BRA724A-2 (2014-02)
ASTRA FUNDSAudited Financial Statements December 31, 2013
MONTREAL SALES OFFICETel.: 1-855-425-0904Fax: 1-866-606-2764
ONTARIO, WESTERN AND ATLANTIC REGIONAL SALES OFFICETel.: 1-888-429-2543Fax: 416-928-8515
QUEBEC CITY SALES OFFICETel.: 1-888-900-3457Fax: 1-866-559-6871
CLIENT SERVICESP.O. Box 10510, Stn Sainte-FoyQuebec QC G1V 0A3
1245 Chemin Sainte-Foy, Suite 210 Quebec QC G1S 4P2
Tel.: 1-800-320-4887Fax: 1-866-559-6871
Table of contents
Page ASTRA Money Market Fund ................................................................................................................................................................................... 3 ASTRA Treasury Fund ............................................................................................................................................................................................ 7 ASTRA Fiera Capital Bond Fund .......................................................................................................................................................................... 12 ASTRA OAM Bond Fund ...................................................................................................................................................................................... 15 ASTRA PIMCO Bond Fund ................................................................................................................................................................................... 18 ASTRA Bond Index Fund ...................................................................................................................................................................................... 21 ASTRA Conservative Strategy Fund..................................................................................................................................................................... 24 ASTRA Balanced Strategy Fund........................................................................................................................................................................... 27 ASTRA Growth Strategy Fund .............................................................................................................................................................................. 30 ASTRA Aggressive Strategy Fund ........................................................................................................................................................................ 33 ASTRA Celestia Conservative Fund ..................................................................................................................................................................... 36 ASTRA Celestia Balanced Fund ........................................................................................................................................................................... 39 ASTRA Celestia Growth Fund .............................................................................................................................................................................. 42 ASTRA Celestia Aggressive Fund ........................................................................................................................................................................ 45 ASTRA Conservative Fundamental Portfolio Fund ............................................................................................................................................... 49 ASTRA Balanced Fundamental Portfolio Fund ..................................................................................................................................................... 52 ASTRA Growth Fundamental Portfolio Fund ........................................................................................................................................................ 55 ASTRA Aggressive Fundamental Portfolio Fund .................................................................................................................................................. 58 ASTRA Sprott / Fiera Capital Canadian Balanced Fund ...................................................................................................................................... 62 ASTRA Fidelity Canadian Asset Allocation Fund ................................................................................................................................................. 65 ASTRA Dynamic Power Balanced Fund ............................................................................................................................................................... 68 ASTRA Acuity High Income Fund ......................................................................................................................................................................... 71 ASTRA UBS Global High Income Fund ................................................................................................................................................................ 74 ASTRA Guardian Canadian Dividend Equity Fund ............................................................................................................................................... 77 ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ............................................................................................................................. 80 ASTRA Triasima Canadian Equity Fund ............................................................................................................................................................... 83 ASTRA Greystone Canadian Growth Equity Fund ............................................................................................................................................... 87 ASTRA Montrusco Bolton Canadian Equity Fund ................................................................................................................................................ 90 ASTRA Canadian Fundamental Equity Fund ....................................................................................................................................................... 94 ASTRA Canadian Index Fund ............................................................................................................................................................................... 97 ASTRA Canadian Small Cap Equity Fund .......................................................................................................................................................... 100 ASTRA MFS U.S. Equity Fund ........................................................................................................................................................................... 103 ASTRA Tradewinds U.S. Equity Fund ................................................................................................................................................................ 106 ASTRA U.S. Fundamental Equity Fund .............................................................................................................................................................. 110 ASTRA U.S. Index Fund ..................................................................................................................................................................................... 113 ASTRA International Equity Fund ....................................................................................................................................................................... 116 ASTRA Carnegie International Equity Fund ....................................................................................................................................................... 119 ASTRA International Fundamental Equity Fund ................................................................................................................................................. 123 ASTRA International Index Fund ........................................................................................................................................................................ 126 ASTRA Calamos Global Equity Fund ................................................................................................................................................................. 129 ASTRA Lazard Global Equity Fund..................................................................................................................................................................... 134 ASTRA Hexavest Hedged Global Equity Fund ................................................................................................................................................... 137 ASTRA Lazard Global Small Cap Equity Fund ................................................................................................................................................... 140 ASTRA Emerging Markets Fundamental Equity Fund ........................................................................................................................................ 143 ASTRA Lazard Global Infrastructure Fund ......................................................................................................................................................... 146 ASTRA Presima Global Real Estate Enhanced Yield Fund ............................................................................................................................... 149 ASTRA Morgan Stanley Global Real Estate Fund .............................................................................................................................................. 152 ASTRA CoreCommodity Management Commodity Fund ................................................................................................................................... 155 Notes to Financial Statements ............................................................................................................................................................................ 160 Independent Auditor's Report ............................................................................................................................................................................. 165 ASTRA Sigma Alpha Global Macro Fund ........................................................................................................................................................... 167 Independent Auditor's Report of ASTRA Sigma Alpha Global Macro Fund ....................................................................................................... 175 Financial Highlights ............................................................................................................................................................................................. 176
ASTRA MONEY MARKET FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
3
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 34,964 10,969 Cash 1,886 20 Receivables 3 5
36,853 10,994
Liabilities Bank overdraft - -Accounts payable 1,825 -
1,825 -
Net Assets 35,028 10,994
Net asset value per unit Class A 10.00 10.00Class C 10.00 10.00
Investments, at cost 34,964 10,969
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 296 149 Management fee distribution received - -
296 149
Expenses (note 4) Management fees 80 86Administrative fees 5 6
85 92
Net investment income (loss) 211 57
Net realized gain (loss) on sale of investments - -
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments - -
Increase (decrease) in net assets from operations 211 57
Increase (decrease) in net assets from operations per unit Class A - -Class C 0.11 0.11
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 10,994 13,016
Capital units transactions Proceeds from issue of units 67,348 13,213 Reinvestment of distributions 211 57 Redemption of units (43,525) (15,292)
24,034 (2,022)Distributions to unitholders Net investment income (211) (57)Net realized gain on sale of investments - -
(211) (57)
Increase (decrease) in net assets from operations 211 57
Net assets - End of year 35,028 10,994
DISTRIBUTIONS
($/unit) 2013 2012Class A Net investment income - -Net realized gain on sale of investments - -
Class C Net investment income 0.11 0.11 Net realized gain on sale of investments - -
ASTRA MONEY MARKET FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
4
CHANGES IN NUMBER OF UNITS
2013 2012Class A Units outstanding at the beginning 634,127 672,929 Units issued 827,215 584,961 Units redeemed (729,672) (623,763)Units outstanding at the end 731,670 634,127
MANAGEMENT EXPENSE RATIO
2013 2012Class A 1.62% 1.48% Class C - -
CHANGES IN NUMBER OF UNITS
2013 2012Class C Units outstanding at the beginning 465,249 628,685 Units issued 5,928,674 742,044 Units redeemed (3,622,793) (905,480)Units outstanding at the end 2,771,130 465,249
ASTRA MONEY MARKET FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
5
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.82%) MFS Money Market Fund 3,496,383 34,964 34,964
OTHER NET ASSETS (0.18%) 64
TOTAL NET ASSETS (100%) 35,028
TOP HOLDINGS OF UNDERLYING FUND MFS Money Market Fund %Government of Canada, Treasury Bill, 0.93%, 03-13-2014 10.45Government of Canada, Treasury Bill, 0.95%, 01-16-2014 7.15Government of Canada, Treasury Bill, 1.31%, 01-30-2014 5.76Province of Ontario, Treasury Bill, 0.97%, 02-12-2014 4.73Province of British Columbia, Treasury Bill, 1.19%, 07-24-2014 4.43Manulife Bank of Canada, Note, 1.28%, 04-14-2014 4.16Bank of Montreal, Note, 1.15%, 02-11-2014 3.84Royal Bank of Canada, Note, 1.11%, 01-15-2014 3.77Canadian Wheat Board, Treasury Bill, 0.96%, 01-22-2014 3.72Province of Manitoba, Treasury Bill, 0.97%, 02-12-2014 3.34The Toronto-Dominion Bank, Note, 1.25%, 10-09-2014 3.28Government of Canada, Treasury Bill, 0.89%, 02-13-2014 3.01Honda Financial, Note, 1.25%, 03-12-2014 2.62JPMorgan Chase & Co., Note, 1.24%, 05-23-2014 2.54CIBC, Note, 1.33%, 09-18-2014 2.32Wells Fargo & Co., Note, 1.12%, 03-10-2014 2.26Province of Ontario, Treasury Bill, 1.13%, 03-12-2014 2.17Imperial Oil Ltd., Note, 1.11%, 01-02-2014 2.09National Bank of Canada, Note, 1.10%, 01-23-2014 1.72Bank of Nova Scotia, Note, 1.15%, 01-16-2014 1.71Nestlé Canada, Note, 1.05%, 01-06-2014 1.67CIBC, Note, 1.12%, 01-24-2014 1.63Bank of Nova Scotia, Note, 1.13%, 01-31-2014 1.63National Bank of Canada, Note, 1.10%, 01-30-2014 1.47Imperial Oil Ltd., Note, 1.12%, 02-06-2014 1.46
ASTRA MONEY MARKET FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
6
Nature and extent of risks arising from financial instruments The ASTRA Money Market Fund is a segregated fund that invests exclusively in the underlying fund called MFS Money Market Fund. The ASTRA Money Market Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS Investment Management Canada Limited. The manager's investment strategy is to favour an approach based on term and sector management as well as the quality of debt securities.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 34,964 - - 34,964
Derivative Products - - - -
Money Market - - - -Total 34,964 - - 34,964
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 10,969 - - 10,969
Derivative Products - - - -
Money Market - - - -Total 10,969 - - 10,969 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA TREASURY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
7
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 74,120 45,329 Cash 179 106 Receivables 370 254
74,669 45,689
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 74,669 45,689
Net asset value per unit 10.64 10.67
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 74,708 45,717 Adjustment to bid prices of investments (39) (28)
Net assets at bid prices of investments 74,669 45,689
Transactional NAV per unit at closing price of investments 10.65 10.68
Adjustment per unit to bid prices of investments (0.01) (0.01)
Net assets per unit at bid prices of investments 10.64 10.67
Investments, at cost 74,291 45,085
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 45,689 42,951
Capital units transactions Proceeds from issue of units 64,932 32,990 Reinvestment of distributions - 344 Redemption of units (35,779) (30,625)
29,153 2,709 Distributions to unitholders Net investment income - (344)Net realized gain on sale of investments - -
- (344)
Increase (decrease) in net assets from operations (173) 373
Net assets - End of year 74,669 45,689
Changes in number of units Units outstanding at the beginning 4,282,041 4,028,732 Units issued 6,084,708 3,125,729 Units redeemed (3,351,835) (2,872,420)
Units outstanding at the end 7,014,914 4,282,041
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.08 Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1,747 1,305
Expenses (note 4) Management fees 1,267 800 Administrative fees 64 45
1,331 845
Net investment income (loss) 416 460
Net realized gain (loss) on sale of investments (174) (74)Net unrealized gain (loss) on investments (415) (13)
Increase (decrease) in net assets from operations (173) 373
Increase (decrease) in net assets from operations per unit (0.03) 0.09 Management Expense Ratio 2.07% 1.89%
ASTRA TREASURY FUND
FINANCIAL STATEMENTS (in thousands)
INVESTMENT PORTFOLIO As at December 31, 2013
8
* Floating rate: the identified rate is the effective rate as of December 31, 2013.
Par Average Fair
Value Cost Value
$ $
CANADIAN BONDS (99.26%)
Government of Canada (26.01%)
Canada Housing Trust No 1, 1.33%*, 03-15-2018 9,940 9,966 9,989
Canada Housing Trust No 1, 1.41%*, 09-15-2015 7,127 7,157 7,164
Canada Housing Trust No 1, 2.40%, 12-15-2022 1,250 1,251 1,183
Canada Housing Trust No 1, 4.10%, 12-15-2018 1,000 1,123 1,088
19,497 19,424
Provincials and Subsidized (15.05%)
Concordia University, 4.65%, 03-25-2014 300 318 302
Financement-Québec, 2.40%, 12-01-2018 792 794 790
Financement-Québec, 3.50%, 12-01-2017 2,686 2,835 2,830
Kativik Regional Government, 2.80%, 05-10-2015 300 300 304
McGill University, 4.50%, 05-27-2015 150 158 156
Ontario, 2.85%, 06-02-2023 1,444 1,372 1,365
Ontario, 4.20%, 03-08-2018 513 559 555
Quebec, 3.00%, 09-01-2023 4,315 4,112 4,091
Quebec, 5.35%, 06-01-2025 435 495 494
Université de Montréal, 4.55%, 02-11-2015 344 363 354
11,306 11,241
Municipals and Subsidized (29.79%)
Amos, 2.35%, 02-27-2018 750 741 737
Baie-Saint-Paul, 3.25%, 10-06-2014 265 272 268
Beaupré, 2.20%, 09-25-2016 403 398 404
Boucherville, 2.15%, 06-05-2018 155 151 150
Boucherville, 2.25%, 09-06-2016 200 198 201
Boucherville, 3.20%, 11-03-2014 124 123 125
Chambly, 2.35%, 12-19-2017 400 396 392
Châteauguay, 3.15%, 10-14-2014 75 74 76
Châteauguay, 4.35%, 12-28-2015 286 299 299
Delson, 2.60%, 08-23-2016 300 296 304
Dolbeau-Mistassini, 3.15%, 03-21-2016 250 251 256
Drummondville, 2.60%, 12-18-2018 750 738 731
Gaspé, 2.20%, 02-20-2017 345 342 344
Gaspé, 3.20%, 10-06-2014 50 49 51
Granby, 2.65%, 12-18-2018 750 740 733
Kirkland, 3.05%, 12-15-2014 200 201 202
Lac-Brome, 2.25%, 07-03-2018 400 391 388
Lachute, 2.30%, 02-20-2018 750 739 736
Lévis, 2.15%, 06-05-2018 135 132 131
Lévis, 2.75%, 05-25-2015 120 119 122
Lévis, 2.95%, 12-14-2015 225 222 230
Lévis, 3.05%, 05-25-2016 300 298 307
Lévis, 4.80%, 11-26-2014 179 191 184
Longueuil, 2.65%, 11-20-2018 100 98 98
Longueuil, 4.00%, 07-20-2014 50 51 50
Longueuil, 5.20%, 06-16-2014 154 167 156
Magog, 2.25%, 07-03-2018 350 342 340
Mascouche, 4.80%, 07-31-2014 190 203 193
Mirabel, 2.70%, 11-20-2018 245 241 240
Mirabel, 3.15%, 09-15-2014 325 326 328
Mont-Royal, 3.40%, 03-20-2014 150 152 151
Montreal-West, 3.40%, 01-27-2014 125 128 125
Orford, 2.95%, 01-25-2016 393 386 401
Pointe-Claire, 3.05%, 12-22-2014 100 99 101
Quebec, 1.80%, 03-06-2016 750 747 748
Quebec, 2.95%, 12-16-2014 100 99 101
Quebec, 3.00%, 02-17-2015 300 296 304
Rawdon, 2.25%, 07-03-2018 650 627 631
Rawdon, 2.75%, 11-27-2018 500 495 491
Repentigny, 3.00%, 09-27-2016 300 295 307
Par Average Fair
Value Cost Value
$ $
CANADIAN BONDS (99.26%) (Cont'd)
Municipals and Subsidized (29.79%) (Cont'd)
Réseau de transport de la Capitale, 4.60%, 06-20-2015 165 174 171
Réseau de transport de la Capitale, 4.75%, 08-01-2015 110 117 115
Réseau de transport de Longueuil, 2.60%, 12-18-2018 600 592 585
Rimouski, 1.75%, 03-19-2016 289 287 288
Rimouski, 2.00%, 03-19-2017 296 293 293
Rouyn-Noranda, 3.05%, 03-28-2016 350 349 358
Saguenay, 1.85%, 05-08-2017 750 742 732
Saguenay, 3.25%, 04-22-2014 150 151 151
Saguenay, 4.55%, 06-26-2014 117 124 118
Saint-Basile-le-Grand, 3.75%, 05-19-2015 250 260 257
Saint-Bruno, 3.10%, 12-01-2014 150 149 152
Saint-Jean-sur-Richelieu, 2.25%, 06-19-2018 500 493 486
Saint-Jean-sur-Richelieu, 2.60%, 06-23-2015 350 346 354
Saint-Jean-sur-Richelieu, 3.55%, 06-16-2014 405 413 408
Saint-Lambert, 3.10%, 07-22-2014 150 150 151
Saint-Lin-Laurentides, 2.50%, 08-27-2018 500 493 489
Sainte-Adèle, 3.05%, 12-01-2014 100 99 101
Sainte-Agathe, 2.40%, 11-01-2017 380 374 377
Sainte-Thérèse, 2.10%, 05-22-2018 650 637 629
Sainte-Thérèse, 2.55%, 09-20-2016 300 292 303
Salaberry-de-Valleyfield, 3.35%, 04-01-2014 60 59 60
Sept-Îles, 3.10%, 07-28-2014 300 300 302
Sherbrooke, 2.15%, 01-30-2017 450 446 446
Sherbrooke, 3.25%, 07-21-2014 50 49 50
Société de transport de l'Outaouais, 3.15%, 09-09-2014 50 49 50
Société de transport de Trois-Rivières, 3.05%, 02-03-2015 200 198 203
Thetford Mines, 3.00%, 02-02-2015 200 197 203
Trois-Rivières, 3.30%, 04-29-2014 50 49 50
Trois-Rivières, 4.60%, 05-10-2014 119 126 120
Trois-Rivières, 4.75%, 04-20-2015 196 207 203
Trois-Rivières, 4.95%, 10-06-2014 60 64 61
Val-d'Or, 2.25%, 03-19-2018 350 346 342
Victoriaville, 2.35%, 02-20-2018 750 741 737
Victoriaville, 3.30%, 01-27-2014 25 25 25
Westmount, 2.35%, 02-20-2018 750 741 737
22,245 22,243
Corporations (28.41%) 407 East Development Group General Partnership, 2.81%, 12-18-2016 750 759 762
Alimentation Couche-Tard Inc., 2.86%, 11-01-2017 445 445 440
AON Finance NS, 4.76%, 03-08-2018 300 300 316
Bank of Montreal, 2.96%, 08-02-2016 300 300 308
Bank of Nova Scotia, 2.90%, 08-03-2022 170 170 172
Bank of Nova Scotia, 3.04%, 10-18-2024 750 751 741
Bell Canada, 3.65%, 05-19-2016 750 784 777
BMW Canada Inc., 2.64%, 08-10-2015 400 402 406
British Columbia Ferry Services Inc., 5.74%, 05-27-2014 1,010 1,069 1,027
Brookfield Asset Management Inc., 3.95%, 04-09-2019 750 767 760
Caisse centrale Desjardins du Québec, 2.28%, 10-17-2016 750 750 755
Canada Safeway Ltd., 3.00%, 03-31-2014 400 400 401
ASTRA TREASURY FUND
FINANCIAL STATEMENTS (in thousands)
INVESTMENT PORTFOLIO As at December 31, 2013
9
* Floating rate: the identified rate is the effective rate as of December 31, 2013.
Par Average Fair
Value Cost Value
$ $
CANADIAN BONDS (99.26%) (Cont'd)
Corporations (28.41%) (Cont'd)
Capital Desjardins Inc., 3.80%, 11-23-2020 750 775 775
Central 1 Credit Union, 1.73%*, 04-28-2015 140 140 140
Central 1 Credit Union, 4.00%, 10-09-2019 175 175 178
CIBC, 2.65%, 11-08-2016 300 300 306
Daimler Canada Finance Inc., 1.97%*, 09-12-2014 750 752 752
Daimler Canada Finance Inc., 2.23%, 04-18-2016 750 748 754
Empire Life Insurance, 2.87%, 05-31-2023 315 310 312
Enbridge Inc., 2.28%*, 08-19-2015 320 320 324
George Weston Ltd., 3.78%, 10-25-2016 305 305 317
HSBC Bank Canada, 2.90%, 01-13-2017 750 761 767
Laurentian Bank of Canada, 2.45%, 02-13-2015 650 653 655
Laurentian Bank of Canada, 3.13%, 10-19-2022 650 659 649
Manulife Financial Corp., 5.16%, 06-26-2015 350 373 367
National Bank of Canada, 2.05%, 01-11-2016 250 250 251
National Bank of Canada, 3.26%, 04-11-2022 750 765 767
National Bank of Canada, 3.58%, 04-26-2016 750 769 778
Royal Bank of Canada, 3.18%, 11-02-2020 300 297 306
Shaw Communications Inc., 5.70%, 03-02-2017 750 833 820Standard Life Assurance Co. of Canada, 3.94%, 09-21-2022 750 764 776
Sun Life Financial Inc., 7.90%, 03-31-2019 300 333 304
TELUS Corp., 4.95%, 03-15-2017 750 826 809The Manufacturers Life Insurance Co., 2.93%, 11-29-2023 650 650 644The Manufacturers Life Insurance Co., 4.21%, 11-18-2021 750 799 789
The Toronto-Dominion Bank, 3.37%, 11-02-2020 300 298 307
Thomson Reuters Corp., 5.20%, 12-01-2014 100 104 103
TMX Group Ltd., 1.98%*, 10-03-2016 325 325 326
VW Credit Canada Inc., 2.90%, 06-01-2017 750 758 765Wells Fargo Financial Canada Corp., 3.97%, 11-03-2014 300 304 306
21,243 21,212
TOTAL CANADIAN BONDS 74,291 74,120
TOTAL INVESTMENTS (99.26%) 74,291 74,120
OTHER NET ASSETS (0.74%) 549
TOTAL NET ASSETS (100%) 74,669
ASTRA TREASURY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
10
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Treasury Fund (the “Fund”) is to generate regular income and moderate short to medium term capital growth. Investment strategy The Fund is invested mainly in Canadian short-term fixed income securities. These securities are issued by federal, provincial and municipal governments as well as Canadian companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Optimum Asset Management, focuses on capital preservation and favours an approach based on interest rate expectations, yield curve management, sector selection and securities selection. Credit spread management and market timing are also considered. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian bonds securities traded on an active market. Risk exposure The Fund is exposed mainly to credit risk, interest rate risk, bond market risk, as well as risk related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for information on financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. On purchase, money market securities must be rated R1 or higher by the Dominion Bond Rating Service (DBRS) and bond securities must be rated BBB or higher by Standard & Poor’s. Bond securities rated BBB may not make up more than 10% of the Fund’s assets. As at December 31, the allocation of fixed income securities in the portfolio by credit rating is as follows:
Credit Rating* 2013 (%)
2012 (%)
Governments, municipals and subsidized 40.29 32.17 Companies rated AAA 26.21 32.76 Companies rated AA 4.86 9.30 Companies rated A 23.64 18.05 Companies rated BBB 5.00 6.98 Not rated - 0.74
* Sources: DBRS and Standard & Poor’s
All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations.
Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative products. Interest rate risk The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturities.
Investments Under 1 year
($)
From 1 to 5 years
($)
Over 5 years
($) 2013 6,805 55,647 11,668 2012 3,459 35,314 6,556
The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.
Change in Prevailing
Interest Rate (%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($) + 1.00 - 1.00
(2,023) 2,023
(929) 929
The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades fixed income securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 85% and 100% in bond securities and up to a maximum of 15% in money market securities. The table below shows the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($) DEX Universe Short Term Index
+ 2.00 - 2.00
1,482 (1,482)
907 (907)
The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.
