ASTRA Fund FAcTS AS AT dEcEMBER 31, 2011...ASTRA Fund FAcTS AS AT dEcEMBER 31, 2011 MonTREAl SAlES...

ASTRA Fund FAcTSAS AT dEcEMBER 31, 2011

MonTREAl SAlES oFFicE1200 Papineau Ave, Suite 460 Montreal QC H2K 4R5Tel.: 514-521-7365 • 1-800-361-8100Fax: 1-866-606-2764

ToRonTo SAlES oFFicE110 Sheppard Avenue East, Suite 500Toronto ON M2N 6Y8Tel.: 1-888-900-3457Fax: 1-866-559-6871

QuEBEc ciTy SAlES oFFicE1245 Chemin Sainte-Foy, Suite 210Quebec QC G1S 4P2Tel.: 1-888-900-3457Fax: 1-866-559-6871

cliEnT SERvicESP.O. Box 10510, Station Sainte-FoyQuebec QC G1V 0A3Tel.: 1-800-320-4887Fax: 1-866-559-6871

[email protected]

BRA663A (2012-03)

Information about returnsReturns shown do not take into account sales, redemption, distribution or other optional charges that would have reduced returns. Returns are annualized, except for periods of less than one year. Past returns are not a reliable indicator of future performance. This method of calculating returns is in compliance with the guiding principles established by the Canadian Life and Health Insurance Association. For more information about this calculation method, contact SSQ Client Services.

Requests for DocumentsSemi-annual unaudited financial statements (prepared after June 30) and the next annual audited financial statements will now be available upon request, in hard copy or electronically. The annual information form, financial highlights and annual audited financial statements of the underlying fund, or related documents, will also now available upon request.

To request any of these documents, please contact our Client Services:Tel.: 1-800-320-4887Fax: 1-866-559-6871E-mail: [email protected]

You can also download audited annual financial statements and unaudited semi-annual financial statements at any time from our Web site at www.investment.ssq.ca.

Contents

Our Managers .............................................................................................................................1Introduction to ASTRA Fund Facts .................................................................................2

INCOME FUNDSASTRA Money Market ............................................................................................................4ASTRA Treasury...........................................................................................................................6ASTRA Fiera Sceptre Bond ..................................................................................................8ASTRA Addenda Bond ........................................................................................................10ASTRA OAM Bond .................................................................................................................12ASTRA PIMCO Bond .............................................................................................................14ASTRA Bond Index ................................................................................................................16

BALANCED FUNDSASTRA Conservative Strategy ........................................................................................18ASTRA Balanced Strategy .................................................................................................20ASTRA Growth Strategy .....................................................................................................22ASTRA Aggressive Strategy .............................................................................................24ASTRA Celestia Conservative ..........................................................................................26ASTRA Celestia Balanced ..................................................................................................28ASTRA Celestia Growth ......................................................................................................30ASTRA Celestia Aggressive...............................................................................................32PRO SSQ Conservative Fundamental GIF Portfolio ..........................................34PRO SSQ Balanced Fundamental GIF Portfolio ...................................................36PRO SSQ Growth Fundamental GIF Portfolio .......................................................38PRO SSQ Aggressive Fundamental GIF Portfolio ...............................................40ASTRA McLean Budden Diversified Growth .........................................................42ASTRA Sprott / Fiera Sceptre Canadian Balanced .............................................44ASTRA Fidelity Canadian Asset Allocation .............................................................46ASTRA Dynamic Power Balanced ................................................................................48ASTRA Acuity High Income .............................................................................................50ASTRA UBS Global High Income ..................................................................................52

CANADIAN EQUITY FUNDSASTRA Dividend......................................................................................................................54ASTRA JFL Canadian Value Equity ...............................................................................56ASTRA McLean Budden Canadian Equity ..............................................................58ASTRA LODH Canadian Equity ......................................................................................60ASTRA Greystone Canadian Growth Equity ..........................................................62ASTRA Montrusco Bolton Canadian Equity ...........................................................64PRO SSQ Canadian Fundamental Equity GIF........................................................66ASTRA Canadian Index .......................................................................................................68 ASTRA Canadian Small Cap Equity .............................................................................70

FOREIGN EQUITY FUNDSASTRA Jarislowsky Fraser Ltd. U.S. Value Equity ..................................................72ASTRA McLean Budden U.S. Equity ............................................................................74PRO SSQ US Fundamental Equity GIF .......................................................................76ASTRA U.S. Index ....................................................................................................................78ASTRA International Equity .............................................................................................80ASTRA Carnegie International Equity ........................................................................82PRO SSQ International Fundamental Equity GIF ................................................84ASTRA International Index ...............................................................................................86ASTRA Calamos Global Equity .......................................................................................88ASTRA Lazard Global Equity ............................................................................................90ASTRA Hexavest Hedged Global Equity ..................................................................92ASTRA Lazard Global Small Cap Equity ....................................................................94PRO SSQ Emerging Markets Fundamental Equity GIF ...................................96PRO SSQ Hong Kong China Fundamental Equity GIF ....................................98

SPECIALTY FUNDSASTRA Lazard Global Infrastructure ........................................................................100ASTRA Presima Global Real Estate Enhanced Yield .......................................102ASTRA Morgan Stanley Global Real Estate .........................................................104ASTRA Sigma Alpha Global Macro .........................................................................106ASTRA Jefferies Commodity ........................................................................................108

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AcuityFounded in 1990 in Toronto, Acuity Investment Management Inc. has gained a well-earned reputation for disciplined investment management of Canadian

and Global portfolios. The proven, disciplined investment decision making process of Acuity has distinguished the company for over a decade.

Addenda CapitalAddenda Capital specializes in bond management. Since 1996, this company, whose head office is located in Montreal, manages increasing assets while pursuing its goals of capital preservation and growth, moderate risk and transparency. This specialization and a team

of seasoned professionals have proved fruitful. Its personalized management approach is based on dialogue, an understanding of objectives and strict compliance with investment policies.

AlphaFixe Capital Founded in 2008, AlphaFixe Capital is a Quebec-based investment management company specialized in fixed income products mainly for an institutional clientele.

The firm’s investment philosophy is inspired partially by the consequences of the 2008 financial crisis, but is also based on a rigorous risk management process. The notions of capital preservation and flexible strategy implementation guide the firm’s actions and are reflected in its internal management models, which are complex yet accessible.

BlackRockBlackRock® is a global enterprise that combines the benefits of world-wide reach with localized service. The firm manages assets for clients in North and South

America, Europe, Asia, Australia and the Middle East and Africa. Headquartered in New York, the firm maintains offices around the world. BlackRock’s investment approach is based on their conviction that they can combine their market insights, global reach and scale, proprietary technology, culture of information sharing and unwavering focus on risk management into an ability to deliver performance in all market environments.BlackRock® is a registered trademark of BlackRock, Inc.

CalamosCalamos Investments is an active growth-oriented manager with global research capabilities, serving a global base of institutional investors. The firm manages

growth equity, low-volatility equity, convertible, and high yield investment solutions. For more than 30 years, the Calamos investment process has focused on forming a comprehensive understanding of a company and the relative attractiveness of the securities within its capital structure. Calamos’ investment team comprises more than 50 investment professionals working together as a single group. The team provides research for all of their investment strategies.

CarnegieCarnegie Asset Management was founded in Denmark in 1986. It offers top quality funds backed by a structured investment strategy, a long active management tradition and an experienced investment team. One of Carnegie strengths is to combine local presence

with close co-operation between its different offices. The firm is convinced that to succeed, it must focus on its greatest strengths. This belief, combined with the firm’s no-compromise investment strategy, explains why Carnegie has become one of the top independent management firms in Europe. Carnegie has been doing the right things, at the right time, and most importantly, with the right people. Carnegie’s singular focus is its investment process – its concentrated international strategy is unlike the benchmark but maintains a market-like risk profile, and has consistently provided investors with superior returns over the long-term. Carnegie holds very high conviction in the return potential of each stock it holds.

Eterna Investment ManagementEstablished in 1998, Eterna Investment Management’s roots come from a Quebec-based financial group that has been in existence for more than 80 years. Its management style and expertise have earned it a solid reputation

among institutional and private investors in Canadian bonds and equities and, more recently, global real estate securities. The firm’s investment approach is both conservative and selective, with the objectives of capital growth combined with a high level of capital protection.

Fidelity InvestmentsFidelity Investments Canada is part of the Fidelity Investments organization of Boston, one of the world’s largest providers of financial services. In Canada, Fidelity manages an important asset in mutual fund and corporate pension plan assets.

Fiera SceptreFiera Sceptre is a leading publicly traded, independent money manager. The Firm is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in equity and

fixed income management as well as depth and expertise in asset allocation and alternative investments.

Dynamique FundsTracing its roots back more than 50 years, Dynamic Funds is the award-winning mutual fund brand of DundeeWealth, a wholly-owned subsidiary of Scotiabank. With a team of industry-leading portfolio

managers and more than 80 funds available, Dynamic Funds offers a diverse range of investment solutions.

Greystone Managed Investments One of Canada fastest-growing companies, Greystone Managed Investment is a growth style manager emphasizing a disciplined team process and risk-conscious, consistently competitive performance.

Founded in 1988, this Regina, Saskatchewanfirm is in majority owned by its employees, the firm has deep expertise in Canadian equities, along with other long-term asset classes. Its consistent investment philosophy focuses on risk reduction, has produced convincing results and attracted a diversified clientele.

HexavestFounded in Montreal in 2004, Hexavest specialises in active management of foreign equities and tactical asset allocation for institutional clients. Hexavest is 100% owned by its six founding partners. Over the past 16 years, the managers of Hexavest have

developed an original and rigorous approach which generated exceptional returns with low volatility.

Jarislowsky Fraser Jarislowsky Fraser Limited is an independent firm, whose head office is located in Montreal, with a goal of capital appreciation for their clients with a minimal

amount of risk. Since 1955, this company has had proven results with a low-risk, large cap approach. Jarislowsky Fraser selects securities rather than sectors and has a low portfolio turnover. The firm’s philosophy is founded upon conservative, time proven principles of fundamental investing. An emphasis is placed on meeting with companies’ top executives. A comprehensive approach and an experienced team have made up a winning strategy for this company.

JefferiesEstablished in 1962, Jefferies is a major global securities and investment banking group in the U.S., Europe and Asia. Jefferies’ core business includes investment banking, sales and trading, research, asset management and private wealth management. The firm’s headquarters

is based in New York City, with offices in many cities around the world. The manager acts as primary dealer for the U.S. Federal Reserve and various European governments.

our Managers

3

Lazard Lazard is one of the world’s pre-eminent financial advisory and asset management firms. With head office in New York, Lazard operates in North America,

Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice and asset management services to corporate clients, financial intermediaries, private clients and investment vehicles around the world.

Lombard Odier Darier HentschFounded in 1796, Lombard Odier Darier Hentsch & Cie is the oldest firm of private bankers in Geneva and one of the largest in Switzerland and Europe. With a network

of offices in many countries around the world, it offers its private and institutional clients a wide range of advisory services in wealth management, financial products and specialized services. An independent family business for seven generations, the firm is run by partners, who are as much involved in strategy and management as in serving its clients.

