ASTRA FUNDS Audited Financial Statements December 31, 2013

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BRA724A-2 (2014-02)

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)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit Class A Class C

CHANGES IN NET ASSETS 2013

2012

$

$

34,964 1,886 3 36,853

10,969 20 5 10,994

1,825 1,825 35,028

10,994

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 10,994

$ 13,016

67,348 211 (43,525) 24,034

13,213 57 (15,292) (2,022)

(211) (211)

(57) (57)

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations

10.00 10.00

10.00 10.00

34,964

10,969

($/unit)

2013

2012

$

$

Class A Net investment income Net realized gain on sale of investments Class C Net investment income Net realized gain on sale of investments

296 296

149 149

80 5 85 211

86 6 92 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

Investments, at cost

Net assets - End of year

Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

57 10,994

2013

2012

-

-

0.11 -

0.11 -

DISTRIBUTIONS

OPERATIONS Years ended December 31

211 35,028

3

ASTRA MONEY MARKET FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

CHANGES IN NUMBER OF UNITS

CHANGES IN NUMBER OF UNITS 2013

Class A Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

634,127 827,215 (729,672) 731,670

2012 Class C Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

672,929 584,961 (623,763) 634,127

MANAGEMENT EXPENSE RATIO Class A Class C

2013

2012

1.62% -

1.48% -

4

2013

2012

465,249 5,928,674 (3,622,793) 2,771,130

628,685 742,044 (905,480) 465,249

ASTRA MONEY MARKET FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.82%) MFS Money Market Fund OTHER NET ASSETS (0.18%)

Average Cost $

Fair Value $

3,496,383

34,964

34,964 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 Government of Canada, Treasury Bill, 0.95%, 01-16-2014 Government of Canada, Treasury Bill, 1.31%, 01-30-2014 Province of Ontario, Treasury Bill, 0.97%, 02-12-2014 Province of British Columbia, Treasury Bill, 1.19%, 07-24-2014 Manulife Bank of Canada, Note, 1.28%, 04-14-2014 Bank of Montreal, Note, 1.15%, 02-11-2014 Royal Bank of Canada, Note, 1.11%, 01-15-2014 Canadian Wheat Board, Treasury Bill, 0.96%, 01-22-2014 Province of Manitoba, Treasury Bill, 0.97%, 02-12-2014 The Toronto-Dominion Bank, Note, 1.25%, 10-09-2014 Government of Canada, Treasury Bill, 0.89%, 02-13-2014 Honda Financial, Note, 1.25%, 03-12-2014 JPMorgan Chase & Co., Note, 1.24%, 05-23-2014 CIBC, Note, 1.33%, 09-18-2014 Wells Fargo & Co., Note, 1.12%, 03-10-2014 Province of Ontario, Treasury Bill, 1.13%, 03-12-2014 Imperial Oil Ltd., Note, 1.11%, 01-02-2014 National Bank of Canada, Note, 1.10%, 01-23-2014 Bank of Nova Scotia, Note, 1.15%, 01-16-2014 Nestlé Canada, Note, 1.05%, 01-06-2014 CIBC, Note, 1.12%, 01-24-2014 Bank of Nova Scotia, Note, 1.13%, 01-31-2014 National Bank of Canada, Note, 1.10%, 01-30-2014 Imperial Oil Ltd., Note, 1.12%, 02-06-2014

Number of Units

% 10.45 7.15 5.76 4.73 4.43 4.16 3.84 3.77 3.72 3.34 3.28 3.01 2.62 2.54 2.32 2.26 2.17 2.09 1.72 1.71 1.67 1.63 1.63 1.47 1.46

5

ASTRA MONEY MARKET FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

34,964

-

-

34,964

-

-

-

-

Money Market Total

34,964

-

-

34,964

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

10,969

-

-

10,969

-

-

-

-

10,969

-

-

10,969

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

6

ASTRA TREASURY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 45,689

$ 42,951

64,932 (35,779) 29,153

32,990 344 (30,625) 2,709

-

(344) (344)

74,120 179 370 74,669

45,329 106 254 45,689

74,669

45,689

10.64

10.67

Increase (decrease) in net assets from operations

74,708 (39) 74,669

45,717 (28) 45,689

Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

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

74,291

45,085

2013

2012

$

$

1,747

1,305

Net investment income (loss)

1,267 64 1,331 416

800 45 845 460

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments

(174) (415)

(74) (13)

Increase (decrease) in net assets from operations

(173)

373

(0.03) 2.07%

0.09 1.89%

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Investments, at cost

Income Interest Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

373 45,689

4,282,041 6,084,708 (3,351,835) 7,014,914

4,028,732 3,125,729 (2,872,420) 4,282,041

2013

2012

-

0.08 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

(173) 74,669

7

ASTRA TREASURY FUND FINANCIAL STATEMENTS (in thousands)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Value CANADIAN BONDS (99.26%) Government of Canada (26.01%) Canada Housing Trust No 1, 1.33%*, 03-15-2018 Canada Housing Trust No 1, 1.41%*, 09-15-2015 Canada Housing Trust No 1, 2.40%, 12-15-2022 Canada Housing Trust No 1, 4.10%, 12-15-2018

Provincials and Subsidized (15.05%) Concordia University, 4.65%, 03-25-2014 Financement-Québec, 2.40%, 12-01-2018 Financement-Québec, 3.50%, 12-01-2017 Kativik Regional Government, 2.80%, 05-10-2015 McGill University, 4.50%, 05-27-2015 Ontario, 2.85%, 06-02-2023 Ontario, 4.20%, 03-08-2018 Quebec, 3.00%, 09-01-2023 Quebec, 5.35%, 06-01-2025 Université de Montréal, 4.55%, 02-11-2015

Municipals and Subsidized (29.79%) Amos, 2.35%, 02-27-2018 Baie-Saint-Paul, 3.25%, 10-06-2014 Beaupré, 2.20%, 09-25-2016 Boucherville, 2.15%, 06-05-2018 Boucherville, 2.25%, 09-06-2016 Boucherville, 3.20%, 11-03-2014 Chambly, 2.35%, 12-19-2017 Châteauguay, 3.15%, 10-14-2014 Châteauguay, 4.35%, 12-28-2015 Delson, 2.60%, 08-23-2016 Dolbeau-Mistassini, 3.15%, 03-21-2016 Drummondville, 2.60%, 12-18-2018 Gaspé, 2.20%, 02-20-2017 Gaspé, 3.20%, 10-06-2014 Granby, 2.65%, 12-18-2018 Kirkland, 3.05%, 12-15-2014 Lac-Brome, 2.25%, 07-03-2018 Lachute, 2.30%, 02-20-2018 Lévis, 2.15%, 06-05-2018 Lévis, 2.75%, 05-25-2015 Lévis, 2.95%, 12-14-2015 Lévis, 3.05%, 05-25-2016 Lévis, 4.80%, 11-26-2014 Longueuil, 2.65%, 11-20-2018 Longueuil, 4.00%, 07-20-2014 Longueuil, 5.20%, 06-16-2014 Magog, 2.25%, 07-03-2018 Mascouche, 4.80%, 07-31-2014 Mirabel, 2.70%, 11-20-2018 Mirabel, 3.15%, 09-15-2014 Mont-Royal, 3.40%, 03-20-2014 Montreal-West, 3.40%, 01-27-2014 Orford, 2.95%, 01-25-2016 Pointe-Claire, 3.05%, 12-22-2014 Quebec, 1.80%, 03-06-2016 Quebec, 2.95%, 12-16-2014 Quebec, 3.00%, 02-17-2015 Rawdon, 2.25%, 07-03-2018 Rawdon, 2.75%, 11-27-2018 Repentigny, 3.00%, 09-27-2016

9,940 7,127 1,250 1,000

300 792 2,686 300 150 1,444 513 4,315 435 344

750 265 403 155 200 124 400 75 286 300 250 750 345 50 750 200 400 750 135 120 225 300 179 100 50 154 350 190 245 325 150 125 393 100 750 100 300 650 500 300

Average Cost

Fair Value

$

$

9,966 7,157 1,251 1,123

9,989 7,164 1,183 1,088

19,497

19,424

318 794 2,835 300 158 1,372 559 4,112 495 363

302 790 2,830 304 156 1,365 555 4,091 494 354

11,306

11,241

741 272 398 151 198 123 396 74 299 296 251 738 342 49 740 201 391 739 132 119 222 298 191 98 51 167 342 203 241 326 152 128 386 99 747 99 296 627 495 295

737 268 404 150 201 125 392 76 299 304 256 731 344 51 733 202 388 736 131 122 230 307 184 98 50 156 340 193 240 328 151 125 401 101 748 101 304 631 491 307

CANADIAN BONDS (99.26%) (Cont'd) Municipals and Subsidized (29.79%) (Cont'd) Réseau de transport de la Capitale, 4.60%, 06-20-2015 Réseau de transport de la Capitale, 4.75%, 08-01-2015 Réseau de transport de Longueuil, 2.60%, 12-18-2018 Rimouski, 1.75%, 03-19-2016 Rimouski, 2.00%, 03-19-2017 Rouyn-Noranda, 3.05%, 03-28-2016 Saguenay, 1.85%, 05-08-2017 Saguenay, 3.25%, 04-22-2014 Saguenay, 4.55%, 06-26-2014 Saint-Basile-le-Grand, 3.75%, 05-19-2015 Saint-Bruno, 3.10%, 12-01-2014 Saint-Jean-sur-Richelieu, 2.25%, 06-19-2018 Saint-Jean-sur-Richelieu, 2.60%, 06-23-2015 Saint-Jean-sur-Richelieu, 3.55%, 06-16-2014 Saint-Lambert, 3.10%, 07-22-2014 Saint-Lin-Laurentides, 2.50%, 08-27-2018 Sainte-Adèle, 3.05%, 12-01-2014 Sainte-Agathe, 2.40%, 11-01-2017 Sainte-Thérèse, 2.10%, 05-22-2018 Sainte-Thérèse, 2.55%, 09-20-2016 Salaberry-de-Valleyfield, 3.35%, 04-01-2014 Sept-Îles, 3.10%, 07-28-2014 Sherbrooke, 2.15%, 01-30-2017 Sherbrooke, 3.25%, 07-21-2014 Société de transport de l'Outaouais, 3.15%, 09-09-2014 Société de transport de Trois-Rivières, 3.05%, 02-03-2015 Thetford Mines, 3.00%, 02-02-2015 Trois-Rivières, 3.30%, 04-29-2014 Trois-Rivières, 4.60%, 05-10-2014 Trois-Rivières, 4.75%, 04-20-2015 Trois-Rivières, 4.95%, 10-06-2014 Val-d'Or, 2.25%, 03-19-2018 Victoriaville, 2.35%, 02-20-2018 Victoriaville, 3.30%, 01-27-2014 Westmount, 2.35%, 02-20-2018

Corporations (28.41%) 407 East Development Group General Partnership, 2.81%, 12-18-2016 Alimentation Couche-Tard Inc., 2.86%, 11-01-2017 AON Finance NS, 4.76%, 03-08-2018 Bank of Montreal, 2.96%, 08-02-2016 Bank of Nova Scotia, 2.90%, 08-03-2022 Bank of Nova Scotia, 3.04%, 10-18-2024 Bell Canada, 3.65%, 05-19-2016 BMW Canada Inc., 2.64%, 08-10-2015 British Columbia Ferry Services Inc., 5.74%, 05-27-2014 Brookfield Asset Management Inc., 3.95%, 04-09-2019 Caisse centrale Desjardins du Québec, 2.28%, 10-17-2016 Canada Safeway Ltd., 3.00%, 03-31-2014

* Floating rate: the identified rate is the effective rate as of December 31, 2013.

