all other variables held constant, net assets would have increased or decreased by approximately $2,047 ( $808). The results of sensitivity analysis conducted with respect to the price risk represent the Management s best estimates. In practice, the actual trading results may differ and the difference could be significant. 173

175 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 7. FINANCIAL RISK EXPOSURE (Cont d) Currency risk The table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable. Currency Cash ($) Futures Futures Total Exposure Cash Contracts Contracts ($) ($) ($) ($) Total Exposure ($) Australian Dollar (426) 3,314 2,888 (151) - (151) Euro (1,844) - (1,844) 317 1,416 1,733 Hong Kong Dollar 255 3,783 4,038 (134) - (134) Japanese Yen 92 4,706 4, Pound Sterling (73) - (73) (241) (1,487) (1,728) Singapore Dollar 143 3,042 3,185 (115) 1,581 1,466 South African Rand 1-1 (42) - (42) South Korean Won 257 3,234 3,491 (35) 3,557 3,522 U.S. Dollar (3,382) 22,854 19,472 (217) 8,779 8,562 Total (4,977) 40,933 35,956 (595) 13,846 13,251 The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant. Against other currencies Canadian Dollar Change in exchange rate (%) Impact on Net assets ($) (1,798) 1, Impact on Net assets ($) (663) 663 The results of sensitivity analysis conducted with respect to the currency risk represent the Management s best estimates. Actual results may vary significantly from these estimates. 8. FINANCIAL RISK MANAGEMENT The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Fund. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The Fund's asset management is outsourced and managed by an external investment manager, Sigma Alpha Capital. The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers. The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds. External manager selection process The external manager selection process is used whenever a need arises to launch a new product, improve the Funds offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels. Performance evaluation of external managers The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds. Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy. The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager s mandate. 174

176 ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO Years ended December 31 (in thousands of dollars) 9. CAPITAL MANAGEMENT The Fund has no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of the Fund. Capital is managed in accordance with the investment objectives of the Fund, which include liquidity management to meet redemption obligations. 10. INCOME TAXES The Fund qualifies as a segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Fund and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Fund is not subject to income taxes. 175

177 Mallette S.E.N.C.R.L chemin des Quatre-Bourgeois Québec QC G1W 5C4 Téléphone Télécopie Courriel INDEPENDENT AUDITOR S REPORT To unitholders of ASTRA Sigma Alpha Global Macro Fund, We have audited the accompanying financial statements of ASTRA SIGMA ALPHA GLOBAL MACRO FUND, which comprise the statement of the net assets and investment portfolio as at December 31, 2012, and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position and holdings of ASTRA Sigma Alpha Global Macro Fund as at December 31, 2012, and the results of its operations and its change in net assets for the year then ended, in accordance with Canadian generally accepted accounting principles. 1 Mallette L.L.P. Partnership of Chartered Professional Accountants Quebec City, Canada February 27, CPA auditor, CA, public accountancy permit No. A

178 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 FINANCIAL HIGHLIGHTS Distributions are in dollars per unit. Net asset is in thousands of dollars. Management expense ratio, in annualized percentage, is calculated dividing total expenses by daily average of net asset during the year. December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Money Market (1) Distributions Net investment income Class A Net investment income Class C Net realized gain Class A Net realized gain Class C Total annual distributions Net asset value per unit Class A Net asset value per unit Class C Net assets 10,994 13,016 11,691 20,177 30,443 Number of units outstanding Class A 634, , ,699 2,017,719 3,044,284 Number of units outstanding Class C 465, , ,434 Management expense ratio Class A Management expense ratio Class C 0.01 (1) Class C available since July 2, Treasury Distributions Net investment income Net realized gain 0.01 Total annual distributions Net asset value per unit Net assets 45,689 42,951 27,872 14,610 1,118 Number of units outstanding 4,282,041 4,028,732 2,637,474 1,379, ,157 Management expense ratio Portfolio turnover rate Fiera Capital Bond Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 382, , ,127 32,813 Number of units outstanding 35,014,534 17,323,485 12,453,566 3,341,348 Management expense ratio Portfolio turnover rate