McLean Budden McLean Budden Limited, an investment management firm founded in Canada in 1947, has developed a large client base on the strength of its solid performance, investment advice grounded on painstaking research and quality service. As one of Canada’s oldest investment management firms,

McLean Budden serves its clients from offices located of Toronto (head office), Montreal, Vancouver and Chicago. The company has a strong presence on all financial markets and keeps a close watch over the individual needs of its clients. McLean Budden favours team management that emphasizes the selection of large-cap stocks. Since investment management firms are only as good as their people, McLean Budden has concentrated on hiring and keeping highly qualified specialists with a solid background in investment management, research and customer service. Its managers hold a substantial ownership position in the firm and are the primary reason for the firm’s success.

Montrusco Bolton InvestmentsMontrusco Bolton Investments Inc. is a portfolio management firm that offers services to institutional clients which include pension funds, foundations, insurance companies and mutual fund companies. The

firm was established in 1946, with its head office located in Montreal and two other offices located in Toronto and Calgary. Montrusco Bolton Investments Inc. is a private company whose shareholders are the key employees and two strategic partners, Affiliated Managers Group Inc. and the Solidarity Fund QFL.

Morgan Stanley Investment Management Since its founding in 1935, Morgan Stanley has continually broken new ground in advising its clients on strategic transactions, in pioneering the global

expansion of finance and capital markets, and in providing new opportunities for individual and institutional investors. Integrating the firm’s vast expertise in local and international markets, Morgan Stanley’s portfolio management subsidiary, Morgan Stanley Investment Management (MSIM) offers a wide range of traditional and alternative investment strategies. MSIM combines the global reach of a major worldwide organization with the entrepreneurial spirit of a smaller firm.

Natcan Investment Management Natcan Investment Management was founded in 1990 to offer portfolio management services to pension funds, foundations and private wealth. Following the 1993 acquisition of General Trust by National Bank,

Natcan Investment Management and Gentrust Investment Counsellors merged their operations. In 1999, the remaining investment activities of General Trust were transferred to Natcan. Natcan’s head office is located in Montreal, but the firm also has offices in Toronto. Management of assets is entrusted to management professionals. The firm manages assets for pension funds, mutual funds, foundations, religious orders and private wealth clients. Natcan professionals own 25% of the company.

Optimum Assets ManagementOptimum Asset Management Inc. is a Quebec investment firm based in Montreal. This proximity enables rapid decisions and management flexibility. To these advantages are added discipline, stability, performance, moderate risk and reduced volatility and emotion, on

which Optimum’s management style is based. Each quarter, the Optimum Asset Management team adjusts its portfolios in light of the earnings outlook and to meet investor objectives.

PIMCOPIMCO is one of the largest specialty fixed income managers in the world, with offices in many cities around the world. Founded in California in 1971,

PIMCO is committed to being the best fixed income manager in the world. By combining topflight talent, cutting-edge technology and a long-term investment approach, PIMCO works around the world in an effort to provide consistently superior returns. PIMCO is a trendsetter in the fixed income industry and has been so throughout its history.

Presima Presima is a Boutique Investment Manager exclusively focused on real estate securities, backed by the resources of a solid financial institution. The firm has developed

extensive knowledge and expertise within the sphere of global real estate securities. With its team of qualified professionals headquartered in Montreal, Canada, Presima is able to offer specialized investment products tailored to meet the needs of its institutional clientele.

Pro-Financial Asset ManagementPro-Financial Asset Management Inc. was founded in 2002 in response to the rapidly changing needs of Canadian investors and the industry professionals who service them. Established first as an industry

leader in alternative investment strategies and solutions, Pro-Financial Asset Management is expanding its investment lineup to include traditional equity based offerings with a timely and innovative twist. Pro-Financial Asset Management is fully committed to becoming Canada’s leading Investment Solutions Partner.

Sigma Alpha CapitalFounded in 2003, Sigma Alpha Capital Inc. is a firm that specializes in managing absolute-return alternative portfolios. The firm’s managers, who have on average 25 years of experience, build portfolios of futures contracts with a view to obtaining positive medium and long-term returns, regardless of economic and financial conditions.

Sprott Asset Management LPSprott Asset Management LP (SAM) is the successor to Sprott Asset Management Inc., which was founded in 2000. Led by a team comprised of the top investment professionals in Canada, SAM is dedicated to achieving superior returns for its investors over the long-term through a collection of mutual funds, hedge funds, and structured products.

UBS Global Asset ManagementUBS Global Asset Management is a division of the UBS Business Group, one of the most respected financial companies in the world. UBS has been offering financial services for over 100 years and

currently employs thousands of employees around the world. Backed by such financial soundness, UBS is one of the rare portfolio managers to provide its clients with quality management and continuity.

1

This section of the Information Folder contains individual Fund Facts for each segregated fund available through your contract. You can choose to invest in one or more of these funds.

The individual Fund Facts give you an idea of what each segregated fund invests in, how it has performed and what fees or charges may apply.

The description of each segregated fund in the individual Fund Facts is not complete without the following description of “What if I change my mind” and “For more information”.

What if I change my mind?

You can change your mind about your investment in a fund within two business days of the earlier of the date you received confirmation or five business days after it is mailed. You have to tell SSQ in writing (by email, fax or letter) that you want to cancel. The amount returned will be the lesser of the amount you invested or the value of the fund if it has gone down. The amount returned only applies to the specific transaction and will include a refund of any fees you paid.

You can also change your mind about subsequent transactions you make under the contract within two business days from the date you received confirmation. In this case, the right to cancel only applies to the new transaction.

For more information

The Fund Facts may not contain all the information you need. Please read the contract and the Information Folder or you may contact us.

SSQ, Life Insurance Company Inc.SSQ Investment and Retirement1245 chemin Sainte-Foy, Suite 210Quebec QC G1S 4P2

Clients ServicesP.O. Box 10510 Stn Sainte-FoyQuebec QC G1V 0A3

Tel.: 1-800-320-4887 Fax: 1-866-559-6871

E-mail address: [email protected]

IntroduCtIon to astra Fund FaCts

ASTRA Fund FAcTSAS dEcEMBER 31, 2011

4

SSQ, Life Insurance Company Inc.

ASTRA Segregated Funds

ASTRA Money MarketFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: December 1, 1997Net asset value per unit: $10.0000Portfolio turnover rate: N/AManagement expense ratio (MER): 1.47% (including taxes)

Total value as at December 31, 2011: $6.73 million Number of units outstanding: 673,056Minimum investment: $400

If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): McLean Budden

What does this fund invest in?The fund is invested mainly in Canadian money market and short-termfixed-income securities (terms under one year). These securities areissued by federal, provincial and municipal governements as well asblue chip companies.

Top 10 investments

Can. Treasury Bills 02/02/2012 8.9%Canada Housing Trust 4.00% 06/15/2012 6.4%Can. Treasury Bills 01/06/2012 4.2%Can. Treasury Bills 01/05/2012 3.7%Royal Bank 1.27% 05/22/2012 3.3%TD Bank 1.32% 09/19/2012 3.0%Alberta T Bills 08/03/2012 2.8%Bristish Columbia T Bills 09/10/2012 2.8%Can. Treasury Bills 11/22/2012 2.8%Bank of Montreal 1.34% 10/19/2012 2.6%Total 40.7%Total investments : 62 Asset Mix

100.0% Cash and Cash Equivalents

How risky is it?The value of your investments under your contract can go down.Please see section Summary of Astra Fund Investment Policies of theInformation Folder for further details.

Verylow Low

Low tomoderate Moderate

Moderateto high High

How has the fund performed?

This section tells you how the fund has performed over the past 10years for an investor who chooses the basic guarantee. Returns areafter the MER has been deducted. It's important to note that thisdoesn't tell you how the fund will perform in the future. Also, your actualreturn will depend on the guarantee option you choose and on yourpersonal tax situation.

Average returnA person who invested $1,000 in the fund and chose the basicguarantee 10 years ago now has $1,136.75. This works out to anaverage of 1.3% a year.

Year-by-year returnsThis chart demonstrates the fund's performance over the past 10 yearsin the case of an investor who chose the basic guarantee. In the past10 years, the fund was up in value for 10 years and down in valuefor 0 year.

Segregated Fund Returns (%)

0%

1%

2%

3%

4%

2002

1.3

2003

1.4

2004

0.9

2005

1.2

2006

2.6

2007

3.3

2008

2.3

2009

0.1

2010

0.0

2011

0.0

Are there any guarantees?This segregated fund is being offered under an insurance contract. Itcomes with guarantees that may protect a contractholder's investmentif the markets go down. The MER includes the insurance cost for theguarantee. For details please refer to the Information Folder.

Who is the fund for?This fund may be right for a contractholder seeking for regular incomewhile preserving capital and maintaining a high level of liquidity.

5

ASTRA Money Market

How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell units of the fund.1. Sales Charge

Sales Charge Options What you pay How it works

Front-load SalesCharge Up to 5%

• You and your advisor decide on the rate.• The front-load sales charge is deducted from the amount you invest and paid as

a commission.

Back-load SalesCharge

If you sell within:1 year of buying: 6%2 year of buying: 6%3 year of buying: 5%4 year of buying: 4%5 year of buying: 3%6 year of buying: 2%Following years: 0%

• Back-load sales charges have a fixed rate. They are deducted from the amountsold.

• When you invest in the fund, SSQ pays a 5% commission. Back-load sales chargesthat you pay are remitted to SSQ.

• 10% of your unit sales per year (20% in RRIFs, LIFs, PRRIFs and LRIFs) may bemade without back-load sales charges.

• You can exchange your units for units in another fund available under the contractat any time, without any back-load sales charges, as long as the guarantee optiondoesn't change. The back-load sales charge schedule is established based on thedate that you invested in the first fund.

2. Ongoing fund expensesThe MER includes the management fee and operatingexpenses of the fund. The MER includes the insurancecost for the guarantee. You don't pay these expensesdirectly. However, they affect you because they reducethe return you get on your investment. For details abouthow the guarantees work, see you insurance contract.

Guarantee options Current Annual Guarantee Fees

(% of fund's net assets) MER (Total)

Standard75% - 100% 0.00% 1.47%

Premium100% - 100% + 0.26% 1.73%

Trailer fee commissionsSSQ pays a trailer fee commission for as long as you hold fund units. The commission covers the services and advice that are provided to you,and is deducted from the management fees. The rate depends on the back-load sales charge option you have selected:• Front-load sales charges and no-load sales charges: up to 1% of the value of your annual investment amount.• Back-load sales charges: up to 0.50% of the value of your annual investment amount.

3. Other FeesOther fees may apply when you sell or transfer fund units.Fee What you payShort Term Trading Fee 2% of the value units you sell or transfer within 90 days of buying them.

Fund CodeRegular Product AGIBack-load : 036 -No-load Mode A : 136 G136Front-load : 236 G236No-load Mode B : 336 -

Regular product : The back-load and the no-load - Mode B sales charge options are not eligiblefor new purchases, except as part of the ASTRAmatic program, which allows the back-load salescharge option (fund code is 036). These sales charge options are permitted for internal transferswithin an existing contract (fund code is 036 for the back-load sales charge option, and 336 for theno-load sales charge option - Mode B).AGI product : Eligible for the AGI product, but does not include the guaranteed minimumwithdrawal benefit (GMWB). The fund is not offered with the back-load and the no-load - Mode Bsales charge options.

What if I change my mind?You can change your mind about your investment in a fund within two business days of the earlier of the date you received confirmation or fivebusiness days after it is mailed. You have to tell SSQ in writing (by email, fax or letter) that you want to cancel. The amount returned will bethe lesser of the amount you invested or the value of the fund if it has gone down. The amount returned only applies to the specific transactionand will include a refund of any fees you paid.You can also change your mind about subsequent transactions you make under the contract within two business days from the date you receivedconfirmation. In this case, the right to cancel only applies to the new transaction.