ASTRA TREASURY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
11
Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk. Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 74,120 - 74,120 Equities - - - -
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total - 74,120 - 74,120
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 45,329 - 45,329 Equities - - - -
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total - 45,329 - 45,329
During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA FIERA CAPITAL BOND FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
12
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 322,238 381,811 Cash 1,116 5,052 Receivables 1,300 35
324,654 386,898
Liabilities Bank overdraft - -Accounts payable 2,219 4,265
2,219 4,265
Net Assets 322,435 382,633
Net asset value per unit 10.52 10.93 Investments, at cost 334,916 379,103
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 382,633 184,370
Capital units transactions Proceeds from issue of units 127,245 225,054 Reinvestment of distributions - -Redemption of units (173,417) (33,183)
(46,172) 191,871 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations (14,026) 6,392
Net assets - End of year 322,435 382,633
Changes in number of units Units outstanding at the beginning 35,014,534 17,323,485 Units issued 11,786,949 20,758,741 Units redeemed (16,158,023) (3,067,692)
Units outstanding at the end 30,643,460 35,014,534
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 3 3 Distribution from the underlying fund 9,352 9,667 Management fee distribution received - -
9,355 9,670
Expenses (note 4) Management fees 7,329 5,052 Administrative fees 343 262
7,672 5,314
Net investment income (loss) 1,683 4,356
Net realized gain (loss) on sale of investments (635) 199
Net realized gain distributed by the underlying fund 312 4,927 Net unrealized gain (loss) on investments (15,386) (3,090)
Increase (decrease) in net assets from operations (14,026) 6,392
Increase (decrease) in net assets from operations per unit (0.44) 0.27 Management Expense Ratio 2.29% 2.08%
ASTRA FIERA CAPITAL BOND FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
13
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.94%) Fiera Active Fixed Income Fund 66.97 20,757,207 223,343 215,917Fiera Tactical Fixed Income Fund 32.97 10,243,329 111,573 106,321
TOTAL INVESTMENTS (99.94%) 334,916 322,238
OTHER NET ASSETS (0.06%) 197
TOTAL NET ASSETS (100%) 322,435
TOP HOLDINGS OF UNDERLYING FUND Fiera Active Fixed Income Fund %Province of Ontario, 2.85%, 06-02-2023 8.59Government of Canada, 1.00%, 11-01-2015 6.67Government of Canada, 1.00%, 02-01-2015 5.39Government of Canada, 1.50%, 06-01-2023 3.59Government of Canada, 4.00%, 06-01-2041 3.52
TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund %Government of Canada, Treasury Bill, 0.99%, 01-03-2014 6.77Government of Canada, Treasury Bill, 0.89%, 02-13-2014 4.97PSP Capital Inc., 3.03%, 10-22-2020 4.21Royal Office Finance LP, 5.21%, 11-12-2032 4.11Government of Canada, Treasury Bill, 0.89%, 02-27-2014 3.91
ASTRA FIERA CAPITAL BOND FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
14
Nature and extent of risks arising from financial instruments The ASTRA Fiera Capital Bond Fund is a segregated fund that invests exclusively in underlying funds called Fiera Active Fixed Income Fund and Fiera Tactical Fixed Income Fund. The ASTRA Fiera Capital Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital Corporation with complementary management styles. The Fund’s assets are made up of approximately 67% of the Fiera Active Fixed Income Fund with a management approach based on duration, maturity dates and credit and 33% of the Fiera Tactical Fixed Income Fund with a management approach that puts emphasis on the duration.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 322,238 - - 322,238
Derivative Products - - - -
Money Market - - - -Total 322,238 - - 322,238
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 381,811 - - 381,811
Derivative Products - - - -
Money Market - - - -Total 381,811 - - 381,811 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA OAM BOND FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
15
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 40,818 68,145 Cash - -Receivables 1,600 1,052
42,418 69,197
Liabilities Bank overdraft 1,491 863 Accounts payable - -
1,491 863
Net Assets 40,927 68,334
Net asset value per unit 10.63 10.87 Investments, at cost 41,507 66,831
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 68,334 59,026
Capital units transactions Proceeds from issue of units 18,386 16,841 Reinvestment of distributions - 532 Redemption of units (44,795) (8,694)
(26,409) 8,679Distributions to unitholders Net investment income - (532)Net realized gain on sale of investments - -
- (532)
Increase (decrease) in net assets from operations (998) 1,161
Net assets - End of year 40,927 68,334
Changes in number of units Units outstanding at the beginning 6,283,955 5,480,262 Units issued 1,700,682 1,606,375 Units redeemed (4,133,202) (802,682)
Units outstanding at the end 3,851,435 6,283,955
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.09 Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 1,612 1,978 Management fee distribution received - -
1,612 1,979
Expenses (note 4) Management fees 1,142 1,209 Administrative fees 54 65
1,196 1,274
Net investment income (loss) 416 705
Net realized gain (loss) on sale of investments 589 113
Net realized gain distributed by the underlying fund - 697 Net unrealized gain (loss) on investments (2,003) (354)
Increase (decrease) in net assets from operations (998) 1,161
Increase (decrease) in net assets from operations per unit (0.20) 0.20 Management Expense Ratio 2.32% 2.10%
ASTRA OAM BOND FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
16
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.73%) Optimum Canadian Bond Pooled Fund 3,994,053 41,507 40,818
OTHER NET ASSETS (0.27%) 109
TOTAL NET ASSETS (100%) 40,927
TOP HOLDINGS OF UNDERLYING FUND Optimum Canadian Bond Pooled Fund %Province of Ontario, 2.85%, 06-02-2023 14.47Canada Housing Trust No 1, 3.15%, 09-15-2023 6.40Province of Quebec, 5.00%, 12-01-2041 4.72Government of Canada, 4.00%, 06-01-2041 4.20Government of Canada, 2.50%, 06-01-2024 3.77Province of Ontario, 4.65%, 06-02-2041 3.24Financement-Québec, 5.25%, 06-01-2034 2.99Terrebonne, 3.00%, 12-15-2015 1.56Province of Quebec, 6.00%, 10-01-2029 1.53Vaudreuil-Dorion, 2.15%, 06-12-2018 1.25Great-West Lifeco Inc., 7.13%, 06-26-2018 1.23Saint-Lambert, 2.35%, 07-25-2016 1.21Toronto, 3.50%, 12-06-2021 1.15Sun Life Financial Inc., 4.95%, 06-01-2016 1.12Brookfield Asset Management Inc., 3.95%, 04-09-2019 1.07Sun Life Financial Inc., 5.86%, 12-31-2019 1.07The Toronto-Dominion Bank, 5.76%, 12-18-2017 1.06Saint-Lin-Laurentides, 2.50%, 08-27-2018 1.06Bell Canada, 5.00%, 02-15-2017 1.05Société de transport de Montréal, 5.00%, 12-01-2019 1.04Laurentian Bank of Canada, 3.70%, 11-02-2015 1.01BC Ferry Services, 5.02%, 03-20-2037 1.01Toronto, 5.20%, 06-01-2040 1.01Laprairie, 3.25%, 03-08-2016 0.99Portneuf, 3.05%, 03-28-2016 0.98
ASTRA OAM BOND FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
17
Nature and extent of risks arising from financial instruments The ASTRA OAM Bond Fund is a segregated fund that invests exclusively in the underlying fund called Optimum Canadian Bond Pooled Fund. The ASTRA OAM Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Optimum Asset Management. The manager's investment strategy favours an interest rate anticipation and yield curve management approach. The choice of sectors, the choice of securities, the management of credit spreads and the synchronization of interventions are all also given consideration.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 40,818 - - 40,818
Derivative Products - - - -
Money Market - - - -Total 40,818 - - 40,818
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 68,145 - - 68,145
Derivative Products - - - -
Money Market - - - -Total 68,145 - - 68,145 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA PIMCO BOND FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
18
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 122,616 134,165Cash - 417 Receivables 341 31
122,957 134,613
Liabilities Bank overdraft 470 -Accounts payable - 7
470 7
Net Assets 122,487 134,606
Net asset value per unit 9.85 10.14 Investments, at cost 125,137 131,089
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 134,606 96,013
Capital units transactions Proceeds from issue of units 52,179 55,291 Reinvestment of distributions - 1,617 Redemption of units (59,910) (21,378)
(7,731) 35,530 Distributions to unitholders Net investment income - (1,617)Net realized gain on sale of investments - -
- (1,617)
Increase (decrease) in net assets from operations (4,388) 4,680
Net assets - End of year 122,487 134,606
Changes in number of units Units outstanding at the beginning 13,276,261 9,730,029 Units issued 5,181,103 5,680,522 Units redeemed (6,024,490) (2,134,290)
Units outstanding at the end 12,432,874 13,276,261
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.14 Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 4,771 4,797 Management fee distribution received - -
4,772 4,798
Expenses (note 4) Management fees 3,098 2,304 Administrative fees 137 114
3,235 2,418
Net investment income (loss) 1,537 2,380
Net realized gain (loss) on sale of investments (328) 52
Net realized gain distributed by the underlying fund - 1,109 Net unrealized gain (loss) on investments (5,597) 1,139
Increase (decrease) in net assets from operations (4,388) 4,680
Increase (decrease) in net assets from operations per unit (0.32) 0.41 Management Expense Ratio 2.46% 2.22%
ASTRA PIMCO BOND FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
19
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.11%) PIMCO Canada Canadian CorePLUS Bond Trust 1,222,253 125,137 122,616
OTHER NET ASSETS (-0.11%) (129)
TOTAL NET ASSETS (100%) 122,487
TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut UK 90DAY LIF 06-17-2015 40.79Fin Fut BA MSE 03-16-2015 8.17Fin Fut EURO$ CME 09-14-2015 8.09Fin Fut BA MSE 09-15-2014 7.01Fin Fut BA MSE 12-15-2014 6.80Fin Fut BA MSE 06-16-2014 5.85Fin Fut EURO$ CME 06-15-2015 5.11Fin Fut EURO$ CME 12-14-2015 5.09Province of Ontario, 3.15%, 06-02-2022 1.93Province of Quebec, 4.50%, 12-01-2017 1.61Government of Canada, 5.00%, 06-01-2037 1.45Province of Quebec, 4.25%, 12-01-2021 1.38Province of Ontario, 4.20%, 06-02-2020 1.30Province of Ontario, 4.40%, 03-08-2016 1.22Province of Quebec, 4.50%, 12-01-2020 1.21Province of Ontario, 4.20%, 03-08-2018 1.18Canada Housing Trust No 1, 3.15%, 09-15-2023 1.11Government of Canada, 4.00%, 06-01-2041 1.10Province of Quebec, 4.50%, 12-01-2018 0.95Hydro-Québec, 11.00%, 08-15-2020 0.91Government of Canada, 1.50%, 08-01-2015 0.89Province of Ontario, 2.85%, 06-02-2023 0.87Canada Housing Trust No 1, 1.75%, 06-15-2018 0.76Royal Bank of Canada, 3.77%, 03-30-2018 0.75Canada Housing Trust No 1, 2.40%, 12-15-2022 0.75
ASTRA PIMCO BOND FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
20
Nature and extent of risks arising from financial instruments The ASTRA PIMCO Bond Fund is a segregated fund that invests exclusively in the underlying fund called PIMCO Canada Canadian CorePLUS Bond Trust. The ASTRA PIMCO Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by PIMCO Canada. The manager's investment strategy favours an approach based on diversification of sources for adding value while minimizing the risk of the portfolio.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 122,616 - - 122,616
Derivative Products - - - -
Money Market - - - -Total 122,616 - - 122,616
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 134,165 - - 134,165
Derivative Products - - - -
Money Market - - - -Total 134,165 - - 134,165 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA BOND INDEX FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
21
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 47,534 60,440 Cash 47 110 Receivables - 3
47,581 60,553
Liabilities Bank overdraft - -Accounts payable - 3
- 3
Net Assets 47,581 60,550
Net asset value per unit 10.70 11.08 Investments, at cost 48,411 57,781
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 60,550 56,894
Capital units transactions Proceeds from issue of units 18,018 25,716Reinvestment of distributions - 491 Redemption of units (29,100) (23,198)
(11,082) 3,009Distributions to unitholders Net investment income - (491)Net realized gain on sale of investments - -
- (491)
Increase (decrease) in net assets from operations (1,887) 1,138
Net assets - End of year 47,581 60,550
Changes in number of units Units outstanding at the beginning 5,467,255 5,179,196 Units issued 1,649,483 2,386,056 Units redeemed (2,670,023) (2,097,997)
Units outstanding at the end 4,446,715 5,467,255
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.08 Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 2,117 2,366 Management fee distribution received - -
2,117 2,367
Expenses (note 4) Management fees 1,232 1,272 Administrative fees 57 65
1,289 1,337
Net investment income (loss) 828 1,030
Net realized gain (loss) on sale of investments (42) 629
Net realized gain distributed by the underlying fund 863 443 Net unrealized gain (loss) on investments (3,536) (964)
Increase (decrease) in net assets from operations (1,887) 1,138
Increase (decrease) in net assets from operations per unit (0.36) 0.19 Management Expense Ratio 2.25% 2.06%
ASTRA BOND INDEX FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
22
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.90%) BlackRock Canada Universe Bond Index Fund, Class D 2,043,356 48,411 47,534
OTHER NET ASSETS (0.10%) 47
TOTAL NET ASSETS (100%) 47,581
TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 3.75%, 06-01-2019 1.46Government of Canada, 4.00%, 06-01-2041 1.32Government of Canada, 5.00%, 06-01-2037 1.25Government of Canada, 5.75%, 06-01-2033 1.20Government of Canada, 3.50%, 06-01-2020 1.08Canada Housing Trust No 1, 2.75%, 06-15-2016 1.07Government of Canada, 1.50%, 08-01-2015 1.00Government of Canada, 5.75%, 06-01-2029 0.99Government of Canada, 1.25%, 02-01-2016 0.96Government of Canada, 3.00%, 12-01-2015 0.92Government of Canada, 3.25%, 06-01-2021 0.90Canada Housing Trust No 1, 1.70%, 12-15-2017 0.89Canada Housing Trust No 1, 2.05%, 06-15-2017 0.87Province of Ontario, 4.20%, 06-02-2020 0.85Government of Canada, 1.50%, 06-01-2023 0.85Government of Canada, 2.75%, 06-01-2022 0.85Government of Canada, 4.25%, 06-01-2018 0.84Government of Canada, 3.50%, 12-01-2045 0.83Government of Canada, 4.00%, 06-01-2017 0.83Province of Ontario, 3.15%, 06-02-2022 0.83Province of Ontario, 2.85%, 06-02-2023 0.83Canada Housing Trust No 1, 1.85%, 12-15-2016 0.83Government of Canada, 2.50%, 06-01-2015 0.80Province of Ontario, 4.00%, 06-02-2021 0.79Government of Canada, 1.00%, 02-01-2015 0.78
ASTRA BOND INDEX FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
23
Nature and extent of risks arising from financial instruments The ASTRA Bond Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canada Universe Bond Index Fund, Class D. The ASTRA Bond Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the DEX Universe Index.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 47,534 - - 47,534
Derivative Products - - - -
Money Market - - - -Total 47,534 - - 47,534
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 60,440 - - 60,440
Derivative Products - - - -
Money Market - - - -Total 60,440 - - 60,440 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CONSERVATIVE STRATEGY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
24
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 99,827 87,358 Cash 181 1,312 Receivables 178 44
100,186 88,714
Liabilities Bank overdraft - -Accounts payable 42 -
42 -
Net Assets 100,144 88,714
Net asset value per unit 11.16 10.61 Investments, at cost 98,059 87,134
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 88,714 70,479
Capital units transactions Proceeds from issue of units 30,815 32,797Reinvestment of distributions - -Redemption of units (24,153) (17,375)
6,662 15,422Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,768 2,813
Net assets - End of year 100,144 88,714
Changes in number of units Units outstanding at the beginning 8,360,212 6,880,380 Units issued 2,839,865 3,145,248 Units redeemed (2,226,880) (1,665,416)
Units outstanding at the end 8,973,197 8,360,212
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,397 1,915 Management fee distribution received 1,454 640
2,852 2,556
Expenses (note 4) Management fees 2,456 1,901 Administrative fees 94 80
2,550 1,981
Net investment income (loss) 302 575
Net realized gain (loss) on sale of investments 1,122 327
Net realized gain distributed by the underlying fund 1,802 1,014Net unrealized gain (loss) on investments 1,544 897 Transaction costs (2) -
Increase (decrease) in net assets from operations 4,768 2,813
Increase (decrease) in net assets from operations per unit 0.55 0.37Management Expense Ratio 2.73% 2.48%
ASTRA CONSERVATIVE STRATEGY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
25
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.68%) ASTRA Treasury Fund 9.91 932,603 10,004 9,932 ASTRA Fiera Capital Bond Fund 21.79 2,073,914 23,037 21,822 ASTRA AlphaFixe Bond Fund 21.80 2,120,803 22,861 21,831 PIMCO Canada Canadian CorePLUS Bond Trust 10.90 108,768 11,276 10,911ASTRA Triasima Canadian Equity Fund 7.54 547,621 6,495 7,550 Greystone Canadian Equity Fund 3.79 147,736 3,123 3,792 Jarislowsky Fraser Canadian Equity Fund 7.56 225,795 7,232 7,566 Montrusco Bolton Quantitative Canadian Equity Fund 3.75 92,148 3,410 3,757 Fiera Capital Small Cap Section Fund 2.53 13,374 1,979 2,533 ASTRA Hillsdale U.S. Equity Fund, Class B 2.52 176,767 2,131 2,528 ASTRA Carnegie International Equity Fund 2.53 231,289 1,938 2,538 Hexavest All-Country World Index Fund 4.04 3,620 3,707 4,043 Lazard Global Small Cap Equity (Canada) Fund 1.02 56,171 866 1,024
TOTAL INVESTMENTS (99.68%) 98,059 99,827
OTHER NET ASSETS (0.32%) 317
TOTAL NET ASSETS (100%) 100,144
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA CONSERVATIVE STRATEGY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
26
Nature and extent of risks arising from financial instruments The ASTRA Conservative Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%)
Funds Managers ASTRA Treasury Fund (page 7)
Optimum Asset Management
ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (25%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (10%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest All-Country World Index Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 96,070 3,757 - 99,827
Derivative Products - - - -
Money Market - - - -Total 96,070 3,757 - 99,827
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 87,358 - - 87,358
Derivative Products - - - -
Money Market - - - -Total 87,358 - - 87,358 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA BALANCED STRATEGY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
27
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 261,525 230,851Cash - 1,404 Receivables 762 140
262,287 232,395
Liabilities Bank overdraft 843 -Accounts payable 116 -
959 -
Net Assets 261,328 232,395
Net asset value per unit 11.04 10.04 Investments, at cost 245,725 226,690
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 232,395 204,812
Capital units transactions Proceeds from issue of units 60,758 59,406Reinvestment of distributions - -Redemption of units (55,298) (42,335)
5,460 17,071Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 23,473 10,512
Net assets - End of year 261,328 232,395
Changes in number of units Units outstanding at the beginning 23,146,786 21,425,991 Units issued 5,793,051 6,032,819 Units redeemed (5,274,858) (4,312,024)
Units outstanding at the end 23,664,979 23,146,786
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 2 2 Distribution from the underlying fund 3,832 4,338 Management fee distribution received 3,108 2,392
6,942 6,732
Expenses (note 4) Management fees 6,547 5,164 Administrative fees 246 214
6,793 5,378
Net investment income (loss) 149 1,354
Net realized gain (loss) on sale of investments 4,022 (240)
Net realized gain distributed by the underlying fund 7,671 3,077 Net unrealized gain (loss) on investments 11,639 6,321 Transaction costs (8) -
Increase (decrease) in net assets from operations 23,473 10,512
Increase (decrease) in net assets from operations per unit 1.00 0.48 Management Expense Ratio 2.79% 2.53%
ASTRA BALANCED STRATEGY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
28
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.08%) ASTRA Treasury Fund 4.96 1,217,483 13,058 12,966 ASTRA Fiera Capital Bond Fund 13.88 3,445,997 36,256 36,259 ASTRA AlphaFixe Bond Fund 13.88 3,523,937 36,403 36,275 BlackRock Canada Real Return Bond Index Fund, Class D 4.93 946,921 14,322 12,888 PIMCO Canada Canadian CorePLUS Bond Trust 6.94 180,729 18,723 18,131 ASTRA Triasima Canadian Equity Fund 10.56 2,001,458 23,746 27,592 Greystone Canadian Equity Fund 5.30 540,028 12,902 13,859 Jarislowsky Fraser Canadian Equity Fund 10.58 825,346 25,140 27,655 Montrusco Bolton Quantitative Canadian Equity Fund 5.26 336,813 12,458 13,731 Fiera Capital Small Cap Section Fund 3.54 48,890 7,235 9,261 ASTRA Hillsdale U.S. Equity Fund, Class B 5.05 922,749 11,221 13,197 ASTRA Carnegie International Equity Fund 5.07 1,207,814 10,473 13,254 Hexavest All-Country World Index Fund 8.08 18,905 19,248 21,109 Lazard Global Small Cap Equity (Canada) Fund 2.05 293,277 4,540 5,348
TOTAL INVESTMENTS (100.08%) 245,725 261,525
OTHER NET ASSETS (-0.08%) (197)
TOTAL NET ASSETS (100%) 261,328
TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.
ASTRA BALANCED STRATEGY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
29
Nature and extent of risks arising from financial instruments The ASTRA Balanced Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (45%)
Funds Managers ASTRA Treasury Fund (page 7) Optimum Asset Management ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (35%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (20%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest All-Country World Index Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 247,794 13,731 - 261,525
Derivative Products - - - -
Money Market - - - -Total 247,794 13,731 - 261,525
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 230,851 - - 230,851
Derivative Products - - - -
Money Market - - - -Total 230,851 - - 230,851 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA GROWTH STRATEGY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
30
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 69,362 61,451 Cash 241 50 Receivables 18 31
69,621 61,532
Liabilities Bank overdraft - -Accounts payable 21 -
21 -
Net Assets 69,600 61,532
Net asset value per unit 12.30 10.79 Investments, at cost 64,166 61,201
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 61,532 55,337
Capital units transactions Proceeds from issue of units 14,492 12,313 Reinvestment of distributions - -Redemption of units (15,121) (9,416)
(629) 2,897 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 8,697 3,298
Net assets - End of year 69,600 61,532
Changes in number of units Units outstanding at the beginning 5,700,339 5,423,081 Units issued 1,275,358 1,173,138 Units redeemed (1,316,648) (895,880)
Units outstanding at the end 5,659,049 5,700,339
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,064 1,273 Management fee distribution received 739 495
1,804 1,769
Expenses (note 4) Management fees 1,810 1,425 Administrative fees 67 58
1,877 1,483
Net investment income (loss) (73) 286
Net realized gain (loss) on sale of investments 1,250 (87)
Net realized gain distributed by the underlying fund 2,577 915 Net unrealized gain (loss) on investments 4,946 2,184Transaction costs (3) -
Increase (decrease) in net assets from operations 8,697 3,298
Increase (decrease) in net assets from operations per unit 1.50 0.60 Management Expense Ratio 2.85% 2.59%
ASTRA GROWTH STRATEGY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
31
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund 9.85 651,229 6,851 6,852 ASTRA AlphaFixe Bond Fund 9.85 665,893 6,875 6,855 BlackRock Canada Real Return Bond Index Fund, Class D 4.90 250,499 3,789 3,409 PIMCO Canada Canadian CorePLUS Bond Trust 4.92 34,156 3,540 3,427 ASTRA Triasima Canadian Equity Fund 13.49 680,795 8,075 9,386 Greystone Canadian Equity Fund 6.77 183,714 4,231 4,715 Jarislowsky Fraser Canadian Equity Fund 13.51 280,688 9,119 9,405 Montrusco Bolton Quantitative Canadian Equity Fund 6.71 114,586 4,237 4,671 Fiera Capital Small Cap Section Fund 4.52 16,616 2,463 3,147 ASTRA Hillsdale U.S. Equity Fund, Class B 6.27 304,967 3,700 4,362 ASTRA Carnegie International Equity Fund 6.30 399,467 3,425 4,384 Hexavest All-Country World Index Fund 10.03 6,252 6,366 6,981 Lazard Global Small Cap Equity (Canada) Fund 2.54 96,958 1,495 1,768
TOTAL INVESTMENTS (99.66%) 64,166 69,362
OTHER NET ASSETS (0.34%) 238
TOTAL NET ASSETS (100%) 69,600
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA GROWTH STRATEGY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
32
Nature and extent of risks arising from financial instruments The ASTRA Growth Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Growth Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%)
Funds Managers ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (45%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (25%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest All-Country World Index Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 64,691 4,671 - 69,362
Derivative Products - - - -
Money Market - - - -Total 64,691 4,671 - 69,362
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 61,451 - - 61,451
Derivative Products - - - -
Money Market - - - -Total 61,451 - - 61,451 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA AGGRESSIVE STRATEGY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
33
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 21,380 14,360 Cash 462 -Receivables 9 9
21,851 14,369
Liabilities Bank overdraft - 2 Accounts payable 499 -
499 2
Net Assets 21,352 14,367
Net asset value per unit 11.17 9.51 Investments, at cost 19,578 14,105
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 14,367 13,351
Capital units transactions Proceeds from issue of units 7,136 2,787 Reinvestment of distributions - -Redemption of units (2,935) (2,615)
4,201 172Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 2,784 844
Net assets - End of year 21,352 14,367
Changes in number of units Units outstanding at the beginning 1,510,347 1,492,263 Units issued 687,553 300,873 Units redeemed (286,370) (282,789)
Units outstanding at the end 1,911,530 1,510,347
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 329 273 Management fee distribution received 177 122
506 395
Expenses (note 4) Management fees 487 359Administrative fees 17 14
504 373
Net investment income (loss) 2 22
Net realized gain (loss) on sale of investments 292 32
Net realized gain distributed by the underlying fund 944 186 Net unrealized gain (loss) on investments 1,547 604Transaction costs (1) -
Increase (decrease) in net assets from operations 2,784 844
Increase (decrease) in net assets from operations per unit 1.67 0.56 Management Expense Ratio 2.97% 2.69%
ASTRA AGGRESSIVE STRATEGY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
34
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.13%) ASTRA Fiera Capital Bond Fund 6.44 130,698 1,386 1,375 ASTRA AlphaFixe Bond Fund 6.44 133,631 1,391 1,376 BlackRock Canada Real Return Bond Index Fund, Class D 3.80 59,679 888 812 PIMCO Canada Canadian CorePLUS Bond Trust 2.87 6,100 631 612 ASTRA Triasima Canadian Equity Fund 12.20 188,869 2,292 2,604 Greystone Canadian Equity Fund 6.00 49,936 1,164 1,282 Jarislowsky Fraser Canadian Equity Fund 11.84 75,447 2,454 2,528 Montrusco Bolton Quantitative Canadian Equity Fund 6.00 31,453 1,179 1,282 Fiera Capital Small Cap Section Fund 3.90 4,398 544 833 ASTRA Hillsdale U.S. Equity Fund, Class B 10.03 149,796 1,887 2,142 ASTRA Carnegie International Equity Fund 10.03 194,987 1,698 2,140 Hexavest All-Country World Index Fund 16.64 3,182 3,332 3,553 Lazard Global Small Cap Equity (Canada) Fund 3.94 46,149 732 841
TOTAL INVESTMENTS (100.13%) 19,578 21,380
OTHER NET ASSETS (-0.13%) (28)
TOTAL NET ASSETS (100%) 21,352
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA AGGRESSIVE STRATEGY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
35
Nature and extent of risks arising from financial instruments The ASTRA Aggressive Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%)
Funds Managers ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (40%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (40%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest All-Country World Index Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 20,098 1,282 - 21,380
Derivative Products - - - -
Money Market - - - -Total 20,098 1,282 - 21,380
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 14,360 - - 14,360
Derivative Products - - - -
Money Market - - - -Total 14,360 - - 14,360 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CELESTIA CONSERVATIVE FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
36
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 48,402 28,394 Cash 856 560 Receivables 103 19
49,361 28,973
Liabilities Bank overdraft - -Accounts payable 492 522
492 522
Net Assets 48,869 28,451
Net asset value per unit 10.98 10.42 Investments, at cost 47,476 28,369
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 28,451 15,597
Capital units transactions Proceeds from issue of units 27,125 15,601 Reinvestment of distributions - -Redemption of units (8,694) (3,675)
18,431 11,926 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 1,987 928
Net assets - End of year 48,869 28,451
Changes in number of units Units outstanding at the beginning 2,729,814 1,561,655 Units issued 2,533,922 1,527,895 Units redeemed (811,388) (359,736)
Units outstanding at the end 4,452,348 2,729,814
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 689 625 Management fee distribution received 568 165
1,257 790
Expenses (note 4) Management fees 1,039 515Administrative fees 38 21
1,077 536
Net investment income (loss) 180 254
Net realized gain (loss) on sale of investments 91 321
Net realized gain distributed by the underlying fund 815 294 Net unrealized gain (loss) on investments 901 59
Increase (decrease) in net assets from operations 1,987 928
Increase (decrease) in net assets from operations per unit 0.56 0.45 Management Expense Ratio 2.85% 2.59%
ASTRA CELESTIA CONSERVATIVE FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
37
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.04%) ASTRA Treasury Fund 9.96 457,122 4,901 4,868 ASTRA Fiera Capital Bond Fund 19.74 916,582 10,053 9,645ASTRA AlphaFixe Bond Fund 9.95 472,465 5,017 4,863 PIMCO Canada Canadian CorePLUS Bond Trust 19.75 96,183 10,008 9,649 ASTRA Triasima Canadian Equity Fund 3.71 131,403 1,577 1,812 Greystone Canadian Equity Fund 1.74 33,103 751 850 Jarislowsky Fraser Canadian Equity Fund 3.71 54,178 1,759 1,815 Montrusco Bolton Quantitative Canadian Equity Fund 1.73 20,779 783 847 Fiera Capital Small Cap Section Fund 0.99 2,564 344 486 ASTRA Hillsdale U.S. Equity Fund, Class B 3.47 118,675 1,500 1,697 ASTRA Carnegie International Equity Fund 3.50 155,613 1,382 1,708 Hexavest World Fund 4.96 2,131 2,191 2,426 Lazard Global Small Cap Equity (Canada) Fund 2.01 53,900 849 983 ASTRA Fisher Emerging Markets Equity Fund 1.98 95,907 924 967 ASTRA CoreCommodity Management Commodity Fund, Class A 3.91 232,101 2,122 1,910 ASTRA Morgan Stanley Global Real Estate Fund 3.95 166,415 1,738 1,931 Lazard Global Listed Infrastructure (Canada) Fund 3.98 147,898 1,577 1,945
TOTAL INVESTMENTS (99.04%) 47,476 48,402
OTHER NET ASSETS (0.96%) 467
TOTAL NET ASSETS (100%) 48,869
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA CELESTIA CONSERVATIVE FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
38
Nature and extent of risks arising from financial instruments The ASTRA Celestia Conservative Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Conservative Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (60%)
Funds Managers ASTRA Treasury Fund (page 7)
Optimum Asset Management
ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (12%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (16%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest World Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
ASTRA Fisher Emerging Markets Equity Fund (page 48)
Fisher Investments
Specialty Funds (12%)
Funds Managers ASTRA CoreCommodity Management Commodity Fund, Class A (page 155)
CoreCommodity Management
ASTRA Morgan Stanley Global Real Estate Fund (page 152)
Morgan Stanley Investment Management
Lazard Global Listed Infrastructure (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 47,555 847 - 48,402
Derivative Products - - - -
Money Market - - - -Total 47,555 847 - 48,402
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 28,394 - - 28,394
Derivative Products - - - -
Money Market - - - -Total 28,394 - - 28,394 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CELESTIA BALANCED FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
39
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 91,686 56,400 Cash 141 269 Receivables 147 34
91,974 56,703
Liabilities Bank overdraft - -Accounts payable 15 366
15 366
Net Assets 91,959 56,337
Net asset value per unit 11.02 10.05 Investments, at cost 86,895 55,189
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 56,337 39,395
Capital units transactions Proceeds from issue of units 40,836 20,888 Reinvestment of distributions - -Redemption of units (12,161) (6,630)
28,675 14,258 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 6,947 2,684
Net assets - End of year 91,959 56,337
Changes in number of units Units outstanding at the beginning 5,606,129 4,148,705 Units issued 3,889,726 2,133,742 Units redeemed (1,152,619) (676,318)
Units outstanding at the end 8,343,236 5,606,129
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 1,348 1,149 Management fee distribution received 1,051 459
2,400 1,609
Expenses (note 4) Management fees 2,167 1,219 Administrative fees 77 48
2,244 1,267
Net investment income (loss) 156 342
Net realized gain (loss) on sale of investments 785 138
Net realized gain distributed by the underlying fund 2,426 596 Net unrealized gain (loss) on investments 3,580 1,608
Increase (decrease) in net assets from operations 6,947 2,684
Increase (decrease) in net assets from operations per unit 0.96 0.55 Management Expense Ratio 2.96% 2.70%
ASTRA CELESTIA BALANCED FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
40
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.70%) ASTRA Treasury Fund 4.94 426,686 4,577 4,544 ASTRA Fiera Capital Bond Fund 12.34 1,078,187 11,581 11,345 ASTRA AlphaFixe Bond Fund 5.92 529,296 5,639 5,448 BlackRock Canada Real Return Bond Index Fund, Class D 3.93 265,453 3,987 3,613 PIMCO Canada Canadian CorePLUS Bond Trust 12.34 113,103 11,649 11,346ASTRA Triasima Canadian Equity Fund 6.26 417,486 4,985 5,755 Greystone Canadian Equity Fund 3.27 117,157 2,664 3,007 Jarislowsky Fraser Canadian Equity Fund 6.27 172,167 5,574 5,769 Montrusco Bolton Quantitative Canadian Equity Fund 3.24 73,097 2,740 2,980 Fiera Capital Small Cap Section Fund 2.02 9,787 1,299 1,854 ASTRA Hillsdale U.S. Equity Fund, Class B 6.03 387,801 4,826 5,546 ASTRA Carnegie International Equity Fund 6.06 508,039 4,437 5,575 Hexavest World Fund 8.05 6,501 6,633 7,402 Lazard Global Small Cap Equity (Canada) Fund 2.04 102,710 1,599 1,873 ASTRA Fisher Emerging Markets Equity Fund 2.00 182,465 1,753 1,841 ASTRA CoreCommodity Management Commodity Fund, Class A 4.95 552,956 5,169 4,551 ASTRA Morgan Stanley Global Real Estate Fund 5.00 396,399 4,094 4,599 Lazard Global Listed Infrastructure (Canada) Fund 5.04 352,571 3,689 4,638
TOTAL INVESTMENTS (99.70%) 86,895 91,686
OTHER NET ASSETS (0.30%) 273
TOTAL NET ASSETS (100%) 91,959
TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.
ASTRA CELESTIA BALANCED FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
41
Nature and extent of risks arising from financial instruments The ASTRA Celestia Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Balanced Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%)
Funds Managers ASTRA Treasury Fund (page 7)
Optimum Asset Management
ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (21%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (24%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest World Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
ASTRA Fisher Emerging Markets Equity Fund (page 48)
Fisher Investments
Specialty Funds (15%)
Funds Managers ASTRA CoreCommodity Management Commodity Fund, Class A (page 155)
CoreCommodity Management
ASTRA Morgan Stanley Global Real Estate Fund (page 152)
Morgan Stanley Investment Management
Lazard Global Listed Infrastructure (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 88,706 2,980 - 91,686
Derivative Products - - - -
Money Market - - - -Total 88,706 2,980 - 91,686
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 56,400 - - 56,400
Derivative Products - - - -
Money Market - - - -Total 56,400 - - 56,400 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CELESTIA GROWTH FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
42
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 41,463 26,390 Cash 160 42 Receivables 48 18
41,671 26,450
Liabilities Bank overdraft - -Accounts payable 46 -
46 -
Net Assets 41,625 26,450
Net asset value per unit 11.35 10.05 Investments, at cost 38,388 25,627
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 26,450 18,398
Capital units transactions Proceeds from issue of units 15,118 9,469 Reinvestment of distributions - -Redemption of units (4,154) (2,847)
10,964 6,622 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,211 1,430
Net assets - End of year 41,625 26,450
Changes in number of units Units outstanding at the beginning 2,632,227 1,951,724 Units issued 1,422,364 972,159 Units redeemed (387,478) (291,656)
Units outstanding at the end 3,667,113 2,632,227
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 606 517 Management fee distribution received 495 221
1,101 738
Expenses (note 4) Management fees 1,018 581 Administrative fees 35 22
1,053 603
Net investment income (loss) 48 135
Net realized gain (loss) on sale of investments 536 114
Net realized gain distributed by the underlying fund 1,315 272 Net unrealized gain (loss) on investments 2,312 909
Increase (decrease) in net assets from operations 4,211 1,430
Increase (decrease) in net assets from operations per unit 1.28 0.63 Management Expense Ratio 3.01% 2.75%
ASTRA CELESTIA GROWTH FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
43
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.61%) ASTRA Fiera Capital Bond Fund 9.23 365,002 3,918 3,841 ASTRA AlphaFixe Bond Fund 3.40 137,617 1,468 1,417 BlackRock Canada Real Return Bond Index Fund, Class D 3.63 110,886 1,660 1,509 PIMCO Canada Canadian CorePLUS Bond Trust 9.08 37,688 3,879 3,781 ASTRA Triasima Canadian Equity Fund 6.90 208,442 2,485 2,874 Greystone Canadian Equity Fund 3.96 64,262 1,441 1,649 Jarislowsky Fraser Canadian Equity Fund 6.92 85,951 2,752 2,880 Montrusco Bolton Quantitative Canadian Equity Fund 3.93 40,088 1,498 1,634 Fiera Capital Small Cap Section Fund 1.99 4,363 561 827 ASTRA Hillsdale U.S. Equity Fund, Class B 7.43 216,178 2,683 3,092 ASTRA Carnegie International Equity Fund 7.46 282,931 2,409 3,105 Hexavest World Fund 8.91 3,258 3,309 3,710 Lazard Global Small Cap Equity (Canada) Fund 3.01 68,716 1,063 1,253 ASTRA Fisher Emerging Markets Equity Fund 2.96 122,026 1,172 1,231 ASTRA CoreCommodity Management Commodity Fund, Class A 6.82 345,030 3,233 2,840 ASTRA Morgan Stanley Global Real Estate Fund 7.04 252,489 2,603 2,928Lazard Global Listed Infrastructure (Canada) Fund 6.94 219,916 2,254 2,892
TOTAL INVESTMENTS (99.61%) 38,388 41,463
OTHER NET ASSETS (0.39%) 162
TOTAL NET ASSETS (100%) 41,625
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA CELESTIA GROWTH FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
44
Nature and extent of risks arising from financial instruments The ASTRA Celestia Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Growth Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (25%)
Funds Managers ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (24%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (30%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest World Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
ASTRA Fisher Emerging Markets Equity Fund (page 48)
Fisher Investments
Specialty Funds (21%)
Funds Managers ASTRA CoreCommodity Management Commodity Fund, Class A (page 155)
CoreCommodity Management
ASTRA Morgan Stanley Global Real Estate Fund (page 152)
Morgan Stanley Investment Management
Lazard Global Listed Infrastructure (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 39,829 1,634 - 41,463
Derivative Products - - - -
Money Market - - - -Total 39,829 1,634 - 41,463
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 26,390 - - 26,390
Derivative Products - - - -
Money Market - - - -Total 26,390 - - 26,390 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CELESTIA AGGRESSIVE FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
45
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 32,174 20,665 Cash 325 136 Receivables - 14
32,499 20,815
Liabilities Bank overdraft - -Accounts payable 216 -
216 -
Net Assets 32,283 20,815
Net asset value per unit 11.21 9.62 Investments, at cost 29,071 19,990
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 20,815 15,836
Capital units transactions Proceeds from issue of units 10,746 6,086Reinvestment of distributions - -Redemption of units (3,440) (2,434)
7,306 3,652Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,162 1,327
Net assets - End of year 32,283 20,815
Changes in number of units Units outstanding at the beginning 2,164,146 1,770,087 Units issued 1,043,730 656,517 Units redeemed (329,245) (262,458)
Units outstanding at the end 2,878,631 2,164,146
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 452 395 Management fee distribution received 409 192
861 587
Expenses (note 4) Management fees 815 502 Administrative fees 28 19
843 521
Net investment income (loss) 18 66
Net realized gain (loss) on sale of investments 508 91
Net realized gain distributed by the underlying fund 1,208 208 Net unrealized gain (loss) on investments 2,428 962
Increase (decrease) in net assets from operations 4,162 1,327
Increase (decrease) in net assets from operations per unit 1.57 0.65 Management Expense Ratio 3.07% 2.80%
ASTRA CELESTIA AGGRESSIVE FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
46
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund 2.94 90,326 966 950 ASTRA AlphaFixe Bond Fund 1.96 61,570 655 634 BlackRock Canada Real Return Bond Index Fund, Class D 1.95 46,396 699 631 PIMCO Canada Canadian CorePLUS Bond Trust 2.95 9,482 974 951 ASTRA Triasima Canadian Equity Fund 7.97 186,626 2,232 2,573 Greystone Canadian Equity Fund 4.00 50,337 1,130 1,292 Jarislowsky Fraser Canadian Equity Fund 7.99 76,931 2,455 2,578 Montrusco Bolton Quantitative Canadian Equity Fund 3.96 31,402 1,168 1,280 Fiera Capital Small Cap Section Fund 3.00 5,122 677 970 ASTRA Hillsdale U.S. Equity Fund, Class B 8.50 191,830 2,352 2,743 ASTRA Carnegie International Equity Fund 8.55 251,448 2,133 2,759 Hexavest World Fund 11.01 3,120 3,157 3,553 Lazard Global Small Cap Equity (Canada) Fund 4.05 71,720 1,114 1,308 ASTRA Fisher Emerging Markets Equity Fund 3.98 127,509 1,227 1,286 ASTRA CoreCommodity Management Commodity Fund, Class A 8.86 347,614 3,285 2,861 ASTRA Morgan Stanley Global Real Estate Fund 8.96 249,228 2,553 2,892 Lazard Global Listed Infrastructure (Canada) Fund 9.03 221,388 2,294 2,913
TOTAL INVESTMENTS (99.66%) 29,071 32,174
OTHER NET ASSETS (0.34%) 109
TOTAL NET ASSETS (100%) 32,283
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA CELESTIA AGGRESSIVE FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
47
Nature and extent of risks arising from financial instruments The ASTRA Celestia Aggressive Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Celestia Aggressive Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (10%)
Funds Managers ASTRA Fiera Capital Bond Fund (page 12)
Fiera Capital Corporation
ASTRA AlphaFixe Bond Fund (page 48)
AlphaFixe Capital
BlackRock Canada Real Return Bond Index Fund, Class D (page 48)
BlackRock Asset Management
PIMCO Canada Canadian CorePLUS Bond Trust (page 48)
PIMCO Canada
Canadian Equities (27%)
Funds Managers ASTRA Triasima Canadian Equity Fund (page 83)
Triasima Inc. Portfolio Management
Greystone Canadian Equity Fund (page 48)
Greystone Managed Investments
Jarislowsky Fraser Canadian Equity Fund (page 48)
Jarislowsky Fraser Ltd.