179 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds OAM Bond Distributions Net investment income Net realized gain Return of capital 0.01 Total annual distributions Net asset value per unit Net assets 68,334 59,025 62,664 17, Number of units outstanding 6,283,955 5,480,262 5,984,608 1,726,941 60,614 Management expense ratio Portfolio turnover rate PIMCO Bond Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 134,606 96,013 72,342 62,246 56,743 Number of units outstanding 13,276,261 9,730,029 7,479,942 6,427,098 6,089,170 Management expense ratio Portfolio turnover rate Bond Index Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 60,550 56,894 49,949 47,186 22,958 Number of units outstanding 5,467,255 5,179,196 4,741,778 4,568,794 2,246,568 Management expense ratio Portfolio turnover rate Conservative Strategy Distributions Net investment income Net realized gain Return of capital 0.04 Total annual distributions Net asset value per unit Net assets 88,714 70,479 58,492 39,947 25,430 Number of units outstanding 8,360,212 6,880,380 5,487,047 3,890,642 2,693,079 Management expense ratio Portfolio turnover rate

180 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Balanced Strategy Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 232, , , , ,544 Number of units outstanding 23,146,786 21,425,991 20,061,804 17,071,923 14,425,949 Management expense ratio Portfolio turnover rate Growth Strategy Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 61,532 55,337 54,247 43,445 28,876 Number of units outstanding 5,700,339 5,423,081 5,022,653 4,254,712 3,210,830 Management expense ratio Portfolio turnover rate Aggressive Strategy Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 14,367 13,351 12,262 8,393 4,424 Number of units outstanding 1,510,347 1,492,263 1,279, , ,299 Management expense ratio Portfolio turnover rate Celestia Conservative Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 28,451 15,597 10,002 4, Number of units outstanding 2,729,814 1,561, , ,505 69,199 Management expense ratio Portfolio turnover rate

181 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Celestia Balanced Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 56,337 39,395 29,288 11,302 2,809 Number of units outstanding 5,606,129 4,148,705 2,933,371 1,198, ,066 Management expense ratio Portfolio turnover rate Celestia Growth Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 26,450 18,398 12,332 6,800 1,846 Number of units outstanding 2,632,227 1,951,724 1,220, , ,149 Management expense ratio Portfolio turnover rate Celestia Aggressive Distributions Net investment income Net realized gain Return of capital 0.04 Total annual distributions Net asset value per unit Net assets 20,815 15,836 10,594 5,435 1,212 Number of units outstanding 2,164,146 1,770,087 1,083, , ,111 Management expense ratio Portfolio turnover rate Conservative Fundamental Portfolio Distributions Net investment income Net realized gain 0.02 Total annual distributions Net asset value per unit Net assets 16,630 12,081 7, Number of units outstanding 1,524,137 1,147, ,838 84,794 Management expense ratio Portfolio turnover rate

182 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Balanced Fundamental Portfolio Distributions Net investment income Net realized gain 0.03 Total annual distributions Net asset value per unit Net assets 37,594 29,641 17,568 1,916 Number of units outstanding 3,519,179 2,930,706 1,662, ,300 Management expense ratio Portfolio turnover rate Growth Fundamental Portfolio Distributions Net investment income 0.05 Net realized gain 0.07 Total annual distributions Net asset value per unit Net assets 19,717 16,950 12,549 3,376 Number of units outstanding 1,873,189 1,712,859 1,189, ,194 Management expense ratio Portfolio turnover rate Aggressive Fundamental Portfolio Distributions Net investment income 0.05 Net realized gain 0.03 Total annual distributions Net asset value per unit Net assets 15,441 10,898 6,777 1,195 Number of units outstanding 1,475,512 1,117, , ,794 Management expense ratio Portfolio turnover rate Sprott / Fiera Capital Canadian Balanced Distributions Net investment income 0.04 Net realized gain 0.05 Total annual distributions 0.09 Net asset value per unit Net assets 4, Number of units outstanding 478,672 85,632 Management expense ratio Portfolio turnover rate