6



ASTRA TreasuryFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: September 25, 2008Net asset value per unit: $10.6693Portfolio turnover rate: 100%Management expense ratio (MER): 1.89% (including taxes)

Total value as at December 31, 2011: $42.83 million Number of units outstanding: 4,013,784Minimum investment: $400

If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Optimum Asset Management

What does this fund invest in?The fund is invested mainly in Canadian short-term fixed incomesecurities. These securities are issued by federal, provincial andmunicipal governments as well as blue chip companies.

Top 10 investments

Canada Housing Trust Fltg 09/15/2015 30.1%Hydro Quebec Fltg 02/11/2015 7.2%Quebec Prov. 4.50% 12/01/2020 2.9%Canada Safeway 3.00% 03/31/2014 1.0%Orford 2.95% 01/25/2016 1.0%Montreal University 4.55% 02/11/2015 0.9%Rouyn-Noranda 3.05% 03/28/2016 0.8%St-Jean Richelieu 2.60% 06/23/2015 0.8%National Bank 3.58% 04/26/2016 0.8%Industrial Alliance Fltg 03/27/2019 0.8%Total 46.3%Total investments : 129 Asset Mix

2.7% Cash and Cash Equivalents29.1% Corporate Bonds26.8% Municipal Bonds15.3% Provincial Bonds26.0% Federal Bonds


Verylow Low






Year-by-year returnsThis chart demonstrates the fund's performance over the past 3 yearsin the case of an investor who chose the basic guarantee. In the past3 years, the fund was up in value for 3 years and down in value for0 year.


0%

1%

2%

3%

4%

5%

2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

N/A

2009

4.9

2010

0.9

2011

2.4


Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand moderate short- to medium-term capital growth.

7

ASTRA Treasury





a commission.










Standard75% - 100% 0.00% 1.89%

Premium100% - 100% + 0.35% 2.24%



Fund CodeRegular Product AGIBack-load : 0604 -No-load Mode A : 1604 G1604Front-load : 2604 G2604No-load Mode B : 3604 -

AGI product : Eligible for the AGI product, but does not include the guaranteed minimumwithdrawal benefit (GMWB). The fund is not offered with the back-load and the no-load - Mode Bsales charge options.


8



ASTRA Fiera Sceptre BondFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: June 16, 2009Net asset value per unit: $10.6428Portfolio turnover rate: N/AManagement expense ratio (MER): 2.05% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Fiera Sceptre

What does this fund invest in?The fund is invested mainly in Canadian fixed-income securities.These securities are issued by federal, provincial and municipalgovernments as well as blue chip companies.

Top 10 investments

Canada Govt 4.00% 06/01/2014 4.6%Cadillac Fairview 3.24% 01/25/2016 4.1%Canada Govt 3.75% 06/01/2019 3.9%Royal Office Finance 5.21% 11/12/2032 2.8%PSP Capital 4.57% 12/09/2013 2.6%Canada Govt 4.00% 06/01/2041 2.6%Ontario Prov. Fltg 09/14/2016 1.8%Canada Govt 3.25% 06/01/2021 1.8%Canada Housing Trust Fltg 09/15/2016 1.7%Total 26%Total investments : N/A

Asset Mix

8.7% Cash and Cash Equivalents38.3% Corporate Bonds

2.5% Municipal Bonds30.3% Provincial Bonds20.2% Federal Bonds


Verylow Low







Returns (%)

0%

2%

4%

6%

8%

10%

2002

7.6*

2003

5.9*

2004

4.5*

2005

6.1*

2006

2.2*

2007

2.2*

2008

3.4*

2009

5.0*

2010

5.5

2011

8.6

* For illustration purposes only. Actual segregated fund performancemay vary.


Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand moderate medium-to long-term capital growth.

Segregated Fund Underlying Fund(s)

9

ASTRA Fiera Sceptre Bond





a commission.





• 10% of your unit sales per year (20% in RRIFs, LIFs, PRRIFs and LRIFs) may bemade without back-load sales charges. Does not apply to an ASTRA Equity GIA.





Standard75% - 100% 0.00% 2.05%

Premium100% - 100% + 0.43% 2.48%

ASTRA Equity GIA 0.40% 2.45%


3. Other FeesCurrent annual guarantee fee for ASTRA Guaranteed Income (AGI): a 0.35% fee is deducted from the contract.Other fees may apply when you sell or transfer fund units.Fee What you payShort Term Trading Fee 2% of the value units you sell or transfer within 90 days of buying them.

Fund CodeRegular Product AGIBack-load : 0619 G0619No-load Mode A : 1619 G1619Front-load : 2619 G2619No-load Mode B : 3619 G3619


10



ASTRA Addenda BondFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: December 7, 1998Net asset value per unit: $10.2143Portfolio turnover rate: 170%Management expense ratio (MER): 2.05% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Addenda Capital

What does this fund invest in?The fund is invested mainly in fixed-income Canadian securities.These securities are issued by federal, provincial and municipalgovernments as well as blue chip companies.

Top 10 investments

Canada Govt 1.50% 12/01/2012 11.8%Canada Govt 3.50% 06/01/2013 4.9%Financement Quebec Fltg. 12/01/2014 4.2%Ontario Prov. 4.50% 12/02/2012 3.6%Canada Housing Trust 4.00% 06/15/2012 3.5%Quebec Prov. 4.25% 12/01/2021 3.3%Ontario Prov. 4.75% 06/02/2013 3.1%Canada Housing Trust 2.70% 12/15/2013 3.0%Canada Housing Trust 3.60% 06/15/2013 2.8%Canada Housing Trust 4.55% 12/15/2012 2.4%Total 42.5%Total investments : 141 Asset Mix

3.6% Global Bonds0.5% Cash and Cash Equivalents

26.7% Corporate Bonds31.2% Provincial Bonds38.0% Federal Bonds


Verylow Low








0%

2%

4%

6%

8%

2002

7.2

2003

5.5

2004

5.2

2005

3.1

2006

1.9

2007

2.7

2008

0.9

2009

7.1

2010

3.4

2011

4.9


Who is the fund for?This fund may be right for a contractholder seeking for a regularincome and medium- to long-term moderate capital growth.

11

ASTRA Addenda Bond





a commission.










Standard75% - 100% 0.00% 2.05%

Premium100% - 100% + 0.43% 2.48%





12



ASTRA OAM BondFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Optimum Asset Management

What does this fund invest in?The fund is invested mainly in fixed-income Canadian securities.These securities are issued by federal, provincial and municipalgovernments as well as blue chip companies.

Top 10 investments

Canada Housing Trust 1.41% 09/15/2015 24.7%Hydro-Quebec 1.39% 02/11/2015 9.1%Ontario Prov. 4.20% 06/02/2020 3.7%Quebec Prov. 4.25% 12/01/2043 2.5%Laval 3.00% 03/10/2015 1.6%CIBC Capital Trust 9.98% 06/30/2019 1.2%Hydro One Inc. 5.49% 07/16/2040 1.2%Toronto 5.20% 06/01/2040 1.1%Greater Tor Airport 5.63% 06/07/2040 1.1%Sun Life Fin 4.95% 06/01/2016 1.1%Total 47.4%Total investments : 88 Asset Mix

37.4% Corporate Bonds22.4% Municipal Bonds16.9% Provincial Bonds23.3% Federal Bonds


Verylow Low







Returns (%)

0%

2%

4%

6%

8%

2002

6.2*

2003

5.2*

2004

4.4*

2005

4.4*

2006

2.5*

2007

2.5*

2008

3.8*

2009

6.1

2010

2.9

2011

6.0



Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand medium- to long-term moderate capital growth.


13

ASTRA OAM Bond





a commission.










Standard75% - 100% 0.00% 2.05%

Premium100% - 100% + 0.43% 2.48%





14



ASTRA PIMCO BondFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: May 27, 2008Net asset value per unit: $9.8677Portfolio turnover rate: 45%Management expense ratio (MER): 2.15% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): PIMCO

What does this fund invest in?The fund is invested mainly in Canadian fixed income securitiesbut also holds foreign fixed income securities. These are issued byfederal, provincial and municipal governments, foreign governments,as well as Canadian and foreign blue chip companies.

Top 10 investments

Canada Govt 4.00% 06/01/2041 18.4%Fin Fut Can 10Yr Bond MSE 03/22/2012 7.4%Canada Govt 5.00% 06/01/2037 6.6%Canada Post 4.36% 07/16/2040 5.2%Ontario Prov. 4.70% 06/02/2037 5.0%Ontario Prov. 4.00% 06/02/2021 5.0%Ontario Prov. 6.20% 06/02/2031 4.0%Mexico 10.00% 12/05/2024 3.7%Ontario Prov. 4.20% 06/02/2020 3.3%Quebec Prov. 4.50% 12/01/2017 2.8%Total 61.4%Total investments : N/A

Asset Mix

NOT APPLICABLE


Verylow Low







Returns (%)

0%

5%

-5%

10%

15%

2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

2.4*

2008

-1.4*

2009

10.7

2010

6.8

2011

4.1



Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand moderate medium- to long-term capital growth.


15

ASTRA PIMCO Bond





a commission.










Standard75% - 100% 0.00% 2.15%

Premium100% - 100% + 0.43% 2.58%





16



ASTRA Bond IndexFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: July 4, 2005Net asset value per unit: $10.9852Portfolio turnover rate: 42%Management expense ratio (MER): 2.05% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): BlackRock Asset Management Canada

What does this fund invest in?The fund replicates the performance of the DEX Universe Index.To achieve this, fund assets are composed mainly of units fromBlackRock Canada Universe Bond Index Class D Fund, which isinvested in Canadian fixed-income securities included in the DEXUniverse Index. These securities are issued by federal, provincial andmunicipal governments as well as blue chip companies.

Top 10 investments

Canada Govt 3.75% 06/01/2019 1.6%Canada Govt 4.00% 06/01/2041 1.6%Canada Govt 5.00% 06/01/2037 1.5%Canada Govt 5.75% 06/01/2033 1.4%Canada Govt 1.75% 03/01/2013 1.4%Canada Govt 3.50% 06/01/2013 1.3%Canada Govt 5.75% 06/01/2029 1.3%Canada Housing Trust 2.75% 06/15/2016 1.3%Canada Govt 2.00% 12/01/2014 1.3%Canada Govt 3.00% 06/01/2014 1.2%Total 14%Total investments : 638 Asset Mix

27.1% Corporate Bonds1.6% Municipal Bonds

26.9% Provincial Bonds44.4% Federal Bonds


Verylow Low







Returns (%)

0%

2%

4%

6%

8%

2002

6.6*

2003

4.3*

2004

5.0*

2005

4.3*

2006

1.6

2007

1.5

2008

3.9

2009

3.3

2010

4.6

2011

7.5



Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand medium- to long-term moderate capital growth.


17

ASTRA Bond Index





a commission.










Standard75% - 100% 0.00% 2.05%

Premium100% - 100% + 0.43% 2.48%





18



ASTRA Conservative StrategyFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): McLean Budden, Jarislowsky Fraser, Hexavest

What does this fund invest in?The fund is invested mainly in Canadian fixed-income securitiesissued by federal, provincial and municipal governments as well asblue chip companies. It is also invested in the equities of large-capCanadian, U.S. and international companies.