8

Par Average Value Cost

Fair Value

$

$

174 117 592 287 293 349 742 151 124 260 149 493 346 413 150 493 99 374 637 292 59 300 446 49 49 198 197 49 126 207 64 346 741 25 741

171 115 585 288 293 358 732 151 118 257 152 486 354 408 151 489 101 377 629 303 60 302 446 50 50 203 203 50 120 203 61 342 737 25 737

22,245

22,243

759 445 300 300 170 751 784 402 1,069 767 750 400

762 440 316 308 172 741 777 406 1,027 760 755 401

165 110 600 289 296 350 750 150 117 250 150 500 350 405 150 500 100 380 650 300 60 300 450 50 50 200 200 50 119 196 60 350 750 25 750

750 445 300 300 170 750 750 400 1,010 750 750 400

ASTRA TREASURY FUND FINANCIAL STATEMENTS (in thousands)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Value CANADIAN BONDS (99.26%) (Cont'd) Corporations (28.41%) (Cont'd) Capital Desjardins Inc., 3.80%, 11-23-2020 Central 1 Credit Union, 1.73%*, 04-28-2015 Central 1 Credit Union, 4.00%, 10-09-2019 CIBC, 2.65%, 11-08-2016 Daimler Canada Finance Inc., 1.97%*, 09-12-2014 Daimler Canada Finance Inc., 2.23%, 04-18-2016 Empire Life Insurance, 2.87%, 05-31-2023 Enbridge Inc., 2.28%*, 08-19-2015 George Weston Ltd., 3.78%, 10-25-2016 HSBC Bank Canada, 2.90%, 01-13-2017 Laurentian Bank of Canada, 2.45%, 02-13-2015 Laurentian Bank of Canada, 3.13%, 10-19-2022 Manulife Financial Corp., 5.16%, 06-26-2015 National Bank of Canada, 2.05%, 01-11-2016 National Bank of Canada, 3.26%, 04-11-2022 National Bank of Canada, 3.58%, 04-26-2016 Royal Bank of Canada, 3.18%, 11-02-2020 Shaw Communications Inc., 5.70%, 03-02-2017 Standard Life Assurance Co. of Canada, 3.94%, 09-21-2022 Sun Life Financial Inc., 7.90%, 03-31-2019 TELUS Corp., 4.95%, 03-15-2017 The Manufacturers Life Insurance Co., 2.93%, 11-29-2023 The Manufacturers Life Insurance Co., 4.21%, 11-18-2021 The Toronto-Dominion Bank, 3.37%, 11-02-2020 Thomson Reuters Corp., 5.20%, 12-01-2014 TMX Group Ltd., 1.98%*, 10-03-2016 VW Credit Canada Inc., 2.90%, 06-01-2017 Wells Fargo Financial Canada Corp., 3.97%, 11-03-2014

Average Cost

Fair Value

$

$

750 140 175 300 750 750 315 320 305 750 650 650 350 250 750 750 300 750

775 140 175 300 752 748 310 320 305 761 653 659 373 250 765 769 297 833

775 140 178 306 752 754 312 324 317 767 655 649 367 251 767 778 306 820

750 300 750

764 333 826

776 304 809

650

650

644

750 300 100 325 750

799 298 104 325 758

789 307 103 326 765

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%) TOTAL NET ASSETS (100%)

549 74,669

* Floating rate: the identified rate is the effective rate as of December 31, 2013.

9

ASTRA TREASURY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Liquidity risk

Fund objective

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.

The objective of the ASTRA Treasury Fund (the “Fund”) is to generate regular income and moderate short to medium term capital growth.

As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative products.

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.

Interest rate risk

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.

Investments

The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturities. Under 1 year ($) 6,805 3,459

2013 2012

As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian bonds securities traded on an active market.

From 1 to 5 years ($) 55,647 35,314

Over 5 years ($) 11,668 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.

Risk exposure Change in Prevailing Interest Rate (%) + 1.00 - 1.00

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.

2013 Impact on Net Assets ($) (2,023) 2,023

2012 Impact on Net Assets ($) (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.

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.

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.

As at December 31, the allocation of fixed income securities in the portfolio by credit rating is as follows: Credit Rating*

2013 (%)

Governments, municipals and subsidized Companies rated AAA Companies rated AA Companies rated A Companies rated BBB Not rated

40.29 26.21 4.86 23.64 5.00 -

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.

2012 (%) 32.17 32.76 9.30 18.05 6.98 0.74

Benchmark DEX Universe Short Term Index

* Sources: DBRS and Standard & Poor’s

Change in Benchmark (%)

2013 Impact on Net Assets ($)

2012 Impact on Net Assets ($)

+ 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.

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.

10

ASTRA TREASURY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

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.

Level 1 ($) -

2013 Level 2 ($) 74,120 -

Level 3 ($) -

Total ($) 74,120 -

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

Money Market Total

-

74,120

-

74,120

Level 1 ($) -

2012 Level 2 ($) 45,329 -

Level 3 ($) -

Total ($) 45,329 -

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

Money Market Total

-

45,329

-

45,329

Financial Instruments Bonds Equities

Financial Instruments Bonds Equities

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

11

ASTRA FIERA CAPITAL BOND FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

322,238 1,116 1,300 324,654

381,811 5,052 35 386,898

Net Assets

2,219 2,219 322,435

4,265 4,265 382,633

Net asset value per unit Investments, at cost

10.52 334,916

10.93 379,103

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 382,633

$ 184,370

127,245 (173,417) (46,172)

225,054 (33,183) 191,871

-

-

(14,026)

6,392

322,435

382,633

35,014,534 11,786,949 (16,158,023) 30,643,460

17,323,485 20,758,741 (3,067,692) 35,014,534

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

3 9,352 9,355

3 9,667 9,670

Net investment income (loss)

7,329 343 7,672 1,683

5,052 262 5,314 4,356

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

(635)

199

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

312 (15,386)

4,927 (3,090)

Increase (decrease) in net assets from operations

(14,026)

6,392

(0.44) 2.29%

0.27 2.08%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

12

ASTRA FIERA CAPITAL BOND FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.94%) Fiera Active Fixed Income Fund Fiera Tactical Fixed Income Fund TOTAL INVESTMENTS (99.94%) OTHER NET ASSETS (0.06%)

Average Cost $

Fair Value $

66.97 32.97

20,757,207 10,243,329

223,343 111,573

215,917 106,321

334,916

322,238 322,435

TOP HOLDINGS OF UNDERLYING FUND % 8.59 6.67 5.39 3.59 3.52

TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund Government of Canada, Treasury Bill, 0.99%, 01-03-2014 Government of Canada, Treasury Bill, 0.89%, 02-13-2014 PSP Capital Inc., 3.03%, 10-22-2020 Royal Office Finance LP, 5.21%, 11-12-2032 Government of Canada, Treasury Bill, 0.89%, 02-27-2014

Number of Units

197

TOTAL NET ASSETS (100%)

Fiera Active Fixed Income Fund Province of Ontario, 2.85%, 06-02-2023 Government of Canada, 1.00%, 11-01-2015 Government of Canada, 1.00%, 02-01-2015 Government of Canada, 1.50%, 06-01-2023 Government of Canada, 4.00%, 06-01-2041

Percentage of Net Assets %

% 6.77 4.97 4.21 4.11 3.91

13

ASTRA FIERA CAPITAL BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

322,238

-

-

322,238

-

-

-

-

322,238

-

-

322,238

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

381,811

-

-

381,811

-

-

-

-

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.

14

ASTRA OAM BOND FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

40,818 1,600 42,418

68,145 1,052 69,197

Net Assets

1,491 1,491 40,927

863 863 68,334

Net asset value per unit Investments, at cost

10.63 41,507

10.87 66,831

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 68,334

$ 59,026

18,386 (44,795) (26,409)

16,841 532 (8,694) 8,679

-

(532) (532)

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

(998)

1,161

40,927

68,334

6,283,955 1,700,682 (4,133,202) 3,851,435

5,480,262 1,606,375 (802,682) 6,283,955

2013

2012

-

0.09 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

1,612 1,612

1 1,978 1,979

1,142 54 1,196 416

1,209 65 1,274 705

589

113

(2,003)

697 (354)

(998)

1,161

(0.20) 2.32%

0.20 2.10%

15

ASTRA OAM BOND FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.73%) Optimum Canadian Bond Pooled Fund OTHER NET ASSETS (0.27%)

Average Cost $

Fair Value $

3,994,053

41,507

40,818 109

TOTAL NET ASSETS (100%)

40,927

TOP HOLDINGS OF UNDERLYING FUND Optimum Canadian Bond Pooled Fund Province of Ontario, 2.85%, 06-02-2023 Canada Housing Trust No 1, 3.15%, 09-15-2023 Province of Quebec, 5.00%, 12-01-2041 Government of Canada, 4.00%, 06-01-2041 Government of Canada, 2.50%, 06-01-2024 Province of Ontario, 4.65%, 06-02-2041 Financement-Québec, 5.25%, 06-01-2034 Terrebonne, 3.00%, 12-15-2015 Province of Quebec, 6.00%, 10-01-2029 Vaudreuil-Dorion, 2.15%, 06-12-2018 Great-West Lifeco Inc., 7.13%, 06-26-2018 Saint-Lambert, 2.35%, 07-25-2016 Toronto, 3.50%, 12-06-2021 Sun Life Financial Inc., 4.95%, 06-01-2016 Brookfield Asset Management Inc., 3.95%, 04-09-2019 Sun Life Financial Inc., 5.86%, 12-31-2019 The Toronto-Dominion Bank, 5.76%, 12-18-2017 Saint-Lin-Laurentides, 2.50%, 08-27-2018 Bell Canada, 5.00%, 02-15-2017 Société de transport de Montréal, 5.00%, 12-01-2019 Laurentian Bank of Canada, 3.70%, 11-02-2015 BC Ferry Services, 5.02%, 03-20-2037 Toronto, 5.20%, 06-01-2040 Laprairie, 3.25%, 03-08-2016 Portneuf, 3.05%, 03-28-2016

Number of Units

% 14.47 6.40 4.72 4.20 3.77 3.24 2.99 1.56 1.53 1.25 1.23 1.21 1.15 1.12 1.07 1.07 1.06 1.06 1.05 1.04 1.01 1.01 1.01 0.99 0.98

16

ASTRA OAM BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

40,818

-

-

40,818

-

-

-

-

Money Market Total

40,818

-

-

40,818

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

68,145

-

-

68,145

-

-

-

-

68,145

-

-

68,145

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

17

ASTRA PIMCO BOND FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

122,616 341 122,957

134,165 417 31 134,613

Net Assets

470 470 122,487

7 7 134,606

Net asset value per unit Investments, at cost

9.85 125,137

10.14 131,089

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 134,606

$ 96,013

52,179 (59,910) (7,731)