183 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Fidelity Canadian Asset Allocation Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 45,331 35,436 6,824 Number of units outstanding 4,526,839 3,617, ,412 Management expense ratio Portfolio turnover rate Dynamic Power Balanced Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 5,422 1,233 Number of units outstanding 543, ,586 Management expense ratio Portfolio turnover rate 6.53 Acuity High Income Distributions Net investment income Net realized gain 0.16 Return of capital Total annual distributions Net asset value per unit Net assets 86,601 94,076 75,336 47,823 30,252 Number of units outstanding 11,592,513 12,184,220 8,746,510 5,940,929 4,360,999 Management expense ratio Portfolio turnover rate UBS Global High Income Distributions Net investment income Net realized gain Return of capital Total annual distributions Net asset value per unit Net assets 22,649 14,660 16,193 13,504 9,381 Number of units outstanding 3,853,270 2,625,606 2,540,629 2,132,779 1,716,094 Management expense ratio Portfolio turnover rate

184 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Guardian Canadian Dividend Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 17,603 Number of units outstanding 1,588,590 Management expense ratio 2.54 Portfolio turnover rate 3.55 Jarislowsky Fraser Ltd. Canadian Value Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 199, , , , ,023 Number of units outstanding 11,651,600 13,426,651 13,888,033 12,567,201 10,725,932 Management expense ratio Portfolio turnover rate Triasima Canadian Equity (2) Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 106,816 44,069 10,487 7,658 Number of units outstanding 9,383,371 4,155, , ,461 Management expense ratio Portfolio turnover rate (2) Fund available to an individual cont ract since September 30, Greystone Canadian Growth Equity Distributions Net investment income 0.27 Net realized gain Total annual distributions 0.27 Net asset value per unit Net assets 45,524 57,261 74,810 70,349 45,714 Number of units outstanding 3,978,954 5,247,454 5,665,168 6,108,968 4,948,540 Management expense ratio Portfolio turnover rate

185 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Montrusco Bolton Canadian Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 19,410 6,030 Number of units outstanding 2,189, ,606 Management expense ratio Portfolio turnover rate Canadian Fundamental Equity Distributions Net investment income 0.11 Net realized gain Total annual distributions 0.11 Net asset value per unit Net assets 21,483 2,270 2, Number of units outstanding 2,045, , ,262 69,258 Management expense ratio Portfolio turnover rate Canadian Index Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 37,234 40,399 21,828 18,518 11,382 Number of units outstanding 3,422,635 3,881,432 1,861,637 1,809,657 1,462,342 Management expense ratio Portfolio turnover rate Canadian Small Cap Equity Distributions Net investment income Net realized gain 0.18 Return of capital 0.94 Total annual distributions Net asset value per unit Net assets 50,005 50,718 51,983 39,972 23,210 Number of units outstanding 4,091,732 4,119,999 3,760,814 3,564,732 3,235,962 Management expense ratio Portfolio turnover rate

186 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds MFS McLean Budden U.S. Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 26,475 76, ,369 22,960 13,213 Number of units outstanding 3,829,517 12,434,960 16,987,412 3,632,219 2,266,882 Management expense ratio Portfolio turnover rate Tradewinds U.S. Equity (3) Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit 9.64 Net assets 12,999 Number of units outstanding 1,349,072 Management expense ratio 3.05 Portfolio turnover rate (3) Fund available to an individual contract since November 26, U.S. Fundamental Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 14, Number of units outstanding 1,234,796 48,961 18,347 2,500 Management expense ratio Portfolio turnover rate U.S. Index Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 14,634 8,804 6,160 5,459 4,480 Number of units outstanding 2,289,924 1,516,564 1,076,796 1,010, ,548 Management expense ratio Portfolio turnover rate