Top 10 investments

MB Fixed income Fund 66.0%**Canada Govt 1.50 12/01/2011 7.3% Canada Govt 3.75 06/01/2012 5.8% Canada Govt 2.50 09/01/2013 5.6% Canada Govt 1.75 03/01/2013 4.4% Canada Housing Trust 3.15 06/15/2014 3.7% Ontario Prov 5.60 06/02/2035 3.5% Canada Housing Trust 4.80 06/15/2012 2.5% Ontario Prov 4.20 03/08/2018 2.4% Ontario Prov 4.75 06/02/2013 2.0% Canada Housing Trust 3.75 06/02/2013 1.9%

JFL - Cdn. Equity Fund 12.5%MB Cdn. Equity Fund 11.7%MB U.S. Equity Fund 5.0%Hexavest Europac Fund 4.8%Total 100%Total investments : See underlying funds

Asset Mix

9.2% Foreign Equity21.5% Canadian Equity69.3% Fixed Income


Verylow Low






Year-by-year returnsThis chart demonstrates the fund's performance over the past 10 yearsin the case of an investor who chose the basic guarantee. In the past10 years, the fund was up in value for 7 years and down in value for3 years.


0%

5%

-5%

10%

-10%

15%

2002

-3.2

2003

9.8

2004

5.8

2005

7.4

2006

6.4

2007

1.0

2008

-8.5

2009

10.4

2010

5.6

2011

-0.8


Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand medium- to long-term capital growth.

19

ASTRA Conservative Strategy





a commission.










Standard75% - 100% 0.00% 2.47%

Premium100% - 100% + 0.62% 3.09%





20



ASTRA Balanced StrategyFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): AlphaFixe Capital, Fiera Sceptre, Greystone, McLean Budden, Jarislowsky Fraser, Hexavest, Carnegie

What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadian,U.S. and international companies. It is also invested in Canadianfixed-income securities issued by federal, provincial and municipalgovernments as well as blue chip companies.

Top 10 investments

Fiera Sceptre Bond Fund 23.0%AlphaFixe Bond Fund 22.9%JFL - Cdn. Equity Fund 17.5%Greystone Can. Equity Fund 16.7%Hexavest World Fund 8.0%MB U.S. Equity Fund 6.0%Carnegie Int. Equity Fund 5.9%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low








0%

5%

-5%

10%

-10%

15%

-15%

-20%2002

-3.7

2003

10.8

2004

7.9

2005

10.2

2006

9.0

2007

1.6

2008

-16.0

2009

12.0

2010

7.1

2011

-2.0



21

ASTRA Balanced Strategy





a commission.










Standard75% - 100% 0.00% 2.52%

Premium100% - 100% + 0.62% 3.14%





22



ASTRA Growth StrategyFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): AlphaFixe Capital, Fiera Sceptre, Greystone, McLean Budden, Jarislowsky Fraser, Hexavest, Carnegie


Top 10 investments

JFL - Cdn. Equity Fund 22.6%Greystone Can. Equity Fund 21.6%Fiera Sceptre Bond Fund 15.4%AlphaFixe Bond Fund 15.4%Hexavest Worlds Fund 10.1%MB U.S. Equity Fund 7.6%Carnegie Int. Equity Fund 7.4%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-7.2

2003

11.3

2004

7.8

2005

12.1

2006

11.0

2007

1.7

2008

-20.2

2009

14.0

2010

7.5

2011

-4.8



23

ASTRA Growth Strategy





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 0.62% 3.19%





24



ASTRA Aggressive StrategyFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: November 14, 2005Net asset value per unit: $8.9470Portfolio turnover rate: N/AManagement expense ratio (MER): 2.68% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): AlphaFixe Capital, Fiera Sceptre, Greystone, Jarislowsky Fraser, Hexavest, Carnegie, Pro-Financial AssetManagement, McLean Budden

What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadian,U.S. and international companies. It is also invested in Canadianfixed-income securities issued by federal, provincial and municipalgovernments as well as blue chip companies. It may also be investedto a lesser degree in speciality funds.

Top 10 investments

JFL - Cdn. Equity Fund 17.6%Greystone Can. Equity Fund 16.9%Hexavest World Fund 14.1%MB U.S. Equity Fund 10.7%Carnegie Int. Equity Fund 10.3%Fiera Sceptre Bond Fund 10.3%AlphaFixe Bond Fund 10.2%Fiera Sceptre - Small Cap. Fund 5.0%PRO FTSE RAFI Emerging Index Fund 4.9%Total 100%Total investments : See underlying funds

Asset Mix

4.6% Emerging Market Equity35.0% Foreign Equity37.7% Canadian Equity22.8% Fixed Income


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

-8.2*

2003

12.5*

2004

8.2*

2005

10.1*

2006

11.3

2007

-0.6

2008

-22.2

2009

14.1

2010

8.3

2011

-6.0





25

ASTRA Aggressive Strategy





a commission.










Standard75% - 100% 0.00% 2.68%

Premium100% - 100% + 0.75% 3.43%





26



ASTRA Celestia ConservativeFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: September 22, 2008Net asset value per unit: $9.9877Portfolio turnover rate: N/AManagement expense ratio (MER): 2.57% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): McLean Budden, Greystone, Jarislowsky Fraser, Fiera Sceptre, Hexavest, Carnegie, Eterna InvestmentManagement, Lazard Asset Management, Jefferies Asset Management, Pro-Financial Asset Management

What does this fund invest in?The fund is invested mainly in Canadian fixed-income securitiesissued by federal, provincial and municipal governments as well asblue chip companies. It is also invested in the equities of large-capCanadian, U.S. and international companies. It may also be investedto a lesser degree in specialty funds.

Top 10 investments

Fixed income (McLean Budden) 60.7%**Canada Govt 1.50 12/01/2011 7.3% Canada Govt 3.75 06/01/2012 5.8% Canada Govt 2.50 09/01/2013 5.6% Canada Govt 1.75 03/01/2013 4.4% Canada Housing Trust 3.15 06/15/2014 3.7% Ontario Prov 5.60 06/02/2035 3.5% Canada Housing Trust 4.80 06/15/2012 2.5% Ontario Prov 4.20 03/08/2018 2.4% Ontario Prov 4.75 06/02/2013 2.0% Canada Housing Trust 3.75 06/02/2013 1.9%

JFL Cdn. Equity Fund 5.0%Hexavest World Fund 5.0%Greystone Can. Equity Fund 4.8%MB U.S. Equity Fund 4.5%Carnegie Int. Equity Fund 4.4%Eterna Global Real Estate 4.0%Lazard - Global Infra. Fund 3.9%Jefferies Commodity Fund 3.8%Fiera Sceptre - Small Cap. Fund 2.0%Total 98.2%Total investments : See underlying funds

Asset Mix

3.5% Materials3.9% Infrastructures3.6% Real Estate1.7% Emerging Market Equity



Verylow Low







Returns (%)

0%

5%

-5%

10%

-10%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-9.9*

2009

8.1

2010

6.2

2011

0.4





27

ASTRA Celestia Conservative





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 0.62% 3.19%





28



ASTRA Celestia BalancedFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): PIMCO, Greystone, Jarislowsky Fraser, Fiera Sceptre, McLean Budden, Hexavest, Carnegie, Eterna InvestmentManagement, Lazard Asset Management, Jefferies Asset Management, Pro-Financial Asset Management

What does this fund invest in?The fund is invested mainly in Canadian fixed-income securitiesissued by federal, provincial and municipal governments as well asblue chip companies. It is also invested in the equities of large-capCanadian, U.S. and international companies. It may also be investedto a lesser degree in specialty funds.

Top 10 investments

Fiera Sceptre Bond Fund 20.5%PIMCO Bonds Fund 20.4%Hexavest World Fund 8.0%JFL Cdn. Equity Fund 8.0%Greystone Can. Equity Fund 7.7%MB U.S. Equity Fund 6.6%Carnegie Int. Equity Fund 6.4%Eterna Global Real Estate 5.0%Fiera Sceptre - Small Cap. Fund 4.9%Lazard Global Infra. Funds 4.9%Total 92.5%Total investments : See underlying funds

Asset Mix




Verylow Low





Average returnA person who invested $1,000 in the fund and chose the basicguarantee 4 years ago now has $952.09. This works out to an averageof -1.2% a year.


Returns (%)

0%

10%

-10%

20%

-20%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-19.7*

2009

12.6

2010

8.2

2011

-2.8





29

ASTRA Celestia Balanced





a commission.










Standard75% - 100% 0.00% 2.68%

Premium100% - 100% + 0.62% 3.30%





30



ASTRA Celestia GrowthFUND FACTS • as at December 31, 2011

Quick Facts


Total value as at December 31, 2011: $18 million Number of units outstanding: 1,909,261Minimum investment: $400


What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadian,U.S. and international companies. It is also invested in Canadianfixed-income securities issued by federal, provincial and municipalgovernments as well as blue chip companies. It may also be investedto a lesser degree in specialty funds.

Top 10 investments

Fiera Sceptre Bond Fund 12.8%PIMCO Bonds Fund 12.8%Hexavest World Fund 10.1%JFL Cdn. Equity Fund 9.1%Greystone Can. Equity Fund 8.7%MB U.S. Equity Fund 8.1%Carnegie Int. Equity Fund 7.9%Eterna Global Real Estate 7.0%Lazard Global Infra. Funds 6.9%Jefferies Commodity Fund 6.7%Total 90.2%Total investments : See underlying funds

Asset Mix




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-22.0*

2009

13.5

2010

8.7

2011

-4.8





31

ASTRA Celestia Growth





a commission.










Standard75% - 100% 0.00% 2.73%

Premium100% - 100% + 0.62% 3.35%





32



ASTRA Celestia AggressiveFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadian,U.S. and international companies. It is also invested in Canadianfixed-income securities issued by federal, provincial and municipalgovernments as well as blue chip companies. It is also invested inspecialty funds.

Top 10 investments

Hexavest World Fund 12.1%JFL Cdn. Equity Fund 10.1%Greystone Can. Equity Fund 9.7%MB U.S. Equity Fund 9.7%Carnegie Int. Equity Fund 9.4%Eterna Global Real Estate 9.1%Lazard Global Infra. Funds 8.9%Jefferies Commodity Fund 8.7%Fiera Sceptre Small cap Equity Fund 7.0%Fiera Sceptre Bond Fund 5.2%Total 89.9%Total investments : See underlying funds

Asset Mix




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-27.7*

2009

14.1

2010

8.8

2011

-6.7





33

ASTRA Celestia Aggressive





a commission.










Standard75% - 100% 0.00% 2.78%

Premium100% - 100% + 0.75% 3.53%






34



PRO SSQ Conservative Fundamental GIF PortfolioFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): BlackRock, Pro-Financial Asset Management

What does this fund invest in?The fund is invested mainly in fixed-income Canadian securitiesissued by federal, provincial and municipal governments as well asblue chip companies. It is also invested in the equities of Canadian,U.S as well as international companies.

Top 10 investments

BlackRock Bond Index Fund 65.9%**Canada Govt 3.75 06/01/2019 1.6% Canada Govt 4.00 06/01/2041 1.6% Canada Govt 5.00 06/01/2037 1.5% Canada Govt 5.75 06/01/2033 1.4% Canada Govt 1.75 03/01/2013 1.4% Canada Govt 3.50 06/01/2013 1.3% Canada Govt 5.75 06/01/2029 1.3% Canada Housing Trust 2.75 06/15/2016 1.3% Canada Govt 2.00 12/01/2014 1.3% Canada Govt 3.00 12/01/2014 1.2%

PRO FTSE RAFI Canadian Index Fund 12.7%PRO FTSE RAFI US Index Fund 8.1%PRO FTSE RAFI Global Index Fund 7.1%PRO FTSE RAFI Emerging Index Fund 3.8%PRO FTSE RAFI Hong Kong China Index Fund 2.3%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low







Returns (%)

0%

5%

-5%

10%

-10%

15%

-15%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-10.5*

2009

11.6*

2010

5.7

2011

0.5





35

PRO SSQ Conservative Fundamental GIF Portfolio





a commission.