55,291 1,617 (21,378) 35,530

-

(1,617) (1,617)

(4,388)

4,680

122,487

134,606

13,276,261 5,181,103 (6,024,490) 12,432,874

9,730,029 5,680,522 (2,134,290) 13,276,261

2013

2012

-

0.14 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1 4,771 4,772

1 4,797 4,798

Net investment income (loss)

3,098 137 3,235 1,537

2,304 114 2,418 2,380

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

(328)

52

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

(5,597)

1,109 1,139

Increase (decrease) in net assets from operations

(4,388)

4,680

(0.32) 2.46%

0.41 2.22%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

18

ASTRA PIMCO BOND FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.11%) PIMCO Canada Canadian CorePLUS Bond Trust OTHER NET ASSETS (-0.11%)

Average Cost $

Fair Value $

1,222,253

125,137

122,616 (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 Fin Fut BA MSE 03-16-2015 Fin Fut EURO$ CME 09-14-2015 Fin Fut BA MSE 09-15-2014 Fin Fut BA MSE 12-15-2014 Fin Fut BA MSE 06-16-2014 Fin Fut EURO$ CME 06-15-2015 Fin Fut EURO$ CME 12-14-2015 Province of Ontario, 3.15%, 06-02-2022 Province of Quebec, 4.50%, 12-01-2017 Government of Canada, 5.00%, 06-01-2037 Province of Quebec, 4.25%, 12-01-2021 Province of Ontario, 4.20%, 06-02-2020 Province of Ontario, 4.40%, 03-08-2016 Province of Quebec, 4.50%, 12-01-2020 Province of Ontario, 4.20%, 03-08-2018 Canada Housing Trust No 1, 3.15%, 09-15-2023 Government of Canada, 4.00%, 06-01-2041 Province of Quebec, 4.50%, 12-01-2018 Hydro-Québec, 11.00%, 08-15-2020 Government of Canada, 1.50%, 08-01-2015 Province of Ontario, 2.85%, 06-02-2023 Canada Housing Trust No 1, 1.75%, 06-15-2018 Royal Bank of Canada, 3.77%, 03-30-2018 Canada Housing Trust No 1, 2.40%, 12-15-2022

Number of Units

% 40.79 8.17 8.09 7.01 6.80 5.85 5.11 5.09 1.93 1.61 1.45 1.38 1.30 1.22 1.21 1.18 1.11 1.10 0.95 0.91 0.89 0.87 0.76 0.75 0.75

19

ASTRA PIMCO BOND FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

122,616

-

-

122,616

-

-

-

-

122,616

-

-

122,616

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

134,165

-

-

134,165

-

-

-

-

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.

20

ASTRA BOND INDEX FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

47,534 47 47,581

60,440 110 3 60,553

Net Assets

47,581

3 3 60,550

Net asset value per unit Investments, at cost

10.70 48,411

11.08 57,781

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 60,550

$ 56,894

18,018 (29,100) (11,082)

25,716 491 (23,198) 3,009

-

(491) (491)

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

(1,887)

1,138

47,581

60,550

5,467,255 1,649,483 (2,670,023) 4,446,715

5,179,196 2,386,056 (2,097,997) 5,467,255

2013

2012

-

0.08 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

2,117 2,117

1 2,366 2,367

1,232 57 1,289 828

1,272 65 1,337 1,030

(42)

629

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

863 (3,536)

443 (964)

Increase (decrease) in net assets from operations

(1,887)

1,138

(0.36) 2.25%

0.19 2.06%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

21

ASTRA BOND INDEX FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.90%) BlackRock Canada Universe Bond Index Fund, Class D OTHER NET ASSETS (0.10%)

Average Cost $

Fair Value $

2,043,356

48,411

47,534 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 Government of Canada, 4.00%, 06-01-2041 Government of Canada, 5.00%, 06-01-2037 Government of Canada, 5.75%, 06-01-2033 Government of Canada, 3.50%, 06-01-2020 Canada Housing Trust No 1, 2.75%, 06-15-2016 Government of Canada, 1.50%, 08-01-2015 Government of Canada, 5.75%, 06-01-2029 Government of Canada, 1.25%, 02-01-2016 Government of Canada, 3.00%, 12-01-2015 Government of Canada, 3.25%, 06-01-2021 Canada Housing Trust No 1, 1.70%, 12-15-2017 Canada Housing Trust No 1, 2.05%, 06-15-2017 Province of Ontario, 4.20%, 06-02-2020 Government of Canada, 1.50%, 06-01-2023 Government of Canada, 2.75%, 06-01-2022 Government of Canada, 4.25%, 06-01-2018 Government of Canada, 3.50%, 12-01-2045 Government of Canada, 4.00%, 06-01-2017 Province of Ontario, 3.15%, 06-02-2022 Province of Ontario, 2.85%, 06-02-2023 Canada Housing Trust No 1, 1.85%, 12-15-2016 Government of Canada, 2.50%, 06-01-2015 Province of Ontario, 4.00%, 06-02-2021 Government of Canada, 1.00%, 02-01-2015

Number of Units

% 1.46 1.32 1.25 1.20 1.08 1.07 1.00 0.99 0.96 0.92 0.90 0.89 0.87 0.85 0.85 0.85 0.84 0.83 0.83 0.83 0.83 0.83 0.80 0.79 0.78

22

ASTRA BOND INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

47,534

-

-

47,534

-

-

-

-

Money Market Total

47,534

-

-

47,534

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

60,440

-

-

60,440

-

-

-

-

60,440

-

-

60,440

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

23

ASTRA CONSERVATIVE STRATEGY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit Investments, at cost

CHANGES IN NET ASSETS 2013

2012

$

$

99,827 181 178 100,186

87,358 1,312 44 88,714

42 42 100,144

88,714

11.16 98,059

10.61 87,134

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 88,714

$ 70,479

30,815 (24,153) 6,662

32,797 (17,375) 15,422

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,768

2,813

100,144

88,714

8,360,212 2,839,865 (2,226,880) 8,973,197

6,880,380 3,145,248 (1,665,416) 8,360,212

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1 1,397 1,454 2,852

1 1,915 640 2,556

Net investment income (loss)

2,456 94 2,550 302

1,901 80 1,981 575

Net realized gain (loss) on sale of investments

1,122

327

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

1,802 1,544 (2)

1,014 897 -

Increase (decrease) in net assets from operations

4,768

2,813

0.55 2.73%

0.37 2.48%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

24

ASTRA CONSERVATIVE STRATEGY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.68%) ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest All-Country World Index Fund Lazard Global Small Cap Equity (Canada) Fund TOTAL INVESTMENTS (99.68%) OTHER NET ASSETS (0.32%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

9.91 21.79 21.80 10.90 7.54 3.79 7.56 3.75 2.53 2.52 2.53 4.04 1.02

932,603 2,073,914 2,120,803 108,768 547,621 147,736 225,795 92,148 13,374 176,767 231,289 3,620 56,171

10,004 23,037 22,861 11,276 6,495 3,123 7,232 3,410 1,979 2,131 1,938 3,707 866

9,932 21,822 21,831 10,911 7,550 3,792 7,566 3,757 2,533 2,528 2,538 4,043 1,024

98,059

99,827 317

TOTAL NET ASSETS (100%)

100,144

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

25

ASTRA CONSERVATIVE STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Conservative Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (65%) Funds ASTRA Treasury Fund (page 7) ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Optimum Asset Management

Investment Funds

Fiera Capital Corporation

Derivative Products

AlphaFixe Capital PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

96,070

3,757

-

99,827

-

-

-

-

Money Market Total

96,070

3,757

-

99,827

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

87,358

-

-

87,358

-

-

-

-

87,358

-

-

87,358

Canadian Equities (25%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products

Foreign Equities (10%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest All-Country World Index Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48)

Money Market Total

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management

26

ASTRA BALANCED STRATEGY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

261,525 762 262,287

230,851 1,404 140 232,395

Net Assets

843 116 959 261,328

232,395

Net asset value per unit Investments, at cost

11.04 245,725

10.04 226,690

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 232,395

$ 204,812

60,758 (55,298) 5,460

59,406 (42,335) 17,071

-

-

23,473

10,512

261,328

232,395

23,146,786 5,793,051 (5,274,858) 23,664,979

21,425,991 6,032,819 (4,312,024) 23,146,786

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

2 3,832 3,108 6,942

2 4,338 2,392 6,732

Net investment income (loss)

6,547 246 6,793 149

5,164 214 5,378 1,354

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

4,022

(240)

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

7,671 11,639 (8)

3,077 6,321 -

Increase (decrease) in net assets from operations

23,473

10,512

Increase (decrease) in net assets from operations per unit Management Expense Ratio

1.00 2.79%

0.48 2.53%

27

ASTRA BALANCED STRATEGY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.08%) ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest All-Country World Index Fund Lazard Global Small Cap Equity (Canada) Fund TOTAL INVESTMENTS (100.08%) OTHER NET ASSETS (-0.08%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

4.96 13.88 13.88 4.93 6.94 10.56 5.30 10.58 5.26 3.54 5.05 5.07 8.08 2.05

1,217,483 3,445,997 3,523,937 946,921 180,729 2,001,458 540,028 825,346 336,813 48,890 922,749 1,207,814 18,905 293,277

13,058 36,256 36,403 14,322 18,723 23,746 12,902 25,140 12,458 7,235 11,221 10,473 19,248 4,540

12,966 36,259 36,275 12,888 18,131 27,592 13,859 27,655 13,731 9,261 13,197 13,254 21,109 5,348

245,725

261,525 (197)

TOTAL NET ASSETS (100%)

261,328

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

28

ASTRA BALANCED STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Balanced Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (45%) Funds ASTRA Treasury Fund (page 7) ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Managers Optimum Asset Management

Exchange Traded Funds

Fiera Capital Corporation

Investment Funds

AlphaFixe Capital

Derivative Products Money Market Total

BlackRock Asset Management

Financial Instruments Bonds Equities

Managers Triasima Inc. Portfolio Management Greystone Managed Investments

Exchange Traded Funds

Jarislowsky Fraser Ltd.