Montrusco Bolton Quantitative Canadian Equity Fund (page 48)
Montrusco Bolton Investments
Fiera Capital Small Cap Section Fund (page 48)
Fiera Capital Corporation
Foreign Equities (36%)
Funds Managers ASTRA Hillsdale U.S. Equity Fund, Class B (page 48)
Hillsdale Investment Management
ASTRA Carnegie International Equity Fund (page 119)
Carnegie Asset Management
Hexavest World Fund (page 48)
Hexavest Asset Management
Lazard Global Small Cap Equity (Canada) Fund (page 48)
Lazard Asset Management
ASTRA Fisher Emerging Markets Equity Fund (page 48)
Fisher Investments
Specialty Funds (27%)
Funds Managers ASTRA CoreCommodity Management Commodity Fund, Class A (page 155)
CoreCommodity Management
ASTRA Morgan Stanley Global Real Estate Fund (page 152)
Morgan Stanley Investment Management
Lazard Global Listed Infrastructure (Canada) Fund (page 48)
Lazard Asset Management
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 30,894 1,280 - 32,174
Derivative Products - - - -
Money Market - - - -Total 30,894 1,280 - 32,174
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 20,665 - - 20,665
Derivative Products - - - -
Money Market - - - -Total 20,665 - - 20,665 As at December 31, 2013 the Fund holds financial instruments level 2 due to a change in the investment policy. During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA STRATEGY & CELESTIA FUNDS
TOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2013
48
TOP HOLDINGS OF UNDERLYING FUND
ASTRA AlphaFixe Bond Fund %Government of Canada, 4.00%, 06-01-2041 5.59Province of Quebec, 3.50%, 12-01-2022 5.23Government of Canada, 1.50%, 03-01-2017 4.11Province of Ontario, 3.15%, 06-02-2022 3.89Government of Canada, 1.50%, 06-01-2023 3.70
TOP HOLDINGS OF UNDERLYING FUND
BlackRock Canada Real Return Bond Index Fund, Class D %Government of Canada, 4.00%, 12-01-2031 17.10Government of Canada, 4.25%, 12-01-2026 15.27Government of Canada, 3.00%, 12-01-2036 14.17Government of Canada, 4.25%, 12-01-2021 14.16Government of Canada, 1.50%, 12-01-2044 12.84
TOP HOLDINGS OF UNDERLYING FUND
PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut UK 90DAY LIF 06-17-2015 40.79Fin Fut BA MSE 03-16-2015 8.17Fin Fut EURO$ CME 09-14-2015 8.09Fin Fut BA MSE 09-15-2014 7.01Fin Fut BA MSE 12-15-2014 6.80
TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 8.39Royal Bank of Canada 7.56Bank of Nova Scotia 7.29Canadian National Railway Company 5.23Suncor Energy Inc. 4.71
TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.32Jarislowsky Fraser Special Equity Fund 7.78Bank of Nova Scotia 7.16Royal Bank of Canada 6.96Suncor Energy Inc. 4.65
TOP HOLDINGS OF UNDERLYING FUND
Montrusco Bolton Quantitative Canadian Equity Fund %Valeant Pharmaceuticals International Inc. 10.36Constellation Software Inc. 10.28Methanex Corp. 9.84Open Text Corp. 9.69Magna International Inc. 9.36
TOP HOLDINGS OF UNDERLYING FUND
Fiera Capital Small Cap Section Fund %FirstService Corp. 3.63Secure Energy Services Inc. 3.53Badger Daylighting Ltd. 3.45Linamar Corp. 3.19Stella-Jones Inc. 3.17
TOP HOLDINGS OF UNDERLYING FUND
ASTRA Hillsdale U.S. Equity Fund, Class B %Amdocs Ltd. 1.47Johnson & Johnson 1.23Lockheed Martin Corp. 1.05Northfield Bancorp Inc. 0.97Capitol Federal Financial Inc. 0.96
TOP HOLDINGS OF UNDERLYING FUND
Hexavest World Fund %Exxon Mobil Corp. 2.63Microsoft Corp. 1.79Apple Inc. 1.61Chevron Corp. 1.56Pfizer Inc. 1.48
TOP HOLDINGS OF UNDERLYING FUND Hexavest All-Country World Index Fund %Exxon Mobil Corp. 2.27Microsoft Corp. 1.55Apple Inc. 1.39Chevron Corp. 1.35Pfizer Inc. 1.28
TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund %Azimut Holding SpA 2.52Jafco Co. Ltd. 2.21Intrum Justitia AB 1.95IG Group Holdings PLC 1.89NetScout Systems Inc. 1.82
TOP HOLDINGS OF UNDERLYING FUND ASTRA Fisher Emerging Markets Equity Fund %Tencent Holdings Ltd. 4.67Sands China Ltd. 3.87Samsung Electronics Co. Ltd. 3.64Lenovo Group Ltd. 3.55Naver Corp. 3.20
TOP HOLDINGS OF UNDERLYING FUND
Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.55Fraport AG 8.35Aéroports de Paris 4.78Vinci SA 4.74Tokyo Gas Co. Ltd. 4.53
ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
49
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 17,165 16,634 Cash - 55 Receivables - 8
17,165 16,697
Liabilities Bank overdraft 8 -Accounts payable - 67
8 67
Net Assets 17,157 16,630
Net asset value per unit 11.38 10.91 Investments, at cost 16,486 16,182
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 16,630 12,081
Capital units transactions Proceeds from issue of units 5,564 7,450 Reinvestment of distributions - 22 Redemption of units (5,735) (3,467)
(171) 4,005 Distributions to unitholders Net investment income - (22)Net realized gain on sale of investments - -
- (22)
Increase (decrease) in net assets from operations 698 566
Net assets - End of year 17,157 16,630
Changes in number of units Units outstanding at the beginning 1,524,137 1,147,811 Units issued 500,720 700,332 Units redeemed (517,139) (324,006)
Units outstanding at the end 1,507,718 1,524,137
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.01 Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 403 380 Management fee distribution received 201 130
604 510
Expenses (note 4) Management fees 454 376Administrative fees 18 16
472 392
Net investment income (loss) 132 118
Net realized gain (loss) on sale of investments 187 133
Net realized gain distributed by the underlying fund 157 76 Net unrealized gain (loss) on investments 227 239 Transaction costs (5) -
Increase (decrease) in net assets from operations 698 566
Increase (decrease) in net assets from operations per unit 0.44 0.39 Management Expense Ratio 2.68% 2.50%
ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
50
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.05%) ASTRA Canadian Fundamental Equity Fund 13.17 189,457 1,994 2,260 ASTRA U.S. Fundamental Equity Fund 8.09 85,886 994 1,388 ASTRA International Fundamental Equity Fund 8.27 129,760 1,084 1,419 ASTRA Emerging Markets Fundamental Equity Fund 5.99 101,382 1,059 1,028 BlackRock Canada Universe Bond Index Fund, Class D 64.53 475,864 11,355 11,070
TOTAL INVESTMENTS (100.05%) 16,486 17,165
OTHER NET ASSETS (-0.05%) (8)
TOTAL NET ASSETS (100%) 17,157
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
51
Nature and extent of risks arising from financial instruments The ASTRA Conservative Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Conservative Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%)
Funds Manager BlackRock Canada Universe Bond Index Fund, Class D (page 61)
BlackRock Asset Management
Canadian Equities (13%)
Funds Manager ASTRA Canadian Fundamental Equity Fund (page 94)
BlackRock Asset Management
Foreign Equities (22%)
Funds Manager ASTRA U.S. Fundamental Equity Fund (page 110)
BlackRock Asset Management ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 17,165 - - 17,165
Derivative Products - - - -
Money Market - - - -Total 17,165 - - 17,165
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 16,634 - - 16,634
Derivative Products - - - -
Money Market - - - -Total 16,634 - - 16,634 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
52
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 47,095 37,413 Cash 63 153 Receivables - 28
47,158 37,594
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 47,158 37,594
Net asset value per unit 11.76 10.68 Investments, at cost 42,903 36,426
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 37,594 29,641
Capital units transactions Proceeds from issue of units 12,221 13,078 Reinvestment of distributions - 15 Redemption of units (6,777) (7,086)
5,444 6,007 Distributions to unitholders Net investment income - (15)Net realized gain on sale of investments - -
- (15)
Increase (decrease) in net assets from operations 4,120 1,961
Net assets - End of year 47,158 37,594
Changes in number of units Units outstanding at the beginning 3,519,179 2,930,706 Units issued 1,097,306 1,271,723 Units redeemed (607,168) (683,250)
Units outstanding at the end 4,009,317 3,519,179
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.01Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 601 588 Management fee distribution received 817 479
1,418 1,067
Expenses (note 4) Management fees 1,132 834 Administrative fees 43 34
1,175 868
Net investment income (loss) 243 199
Net realized gain (loss) on sale of investments 463 305
Net realized gain distributed by the underlying fund 228 151 Net unrealized gain (loss) on investments 3,205 1,306Transaction costs (19) -
Increase (decrease) in net assets from operations 4,120 1,961
Increase (decrease) in net assets from operations per unit 1.08 0.60 Management Expense Ratio 2.75% 2.57%
ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
53
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.87%) ASTRA Canadian Fundamental Equity Fund 22.13 874,654 9,226 10,435 ASTRA U.S. Fundamental Equity Fund 14.05 410,048 4,764 6,625 ASTRA International Fundamental Equity Fund 14.36 619,268 5,188 6,771 ASTRA Emerging Markets Fundamental Equity Fund 9.91 460,940 4,815 4,673 BlackRock Canada Universe Bond Index Fund, Class D 39.42 799,193 18,910 18,591
TOTAL INVESTMENTS (99.87%) 42,903 47,095
OTHER NET ASSETS (0.13%) 63
TOTAL NET ASSETS (100%) 47,158
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
54
Nature and extent of risks arising from financial instruments The ASTRA Balanced Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Balanced Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%)
Funds Manager BlackRock Canada Universe Bond Index Fund, Class D (page 61)
BlackRock Asset Management
Canadian Equities (22%)
Funds Manager ASTRA Canadian Fundamental Equity Fund (page 94)
BlackRock Asset Management
Foreign Equities (38%)
Funds Manager ASTRA U.S. Fundamental Equity Fund (page 110)
BlackRock Asset Management ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 47,095 - - 47,095
Derivative Products - - - -
Money Market - - - -Total 47,095 - - 47,095
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 37,413 - - 37,413
Derivative Products - - - -
Money Market - - - -Total 37,413 - - 37,413 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
55
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 25,890 19,717 Cash 173 -Receivables - 7
26,063 19,724
Liabilities Bank overdraft - 7 Accounts payable - -
- 7
Net Assets 26,063 19,717
Net asset value per unit 11.91 10.53 Investments, at cost 23,198 19,355
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 19,717 16,950
Capital units transactions Proceeds from issue of units 6,884 5,782 Reinvestment of distributions - -Redemption of units (3,363) (4,155)
3,521 1,627 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 2,825 1,140
Net assets - End of year 26,063 19,717
Changes in number of units Units outstanding at the beginning 1,873,189 1,712,859 Units issued 617,299 566,405 Units redeemed (301,619) (406,075)
Units outstanding at the end 2,188,869 1,873,189
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 244 265 Management fee distribution received 500 309
744 574
Expenses (note 4) Management fees 608 481 Administrative fees 23 19
631 500
Net investment income (loss) 113 74
Net realized gain (loss) on sale of investments 299 289
Net realized gain distributed by the underlying fund 94 77 Net unrealized gain (loss) on investments 2,330 700Transaction costs (11) -
Increase (decrease) in net assets from operations 2,825 1,140
Increase (decrease) in net assets from operations per unit 1.40 0.62 Management Expense Ratio 2.79% 2.65%
ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
56
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.34%) ASTRA Canadian Fundamental Equity Fund 25.95 566,759 6,027 6,762 ASTRA U.S. Fundamental Equity Fund 16.92 273,006 3,228 4,411 ASTRA International Fundamental Equity Fund 17.30 412,276 3,511 4,508 ASTRA Emerging Markets Fundamental Equity Fund 9.83 252,765 2,642 2,562 BlackRock Canada Universe Bond Index Fund, Class D 29.34 328,713 7,790 7,647
TOTAL INVESTMENTS (99.34%) 23,198 25,890
OTHER NET ASSETS (0.66%) 173
TOTAL NET ASSETS (100%) 26,063
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
57
Nature and extent of risks arising from financial instruments The ASTRA Growth Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Growth Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%)
Funds Manager BlackRock Canada Universe Bond Index Fund, Class D (page 61)
BlackRock Asset Management
Canadian Equities (26%)
Funds Manager ASTRA Canadian Fundamental Equity Fund (page 94)
BlackRock Asset Management
Foreign Equities (44%)
Funds Manager ASTRA U.S. Fundamental Equity Fund (page 110)
BlackRock Asset Management ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 25,890 - - 25,890
Derivative Products - - - -
Money Market - - - -Total 25,890 - - 25,890
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 19,717 - - 19,717
Derivative Products - - - -
Money Market - - - -Total 19,717 - - 19,717 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
58
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 19,776 15,400 Cash 40 35 Receivables - 6
19,816 15,441
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 19,816 15,441
Net asset value per unit 12.11 10.46 Investments, at cost 17,264 15,116
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 15,441 10,898
Capital units transactions Proceeds from issue of units 5,198 6,962Reinvestment of distributions - -Redemption of units (3,436) (3,324)
1,762 3,638Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 2,613 905
Net assets - End of year 19,816 15,441
Changes in number of units Units outstanding at the beginning 1,475,512 1,117,487 Units issued 469,290 686,820 Units redeemed (309,142) (328,795)
Units outstanding at the end 1,635,660 1,475,512
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 138 143 Management fee distribution received 455 252
593 395
Expenses (note 4) Management fees 493 342 Administrative fees 18 13
511 355
Net investment income (loss) 82 40
Net realized gain (loss) on sale of investments 262 96
Net realized gain distributed by the underlying fund 52 49 Net unrealized gain (loss) on investments 2,228 720 Transaction costs (11) -
Increase (decrease) in net assets from operations 2,613 905
Increase (decrease) in net assets from operations per unit 1.63 0.69 Management Expense Ratio 2.84% 2.69%
ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
59
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.80%) ASTRA Canadian Fundamental Equity Fund 28.01 465,183 4,915 5,550 ASTRA U.S. Fundamental Equity Fund 19.96 244,773 2,858 3,954ASTRA International Fundamental Equity Fund 20.40 369,637 3,091 4,042 ASTRA Emerging Markets Fundamental Equity Fund 11.82 231,180 2,411 2,343 BlackRock Canada Universe Bond Index Fund, Class D 19.61 167,071 3,989 3,887
TOTAL INVESTMENTS (99.80%) 17,264 19,776
OTHER NET ASSETS (0.20%) 40
TOTAL NET ASSETS (100%) 19,816
TOP HOLDINGS OF UNDERLYING FUNDS
Please refer to the page number references provided in the next page.
ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
60
Nature and extent of risks arising from financial instruments The ASTRA Aggressive Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers. The ASTRA Aggressive Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%)
Funds Manager BlackRock Canada Universe Bond Index Fund, Class D (page 61)
BlackRock Asset Management
Canadian Equities (28%)
Funds Manager ASTRA Canadian Fundamental Equity Fund (page 94)
BlackRock Asset Management
Foreign Equities (52%)
Funds Manager ASTRA U.S. Fundamental Equity Fund (page 110)
BlackRock Asset Management ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 19,776 - - 19,776
Derivative Products - - - -
Money Market - - - -Total 19,776 - - 19,776
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 15,400 - - 15,400
Derivative Products - - - -
Money Market - - - -Total 15,400 - - 15,400 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA FUNDAMENTAL PORTFOLIOS FUNDS
TOP HOLDINGS OF UNDERLYING FUND As at December 31, 2013
61
TOP HOLDINGS OF UNDERLYING FUND
BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 3.75%, 06-01-2019 1.46Government of Canada, 4.00%, 06-01-2041 1.32Government of Canada, 5.00%, 06-01-2037 1.25Government of Canada, 5.75%, 06-01-2033 1.20Government of Canada, 3.50%, 06-01-2020 1.08Canada Housing Trust No 1, 2.75%, 06-15-2016 1.07Government of Canada, 1.50%, 08-01-2015 1.00Government of Canada, 5.75%, 06-01-2029 0.99Government of Canada, 1.25%, 02-01-2016 0.96Government of Canada, 3.00%, 12-01-2015 0.92Government of Canada, 3.25%, 06-01-2021 0.90Canada Housing Trust No 1, 1.70%, 12-15-2017 0.89Canada Housing Trust No 1, 2.05%, 06-15-2017 0.87Province of Ontario, 4.20%, 06-02-2020 0.85Government of Canada, 1.50%, 06-01-2023 0.85Government of Canada, 2.75%, 06-01-2022 0.85Government of Canada, 4.25%, 06-01-2018 0.84Government of Canada, 3.50%, 12-01-2045 0.83Government of Canada, 4.00%, 06-01-2017 0.83Province of Ontario, 3.15%, 06-02-2022 0.83Province of Ontario, 2.85%, 06-02-2023 0.83Canada Housing Trust No 1, 1.85%, 12-15-2016 0.83Government of Canada, 2.50%, 06-01-2015 0.80Province of Ontario, 4.00%, 06-02-2021 0.79Government of Canada, 1.00%, 02-01-2015 0.78
ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
62
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 3,189 4,097 Cash 72 2Receivables 50 2
3,311 4,101
Liabilities Bank overdraft - -Accounts payable 99 -
99 -
Net Assets 3,212 4,101
Net asset value per unit 6.83 8.57 Investments, at cost 4,252 4,556
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 4,101 789
Capital units transactions Proceeds from issue of units 1,295 4,409 Reinvestment of distributions - -Redemption of units (1,280) (681)
15 3,728 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations (904) (416)
Net assets - End of year 3,212 4,101
Changes in number of units Units outstanding at the beginning 478,672 85,632 Units issued 163,423 469,403 Units redeemed (171,805) (76,363)
Units outstanding at the end 470,290 478,672
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 6 19 Management fee distribution received 35 27
41 46
Expenses (note 4) Management fees 87 68 Administrative fees 4 3
91 71
Net investment income (loss) (50) (25)
Net realized gain (loss) on sale of investments (243) (7)
Net realized gain distributed by the underlying fund - 21 Net unrealized gain (loss) on investments (604) (405)Transaction costs (7) -
Increase (decrease) in net assets from operations (904) (416)
Increase (decrease) in net assets from operations per unit (1.83) (1.18)Management Expense Ratio 3.67% 3.42%
ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
63
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.28%) ASTRA Fiera Capital Bond Fund 38.88 118,723 1,307 1,249 Sprott Canadian Equity Fund 48.35 77,983 2,560 1,553 Sprott Small Cap Equity Fund 12.05 32,346 385 387
TOTAL INVESTMENTS (99.28%) 4,252 3,189
OTHER NET ASSETS (0.72%) 23
TOTAL NET ASSETS (100%) 3,212
TOP HOLDINGS OF UNDERLYING FUND
ASTRA Fiera Capital Bond Fund Please refer to the page 12.
TOP HOLDINGS OF UNDERLYING FUND
Sprott Canadian Equity Fund %First Majestic Silver Corp. 4.85Canacol Energy Ltd. 3.45Fortuna Silver Mines Inc. 3.19Mandalay Resource Compagny 2.53Gildan Activewear Inc. 2.42
TOP HOLDINGS OF UNDERLYING FUND
Sprott Small Cap Equity Fund %AutoCanada Inc. 6.22Boyd Group Income Fund 6.09Home Capital Group Inc. 5.14Canacol Energy Ltd. 4.09Guardian Capital Group Ltd., Class A 3.30
ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
64
Nature and extent of risks arising from financial instruments The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is a segregated fund that invests exclusively in the underlying funds called ASTRA Fiera Capital Bond Fund, Sprott Canadian Equity Fund and Sprott Small Cap Equity Fund. The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital Corporation and Sprott Asset Management LP. The managers’ investment strategy favours underlying funds that contain fixed income securities, Canadian equities and small-cap equities. The fund’s assets are made up approximately 40% fixed-income securities and 60% equity securities.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 3,189 - - 3,189
Derivative Products - - - -
Money Market - - - -Total 3,189 - - 3,189
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 4,097 - - 4,097
Derivative Products - - - -
Money Market - - - -Total 4,097 - - 4,097 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
65
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 44,254 45,017 Cash - 286Receivables - 28
44,254 45,331
Liabilities Bank overdraft 28 -Accounts payable - -
28 -
Net Assets 44,226 45,331
Net asset value per unit 10.95 10.01 Investments, at cost 42,583 46,732
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 45,331 35,436
Capital units transactions Proceeds from issue of units 7,311 18,559 Reinvestment of distributions - -Redemption of units (12,284) (9,637)
(4,973) 8,922Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,868 973
Net assets - End of year 44,226 45,331
Changes in number of units Units outstanding at the beginning 4,526,839 3,617,941 Units issued 707,748 1,883,712 Units redeemed (1,194,562) (974,814)
Units outstanding at the end 4,040,025 4,526,839
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,777 1,535Management fee distribution received - -
1,777 1,535
Expenses (note 4) Management fees 1,231 1,102 Administrative fees 44 43
1,275 1,145
Net investment income (loss) 502 390
Net realized gain (loss) on sale of investments (20) (76)
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,386 659
Increase (decrease) in net assets from operations 3,868 973
Increase (decrease) in net assets from operations per unit 0.92 0.23 Management Expense Ratio 2.93% 2.69%
ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
66
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.06%) Fidelity Canadian Asset Allocation Fund 1,682,804 42,583 44,254
OTHER NET ASSETS (-0.06%) (28)
TOTAL NET ASSETS (100%) 44,226
TOP HOLDINGS OF UNDERLYING FUND Fidelity Canadian Asset Allocation Fund %SPDR S&P 500 ETF Trust 4.71The Toronto-Dominion Bank 4.13Royal Bank of Canada 3.59Bank of Nova Scotia 2.97Shoppers Drug Mart Corp. 2.71S&P 500 E-mini Futures Mar14 2.41Enbridge Inc. 1.98Manulife Financial Corp. 1.68United States Treasury Note, 2.00%, 09-30-2020 1.67Suncor Energy Inc. 1.37Constellation Software Inc. 1.36ARC Resources Ltd. 1.28Bank of Montreal 1.24Methanex Corp. 1.22Tourmaline Oil Corp. 1.17Brookfield Asset Management Inc., Class A 1.16S&P/TSX 60 Index Future Mar14 1.04Keyera Corp. 0.98Canadian Natural Resources Ltd. 0.96BCE Inc. 0.89TELUS Corp. 0.87CGI Group Inc., Class A 0.86Metro Inc. 0.85Secure Energy Services Inc. 0.85Whitecap Resources Inc. 0.82
ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
67
Nature and extent of risks arising from financial instruments The ASTRA Fidelity Canadian Asset Allocation Fund is a segregated fund that invests exclusively in the underlying fund called Fidelity Canadian Asset Allocation Fund. The ASTRA Fidelity Canadian Asset Allocation Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fidelity Investments using a management method it developed, which uses the manager's strategy to invest in a diversified portfolio of equities and fixed-income securities. The fund’s assets include Canadian and foreign equities, percentage of which varies from 20% to 90%. The Fund invests 10% to 60% in fixed-income securities, and 0% to 70% in money market securities. The Fund’s neutral mix is 65% Canadian equities, 30% fixed-income securities and 5% money market securities. The manager’s philosophy is to add value using the neutral mix as a guideline and gradually adjust the Fund’s assets in reaction to, or in anticipation of, market changes.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 44,254 - - 44,254
Derivative Products - - - -
Money Market - - - -Total 44,254 - - 44,254
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 45,017 - - 45,017
Derivative Products - - - -
Money Market - - - -Total 45,017 - - 45,017 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA DYNAMIC POWER BALANCED FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
68
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 9,953 5,371 Cash 37 107 Receivables - 4
9,990 5,482
Liabilities Bank overdraft - -Accounts payable - 60
- 60
Net Assets 9,990 5,422
Net asset value per unit 11.14 9.98 Investments, at cost 8,827 5,236
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 5,422 1,233
Capital units transactions Proceeds from issue of units 5,072 4,752 Reinvestment of distributions - -Redemption of units (1,486) (705)
3,586 4,047 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 982 142
Net assets - End of year 9,990 5,422
Changes in number of units Units outstanding at the beginning 543,277 128,586 Units issued 497,358 487,070 Units redeemed (143,786) (72,379)
Units outstanding at the end 896,849 543,277
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 69 96 Management fee distribution received - -
69 96
Expenses (note 4) Management fees 262 105 Administrative fees 8 4
270 109
Net investment income (loss) (201) (13)
Net realized gain (loss) on sale of investments 32 1
Net realized gain distributed by the underlying fund 160 -Net unrealized gain (loss) on investments 991 154
Increase (decrease) in net assets from operations 982 142
Increase (decrease) in net assets from operations per unit 1.23 0.38 Management Expense Ratio 3.32% 3.04%
ASTRA DYNAMIC POWER BALANCED FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
69
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.63%) Dynamic Power Balanced Fund, Serie OP 864,673 8,827 9,953
OTHER NET ASSETS (0.37%) 37
TOTAL NET ASSETS (100%) 9,990
TOP HOLDINGS OF UNDERLYING FUND Dynamic Power Balanced Fund, Serie OP %Dynamic Power American Growth Class Fund, Serie E 14.54Bank of Nova Scotia 2.44MetLife Inc. 2.35The Walt Disney Co. 2.32Gilead Sciences Inc. 2.22Royal Bank of Canada 2.06Paramount Resources Ltd., Class A 2.06Canfor Corp. 1.98Canadian Western Bank 1.94Morgan Stanley 1.94Gildan Activewear Inc., Class A 1.93Celestica Inc. 1.93Tricon Capital Group Inc. 1.87The Toronto-Dominion Bank 1.83Manulife Financial Corp. 1.81Bank of Montreal 1.74ABB Ltd. 1.72Hudson's Bay Co. 1.72Sun Life Financial Inc. 1.68Encana Corp. 1.63Valeant Pharmaceuticals International Inc. 1.62Power Financial Corp. 1.60Alimentation Couche-Tard Inc., Class B 1.49Catamaran Corp. 1.48Quebecor Inc., Class B 1.41
ASTRA DYNAMIC POWER BALANCED FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
70
Nature and extent of risks arising from financial instruments The ASTRA Dynamic Power Balanced Fund is a segregated fund that invests exclusively in the underlying fund called Dynamic Power Balanced Fund, Serie OP. The ASTRA Dynamic Power Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Dynamic Funds. The manager's investment strategy favours a diversified portfolio of equities and fixed-income securities. Fund assets of these two components may vary from 40% to 60%. For the equities portion, the manager uses a fundamental analysis to assess the growth potential of these holdings. Assessment of the financial situation and management of each company, its business sector and the economy as a whole are analyzed.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 9,953 - - 9,953
Derivative Products - - - -
Money Market - - - -Total 9,953 - - 9,953
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 5,371 - - 5,371
Derivative Products - - - -
Money Market - - - -Total 5,371 - - 5,371 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA ACUITY HIGH INCOME FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
71
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 66,424 86,629 Cash - -Receivables - 158
66,424 86,787
Liabilities Bank overdraft 130 186Accounts payable - -
130 186
Net Assets 66,294 86,601
Net asset value per unit 7.33 7.47 Investments, at cost 65,012 87,056
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 86,601 94,076
Capital units transactions Proceeds from issue of units 9,988 17,770 Reinvestment of distributions 2,372 2,723 Redemption of units (30,450) (24,572)
(18,090) (4,079)Distributions to unitholders Net investment income (431) (660)Net realized gain on sale of investments - -Return of capital (2,700) (2,957)
(3,131) (3,617)
Increase (decrease) in net assets from operations 914 221
Net assets - End of year 66,294 86,601
Changes in number of units Units outstanding at the beginning 11,592,513 12,184,220 Units issued 1,697,462 2,706,656 Units redeemed (4,243,386) (3,298,363)
Units outstanding at the end 9,046,589 11,592,513
DISTRIBUTIONS
($/unit) 2013 2012Net investment income 0.04 0.05Net realized gain on sale of investments - -Return of capital 0.26 0.25
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 2,691 3,084Management fee distribution received - -
2,692 3,085
Expenses (note 4) Management fees 2,185 2,334 Administrative fees 76 91
2,261 2,425