Standard75% - 100% 0.00% 2.47%

Premium100% - 100% + 0.62% 3.09%





36



PRO SSQ Balanced Fundamental GIF PortfolioFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of Canadian, U.S andinternational companies. It is also invested in fixed-income Canadiansecurities issued by federal, provincial and municipal governments aswell as blue chip companies.

Top 10 investments

BlackRock Bond Index Fund 41.0%PRO FTSE RAFI Can. Index Fund 21.7%PRO FTSE RAFI US Index Fund 14.3%PRO FTSE RAFI Global Index Fund 12.8%PRO FTSE RAFI Emerging Index Fund 6.8%PRO FTSE RAFI HK China Index Fund 3.4%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-19.5*

2009

17.4*

2010

6.5

2011

-4.0



Who is the fund for?This fund may be right for a contractholder seeking for regular incomeand medium to long-term capital growth.


37

PRO SSQ Balanced Fundamental GIF Portfolio





a commission.










Standard75% - 100% 0.00% 2.52%

Premium100% - 100% + 0.62% 3.14%





38



PRO SSQ Growth Fundamental GIF PortfolioFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fundamental investment objective of this diversified fund is togenerate regular income and medium to longterm capital growth.The fund is invested mainly in the equities of Canadian, U.S andinternational companies. It is also invested in fixed-income Canadiansecurities issued by federal, provincial and municipal governments aswell as blue chip companies.

Top 10 investments

BlackRock Bond Index Fund 30.9%PRO FTSE RAFI Can. Index Fund 25.8%PRO FTSE RAFI US Index Fund 17.4%PRO FTSE RAFI Global Index Fund 15.6%PRO FTSE RAFI Emerging Index Fund 6.8%PRO FTSE RAFI HK China Index Fund 3.5%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-22.8*

2009

19.3*

2010

6.9

2011

-5.6





39

PRO SSQ Growth Fundamental GIF Portfolio





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 0.62% 3.19%





40



PRO Aggressive Fundamental GIF PortfolioFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of Canadian, U.S andinternational companies. It is also invested in fixed-income Canadiansecurities issued by federal, provincial and municipal governments aswell as blue chip companies.

Top 10 investments

PRO FTSE RAFI Canadian Index Fund 27.9%BlackRock Bond Index Fund 20.7%PRO FTSE RAFI US Index Fund 20.6%PRO FTSE RAFI Global Index Fund 18.6%PRO FTSE RAFI Emerging Index Fund 7.8%PRO FTSE RAFI Hong Kong China Index Fund 4.4%Total 100%Total investments : See underlying funds

Asset Mix



Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-26.1*

2009

21.9*

2010

7.0

2011

-7.5





41

PRO Aggressive Fundamental GIF Portfolio





a commission.










Standard75% - 100% 0.00% 2.63%

Premium100% - 100% + 0.75% 3.38%





42



ASTRA McLean Budden Diversified GrowthFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: November 1, 2001Net asset value per unit: $9.9187Portfolio turnover rate: 105%Management expense ratio (MER): 2.57% (including taxes)




Top 10 investments

MB Global Equity Growth 9.2%Canada Govt 1.50% 12/01/2012 3.2%Canada Govt 3.75% 06/01/2012 2.9%TD Bank 2.3%Royal Bank of Canada 2.2%Suncor Energy 1.9%Canadian Natural Resources 1.8%Bank of Nova Scotia 1.4%Teck Resources 1.3%Canada Housing Trust 3.15% 06/15/2014 1.3%Total 27.4%Total investments : 201 Asset Mix




Verylow Low








0%

10%

-10%

20%

-20%2002

-9.1

2003

11.2

2004

5.6

2005

8.5

2006

10.6

2007

-0.5

2008

-19.5

2009

17.5

2010

6.2

2011

-9.4



43

ASTRA McLean Budden Diversified Growth





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 0.82% 3.39%





44



ASTRA Sprott / Fiera Sceptre Canadian BalancedFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: October 28, 2011Net asset value per unit: $9.2165Portfolio turnover rate: N/AManagement expense ratio (MER): 3.36%* (including taxes)


*60% of the portfolio is subject to an additional 10% performance fee on returns exceeding the benchmark index.If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Sprott Asset Management, Fiera Sceptre

What does this fund invest in?The fund is invested mainly in equities of small- to medium-capCanadian companies. It is also invested in Canadian fixed-incomesecurities issued by federal, provincial and municipal governments aswell as blue chip companies.

Top 10 investments

Sprott Canadian Equity Fund 44.9%Fiera Sceptre Bond Fund 42.9%Sprott Canadian Small Cap Fund 12.2%Total 100%Total investments : N/A

Asset Mix

60.0% Canadian Equity40.0% Fixed Income


Verylow Low







Underlying Fund(s) Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

40%

2002

23.4*

2003

17.1*

2004

20.7*

2005

8.6*

2006

21.7*

2007

8.5*

2008

-29.8*

2009

24.8*

2010

31.7*

2011

-14.8*




45

ASTRA Sprott / Fiera Sceptre Canadian Balanced





a commission.










Standard75% - 100% 0.00% 3.36%

Premium100% - 100% + 0.98% 4.34%



Fund CodeRegular ProductBack-load : 0645No-load Mode A : 1645Front-load : 2645No-load Mode B : 3645


46



ASTRA Fidelity Canadian Asset AllocationFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: January 7, 2010Net asset value per unit: $9.7947Portfolio turnover rate: 149%Management expense ratio (MER): 2.68% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Fidelity Investments

What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadiancompanies, but may also be invested to a lesser degree in largecapforeign equities. It is also invested in Canadian fixed-income securitiesissued by federal, provincial and municipal governments as well asblue chip companies.

Top 10 investments

TD Bank 4.0%Cenovus Energy Inc. 2.8%Canadian Natural Ressources 2.6%Bank of Nova Scotia 2.4%Baytex Energy Corp. 2.0%Enbridge 1.9%BCE 1.7%Bank of Montreal 1.7%Barrick Gold 1.6%Keyera Corp. 1.6%Total 22.3%Total investments : 1188 Asset Mix




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

2002

-5.6*

2003

13.6*

2004

10.4*

2005

13.8*

2006

11.5*

2007

5.6*

2008

-19.7*

2009

24.2*

2010

8.8*

2011

-5.7





47

ASTRA Fidelity Canadian Asset Allocation





a commission.










Standard75% - 100% 0.00% 2.68%

Premium100% - 100% + 0.98% 3.66%





48



ASTRA Dynamic Power BalancedFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: October 28, 2011Net asset value per unit: $9.5892Portfolio turnover rate: 36%Management expense ratio (MER): 2.99%* (including taxes)


*The portfolio is subject to an additional 10% performance fee on returns exceeding the benchmark index.If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Dynamic Funds

What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadian, U.S.and international companies, and fixed-income Canadian securitiesissued by federal, provincial and municipal governments, as well asblue chip companies.

Top 10 investments

Athabasca Oil Sands Corp. 2.9%Royal Bank of Canada 2.7%Canada Govt 3.00% 06/01/2014 2.6%TD Bank 2.5%BC Prov. 3.70% 12/18/2020 2.3%Bank of Nova Scotia 2.1%Bank of Montreal 2.0%African Minerals Limited 12.00% 02/10/2013 2.0%Osisko Mining 1.9%Ontario Prov. 4.00% 06/02/2021 1.9%Total 22.8%Total investments : 196 Asset Mix




Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%

40%

2002

-0.2*

2003

20.6*

2004

10.2*

2005

17.7*

2006

14.6*

2007

14.0*

2008

-27.8*

2009

34.0*

2010

12.4*

2011

-14.5*



Who is the fund for?The fund may be right for a contractholder seeking for regular incomeand long-term capital growth.

49

ASTRA Dynamic Power Balanced





a commission.










Standard75% - 100% 0.00% 2.99%

Premium100% - 100% + 0.98% 3.97%





50



ASTRA Acuity High IncomeFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: January 24, 2007Net asset value per unit: $7.7211Portfolio turnover rate: 111%Management expense ratio (MER): 2.73% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Acuity Investment Management

What does this fund invest in?The fund is invested mainly in the preferred and common equities oflarge-cap Canadian companies that pay dividends, in income trustsas well as in Canadian fixed-income securities.

Top 10 investments

Canada Housing Trust 3.95% 06/15/2013 4.9%Canada Govt 5.75% 06/01/2033 4.3%TD Bank 4.1%Trilogy Energy Corp 3.0%Royal Bank of Canada 3.0%Canada Govt 5.00% 06/01/2037 2.8%Suncor Energy 2.7%Peyto Energy Trust 2.7%Bank of Nova Scotia 2.3%Cdn Natl Railway 2.2%Total 32%Total investments : 118 Asset Mix




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

40%

2002

4.6*

2003

31.3*

2004

18.1*

2005

17.1*

2006

6.5*

2007

-6.4*

2008

-19.4

2009

20.8

2010

12.0

2011

-7.0



Who is the fund for?This fund may be right for a contractholder seeking for regular monthlyincome and medium- to long-term capital growth.


51

ASTRA Acuity High Income





a commission.










Standard75% - 100% 0.00% 2.73%

Premium100% - 100% + 0.62% 3.35%





52



ASTRA UBS Global High IncomeFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): UBS Global Asset Management

What does this fund invest in?The fund is invested mainly in U.S. and international companies oflarge capitalization and in U.S. and International debt securities issuedby governement and corporations.

Top 10 investments

Ishares MSCI Emerging Mkt Index 10.2%UBS (Cda) High Yield Debt Fund 7.0%Ishares Iboxx Investable Grade 4.1%US Treasury Note 0.25% 11/30/2013 2.3%German Democratic Republic 0.50% 06/15/2012 2.1%Kingdom of Spain 4.20% 01/31/2037 2.0%Republic of Italy 4.00% 02/01/2037 1.8%German Democratic Republic 3.25% 07/04/2021 1.6%US Treasury Bond 0.88% 11/30/2016 1.5%UK Treasury Gilt 3.75 Sep 07 21 3.75% 09/07/2021 1.5%Total 34.1%Total investments : 240 Asset Mix

15.0% Cash and Cash Equivalents5.7% Emerging Market Equity

48.4% Foreign Equity6.6% High Income Bonds

24.3% Foreign Bonds


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

-5.2*

2003

26.2*

2004

11.8*

2005

4.3*

2006

8.6*

2007

-0.9*

2008

-37.4

2009

28.4

2010

5.7

2011

-7.9



Who is the fund for?This fund may be right for a contractholder seeking for regular monthlyincome and medium- to long-term capital growth.


53

ASTRA UBS Global High Income





a commission.










Standard75% - 100% 0.00% 2.94%

Premium100% - 100% + 0.72% 3.66%





54



ASTRA DividendFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Natcan Investment Management

What does this fund invest in?The fund is invested mainly in preferred equities and common equitiesof large-cap Canadian companies that generate dividend income andalso invests in Canadian fixed-income securities.