Investment Funds

Montrusco Bolton Investments

Derivative Products

Fiera Capital Corporation

Money Market Total

Foreign Equities (20%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest All-Country World Index Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48)

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

247,794

13,731

-

261,525

-

-

-

-

247,794

13,731

-

261,525

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

230,851

-

-

230,851

-

-

-

-

230,851

-

-

230,851

PIMCO Canada

Canadian Equities (35%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Level 1 ($) -

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management

29

ASTRA GROWTH STRATEGY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

69,362 241 18 69,621

61,451 50 31 61,532

Net Assets

21 21 69,600

61,532

Net asset value per unit Investments, at cost

12.30 64,166

10.79 61,201

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 61,532

$ 55,337

14,492 (15,121) (629)

12,313 (9,416) 2,897

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

8,697

3,298

69,600

61,532

5,700,339 1,275,358 (1,316,648) 5,659,049

5,423,081 1,173,138 (895,880) 5,700,339

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1 1,064 739 1,804

1 1,273 495 1,769

Net investment income (loss)

1,810 67 1,877 (73)

1,425 58 1,483 286

Net realized gain (loss) on sale of investments

1,250

(87)

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

2,577 4,946 (3)

915 2,184 -

Increase (decrease) in net assets from operations

8,697

3,298

1.50 2.85%

0.60 2.59%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

30

ASTRA GROWTH STRATEGY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest All-Country World Index Fund Lazard Global Small Cap Equity (Canada) Fund TOTAL INVESTMENTS (99.66%) OTHER NET ASSETS (0.34%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

9.85 9.85 4.90 4.92 13.49 6.77 13.51 6.71 4.52 6.27 6.30 10.03 2.54

651,229 665,893 250,499 34,156 680,795 183,714 280,688 114,586 16,616 304,967 399,467 6,252 96,958

6,851 6,875 3,789 3,540 8,075 4,231 9,119 4,237 2,463 3,700 3,425 6,366 1,495

6,852 6,855 3,409 3,427 9,386 4,715 9,405 4,671 3,147 4,362 4,384 6,981 1,768

64,166

69,362 238

TOTAL NET ASSETS (100%)

69,600

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

31

ASTRA GROWTH STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Growth Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (30%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Fiera Capital Corporation

Investment Funds

AlphaFixe Capital

Derivative Products

BlackRock Asset Management PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

64,691

4,671

-

69,362

-

-

-

-

Money Market Total

64,691

4,671

-

69,362

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

61,451

-

-

61,451

-

-

-

-

61,451

-

-

61,451

Canadian Equities (45%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products Money Market Total

Foreign Equities (25%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest All-Country World Index Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48)

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management

32

ASTRA AGGRESSIVE STRATEGY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

21,380 462 9 21,851

14,360 9 14,369

Net Assets

499 499 21,352

2 2 14,367

Net asset value per unit Investments, at cost

11.17 19,578

9.51 14,105

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 14,367

$ 13,351

7,136 (2,935) 4,201

2,787 (2,615) 172

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2,784

844

21,352

14,367

1,510,347 687,553 (286,370) 1,911,530

1,492,263 300,873 (282,789) 1,510,347

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

329 177 506

273 122 395

Net investment income (loss)

487 17 504 2

359 14 373 22

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

292

32

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

944 1,547 (1)

186 604 -

Increase (decrease) in net assets from operations

2,784

844

1.67 2.97%

0.56 2.69%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

33

ASTRA AGGRESSIVE STRATEGY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.13%) ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest All-Country World Index Fund Lazard Global Small Cap Equity (Canada) Fund TOTAL INVESTMENTS (100.13%) OTHER NET ASSETS (-0.13%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

6.44 6.44 3.80 2.87 12.20 6.00 11.84 6.00 3.90 10.03 10.03 16.64 3.94

130,698 133,631 59,679 6,100 188,869 49,936 75,447 31,453 4,398 149,796 194,987 3,182 46,149

1,386 1,391 888 631 2,292 1,164 2,454 1,179 544 1,887 1,698 3,332 732

1,375 1,376 812 612 2,604 1,282 2,528 1,282 833 2,142 2,140 3,553 841

19,578

21,380 (28)

TOTAL NET ASSETS (100%)

21,352

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

34

ASTRA AGGRESSIVE STRATEGY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Aggressive Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (20%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Fiera Capital Corporation

Investment Funds

AlphaFixe Capital

Derivative Products

BlackRock Asset Management PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

20,098

1,282

-

21,380

-

-

-

-

Money Market Total

20,098

1,282

-

21,380

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

14,360

-

-

14,360

-

-

-

-

14,360

-

-

14,360

Canadian Equities (40%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products Money Market Total

Foreign Equities (40%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest All-Country World Index Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48)

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management

35

ASTRA CELESTIA CONSERVATIVE FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

48,402 856 103 49,361

28,394 560 19 28,973

Net Assets

492 492 48,869

522 522 28,451

Net asset value per unit Investments, at cost

10.98 47,476

10.42 28,369

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 28,451

$ 15,597

27,125 (8,694) 18,431

15,601 (3,675) 11,926

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

1,987

928

48,869

28,451

2,729,814 2,533,922 (811,388) 4,452,348

1,561,655 1,527,895 (359,736) 2,729,814

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

689 568 1,257

625 165 790

1,039 38 1,077 180

515 21 536 254

91

321

815 901

294 59

1,987

928

0.56 2.85%

0.45 2.59%

36

ASTRA CELESTIA CONSERVATIVE FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.04%) ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest World Fund Lazard Global Small Cap Equity (Canada) Fund ASTRA Fisher Emerging Markets Equity Fund ASTRA CoreCommodity Management Commodity Fund, Class A ASTRA Morgan Stanley Global Real Estate Fund Lazard Global Listed Infrastructure (Canada) Fund TOTAL INVESTMENTS (99.04%) OTHER NET ASSETS (0.96%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

9.96 19.74 9.95 19.75 3.71 1.74 3.71 1.73 0.99 3.47 3.50 4.96 2.01 1.98 3.91 3.95 3.98

457,122 916,582 472,465 96,183 131,403 33,103 54,178 20,779 2,564 118,675 155,613 2,131 53,900 95,907 232,101 166,415 147,898

4,901 10,053 5,017 10,008 1,577 751 1,759 783 344 1,500 1,382 2,191 849 924 2,122 1,738 1,577

4,868 9,645 4,863 9,649 1,812 850 1,815 847 486 1,697 1,708 2,426 983 967 1,910 1,931 1,945

47,476

48,402 467

TOTAL NET ASSETS (100%)

48,869

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

37

ASTRA CELESTIA CONSERVATIVE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Celestia Conservative Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (60%) Funds ASTRA Treasury Fund (page 7) ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Optimum Asset Management

Investment Funds

Fiera Capital Corporation

Derivative Products

AlphaFixe Capital PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

47,555

847

-

48,402

-

-

-

-

Money Market Total

47,555

847

-

48,402

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

28,394

-

-

28,394

-

-

-

-

28,394

-

-

28,394

Canadian Equities (12%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products

Foreign Equities (16%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48) ASTRA Fisher Emerging Markets Equity Fund (page 48)

Money Market Total

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management Fisher Investments

Specialty Funds (12%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48)

Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management

38

ASTRA CELESTIA BALANCED FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

91,686 141 147 91,974

56,400 269 34 56,703

Net Assets

15 15 91,959

366 366 56,337

Net asset value per unit Investments, at cost

11.02 86,895

10.05 55,189

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 56,337

$ 39,395

40,836 (12,161) 28,675

20,888 (6,630) 14,258

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

6,947

2,684

91,959

56,337

5,606,129 3,889,726 (1,152,619) 8,343,236

4,148,705 2,133,742 (676,318) 5,606,129

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

1 1,348 1,051 2,400

1 1,149 459 1,609

2,167 77 2,244 156

1,219 48 1,267 342

785

138

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

2,426 3,580

596 1,608

Increase (decrease) in net assets from operations

6,947

2,684

0.96 2.96%

0.55 2.70%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

39

ASTRA CELESTIA BALANCED FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.70%) ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest World Fund Lazard Global Small Cap Equity (Canada) Fund ASTRA Fisher Emerging Markets Equity Fund ASTRA CoreCommodity Management Commodity Fund, Class A ASTRA Morgan Stanley Global Real Estate Fund Lazard Global Listed Infrastructure (Canada) Fund TOTAL INVESTMENTS (99.70%) OTHER NET ASSETS (0.30%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

4.94 12.34 5.92 3.93 12.34 6.26 3.27 6.27 3.24 2.02 6.03 6.06 8.05 2.04 2.00 4.95 5.00 5.04

426,686 1,078,187 529,296 265,453 113,103 417,486 117,157 172,167 73,097 9,787 387,801 508,039 6,501 102,710 182,465 552,956 396,399 352,571

4,577 11,581 5,639 3,987 11,649 4,985 2,664 5,574 2,740 1,299 4,826 4,437 6,633 1,599 1,753 5,169 4,094 3,689

4,544 11,345 5,448 3,613 11,346 5,755 3,007 5,769 2,980 1,854 5,546 5,575 7,402 1,873 1,841 4,551 4,599 4,638

86,895

91,686 273

TOTAL NET ASSETS (100%)

91,959

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

40

ASTRA CELESTIA BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Celestia Balanced Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (40%) Funds ASTRA Treasury Fund (page 7) ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Optimum Asset Management

Investment Funds

Fiera Capital Corporation

Derivative Products

AlphaFixe Capital BlackRock Asset Management

Managers Triasima Inc. Portfolio Management Greystone Managed Investments

Total ($) -

-

-

-

-

88,706

2,980

-

91,686

-

-

-

-

88,706

2,980

-

91,686

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

56,400

-

-

56,400

-

-

-

-

56,400

-

-

56,400

Jarislowsky Fraser Ltd.

Investment Funds

Montrusco Bolton Investments

Derivative Products

Fiera Capital Corporation

Money Market Total

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management Fisher Investments

Specialty Funds (15%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48)

Level 3 ($) -

Money Market Total

Exchange Traded Funds

Foreign Equities (24%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48) ASTRA Fisher Emerging Markets Equity Fund (page 48)

2013 Level 2 ($) -

PIMCO Canada

Canadian Equities (21%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Level 1 ($) -

Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management

41

ASTRA CELESTIA GROWTH FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

41,463 160 48 41,671

26,390 42 18 26,450

Net Assets

46 46 41,625

26,450

Net asset value per unit Investments, at cost

11.35 38,388

10.05 25,627

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 26,450

$ 18,398

15,118 (4,154) 10,964

9,469 (2,847) 6,622

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,211

1,430

41,625

26,450

2,632,227 1,422,364 (387,478) 3,667,113

1,951,724 972,159 (291,656) 2,632,227

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

606 495 1,101

517 221 738

1,018 35 1,053 48

581 22 603 135

536

114

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

1,315 2,312

272 909

Increase (decrease) in net assets from operations

4,211

1,430

1.28 3.01%

0.63 2.75%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

42

ASTRA CELESTIA GROWTH FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.61%) ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest World Fund Lazard Global Small Cap Equity (Canada) Fund ASTRA Fisher Emerging Markets Equity Fund ASTRA CoreCommodity Management Commodity Fund, Class A ASTRA Morgan Stanley Global Real Estate Fund Lazard Global Listed Infrastructure (Canada) Fund TOTAL INVESTMENTS (99.61%) OTHER NET ASSETS (0.39%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

9.23 3.40 3.63 9.08 6.90 3.96 6.92 3.93 1.99 7.43 7.46 8.91 3.01 2.96 6.82 7.04 6.94

365,002 137,617 110,886 37,688 208,442 64,262 85,951 40,088 4,363 216,178 282,931 3,258 68,716 122,026 345,030 252,489 219,916

3,918 1,468 1,660 3,879 2,485 1,441 2,752 1,498 561 2,683 2,409 3,309 1,063 1,172 3,233 2,603 2,254

3,841 1,417 1,509 3,781 2,874 1,649 2,880 1,634 827 3,092 3,105 3,710 1,253 1,231 2,840 2,928 2,892

38,388

41,463 162

TOTAL NET ASSETS (100%)