Net investment income (loss) 431 660
Net realized gain (loss) on sale of investments (1,356) (797)
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 1,839 358
Increase (decrease) in net assets from operations 914 221
Increase (decrease) in net assets from operations per unit 0.09 0.02Management Expense Ratio 3.07% 2.78%
ASTRA ACUITY HIGH INCOME FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
72
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.20%) Acuity Pooled High Income Fund 4,230,804 65,012 66,424
OTHER NET ASSETS (-0.20%) (130)
TOTAL NET ASSETS (100%) 66,294
TOP HOLDINGS OF UNDERLYING FUND Acuity Pooled High Income Fund %Royal Bank of Canada 2.64Bank of Nova Scotia 2.58Secure Energy Services Inc. 2.48The Toronto-Dominion Bank 2.47Canada Housing Trust No 1, 1.85%, 12-15-2016 1.72Canadian National Railway Company 1.63Precision Drilling Corp. 1.56TORC Oil & Gas Ltd. 1.48Teck Resources Ltd., Class B 1.47Suncor Energy Inc. 1.46Just Energy Group Inc., 6.00%, 06-30-2017 1.38Bank of Montreal 1.37Philip Morris International Inc. 1.35Canada Housing Trust No 1, 2.05%, 06-15-2018 1.33Frontier Communications Corp. 1.32Manulife Financial Corp. 1.25Alimentation Couche-Tard Inc., Class B 1.23Coca-Cola Amatil Ltd. 1.23CIBC 1.22Imperial Tobacco Group PLC 1.20Canadian Energy Services & Technology Corp. 1.19Government of Canada, 5.75%, 06-01-2033 1.15Eni SpA 1.15Invesco Ltd. 1.13Monadelphous Group Ltd. 1.13
ASTRA ACUITY HIGH INCOME FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
73
Nature and extent of risks arising from financial instruments The ASTRA Acuity High Income Fund is a segregated fund that invests exclusively in the underlying fund called Acuity Pooled High Income Fund. The ASTRA Acuity High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Acuity Investment Management. The manager's investment strategy is to favours a bottom-up management approach. The fund has a blended value/growth management style. Preference is given to reasonably priced securities of corporations that are able to maintain interest and dividend payments in the medium term.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 66,424 - - 66,424
Derivative Products - - - -
Money Market - - - -Total 66,424 - - 66,424
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 86,629 - - 86,629
Derivative Products - - - -
Money Market - - - -Total 86,629 - - 86,629 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA UBS GLOBAL HIGH INCOME FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
74
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 44,348 22,476 Cash 180 59 Receivables 3 114
44,531 22,649
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 44,531 22,649
Net asset value per unit 6.31 5.88 Investments, at cost 39,769 21,678
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 22,649 14,660
Capital units transactions Proceeds from issue of units 23,617 10,373 Reinvestment of distributions 1,099 509 Redemption of units (5,010) (3,776)
19,706 7,106Distributions to unitholders Net investment income - (159)Net realized gain on sale of investments (108) (7)Return of capital (1,606) (730)
(1,714) (896)
Increase (decrease) in net assets from operations 3,890 1,779
Net assets - End of year 44,531 22,649
Changes in number of units Units outstanding at the beginning 3,853,270 2,625,606 Units issued 4,017,310 1,881,232 Units redeemed (814,743) (653,568)
Units outstanding at the end 7,055,837 3,853,270
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - 0.05Net realized gain on sale of investments 0.01 0.01Return of capital 0.29 0.24
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,065 657 Management fee distribution received - -
1,065 657
Expenses (note 4) Management fees 1,042 481 Administrative fees 35 17
1,077 498
Net investment income (loss) (12) 159
Net realized gain (loss) on sale of investments 121 7
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,781 1,613
Increase (decrease) in net assets from operations 3,890 1,779
Increase (decrease) in net assets from operations per unit 0.69 0.61 Management Expense Ratio 3.27% 2.96%
ASTRA UBS GLOBAL HIGH INCOME FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
75
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.59%) UBS (Canada) Global Allocation Fund 4,684,602 39,769 44,348
OTHER NET ASSETS (0.41%) 183
TOTAL NET ASSETS (100%) 44,531
TOP HOLDINGS OF UNDERLYING FUND UBS (Canada) Global Allocation Fund %Australian Government, 5.75%, 05-15-2021 2.06Bundesrepublik Deutschland, 3.25%, 07-04-2021 1.61Republic of Finland, 4.38%, 07-04-2019 1.46Novartis AG 1.33Nestlé SA 1.30Toyota Motor Corp. 1.16Bayer AG 1.13Kingdom of Sweden, 5.00%, 12-01-2020 1.11Bundesobligation, 1.25%, 10-14-2016 1.09BP PLC 1.09Italy Buoni Poliennali Del Tesoro, 2.10%, 09-15-2021 1.04Vodafone Group PLC 0.95Carrefour SA 0.84Imperial Tobacco Group PLC 0.84AIA Group Ltd. 0.81Mitsubishi UFJ Financial Group Inc. 0.80Itochu Corp 0.79Prudential PLC 0.78Rio Tinto PLC 0.78Sampo, Class A 0.77Banco Santander SA 0.77Shire PLC 0.76Total SA 0.75Wolters Kluwer NV 0.75Kingdom of Belgium, 1.25%, 06-22-2018 0.74
ASTRA UBS GLOBAL HIGH INCOME FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
76
Nature and extent of risks arising from financial instruments The ASTRA UBS Global High Income Fund is a segregated fund that invests exclusively in the underlying fund called UBS (Canada) Global Allocation Fund. The ASTRA UBS Global High Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by UBS Global Asset Management. The manager's investment strategy favours a bottom-up management approach for the choice of securities as well as a top-down approach for the choice of sectors and asset allocation. The manager’s philosophy is to earn superior returns with a moderate risk profile.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 44,348 - - 44,348
Derivative Products - - - -
Money Market - - - -Total 44,348 - - 44,348
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 22,476 - - 22,476
Derivative Products - - - -
Money Market - - - -Total 22,476 - - 22,476 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
77
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 42,010 17,659 Cash 180 -Receivables 38 9
42,228 17,668
Liabilities Bank overdraft - 65 Accounts payable - -
- 65
Net Assets 42,228 17,603
Net asset value per unit 12.58 11.08 Investments, at cost 37,017 16,331
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 17,603 -
Capital units transactions Proceeds from issue of units 28,583 19,058 Reinvestment of distributions - -Redemption of units (7,973) (2,938)
20,610 16,120 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,015 1,483
Net assets - End of year 42,228 17,603
Changes in number of units Units outstanding at the beginning 1,588,590 -Units issued 2,449,184 1,868,324 Units redeemed (681,567) (279,734)
Units outstanding at the end 3,356,207 1,588,590
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,041 339 Management fee distribution received - -
1,041 339
Expenses (note 4) Management fees 750 191 Administrative fees 30 9
780 200
Net investment income (loss) 261 139
Net realized gain (loss) on sale of investments 89 16
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,665 1,328
Increase (decrease) in net assets from operations 4,015 1,483
Increase (decrease) in net assets from operations per unit 1.54 1.07 Management Expense Ratio 2.74% 2.54%
ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
78
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.48%) Guardian Equity Income Fund, Serie I 2,389,679 37,017 42,010
OTHER NET ASSETS (0.52%) 218
TOTAL NET ASSETS (100%) 42,228
TOP HOLDINGS OF UNDERLYING FUND Guardian Equity Income Fund, Serie I %Guardian Canadian Short-Term Investment Fund 4.37Bank of Nova Scotia 4.28Royal Bank of Canada 4.08The Toronto-Dominion Bank 4.07Baytex Energy Corp. 3.80TELUS Corp. 3.63Canadian REIT 3.17Crescent Point Energy Corp. 3.13Manulife Financial Corp. 3.07RioCan Real Estate Investment Trust 3.01ARC Resources Ltd. 2.96AtlaGas Ltd. 2.90CIBC 2.80Keyera Corp. 2.68Pembina Pipeline Corp. 2.62Intact Financial Corp. 2.61Vermilion Energy Inc. 2.60Cenovus Energy Inc. 2.55Peyto Exploration & Development Corp. 2.29Shaw Communications Inc. 2.25Mullen Group Ltd. 2.22Bonavista Energy Corp. 2.21Boardwalk REIT 2.17Brookfield Renewable Energy Partners LP 2.07Manitoba Telecom Services Inc. 2.03
ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
79
Nature and extent of risks arising from financial instruments The ASTRA Guardian Canadian Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Equity Income Fund, Serie I. The ASTRA Guardian Canadian Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The manager's investment strategy favours a bottom-up management approach and a management style focused equally on growth and value. The manager’s also favours income trusts and reasonably priced high-return equities paying stable and predictable dividends.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 42,010 - - 42,010
Derivative Products - - - -
Money Market - - - -Total 42,010 - - 42,010
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 17,659 - - 17,659
Derivative Products - - - -
Money Market - - - -Total 17,659 - - 17,659 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
80
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 180,974 198,633Cash 123 375 Receivables - 46
181,097 199,054
Liabilities Bank overdraft - -Accounts payable - 22
- 22
Net Assets 181,097 199,032
Net asset value per unit 20.36 17.08 Investments, at cost 170,444 197,329
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 199,032 213,871
Capital units transactions Proceeds from issue of units 33,808 33,298 Reinvestment of distributions - -Redemption of units (83,664) (62,077)
(49,856) (28,779)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 31,921 13,940
Net assets - End of year 181,097 199,032
Changes in number of units Units outstanding at the beginning 11,651,600 13,426,651 Units issued 1,834,923 2,047,304 Units redeemed (4,593,210) (3,822,355)
Units outstanding at the end 8,893,313 11,651,600
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 2 2 Distribution from the underlying fund 5,417 6,264 Management fee distribution received - -
5,419 6,266
Expenses (note 4) Management fees 4,945 5,055 Administrative fees 182 204
5,127 5,259
Net investment income (loss) 292 1,007
Net realized gain (loss) on sale of investments 3,656 196
Net realized gain distributed by the underlying fund 18,747 8,797 Net unrealized gain (loss) on investments 9,226 3,940
Increase (decrease) in net assets from operations 31,921 13,940
Increase (decrease) in net assets from operations per unit 3.24 1.11 Management Expense Ratio 2.82% 2.58%
ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
81
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.93%) Jarislowsky Fraser Canadian Equity Fund 5,401,109 170,444 180,974
OTHER NET ASSETS (0.07%) 123
TOTAL NET ASSETS (100%) 181,097
TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.32Jarislowsky Fraser Special Equity Fund 7.78Bank of Nova Scotia 7.16Royal Bank of Canada 6.96Suncor Energy Inc. 4.65Canadian National Railway Company 3.93Manulife Financial Corp. 3.50Cenovus Energy Inc. 3.44Metro Inc. 3.34SNC-Lavalin Group Inc. 3.28Canadian Natural Resources Ltd. 3.28Thomson Reuters Corp. 3.17Potash Corporation of Saskatchewan Inc. 3.13Enbridge Inc. 3.03Shoppers Drug Mart Corp. 2.49Great-West Lifeco Inc. 2.32Canadian Tire Corp. Ltd., Class A 2.18Tim Hortons Inc. 2.13Open Text Corp. 2.12Talisman Energy Inc. 2.04West Fraser Timber Co. Ltd. 2.03Shaw Communications Inc. 2.02Loblaw Companies Ltd. 1.99ARC Resources Limited 1.95Cameco Corp. 1.78
ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
82
Nature and extent of risks arising from financial instruments The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is a segregated fund that invests exclusively in the underlying fund called Jarislowsky Fraser Canadian Equity Fund. The ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Jarislowsky Fraser Ltd. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. The manager's philosophy is founded upon conservative, time proven principles of fundamental investing.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 180,974 - - 180,974
Derivative Products - - - -
Money Market - - - -Total 180,974 - - 180,974
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 198,633 - - 198,633
Derivative Products - - - -
Money Market - - - -Total 198,633 - - 198,633 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA TRIASIMA CANADIAN EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
83
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 193,819 105,834 Cash 325 970 Receivables 364 12
194,508 106,816
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 194,508 106,816
Net asset value per unit 13.77 11.38
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 194,800 106,816Adjustment to bid prices of investments (292) -
Net assets at bid prices of investments 194,508 106,816
Transactional NAV per unit at closing price of investments 13.79 11.38
Adjustment per unit to bid prices of investments (0.02) -
Net assets per unit at bid prices of investments 13.77 11.38
Investments, at cost 153,626 101,422
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 106,816 44,069
Capital units transactions Proceeds from issue of units 90,408 68,135 Reinvestment of distributions - -Redemption of units (34,043) (10,364)
56,365 57,771 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 31,327 4,976
Net assets - End of year 194,508 106,816
Changes in number of units Units outstanding at the beginning 9,383,371 4,155,227 Units issued 7,469,374 6,163,325 Units redeemed (2,722,605) (935,181)
Units outstanding at the end 14,130,140 9,383,371
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 3 1 Dividends 401 -Distribution from the underlying fund - 668 Management fee distribution received 3,519 1,497
3,923 2,166
Expenses (note 4) Management fees 4,619 1,835 Administrative fees 170 74
4,789 1,909
Net investment income (loss) (866) 257
Net realized gain (loss) on sale of investments (3,574) 21 Net unrealized gain (loss) on investments 35,781 4,698 Transaction costs (14) -
Increase (decrease) in net assets from operations 31,327 4,976
Increase (decrease) in net assets from operations per unit 2.29 0.75 Management Expense Ratio 2.81% 2.58%
ASTRA TRIASIMA CANADIAN EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of shares)
INVESTMENT PORTFOLIO As at December 31, 2013
84
Par Average Fair
Value Cost Value
$ $
MONEY MARKET (2.99%)
Government of Canada, Treasury Bill, 0.94%, 12-18-2014 1,000 991 991
Government of Canada, Treasury Bill, 0.93%, 11-20-2014 1,150 1,140 1,140
Province of Saskatchewan, Note, 0.94%, 02-14-2014 700 699 699
Province of British Columbia, Note, 1.04%, 12-17-2014 1,000 990 990
Province of Manitoba, Note, 0.97%, 03-26-2014 1,000 998 998
Province of Ontario, Treasury Bill, 0.99%, 03-12-2014 500 499 499Royal Bank of Canada, Bank Acceptance, 1.27%, 09-04-2014 500 496 496
TOTAL MONEY MARKET 5,813 5,813
Number Average Fair
of Shares Cost Value
$ $
CANADIAN EQUITIES (96.66%)
Energy (14.65%)
AltaGas Ltd. 23,225 780 947
ARC Resources Ltd. 64,513 1,744 1,904
ATCO Ltd., Class I 19,784 827 922
Canadian Natural Resources Ltd. 69,674 2,326 2,502
Husky Energy Inc. 60,212 1,822 2,029
Inter Pipeline Ltd. 133,326 3,275 3,444
Mullen Group Ltd. 68,813 1,930 1,943
Peyto Exploration & Development Corp. 116,123 3,322 3,762
ShawCor Ltd. 26,665 998 1,131
Suncor Energy Inc. 88,597 3,300 3,297
Tourmaline Oil Corp. 73,470 2,747 3,280
Vermilion Energy Inc. 33,107 1,976 2,063
WaterFurnace Renewable Energy Inc. 53,330 853 1,269
25,900 28,493
Materials (2.73%)
Alamos Gold Inc. 98,919 1,716 1,272
CCL Industries Inc., Class B NV 32,686 1,201 2,586
Intertape Polymer Group Inc. 38,708 279 542
SEMAFO Inc. 331,165 955 921
4,151 5,321
Industrials (14.56%)
ATS Automation Tooling Systems Inc. 86,017 761 1,166
Canadian National Railway Company 48,169 2,078 2,916
Canadian Pacific Railway Ltd. 32,686 3,148 5,248
FirstService Corp. 43,008 1,882 1,946
MacDonald, Dettwiler & Associates Ltd. 23,225 1,942 1,901
Stantec Inc. 59,352 2,487 3,909
Transcontinental Inc., Class A 129,025 1,639 1,886
TransForce Inc. 77,415 1,024 1,950
West Fraser Timber Co. Ltd. 50,750 3,947 5,237
WestJet Airlines Ltd. 77,415 1,596 2,155
20,504 28,314
Number Average Fair
of Shares Cost Value
$ $
CANADIAN EQUITIES (96.66%) (Cont'd)
Consumer Discretionary (11.71%)
Aimia Inc. 111,822 1,644 2,181
Canadian Tire Corp. Ltd., Class A NV 18,924 1,788 1,882
Cineplex Inc. 86,017 2,374 3,789
Dorel Industries Inc., Class B 55,911 1,615 2,255
Gildan Activewear Inc. 129,025 4,553 7,280
Magna International Inc. 61,932 3,145 5,392
15,119 22,779
Consumer Staples (6.40%)
Alimentation Couche-Tard Inc., Class B 98,919 4,457 7,865
The Jean Coutu Group (PJC) Inc., Class A 202,139 3,887 3,719
The North West Co. Inc. 33,547 858 861
9,202 12,445
Health Care (4.30%)
Valeant Pharmaceuticals International Inc. 67,093 4,094 8,361
Financials (34.80%)
Bank of Montreal 51,610 3,198 3,653
Bank of Nova Scotia 60,212 3,406 4,000
Brookfield Asset Management Inc., Class A 64,513 2,483 2,651
CI Financial Corp. 103,220 2,740 3,646
CIBC 30,106 2,240 2,731
Great-West Lifeco Inc. 180,635 5,019 5,905
Home Capital Group Inc. 24,945 1,989 2,008
IGM Financial Inc. 38,708 1,897 2,170
Industrial Alliance 94,618 3,224 4,439
Manulife Financial Corp. 378,474 6,357 7,929
Onex Corp. 38,708 1,571 2,218
Power Corporation of Canada 124,724 3,713 3,966
Power Financial Corp. 111,822 3,640 4,021
Royal Bank of Canada 98,919 5,831 7,061
Sun Life Financial Inc. 163,432 4,956 6,130
The Toronto-Dominion Bank 51,610 4,629 5,166
56,893 67,694
Telecommunication Services (1.23%)
TELUS Corp. 65,373 1,611 2,390
Information Technology (6.28%)
CGI Group Inc., Class A 154,830 5,029 5,498
Constellation Software Inc. 19,784 3,217 4,447
Open Text Corp. 23,225 2,093 2,264
10,339 12,209
TOTAL CANADIAN EQUITIES 147,813 188,006
TOTAL INVESTMENTS (99.65%) 153,626 193,819
OTHER NET ASSETS (0.35%) 689
TOTAL NET ASSETS (100%) 194,508
ASTRA TRIASIMA CANADIAN EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
85
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Triasima Canadian Equity Fund (the “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of Canadian large -cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Triasima Inc. Portfolio Management, is to favour a bottom-up analysis of the companies and a predominantly value management style. The manager uses qualitative and quantitative measures for selecting the securities. As at December 31, 2013, the Fund’s asset is mainly made up of Canadian equities. December 31, 2012, the Fund invested in units of underlying funds Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives instruments. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund’s exposure to credit risk is limited to the holding of money market securities. Therefore, the Fund is not significantly exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013, the Fund is mainly invested in equity securities. Consequently, a fluctuation of interest rate would not have significant impact on the Fund.
Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund is composed mainly of marketable securities composing the Canadian market S&P/TSX Index. The percentage in foreign issuers is limited to 10% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
S&P/TSX Index + 5.00 - 5.00
9,400 (9,400)
The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.
ASTRA TRIASIMA CANADIAN EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
86
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 188,006 - - 188,006
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - 5,813 - 5,813Total 188,006 5,813 - 193,819
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 105,834 - - 105,834
Derivative Products - - - -
Money Market - - - -Total 105,834 - - 105,834
During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
87
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 34,672 45,343 Cash 77 172 Receivables - 9
34,749 45,524
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 34,749 45,524
Net asset value per unit 13.28 11.44 Investments, at cost 31,738 48,095
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 45,524 57,261
Capital units transactions Proceeds from issue of units 6,901 8,512 Reinvestment of distributions - -Redemption of units (23,176) (22,544)
(16,275) (14,032)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 5,500 2,295
Net assets - End of year 34,749 45,524
Changes in number of units Units outstanding at the beginning 3,978,954 5,247,454 Units issued 578,535 760,285 Units redeemed (1,940,296) (2,028,785)
Units outstanding at the end 2,617,193 3,978,954
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - 1 Distribution from the underlying fund 951 1,173 Management fee distribution received - -
951 1,174
Expenses (note 4) Management fees 1,055 1,228Administrative fees 39 50
1,094 1,278
Net investment income (loss) (143) (104)
Net realized gain (loss) on sale of investments (43) (1,503)
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 5,686 3,902
Increase (decrease) in net assets from operations 5,500 2,295
Increase (decrease) in net assets from operations per unit 1.70 0.51 Management Expense Ratio 2.83% 2.58%
ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
88
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.78%) Greystone Canadian Equity Fund 1,350,988 31,738 34,672
OTHER NET ASSETS (0.22%) 77
TOTAL NET ASSETS (100%) 34,749
TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 8.39Royal Bank of Canada 7.56Bank of Nova Scotia 7.29Canadian National Railway Company 5.23Suncor Energy Inc. 4.71Manulife Financial Corp. 4.61Enbridge Inc. 4.36Magna International Inc. 3.70Cenovus Energy Inc. 3.34Valeant Pharmaceuticals International Inc. 3.11Alimentation Couche-Tard Inc., Class B 2.99Brookfield Asset Management Inc., Class A 2.78CGI Group Inc., Class A 2.57Husky Energy Inc. 2.49Open Text Corp. 2.34Catamaran Corp. 2.28ARC Resources Ltd. 2.15Dollarama Inc. 2.10Canadian Tire Corp. Ltd., Class A 1.97Crescent Point Energy Corp. 1.93GoldCorp. Inc. 1.93Element Financial Corp. 1.86West Fraser Timber Co. Ltd. 1.80National Bank of Canada 1.80Quebecor Inc., Class B 1.73
ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
89
Nature and extent of risks arising from financial instruments The ASTRA Greystone Canadian Growth Equity Fund is a segregated fund that invests exclusively in the underlying fund called Greystone Canadian Equity Fund. The ASTRA Greystone Canadian Growth Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Greystone Managed Investments. The manager's investment strategy favours a bottom-up management approach and a predominantly growth-oriented management style. The manager favours large-cap companies with prospects for above average earnings growth.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 34,672 - - 34,672
Derivative Products - - - -
Money Market - - - -Total 34,672 - - 34,672
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 45,343 - - 45,343
Derivative Products - - - -
Money Market - - - -Total 45,343 - - 45,343 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
90
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 23,374 18,832 Cash 456 742 Receivables 36 117
23,866 19,691
Liabilities Bank overdraft - -Accounts payable 7 281
7 281
Net Assets 23,859 19,410
Net asset value per unit 10.47 8.87
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 23,893 19,439 Adjustment to bid prices of investments (34) (29)
Net assets at bid prices of investments 23,859 19,410
Transactional NAV per unit at closing price of investments 10.49 8.88
Adjustment per unit to bid prices of investments (0.02) (0.01)
Net assets per unit at bid prices of investments 10.47 8.87
Investments, at cost 20,086 17,856
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 19,410 6,030
Capital units transactions Proceeds from issue of units 5,715 14,742 Reinvestment of distributions - -Redemption of units (5,118) (2,189)
597 12,553Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,852 827
Net assets - End of year 23,859 19,410
Changes in number of units Units outstanding at the beginning 2,189,298 724,606 Units issued 609,831 1,714,666 Units redeemed (520,455) (249,974)
Units outstanding at the end 2,278,674 2,189,298
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 452 221 Distribution from the underlying fund 13 50 Management fee distribution received 47 -
512 271
Expenses (note 4) Management fees 653 317 Administrative fees 22 12
675 329
Net investment income (loss) (163) (58)
Net realized gain (loss) on sale of investments 1,309 (121)
Net realized gain distributed by the underlying fund 414 36 Net unrealized gain (loss) on investments 2,312 992 Transaction costs (20) (22)
Increase (decrease) in net assets from operations 3,852 827
Increase (decrease) in net assets from operations per unit 1.63 0.60 Management Expense Ratio 3.14% 2.84%
ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except numbers of shares and units)
INVESTMENT PORTFOLIO As at December 31, 2013
91
Number Average Fair
of Shares Cost Value
$ $
CANADIAN EQUITIES (78.32%)
Energy (17.25%)
ARC Resources Ltd. 16,150 411 477
Canadian Energy Services & Technology Corp. 22,415 277 517
Canadian Natural Resources Ltd. 8,264 260 297
Cenovus Energy Inc. 27,420 870 834
Crescent Point Energy Corp. 6,375 242 263
Inter Pipeline Ltd. 14,665 356 379
Peyto Exploration & Development Corp. 13,513 303 438
ShawCor Ltd. 11,790 421 500
TransGlobe Energy Corp. 46,530 433 410
3,573 4,115
Materials (6.88%)
Alamos Gold Inc. 22,611 365 291
Argonaut Gold Inc. 36,625 327 195
First Quantum Minerals Ltd. 21,495 424 411
GoldCorp Inc. 8,365 331 192
Major Drilling Group International 40,925 376 312
Potash Corporation of Saskatchewan Inc. 6,860 295 240
2,118 1,641
Industrials (6.40%)
Canadian National Railway Company 10,320 439 625
TransForce Inc. 17,930 401 452
West Fraser Timber Co. Ltd. 4,350 380 449
1,220 1,526
Consumer Discretionary (6.48%)
Cogeco Cable Inc. 9,960 463 477
Dollarama Inc. 5,033 311 441
Gildan Activewear Inc. 11,128 332 628
1,106 1,546
Consumer Staples (4.98%)
Alimentation Couche-Tard Inc., Class B 3,690 268 293
Metro Inc. 4,873 267 316
Saputo Inc. 5,445 238 263
The North West Co. Inc. 12,325 264 316
1,037 1,188
Financials (29.25%)
Alaris Royalty Corp. 8,928 278 266
Bank of Nova Scotia 15,895 857 1,056
Canadian Western Bank 20,226 573 781
Home Capital Group Inc. 8,934 445 719
Industrial Alliance 12,021 370 564
Intact Financial Corp. 7,505 474 520
Laurentian Bank of Canada 7,357 334 345
National Bank of Canada 7,498 571 663
Royal Bank of Canada 6,225 355 444
The Toronto-Dominion Bank 11,042 879 1,105
TMX Group Ltd. 10,145 478 517
5,614 6,980
Telecommunication Services (1.64%)
TELUS Corp. 10,725 339 392
Number Average Fair
of Shares Cost Value
$ $
CANADIAN EQUITIES (78.32%) (Cont'd)
Information Technology (5.44%)
CGI Group Inc., Class A 7,194 172 255
Davis + Henderson Corp. 15,250 436 453
Open Text Corp. 6,051 352 590
960 1,298
TOTAL CANADIAN EQUITIES 15,967 18,686
Number Average Fair
of Units Cost Value
$ $
INVESTMENT FUND (19.65%)
Montrusco Bolton Quantitative Canadian Equity 114,998 4,119 4,688
TOTAL INVESTMENTS (97.97%) 20,086 23,374
OTHER NET ASSETS (2.03%) 485
TOTAL NET ASSETS (100%) 23,859
ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
92
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Montrusco Bolton Canadian Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in Canadian all-cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Montrusco Bolton Investments, is to manage about 80% of the portfolio using an all-cap fundamental approach and 20% using a quantitative approach based on share “momentum”. With regard to the fundamental approach, the manager’s investment strategy is to favour a bottom-up management approach and a predominantly growth-oriented management style. Preference is given to companies whose share valuation presents a strong growth potential. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian equities. Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, it is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, it is not exposed to the risk of interest rate fluctuation.
Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund invests between 90% and 100% in Canadian equities and up to a maximum of 10% in money market securities. The Fund’s assets must be invested in at least seven sectors of the S&P/TSX Index. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. Exceptions are allowed for securities that have a weighting in the S&P/TSX index that is greater than 10%. In this case, the limit permitted is 65 times the weight of the security in the S&P/TSX composite index. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
S&P/TSX Index + 5.00 - 5.00
1,169 (1,169)
942 (942)
The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.
ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
93
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 18,686 - - 18,686
Exchange Traded Funds - - - -
Investment Funds - 4,688 - 4,688
Derivative Products - - - -
Money Market - - - -Total 18,686 4,688 - 23,374
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 14,939 - - 14,939
Exchange Traded Funds - - - -
Investment Funds - 3,893 - 3,893
Derivative Products - - - -
Money Market - - - -Total 14,939 3,893 - 18,832
During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CANADIAN FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
94
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 26,807 21,202 Cash 46 146 Receivables 277 135
27,130 21,483
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 27,130 21,483
Net asset value per unit 11.90 10.50
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 27,210 21,537 Adjustment to bid prices of investments (80) (54)
Net assets at bid prices of investments 27,130 21,483
Transactional NAV per unit at closing price of investments 11.93 10.53
Adjustment per unit to bid prices of investments (0.03) (0.03)
Net assets per unit at bid prices of investments 11.90 10.50
Investments, at cost 23,788 20,950
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 21,483 2,270
Capital units transactions Proceeds from issue of units 5,028 20,661 Reinvestment of distributions - -Redemption of units (2,435) (1,933)
2,593 18,728 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,054 485
Net assets - End of year 27,130 21,483
Changes in number of units Units outstanding at the beginning 2,045,644 232,036 Units issued 455,034 2,003,946 Units redeemed (220,081) (190,338)
Units outstanding at the end 2,280,597 2,045,644
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 609 399 Management fee distribution received 2 6
611 405
Expenses (note 4) Management fees 480 280 Administrative fees 25 15
505 295
Net investment income (loss) 106 110
Net realized gain (loss) on sale of investments 189 98 Net unrealized gain (loss) on investments 2,767 314 Transaction costs (8) (37)
Increase (decrease) in net assets from operations 3,054 485
Increase (decrease) in net assets from operations per unit 1.38 0.32 Management Expense Ratio 2.77% 2.44%
ASTRA CANADIAN FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
95
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.81%) iShares Canadian Fundamental Index Fund 2,003,525 23,788 26,807
OTHER NET ASSETS (1.19%) 323
TOTAL NET ASSETS (100%) 27,130
TOP HOLDINGS OF UNDERLYING FUND iShares Canadian Fundamental Index Fund %Royal Bank of Canada 7.25The Toronto-Dominion Bank 6.34Bank of Nova Scotia 5.05Manulife Financial Corp. 4.75Suncor Energy Inc. 4.37Bank of Montreal 3.95Encana Corp. 3.18CIBC 2.94Canadian Natural Resources Ltd. 2.79Financial Sun Life Inc. 2.67TransCanada Corp. 2.48Magna International Inc. 2.05Brookfield Asset Management Inc. 2.01iShares S&P/TSX Global Gold Index Fund 1.79Canadian National Railway Company 1.73Cenovus Energy Inc. 1.66Enbridge Inc. 1.48BCE Inc. 1.46Power Corporation of Canada 1.45Thomson Reuters Corp. 1.36Talisman Energy Inc. 1.35Canadian Oil Sands Ltd. 1.31Penn West Petroleum Ltd. 1.30Teck Ressources Ltd. 1.27National Bank of Canada 1.12
ASTRA CANADIAN FUNDAMENTAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
96
Nature and extent of risks arising from financial instruments The ASTRA Canadian Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares Canadian Fundamental Index Fund. The Canadian Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Canada Index, which comprises those Canadian companies with the highest fundamental weightings.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 26,807 - - 26,807
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 26,807 - - 26,807
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 21,202 - - 21,202
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 21,202 - - 21,202 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CANADIAN INDEX FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
97
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 17,306 37,214 Cash 2 10 Receivables - 10
17,308 37,234
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 17,308 37,234
Net asset value per unit 11.96 10.88 Investments, at cost 15,103 35,558
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 37,234 40,399
Capital units transactions Proceeds from issue of units 4,804 5,246 Reinvestment of distributions - -Redemption of units (26,733) (10,198)
(21,929) (4,952)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 2,003 1,787
Net assets - End of year 17,308 37,234
Changes in number of units Units outstanding at the beginning 3,422,635 3,881,432 Units issued 434,158 497,044 Units redeemed (2,409,862) (955,841)
Units outstanding at the end 1,446,931 3,422,635
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 762 962 Management fee distribution received - -
762 962
Expenses (note 4) Management fees 509 894 Administrative fees 19 37
528 931
Net investment income (loss) 234 31
Net realized gain (loss) on sale of investments 1,222 172
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 547 1,584
Increase (decrease) in net assets from operations 2,003 1,787
Increase (decrease) in net assets from operations per unit 1.17 0.51 Management Expense Ratio 2.77% 2.53%
ASTRA CANADIAN INDEX FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
98
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.99%) BlackRock Canadian Equity Index Fund, Class D 641,678 15,103 17,306
OTHER NET ASSETS (0.01%) 2
TOTAL NET ASSETS (100%) 17,308
TOP HOLDINGS OF UNDERLYING FUND BlackRock Canadian Equity Index Fund, Class D %Royal Bank of Canada 6.14The Toronto-Dominion Bank 5.50Bank of Nova Scotia 4.79Suncor Energy Inc. 3.31Canadian National Railway Company 3.01Bank of Montreal 2.72Canadian Natural Resources Ltd. 2.33Manulife Financial Corp. 2.31Valeant Pharmaceuticals International Inc. 2.30Enbridge Inc. 2.29CIBC 2.16BCE Inc. 2.13TransCanada Corp. 2.05Potash Corporation of Saskatchewan Inc. 1.80Canadian Pacific Railway Ltd. 1.51Brookfield Asset Management Inc., Class A 1.40Cenovus Energy Inc. 1.37TELUS Corp. 1.36Sun Life Financial Inc. 1.36Barrick Gold Corp. 1.30Magna International Inc. 1.16GoldCorp Inc. 1.12Rogers Communications Inc., Class B 1.06Crescent Point Energy Corp. 0.97Thomson Reuters Corp. 0.89
ASTRA CANADIAN INDEX FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
99
Nature and extent of risks arising from financial instruments The ASTRA Canadian Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canadian Equity Index Fund, Class D. The ASTRA Canadian Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the Capped S&P/TSX Composite Index of the Canadian stock market.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 17,306 - - 17,306
Derivative Products - - - -
Money Market - - - -Total 17,306 - - 17,306
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 37,214 - - 37,214
Derivative Products - - - -
Money Market - - - -Total 37,214 - - 37,214 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CANADIAN SMALL CAP EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
100
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 40,519 49,804 Cash 132 187 Receivables - 14
40,651 50,005
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 40,651 50,005
Net asset value per unit 15.87 12.22 Investments, at cost 24,896 40,766
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 50,005 50,718
Capital units transactions Proceeds from issue of units 8,606 11,256 Reinvestment of distributions - -Redemption of units (28,408) (11,701)
(19,802) (445)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 10,448 (268)
Net assets - End of year 40,651 50,005
Changes in number of units Units outstanding at the beginning 4,091,732 4,119,999 Units issued 639,866 928,427 Units redeemed (2,169,348) (956,694)
Units outstanding at the end 2,562,250 4,091,732
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Management fee distribution received - -
1 1
Expenses (note 4) Management fees 1,207 1,348Administrative fees 41 50
1,248 1,398
Net investment income (loss) (1,247) (1,397)
Net realized gain (loss) on sale of investments 5,110 761
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 6,585 368
Increase (decrease) in net assets from operations 10,448 (268)
Increase (decrease) in net assets from operations per unit 3.40 (0.06)Management Expense Ratio 3.08% 2.80%
ASTRA CANADIAN SMALL CAP EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
101
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.68%) Fiera Capital Small Cap Section Fund 213,903 24,896 40,519
OTHER NET ASSETS (0.32%) 132
TOTAL NET ASSETS (100%) 40,651
TOP HOLDINGS OF UNDERLYING FUND Fiera Capital Small Cap Section Fund %FirstService Corp. 3.63Secure Energy Services Inc. 3.53Badger Daylighting Ltd. 3.45Linamar Corp. 3.19Stella-Jones Inc. 3.17Surge Energy Inc. 3.14Canadian Energy Services & Technology Corp. 3.12Canadian Western Bank 2.88Stantec Inc. 2.88CCL Industries Inc., Class B NV 2.68Constellation Software Inc. 2.65RMP Energy Inc. 2.47Descartes Systems Group Inc. 2.37Aecon Group Inc. 2.36Element Financial Corp. 2.33DHX Media Ltd. 2.29Calfrac Well Services Ltd. 2.26Whitecap Resources Inc. 2.23B2Gold Corp. 2.12Argonaut Gold Inc. 2.07Bauer Performance Sports Ltd. 1.96International Forest Products Ltd. 1.94High Liner Foods Inc. 1.91Home Capital Group Inc. 1.86Total Energy Services Inc. 1.74
ASTRA CANADIAN SMALL CAP EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
102
Nature and extent of risks arising from financial instruments The ASTRA Canadian Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera Capital Small Cap Section Fund. The ASTRA Canadian Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 40,519 - - 40,519
Derivative Products - - - -
Money Market - - - -Total 40,519 - - 40,519
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 49,804 - - 49,804
Derivative Products - - - -
Money Market - - - -Total 49,804 - - 49,804 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA MFS U.S. EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
103
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 28,567 26,252 Cash 381 218 Receivables 2 5
28,950 26,475
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 28,950 26,475
Net asset value per unit 9.49 6.91 Investments, at cost 20,666 23,550
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 26,475 76,701
Capital units transactions Proceeds from issue of units 10,372 7,668 Reinvestment of distributions - -Redemption of units (15,642) (64,842)
(5,270) (57,174)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 7,745 6,948
Net assets - End of year 28,950 26,475
Changes in number of units Units outstanding at the beginning 3,829,517 12,434,960 Units issued 1,279,611 1,163,058 Units redeemed (2,059,407) (9,768,501)
Units outstanding at the end 3,049,721 3,829,517
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 408 784 Management fee distribution received - -
408 784
Expenses (note 4) Management fees 695 1,087 Administrative fees 24 43
719 1,130
Net investment income (loss) (311) (346)
Net realized gain (loss) on sale of investments 1,405 3,820
Net realized gain distributed by the underlying fund 1,452 -Net unrealized gain (loss) on investments 5,199 3,474
Increase (decrease) in net assets from operations 7,745 6,948
Increase (decrease) in net assets from operations per unit 2.59 1.08 Management Expense Ratio 2.97% 2.71%
ASTRA MFS U.S. EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
104
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.68%) MFS U.S. Equity Core Fund 2,098,727 20,666 28,567
OTHER NET ASSETS (1.32%) 383
TOTAL NET ASSETS (100%) 28,950
TOP HOLDINGS OF UNDERLYING FUND MFS U.S. Equity Core Fund %JPMorgan Chase & Co. 3.11Google Inc., Class A 2.97Danaher Corp. 2.77Pfizer Inc. 2.28Visa Inc., Class A 2.18The Procter & Gamble Company 2.08The Walt Disney Co. 2.07Johnson & Johnson 2.05Exxon Mobil Corp. 2.00EMC Corp. 1.95American Express Co. 1.87Wells Fargo & Co. 1.87Apple Inc. 1.85United Technologies Corp. 1.80ACE Ltd. 1.78The Goldman Sachs Group Inc. 1.73Thermo Fisher Scientific Inc. 1.71Honeywell International Inc. 1.69Precision Castparts Corp. 1.68BlackRock Inc. 1.67MasterCard Inc. 1.64Covidien PLC 1.64Microchip Technology Inc. 1.63Hewlett-Packard Co. 1.60Oracle Corp. 1.43
ASTRA MFS U.S. EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
105
Nature and extent of risks arising from financial instruments The ASTRA MFS U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called MFS U.S. Equity Core Fund. The ASTRA MFS U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS Investment Management Canada Limited. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth while also favouring undervalued securities.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 28,567 - - 28,567
Derivative Products - - - -
Money Market - - - -Total 28,567 - - 28,567
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 26,252 - - 26,252
Derivative Products - - - -
Money Market - - - -Total 26,252 - - 26,252 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA TRADEWINDS U.S. EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
106
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 21,563 11,752 Cash 1,330 1,262 Receivables 25 146
22,918 13,160
Liabilities Bank overdraft - -Accounts payable 399 161
399 161
Net Assets 22,519 12,999
Net asset value per unit 12.85 9.64
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 22,522 12,999 Adjustment to bid prices of investments (3) -
Net assets at bid prices of investments 22,519 12,999
Transactional NAV per unit at closing price of investments 12.85 9.64
Adjustment per unit to bid prices of investments - -
Net assets per unit at bid prices of investments 12.85 9.64
Investments, at cost 18,211 11,727
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 12,999 -
Capital units transactions Proceeds from issue of units 8,617 14,366Reinvestment of distributions - -Redemption of units (4,004) (1,379)
4,613 12,987Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,907 12
Net assets - End of year 22,519 12,999
Changes in number of units Units outstanding at the beginning 1,349,072 -Units issued 754,078 1,496,845 Units redeemed (351,305) (147,773)
Units outstanding at the end 1,751,845 1,349,072
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 312 122
312 122
Expenses (note 4) Management fees 549 190 Administrative fees 17 7
566 197
Net investment income (loss) (254) (75)
Net realized gain (loss) on sale of investments 1,861 82 Net unrealized gain (loss) on investments 3,327 25 Transaction costs (27) (20)
Increase (decrease) in net assets from operations 4,907 12
Increase (decrease) in net assets from operations per unit 3.25 0.01 Management Expense Ratio 3.33% 3.05%
ASTRA TRADEWINDS U.S. EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of shares)
INVESTMENT PORTFOLIO As at December 31, 2013
107
Number Average Fair
of Shares Cost Value
$ $
EQUITIES (95.75%)
CANADIAN EQUITIES (6.29%)
Energy (3.36%)
Talisman Energy Inc. 61,093 721 756
Materials (2.93%)
Agrium Inc. 6,795 635 661
TOTAL CANADIAN EQUITIES 1,356 1,417
U.S. EQUITIES (82.13%)
Energy (11.50%)
Baker Hughes Inc. 2,518 111 148
Devon Energy Corp. 3,021 184 199
Royal Dutch Shell PLC, Class B 7,037 484 563
Superior Energy Services Inc. 15,818 427 448
Total SA 6,700 343 437
Transocean Ltd. 15,100 776 794
2,325 2,589
Industrials (7.56%)
Aegon NV 30,671 205 309
CSX Corp. 10,972 288 336
General Dynamics Corp. 2,256 153 229
Siemens AG 2,637 285 388
Triumph Group Inc. 5,437 418 440
1,349 1,702
Consumer Discretionary (11.41%)
Advance Auto Parts Inc. 1,957 151 230
General Motors Co. 19,941 544 867
Interpublic Group of Companies Inc. 36,173 518 681
Time Warner Cable Inc. 2,409 225 347
Time Warner Inc. 5,984 346 444
1,784 2,569
Consumer Staples (9.52%)
Bunge Ltd. 5,288 403 462
Dean Foods Co. 23,823 451 435
Ingredion Inc. 6,112 410 445
Molson Coors Brewing Co., Class B 5,198 244 310
Wal-Mart Stores Inc. 5,873 455 492
1,963 2,144
Health Care (6.90%)
Merck & Company Inc. 16,421 767 874
Mitsubishi Tanabe Pharma Corp. 14,319 212 212
Novartis AG 5,483 394 469
1,373 1,555
Financials (14.91%)
Ageas 7,389 268 336
American International Group Inc. 16,010 555 869
Axis Capital Holdings Ltd. 8,757 356 443
CNA Financial Corp. 5,290 176 241
Endurance Specialty Holdings Ltd. 3,535 152 221
Loews Corp. 10,834 463 556
Northern Trust Corp. 3,321 188 219
UBS AG 23,052 379 472
2,537 3,357
Number Average Fair
of Shares Cost Value
$ $
EQUITIES (95.75%) (Cont’d)
U.S. EQUITIES (82.13%) (Cont’d)
Telecommunication Services (0.38%)
NII Holdings Inc., Class B 29,100 186 85
Information Technology (16.31%)
Cisco Systems Inc. 27,461 602 655
Corning Inc. 12,094 156 229
Ingram Micro Inc., Class A 16,897 367 421
Intel Corp. 17,184 400 474
Microsoft Corp. 17,134 561 682
Oracle Corp. 14,554 487 592
Tech Data Corp. 6,502 333 357
Western Digital Corp. 2,960 123 264
3,029 3,674
Utilities (3.64%)
Exelon Corp. 28,139 908 820
TOTAL U.S. EQUITIES 15,454 18,495
FOREIGN EQUITIES (7.33%)
Industrials (0.86%)
Vallourec 16,626 210 193
Consumer Discretionary (3.02%)
Carnival Corp. 10,812 410 462
Tata Motors Ltd. 6,672 188 219
598 681
Financials (3.45%)
ING Groep NV 7,615 65 113
KB Financial Group Inc. 10,341 347 445
MS&AD Insurance Group Holdings Inc. 15,376 181 219
593 777
TOTAL FOREIGN EQUITIES 1,401 1,651
TOTAL EQUITIES 18,211 21,563
TOTAL INVESTMENTS (95.75%) 18,211 21,563
OTHER NET ASSETS (4.25%) 956
TOTAL NET ASSETS (100%) 22,519
ASTRA TRADEWINDS U.S. EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
108
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Tradewinds U.S. Equity Fund (the “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of all-cap U.S. companies. The Fund may hold fund units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Tradewinds Global Investors, favours a bottom-up management approach and a predominantly value management style. Preference is given to high-quality companies that are traded below their intrinsic value. As at December 31, 2013 and 2012, the Fund’s assets are made up of U.S. equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian and U.S. dollar), as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.
Price risk The Fund trades U.S. equity securities which must meet the requirements of the investment policy. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Market capitalization of target companies must be greater than $1 billion at the time of purchase. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
S&P 500 Index + 5.00 - 5.00
1,078 (1,078)
588 (588)
The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in U.S. dollars. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.
Against Other Currencies
Change in Exchange
Rate (%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
Canadian Dollar + 5.00 - 5.00
(1,078) 1,078
(588) 588
The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.
ASTRA TRADEWINDS U.S. EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
109
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 21,563 - - 21,563
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 21,563 - - 21,563
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 11,752 - - 11,752
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 11,752 - - 11,752
During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA U.S. FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
110
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 26,076 14,056 Cash - 210Receivables 1,211 113
27,287 14,379
Liabilities Bank overdraft 670 -Accounts payable 350 155
1,020 155
Net Assets 26,267 14,224
Net asset value per unit 16.14 11.52
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 26,290 14,126 Adjustment to bid prices of investments (23) 98
Net assets at bid prices of investments 26,267 14,224
Transactional NAV per unit at closing price of investments 16.16 11.44
Adjustment per unit to bid prices of investments (0.02) 0.08
Net assets per unit at bid prices of investments 16.14 11.52
Investments, at cost 19,708 13,771
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 14,224 512
Capital units transactions Proceeds from issue of units 10,899 14,470 Reinvestment of distributions - -Redemption of units (5,531) (1,104)
5,368 13,366Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 6,675 346
Net assets - End of year 26,267 14,224
Changes in number of units Units outstanding at the beginning 1,234,796 48,961 Units issued 777,205 1,285,073 Units redeemed (384,685) (99,238)
Units outstanding at the end 1,627,316 1,234,796
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 307 195 Management fee distribution received 2 1
309 196
Expenses (note 4) Management fees 427 190 Administrative fees 21 10
448 200
Net investment income (loss) (139) (4)
Net realized gain (loss) on sale of investments 745 82 Net unrealized gain (loss) on investments 6,083 287 Transaction costs (14) (19)
Increase (decrease) in net assets from operations 6,675 346
Increase (decrease) in net assets from operations per unit 4.55 0.38 Management Expense Ratio 2.89% 2.51%
ASTRA U.S. FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
111
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.27%) iShares US Fundamental Index Fund 1,164,645 19,708 26,076
OTHER NET ASSETS (0.73%) 191
TOTAL NET ASSETS (100%) 26,267
TOP HOLDINGS OF UNDERLYING FUND iShares US Fundamental Index Fund %Exxon Mobil Corp. 2.86Bank of America Corp. 2.33General Electric Company 1.97JPMorgan Chase & Co. 1.77Chevron Corp. 1.74AT&T Inc. 1.71Citigroup Inc. 1.57Wells Fargo & Co. 1.46ConocoPhillips 1.34Pfizer Inc. 1.29Verizon Communications Inc. 1.22Microsoft Corp. 1.12Johnson & Johnson 1.11Berkshire Hathaway Inc., Class B 1.09The Procter & Gamble Company 1.00Wal-Mart Stores Inc. 0.94Apple Inc. 0.89Intel Corp. 0.82Hewlett Packard Co. 0.81American International Group Inc. 0.77Merck & Company Inc. 0.75Ford Motor Co. 0.70IBM Corp. 0.68Phillips 66 0.62CVS Caremark Corp. 0.58
ASTRA U.S. FUNDAMENTAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
112
Nature and extent of risks arising from financial instruments The ASTRA U.S. Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares US Fundamental Index Fund. The ASTRA U.S. Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI US 1,000 C$ Hedged Index, which comprises the largest 1,000 US-listed companies by fundamental value.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 26,076 - - 26,076
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 26,076 - - 26,076
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 14,056 - - 14,056
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 14,056 - - 14,056 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA U.S. INDEX FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
113
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 25,299 14,591 Cash - 37 Receivables - 6
25,299 14,634
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 25,299 14,634
Net asset value per unit 8.74 6.39 Investments, at cost 18,241 13,667
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 14,634 8,804
Capital units transactions Proceeds from issue of units 10,102 7,375 Reinvestment of distributions - -Redemption of units (5,675) (2,541)
4,427 4,834 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 6,238 996
Net assets - End of year 25,299 14,634
Changes in number of units Units outstanding at the beginning 2,289,924 1,516,564 Units issued 1,384,066 1,181,287 Units redeemed (779,518) (407,927)
Units outstanding at the end 2,894,472 2,289,924
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 406 246 Management fee distribution received - -
406 246
Expenses (note 4) Management fees 565 313 Administrative fees 20 12
585 325
Net investment income (loss) (179) (79)
Net realized gain (loss) on sale of investments 283 48
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 6,134 1,027
Increase (decrease) in net assets from operations 6,238 996
Increase (decrease) in net assets from operations per unit 2.33 0.50 Management Expense Ratio 2.88% 2.64%
ASTRA U.S. INDEX FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
114
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100%) BlackRock CDN US Equity Index Fund, Class D 2,085,835 18,241 25,299
OTHER NET ASSETS (0%) -
TOTAL NET ASSETS (100%) 25,299
TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN US Equity Index Fund, Class D %Apple Inc. 3.00Exxon Mobil Corp. 2.62iShares Core S&P 500 ETF 1.90Google Inc., Class A 1.87Microsoft Corp. 1.69General Electric Company 1.68Johnson & Johnson 1.53Chevron Corp. 1.43The Procter & Gamble Company 1.31JPMorgan Chase & Co. 1.30Wells Fargo & Co. 1.29Berkshire Hathaway Inc., Class B 1.27Pfizer Inc. 1.18IBM Corp. 1.14AT&T Inc. 1.10Bank of America Corp. 0.99Citigroup Inc. 0.94Coca-Cola Co. 0.93Amazon.com Inc. 0.88Merck & Company Inc. 0.87Verizon Communications Inc. 0.83Philip Morris International Inc. 0.83Comcast Corp., Class A 0.80Oracle Corp. 0.80Intel Corp. 0.77
ASTRA U.S. INDEX FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
115
Nature and extent of risks arising from financial instruments The ASTRA U.S. Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN US Equity Index Fund, Class D. The ASTRA U.S. Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the S&P 500 Index (CAN $).
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 25,299 - - 25,299
Derivative Products - - - -
Money Market - - - -Total 25,299 - - 25,299
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 14,591 - - 14,591
Derivative Products - - - -
Money Market - - - -Total 14,591 - - 14,591 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA INTERNATIONAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
116
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 131,714 136,294Cash 281 -Receivables - 648
131,995 136,942
Liabilities Bank overdraft - 424Accounts payable - -
- 424
Net Assets 131,995 136,518
Net asset value per unit 8.38 6.71 Investments, at cost 113,732 140,852
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 136,518 88,512
Capital units transactions Proceeds from issue of units 22,291 61,097Reinvestment of distributions - -Redemption of units (55,791) (21,699)
(33,500) 39,398Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 28,977 8,608
Net assets - End of year 131,995 136,518
Changes in number of units Units outstanding at the beginning 20,345,708 14,237,072 Units issued 2,923,541 9,469,560 Units redeemed (7,522,046) (3,360,924)
Units outstanding at the end 15,747,203 20,345,708
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 1 Distribution from the underlying fund 3,987 5,496 Management fee distribution received - -
3,988 5,497
Expenses (note 4) Management fees 4,534 3,600 Administrative fees 132 114
4,666 3,714
Net investment income (loss) (678) 1,783
Net realized gain (loss) on sale of investments 3,291 (523)
Net realized gain distributed by the underlying fund 3,824 -Net unrealized gain (loss) on investments 22,540 7,348
Increase (decrease) in net assets from operations 28,977 8,608
Increase (decrease) in net assets from operations per unit 1.65 0.49 Management Expense Ratio 3.61% 3.34%
ASTRA INTERNATIONAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
117
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.79%) Hexavest Europac Fund 116,530 113,732 131,714
OTHER NET ASSETS (0.21%) 281
TOTAL NET ASSETS (100%) 131,995
TOP HOLDINGS OF UNDERLYING FUND Hexavest Europac Fund %Roche Holding AG 2.05Novartis AG 1.88Nestlé SA 1.80Sanofi 1.70BP PLC 1.64Vodafone Group PLC 1.52HSBC Holdings PLC 1.44Total SA 1.37AstraZeneca PLC 1.29Toyota Motor Corp. 1.20GlaxoSmithKline PLC 1.13Bayer AG 1.11Novo Nordisk A/S, Class B 0.89BASF SE 0.87British American Tobacco PLC 0.86Rio Tinto PLC 0.83Barclays PLC 0.79Sumitomo Mitsui Financial Group Inc. 0.76Mitsubishi UFJ Financial Group Inc. 0.74KDDI Corp. 0.74Telefonica SA 0.74Royal Dutch Shell PLC, Class B 0.74Shire PLC 0.72Unilever NV 0.72Diageo PLC 0.69
ASTRA INTERNATIONAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
118
Nature and extent of risks arising from financial instruments The ASTRA International Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest Europac Fund. The ASTRA International Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Emphasis is placed on macroeconomic factors as well as a strategy based on fundamental research supported by quantitative models.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 131,714 - - 131,714
Derivative Products - - - -
Money Market - - - -Total 131,714 - - 131,714
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 136,294 - - 136,294
Derivative Products - - - -
Money Market - - - -Total 136,294 - - 136,294 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CARNEGIE INTERNATIONAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
119
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 70,927 55,971 Cash 2,429 1,408 Receivables 34 20
73,390 57,399
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 73,390 57,399
Net asset value per unit 10.96 9.22
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 73,453 57,440 Adjustment to bid prices of investments (63) (41)
Net assets at bid prices of investments 73,390 57,399
Transactional NAV per unit at closing price of investments 10.97 9.23
Adjustment per unit to bid prices of investments (0.01) (0.01)
Net assets per unit at bid prices of investments 10.96 9.22
Investments, at cost 52,509 45,745
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 57,399 43,420
Capital units transactions Proceeds from issue of units 21,809 15,527 Reinvestment of distributions - -Redemption of units (16,846) (9,827)
4,963 5,700 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 11,028 8,279
Net assets - End of year 73,390 57,399
Changes in number of units Units outstanding at the beginning 6,226,515 5,555,114 Units issued 2,158,789 1,810,621 Units redeemed (1,691,866) (1,139,220)
Units outstanding at the end 6,693,438 6,226,515
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 1,238 1,244
1,238 1,244
Expenses (note 4) Management fees 2,062 1,474Administrative fees 63 49
2,125 1,523
Net investment income (loss) (887) (279)
Net realized gain (loss) on sale of investments 3,822 1,178 Net unrealized gain (loss) on investments 8,192 7,486 Transaction costs (99) (106)
Increase (decrease) in net assets from operations 11,028 8,279
Increase (decrease) in net assets from operations per unit 1.77 1.44 Management Expense Ratio 3.39% 3.10%
ASTRA CARNEGIE INTERNATIONAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of shares)
INVESTMENT PORTFOLIO As at December 31, 2013
120
Number Average Fair
of Shares Cost Value
$ $
FOREIGN EQUITIES (96.64%)
Industrials (18.20%)
ABB Ltd. 75,200 1,593 2,108
FANUC Corp. 10,700 1,692 2,079
Jardine Matheson Holdings Ltd. 14,400 953 801
Komatsu Ltd. 48,000 1,263 1,037
Makita Corp. 39,800 1,685 2,217
Schneider Electric SA 27,100 1,728 2,518
Wolseley PLC 43,017 1,761 2,597
10,675 13,357
Consumer Discretionary (21.79%)
ASOS PLC 12,000 970 1,293
Bayerische Motoren Werke AG 17,700 2,082 2,215
Bridgestone Corp. 70,100 1,946 2,817
Inditex SA 13,300 1,281 2,318
Rakuten Inc. 197,000 2,846 3,115
Toyota Industries Corp. 40,200 1,210 1,926
WPP PLC 95,000 1,928 2,309
12,263 15,993
Consumer Staples (13.29%)
British American Tobacco PLC 51,700 2,073 2,949
Diageo PLC 73,900 1,564 2,604
Japan Tobacco Inc. 60,300 1,417 2,079
Nestlé SA 27,200 1,521 2,120
6,575 9,752
Health Care (10.12%)
Novartis AG 23,800 1,764 2,023
Novo Nordisk A/S, Class B 12,050 1,492 2,351
Roche Holding AG 10,250 1,930 3,050
5,186 7,424
Financials (19.61%)
Danske Bank A/S 67,400 1,322 1,645
HDFC Bank Ltd. 118,400 3,585 4,335
HSBC Holdings PLC 195,000 1,863 2,277
Prudential PLC 139,200 1,954 3,285
UBS AG 141,300 2,265 2,854
10,989 14,396
Information Technology (13.63%)
Samsung Electronics Co. Ltd. 4,550 1,975 3,153
SAP AG 34,200 2,217 3,134
Sony Corp. 86,000 1,761 1,586
Tencent Holdings Ltd. 31,400 868 2,132
6,821 10,005
TOTAL FOREIGN EQUITIES 52,509 70,927
TOTAL INVESTMENTS (96.64%) 52,509 70,927
OTHER NET ASSETS (3.36%) 2,463
TOTAL NET ASSETS (100%) 73,390
ASTRA CARNEGIE INTERNATIONAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
121
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Carnegie International Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities of large-cap international companies located outside of North America. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Carnegie Asset Management, favours a bottom-up management approach based on securities selection and long-term investment. The Fund has a blended value/growth management style. Preference is given to companies with strong pricing power that take advantage of evolving global economic trends. As at December 31, 2013 and 2012, the Fund’s assets are made up of international equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.
Price risk The Fund trades international equity securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 80% and 100% in international equities and up to a maximum of 20% in money market securities. The Fund’s assets must be invested in at least five sectors within the MSCI EAFE Index. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Capitalization of target companies must be greater than $1 billion without falling below the company with the smallest capitalization in the MSCI EAFE Index. Exposure to emerging economies is limited to 30% of the Fund’s assets. The percentage of securities from a single issuer is limited to 10% of the Fund’s assets. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
MSCI EAFE Index + 5.00 - 5.00
3,546 (3,546)
2,799 (2,799)
The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.
Currency 2013
($) 2012
($) Danish Krone 3,997 1,875 Euro 10,185 10,791 Hong Kong Dollar 2,132 2,422 Japanese Yen 16,856 6,757 Malaysian Ringgit - 819 Pound Sterling 17,314 17,542 Swedish Krona - 943 Swiss Franc 12,155 7,753 U.S. Dollar 8,288 7,069 Total 70,927 55,971
ASTRA CARNEGIE INTERNATIONAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
122
Currency risk (Cont’d) The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.
Against Other Currencies
Change in Exchange Rate
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
Canadian Dollar + 5.00 - 5.00
(3,546) 3,546
(2,799) 2,799
The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 70,927 - - 70,927
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 70,927 - - 70,927
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 55,971 - - 55,971
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 55,971 - - 55,971 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
123
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 18,063 13,198 Cash 4 101 Receivables 93 121
18,160 13,420
Liabilities Bank overdraft - -Accounts payable 260 -
260 -
Net Assets 17,900 13,420
Net asset value per unit 10.92 8.47
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 17,922 13,409 Adjustment to bid prices of investments (22) 11
Net assets at bid prices of investments 17,900 13,420
Transactional NAV per unit at closing price of investments 10.93 8.46
Adjustment per unit to bid prices of investments (0.01) 0.01
Net assets per unit at bid prices of investments 10.92 8.47
Investments, at cost 13,968 12,872
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 13,420 121
Capital units transactions Proceeds from issue of units 3,485 13,824 Reinvestment of distributions - -Redemption of units (2,990) (974)
495 12,850 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,985 449
Net assets - End of year 17,900 13,420
Changes in number of units Units outstanding at the beginning 1,583,895 15,620 Units issued 364,224 1,689,951 Units redeemed (309,070) (121,676)
Units outstanding at the end 1,639,049 1,583,895
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Dividends 333 274
333 274
Expenses (note 4) Management fees 356 188 Administrative fees 16 9
372 197
Net investment income (loss) (39) 77
Net realized gain (loss) on sale of investments 262 52 Net unrealized gain (loss) on investments 3,769 343 Transaction costs (7) (23)
Increase (decrease) in net assets from operations 3,985 449
Increase (decrease) in net assets from operations per unit 2.44 0.39 Management Expense Ratio 3.12% 2.71%
ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
124
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.91%) iShares International Fundamental Index Fund 1,081,601 13,968 18,063
OTHER NET ASSETS (-0.91%) (163)
TOTAL NET ASSETS (100%) 17,900
TOP HOLDINGS OF UNDERLYING FUND iShares International Fundamental Index Fund %Toyota Motor Corp. 0.91Nestlé SA 0.81Total SA 0.71Mitsubishi UFJ Financial Group Inc. 0.71Novartis AG 0.69Banco Santander SA 0.62BP PLC 0.62Vodafone Group PLC 0.59Roche Holding AG 0.55Honda Motor Co. Ltd. 0.51Telefonica SA 0.51BHP Billiton Ltd. 0.49Tokyo Electric Power Co. Inc. 0.48Sumitomo Mitsui Financial Group Inc. 0.47Commonwealth Bank of Australia 0.45HSBC Holdings PLC 0.45National Australia Bank Ltd. 0.44Royal Dutch Shell PLC, Class A 0.43Samsung Electronics Co. Ltd. 0.43Royal Bank of Canada 0.42Hitachi Ltd. 0.42Westpac Banking Corp. 0.40Deutsche Telekom AG 0.40Allianz SE 0.39Panasonic Corp. 0.39
ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
125
Nature and extent of risks arising from financial instruments The ASTRA International Fundamental Equity Fund is a segregated fund that invests exclusively the Exchange Traded Fund called iShares International Fundamental Index Fund. The ASTRA International Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Developed ex US 1,000 Index, which comprises the top 1,000 non US-listed companies with the largest fundamental value.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 18,063 - - 18,063
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 18,063 - - 18,063
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds 13,198 - - 13,198
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 13,198 - - 13,198 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA INTERNATIONAL INDEX FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
126
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 33,629 34,690 Cash - 38 Receivables - 2
33,629 34,730
Liabilities Bank overdraft 118 -Accounts payable 215 -
333 -
Net Assets 33,296 34,730
Net asset value per unit 11.00 8.65 Investments, at cost 27,363 35,238
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 34,730 28,233
Capital units transactions Proceeds from issue of units 6,679 8,429 Reinvestment of distributions - -Redemption of units (15,614) (5,587)
(8,935) 2,842 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 7,501 3,655
Net assets - End of year 33,296 34,730
Changes in number of units Units outstanding at the beginning 4,015,028 3,644,006 Units issued 691,232 1,046,178 Units redeemed (1,678,475) (675,156)
Units outstanding at the end 3,027,785 4,015,028
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 942 977 Management fee distribution received - -
942 977
Expenses (note 4) Management fees 915 859 Administrative fees 30 31
945 890
Net investment income (loss) (3) 87
Net realized gain (loss) on sale of investments 690 (376)
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 6,814 3,944
Increase (decrease) in net assets from operations 7,501 3,655
Increase (decrease) in net assets from operations per unit 2.45 0.95 Management Expense Ratio 3.20% 2.91%
ASTRA INTERNATIONAL INDEX FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
127
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (101.00%) BlackRock CDN MSCI EAFE Equity Index Fund, Class D 2,531,054 27,363 33,629
OTHER NET ASSETS (-1.00%) (333)
TOTAL NET ASSETS (100%) 33,296
TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI EAFE Equity Index Fund, Class D %Nestlé SA 1.76HSBC Holdings PLC 1.52Roche Holding AG 1.46Vodafone Group PLC 1.41Novartis AG 1.37Toyota Motor Corp. 1.25iShares MSCI EAFE ETF 1.18BP PLC 1.13Royal Dutch Shell PLC, Class A 1.02Total SA 0.98GlaxoSmithKline PLC 0.97Sanofi 0.94Bayer AG 0.86Commonwealth Bank of Australia 0.83BHP Billiton Ltd. 0.81Siemens AG 0.81British American Tobacco PLC 0.76Banco Santander SA 0.76BASF SE 0.73Royal Dutch Shell PLC, Class B 0.70Westpac Banking Corp. 0.67Anheuser-Busch InBev NV 0.64Mitsubishi UFJ Financial Group Inc. 0.62SoftBank Corp. 0.62Daimler AG 0.62
ASTRA INTERNATIONAL INDEX FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
128
Nature and extent of risks arising from financial instruments The ASTRA International Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN MSCI EAFE Equity Index Fund, Class D. The ASTRA International Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the stock market MSCI EAFE Index (CAN $).
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 33,629 - - 33,629
Derivative Products - - - -
Money Market - - - -Total 33,629 - - 33,629
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 34,690 - - 34,690
Derivative Products - - - -
Money Market - - - -Total 34,690 - - 34,690 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CALAMOS GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
129
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 22,043 18,675 Cash 1,499 1,127 Receivables 28 45
23,570 19,847
Liabilities Bank overdraft - -Accounts payable 29 -
29 -
Net Assets 23,541 19,847
Net asset value per unit 11.03 9.51
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 23,571 19,866 Adjustment to bid prices of investments (30) (19)
Net assets at bid prices of investments 23,541 19,847
Transactional NAV per unit at closing price of investments 11.04 9.52
Adjustment per unit to bid prices of investments (0.01) (0.01)
Net assets per unit at bid prices of investments 11.03 9.51
Investments, at cost 18,726 18,009
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 19,847 13,171
Capital units transactions Proceeds from issue of units 8,748 10,136 Reinvestment of distributions - -Redemption of units (8,240) (3,673)
508 6,463 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,186 213
Net assets - End of year 23,541 19,847
Changes in number of units Units outstanding at the beginning 2,085,971 1,399,885 Units issued 848,295 1,069,504 Units redeemed (800,032) (383,418)
Units outstanding at the end 2,134,234 2,085,971
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 144 140 Dividends 323 174
467 314
Expenses (note 4) Management fees 735 538 Administrative fees 21 17
756 555
Net investment income (loss) (289) (241)
Net realized gain (loss) on sale of investments 838 (540)Net unrealized gain (loss) on investments 2,651 1,013Transaction costs (14) (19)
Increase (decrease) in net assets from operations 3,186 213
Increase (decrease) in net assets from operations per unit 1.53 0.12 Management Expense Ratio 3.56% 3.26%
ASTRA CALAMOS GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of shares)
INVESTMENT PORTFOLIO As at December 31, 2013
130
C: convertible security.