Top 10 investments

National Bank Bond 28.1%Manulife Financial serie 4 2.3%CIBC serie 31 2.1%Great-West Lifeco serie H 1.8%Sun Life Financial serie 2 1.6%Ishares S&P/TSX 60 Index Fund 1.5%Sun Life Financial serie 1 1.4%Great-West Lifeco serie I 1.3%TD Bank serie O 1.3%Manulife Financial serie 2 1.2%Total 42.6%Total investments : 200 Asset Mix

75.3% Canadian Equity23.5% Fixed Income



Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-4.8

2003

10.5

2004

7.2

2005

11.4

2006

7.5

2007

-2.3

2008

-20.2

2009

17.4

2010

6.4

2011

2.4


Who is the fund for?This fund may be right for a contractholder seeking for high dividendincome, while preserving medium- to long-term capital growth.

55

ASTRA Dividend





a commission.










Standard75% - 100% 0.00% 2.42%

Premium100% - 100% + 0.90% 3.32%





56



ASTRA Jarislowsky Fraser Ltd. Canadian Value EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Jarislowsky Fraser

What does this fund invest in?The fund is invested mainly in the equities of large-cap Canadiancompanies.

Top 10 investments

Royal Bank of Canada 6.8%TD Bank 6.5%Bank of Nova Scotia 5.4%SNC-Lavalin 4.7%Enbridge 3.8%Metro 3.7%Canadian Natural Ressources 3.7%TransCanada Corp. 3.6%Cdn Natl Railway 3.5%Cenovus Energy 3.3%Total 45.1%Total investments : 62 Asset Mix

1.6% Cash and Cash Equivalents1.0% Utilities4.9% Telecommunications0.2% Information Technology

28.2% Financial Services9.6% Consumer Staples

12.4% Consumer Discretionary9.7% Industrials4.6% Materials

27.8% Energy


Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%2002

-4.5

2003

21.3

2004

17.8

2005

24.4

2006

11.7

2007

4.4

2008

-25.8

2009

23.2

2010

7.9

2011

-8.0


Who is the fund for?This fund may be right for a contractholder seeking for long-termcapital growth.

57

ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 1.05% 3.62%






58



ASTRA McLean Budden Canadian EquityFUND FACTS • as at December 31, 2011

Quick Facts





Top 10 investments

TD Bank 7.4%Royal Bank Of Canada 7.1%Suncor Energy 6.4%Canadian Natural Ressources 6.0%Teck Resources 4.7%Bank of Nova Scotia 4.4%Cenovus Energy 4.0%Talisman Energy 3.8%Goldcorp Inc. 3.6%Barrick Gold 3.5%Total 51.2%Total investments : 43 Asset Mix


26.7% Financial Services1.6% Consumer Staples

13.8% Consumer Discretionary8.4% Industrials

14.1% Materials25.2% Energy


Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

-14.4

2003

13.1

2004

7.4

2005

19.2

2006

19.4

2007

8.5

2008

-39.4

2009

38.4

2010

13.3

2011

-23.6



59

ASTRA McLean Budden Canadian Equity





a commission.










Standard75% - 100% 0.00% 2.89%

Premium100% - 100% + 1.08% 3.97%





60



ASTRA LODH Canadian EquityFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: October 2, 2006Net asset value per unit: $10.6057Portfolio turnover rate: 32%Management expense ratio (MER): 2.57% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Triasima via Lombard Odier Darier Hentsch


Top 10 investments

IShares S&P/TSX 60 5.3%BCE 3.0%CIBC 2.5%Alaris Royalty Corp. 2.3%Keyera Corp. 2.2%Peyto Exploration 2.2%Jean Coutu Group 2.2%Transcanada Corp. 2.0%Shoppers Drug Mart 1.9%Inter Pipeline Fund 1.8%Total 25.5%Total investments : 91 Asset Mix


21.6% Financial Services5.6% Health Care4.1% Consumer Staples9.0% Consumer Discretionary

10.0% Industrials11.1% Materials25.4% Energy


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

-1.2*

2003

32.2*

2004

23.2*

2005

21.8*

2006

6.2*

2007

16.3

2008

-33.1

2009

24.5

2010

21.4

2011

-2.9





61

ASTRA LODH Canadian Equity





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 1.01% 3.58%





62



ASTRA Greystone Canadian Growth EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Greystone Managed Investments


Top 10 investments

TD Bank 7.8%Scotiabank 5.5%GoldCorp Inc. 4.9%Bank of Montreal 4.7%Suncor Energy 4.6%Canadian Natural Ressources 4.5%TransCanada Pipeline 3.7%National Bank 3.5%Manulife Financial 3.0%Cdn Natl Railway 3.0%Total 45.5%Total investments : 37 Asset Mix

2.8% Cash and Cash Equivalents1.8% Telecommunications4.3% Information Technology

28.1% Financial Services2.3% Health Care3.2% Consumer Staples8.1% Consumer Discretionary4.7% Industrials



Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

-9.3

2003

19.9

2004

13.3

2005

24.1

2006

18.7

2007

10.2

2008

-38.4

2009

24.6

2010

14.7

2011

-17.2



63

ASTRA Greystone Canadian Growth Equity





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 1.05% 3.62%






64



ASTRA Montrusco Bolton Canadian EquityFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: May 26, 2011Net asset value per unit: $8.3367Portfolio turnover rate: N/AManagement expense ratio (MER): 2.78%* (including taxes)


*20% of the portfolio is subject to an additional 20% performance fee on returns exceeding the benchmark index.If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Montrusco Bolton Investments Inc.

What does this fund invest in?The fund is invested mainly in Canadian all-cap companies.

Top 10 investments

Montrusco Bolton Quant. Can. Equity Fund 19.9%Home Capital Group 4.8%TD Bank 4.3%Alamos Gold Inc. 4.3%Bank of Nova Scotia 3.5%Canadian Natural Resources 3.5%Shawcor Ltd. 3.3%Transglobe Energy 2.8%Potash Corporation 2.7%Laurentian Bank 2.7%Total 51.7%Total investments : N/A

Asset Mix





Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

-8.3*

2003

26.5*

2004

19.9*

2005

23.4*

2006

13.4*

2007

15.3*

2008

-39.6*

2009

39.9*

2010

22.3*

2011

-15.3*




65

ASTRA Montrusco Bolton Canadian Equity





a commission.










Standard75% - 100% 0.00% 2.78%

Premium100% - 100% + 1.35% 4.13%





66



PRO SSQ Canadian Fundamental Equity GIFFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Pro-Financial Asset Management


Top 10 investments

Royal Bank Of Canada 7.7%Toronto Dominion Bank 6.6%Bank Of Nova Scotia 5.1%Bank Of Montreal 5.1%Transcanada Corp 3.3%CIBC 3.2%Manulife Financial Corp 3.2%Encana Corp 2.8%Cdn Natl Railway 2.6%Suncor Energy 2.4%Total 42%Total investments : 81 Asset Mix


46.1% Financial Services0.5% Health Care2.4% Consumer Staples8.3% Consumer Discretionary6.3% Industrials8.6% Materials

19.0% Energy


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-32.9*

2009

34.3*

2010

12.7

2011

-10.2





67

PRO SSQ Canadian Fundamental Equity GIF





a commission.










Standard75% - 100% 0.00% 2.57%

Premium100% - 100% + 1.08% 3.65%





68



ASTRA Canadian IndexFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund replicates the performance of the Capped S&P/TSXComposite Index of the Canadian stock market. To achieve this, fundassets are composed mainly of units from the BlackRock CanadianEquity Index Class D fund, which is invested in the equities ofCanadian companies included in the Capped S&P/TSX CompositeIndex.

Top 10 investments

Royal Bank of Canada 5.3%TD Bank 4.8%Bank of Nova Scotia 3.9%Suncor Energy 3.2%Barrick Gold 3.2%Canadian Natural Resources 2.9%Goldcorp Inc. 2.6%Potash Corp of Saskatchewan 2.5%Bank of Montreal 2.5%Canadian Natl Railway 2.5%Total 33.6%Total investments : 257 Asset Mix

1.6% Utilities3.9% Telecommunications1.6% Information Technology




Verylow Low








0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

-14.2

2003

23.2

2004

11.5

2005

20.9

2006

14.9

2007

7.2

2008

-34.0

2009

31.7

2010

14.6

2011

-11.0


Who is the fund for?The fund may be right for a contractholder seeking for long-term capitalgrowth.

69

ASTRA Canadian Index





a commission.










Standard75% - 100% 0.00% 2.52%

Premium100% - 100% + 1.08% 3.60%






70



ASTRA Canadian Small Cap EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Fiera Sceptre

What does this fund invest in?The fund is invested mainly in the equities of small- to medium-capCanadian companies.

Top 10 investments

Major Drilling Group 3.7%Home Capital Group 2.8%Alacer Gold Corp. 2.8%Painted Pony Petro 2.8%Celtic Exploration 2.8%Canadian Energy SRVC 2.6%Can. Western Bank 2.4%Dundee Precious Metals 2.4%Black Diamond Inc. 2.3%Northern Property REIT 2.3%Total 27%Total investments : 78 Asset Mix

4.1% Information Technology19.1% Financial Services

1.4% Health Care3.4% Consumer Staples5.2% Consumer Discretionary



Verylow Low








0%

20%

-20%

40%

-40%

60%

-60%2002

-6.4

2003

41.7

2004

8.0

2005

8.2

2006

10.4

2007

12.8

2008

-50.4

2009

56.3

2010

31.1

2011

-9.0



71

ASTRA Canadian Small Cap Equity





a commission.










Standard75% - 100% 0.00% 2.78%

Premium100% - 100% + 1.30% 4.08%





72



ASTRA Jarislowsky Fraser Ltd. U.S. Value EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Jarislowsky Fraser

What does this fund invest in?The fund is invested mainly in the equities of large-cap U.S.companies.

Top 10 investments

Colgate-Palmolive 4.2%Philip Morris 4.1%Procter & Gamble 3.7%Chevron Corp. 3.6%Intl Business Machines 3.3%PepsiCo 3.1%Johnson & Johnson 3.0%Automatic Data Processing 3.0%Abbott Laboratories 2.9%Walgreen Co. 2.8%Total 33.7%Total investments : 46 Asset Mix

1.6% Cash and Cash Equivalents14.1% Information Technology14.7% Financial Services17.1% Health Care21.7% Consumer Staples


13.0% Energy


Verylow Low





Average returnA person who invested $1,000 in the fund and chose the basicguarantee 10 years ago now has $636.98. This works out to anaverage of -4.4% a year.



0%

10%

-10%

20%

-20%

-30%2002

-28.1

2003

0.4

2004

-3.0

2005

-1.9

2006

13.0

2007

-13.6

2008

-19.0

2009

3.9

2010

3.1

2011

0.9



73

ASTRA Jarislowsky Fraser Ltd. U.S. Value Equity





a commission.










Standard75% - 100% 0.00% 3.05%

Premium100% - 100% + 1.08% 4.13%





74



ASTRA McLean Budden U.S. EquityFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of large-cap U.S.companies.