187 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds International Equity Distributions Net investment income 0.05 Net realized gain Total annual distributions 0.05 Net asset value per unit Net assets 136,518 88,512 93,946 63,476 46,678 Number of units outstanding 20,345,708 14,237,072 13,745,813 8,947,542 7,095,379 Management expense ratio Portfolio turnover rate Carnegie International Equity Distributions Net investment income Net realized gain 0.01 Total annual distributions 0.01 Net asset value per unit Net assets 57,399 43,420 41,746 33,770 20,494 Number of units outstanding 6,226,515 5,555,114 5,076,172 4,396,066 2,787,735 Management expense ratio Portfolio turnover rate International Fundamental Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 13, Number of units outstanding 1,583,895 15,620 5,173 2,625 Management expense ratio Portfolio turnover rate International Index Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 34,730 28,233 14,849 12,590 9,715 Number of units outstanding 4,015,028 3,644,006 1,675,973 1,412,559 1,185,336 Management expense ratio Portfolio turnover rate

188 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Calamos Global Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 19,847 13,171 Number of units outstanding 2,085,971 1,399,885 Management expense ratio Portfolio turnover rate Lazard Global Equity Distributions Net investment income 0.07 Net realized gain Total annual distributions 0.07 Net asset value per unit Net assets 50,628 28,432 Number of units outstanding 5,026,830 3,049,423 Management expense ratio Portfolio turnover rate Hexavest Hedged Global Equity (4) Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 22,149 20,662 27,007 Number of units outstanding 2,093,158 2,127,361 2,598,350 Management expense ratio Portfolio turnover rate (4) Fund available to an individual cont ract since September 15, Lazard Global Small Cap Equity Distributions Net investment income 0.04 Net realized gain 0.25 Total annual distributions 0.29 Net asset value per unit Net assets 27,341 17,571 5,278 Number of units outstanding 2,416,837 1,765, ,863 Management expense ratio Portfolio turnover rate

189 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds Emerging Markets Fundamental Equity Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 70,490 24,065 21,644 6,827 Number of units outstanding 6,622,075 2,461,786 1,762, ,388 Management expense ratio Portfolio turnover rate Lazard Global Infrastructure Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 38,892 25,489 18,370 14,412 11,117 Number of units outstanding 4,930,388 3,728,288 2,510,720 2,065,227 1,799,603 Management expense ratio Portfolio turnover rate Presima Global Real Estate Enhanced Yield (5) Distributions Net investment income 0.05 Net realized gain Total annual distributions 0.05 Net asset value per unit Net assets 23,202 18,617 Number of units outstanding 3,039,625 2,875,922 Management expense ratio Portfolio turnover rate (5) Fund available to an individual cont ract since June 3, Morgan Stanley Global Real Estate Distributions Net investment income Net realized gain Total annual distributions Net asset value per unit Net assets 41,365 21,789 Number of units outstanding 3,852,600 2,536,767 Management expense ratio Portfolio turnover rate

190 ASTRA FUND APPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31 December 31, 2012 December 31, 2011 December 31, 2010 December 31, 2009 December 31, 2008 ASTRA Funds CoreCommodity Management Commodity (6) Distributions Net investment income Class A 1.51 Net investment income Class C 1.72 Net investment income Class D 1.68 Net investment income Class E 1.69 Net investment income Class F Net realized gain Class A Net realized gain Class C Net realized gain Class D Net realized gain Class E Net realized gain Class F Total annual distributions 6.60 Net asset value per unit Class A Net asset value per unit Class C Net asset value per unit Class D Net asset value per unit Class E Net asset value per unit Class F Net assets 128, ,749 66,322 Number of units outstanding Class A 2,327,136 1,868,160 17,535 Number of units outstanding Class C 3,663,262 2,975,402 1,833,176 Number of units outstanding Class D 4,566,599 3,366,941 2,930,502 Number of units outstanding Class E 1,511,667 1,359,844 1,135,956 Number of units outstanding Class F 1,200, ,299 Management expense ratio Class A Management expense ratio Class C 0.14 Management expense ratio Class D Management expense ratio Class E Management expense ratio Class F Portfolio turnover rate s.o. s.o. s.o. (6) Class F available since M arch 18, Sigma Alpha Global Macro Distributions Net investment income 0.09 Net realized gain Total annual distributions 0.09 Net asset value per unit Net assets 24,769 17,626 2,527 Number of units outstanding 2,724,885 1,701, ,865 Management expense ratio Portfolio turnover rate s.o. s.o. s.o. 189

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