Par Average Fair
Value Cost Value
$ $
FOREIGN BONDS (39.41%)
Corporations (39.41%)
AB Industrivarden, 1.88%, 02-27-2017 C 250 362 392
AB Industrivarden, 2.50%, 02-27-2015 C 50 83 93Advanced Semiconductor Engineering Inc., 0.00%, 09-05-2018 C 200 236 226
Asahi Group Holdings Ltd., 0.00%, 05-26-2028 C 30,000 418 439
Azimut Holding SpA, 2.13%, 11-25-2020 C 100 143 147
BioMarin Pharmaceutical Inc., 0.75%, 10-15-2018 C 62 67 70
BioMarin Pharmaceutical Inc., 1.50%, 10-15-2020 C 43 46 49
Buzzi Unicem, 1.38%, 07-17-2019 C 100 137 159
Cemex, 4.88%, 03-15-2015 C 100 124 126
CGGVeritas, 1.75%, 01-01-2016 C 71 100 103
Concur Technologies Inc., 0.50%, 06-15-2018 C 50 52 61
Ctrip.com International Ltd., 1.25%, 10-15-2018 C 215 231 228
Cubist Pharmaceuticals Inc., 1.13%, 09-01-2018 C 165 192 199
Cubist Pharmaceuticals Inc., 1.88%, 09-01-2020 C 32 35 38
Electronic Arts Inc., 0.75%, 07-15-2016 C 100 108 114
Elekta AB, 2.75%, 04-25-2017 C 1,590 294 337
Finisar Corp., 0.50%, 12-15-2033 C 54 57 60
Gilead Sciences Inc., 1.63%, 05-01-2016 C 65 77 228
Glencore Finance (Europe), 5.00%, 12-31-2014 C 200 246 240
Iconix Brand Group Inc., 2.50%, 06-01-2016 C 50 65 74
Illumina Inc., 0.25%, 03-15-2016 C 200 223 291International Consolidated Airlines Group SA, 1.75%, 05-31-2018 C 100 148 193
International Game Technology, 3.25%, 05-01-2014 C 95 111 108
InvenSense Inc., 1.75%, 11-01-2018 C 12 14 15
JDS Uniphase Corp., 0.63%, 08-15-2033 C 90 100 95
Liberty Interactive LLC, 0.75%, 03-30-2043 C 105 107 137
Limited Brands Inc., 5.63%, 02-15-2022 35 35 38
Linear Technology Corp., 3.00%, 05-01-2027 C 70 75 85
Marine Harvest ASA, 2.38%, 05-08-2018 C 300 417 490
Medidata Solutions Inc., 1.00%, 08-01-2018 C 70 75 95
MGM Resorts International, 4.25%, 04-15-2015 C 105 128 152
Molina Healthcare Inc., 1.13%, 01-15-2020 C 95 113 104
NetSuite Inc., 0.25%, 06-01-2018 C 100 104 115
Nuance Communications Inc., 2.75%, 11-01-2031 C 29 31 30
Pegatron Corp., 0.00%, 02-06-2017 C 200 224 238Portfolio Recovery Associates Inc., 3.00%, 01-08-2020 C 54 56 62
priceline.com Inc., 1.00%, 03-15-2018 C 220 226 329
Qiagen Euro Finance SA, 3.25%, 05-16-2026 C 100 123 135
Salesforce.com Inc., 0.25%, 04-01-2018 C 200 205 230
SanDisk Corp., 0.50%, 10-15-2020 C 420 447 441
SEACOR Holdings Inc., 2.50%, 12-15-2027 C 95 112 123
ServiceNow Inc., 0.00%, 11-01-2018 C 145 154 155
Shutterfly Inc., 0.25%, 05-15-2018 C 105 112 120
Siemens Finance, 1.05%, 08-16-2017 C 250 260 308
SINA Corp., 1.00%, 12-01-2018 C 132 138 138
SK Hynix Inc., 2.65%, 05-14-2015 C 300 345 393
Technip SA, 0.25%, 01-01-2017 C 188 268 280
Technip SA, 0.50%, 01-01-2016 C 43 68 58
Temasek Financial III Pte Ltd., 0.00%, 10-24-2014 C 500 420 422
United Technologies Corp., 7.50%, 08-01-2015 2 117 112
WellPoint Inc., 2.75%, 10-15-2042 C 95 118 137
Workday Inc., 0.75%, 07-15-2018 C 70 71 88
Workday Inc., 1.50%, 07-15-2020 C 30 31 39
Yandex, 1.13%, 12-15-2018 C 120 128 139
TOTAL FOREIGN BONDS 8,377 9,278
Number Average Fair
of Shares Cost Value
$ $
EQUITIES (54.23%)
COMMON SHARES (50.76%)
CANADIAN EQUITIES (0.45%)
Financials (0.45%)
Fairfax Financial Holdings Ltd. 250 106 106
TOTAL CANADIAN EQUITIES 106 106
U.S. EQUITIES (24.57%)
Energy (3.83%)
Anadarko Petroleum Corp. 1,400 131 118
EOG Resources Inc. 1,500 196 268
Schlumberger Ltd. 5,375 418 515
745 901
Industrials (0.31%)
Dover Corp. 700 56 72
Consumer Discretionary (0.80%)
Eaton Corp. PLC 2,340 134 189
Consumer Staples (3.08%)
Coca-Cola Co. 12,200 444 536
Lorillard Inc. 3,500 158 189
602 725
Health Care (1.75%)
Johnson & Johnson 4,220 284 411
Financials (6.38%)
Citigroup Inc. 4,000 212 222
Franklin Resources Inc. 3,805 150 233
JPMorgan Chase & Co. 5,600 289 348
MetLife Inc. 3,500 144 117
T. Rowe Price Group Inc. 2,700 177 240
Wells Fargo & Co. 7,100 324 343
1,296 1,503
Telecommunication Services (1.03%)
SK Telecom Co. Ltd. 9,300 228 243
Information Technology (7.39%)
Apple Inc. 1,780 897 1,062
eBay Inc. 7,600 309 444
QUALCOMM Inc. 2,950 168 233
1,374 1,739
TOTAL U.S. EQUITIES 4,719 5,783
FOREIGN EQUITIES (25.74%)
Industrials (3.71%)
ABB Ltd. 10,600 210 297
Compagnie Financière Richemont SA 1,700 166 180
Hutchison Whampoa Ltd. 9,000 111 130
Toyota Motor Corp. 4,100 275 266
762 873
ASTRA CALAMOS GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of shares)
INVESTMENT PORTFOLIO As at December 31, 2013
131
C: convertible security.
Number Average Fair
of Shares Cost Value
$ $
EQUITIES (54.23%) (Cont'd)
COMMON SHARES (50.76%) (Cont’d)
FOREIGN EQUITIES (25.74%) (Cont'd)
Consumer Discretionary (3.25%)
The Swatch Group AG (BR) 740 308 521
WPP PLC 10,050 192 244
500 765
Health Care (4.08%)
Novo Nordisk A/S, Class B 4,110 510 802
Sawai Pharmaceutical Co. Ltd. 2,300 177 158
687 960
Financials (3.52%)
AIA Group Ltd. 46,400 222 247
DBS Group Holdings Ltd. 15,500 209 223
HSBC Holdings PLC 22,000 251 257
Standard Chartered PLC 4,200 109 101
791 828
Telecommunication Services (0.91%)
SoftBank Corp. 2,300 181 214
Information Technology (10.27%)
Accenture PLC, Class A 4,350 308 380
Dialog Semiconductor PLC 2,668 59 61
Koninklijke Philips NV 9,700 312 379
Mediatek Inc. 9,000 134 142
SAP AG 4,210 259 386
Taiwan Semiconductor Manufacturing Co. Ltd. 105,000 292 393
Telefonaktiebolaget LM Ericsson, Class B 15,110 198 196
Tencent Holdings Ltd. 7,100 355 482
1,917 2,419
TOTAL FOREIGN EQUITIES 4,838 6,059
TOTAL COMMON SHARES 9,663 11,948
PREFERRED SHARES (3.47%)
U.S. SHARES (3.22%)
Chesapeake Energy Corp., 5.75%, perpetual C 193 181 240
Chesapeake Energy Corp., 5.75%, perpetual C 274 299 336
NextEra Energy Inc., 5.60%, 06-01-2015 C 3,000 152 183
TOTAL U.S. SHARES 632 759
FOREIGN SHARES (0.25%)
Genesee & Wyoming Inc., 5.00%, 10-01-2015 C 425 54 58
TOTAL PREFERRED SHARES 686 817
TOTAL EQUITIES 10,349 12,765
TOTAL INVESTMENTS (93.64%) 18,726 22,043
OTHER NET ASSETS (6.36%) 1,498
TOTAL NET ASSETS (100%) 23,541
ASTRA CALAMOS GLOBAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
132
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA Calamos Global Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities and convertible bonds of large-cap global companies located outside of Canada. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Calamos Investments, favours a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or equity. Sector deviations are the result of the bottom-up approach to security selection. As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of international equities and convertible bonds of global companies. Risk exposure The Fund is exposed mainly to credit risk, market risk including interest rate risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk and risks associated with the use of derivatives. It does not use financial leverage or derivative products for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows:
Credit Rating* 2013 (%)
2012 (%)
Governments, municipals and subsidized - 20.67 Companies rated AAA - 2.86 Companies rated AA - - Companies rated A 12.48 15.31 Companies rated BBB 12.14 19.84 Companies rated BB 10.78 6.03 Companies rated B 1.64 - Not rated 62.96 35.29
* Source: Standard & Poor’s
Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Fixed income securities held by the Fund are traded on an active market. The Fund’s securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments. Interest rate risk The following table indicates the Fund’s interest rate risk exposure, as at December 31, by presenting the assets and liabilities at fair value by contract maturity dates.
Investments Under 1 year
($) 1 to 5 years
($)
Over 5 years
($) 2013 769 6,189 2,320 2012 1,621 5,866 1,603
The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.
Change in Prevailing Interest Rate
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($) + 1.00 - 1.00
(229) 229
(225) 225
The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Price risk The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy. The Fund’s assets must be invested in at least five countries in the MSCI World Index. The maximum amount invested in a single sector will generally be limited to either 40% or 2x the weight of the sector in the index, whichever is higher. The following table presents the impact on the Fund’s net assets, as at December 31, of a potential change in the benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
MSCI World Index + 5.00 - 5.00
1,102 (1,102)
934 (934)
The results of the sensitivity analysis conducted with respect to other price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.
ASTRA CALAMOS GLOBAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
133
Currency risk The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.
Currency 2013
($) 2012
($) Australian Dollar - 373 Brazilian Real - 151 Chinese Yuan Renminbi - 316 Danish Krone 802 911 Euro 2,740 1,737 Hong Kong Dollar 860 - Japanese Yen 1,076 831 New Taïwan Dollar 535 639 New Zealand Dollar - 211 Norwegian Krone - 403 Pound Sterling 602 534 Singapore Dollar 645 833 South Korean Won - 114 Swedish Krona 533 436 Swiss Franc 998 1,464 U.S. Dollar 13,146 9,150 Total 21,937 18,103
The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.
Against Other Currencies
Change in Exchange
Rate (%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
Canadian Dollar + 5.00 - 5.00
(1,097) 1,097
(905) 905
The results of the sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates. As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 9,278 - 9,278 Equities 12,765 - - 12,765
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 12,765 9,278 - 22,043
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 9,090 - 9,090 Equities 9,585 - - 9,585
Exchange Traded Funds - - - -
Investment Funds - - - -
Derivative Products - - - -
Money Market - - - -Total 9,585 9,090 - 18,675 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA LAZARD GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
134
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 53,363 50,532 Cash 1,481 96 Receivables - -
54,844 50,628
Liabilities Bank overdraft - -Accounts payable 1,000 -
1,000 -
Net Assets 53,844 50,628
Net asset value per unit 12.26 10.07 Investments, at cost 42,546 48,334
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 50,628 28,432
Capital units transactions Proceeds from issue of units 13,105 27,122 Reinvestment of distributions - -Redemption of units (20,487) (7,978)
(7,382) 19,144 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 10,598 3,052
Net assets - End of year 53,844 50,628
Changes in number of units Units outstanding at the beginning 5,026,830 3,049,423 Units issued 1,161,123 2,805,065 Units redeemed (1,794,843) (827,658)
Units outstanding at the end 4,393,110 5,026,830
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,128 1,007 Management fee distribution received - -
1,128 1,007
Expenses (note 4) Management fees 1,880 1,282 Administrative fees 55 40
1,935 1,322
Net investment income (loss) (807) (315)
Net realized gain (loss) on sale of investments 2,786 21
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 8,619 3,346
Increase (decrease) in net assets from operations 10,598 3,052
Increase (decrease) in net assets from operations per unit 2.12 0.75 Management Expense Ratio 3.55% 3.41%
ASTRA LAZARD GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
135
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.11%) Lazard Global Thematic (Canada) Fund 3,776,217 42,546 53,363
OTHER NET ASSETS (0.89%) 481
TOTAL NET ASSETS (100%) 53,844
TOP HOLDINGS OF UNDERLYING FUND Lazard Global Thematic (Canada) Fund %Prudential PLC 2.06Oracle Corp. 1.70Visa Inc., Class A 1.57CVS Caremark Corp. 1.55China Overseas Land & Investment Ltd. 1.48Viacom Inc., catégorie B 1.48Google Inc., Class A 1.48Monsanto Co. 1.45IBM Corp. 1.45EMC Corp. 1.43Hong Kong Exchanges & Clearing Ltd. 1.41Comcast Corp., Class A 1.39Microsoft Corp. 1.38Sumitomo Mitsui Financial Group Inc. 1.37Hong Kong & China Gas Co. Ltd. 1.35Amgen Inc. 1.33Amazon.com Inc. 1.33Roche Holding AG 1.32Exxon Mobil Corp. 1.31McKesson Corp. 1.31Mitsui Fudosan Co. Ltd. 1.31ABB Ltd. 1.29AIA Group Ltd. 1.29Sumitomo Realty & Development Co. Ltd. 1.23Actelion Ltd. 1.21
ASTRA LAZARD GLOBAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
136
Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Thematic (Canada) Fund. The ASTRA Lazard Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours an approach based on investment themes. Securities are selected from within the investment themes based on growth at a reasonable price management style.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 53,363 - - 53,363
Derivative Products - - - -
Money Market - - - -Total 53,363 - - 53,363
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 50,532 - - 50,532
Derivative Products - - - -
Money Market - - - -Total 50,532 - - 50,532 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
137
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 26,427 21,740 Cash 174 409 Receivables - -
26,601 22,149
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 26,601 22,149
Net asset value per unit 12.95 10.58 Investments, at cost 24,230 21,311
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 22,149 20,662
Capital units transactions Proceeds from issue of units 8,987 5,460 Reinvestment of distributions - -Redemption of units (9,426) (5,780)
(439) (320)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 4,891 1,807
Net assets - End of year 26,601 22,149
Changes in number of units Units outstanding at the beginning 2,093,158 2,127,361 Units issued 739,594 528,431 Units redeemed (778,715) (562,634)
Units outstanding at the end 2,054,037 2,093,158
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 864 694 Management fee distribution received - -
864 694
Expenses (note 4) Management fees 831 674 Administrative fees 24 22
855 696
Net investment income (loss) 9 (2)
Net realized gain (loss) on sale of investments 1,065 81
Net realized gain distributed by the underlying fund 2,049 490 Net unrealized gain (loss) on investments 1,768 1,238
Increase (decrease) in net assets from operations 4,891 1,807
Increase (decrease) in net assets from operations per unit 2.44 0.87 Management Expense Ratio 3.63% 3.28%
ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
138
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.35%) Hexavest World Fund, Class B 20,365 24,230 26,427
OTHER NET ASSETS (0.65%) 174
TOTAL NET ASSETS (100%) 26,601
TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund, Class B %Exxon Mobil Corp. 2.63Microsoft Corp. 1.79Apple Inc. 1.61Chevron Corp. 1.56Pfizer Inc. 1.48Wal-Mart Stores Inc. 1.41The Procter & Gamble Co. 1.38Johnson & Johnson 1.28Merck & Company Inc. 1.21AT&T Inc. 1.19Wells Fargo & Co. 1.16General Motors Co. 1.13Eli Lilly & Co. 1.11Oracle Corp. 1.11Ford Motor Co. 1.08FedEx Corp. 1.04JPMorgan Chase & Co. 0.95Roche Holding AG 0.89Novartis AG 0.82Marathon Petroleum Corp. 0.80PepsiCo Inc. 0.80Intel Corp. 0.80Lockheed Martin Corp. 0.79Nestlé SA 0.78Sanofi 0.74
ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
139
Nature and extent of risks arising from financial instruments The ASTRA Hexavest Hedged Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest World Fund, Class B. The ASTRA Hexavest Hedged Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. Emphasis is placed on analysis of macro-economic factors combined with a strategy based on quantitative models supporting fundamental research.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 26,427 - - 26,427
Derivative Products - - - -
Money Market - - - -Total 26,427 - - 26,427
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 21,740 - - 21,740
Derivative Products - - - -
Money Market - - - -Total 21,740 - - 21,740 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
140
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 39,796 27,192 Cash 366 -Receivables 2 346
40,164 27,538
Liabilities Bank overdraft - 197 Accounts payable - -
- 197
Net Assets 40,164 27,341
Net asset value per unit 16.13 11.31 Investments, at cost 31,611 25,251
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 27,341 17,571
Capital units transactions Proceeds from issue of units 14,501 10,223 Reinvestment of distributions - -Redemption of units (13,730) (3,462)
771 6,761 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 12,052 3,009
Net assets - End of year 40,164 27,341
Changes in number of units Units outstanding at the beginning 2,416,837 1,765,521 Units issued 1,060,706 977,276 Units redeemed (987,571) (325,960)
Units outstanding at the end 2,489,972 2,416,837
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 465 238 Management fee distribution received - -
465 238
Expenses (note 4) Management fees 1,097 638 Administrative fees 34 22
1,131 660
Net investment income (loss) (666) (422)
Net realized gain (loss) on sale of investments 1,905 55
Net realized gain distributed by the underlying fund 4,569 743 Net unrealized gain (loss) on investments 6,244 2,633
Increase (decrease) in net assets from operations 12,052 3,009
Increase (decrease) in net assets from operations per unit 4.82 1.43 Management Expense Ratio 3.49% 3.16%
ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
141
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.08%) Lazard Global Small Cap Equity (Canada) Fund 2,182,497 31,611 39,796
OTHER NET ASSETS (0.92%) 368
TOTAL NET ASSETS (100%) 40,164
TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund %Azimut Holding SpA 2.52Jafco Co. Ltd. 2.21Intrum Justitia AB 1.95IG Group Holdings PLC 1.89NetScout Systems Inc. 1.82Wirecard AG 1.71Ingenico 1.68Aalberts Industries NV 1.68Norma Group SE 1.67FLIR Systems Inc. 1.56Bauer Performance Sports Ltd. 1.56Topcon Corp. 1.55Valeo SA 1.53ON Semiconductor Corp. 1.53Blackhawk Network Holdings Inc. 1.52The Toro Co. 1.46SS&C Technologies Holdings Inc. 1.45Frank's International NV 1.45Encore Capital Group Inc. 1.42PacWest BanCorp 1.42Bally Technologies Inc. 1.42Waddell & Reed Financial Inc., Class A 1.42Ain Pharmaciez Inc. 1.42Dignity PLC 1.41Synaptics Inc. 1.40
ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
142
Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Small Cap Equity (Canada) Fund. The ASTRA Lazard Global Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly core style management approach with a value bias. The manager uses a quantitative management approach for its first selection of titles followed by a fundamental approach with a strong bias toward good quality, well-managed companies.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 39,796 - - 39,796
Derivative Products - - - -
Money Market - - - -Total 39,796 - - 39,796
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 27,192 - - 27,192
Derivative Products - - - -
Money Market - - - -Total 27,192 - - 27,192 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
143
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 68,793 70,322Cash - 167Receivables 1,085 1
69,878 70,490
Liabilities Bank overdraft 980 -Accounts payable - -
980 -
Net Assets 68,898 70,490
Net asset value per unit 10.14 10.64 Investments, at cost 67,203 67,883
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 70,490 24,065
Capital units transactions Proceeds from issue of units 18,728 47,936 Reinvestment of distributions - -Redemption of units (17,709) (5,912)
1,019 42,024 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations (2,611) 4,401
Net assets - End of year 68,898 70,490
Changes in number of units Units outstanding at the beginning 6,622,075 2,461,786 Units issued 1,866,441 4,735,853 Units redeemed (1,691,481) (575,564)
Units outstanding at the end 6,797,035 6,622,075
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest 1 -Distribution from the underlying fund - 1,764 Management fee distribution received 30 72
31 1,836
Expenses (note 4) Management fees 2,127 1,470 Administrative fees 65 49
2,192 1,519
Net investment income (loss) (2,161) 317
Net realized gain (loss) on sale of investments 480 (1,151)
Net realized gain distributed by the underlying fund - 69 Net unrealized gain (loss) on investments (849) 5,275Transaction costs (81) (109)
Increase (decrease) in net assets from operations (2,611) 4,401
Increase (decrease) in net assets from operations per unit (0.41) 0.92 Management Expense Ratio 3.36% 3.19%
ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
144
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.85%) BlackRock Emerging Markets Fundamental Index Fund 3,601,078 67,203 68,793
OTHER NET ASSETS (0.15%) 105
TOTAL NET ASSETS (100%) 68,898
TOP HOLDINGS OF UNDERLYING FUND BlackRock Emerging Markets Fundamental Index Fund %Gazprom OAO 4.79Oil Lukoil 2.84Petróleo Brasileiro SA-Pr 2.56Petróleo Brasileiro SA 2.47China Construction Bank Corp. 2.44China Mobile Ltd. 2.18Industrial & Commercial Bank of China Ltd. 2.11Taiwan Semiconductor Manufacturing Co. Ltd. 2.03Bank of China Ltd. 1.82Hon Hai Precision Industry Co. Ltd. 1.76America Movil SAB de CV 1.66Vale SA-Pr 1.47Itau Unibanco Holding SA 1.43China Petroleum & Chemical Corp. 1.33Sasol Ltd. 1.27MTN Group Ltd. 1.21PetroChina Co. Ltd. 1.13Cemex SAB de CV 1.11Vale SA 1.08CNOOC Ltd. 1.08Sberbank of Russia 0.97Reliance Industries Ltd. 0.94Banco Bradesco SA 0.93China Life Insurance Co. Ltd. 0.67Standard Bank Group Ltd. 0.66
ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
145
Nature and extent of risks arising from financial instruments The ASTRA Emerging Markets Fundamental Equity Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Emerging Markets Fundamental Index Fund. The ASTRA Emerging Markets Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management. The manager's investment strategy is to favours companies with the most attractive fundamental data.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds - 68,793 - 68,793
Derivative Products - - - -
Money Market - - - -Total - 68,793 - 68,793
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds - 70,322 - 70,322
Derivative Products - - - -
Money Market - - - -Total - 70,322 - 70,322 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
146
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 51,507 38,724 Cash 466 168 Receivables 1 -
51,974 38,892
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 51,974 38,892
Net asset value per unit 9.86 7.89 Investments, at cost 41,600 34,961
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 38,892 25,489
Capital units transactions Proceeds from issue of units 23,109 14,337 Reinvestment of distributions - -Redemption of units (19,539) (5,681)
3,570 8,656 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 9,512 4,747
Net assets - End of year 51,974 38,892
Changes in number of units Units outstanding at the beginning 4,930,388 3,728,288 Units issued 2,549,285 1,972,142 Units redeemed (2,208,652) (770,042)
Units outstanding at the end 5,271,021 4,930,388
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 1,573 1,368 Management fee distribution received - -
1,573 1,368
Expenses (note 4) Management fees 1,468 925 Administrative fees 45 32
1,513 957
Net investment income (loss) 60 411
Net realized gain (loss) on sale of investments 2,114 155
Net realized gain distributed by the underlying fund 1,194 441 Net unrealized gain (loss) on investments 6,144 3,740
Increase (decrease) in net assets from operations 9,512 4,747
Increase (decrease) in net assets from operations per unit 1.92 1.10 Management Expense Ratio 3.54% 3.22%
ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
147
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.10%) Lazard Global Listed Infrastructure (Canada) Fund 3,915,719 41,600 51,507
OTHER NET ASSETS (0.90%) 467
TOTAL NET ASSETS (100%) 51,974
TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.55Fraport AG 8.35Aéroports de Paris 4.78Vinci SA 4.74Tokyo Gas Co. Ltd. 4.53DUET Group 4.43Osaka Gas Co. Ltd. 4.41Flughafen Zuerich AG 4.25CSX Corp. 4.10SES SA 4.09Norfolk Southern Corp. 4.08Societa Iniziative Autostradali e Servizi SpA 3.99Transurban Group 3.49PG&E Corp. 3.42Pennon Group PLC 3.33ASTM SpA 3.32Terna Rete Elettrica Nazionale SpA 3.14Toho Gas Co. Ltd. 2.86Hera SpA 2.83Spark Infrastructure Group 2.64Macquarie Atlas Roads Group 2.40Flughafen Wien AG 2.19California Water Service Group 2.05Snam SpA 1.54Red Electrica Corporacion SA 1.52
ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
148
Nature and extent of risks arising from financial instruments The ASTRA Lazard Global Infrastructure Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Listed Infrastructure (Canada) Fund. The ASTRA Lazard Global Infrastructure Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy favours a bottom-up management approach and a predominantly value management style. Preference is given to oligopolistic infrastructures companies that provide high and stable returns and own long-term infrastructures.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 51,507 - - 51,507
Derivative Products - - - -
Money Market - - - -Total 51,507 - - 51,507
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 38,724 - - 38,724
Derivative Products - - - -
Money Market - - - -Total 38,724 - - 38,724 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
149
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 4,406 23,085Cash 46 117Receivables - -
4,452 23,202
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 4,452 23,202
Net asset value per unit 7.40 7.63 Investments, at cost 4,295 21,316
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 23,202 18,617
Capital units transactions Proceeds from issue of units 4,292 5,215 Reinvestment of distributions - -Redemption of units (22,794) (4,084)
(18,502) 1,131 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations (248) 3,454
Net assets - End of year 4,452 23,202
Changes in number of units Units outstanding at the beginning 3,039,625 2,875,922 Units issued 551,206 733,677 Units redeemed (2,989,069) (569,974)
Units outstanding at the end 601,762 3,039,625
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - -Distribution from the underlying fund 570 824 Management fee distribution received - -
570 824
Expenses (note 4) Management fees 515 691 Administrative fees 14 21
529 712
Net investment income (loss) 41 112
Net realized gain (loss) on sale of investments 1,098 23
Net realized gain distributed by the underlying fund 271 -Net unrealized gain (loss) on investments (1,658) 3,319
Increase (decrease) in net assets from operations (248) 3,454
Increase (decrease) in net assets from operations per unit (0.14) 1.16 Management Expense Ratio 3.85% 3.47%
ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
150
INVESTMENT PORTFOLIO
As at December 31, 2013 Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.97%) Presima Global Real Estate Securities Enhanced Yield Fund 4,303 4,295 4,406
OTHER NET ASSETS (1.03%) 46
TOTAL NET ASSETS (100%) 4,452
TOP HOLDINGS OF UNDERLYING FUND Presima Global Real Estate Securities Enhanced Yield Fund %Simon Property Group Inc. 3.19EPR Properties 2.85BioMed Realty Trust Inc. 2.57H&R REIT 2.50Link REIT 2.48Alexandria Real Estate Equities Inc. 2.42Cominar REIT 2.41Mercialys SA 2.40Equity Residential 2.40Mapletree Industrial Trust 2.36Suntec REIT 2.27Westfield Retail Trust 2.27DDR Corp. 2.25RioCan Real Estate Investment Trust 2.21Mid-America Apartment Communities Inc. 2.16Ascott Residence Trust 2.14Healthcare Trust of America Inc., Class A 2.09Dundee International REIT, Class A 2.07Corporate Office Properties Trust 2.01Boardwalk REIT 1.92Washington REIT 1.87Mapletree Logistics Trust 1.82GPT Group 1.78Camden Property Trust 1.77Wereldhave NV 1.76
ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
151
Nature and extent of risks arising from financial instruments The ASTRA Presima Global Real Estate Enhanced Yield Fund is a segregated fund that invests exclusively in the underlying fund called Presima Global Real Estate Securities Enhanced Yield Fund. The ASTRA Presima Global Real Estate Enhanced Yield Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Presima. The manager's investment strategy favours a combined bottom-up and top-down management approach coupled with healthy geographic and sector diversification. The manager analyzes real estate cycles, macro-economics and companies.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 4,406 - - 4,406
Derivative Products - - - -
Money Market - - - -Total 4,406 - - 4,406
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 23,085 - - 23,085
Derivative Products - - - -
Money Market - - - -Total 23,085 - - 23,085 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
152
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 61,299 40,758 Cash 409 110 Receivables - 497
61,708 41,365
Liabilities Bank overdraft - -Accounts payable - -
- -
Net Assets 61,708 41,365
Net asset value per unit 11.60 10.74 Investments, at cost 53,438 34,918
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 41,365 21,789
Capital units transactions Proceeds from issue of units 36,624 16,320 Reinvestment of distributions - -Redemption of units (19,681) (3,631)
16,943 12,689 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,400 6,887
Net assets - End of year 61,708 41,365
Changes in number of units Units outstanding at the beginning 3,852,600 2,536,767 Units issued 3,206,592 1,685,497 Units redeemed (1,740,646) (369,664)
Units outstanding at the end 5,318,546 3,852,600
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income Interest - (3)Distribution from the underlying fund 710 797 Management fee distribution received - -
710 794
Expenses (note 4) Management fees 1,281 724 Administrative fees 50 31
1,331 755
Net investment income (loss) (621) 39
Net realized gain (loss) on sale of investments 2,000 371
Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 2,021 6,477
Increase (decrease) in net assets from operations 3,400 6,887
Increase (decrease) in net assets from operations per unit 0.77 2.18 Management Expense Ratio 3.69% 3.54%
ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND
FINANCIAL STATEMENTS (in thousands, except number of units)
153
INVESTMENT PORTFOLIO
As at December 31, 2013 Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.34%) MS Real Estate Securities Global Best Ideas Fund 33.13 13,134,996 15,988 20,442 MSIF Global Real Estate Portfolio 66.21 3,876,297 37,450 40,857
TOTAL INVESTMENTS (99.34%) 53,438 61,299
OTHER NET ASSETS (0.66%) 409
TOTAL NET ASSETS (100%) 61,708
TOP HOLDINGS OF UNDERLYING FUND
MSIF Global Real Estate Portfolio %Simon Property Group Inc. 6.19Equity Residential 4.35Mitsubishi Estate Co. Ltd. 4.32Mitsui Fudosan Co. Ltd. 3.88Sun Hung Kai Properties Ltd. 3.82Sumitomo Realty & Development Co. Ltd. 3.21Host Hotels & Resorts Inc. 3.07Vornado Realty Trust 3.00AvalonBay Communities Inc. 2.72Public Storage 2.29Unibail-Rodamco SE 2.14Westfield Group 2.09General Growth Properties Inc. 1.83Regency Centers Corp. 1.72HCP Inc. 1.71Boston Properties Inc. 1.68Hongkong Land Holdings Ltd. 1.63The Macerich Co. 1.56The Link 1.51Starwood Hotels & Resorts Worldwide Inc. 1.48Land Securities Group PLC 1.31Wharf Holdings Ltd. 1.29British Land Co. PLC 1.23ProLogis Inc. 1.18Ventas Inc. 1.08
ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
154
Nature and extent of risks arising from financial instruments The ASTRA Morgan Stanley Global Real Estate Fund is a segregated fund that invests exclusively in the underlying funds called MS Real Estate Securities Global Best Ideas Fund and MSIF Global Real Estate Portfolio. The ASTRA Morgan Stanley Global Real Estate Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Morgan Stanley Investment Management. The manager's investment strategy favours a combined bottom-up and top-down management approach. Regional allocation is achieved by concentrating on the main regional criteria, including relative valuation, fundamentals of real estate, demographics and macro-economics. The manager then selects securities by using a fundamental analysis, putting an emphasis on the value of underlying assets.