Top 10 investments

Merck & Co Inc. 4.1%Exxon Mobil Corp. 3.7%Pfizer 3.6%Ace Limited 3.5%Wal Mart Stores 3.4%Microsoft Corp. 3.4%JP Morgan Chase & Co 3.1%Pepsico 2.9%Colgate-Palmolive 2.9%Hewlett Packard 2.9%Total 33.6%Total investments : 54 Asset Mix

1.2% Cash and Cash Equivalents1.2% Utilities4.5% Telecommunications

18.1% Information Technology15.1% Financial Services14.0% Health Care10.6% Consumer Staples


12.2% Energy


Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-20.0

2003

4.4

2004

0.9

2005

0.3

2006

11.9

2007

-6.9

2008

-23.5

2009

8.5

2010

1.8

2011

-4.2



75

ASTRA McLean Budden U.S. Equity





a commission.










Standard75% - 100% 0.00% 2.68%

Premium100% - 100% + 1.05% 3.73%






76



PRO SSQ US Fundamental Equity GIFFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of large-cap U.S companies.

Top 10 investments

Exxon Mobil Corp. 3.2%AT&T Inc. 2.5%Chevron Corp 2.0%General Electric Co 2.0%Wal Mart Stores 1.8%Pfizer 1.8%Verizon Communications Inc 1.6%JPMorgan Chase & Co 1.4%Conocophillips 1.4%Procter & Gamble 1.3%Total 19.1%Total investments : 987 Asset Mix





Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-29.0*

2009

12.8*

2010

7.6

2011

-0.9





77

PRO SSQ US Fundamental Equity GIF





a commission.










Standard75% - 100% 0.00% 2.68%

Premium100% - 100% + 1.08% 3.76%





78



ASTRA U.S. IndexFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund replicates the performance of the S&P 500 Index of the USstock market. To achieve this, fund assets are composed mainly ofunits of the BlackRock CDN US Equity Index Non-Taxable DC Fund,which is invested in the equities of U.S. companies included in theS&P 500.

Top 10 investments

Exxon Mobil Corp. 3.6%Apple 3.3%Intl Business Machines 1.9%Chevron Corp. 1.9%Microsoft Corp. 1.7%General Electric 1.7%Procter & Gamble 1.6%AT&T 1.6%Johnson & Johnson 1.6%Pfizer 1.5%Total 20.2%Total investments : 503 Asset Mix

4.0% Utilities3.3% Telecommunications

19.4% Information Technology13.6% Financial Services12.1% Health Care11.8% Consumer Staples10.6% Consumer Discretionary10.3% Industrials



Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-24.8

2003

1.8

2004

-0.2

2005

-0.7

2006

12.2

2007

-13.0

2008

-23.4

2009

4.2

2010

5.9

2011

1.5



79

ASTRA U.S. Index





a commission.










Standard75% - 100% 0.00% 2.63%

Premium100% - 100% + 1.08% 3.71%






80



ASTRA International EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Hexavest

What does this fund invest in?The fund is invested mainly in the equities of large-cap internationalcompanies, located outside of North America. The fund's geographicaldistribution varies with the weighting of the regions represented in theMSCI EAFE Index.

Top 10 investments

Nestle Sa 2.2%Vodafone Group 2.0%BP Plc 1.7%Sanofi-Aventis 1.6%Novartis Ag 1.6%BHP Billiton Ltd. 1.5%HSBC Holdings 1.5%Roche Holding AG 1.4%Glaxosmithkline 1.4%Total 1.3%Total 16.2%Total investments : 242 Asset Mix

8.9% Cash and Cash Equivalents4.9% Utilities

10.3% Telecommunications3.1% Information Technology

15.1% Financial Services13.0% Health Care14.9% Consumer Staples

8.3% Consumer Discretionary8.1% Industrials7.2% Materials6.2% Energy


Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-22.7

2003

11.9

2004

8.8

2005

7.4

2006

16.2

2007

-10.4

2008

-17.5

2009

7.8

2010

-2.9

2011

-8.8



81

ASTRA International Equity





a commission.










Standard75% - 100% 0.00% 3.26%

Premium100% - 100% + 1.16% 4.42%






82



ASTRA Carnegie International EquityFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: June 9, 2008Net asset value per unit: $7.8238Portfolio turnover rate: 30%Management expense ratio (MER): 3.10% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Carnegie Asset Management

What does this fund invest in?The fund is invested mainly in the equities of large-cap internationalcompanies located outside of North America.

Top 10 investments

Brit Amer Tobacco 9.1%Nestle Sa 7.1%HDFC Bank 5.5%Vodafone Group 5.2%Samsung Electronics 4.4%China Petroleum & Chemical 4.2%Total 3.9%Standard Chartered 3.6%Baidu 3.6%Roche Holding AG 3.5%Total 50.2%Total investments : 29 Asset Mix


13.8% Financial Services6.3% Health Care

25.5% Consumer Staples5.5% Consumer Discretionary



Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

-15.0*

2003

7.3*

2004

10.4*

2005

15.4*

2006

27.0*

2007

1.4*

2008

-34.1*

2009

4.5

2010

7.0

2011

-4.9





83

ASTRA Carnegie International Equity





a commission.










Standard75% - 100% 0.00% 3.10%

Premium100% - 100% + 1.16% 4.26%





84



PRO SSQ International Fundamental Equity GIFFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of large-cap globalcompanies, excluding the U.S.

Top 10 investments

Royal Dutch Shell Class B 3.0%BP Plc 2.1%Vodafone Group Plc Sp Adr 1.7%Total Sa 1.5%HSBC Holdings Plc 1.3%Ing Groep N.V. 1.3%Glaxosmithkline 1.1%Nestle 1.1%Sanofi 1.0%Eni SpA 1.0%Total 15.1%Total investments : 1012 Asset Mix




11.9% Industrials7.1% Materials

10.3% Energy


Verylow Low






Year-by-year returnsThis chart demonstrates the fund's performance over the past 4 yearsin the case of an investor who chose the basic guarantee. In the past4 years, the fund was up in value for 1 year and down in value for 3years.

Returns (%)

0%

10%

-10%

20%

-20%

-30%

-40%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-31.5*

2009

13.9*

2010

-3.0

2011

-14.5





85

PRO SSQ International Fundamental Equity GIF





a commission.










Standard75% - 100% 0.00% 2.89%

Premium100% - 100% + 1.16% 4.05%





86



ASTRA International IndexFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: July 4, 2005Net asset value per unit: $7.7478Portfolio turnover rate: 40%Management expense ratio (MER): 2.89% (including taxes)



What does this fund invest in?The fund replicates the performance of the International stock marketMSCI EAFE Index. To achieve this, fund assets are composed mainlyof units of the BlackRock CDN US Equity Index Non-Taxable DC Fund,which is invested in the equities of international companies includedin the MSCI EAFE.

Top 10 investments

Nestle SA 2.0%Vodafone Group 1.5%HSBC Holdings PLC 1.4%BP Plc 1.4%Novartis AG-Reg 1.4%Royal Dutch Shell 1.4%Roche Holding AG 1.2%Glaxosmithkline 1.2%BHP Billiton Ltd. 1.2%Total SA 1.1%Total 13.9%Total investments : 930 Asset Mix

4.9% Utilities6.2% Telecommunications5.0% Information Technology


11.4% Consumer Staples10.2% Consumer Discretionary12.3% Industrials10.0% Materials

8.2% Energy


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

-19.0*

2003

10.0*

2004

8.2*

2005

7.1*

2006

22.4

2007

-8.3

2008

-31.0

2009

8.7

2010

-0.6

2011

-12.2





87

ASTRA International Index





a commission.










Standard75% - 100% 0.00% 2.89%

Premium100% - 100% + 1.16% 4.05%






88



ASTRA Calamos Global EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Calamos Investments

What does this fund invest in?The fund is invested mainly in the equities and convertible bonds oflarge-cap international companies, located outside of Canada.

Top 10 investments

Novo-Nordisk 4.4%SAP 3.2%EMC Corp. Conv 1.75 Dec 01 13 1.75% 12/01/2013 3.0%Shire Ltd. Conv 2.75 May 09 14 2.75% 05/09/2014 2.9%Billion Express Inv. Conv 0.75 Oct 18 15 0.75% 10/18/2015 2.7%Subsea 7 SA Conv 2.25 Oct 11 13 2.25% 10/11/2013 2.5%Swatch Group 2.4%Goldcorp Inc. Conv 2.00 Aug 01 14 2.00% 08/01/2014 2.3%Canada Govt. 2.00 Jun 01 16 2.00% 06/01/2016 2.3%Sweden 3.00 Jul 12 16 3.00% 07/12/2016 2.0%Total 27.8%Total investments : 76 Asset Mix

56.0% Fixed Income1.0% Telecommunications

15.1% Information Technology1.4% Financial Services7.9% Health Care6.7% Consumer Staples5.4% Consumer Discretionary0.7% Industrials3.7% Materials2.1% Energy


Verylow Low








0%

10%

-10%

20%

-20%

-30%2002

-7.8*

2003

-1.3*

2004

-0.9*

2005

14.0*

2006

13.2*

2007

-5.1*

2008

-20.7*

2009

10.4*

2010

6.8*

2011

-2.8*




89

ASTRA Calamos Global Equity





a commission.










Standard75% - 100% 0.00% 3.26%

Premium100% - 100% + 1.16% 4.42%






90



ASTRA Lazard Global EquityFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: March 31, 2011Net asset value per unit: $9.3236Portfolio turnover rate: 7%Management expense ratio (MER): 3.25% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Lazard Asset Management

What does this fund invest in?The fund is invested mainly in the equities of large-cap internationalcompanies located outside of Canada.

Top 10 investments

Hong Kong Exchanges 2.1%Barrick Gold 2.0%Intl Business Machines 1.9%SPDR Gold Trust 1.8%Oracle 1.7%EMC 1.6%China Overseas Land & Inv 1.6%Hong Kong & China Gas Ltd . 1.5%Exxon Mobil Corp. 1.4%China Shenhua Energy Co Ltd 1.4%Total 17%Total investments : 122 Asset Mix

5.2% Cash and Cash Equivalents4.1% Utilities1.7% Telecommunications

12.3% Information Technology24.0% Financial Services

7.8% Health Care10.1% Consumer Staples




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

-30%2002

N/A

2003

N/A

2004

1.4*

2005

13.6*

2006

19.6*

2007

-1.9*

2008

-22.4*

2009

6.7*

2010

0.9*

2011

-7.0*




Underlying Fund(s)

91

ASTRA Lazard Global Equity





a commission.










Standard75% - 100% 0.00% 3.25%

Premium100% - 100% + 1.25% 4.50%





92



ASTRA Hexavest Hedged Global EquityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Hexavest

What does this fund invest in?The fund is invested mainly in the equities of large-cap internationalcompanies, located outside of Canada.

Top 10 investments

Exxon Mobil Corp. 2.5%Microsoft Corp. 1.9%Pfizer 1.8%AT&T 1.7%Johnson & Johnson 1.6%Merck & Co 1.5%Eli Lilly & Co. 1.4%Hewlett Packard 1.2%Wal Mart Stores 1.1%Cisco Systems Inc 1.1%Total 15.9%Total investments : 335 Asset Mix


15.3% Financial Services16.7% Health Care16.6% Consumer Staples

7.2% Consumer Discretionary7.1% Industrials2.1% Materials7.8% Energy


Verylow Low






Year-by-year returnsThis chart demonstrates the fund's performance over the past 2 yearsin the case of an investor who chose the basic guarantee. In the past 2years, the fund was up in value for 1 year and down in value for 1 year.


0%

2%

-2%

4%

-4%

-6%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

N/A

2009

N/A

2010

3.6

2011

-5.7



93

ASTRA Hexavest Hedged Global Equity





a commission.