41,625

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

43

ASTRA CELESTIA GROWTH FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Celestia Growth Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (25%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Fiera Capital Corporation

Investment Funds

AlphaFixe Capital

Derivative Products

BlackRock Asset Management PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

39,829

1,634

-

41,463

-

-

-

-

Money Market Total

39,829

1,634

-

41,463

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

26,390

-

-

26,390

-

-

-

-

26,390

-

-

26,390

Canadian Equities (24%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products Money Market Total

Foreign Equities (30%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48) ASTRA Fisher Emerging Markets Equity Fund (page 48)

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management Fisher Investments

Specialty Funds (21%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48)

Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management

44

ASTRA CELESTIA AGGRESSIVE FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

32,174 325 32,499

20,665 136 14 20,815

Net Assets

216 216 32,283

20,815

Net asset value per unit Investments, at cost

11.21 29,071

9.62 19,990

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 20,815

$ 15,836

10,746 (3,440) 7,306

6,086 (2,434) 3,652

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,162

1,327

32,283

20,815

2,164,146 1,043,730 (329,245) 2,878,631

1,770,087 656,517 (262,458) 2,164,146

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

452 409 861

395 192 587

Net investment income (loss)

815 28 843 18

502 19 521 66

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

508

91

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

1,208 2,428

208 962

Increase (decrease) in net assets from operations

4,162

1,327

1.57 3.07%

0.65 2.80%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

45

ASTRA CELESTIA AGGRESSIVE FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.66%) ASTRA Fiera Capital Bond Fund ASTRA AlphaFixe Bond Fund BlackRock Canada Real Return Bond Index Fund, Class D PIMCO Canada Canadian CorePLUS Bond Trust ASTRA Triasima Canadian Equity Fund Greystone Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund Montrusco Bolton Quantitative Canadian Equity Fund Fiera Capital Small Cap Section Fund ASTRA Hillsdale U.S. Equity Fund, Class B ASTRA Carnegie International Equity Fund Hexavest World Fund Lazard Global Small Cap Equity (Canada) Fund ASTRA Fisher Emerging Markets Equity Fund ASTRA CoreCommodity Management Commodity Fund, Class A ASTRA Morgan Stanley Global Real Estate Fund Lazard Global Listed Infrastructure (Canada) Fund TOTAL INVESTMENTS (99.66%) OTHER NET ASSETS (0.34%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

2.94 1.96 1.95 2.95 7.97 4.00 7.99 3.96 3.00 8.50 8.55 11.01 4.05 3.98 8.86 8.96 9.03

90,326 61,570 46,396 9,482 186,626 50,337 76,931 31,402 5,122 191,830 251,448 3,120 71,720 127,509 347,614 249,228 221,388

966 655 699 974 2,232 1,130 2,455 1,168 677 2,352 2,133 3,157 1,114 1,227 3,285 2,553 2,294

950 634 631 951 2,573 1,292 2,578 1,280 970 2,743 2,759 3,553 1,308 1,286 2,861 2,892 2,913

29,071

32,174 109

TOTAL NET ASSETS (100%)

32,283

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

46

ASTRA CELESTIA AGGRESSIVE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Celestia Aggressive Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (10%) Funds ASTRA Fiera Capital Bond Fund (page 12) ASTRA AlphaFixe Bond Fund (page 48) BlackRock Canada Real Return Bond Index Fund, Class D (page 48) PIMCO Canada Canadian CorePLUS Bond Trust (page 48)

Exchange Traded Funds

Managers Fiera Capital Corporation

Investment Funds

AlphaFixe Capital

Derivative Products

BlackRock Asset Management PIMCO Canada

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

30,894

1,280

-

32,174

-

-

-

-

Money Market Total

30,894

1,280

-

32,174

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

20,665

-

-

20,665

-

-

-

-

20,665

-

-

20,665

Canadian Equities (27%) Funds ASTRA Triasima Canadian Equity Fund (page 83) Greystone Canadian Equity Fund (page 48) Jarislowsky Fraser Canadian Equity Fund (page 48) Montrusco Bolton Quantitative Canadian Equity Fund (page 48) Fiera Capital Small Cap Section Fund (page 48)

Managers Triasima Inc. Portfolio Management Greystone Managed Investments Jarislowsky Fraser Ltd.

Exchange Traded Funds

Montrusco Bolton Investments

Investment Funds

Fiera Capital Corporation

Derivative Products Money Market Total

Foreign Equities (36%) Funds ASTRA Hillsdale U.S. Equity Fund, Class B (page 48) ASTRA Carnegie International Equity Fund (page 119) Hexavest World Fund (page 48) Lazard Global Small Cap Equity (Canada) Fund (page 48) ASTRA Fisher Emerging Markets Equity Fund (page 48)

Managers Hillsdale Investment Management

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.

Carnegie Asset Management Hexavest Asset Management Lazard Asset Management Fisher Investments

Specialty Funds (27%) Funds ASTRA CoreCommodity Management Commodity Fund, Class A (page 155) ASTRA Morgan Stanley Global Real Estate Fund (page 152) Lazard Global Listed Infrastructure (Canada) Fund (page 48)

Managers CoreCommodity Management Morgan Stanley Investment Management Lazard Asset Management

47

ASTRA STRATEGY & CELESTIA FUNDS TOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2013

TOP HOLDINGS OF UNDERLYING FUND ASTRA AlphaFixe Bond Fund Government of Canada, 4.00%, 06-01-2041 Province of Quebec, 3.50%, 12-01-2022 Government of Canada, 1.50%, 03-01-2017 Province of Ontario, 3.15%, 06-02-2022 Government of Canada, 1.50%, 06-01-2023

TOP HOLDINGS OF UNDERLYING FUND % 5.59 5.23 4.11 3.89 3.70

ASTRA Hillsdale U.S. Equity Fund, Class B Amdocs Ltd. Johnson & Johnson Lockheed Martin Corp. Northfield Bancorp Inc. Capitol Federal Financial Inc.

TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Real Return Bond Index Fund, Class D Government of Canada, 4.00%, 12-01-2031 Government of Canada, 4.25%, 12-01-2026 Government of Canada, 3.00%, 12-01-2036 Government of Canada, 4.25%, 12-01-2021 Government of Canada, 1.50%, 12-01-2044

TOP HOLDINGS OF UNDERLYING FUND % 17.10 15.27 14.17 14.16 12.84

Hexavest World Fund Exxon Mobil Corp. Microsoft Corp. Apple Inc. Chevron Corp. Pfizer Inc.

TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust Fin Fut UK 90DAY LIF 06-17-2015 Fin Fut BA MSE 03-16-2015 Fin Fut EURO$ CME 09-14-2015 Fin Fut BA MSE 09-15-2014 Fin Fut BA MSE 12-15-2014

Hexavest All-Country World Index Fund Exxon Mobil Corp. Microsoft Corp. Apple Inc. Chevron Corp. Pfizer Inc.

Lazard Global Small Cap Equity (Canada) Fund Azimut Holding SpA Jafco Co. Ltd. Intrum Justitia AB IG Group Holdings PLC NetScout Systems Inc.

ASTRA Fisher Emerging Markets Equity Fund Tencent Holdings Ltd. Sands China Ltd. Samsung Electronics Co. Ltd. Lenovo Group Ltd. Naver Corp.

% 4.67 3.87 3.64 3.55 3.20

TOP HOLDINGS OF UNDERLYING FUND % 10.36 10.28 9.84 9.69 9.36

Lazard Global Listed Infrastructure (Canada) Fund Atlantia SpA Fraport AG Aéroports de Paris Vinci SA Tokyo Gas Co. Ltd.

TOP HOLDINGS OF UNDERLYING FUND Fiera Capital Small Cap Section Fund FirstService Corp. Secure Energy Services Inc. Badger Daylighting Ltd. Linamar Corp. Stella-Jones Inc.

% 2.52 2.21 1.95 1.89 1.82

TOP HOLDINGS OF UNDERLYING FUND % 8.32 7.78 7.16 6.96 4.65

TOP HOLDINGS OF UNDERLYING FUND Montrusco Bolton Quantitative Canadian Equity Fund Valeant Pharmaceuticals International Inc. Constellation Software Inc. Methanex Corp. Open Text Corp. Magna International Inc.

% 2.27 1.55 1.39 1.35 1.28

TOP HOLDINGS OF UNDERLYING FUND % 8.39 7.56 7.29 5.23 4.71

TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund The Toronto-Dominion Bank Jarislowsky Fraser Special Equity Fund Bank of Nova Scotia Royal Bank of Canada Suncor Energy Inc.

% 2.63 1.79 1.61 1.56 1.48

TOP HOLDINGS OF UNDERLYING FUND % 40.79 8.17 8.09 7.01 6.80

TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund The Toronto-Dominion Bank Royal Bank of Canada Bank of Nova Scotia Canadian National Railway Company Suncor Energy Inc.

% 1.47 1.23 1.05 0.97 0.96

% 3.63 3.53 3.45 3.19 3.17

48

% 8.55 8.35 4.78 4.74 4.53

ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

17,165 17,165

16,634 55 8 16,697

Net Assets

8 8 17,157

67 67 16,630

Net asset value per unit Investments, at cost

11.38 16,486

10.91 16,182

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 16,630

$ 12,081

5,564 (5,735) (171)

7,450 22 (3,467) 4,005

-

(22) (22)

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

698

566

17,157

16,630

1,524,137 500,720 (517,139) 1,507,718

1,147,811 700,332 (324,006) 1,524,137

2013

2012

-

0.01 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

403 201 604

380 130 510

Net investment income (loss)

454 18 472 132

376 16 392 118

Net realized gain (loss) on sale of investments

187

133

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

157 227 (5)

76 239 -

Increase (decrease) in net assets from operations

698

566

0.44 2.68%

0.39 2.50%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

49

ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.05%) ASTRA Canadian Fundamental Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA International Fundamental Equity Fund ASTRA Emerging Markets Fundamental Equity Fund BlackRock Canada Universe Bond Index Fund, Class D TOTAL INVESTMENTS (100.05%) OTHER NET ASSETS (-0.05%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

13.17 8.09 8.27 5.99 64.53

189,457 85,886 129,760 101,382 475,864

1,994 994 1,084 1,059 11,355

2,260 1,388 1,419 1,028 11,070

16,486

17,165 (8)

TOTAL NET ASSETS (100%)

17,157

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

50

ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Conservative Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (65%) Funds BlackRock Canada Universe Bond Index Fund, Class D (page 61)

Exchange Traded Funds

Manager BlackRock Asset Management

Investment Funds

Canadian Equities (13%) Funds ASTRA Canadian Fundamental Equity Fund (page 94)

Derivative Products

Manager BlackRock Asset Management

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

17,165

-

-

17,165

-

-

-

-

Money Market Total

17,165

-

-

17,165

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

16,634

-

-

16,634

-

-

-

-

16,634

-

-

16,634

Foreign Equities (22%) Funds ASTRA U.S. Fundamental Equity Fund (page 110) ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)

Manager

BlackRock Asset Management

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

51

ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

47,095 63 47,158

37,413 153 28 37,594

Net Assets

47,158

37,594

Net asset value per unit Investments, at cost

11.76 42,903

10.68 36,426

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 37,594

$ 29,641

12,221 (6,777) 5,444

13,078 15 (7,086) 6,007

-

(15) (15)