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 40,857 20,442 - 61,299
Derivative Products - - - -
Money Market - - - -Total 40,857 20,442 - 61,299
2012
Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -
Exchange Traded Funds - - - -
Investment Funds 27,554 13,204 - 40,758
Derivative Products - - - -
Money Market - - - -Total 27,554 13,204 - 40,758 During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.
ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
155
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 139,355 126,946Positive fair value of derivative products 1,463 1,061Cash 3,103 3,036 Receivables - 4
143,921 131,047
Liabilities Bank overdraft - -Negative fair value of derivative products 2,536 2,777Accounts payable 234 155
2,770 2,932
Net Assets 141,151 128,115
Net asset value per unit Class A 8.18 8.70Class C 9.79 10.06Class D 9.74 10.02Class E - 10.03Class F 8.10 8.36
Investments, at cost 139,355 126,946
OPERATIONS Years ended December 31 2013 2012 $ $ Income (loss) Interest 1,292 1,006 Derivative products (5,290) (4,956)
(3,998) (3,950)
Expenses (note 4) Management fees 1,180 883 Administrative fees 23 19
1,203 902
Net investment income (loss) (5,201) (4,852)
Net realized gain (loss) on sale of investments 228 (112)Net unrealized gain (loss) on investments 643 724Transaction costs (63) (84)
Increase (decrease) in net assets from operations (4,393) (4,324)
Increase (decrease) in net assets from operations per unit Class A (0.51) (0.57)Class C (0.24) (0.32)Class D (0.28) (0.34)Class E - (0.32)Class F (0.22) (0.38)
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 128,115 102,749
Capital units transactions Proceeds from issue of units 48,766 36,346 Reinvestment of distributions - -Redemption of units (31,337) (6,656)
17,429 29,690 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations (4,393) (4,324)
Net assets - End of year 141,151 128,115
DISTRIBUTIONS
($/unit) 2013 2012Class A Net investment income - -Net realized gain on sale of investments - -
Class C Net investment income - -Net realized gain on sale of investments - -
Class D Net investment income - -Net realized gain on sale of investments - -
Class E Net investment income - -Net realized gain on sale of investments - -
Class F Net investment income - -Net realized gain on sale of investments - -
ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
156
CHANGES IN NUMBER OF UNITS
2013 2012Class A Units outstanding at the beginning 2,327,136 1,868,160 Units issued 904,465 611,056 Units redeemed (171,802) (152,080)Units outstanding at the end 3,059,799 2,327,136 Class D Units outstanding at the beginning 4,566,599 3,366,941 Units issued 2,344,268 1,290,533 Units redeemed (98,578) (90,875)Units outstanding at the end 6,812,289 4,566,599 Class F Units outstanding at the beginning 1,200,640 589,299 Units issued 4,853 614,224 Units redeemed (4,863) (2,883)Units outstanding at the end 1,200,630 1,200,640
CHANGES IN NUMBER OF UNITS
2013 2012Class C Units outstanding at the beginning 3,663,262 2,975,402 Units issued 1,344,275 1,018,411 Units redeemed (918,866) (330,551)Units outstanding at the end 4,088,671 3,663,262 Class E Units outstanding at the beginning 1,511,667 1,359,844 Units issued 474,163 222,715 Units redeemed (1,985,830) (70,892)Units outstanding at the end - 1,511,667
MANAGEMENT EXPENSE RATIO
2013 2012Class A 3.67% 3.36% Class C 0.17% 0.14% Class D 0.36% 0.31% Class E - 0.31% Class F 0.59% 0.61%
Reconciliation on Net Assets with Transactional NAV
Transactional NAV at closing
price of investments
Adjustment tobid price of
investments
Net assets atbid price of
investments
TransactionalNAV per unit atclosing price of
investments
Adjustment per unit to bid
price of investments
Net assetsper unit at bid
price ofinvestments
Class A 25,181 (149) 25,032 8.23 (0.05) 8.18Class C 40,272 (239) 40,033 9.85 (0.06) 9.79Class D 66,755 (396) 66,359 9.80 (0.06) 9.74Class E - - - - - -Class F 9,785 (58) 9,727 8.15 (0.05) 8.10
ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND
FINANCIAL STATEMENTS (in thousands, except number of contracts)
INVESTMENT PORTFOLIO As at December 31, 2013
157
Par Average FairValue Cost Value
$ $MONEY MARKET (98.73%) Government of Canada, Treasury Bill, 0.88%, 01-16-2014 139,405 139,355 139,355
TOTAL INVESTMENTS (98.73%) 139,355 139,355
FAIR VALUE OF DERIVATIVES (-0.76%) (1,073)OTHER NET ASSETS (2.03%) 2,869
TOTAL NET ASSETS (100%) 141,151
As December 31, 2013, $27,864 in money market securities were deposited in warranty.
Futures contracts
Contract Value Contract Name Expiration
Number of Contracts Currency
CurrentValue
Gain (Loss) Unrealized
$ $ $ 857 Live cattle February 2014 15 US 859 2
3,789 RBOB gas February 2014 31 US 3,849 60 1,801 Natural gas February 2014 40 US 1,800 (1) 7,203 Heating oil February 2014 53 US 7,251 48 8,832 Gold, 100 oz troy February 2014 65 US 8,326 (506)
937 Crude oil February 2014 9 US 943 6 154 Lean hogs February 2014 4 US 146 (8)
6,238 Aluminum March 2014 126 US 5,941 (297) 1,573 Silver March 2014 14 US 1,441 (132)
141 Wheat March 2014 4 US 129 (12) 6,798 Cocoa March 2014 243 US 7,002 204 7,161 Coffee "C" March 2014 168 US 7,418 257 6,977 Cotton no 2 March 2014 167 US 7,517 540
173 Copper March 2014 2 US 180 7 977 Soybeans March 2014 14 US 960 (17)
1,400 Orange juice March 2014 63 US 1,399 (1) 6,792 Corn March 2014 275 US 6,168 (624)
715 Sugar no 11 March 2014 34 US 665 (50) 6,975 Natural gas April 2014 159 US 6,934 (41) 2,650 Aluminum May 2014 54 US 2,620 (30) 8,539 Copper May 2014 99 US 8,687 148 2,208 Corn May 2014 92 US 2,099 (109) 1,429 Nickel May 2014 16 US 1,423 (6) 7,408 Sugar no 11 May 2014 361 US 7,121 (287) 8,177 Live cattle June 2014 151 US 8,318 141 9,722 Crude oil June 2014 95 US 9,650 (72) 1,468 Wheat July 2014 41 US 1,336 (132) 3,812 RBOB gas July 2014 30 US 3,725 (87) 8,056 Soybeans July 2014 121 US 8,106 50 1,308 Lean hogs October 2014 37 US 1,302 (6)
21,767 Crude oil December 2014 221 US 21,649 (118)
146,037 Total of futures contracts 144,964 (1,073)
ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
158
Nature and extent of risks arising from financial instruments Fund objective The objective of the ASTRA CoreCommodity Management Commodity Fund (the “Fund”) is to generate capital growth while offering a hedge against inflation. Investment strategy The Fund invests mainly in commodity futures contracts and forward contracts traded on the LME (London Metals Exchange), and may also invest in non-Canadian currency futures and options contracts. The cash portion is invested mainly in Canadian money market securities issued by governments and companies. The fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, CoreCommodity Management, favours different strategies to surpass the performance of the Thomson Reuters/ CoreCommodity CRB Index. Fund assets are invested in some 20 commodities grouped into five main sectors: energy, precious metals, base/industrial metals, agriculture and livestock. As at December, 2013 and 2012, the Fund’s assets are made up of money market securities and derivatives. Risk exposure The Fund is exposed to market risk, interest rate risk, currency risk (Canadian and U.S. dollar) and risks associated with the use of derivatives. It does not use financial leverage or derivative products (other than futures contracts, forward contracts and options described above) for speculative purposes. Please refer to notes 5 and 6 for details related to financial instrument risks. Credit risk As at December 31, 2013, the Fund holds money market securities and derivatives. Consequently, it is exposed to credit risk. The money market securities have R-1 High credit rating according to DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level. As at December 31, 2013 and 2012, the Fund has no securities loans. Interest risk rate The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.
Price risk The Fund makes transactions in money market securities which must have a minimum rating of R-1 (low) or the equivalent based on the rating of two recognized rating agencies (DBRS, Moody’s, Standard & Poor’s or Fitch). The percentage of assets attributed to the Fund's five major sector exposures must be similar to the weighting of these sectors in the Thomson Reuters/CoreCommodity CRB Index, but it may differ. The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.
Benchmark Change in Benchmark
(%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($) Thomson Reuters /CoreCommodity CRB Index
+ 5.00 - 5.00
7,248 (7,248)
6,750 (6,750)
The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.
U.S. Dollar Cash ($)
Futures Contracts
($)
Total Exposure
($) 2013 725 144,964 145,689 2012 - 134,998 134,998
The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.
Against Other Currencies
Change in Exchange
Rate (%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
Canadian Dollar + 5.00 - 5.00
(7,284) 7,284
(6,750) 6,750
The results of sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates.
ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND
OTHER INFORMATION Years ended December 31 (in thousands of dollars)
159
Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013 Level 1
($) Level 2
($) Level 3
($) Total
($)
Financial Assets - - - -
Bonds - - - - Equities - - - - Exchange Traded Funds
- - - -
Investment Funds - - - - Derivative Products
1,463 - - 1,463
Money Market - 139,355 - 139,355 Total of Financial Assets
1,463 139,355 - 140,818
Financial Liabilities
Derivative Products
(2,536) - - (2,536)
Total of Financial Liabilities
(2,536) - - (2,536)
2012 Level 1
($) Level 2
($) Level 3
($) Total
($)
Financial Assets
Bonds - - - - Equities - - - - Exchange Traded Funds
- - - -
Investment Funds - - - - Derivative Products
1,061 - - 1,061
Money Market - 126,946 - 126,946 Total of Financial Assets
1,061 126,946 - 128,007
Financial Liabilities
Derivative Products
(2,777) - - (2,777)
Total of Financial Liabilities
(2,777) - - (2,777)
During the period ended December 31, 2013 and 2012, there were no transfers of financial instruments between Levels 1 and 2.
ASTRA FUNDS
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
160
1. THE FUNDS
ASTRA Funds (hereinafter the “Funds”) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not considered separate legal entities.
The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, or for years ended December 31, with the exception of funds that are opened during the year. In this case, the information presented is related to the period extending from the inception date of the fund to December 31.
List of the Funds available as at December 31, 2013:
ASTRA Funds Managers Fund inception date
Money Market MFS Investment Management Canada Limited December 1, 1997
Treasury Optimum Asset Management September 25, 2008
Fiera Capital Bond Fiera Capital Corporation June 16, 2009
OAM Bond Optimum Asset Management September 25, 2008
PIMCO Bond PIMCO Canada May 27, 2008
Bond Index BlackRock Asset Management July 4, 2005
Conservative Strategy Multiple (page 24) December 7, 1998
Balanced Strategy Multiple (page 27) December 1, 1997
Growth Strategy Multiple (page 30) December 7, 1998
Aggressive Strategy Multiple (page 33) November 14, 2005
Celestia Conservative Multiple (page 36) September 22, 2008
Celestia Balanced Multiple (page 39) September 22, 2008
Celestia Growth Multiple (page 43) September 22, 2008
Celestia Aggressive Multiple (page 45) September 22, 2008
Conservative Fundamental Portfolio Multiple (page 49) September 17, 2009
Balanced Fundamental Portfolio Multiple (page 52) September 17, 2009
Growth Fundamental Portfolio Multiple (page 55) September 17, 2009
Aggressive Fundamental Portfolio Multiple (page 58) September 17, 2009
Sprott / Fiera Capital Canadian Balanced Multiple (page 63) October, 28, 2011
Fidelity Canadian Asset Allocation Fidelity Investments January 7, 2010
Dynamic Power Balanced Dynamic Funds October 28, 2011
Acuity High Income Acuity Investment Management January 24, 2007
UBS Global High Income UBS Global Asset Management November 15, 2007
Guardian Canadian Dividend Equity Guardian Capital LP June 1, 2012
Jarislowsky Fraser Ltd. Canadian Value Equity Jarislowsky Fraser Ltd. November 1, 2001
Triasima Canadian Equity Triasima Inc. Portfolio Management October 2, 2006
Greystone Canadian Growth Equity Greystone Managed Investments November 1, 2001
Montrusco Bolton Canadian Equity Montrusco Bolton Investments May 26, 2011
Canadian Fundamental Equity BlackRock Asset Management September 15, 2009
Canadian Index BlackRock Asset Management December 7, 1998
Canadian Small Cap Equity Fiera Capital Corporation November 1, 2001
MFS U.S. Equity MFS Investment Management Canada Limited December 1, 1997
Tradewinds U.S. Equity Tradewinds Global Investors March 30,2012
U.S. Fundamental Equity BlackRock Asset Management September 15, 2009
U.S. Index BlackRock Asset Management December 7, 1998
International Equity Hexavest Asset Management December 1, 1997
Carnegie International Equity Carnegie Asset Management June 9, 2008
International Fundamental Equity BlackRock Asset Management September 15, 2009
International Index BlackRock Asset Management July 4, 2005
Calamos Global Equity Calamos Investments June 3, 2011
Lazard Global Equity Lazard Asset Management March 31, 2011
ASTRA FUNDS
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
161
1. THE FUNDS (Cont’d)
ASTRA Funds Managers Fund inception date
Hexavest Hedged Global Equity Hexavest Asset Management September 1, 2009
Lazard Global Small Cap Equity Lazard Asset Management September 15, 2010
Emerging Markets Fundamental Equity BlackRock Asset Management July 23, 2009
Lazard Global Infrastructure Lazard Asset Management June 12, 2007
Presima Global Real Estate Enhanced Yield Presima April 18, 2006
Morgan Stanley Global Real Estate Morgan Stanley Investment Management March 31, 2011
CoreCommodity Management Commodity CoreCommodity Management September 15, 2010
Changes to product offering
Since November 26, 2012, the ASTRA Tradewinds U.S. Equity Fund has been offered to clients covered under the Information Folder. Previously, this fund was offered to institutional clients only.
Closure of Funds
The following Funds were closed and, unless otherwise instructed by unitholders, net assets were transferred to the destination Funds listed below.
ASTRA closed Funds ASTRA destination Funds Closing date
Hong Kong China Fundamental Equity Emerging Markets Fundamental Equity April 27, 2012
Dividend Guardian Canadian Dividend Equity June 1, 2012
MFS McLean Budden Diversified Growth Balanced Strategy December 21, 2012
MFS McLean Budden Canadian Equity Triasima Canadian Equity December 21, 2012
Jarislowsky Fraser Ltd. U.S. Value Equity Tradewinds U.S. Equity December 21, 2012
Addenda Bond Fiera Capital Bond December 21, 2012
Fund holdings
The Company did not holds units of the following Funds as at December 31, 2013 and 2012:
Furthemore, as at December, 2013 and 2012, the pension plans offered to the employees of the Company held units of ASTRA Funds.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Presentation of financial statements
These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates.
Changes in future accounting standards
Future accounting standards - International Financial Reporting Standards (IFRS)
The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 2014. The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CPA Canada Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements” on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Funds will adopt the IFRS for the annual financial statements starting January 1, 2014.
Investment valuation
The investments held by the Funds are recorded at fair value, which is determined as follows:
Bonds and money market securities Bonds and money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers.
ASTRA FUNDS
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
162
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Equities and Exchange Traded Funds Equities and Exchange Traded Funds traded on a recognized stock market are valued in accordance with the bid price recorded on the day of valuation by the stock market where the equities are traded.
Investment fund units Underlying investment fund units are valued at their net asset value per unit established by the manager of the underlying fund on the day of valuation.
Derivative products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded. Forward contracts are valued according at the bid price obtained from recognized independent valuation service providers.
If a security is not actively traded and the bid price or net asset value cannot be reliably obtained, the fair market value is established using a valuation method that uses observable market data wherever possible.
Fair value of financial instruments
The valuation of a financial instrument’s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised of three levels: Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.
Bonds, money market securities and forward contracts are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data.
Equities, exchange traded Funds and futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded.
Units of investment funds are generally classified as Level 1 when the daily net asset value per unit reflects an active market and when redemption of units is available on request. Units of investment funds are generally classified as Level 2 when redemption of units is not available on a daily basis.
Investment transactions and income recognition
Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis.
The interest income is accrued as earned and the dividend income is recorded on the ex-dividend date.
Distribution income and net realized gains distributed by underlying fund are recorded upon distribution and allocated as established by the underlying fund manager. Income distributed by the underlying fund may include interests and dividends.
Management fee distributions represent amounts received from the underlying fund administrator in compensation for the management expense ratio included in the cost of underlying fund units. These distributions are calculated and recorded daily and monthly.
Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investments are calculated using the average cost of investments and, where applicable, exclude transaction costs which are recorded directly to operations.
Gains or losses realized from the liquidation of derivatives as a hedge are included under “Net realized gain (loss) on sale of investments” in the statement of operations. Gains or losses realized from the liquidation of derivatives for income are included under “Derivative products” in the statement of operations.
Derivative products
As part of their investment policy, the securities Funds may use standard futures or forward contracts as a hedge or for other purposes. The fair value of a future contract represents the gain or loss from its sale on valuation day. When the derivative instruments are used for hedging, the fair value is recorded within its securities in the portfolio. When the derivatives are used for income, the fair value is recorded under “Fair value of derivatives products” in the statement of net assets. Derivatives with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets.
Other assets and liabilities
Other assets and liabilities are accounted at cost. Receivables include accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee, where applicable. Their carrying value approximates their fair value due to the short-term maturities.
ASTRA FUNDS
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
163
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Foreign currency conversion
Some investments and other assets and liabilities are denominated in foreign currencies. They are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under “Net realized gain (loss) on sale of investments”. Unrealized exchange gains and losses are recorded under “Net unrealized gain (loss) on investments”.
Increase (decrease) in net assets from operations per unit
Increase (decrease) in net assets from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year.
Management expense ratio
Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year.
Reconciliation of net assets to net asset value
Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.
3. UNITHOLDERS’ EQUITY
The net assets of each Fund are divided into units of equal value and represents unitholders’ equity. The units of Funds have no par value and may be issued in an unlimited number. The price of a Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset value by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Funds’ manager’s office, based on day-end values in Quebec City.
4. MANAGEMENT AND OTHER FEES
In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Funds and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the Information Folder and unitholder communications as well as any other costs incurred by the Funds.
Certain funds may be required to pay fees related to the Fund‘s performance. This is the case of the ASTRA CoreCommodity Management Commodity Fund which is subject to performance fees based on its returns. These fees correspond to 25% of the cumulative performance over that of the index on the futures contract portion. When the additional cumulative performance is lower than the index, the performance fees are reduced by 25% of the difference between the cumulative performance and the index down to a minimum of zero for the current year. As at December 31, 2013, the balance of performance-related fees payable is $123 (2012 - $68) for class D, $20 (2012 - $26) for class E and $19 (2012 - $14) for class F.
5. FINANCIAL INSTRUMENT RISK
In the normal course of business, the Funds are exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Funds are comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Funds or the underlying funds.
The Funds’ exposure to risk depends on the investment strategies and the types of investments held in the portfolios. The results of risk sensitivity analyses conducted represent management’s best estimates. Actual results may vary significantly from these estimates.
A description of financial risks to which the Fund is exposed is presented in the other documents accompanying the financial statements of each Fund.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments and derivative products are subject to credit risk.
Liquidity risk
Liquidity risk is the risk that the Funds may be unable to meet their obligations in a timely fashion as a result of its inability to liquidate their assets. The Funds are exposed to this risk because of daily redemptions of units.
ASTRA FUNDS
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
164
5. FINANCIAL INSTRUMENT RISK (Cont’d)
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.
The Funds are exposed to interest rate risk when they hold interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact on cash and money market securities.
Price risk
Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss.
Currency risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.
The Funds are exposed to currency risk when they hold assets or liabilities denominated in currencies other than the Canadian dollar because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.
6. FINANCIAL RISK MANAGEMENT
The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Funds or underlying funds. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The management of the assets held in the Funds is therefore outsourced and is conducted through external managers.
The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers.
The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds.
External manager selection process
The external manager selection process is used whenever a need arises to launch a new product, improve the Funds’ offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels.
Performance evaluation of external managers
The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds.
Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.
The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.
External management of the Funds
The Company has delegated the management of the risks of the Funds to an external manager of the underlying fund.
The external fund management policy provides for the monitoring and performance evaluation of the managers of the underlying funds. Accordingly, the periodic reviews include a performance review and qualitative monitoring of each of the external managers.
7. CAPITAL MANAGEMENT
The Funds have no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of each Fund. Capital is managed in accordance with the investment objectives of the Funds, which include liquidity management to meet redemption obligations.
8. INCOME TAXES
The Funds qualify as segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Funds and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Funds are not subject to income taxes.
INDEPENDENT AUDITORS’ REPORT
To the Unitholders of the following ASTRA Funds: ASTRA Money Market Fund ASTRA Canadian Fundamental Equity Fund ASTRA Treasury Fund ASTRA Canadian Index Fund ASTRA Fiera Capital Bond Fund ASTRA Canadian Small Cap Equity Fund ASTRA OAM Bond Fund ASTRA MFS U.S. Equity Fund ASTRA PIMCO Bond Fund ASTRA U.S. Fundamental Equity Fund ASTRA Bond Index Fund ASTRA U.S. Index Fund ASTRA Conservative Strategy Fund ASTRA International Equity Fund ASTRA Balanced Strategy Fund ASTRA Carnegie International Equity Fund ASTRA Growth Strategy Fund ASTRA International Fundamental Equity Fund ASTRA Aggressive Strategy Fund ASTRA International Index Fund ASTRA Celestia Conservative Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Celestia Balanced Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Celestia Growth Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Celestia Aggressive Fund ASTRA Lazard Global Infrastructure Fund ASTRA Conservative Fundamental Portofolio Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA Balanced Fundamental Portofolio Fund ASTRA CoreCommodity Management Commodity Fund ASTRA Growth Fundamental Portofolio Fund ASTRA Sprott/Fiera Capital Canadian Balanced Fund ASTRA Aggressive Fundamental Portofolio Fund ASTRA Dynamic Power Balanced Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Acuity High Income Fund ASTRA Calamos Global Equity Fund ASTRA UBS Global High Income Fund ASTRA Lazard Global Equity Fund ASTRA Jarislowsky Fraser Ltd. Canadian
Value Equity Fund ASTRA Morgan Stanley Global Real Estate Fund
ASTRA Triasima Canadian Equity Fund ASTRA Guardian Canadian Dividend Equity Fund ASTRA Greystone Canadian Growth Equity Fund ASTRA Tradewinds U.S. Equity Fund [collectively referred to as the “Funds”]
A member firm of Ernst & Young Global Limited
165
We have audited the accompanying financial statements of the Funds (the “Funds”), which comprise the statements of net assets and investment portfolio as at December 31, 2013 and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s responsibility for the financial statements
SSQ, Life Insurance Company Inc. (the “Manager of the Funds”) is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as the Manager of the Funds determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2013 and the results of their operations and their changes in net assets for the year then ended in accordance with Canadian generally accepted accounting principles.
Québec City, Canada February 26, 2014
A member firm of Ernst & Young Global Limited
166
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)
167
NET ASSETS As at December 31 2013 2012 $ $ Assets Investments, at fair value 15,967 23,450 Positive fair value of derivative products 681 869Cash 2,310 505 Receivables - 15
18,958 24,839
Liabilities Bank overdraft - -Negative fair value of derivative products 41 70Accounts payable - -
41 70
Net Assets 18,917 24,769
Net asset value per unit 10.41 9.09
Reconciliation of Net Assets with Transactional NAV
Transactional NAV at closing prices of investments 18,931 24,809Adjustment to bid prices of investments (14) (40)
Net assets at bid prices of investments 18,917 24,769
Transactional NAV per unit at closing price of investments 10.42 9.10
Adjustment per unit to bid prices of investments (0.01) (0.01)
Net assets per unit at bid prices of investments 10.41 9.09
Investments, at cost 15,967 23,450
CHANGES IN NET ASSETS Years ended December 31 2013 2012 $ $ Net assets - Beginning of year 24,769 17,626
Capital units transactions Proceeds from issue of units 2,245 19,734Reinvestment of distributions - -Redemption of units (11,113) (7,890)
(8,868) 11,844Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -
- -
Increase (decrease) in net assets from operations 3,016 (4,701)
Net assets - End of year 18,917 24,769
Changes in number of units Units outstanding at the beginning 2,724,885 1,701,479 Units issued 236,087 1,833,375 Units redeemed (1,144,625) (809,969)
Units outstanding at the end 1,816,347 2,724,885
DISTRIBUTIONS
($/unit) 2013 2012Net investment income - -Net realized gain on sale of investments - -
OPERATIONS Years ended December 31 2013 2012 $ $ Income (loss) Interest 160 189 Derivative products 3,989 (4,823)
4,149 (4,634)
Expenses (note 4) Management fees 820 928 Administrative fees 23 27
843 955
Net investment income (loss) 3,306 (5,589)
Net realized gain (loss) on sale of investments (92) (35)Net unrealized gain (loss) on investments (159) 974 Transaction costs (39) (51)
Increase (decrease) in net assets from operations 3,016 (4,701)
Increase (decrease) in net assets from operations per unit 1.25 (1.74)Management Expense Ratio 3.67% 3.52%
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
FINANCIAL STATEMENTS (in thousands, except number of contracts)
INVESTMENT PORTFOLIO As at December 31, 2013
168
Par Average FairValue Cost Value
$ $MONEY MARKET (84.41%) Government of Canada, Treasury Bill, 0.89%, 03-27-2014 16,000 15,967 15,967
TOTAL INVESTMENTS (84.41%) 15,967 15,967
FAIR VALUE OF DERIVATIVES (3.38%) 640OTHER NET ASSETS (12.21%) 2,310
TOTAL NET ASSETS (100%) 18,917
As December 31, 2013, $3,301 in money market securities were deposited in warranty.
Futures contracts
Contract Value Contract Name Expiration
Number of Contracts Currency Current Value
Gain (Loss)Unrealized
$ $ $1,141 MSCI Taiwan January 2014 36 US 1,103 (38)
(9,879) U.S. Note (20 Years) March 2014 (72) US (9,809) 701,544 Copper March 2014 18 US 1,624 805,575 Eurostoxx 50 March 2014 126 EU 5,746 1711,258 Mex Bolsa March 2014 36 MX 1,255 (3)2,681 Mini Nasdaq 100 March 2014 36 US 2,751 701,693 Mini S&P 500 March 2014 18 US 1,767 741,429 Nikkei 225 March 2014 18 JP 1,482 535,520 TSX 60 March 2014 36 CA 5,638 118
(2,319) Japanese Yen March 2014 (18) US (2,274) 45
8,643 Total of futures contracts 9,283 640
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
169
1. THE FUND
The ASTRA Sigma Alpha Global Macro Fund (hereinafter the “Fund”) is a segregated fund constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Fund are owned by the Company and are accounted within its other assets. The Fund is not considered a separate legal entity. The Fund began its activities on September 30, 2010.
The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, 2013 and 2012.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Presentation of financial statements
These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (GAAP), which include estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting periods. Actual results may differ from those estimates.
Changes in accounting standards
Future accounting standards - International Financial Reporting Standards (IFRS)
The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 2014. The purpose for postponing the mandatory implementation date of the IFRS is to help investment companies and segregated funds offered by Canadian life insurers avoid having to change their current accounting treatment for controlled investees while waiting for the standards for investment companies to be completed. In January 2013, the Accounting Standards Board incorporated into Part 1 of the CPA Canada Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements” on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurer’s account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Fund will adopt the IFRS for the annual financial statements starting January 1, 2014.
Investment valuation
The investments held by the Fund are recorded at fair value, which is determined as follows:
Money market securities Money market securities are valued in accordance with the bid price obtained from independent and recognized valuation service providers.
Derivative products Futures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded.
Fair value of financial instruments
The valuation of a financial instrument’s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised three levels:
Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities. A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.
Money market securities are generally classified as Level 2 because the fair value used equals the price valued by external valuation service providers using observable market data.
Futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded.
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
170
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)
Investment transactions and income recognition
Investment transactions are accounted on trade date and the cost of investments is calculated based on average cost method. Investment income is recorded on an accrual basis.
Interest income is accrued as it is earned.
Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investment are calculated using the average cost of investments, excluding transaction costs which are recorded directly to operations.
Gains or losses realized from the liquidation of derivatives are included under “Derivative products” in the statement of operations.
Derivative products
As part of the investment policy, the Fund is mainly invested in futures contracts for income. The fair value of a future contract represents the gain or loss from its sale on valuation day and is reported under “Fair value of derivatives products” in the statement of net assets. Derivatives with a positive fair value are presented under assets while those with a negative fair value are presented under liabilities in the statement of net assets.
Other assets and liabilities
Other assets and liabilities are accounted at cost. Receivables include accrued investment income and amounts receivable from brokers. Accounts payable include amounts payable to brokers and payable performance fee. Their carrying value approximates their fair value due to the short-term maturities.
Foreign currency conversion
Some investments and other assets and liabilities are denominated in foreign currencies. These are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under “Net realized gain (loss) on sale of investments”. Unrealized exchange gains and losses are recorded under “Net unrealized gain (loss) on investments”.
Increase (decrease) in net assets from operations per unit
Increase (decrease) in net assets from operations per unit is obtained by dividing the increase (decrease) in net assets from operations by the weighted average number of units outstanding during the year.
Management expense ratio
Management expense ratio, expressed as an annualized percentage, is calculated by dividing the total expenses by the average net assets for the year.
Reconciliation of net assets to net asset value
Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.
3. UNITHOLDERS’ EQUITY
The net assets of the Fund are divided into units of equal value and represent the unitholders’ equity. The units of the Fund have no par value and may be issued in an unlimited number. The price of the Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Fund’s manager’s office, based on day-end values in Quebec City.
4. MANAGEMENT AND OTHER FEES
In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Fund and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to the information folder and unitholder communications as well as any other costs incurred by the Fund.
The Fund is also subject to performance fees based on its yield. This fee corresponds to 20% on returns in excess of 5%. As at December 31, 2013 and 2012, there were no payable performance fees.
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
171
5. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.
2013 Level 1
($) Level 2
($) Level 3
($) Total
($)
Financial Assets
Bonds - - - - Equities - - - - Exchange Traded Funds - - - - Investment Funds - - - - Derivative Products 681 - - 681 Money Market - 15,967 - 15,967 Total of Financial Assets
681 15,967 - 16,648
Financial Liabilities
Derivative Products (41) - - (41) Total of Financial Liabilities
(41) - - (41)
2012 Level 1
($) Level 2
($) Level 3
($) Total
($)
Financial Assets
Bonds - - - - Equities - - - - Exchange Traded Funds - - - - Investment Funds - - - - Derivative Products 869 - - 869 Money Market - 23,450 - 23,450
Total of Financial Assets 869 23,450 - 24,319
Financial Liabilities
Derivative Products (70) - - (70) Total of Financial Liabilities
(70) - - (70)
During the period ended December 31, 2013 and 2012, there were no transfers of financial instruments between Levels 1 and 2.
6. FINANCIAL INSTRUMENT RISK
In the normal course of business, the Fund is exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Fund is comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Fund.
The Fund’s exposure to risk depends on the investment strategy and the types of investments held in the portfolio. The result of the sensibility analysis to which the Fund is exposed represent Management’s best estimate. Actual results may vary significantly from these estimates.
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments are subject to credit risk.
Liquidity risk
Liquidity risk is the risk that the Fund may be unable to meet its obligations in a timely fashion as a result of its inability to liquidate its assets. The Fund is exposed to this risk because of daily redemptions of units.
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
172
6. FINANCIAL INSTRUMENT RISK (Cont’d)
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.
The Fund is exposed to interest rate risk when it holds interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact in cash and money market securities.
Price risk
Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded on the market. All securities investments may present a risk of potential financial loss.
Currency risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.
The Fund is exposed to currency risk when it hold assets or liabilities denominated in a currency other than the Canadian dollar, because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.
7. FINANCIAL RISK EXPOSURE
Fund objective
The fundamental investment objective of this Fund is to obtain a return on 91-day treasury bills while controlling the volatility significantly below that of the markets.
The Fund is mainly invested in futures contracts in the following worldwide indices (including emerging markets), bonds, currencies and commodities. It may also be invested in fixed income Canadian securities and money market securities. The Fund may hold units of funds corresponding to the above-mentioned securities.