Standard75% - 100% 0.00% 3.26%

Premium100% - 100% + 1.16% 4.42%





94



ASTRA Lazard Global Small Cap EquityFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in global equities of smallcap companies,mostly located outside of Canada.

Top 10 investments

Ain Pharmaciez 2.2%Bally Technologies 2.0%Schweitzer Mauduit 1.9%j2 Global Communications 1.8%BE Aerospace 1.7%Diploma Plc 1.7%IG Group Holdings Plc 1.7%Dr Ci:Labo Co Ltd 1.6%Elekta AB 1.6%Central Garden & Pet Co. 1.6%Total 17.8%Total investments : 79 Asset Mix

2.4% Cash and Cash Equivalents2.3% Telecommunications

17.6% Information Technology9.5% Financial Services9.4% Health Care7.6% Consumer Staples




Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

-7.8*

2003

11.8*

2004

14.7*

2005

5.4*

2006

27.8*

2007

-11.9*

2008

-36.0*

2009

21.5*

2010

14.8*

2011

-10.2



Who is the fund for?This fund may be right for a contractholder seeking for long-termcapital growth


95

ASTRA Lazard Global Small Cap Equity





a commission.










Standard75% - 100% 0.00% 3.10%

Premium100% - 100% + 1.40% 4.50%





96



PRO SSQ Emerging Markets Fundamental Equity GIFFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of large-cap internationalcompanies, located outside of Canada.

Top 10 investments

Gazprom Oao 3.5%Lukoil Oao 2.9%China Mobile 2.6%Taiwan Semiconductor 2.5%Petroleo Brasileiro S.A. 2.0%Surgutneftegas 1.8%China Construction Bank 1.7%Petrobras 1.4%ITAU Unibanco Holding SA 1.4%Hon Hai Precision 1.4%Total 21.5%Total investments : 317 Asset Mix


12.0% Telecommunications8.7% Information Technology




Verylow Low







Returns (%)

0%

20%

-20%

40%

-40%

60%

-60%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-40.3*

2009

44.2*

2010

7.8

2011

-20.4





97

PRO SSQ Emerging Markets Fundamental Equity GIF





a commission.










Standard75% - 100% 0.00% 3.10%

Premium100% - 100% + 1.60% 4.70%





98



PRO SSQ Hong Kong China Fundamental Equity GIFFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested mainly in the equities of companies of Hong Kongand China.

Top 10 investments

Hutchison Whampoa Ltd 11.9%Sun Hung Kai Properties 8.1%CLP Holdings 7.3%AIA Group 6.6%Cheung Kong Holdings 6.3%Swire Pacific A 4.7%Power Assets Holdings 4.4%Hang Seng Bank 3.7%BOC Hong Kong Holdings 3.7%Jardine Matheson Holdings 3.5%Total 60.3%Total investments : 34 Asset Mix


2.4% Telecommunications49.4% Financial Services


22.8% Industrials0.8% Materials


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

N/A

2008

-39.0*

2009

27.7*

2010

17.2

2011

-20.3





99

PRO SSQ Hong Kong China Fundamental Equity GIF





a commission.










Standard75% - 100% 0.00% 3.10%

Premium100% - 100% + 1.60% 4.70%





100



ASTRA Lazard Global InfrastructureFUND FACTS • as at December 31, 2011

Quick Facts




What does this fund invest in?The fund is invested in global infrastructure securities, i.e. companieslisted on an exchange that own physical infrastructure such astollroads, airports, ports, gas and electricity transmission pipelines,etc.

Top 10 investments

Atlantia SpA 7.7%Tokyo Gas Co. 6.3%Osaka Gas Co. 6.1%Fraport AG 5.6%Duet Group 5.1%Spark Infrastructure 4.8%Societa Iniziative Auto 4.5%CSX Corp. 4.3%Transurban Group 3.8%Red Electrica Corp. 3.6%Total 51.8%Total investments : 36 Asset Mix

0.3% Communication Infrastructures17.2% Airports29.8% Tollroads

4.2% Public Water Utilities16.4% Gas Utilities11.4% Electricity Utilities11.9% Diversified Utilities


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

25.4*

2007

-0.0*

2008

-32.6

2009

11.4

2010

6.8

2011

-2.7



Who is the fund for?This fund may be right for a contractholder seeking for a certain levelof income and long-term capital growth.


8,8% Railroads

101

ASTRA Lazard Global Infrastructure





a commission.










Standard75% - 100% 0.00% 3.15%

Premium100% - 100% + 0.98% 4.13%





102



ASTRA Presima Global Real Estate Enhanced YieldFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: April 18, 2006Net asset value per unit: $6.4735Portfolio turnover rate: 23%Management expense ratio (MER): 3.41% (including taxes)


If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Presima

What does this fund invest in?The fund is invested mainly in global real estate securities. Thesesecurities are primarily real estate investment trusts (REITs) and thesecurities of listed real estate companies (shares, convertible bonds,etc.).

Top 10 investments

Sun Hung Kai Properties 6.2%Simon Property 5.2%Equity Residential 3.7%Mitsubishi Estate 3.0%Westfield Group 2.8%Host Hotels & Resorts 2.8%HongKong Land Holdings 2.7%Mitsui Fudosan 2.6%Starwood Hotels & Resorts 2.4%Vornado Realty Trust 2.4%Total 33.9%Total investments : 69 Asset Mix

11.6% Lodging0.8% Self Storage

27.9% Diversified35.1% Retail12.5% Office

4.8% Residential7.3% Health Care


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

40%

-40%2002

N/A

2003

N/A

2004

N/A

2005

19.0*

2006

38.8*

2007

-27.1

2008

-34.0

2009

13.2

2010

7.8

2011

-4.1

The investment manager's mandate has been modified as of June 3,2011.


Who is the fund for?This fund may be right for a contractholder seeking to maximizeregular income and to promote medium- to long-term capital growth.


103

ASTRA Presima Global Real Estate Enhanced Yield





a commission.










Standard75% - 100% 0.00% 3.41%

Premium100% - 100% + 1.55% 4.96%





104



ASTRA Morgan Stanley Global Real EstateFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: March 31, 2011Net asset value per unit: $8.5893Portfolio turnover rate: N/AManagement expense ratio (MER): 3.41%* (including taxes)


*One third of the portfolio is subject to an additional 10% performance fee on returns exceeding the benchmark index.If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Morgan Stanley Investment Management

What does this fund invest in?The fund is invested in global real estate securities. These securitiesare primarily real estate investment trusts (REITs) and the securitiesof listed real estate companies (shares, convertible bonds, etc.).

Top 10 investments

Sun Hung Kai Properties 5.8%Simon Property 5.0%Equity Residential 3.6%Mitsubishi Estate 3.6%Mitsui Fudosan 3.0%Westfield Group 2.8%Starwood Hotels & Resorts 2.6%HongKong Land Holdings 2.6%Host Hotels & Resorts 2.5%Sumitomo Realty & Dev. 2.3%Total 34%Total investments : N/A

Asset Mix

5.0% Cash and Cash Equivalents3.1% Lodging2.2% Self Storage5.3% Industrials

37.3% Diversified20.1% Retail11.0% Office11.1% Residential

4.8% Health Care


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

-40%2002

N/A

2003

N/A

2004

N/A

2005

N/A

2006

N/A

2007

-24.9*

2008

-33.4*

2009

20.3*

2010

12.9*

2011

-14.6*




Underlying Fund(s)

105

ASTRA Morgan Stanley Global Real Estate





a commission.










Standard75% - 100% 0.00% 3.41%

Premium100% - 100% + 1.30% 4.71%





106



ASTRA Sigma Alpha Global MacroFUND FACTS • as at December 31, 2011

Quick Facts

Date fund created: September 30, 2010Net asset value per unit: $10.3899Portfolio turnover rate: N/AManagement expense ratio (MER): 3.36%* (including taxes)


*The portfolio is subject to an additional 20% performance fee on returns exceeding 5%.If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Sigma Alpha Capital Inc.

What does this fund invest in?The fund is invested in futures in the following worldwide indices:stock and bond markets, currencies and commodities. It may alsobe invested in fixed-income Canadian securities and money marketsecurities.

Top 10 investments

Russell 2000 -10.5%FTSE 100 -8.7%U.S. Govt. Bond -7.1%TSX 60 7.0%Canada Govt - 10 years 7.0%Hang Seng -6.1%MSCI Taiwan 5.6%Canadian Dollar 5.2%Total -7.7%Total investments : 12 Asset Mix

-0.2% Fixed Income

-12.8% Canadian Equity5.2% Currencies

A negative percentage indicates a short position in the asset class inquestion.


Verylow Low







Returns (%)

0%

10%

-10%

20%

30%

2002

N/A

2003

N/A

2004

-4.1*

2005

8.0*

2006

14.1*

2007

9.6*

2008

27.2*

2009

-7.1*

2010

16.8*

2011

1.3



Who is the fund for?This fund may be right for a contractholder seeking to obtain a returnon 91-day treasury bills while controlling the volatility significantlybelow that of the markets.


107

ASTRA Sigma Alpha Global Macro





a commission.










Standard75% - 100% 0.00% 3.36%

Premium100% - 100% + 1.30% 4.66%





108



ASTRA Jefferies CommodityFUND FACTS • as at December 31, 2011

Quick Facts



If you invest $500,000 dollars or more, some of the fees you are required to pay may be lowered. Certain conditions apply.Portfolio manager(s): Jefferies Asset Management

What does this fund invest in?The fund is invested mainly in commodity futures contracts andforward contracts traded on the LME (London Metal Exchange),and may also invest in non-Canadian currency futures and optionscontracts. The cash portion is invested mainly in Canadian moneymarket securities issued by governments and companies.

Top 10 investments

Crude Oil 23.4%Live Cattle 7.0%Natural Gas 6.2%Aluminum 6.1%Gold 5.9%Soybeans 5.6%Corn 5.4%High Grade Copper 5.3%Unleaded Gas 5.2%Heating Oil 5.2%Total 75.2%Total investments : 34 Asset Mix

8.2% Livestock33.2% Agriculture

6.2% Precious Metals11.7% Industrials Metals40.7% Energy


Verylow Low







Returns (%)

0%

10%

-10%

20%

-20%

30%

-30%

40%

2002

N/A

2003

N/A

2004

25.1*

2005

33.6*

2006

7.4*

2007

25.3*

2008

-30.0*

2009

21.3*

2010

15.8*

2011

-9.3



Who is the fund for?This fund may be right for a contractholder seeking for capital growthwhile offering a hedge against inflation.


109

ASTRA Jefferies Commodity





a commission.










Standard75% - 100% 0.00% 3.36%

Premium100% - 100% + 1.30% 4.66%





ASTRA Fund FAcTSAS AT dEcEMBER 31, 2011

MonTREAl SAlES oFFicE1200 Papineau Ave, Suite 460 Montreal QC H2K 4R5Tel.: 514-521-7365 • 1-800-361-8100Fax: 1-866-606-2764

ToRonTo SAlES oFFicE110 Sheppard Avenue East, Suite 500Toronto ON M2N 6Y8Tel.: 1-888-900-3457Fax: 1-866-559-6871

QuEBEc ciTy SAlES oFFicE1245 Chemin Sainte-Foy, Suite 210Quebec QC G1S 4P2Tel.: 1-888-900-3457Fax: 1-866-559-6871

cliEnT SERvicESP.O. Box 10510, Station Sainte-FoyQuebec QC G1V 0A3Tel.: 1-800-320-4887Fax: 1-866-559-6871

[email protected]

BRA663A (2012-03)

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