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,120

1,961

47,158

37,594

3,519,179 1,097,306 (607,168) 4,009,317

2,930,706 1,271,723 (683,250) 3,519,179

2013

2012

-

0.01 -

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

601 817 1,418

588 479 1,067

1,132 43 1,175 243

834 34 868 199

463

305

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

228 3,205 (19)

151 1,306 -

Increase (decrease) in net assets from operations

4,120

1,961

1.08 2.75%

0.60 2.57%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

52

ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.87%) ASTRA Canadian Fundamental Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA International Fundamental Equity Fund ASTRA Emerging Markets Fundamental Equity Fund BlackRock Canada Universe Bond Index Fund, Class D TOTAL INVESTMENTS (99.87%) OTHER NET ASSETS (0.13%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

22.13 14.05 14.36 9.91 39.42

874,654 410,048 619,268 460,940 799,193

9,226 4,764 5,188 4,815 18,910

10,435 6,625 6,771 4,673 18,591

42,903

47,095 63

TOTAL NET ASSETS (100%)

47,158

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

53

ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Balanced Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (40%) Funds BlackRock Canada Universe Bond Index Fund, Class D (page 61)

Exchange Traded Funds

Manager BlackRock Asset Management

Investment Funds

Canadian Equities (22%) Funds ASTRA Canadian Fundamental Equity Fund (page 94)

Derivative Products

Manager BlackRock Asset Management

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

47,095

-

-

47,095

-

-

-

-

Money Market Total

47,095

-

-

47,095

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

37,413

-

-

37,413

-

-

-

-

37,413

-

-

37,413

Foreign Equities (38%) Funds ASTRA U.S. Fundamental Equity Fund (page 110) ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)

Manager

BlackRock Asset Management

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

54

ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

25,890 173 26,063

19,717 7 19,724

Net Assets

26,063

7 7 19,717

Net asset value per unit Investments, at cost

11.91 23,198

10.53 19,355

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 19,717

$ 16,950

6,884 (3,363) 3,521

5,782 (4,155) 1,627

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2,825

1,140

26,063

19,717

1,873,189 617,299 (301,619) 2,188,869

1,712,859 566,405 (406,075) 1,873,189

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

244 500 744

265 309 574

Net investment income (loss)

608 23 631 113

481 19 500 74

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

299

289

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

94 2,330 (11)

77 700 -

Increase (decrease) in net assets from operations

2,825

1,140

1.40 2.79%

0.62 2.65%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

55

ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.34%) ASTRA Canadian Fundamental Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA International Fundamental Equity Fund ASTRA Emerging Markets Fundamental Equity Fund BlackRock Canada Universe Bond Index Fund, Class D TOTAL INVESTMENTS (99.34%) OTHER NET ASSETS (0.66%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

25.95 16.92 17.30 9.83 29.34

566,759 273,006 412,276 252,765 328,713

6,027 3,228 3,511 2,642 7,790

6,762 4,411 4,508 2,562 7,647

23,198

25,890 173

TOTAL NET ASSETS (100%)

26,063

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

56

ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Growth Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (30%) Funds BlackRock Canada Universe Bond Index Fund, Class D (page 61)

Exchange Traded Funds

Manager BlackRock Asset Management

Investment Funds

Canadian Equities (26%) Funds ASTRA Canadian Fundamental Equity Fund (page 94)

Derivative Products

Manager BlackRock Asset Management

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

25,890

-

-

25,890

-

-

-

-

Money Market Total

25,890

-

-

25,890

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

19,717

-

-

19,717

-

-

-

-

19,717

-

-

19,717

Foreign Equities (44%) Funds ASTRA U.S. Fundamental Equity Fund (page 110) ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)

Manager

BlackRock Asset Management

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

57

ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

19,776 40 19,816

15,400 35 6 15,441

Net Assets

19,816

15,441

Net asset value per unit Investments, at cost

12.11 17,264

10.46 15,116

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 15,441

$ 10,898

5,198 (3,436) 1,762

6,962 (3,324) 3,638

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2,613

905

19,816

15,441

1,475,512 469,290 (309,142) 1,635,660

1,117,487 686,820 (328,795) 1,475,512

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

138 455 593

143 252 395

Net investment income (loss)

493 18 511 82

342 13 355 40

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

262

96

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

52 2,228 (11)

49 720 -

Increase (decrease) in net assets from operations

2,613

905

1.63 2.84%

0.69 2.69%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

58

ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.80%) ASTRA Canadian Fundamental Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA International Fundamental Equity Fund ASTRA Emerging Markets Fundamental Equity Fund BlackRock Canada Universe Bond Index Fund, Class D TOTAL INVESTMENTS (99.80%) OTHER NET ASSETS (0.20%)

Percentage of Net Assets %

Number of Units

Average Cost $

Fair Value $

28.01 19.96 20.40 11.82 19.61

465,183 244,773 369,637 231,180 167,071

4,915 2,858 3,091 2,411 3,989

5,550 3,954 4,042 2,343 3,887

17,264

19,776 40

TOTAL NET ASSETS (100%)

19,816

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the next page.

59

ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

The ASTRA Aggressive Fundamental Portfolio is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy:

Financial Instruments Bonds Equities

Bonds (20%) Funds BlackRock Canada Universe Bond Index Fund, Class D (page 61)

Exchange Traded Funds

Manager BlackRock Asset Management

Investment Funds

Canadian Equities (28%) Funds ASTRA Canadian Fundamental Equity Fund (page 94)

Derivative Products

Manager BlackRock Asset Management

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

19,776

-

-

19,776

-

-

-

-

Money Market Total

19,776

-

-

19,776

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

15,400

-

-

15,400

-

-

-

-

15,400

-

-

15,400

Foreign Equities (52%) Funds ASTRA U.S. Fundamental Equity Fund (page 110) ASTRA International Fundamental Equity Fund (page 123) ASTRA Emerging Markets Fundamental Equity Fund (page 143)

Manager

BlackRock Asset Management

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

60

ASTRA FUNDAMENTAL PORTFOLIOS FUNDS TOP HOLDINGS OF UNDERLYING FUND As at December 31, 2013

TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund, Class D Government of Canada, 3.75%, 06-01-2019 Government of Canada, 4.00%, 06-01-2041 Government of Canada, 5.00%, 06-01-2037 Government of Canada, 5.75%, 06-01-2033 Government of Canada, 3.50%, 06-01-2020 Canada Housing Trust No 1, 2.75%, 06-15-2016 Government of Canada, 1.50%, 08-01-2015 Government of Canada, 5.75%, 06-01-2029 Government of Canada, 1.25%, 02-01-2016 Government of Canada, 3.00%, 12-01-2015 Government of Canada, 3.25%, 06-01-2021 Canada Housing Trust No 1, 1.70%, 12-15-2017 Canada Housing Trust No 1, 2.05%, 06-15-2017 Province of Ontario, 4.20%, 06-02-2020 Government of Canada, 1.50%, 06-01-2023 Government of Canada, 2.75%, 06-01-2022 Government of Canada, 4.25%, 06-01-2018 Government of Canada, 3.50%, 12-01-2045 Government of Canada, 4.00%, 06-01-2017 Province of Ontario, 3.15%, 06-02-2022 Province of Ontario, 2.85%, 06-02-2023 Canada Housing Trust No 1, 1.85%, 12-15-2016 Government of Canada, 2.50%, 06-01-2015 Province of Ontario, 4.00%, 06-02-2021 Government of Canada, 1.00%, 02-01-2015

% 1.46 1.32 1.25 1.20 1.08 1.07 1.00 0.99 0.96 0.92 0.90 0.89 0.87 0.85 0.85 0.85 0.84 0.83 0.83 0.83 0.83 0.83 0.80 0.79 0.78

61

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

3,189 72 50 3,311

4,097 2 2 4,101

Net Assets

99 99 3,212

4,101

Net asset value per unit Investments, at cost

6.83 4,252

8.57 4,556

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 4,101

$ 789

1,295 (1,280) 15

4,409 (681) 3,728

-

-

(904)

(416)

3,212

4,101

478,672 163,423 (171,805) 470,290

85,632 469,403 (76,363) 478,672

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

6 35 41

19 27 46

87 4 91 (50)

68 3 71 (25)

Net realized gain (loss) on sale of investments

(243)

(7)

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

(604) (7)

21 (405) -

Increase (decrease) in net assets from operations

(904)

(416)

(1.83) 3.67%

(1.18) 3.42%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

Increase (decrease) in net assets from operations per unit Management Expense Ratio

62

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.28%) ASTRA Fiera Capital Bond Fund Sprott Canadian Equity Fund Sprott Small Cap Equity Fund TOTAL INVESTMENTS (99.28%) OTHER NET ASSETS (0.72%)

Average Cost $

Fair Value $

38.88 48.35 12.05

118,723 77,983 32,346

1,307 2,560 385

1,249 1,553 387

4,252

3,189 3,212

TOP HOLDINGS OF UNDERLYING FUND ASTRA Fiera Capital Bond Fund Please refer to the page 12.

TOP HOLDINGS OF UNDERLYING FUND % 4.85 3.45 3.19 2.53 2.42

TOP HOLDINGS OF UNDERLYING FUND Sprott Small Cap Equity Fund AutoCanada Inc. Boyd Group Income Fund Home Capital Group Inc. Canacol Energy Ltd. Guardian Capital Group Ltd., Class A

Number of Units

23

TOTAL NET ASSETS (100%)

Sprott Canadian Equity Fund First Majestic Silver Corp. Canacol Energy Ltd. Fortuna Silver Mines Inc. Mandalay Resource Compagny Gildan Activewear Inc.

Percentage of Net Assets %

% 6.22 6.09 5.14 4.09 3.30

63

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

3,189

-

-

3,189

-

-

-

-

3,189

-

-

3,189

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

4,097

-

-

4,097

-

-

-

-

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.

64

ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

44,254 44,254

45,017 286 28 45,331

Net Assets

28 28 44,226

45,331

Net asset value per unit Investments, at cost

10.95 42,583

10.01 46,732

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 45,331

$ 35,436

7,311 (12,284) (4,973)

18,559 (9,637) 8,922

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,868

973

44,226

45,331

4,526,839 707,748 (1,194,562) 4,040,025

3,617,941 1,883,712 (974,814) 4,526,839

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

1,777 1,777

1,535 1,535

1,231 44 1,275 502

1,102 43 1,145 390

(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

0.92 2.93%

0.23 2.69%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

65

ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.06%) Fidelity Canadian Asset Allocation Fund OTHER NET ASSETS (-0.06%)

Average Cost $

Fair Value $

1,682,804

42,583

44,254 (28)

TOTAL NET ASSETS (100%)

44,226

TOP HOLDINGS OF UNDERLYING FUND Fidelity Canadian Asset Allocation Fund SPDR S&P 500 ETF Trust The Toronto-Dominion Bank Royal Bank of Canada Bank of Nova Scotia Shoppers Drug Mart Corp. S&P 500 E-mini Futures Mar14 Enbridge Inc. Manulife Financial Corp. United States Treasury Note, 2.00%, 09-30-2020 Suncor Energy Inc. Constellation Software Inc. ARC Resources Ltd. Bank of Montreal Methanex Corp. Tourmaline Oil Corp. Brookfield Asset Management Inc., Class A S&P/TSX 60 Index Future Mar14 Keyera Corp. Canadian Natural Resources Ltd. BCE Inc. TELUS Corp. CGI Group Inc., Class A Metro Inc. Secure Energy Services Inc. Whitecap Resources Inc.