The investment approach of the external manager, Sigma Alpha Capital, is to implement a tactical and strategic asset allocation strategy for the four main asset classes: stock index, bonds, currencies and commodities. The investment process is based on a close analysis of economic cycles around the world combined with rigorous risk management parameters.
Credit risk As at December 31, 2013 and 2012, the Fund holds money market securities and derivatives. Consequently, the Fund is exposed to credit risk. The money market securities have R-1 High credit rating according to the DBRS credit rating agency. All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations. Liquidity risk
The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level.
As at December 31, 2013 and 2012, the Fund has no securities loans.
Interest rate risk
The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.
Price risk
The Fund’s most significant exposure to price risk arises from its investment in standardized futures contracts. As at December 31, 2013, had the prices on the respective stock exchanges for these securities increased or decreased by 5%, with all other variables held constant, net assets would have increased or decreased by approximately $464 (2012 - $2,047). The results of sensitivity analysis conducted with respect to the price risk represent the Management’s best estimates. In practice, the actual trading results may differ and the difference could be significant.
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
173
7. FINANCIAL RISK EXPOSURE (Cont’d)
Currency risk
The table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.
2013 2012
Currency Cash
($)
Futures Contracts
($)
Total Exposure ($)
Cash ($)
Futures Contracts
($)
Total Exposure ($)
Australian Dollar (136) - (136) (426) 3,314 2,888 Euro (102) 5,746 5,644 (1,844) - (1,844) Hong Kong Dollar (171) - (171) 255 3,783 4,038 Japanese Yen 365 1,482 1,847 92 4,706 4,798 Pound Sterling (6) - (6) (73) - (73) Mexican Peso 32 1,255 1,287 - - - Singapore Dollar (128) - (128) 143 3,042 3,185 South African Rand 1 - 1 1 - 1 South Korean Won 315 - 315 257 3,234 3,491 U.S. Dollar 1,711 (4,838) (3,127) (3,382) 22,854 19,472 Total 1,881 3,645 5,526 (4,977) 40,933 35,956
The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the Canadian dollar exchange rate, with all other variables held constant.
The results of sensitivity analysis conducted with respect to the currency risk represent the Management’s best estimates. Actual results may vary significantly from these estimates.
8. FINANCIAL RISK MANAGEMENT
The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Fund. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The Fund's asset management is outsourced and managed by an external investment manager, Sigma Alpha Capital.
The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers.
The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds.
External manager selection process
The external manager selection process is used whenever a need arises to launch a new product, improve the Funds’ offering, or replace an existing external manager. The external fund management policy includes evaluation criteria for selecting an external manager, the steps in the selection process and sets forth required approval levels.
Performance evaluation of external managers
The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds.
Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.
The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.
Against Other Currencies Change in
Exchange Rate (%)
2013 Impact on Net Assets
($)
2012 Impact on Net Assets
($)
Canadian Dollar + 5.00 - 5.00
(276) 276
(1,798) 1,798
ASTRA SIGMA ALPHA GLOBAL MACRO FUND
NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)
174
9. CAPITAL MANAGEMENT
The Fund has no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of the Fund. Capital is managed in accordance with the investment objectives of the Fund, which include liquidity management to meet redemption obligations.
10. INCOME TAXES
The Fund qualifies as a segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Fund and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Fund is not subject to income taxes.
INDEPENDENT AUDITOR’S REPORT
To Unitholders of ASTRA Sigma Alpha Global Macro Fund,
We have audited the accompanying financial statements of ASTRA SIGMA ALPHA GLOBAL MACRO FUND, which comprise the statement of the net assets and investment portfolio as at December 31, 2013, and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position and holdings of ASTRA Sigma Alpha Global Macro Fund as at December 31, 2013, and the results of its operations and its change in net assets for the year then ended, in accordance with Canadian generally accepted accounting principles.
1
Mallette L.L.P. Partnership of Chartered Professional Accountants Quebec, Canada February 26, 2014
1 CPA auditor, CA, public accountancy permit No. A110548
Mallette S.E.N.C.R.L. Société de comptables professionnels agréés
200-3075 chemin des Quatre-Bourgeois Québec QC G1W 5C4
Téléphone (418) 653-4431 Télécopie (418) 656-0800 Courriel [email protected]
175
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
176
FINANCIAL HIGHLIGHTS
Distributions are in dollars per unit. Net asset is in thousands of dollars. Management expense ratio, in annualized percentage, is calculated dividing total expenses by daily average of net asset during the year.
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009
Money Market (1)
Distributions Net investment income Class A ‐ ‐ ‐ ‐ 0.01 Net investment income Class C 0.11 0.11 0.12 0.05 ‐ Net realized gain Class A ‐ ‐ ‐ ‐ ‐ Net realized gain Class C ‐ ‐ ‐ ‐ ‐ Total annual distributions 0.11 0.11 0.12 0.05 0.01Net asset value per unit Class A 10.00 10.00 10.00 10.00 10.00Net asset value per unit Class C 10.00 10.00 10.00 10.00 ‐
Net assets 35,028 10,994 13,016 11,691 20,177
Number of units outstanding Class A 731,670 634,127 672,929 763,699 2,017,719
Number of units outstanding Class C 2,771,130 465,249 628,685 405,434 ‐
Management expense ratio Class A 1.62 1.48 1.47 1.47 1.47
Management expense ratio Class C ‐ ‐ ‐ 0.01 ‐(1) Class C available since July 2, 2010.
TreasuryDistributions Net investment income ‐ 0.08 0.15 0.09 0.15 Net realized gain ‐ ‐ 0.01 ‐ ‐ Total annual distributions ‐ 0.08 0.16 0.09 0.15
Net asset value per unit 10.65 10.68 10.67 10.58 10.60
Net assets 74,669 45,689 42,951 27,872 14,610
Number of units outstanding 7,014,914 4,282,041 4,028,732 2,637,474 1,379,413
Management expense ratio 2.07 1.89 1.89 1.89 1.89
Portfolio turnover rate 196.44 84.98 82.31 97.91 154.85
Fiera Capital BondDistributions Net investment income ‐ ‐ 0.17 0.21 0.30 Net realized gain ‐ ‐ 0.19 0.01 0.18 Total annual distributions ‐ ‐ 0.36 0.22 0.48
Net asset value per unit 10.52 10.93 10.64 10.13 9.82
Net assets 322,435 382,633 184,370 126,127 32,813
Number of units outstanding 30,643,460 35,014,534 17,323,485 12,453,566 3,341,348
Management expense ratio 2.29 2.08 2.05 2.05 2.05
Portfolio turnover rate 18.57 1.93 6.29 2.84 3.09
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
177
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009OAM BondDistributions Net investment income ‐ 0.09 0.19 0.18 0.08 Net realized gain ‐ ‐ 0.13 0.03 0.12 Return of capital ‐ ‐ ‐ ‐ 0.01 Total annual distributions ‐ 0.09 0.32 0.21 0.21Net asset value per unit 10.63 10.87 10.77 10.47 10.38
Net assets 40,927 68,334 59,025 62,664 17,927
Number of units outstanding 3,851,435 6,283,955 5,480,262 5,984,608 1,726,941
Management expense ratio 2.32 2.10 2.05 2.04 2.05
Portfolio turnover rate 24.97 4.88 14.08 17.12 19.87
PIMCO BondDistributions Net investment income ‐ 0.14 0.19 0.18 0.08 Net realized gain ‐ ‐ 0.01 0.49 0.55 Total annual distributions ‐ 0.14 0.20 0.67 0.63Net asset value per unit 9.85 10.14 9.87 9.67 9.69
Net assets 122,487 134,606 96,013 72,342 62,246
Number of units outstanding 12,432,874 13,276,261 9,730,029 7,479,942 6,427,098
Management expense ratio 2.46 2.22 2.15 2.15 2.15
Portfolio turnover rate 20.08 1.55 4.71 24.07 23.39
Bond IndexDistributions Net investment income ‐ 0.08 0.21 0.19 0.19 Net realized gain ‐ ‐ 0.12 0.08 0.04 Total annual distributions ‐ 0.08 0.33 0.27 0.23Net asset value per unit 10.70 11.08 10.99 10.53 10.33
Net assets 47,581 60,550 56,894 49,949 47,186
Number of units outstanding 4,446,715 5,467,255 5,179,196 4,741,778 4,568,794
Management expense ratio 2.25 2.06 2.05 2.05 2.05
Portfolio turnover rate 20.07 23.96 31.90 27.84 76.54
Conservative StrategyDistributions Net investment income ‐ ‐ 0.11 0.11 0.15 Net realized gain ‐ ‐ 0.18 0.07 ‐ Return of capital ‐ ‐ 0.04 ‐ ‐ Total annual distributions ‐ ‐ 0.33 0.18 0.15Net asset value per unit 11.16 10.61 10.24 10.66 10.27
Net assets 100,144 88,714 70,479 58,492 39,947
Number of units outstanding 8,973,197 8,360,212 6,880,380 5,487,047 3,890,642
Management expense ratio 2.73 2.48 2.47 2.47 2.47
Portfolio turnover rate 43.23 90.05 11.52 9.45 13.67
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
178
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Balanced StrategyDistributions Net investment income ‐ ‐ 0.05 0.06 0.06 Net realized gain ‐ ‐ 0.10 0.14 ‐ Total annual distributions ‐ ‐ 0.15 0.20 0.06Net asset value per unit 11.04 10.04 9.56 9.92 9.45
Net assets 261,328 232,395 204,812 199,087 161,393
Number of units outstanding 23,664,979 23,146,786 21,425,991 20,061,804 17,071,923
Management expense ratio 2.79 2.53 2.52 2.52 2.52
Portfolio turnover rate 53.22 10.64 12.71 52.41 22.73
Growth StrategyDistributions Net investment income ‐ ‐ 0.02 0.03 0.04 Net realized gain ‐ ‐ 0.05 0.14 ‐ Total annual distributions ‐ ‐ 0.07 0.17 0.04Net asset value per unit 12.30 10.79 10.20 10.80 10.21
Net assets 69,600 61,532 55,337 54,247 43,445
Number of units outstanding 5,659,049 5,700,339 5,423,081 5,022,653 4,254,712
Management expense ratio 2.85 2.59 2.57 2.57 2.57
Portfolio turnover rate 58.34 13.44 14.67 39.59 26.59
Aggressive StrategyDistributions Net investment income ‐ ‐ ‐ 0.01 0.01 Net realized gain ‐ ‐ 0.03 0.12 ‐ Total annual distributions ‐ ‐ 0.03 0.13 0.01Net asset value per unit 11.17 9.51 8.95 9.58 8.96
Net assets 21,352 14,367 13,351 12,262 8,393
Number of units outstanding 1,911,530 1,510,347 1,492,263 1,279,411 936,255
Management expense ratio 2.97 2.69 2.68 2.68 2.68
Portfolio turnover rate 47.64 26.37 10.60 38.03 37.88
Celestia ConservativeDistributions Net investment income ‐ ‐ 0.09 0.11 0.13 Net realized gain ‐ ‐ 0.21 0.06 0.16 Total annual distributions ‐ ‐ 0.30 0.17 0.29Net asset value per unit 10.98 10.42 9.99 10.25 9.81
Net assets 48,869 28,451 15,597 10,002 4,401
Number of units outstanding 4,452,348 2,729,814 1,561,655 975,584 448,505
Management expense ratio 2.85 2.59 2.57 2.57 2.57
Portfolio turnover rate 27.60 72.67 15.37 8.36 31.01
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
179
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Celestia BalancedDistributions Net investment income ‐ ‐ 0.03 0.08 0.11 Net realized gain ‐ ‐ 0.16 0.16 0.16 Total annual distributions ‐ ‐ 0.19 0.24 0.27Net asset value per unit 11.02 10.05 9.50 9.98 9.43
Net assets 91,959 56,337 39,395 29,288 11,302
Number of units outstanding 8,343,236 5,606,129 4,148,705 2,933,371 1,198,495
Management expense ratio 2.96 2.70 2.68 2.68 2.68
Portfolio turnover rate 25.67 17.59 27.83 22.70 25.80
Celestia GrowthDistributions Net investment income ‐ ‐ 0.01 0.04 0.08 Net realized gain ‐ ‐ 0.17 0.15 0.20 Total annual distributions ‐ ‐ 0.18 0.19 0.28Net asset value per unit 11.35 10.05 9.43 10.11 9.47
Net assets 41,625 26,450 18,398 12,332 6,800
Number of units outstanding 3,667,113 2,632,227 1,951,724 1,220,178 718,337
Management expense ratio 3.01 2.75 2.73 2.73 2.73
Portfolio turnover rate 23.52 25.16 21.95 22.11 28.76
Celestia AggressiveDistributions Net investment income ‐ ‐ ‐ 0.02 0.05 Net realized gain ‐ ‐ 0.20 0.05 0.17 Return of capital ‐ ‐ ‐ 0.04 ‐ Total annual distributions ‐ ‐ 0.20 0.11 0.22Net asset value per unit 11.21 9.62 8.95 9.78 9.12
Net assets 32,283 20,815 15,836 10,594 5,435
Number of units outstanding 2,878,631 2,164,146 1,770,087 1,083,091 595,889
Management expense ratio 3.07 2.80 2.78 2.78 2.78
Portfolio turnover rate 24.83 30.13 26.35 14.22 33.95
Conservative Fundamental PortfolioDistributions Net investment income ‐ 0.01 0.06 ‐ ‐ Net realized gain ‐ ‐ 0.02 ‐ ‐ Total annual distributions ‐ 0.01 0.08 ‐ ‐Net asset value per unit 11.38 10.91 10.53 10.56 9.98
Net assets 17,157 16,630 12,081 7,631 847
Number of units outstanding 1,507,718 1,524,137 1,147,811 722,838 84,794
Management expense ratio 2.68 2.50 2.47 2.47 2.47
Portfolio turnover rate 17.35 47.51 12.84 9.13 ‐
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
180
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Balanced Fundamental PortfolioDistributions Net investment income ‐ 0.01 ‐ ‐ 0.03 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ 0.01 0.03 ‐ 0.03Net asset value per unit 11.76 10.68 10.11 10.56 9.92
Net assets 47,158 37,594 29,641 17,568 1,916
Number of units outstanding 4,009,317 3,519,179 2,930,706 1,662,909 193,300
Management expense ratio 2.75 2.57 2.52 2.52 2.52
Portfolio turnover rate 8.42 68.18 7.13 5.15 6.05
Growth Fundamental PortfolioDistributions Net investment income ‐ ‐ ‐ ‐ 0.05 Net realized gain ‐ ‐ 0.07 ‐ ‐ Total annual distributions ‐ ‐ 0.07 ‐ 0.05Net asset value per unit 11.91 10.53 9.90 10.55 9.87
Net assets 26,063 19,717 16,950 12,549 3,376
Number of units outstanding 2,188,869 1,873,189 1,712,859 1,189,308 342,194
Management expense ratio 2.79 2.65 2.57 2.57 2.57
Portfolio turnover rate 12.08 83.19 21.48 33.36 ‐
Aggressive Fundamental PortfolioDistributions Net investment income ‐ ‐ ‐ ‐ 0.05 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ 0.05Net asset value per unit 12.11 10.46 9.75 10.58 9.89
Net assets 19,816 15,441 10,898 6,777 1,195
Number of units outstanding 1,635,660 1,475,512 1,117,487 640,684 120,794
Management expense ratio 2.84 2.69 2.62 2.63 2.63
Portfolio turnover rate 12.63 96.63 8.13 7.44 ‐
Sprott / Fiera Capital Canadian Balanced Distributions Net investment income ‐ ‐ 0.04 ‐ ‐ Net realized gain ‐ ‐ 0.05 ‐ ‐ Total annual distributions ‐ ‐ 0.09 ‐ ‐Net asset value per unit 6.83 8.57 9.22 ‐ ‐
Net assets 3,212 4,101 789 ‐ ‐
Number of units outstanding 470,290 478,672 85,632 ‐ ‐
Management expense ratio 3.67 3.42 3.36 ‐ ‐
Portfolio turnover rate 32.31 12.31 ‐ ‐ ‐
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
181
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Fidelity Canadian Asset AllocationDistributions Net investment income ‐ ‐ 0.07 0.06 ‐ Net realized gain ‐ ‐ 0.24 0.14 ‐ Total annual distributions ‐ ‐ 0.31 0.20 ‐Net asset value per unit 10.95 10.01 9.79 10.71 ‐
Net assets 44,226 45,331 35,436 6,824 ‐
Number of units outstanding 4,040,025 4,526,839 3,617,941 637,412 ‐
Management expense ratio 2.93 2.69 2.68 2.68 ‐
Portfolio turnover rate 4.07 5.18 3.47 18.87 ‐
Dynamic Power BalancedDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.14 9.98 9.59 ‐ ‐
Net assets 9,990 5,422 1,233 ‐ ‐
Number of units outstanding 896,849 543,277 128,586 ‐ ‐
Management expense ratio 3.32 3.04 2.99 ‐ ‐
Portfolio turnover rate 5.10 6.53 ‐ ‐ ‐
Acuity High IncomeDistributions Net investment income 0.04 0.05 0.01 0.03 0.07 Net realized gain ‐ ‐ ‐ ‐ ‐ Return of capital 0.26 0.25 0.29 0.34 0.23 Total annual distributions 0.30 0.30 0.30 0.37 0.30Net asset value per unit 7.33 7.47 7.72 8.61 8.05
Net assets 66,294 86,601 94,076 75,336 47,823
Number of units outstanding 9,046,589 11,592,513 12,184,220 8,746,510 5,940,929
Management expense ratio 3.07 2.78 2.73 2.73 2.73
Portfolio turnover rate 8.04 10.71 2.75 0.27 7.31
UBS Global High IncomeDistributions Net investment income ‐ 0.05 ‐ ‐ ‐ Net realized gain 0.01 0.01 0.01 ‐ ‐ Return of capital 0.29 0.24 0.29 0.30 0.30 Total annual distributions 0.30 0.30 0.30 0.30 0.30Net asset value per unit 6.31 5.88 5.58 6.37 6.33
Net assets 44,531 22,649 14,660 16,193 13,504
Number of units outstanding 7,055,837 3,853,270 2,625,606 2,540,629 2,132,779
Management expense ratio 3.27 2.96 2.94 2.94 2.94
Portfolio turnover rate 3.49 7.27 8.63 4.58 11.00
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
182
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Guardian Canadian Dividend EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 12.58 11.08 ‐ ‐ ‐
Net assets 42,228 17,603 ‐ ‐ ‐
Number of units outstanding 3,356,207 1,588,590 ‐ ‐ ‐
Management expense ratio 2.74 2.54 ‐ ‐ ‐
Portfolio turnover rate 3.33 3.55 ‐ ‐ ‐
Jarislowsky Fraser Ltd. Canadian Value EquityDistributions Net investment income ‐ ‐ 0.01 ‐ 0.01 Net realized gain ‐ ‐ 0.16 0.35 0.05 Total annual distributions ‐ ‐ 0.17 0.35 0.06Net asset value per unit 20.36 17.08 15.93 17.55 16.59
Net assets 181,097 199,032 213,871 243,754 208,473
Number of units outstanding 8,893,313 11,651,600 13,426,651 13,888,033 12,567,201
Management expense ratio 2.82 2.58 2.57 2.57 2.57
Portfolio turnover rate 14.01 8.36 8.90 3.94 2.74
Triasima Canadian Equity (2)
Distributions Net investment income ‐ ‐ 0.03 0.08 0.05 Net realized gain ‐ ‐ 0.08 0.66 ‐ Total annual distributions ‐ ‐ 0.11 0.74 0.05Net asset value per unit 13.77 11.38 10.61 11.03 9.70
Net assets 194,508 106,816 44,069 10,487 7,658
Number of units outstanding 14,130,140 9,383,371 4,155,227 950,636 789,461
Management expense ratio 2.81 2.58 2.57 2.57 2.57
Portfolio turnover rate 8.31 0.66 5.39 15.11 15.63(2) Fund available to an individual contract since September 30, 2009.
Greystone Canadian Growth EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 13.28 11.44 10.91 13.21 11.52
Net assets 34,749 45,524 57,261 74,810 70,349
Number of units outstanding 2,617,193 3,978,954 5,247,454 5,665,168 6,108,968
Management expense ratio 2.83 2.58 2.57 2.57 2.57
Portfolio turnover rate 3.22 6.19 12.12 4.80 7.81
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
183
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Montrusco Bolton Canadian EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 10.49 8.88 8.34 ‐ ‐
Net assets 23,859 19,410 6,030 ‐ ‐
Number of units outstanding 2,278,674 2,189,298 724,606 ‐ ‐
Management expense ratio 3.14 2.84 2.78 ‐ ‐
Portfolio turnover rate 42.29 48.00 111.00 ‐ ‐
Canadian Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ 0.11 Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ 0.11Net asset value per unit 11.93 10.53 9.78 10.90 9.67
Net assets 27,130 21,483 2,270 2,531 670
Number of units outstanding 2,280,597 2,045,644 232,036 232,262 69,258
Management expense ratio 2.77 2.44 2.57 2.57 2.57
Portfolio turnover rate 4.71 123.66 27.20 13.23 ‐
Canadian IndexDistributions Net investment income ‐ ‐ ‐ ‐ 0.02 Net realized gain ‐ ‐ 0.03 ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ 0.02Net asset value per unit 11.96 10.88 10.41 11.73 10.23
Net assets 17,308 37,234 40,399 21,828 18,518
Number of units outstanding 1,446,931 3,422,635 3,881,432 1,861,637 1,809,657
Management expense ratio 2.77 2.53 2.52 2.52 2.52
Portfolio turnover rate 1.91 5.79 15.37 18.47 24.86
Canadian Small Cap EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ 0.18 ‐ ‐ Return of capital ‐ ‐ ‐ 0.94 ‐ Total annual distributions ‐ ‐ 0.18 0.94 ‐Net asset value per unit 15.87 12.22 12.31 13.77 11.21
Net assets 40,651 50,005 50,718 51,983 39,972
Number of units outstanding 2,562,250 4,091,732 4,119,999 3,760,814 3,564,732
Management expense ratio 3.08 2.80 2.78 2.78 2.78
Portfolio turnover rate 1.02 4.77 20.97 13.13 19.90
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
184
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009MFS U.S. EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 9.49 6.91 6.17 6.44 6.32
Net assets 28,950 26,475 76,701 109,369 22,960
Number of units outstanding 3,049,721 3,829,517 12,434,960 16,987,412 3,632,219
Management expense ratio 2.97 2.71 2.68 2.68 2.68
Portfolio turnover rate 21.22 3.51 12.67 44.45 1.70
Tradewinds U.S. Equity (3)
Distributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 12.85 9.64 ‐ ‐ ‐
Net assets 22,519 12,999 ‐ ‐ ‐
Number of units outstanding 1,751,845 1,349,072 ‐ ‐ ‐
Management expense ratio 3.33 3.05 ‐ ‐ ‐
Portfolio turnover rate 45.03 64.26 ‐ ‐ ‐(3) Fund available to an individual contract since November 26, 2012.
U.S. Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 16.16 11.44 10.45 10.55 9.80
Net assets 26,267 14,224 512 194 25
Number of units outstanding 1,627,316 1,234,796 48,961 18,347 2,500
Management expense ratio 2.89 2.51 2.68 2.68 2.68
Portfolio turnover rate 14.97 117.78 77.83 265.28 ‐
U.S. IndexDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 8.74 6.39 5.81 5.72 5.40
Net assets 25,299 14,634 8,804 6,160 5,459
Number of units outstanding 2,894,472 2,289,924 1,516,564 1,076,796 1,010,054
Management expense ratio 2.88 2.64 2.63 2.63 2.62
Portfolio turnover rate 8.77 9.84 8.28 17.40 9.59
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
185
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009International EquityDistributions Net investment income ‐ ‐ ‐ 0.05 ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 0.05 ‐Net asset value per unit 8.38 6.71 6.22 6.83 7.09
Net assets 131,995 136,518 88,512 93,946 63,476
Number of units outstanding 15,747,203 20,345,708 14,237,072 13,745,813 8,947,542
Management expense ratio 3.61 3.34 3.25 3.26 3.25
Portfolio turnover rate 10.03 8.40 15.84 13.06 8.53
Carnegie International EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ 0.01 ‐ Total annual distributions ‐ ‐ ‐ 0.01 ‐Net asset value per unit 10.97 9.23 7.82 8.22 7.69
Net assets 73,390 57,399 43,420 41,746 33,770
Number of units outstanding 6,693,438 6,226,515 5,555,114 5,076,172 4,396,066
Management expense ratio 3.39 3.10 3.10 3.10 3.10
Portfolio turnover rate 41.58 38.43 49.72 36.81 68.81
International Fundamental EquityDistributions Net investment income ‐ ‐ 0.01 ‐ 0.06 Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.01 ‐ 0.06Net asset value per unit 10.93 8.46 7.72 9.04 9.32
Net assets 17,900 13,420 121 47 25
Number of units outstanding 1,639,049 1,583,895 15,620 5,173 2,625
Management expense ratio 3.12 2.71 2.89 2.89 2.89
Portfolio turnover rate 11.70 118.40 105.58 96.59 ‐
International IndexDistributions Net investment income ‐ ‐ 0.03 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.03 ‐ ‐Net asset value per unit 11.00 8.65 7.75 8.86 8.91
Net assets 33,296 34,730 28,233 14,849 12,590
Number of units outstanding 3,027,785 4,015,028 3,644,006 1,675,973 1,412,559
Management expense ratio 3.20 2.91 2.89 2.89 2.89
Portfolio turnover rate 17.08 13.22 6.63 9.69 15.50
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
186
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Calamos Global EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.04 9.52 9.42 ‐ ‐
Net assets 23,541 19,847 13,171 ‐ ‐
Number of units outstanding 2,134,234 2,085,971 1,399,885 ‐ ‐
Management expense ratio 3.56 3.26 3.25 ‐ ‐
Portfolio turnover rate 84.89 42.00 35.00 ‐ ‐
Lazard Global EquityDistributions Net investment income ‐ ‐ 0.07 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.07 ‐ ‐Net asset value per unit 12.26 10.07 9.32 ‐ ‐
Net assets 53,844 50,628 28,432 ‐ ‐
Number of units outstanding 4,393,110 5,026,830 3,049,423 ‐ ‐
Management expense ratio 3.55 3.41 3.25 ‐ ‐
Portfolio turnover rate 11.61 10.61 12.38 ‐ ‐
Hexavest Hedged Global Equity (4)
Distributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ 0.08 0.14 ‐ Total annual distributions ‐ ‐ 0.08 0.14 ‐Net asset value per unit 12.95 10.58 9.71 10.39 ‐
Net assets 26,601 22,149 20,662 27,007 ‐
Number of units outstanding 2,054,037 2,093,158 2,127,361 2,598,350 ‐
Management expense ratio 3.63 3.28 3.25 3.26 ‐
Portfolio turnover rate 29.32 11.55 30.29 6.51 ‐(4) Fund available to an individual contract since September 15, 2010.
Lazard Global Small Cap EquityDistributions Net investment income ‐ ‐ ‐ 0.04 ‐ Net realized gain ‐ ‐ ‐ 0.25 ‐ Total annual distributions ‐ ‐ ‐ 0.29 ‐Net asset value per unit 16.13 11.31 9.95 11.09 ‐
Net assets 40,164 27,341 17,571 5,278 ‐
Number of units outstanding 2,489,972 2,416,837 1,765,521 475,863 ‐
Management expense ratio 3.49 3.16 3.10 3.10 ‐
Portfolio turnover rate 22.57 6.88 18.68 86.49 ‐
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
187
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009Emerging Markets Fundamental EquityDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 10.14 10.64 9.78 12.28 11.39
Net assets 68,898 70,490 24,065 21,644 6,827
Number of units outstanding 6,797,035 6,622,075 2,461,786 1,762,805 599,388
Management expense ratio 3.36 3.19 3.10 3.10 3.10
Portfolio turnover rate 14.52 163.56 54.82 4.13 2.93
Lazard Global InfrastructureDistributions Net investment income ‐ ‐ 0.12 0.12 0.09 Net realized gain ‐ ‐ 0.17 0.01 ‐ Total annual distributions ‐ ‐ 0.29 0.13 0.09Net asset value per unit 9.86 7.89 6.84 7.32 6.98
Net assets 51,974 38,892 25,489 18,370 14,412
Number of units outstanding 5,271,021 4,930,388 3,728,288 2,510,720 2,065,227
Management expense ratio 3.54 3.22 3.15 3.15 3.15
Portfolio turnover rate 26.83 6.55 28.89 2.35 16.33
Presima Global Real Estate Enhanced Yield (5)
Distributions Net investment income ‐ ‐ 0.05 ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ 0.05 ‐ ‐Net asset value per unit 7.40 7.63 6.47 ‐ ‐
Net assets 4,452 23,202 18,617 ‐ ‐
Number of units outstanding 601,762 3,039,625 2,875,922 ‐ ‐
Management expense ratio 3.85 3.47 3.41 ‐ ‐
Portfolio turnover rate 16.19 4.02 145.19 ‐ ‐(5) Fund available to an individual contract since June 3, 2011.
Morgan Stanley Global Real EstateDistributions Net investment income ‐ ‐ ‐ ‐ ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ ‐ ‐Net asset value per unit 11.60 10.74 8.59 ‐ ‐
Net assets 61,708 41,365 21,789 ‐ ‐
Number of units outstanding 5,318,546 3,852,600 2,536,767 ‐ ‐
Management expense ratio 3.69 3.54 3.41 ‐ ‐
Portfolio turnover rate 36.71 15.48 61.02 ‐ ‐
ASTRA FUNDS
APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31
188
ASTRA Funds
December 31,
2013
December 31,
2012
December 31,
2011
December 31,
2010
December 31,
2009
CoreCommodity Management Commodity (6)
Distributions Net investment income Class A ‐ ‐ ‐ 1.51 ‐ Net investment income Class C ‐ ‐ ‐ 1.72 ‐ Net investment income Class D ‐ ‐ ‐ 1.68 ‐ Net investment income Class E ‐ ‐ ‐ 1.69 ‐ Net investment income Class F ‐ ‐ ‐ ‐ ‐ Net realized gain Class A ‐ ‐ ‐ ‐ ‐ Net realized gain Class C ‐ ‐ ‐ ‐ ‐ Net realized gain Class D ‐ ‐ ‐ ‐ ‐ Net realized gain Class E ‐ ‐ ‐ ‐ ‐ Net realized gain Class F ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 6.60 ‐Net asset value per unit Class A 8.18 8.84 9.40 10.36 ‐Net asset value per unit Class C 9.79 10.22 10.52 11.26 ‐Net asset value per unit Class D 9.74 10.18 10.50 11.26 ‐Net asset value per unit Class E ‐ 10.19 10.51 11.26 ‐Net asset value per unit Class F 8.10 8.49 8.78 ‐ ‐Net assets 141,151 128,115 102,749 66,322 ‐Number of units outstanding Class A 3,059,799 2,327,136 1,868,160 17,535 ‐Number of units outstanding Class C 4,088,671 3,663,262 2,975,402 1,833,176 ‐Number of units outstanding Class D 6,812,289 4,566,599 3,366,941 2,930,502 ‐Number of units outstanding Class E ‐ 1,511,667 1,359,844 1,135,956 ‐Number of units outstanding Class F 1,200,630 1,200,640 589,299 ‐ ‐Management expense ratio Class A 3.67 3.36 3.36 3.36 ‐Management expense ratio Class C 0.17 0.14 ‐ ‐ ‐Management expense ratio Class D 0.36 0.31 0.88 0.54 ‐Management expense ratio Class E ‐ 0.31 0.90 0.46 ‐Management expense ratio Class F 0.59 0.61 0.67 ‐ ‐Portfolio turnover rate s.o. s.o. s.o. s.o. ‐(6) Class F available since M arch 18, 2011.
Sigma Alpha Global MacroDistributions Net investment income ‐ ‐ ‐ 0.09 ‐ Net realized gain ‐ ‐ ‐ ‐ ‐ Total annual distributions ‐ ‐ ‐ 0.09 ‐Net asset value per unit 10.42 9.10 10.39 10.26 ‐Net assets 18,917 24,769 17,626 2,527 ‐Number of units outstanding 1,816,347 2,724,885 1,701,479 246,865 ‐Management expense ratio 3.67 3.52 6.09 5.66 ‐Portfolio turnover rate s.o. s.o. s.o. s.o. ‐
BRA724A-2 (2014-02)
ASTRA FUNDSAudited Financial Statements December 31, 2013
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