Number of Units

% 4.71 4.13 3.59 2.97 2.71 2.41 1.98 1.68 1.67 1.37 1.36 1.28 1.24 1.22 1.17 1.16 1.04 0.98 0.96 0.89 0.87 0.86 0.85 0.85 0.82

66

ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

44,254

-

-

44,254

-

-

-

-

Money Market Total

44,254

-

-

44,254

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

45,017

-

-

45,017

-

-

-

-

45,017

-

-

45,017

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

67

ASTRA DYNAMIC POWER BALANCED FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

9,953 37 9,990

5,371 107 4 5,482

Net Assets

9,990

60 60 5,422

Net asset value per unit Investments, at cost

11.14 8,827

9.98 5,236

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 5,422

$ 1,233

5,072 (1,486) 3,586

4,752 (705) 4,047

-

-

982

142

9,990

5,422

543,277 497,358 (143,786) 896,849

128,586 487,070 (72,379) 543,277

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

69 69

96 96

262 8 270 (201)

105 4 109 (13)

32

1

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

160 991

154

Increase (decrease) in net assets from operations

982

142

1.23 3.32%

0.38 3.04%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

68

ASTRA DYNAMIC POWER BALANCED FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.63%) Dynamic Power Balanced Fund, Serie OP OTHER NET ASSETS (0.37%)

Average Cost $

Fair Value $

864,673

8,827

9,953 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 Bank of Nova Scotia MetLife Inc. The Walt Disney Co. Gilead Sciences Inc. Royal Bank of Canada Paramount Resources Ltd., Class A Canfor Corp. Canadian Western Bank Morgan Stanley Gildan Activewear Inc., Class A Celestica Inc. Tricon Capital Group Inc. The Toronto-Dominion Bank Manulife Financial Corp. Bank of Montreal ABB Ltd. Hudson's Bay Co. Sun Life Financial Inc. Encana Corp. Valeant Pharmaceuticals International Inc. Power Financial Corp. Alimentation Couche-Tard Inc., Class B Catamaran Corp. Quebecor Inc., Class B

Number of Units

% 14.54 2.44 2.35 2.32 2.22 2.06 2.06 1.98 1.94 1.94 1.93 1.93 1.87 1.83 1.81 1.74 1.72 1.72 1.68 1.63 1.62 1.60 1.49 1.48 1.41

69

ASTRA DYNAMIC POWER BALANCED FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

9,953

-

-

9,953

-

-

-

-

9,953

-

-

9,953

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

5,371

-

-

5,371

-

-

-

-

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.

70

ASTRA ACUITY HIGH INCOME FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 86,601

$ 94,076

9,988 2,372 (30,450) (18,090)

17,770 2,723 (24,572) (4,079)

(431) (2,700) (3,131)

(660) (2,957) (3,617)

66,424 66,424

86,629 158 86,787

Net Assets

130 130 66,294

186 186 86,601

Distributions to unitholders Net investment income Net realized gain on sale of investments Return of capital

Net asset value per unit Investments, at cost

7.33 65,012

7.47 87,056

Increase (decrease) in net assets from operations

Liabilities Bank overdraft Accounts payable

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

914

221

66,294

86,601

11,592,513 1,697,462 (4,243,386) 9,046,589

12,184,220 2,706,656 (3,298,363) 11,592,513

2013

2012

0.04 0.26

0.05 0.25

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments Return of capital

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

1 2,691 2,692

1 3,084 3,085

2,185 76 2,261 431

2,334 91 2,425 660

(1,356)

(797)

1,839

358

914

221

0.09 3.07%

0.02 2.78%

71

ASTRA ACUITY HIGH INCOME FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.20%) Acuity Pooled High Income Fund OTHER NET ASSETS (-0.20%)

Average Cost $

Fair Value $

4,230,804

65,012

66,424 (130)

TOTAL NET ASSETS (100%)

66,294

TOP HOLDINGS OF UNDERLYING FUND Acuity Pooled High Income Fund Royal Bank of Canada Bank of Nova Scotia Secure Energy Services Inc. The Toronto-Dominion Bank Canada Housing Trust No 1, 1.85%, 12-15-2016 Canadian National Railway Company Precision Drilling Corp. TORC Oil & Gas Ltd. Teck Resources Ltd., Class B Suncor Energy Inc. Just Energy Group Inc., 6.00%, 06-30-2017 Bank of Montreal Philip Morris International Inc. Canada Housing Trust No 1, 2.05%, 06-15-2018 Frontier Communications Corp. Manulife Financial Corp. Alimentation Couche-Tard Inc., Class B Coca-Cola Amatil Ltd. CIBC Imperial Tobacco Group PLC Canadian Energy Services & Technology Corp. Government of Canada, 5.75%, 06-01-2033 Eni SpA Invesco Ltd. Monadelphous Group Ltd.

Number of Units

% 2.64 2.58 2.48 2.47 1.72 1.63 1.56 1.48 1.47 1.46 1.38 1.37 1.35 1.33 1.32 1.25 1.23 1.23 1.22 1.20 1.19 1.15 1.15 1.13 1.13

72

ASTRA ACUITY HIGH INCOME FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

66,424

-

-

66,424

-

-

-

-

Money Market Total

66,424

-

-

66,424

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

86,629

-

-

86,629

-

-

-

-

86,629

-

-

86,629

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

73

ASTRA UBS GLOBAL HIGH INCOME FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 22,649

$ 14,660

23,617 1,099 (5,010) 19,706

10,373 509 (3,776) 7,106

(108) (1,606) (1,714)

(159) (7) (730) (896)

44,348 180 3 44,531

22,476 59 114 22,649

Net Assets

44,531

22,649

Distributions to unitholders Net investment income Net realized gain on sale of investments Return of capital

Net asset value per unit Investments, at cost

6.31 39,769

5.88 21,678

Increase (decrease) in net assets from operations

Liabilities Bank overdraft Accounts payable

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,890

1,779

44,531

22,649

3,853,270 4,017,310 (814,743) 7,055,837

2,625,606 1,881,232 (653,568) 3,853,270

2013

2012

0.01 0.29

0.05 0.01 0.24

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments Return of capital

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

1,065 1,065

657 657

1,042 35 1,077 (12)

481 17 498 159

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

0.69 3.27%

0.61 2.96%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

74

ASTRA UBS GLOBAL HIGH INCOME FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.59%) UBS (Canada) Global Allocation Fund OTHER NET ASSETS (0.41%)

Average Cost $

Fair Value $

4,684,602

39,769

44,348 183

TOTAL NET ASSETS (100%)

44,531

TOP HOLDINGS OF UNDERLYING FUND UBS (Canada) Global Allocation Fund Australian Government, 5.75%, 05-15-2021 Bundesrepublik Deutschland, 3.25%, 07-04-2021 Republic of Finland, 4.38%, 07-04-2019 Novartis AG Nestlé SA Toyota Motor Corp. Bayer AG Kingdom of Sweden, 5.00%, 12-01-2020 Bundesobligation, 1.25%, 10-14-2016 BP PLC Italy Buoni Poliennali Del Tesoro, 2.10%, 09-15-2021 Vodafone Group PLC Carrefour SA Imperial Tobacco Group PLC AIA Group Ltd. Mitsubishi UFJ Financial Group Inc. Itochu Corp Prudential PLC Rio Tinto PLC Sampo, Class A Banco Santander SA Shire PLC Total SA Wolters Kluwer NV Kingdom of Belgium, 1.25%, 06-22-2018

Number of Units

% 2.06 1.61 1.46 1.33 1.30 1.16 1.13 1.11 1.09 1.09 1.04 0.95 0.84 0.84 0.81 0.80 0.79 0.78 0.78 0.77 0.77 0.76 0.75 0.75 0.74

75

ASTRA UBS GLOBAL HIGH INCOME FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

44,348

-

-

44,348

-

-

-

-

Money Market Total

44,348

-

-

44,348

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

22,476

-

-

22,476

-

-

-

-

22,476

-

-

22,476

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

76

ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

42,010 180 38 42,228

17,659 9 17,668

Net Assets

42,228

65 65 17,603

Net asset value per unit Investments, at cost

12.58 37,017

11.08 16,331

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 17,603

$ -

28,583 (7,973) 20,610

19,058 (2,938) 16,120

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,015

1,483

42,228

17,603

1,588,590 2,449,184 (681,567) 3,356,207

1,868,324 (279,734) 1,588,590

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

1,041 1,041

339 339

750 30 780 261

191 9 200 139

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

1.54 2.74%

1.07 2.54%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

77

ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.48%) Guardian Equity Income Fund, Serie I OTHER NET ASSETS (0.52%)

Average Cost $

Fair Value $

2,389,679

37,017

42,010 218

TOTAL NET ASSETS (100%)

42,228

TOP HOLDINGS OF UNDERLYING FUND Guardian Equity Income Fund, Serie I Guardian Canadian Short-Term Investment Fund Bank of Nova Scotia Royal Bank of Canada The Toronto-Dominion Bank Baytex Energy Corp. TELUS Corp. Canadian REIT Crescent Point Energy Corp. Manulife Financial Corp. RioCan Real Estate Investment Trust ARC Resources Ltd. AtlaGas Ltd. CIBC Keyera Corp. Pembina Pipeline Corp. Intact Financial Corp. Vermilion Energy Inc. Cenovus Energy Inc. Peyto Exploration & Development Corp. Shaw Communications Inc. Mullen Group Ltd. Bonavista Energy Corp. Boardwalk REIT Brookfield Renewable Energy Partners LP Manitoba Telecom Services Inc.

Number of Units

% 4.37 4.28 4.08 4.07 3.80 3.63 3.17 3.13 3.07 3.01 2.96 2.90 2.80 2.68 2.62 2.61 2.60 2.55 2.29 2.25 2.22 2.21 2.17 2.07 2.03

78

ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

42,010

-

-

42,010

-

-

-

-

Money Market Total

42,010

-

-

42,010

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

17,659

-

-

17,659

-

-

-

-

17,659

-

-

17,659

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

79

ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

180,974 123 181,097

198,633 375 46 199,054

Net Assets

181,097

22 22 199,032

Net asset value per unit Investments, at cost

20.36 170,444

17.08 197,329

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 199,032

$ 213,871

33,808 (83,664) (49,856)

33,298 (62,077) (28,779)

-

-

31,921

13,940

181,097

199,032

11,651,600 1,834,923 (4,593,210) 8,893,313

13,426,651 2,047,304 (3,822,355) 11,651,600

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

2 5,417 5,419

2 6,264 6,266

Net investment income (loss)

4,945 182 5,127 292

5,055 204 5,259 1,007

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

3,656

196

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

18,747 9,226

8,797 3,940

Increase (decrease) in net assets from operations

31,921

13,940

Increase (decrease) in net assets from operations per unit Management Expense Ratio

3.24 2.82%

1.11 2.58%

80

ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.93%) Jarislowsky Fraser Canadian Equity Fund OTHER NET ASSETS (0.07%)

Average Cost $

Fair Value $

5,401,109

170,444

180,974 123

TOTAL NET ASSETS (100%)

181,097

TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund The Toronto-Dominion Bank Jarislowsky Fraser Special Equity Fund Bank of Nova Scotia Royal Bank of Canada Suncor Energy Inc. Canadian National Railway Company Manulife Financial Corp. Cenovus Energy Inc. Metro Inc. SNC-Lavalin Group Inc. Canadian Natural Resources Ltd. Thomson Reuters Corp. Potash Corporation of Saskatchewan Inc. Enbridge Inc. Shoppers Drug Mart Corp. Great-West Lifeco Inc. Canadian Tire Corp. Ltd., Class A Tim Hortons Inc. Open Text Corp. Talisman Energy Inc. West Fraser Timber Co. Ltd. Shaw Communications Inc. Loblaw Companies Ltd. ARC Resources Limited Cameco Corp.

Number of Units

% 8.32 7.78 7.16 6.96 4.65 3.93 3.50 3.44 3.34 3.28 3.28 3.17 3.13 3.03 2.49 2.32 2.18 2.13 2.12 2.04 2.03 2.02 1.99 1.95 1.78

81

ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars) Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

180,974

-

-

180,974

-

-

-

-

180,974

-

-

180,974

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

198,633

-

-

198,633

-

-

-

-

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.

82

ASTRA TRIASIMA CANADIAN EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31 Net assets - Beginning of year

193,819 325 364 194,508

105,834 970 12 106,816

194,508

106,816

13.77

11.38

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

194,800 (292) 194,508

106,816 106,816

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

153,626

101,422

2013

2012

$

$

3 401 3,519 3,923

1 668 1,497 2,166

4,619 170 4,789 (866)

1,835 74 1,909 257

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

(3,574) 35,781 (14)

21 4,698 -

Increase (decrease) in net assets from operations

31,327

4,976

Increase (decrease) in net assets from operations per unit Management Expense Ratio

2.29 2.81%

0.75 2.58%

Investments, at cost

Income Interest Dividends Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

2012

$ 106,816

$ 44,069

90,408 (34,043) 56,365

68,135 (10,364) 57,771

-

-

31,327

4,976

194,508

106,816

9,383,371 7,469,374 (2,722,605) 14,130,140

4,155,227 6,163,325 (935,181) 9,383,371

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

83

ASTRA TRIASIMA CANADIAN EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of shares)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Value MONEY MARKET (2.99%) Government of Canada, Treasury Bill, 0.94%, 12-18-2014 Government of Canada, Treasury Bill, 0.93%, 11-20-2014 Province of Saskatchewan, Note, 0.94%, 02-14-2014 Province of British Columbia, Note, 1.04%, 12-17-2014 Province of Manitoba, Note, 0.97%, 03-26-2014 Province of Ontario, Treasury Bill, 0.99%, 03-12-2014 Royal Bank of Canada, Bank Acceptance, 1.27%, 09-042014

1,000 1,150 700 1,000 1,000 500 500

TOTAL MONEY MARKET Number of Shares CANADIAN EQUITIES (96.66%) Energy (14.65%) AltaGas Ltd. ARC Resources Ltd. ATCO Ltd., Class I Canadian Natural Resources Ltd. Husky Energy Inc. Inter Pipeline Ltd. Mullen Group Ltd. Peyto Exploration & Development Corp. ShawCor Ltd. Suncor Energy Inc. Tourmaline Oil Corp. Vermilion Energy Inc. WaterFurnace Renewable Energy Inc.

Materials (2.73%) Alamos Gold Inc. CCL Industries Inc., Class B NV Intertape Polymer Group Inc. SEMAFO Inc.

Industrials (14.56%) ATS Automation Tooling Systems Inc. Canadian National Railway Company Canadian Pacific Railway Ltd. FirstService Corp. MacDonald, Dettwiler & Associates Ltd. Stantec Inc. Transcontinental Inc., Class A TransForce Inc. West Fraser Timber Co. Ltd. WestJet Airlines Ltd.

23,225 64,513 19,784 69,674 60,212 133,326 68,813 116,123 26,665 88,597 73,470 33,107 53,330

98,919 32,686 38,708 331,165

86,017 48,169 32,686 43,008 23,225 59,352 129,025 77,415 50,750 77,415

Average Cost

Fair Value

$

$

991 1,140 699 990 998 499

Number of Shares CANADIAN EQUITIES (96.66%) (Cont'd) Consumer Discretionary (11.71%) Aimia Inc. Canadian Tire Corp. Ltd., Class A NV Cineplex Inc. Dorel Industries Inc., Class B Gildan Activewear Inc. Magna International Inc.

991 1,140 699 990 998 499

496

496

5,813

5,813

Average Cost

Fair Value

$

$

780 1,744 827 2,326 1,822 3,275 1,930 3,322 998 3,300 2,747 1,976 853

947 1,904 922 2,502 2,029 3,444 1,943 3,762 1,131 3,297 3,280 2,063 1,269

25,900

28,493

1,716 1,201 279 955

1,272 2,586 542 921

4,151

5,321

761 2,078 3,148 1,882 1,942 2,487 1,639 1,024 3,947 1,596

1,166 2,916 5,248 1,946 1,901 3,909 1,886 1,950 5,237 2,155

20,504

28,314

Consumer Staples (6.40%) Alimentation Couche-Tard Inc., Class B The Jean Coutu Group (PJC) Inc., Class A The North West Co. Inc.

98,919 202,139 33,547

Fair Value

$

$

1,644 1,788 2,374 1,615 4,553 3,145

2,181 1,882 3,789 2,255 7,280 5,392

15,119

22,779

4,457 3,887 858

7,865 3,719 861

9,202

12,445

Health Care (4.30%) Valeant Pharmaceuticals International Inc.

67,093

4,094

8,361

Financials (34.80%) Bank of Montreal Bank of Nova Scotia Brookfield Asset Management Inc., Class A CI Financial Corp. CIBC Great-West Lifeco Inc. Home Capital Group Inc. IGM Financial Inc. Industrial Alliance Manulife Financial Corp. Onex Corp. Power Corporation of Canada Power Financial Corp. Royal Bank of Canada Sun Life Financial Inc. The Toronto-Dominion Bank

51,610 60,212 64,513 103,220 30,106 180,635 24,945 38,708 94,618 378,474 38,708 124,724 111,822 98,919 163,432 51,610

3,198 3,406 2,483 2,740 2,240 5,019 1,989 1,897 3,224 6,357 1,571 3,713 3,640 5,831 4,956 4,629

3,653 4,000 2,651 3,646 2,731 5,905 2,008 2,170 4,439 7,929 2,218 3,966 4,021 7,061 6,130 5,166

56,893

67,694

65,373

1,611

2,390

154,830 19,784 23,225

5,029 3,217 2,093

5,498 4,447 2,264

Telecommunication Services (1.23%) TELUS Corp. Information Technology (6.28%) CGI Group Inc., Class A Constellation Software Inc. Open Text Corp.

10,339

12,209

TOTAL CANADIAN EQUITIES

147,813

188,006

TOTAL INVESTMENTS (99.65%)

153,626

193,819

OTHER NET ASSETS (0.35%) TOTAL NET ASSETS (100%)

84

111,822 18,924 86,017 55,911 129,025 61,932

Average Cost

689 194,508

ASTRA TRIASIMA CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Price risk

Fund objective

The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy.

The objective of the ASTRA Triasima Canadian Equity Fund (the “Fund”) is to generate long-term capital growth. Investment strategy

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 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 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.

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.

Benchmark

S&P/TSX Index

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

Change in Benchmark (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) 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.

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.

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.

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.

85

ASTRA TRIASIMA CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Level 1 ($) 188,006

2013 Level 2 ($) -

Level 3 ($) -

Total ($) 188,006

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

188,006

5,813 5,813

-

5,813 193,819

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

105,834

-

-

105,834

-

-

-

-

105,834

-

-

105,834

Financial Instruments Bonds Equities

Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

86

ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

34,672 77 34,749

45,343 172 9 45,524

Net Assets

34,749

45,524

Net asset value per unit Investments, at cost

13.28 31,738

11.44 48,095

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 45,524

$ 57,261

6,901 (23,176) (16,275)

8,512 (22,544) (14,032)

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

5,500

2,295

34,749

45,524

3,978,954 578,535 (1,940,296) 2,617,193

5,247,454 760,285 (2,028,785) 3,978,954

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

951 951

1 1,173 1,174

1,055 39 1,094 (143)

1,228 50 1,278 (104)

(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

1.70 2.83%

0.51 2.58%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

87

ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.78%) Greystone Canadian Equity Fund OTHER NET ASSETS (0.22%)

Average Cost $

Fair Value $

1,350,988

31,738

34,672 77

TOTAL NET ASSETS (100%)

34,749

TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund The Toronto-Dominion Bank Royal Bank of Canada Bank of Nova Scotia Canadian National Railway Company Suncor Energy Inc. Manulife Financial Corp. Enbridge Inc. Magna International Inc. Cenovus Energy Inc. Valeant Pharmaceuticals International Inc. Alimentation Couche-Tard Inc., Class B Brookfield Asset Management Inc., Class A CGI Group Inc., Class A Husky Energy Inc. Open Text Corp. Catamaran Corp. ARC Resources Ltd. Dollarama Inc. Canadian Tire Corp. Ltd., Class A Crescent Point Energy Corp. GoldCorp. Inc. Element Financial Corp. West Fraser Timber Co. Ltd. National Bank of Canada Quebecor Inc., Class B

Number of Units

% 8.39 7.56 7.29 5.23 4.71 4.61 4.36 3.70 3.34 3.11 2.99 2.78 2.57 2.49 2.34 2.28 2.15 2.10 1.97 1.93 1.93 1.86 1.80 1.80 1.73

88

ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

34,672

-

-

34,672

-

-

-

-

Money Market Total

34,672

-

-

34,672

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

45,343

-

-

45,343

-

-

-

-

45,343

-

-

45,343

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

89

ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

23,374 456 36 23,866

18,832 742 117 19,691

7 7 23,859

281 281 19,410

10.47

8.87

23,893 (34) 23,859

19,439 (29) 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

20,086

17,856

2013

2012

$

$

452 13 47 512

221 50 271

Net investment income (loss)

653 22 675 (163)

317 12 329 (58)

Net realized gain (loss) on sale of investments

1,309

(121)

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs

414 2,312 (20)

36 992 (22)

Increase (decrease) in net assets from operations

3,852

827

1.63 3.14%

0.60 2.84%

Investments, at cost

Income Interest Dividends Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

2012

Net assets - Beginning of year

$ 19,410

$ 6,030

5,715 (5,118) 597

14,742 (2,189) 12,553

-

-

Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,852

827

23,859

19,410

2,189,298 609,831 (520,455) 2,278,674

724,606 1,714,666 (249,974) 2,189,298

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

90

ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND FINANCIAL STATEMENTS (in thousands, except numbers of shares and units)

INVESTMENT PORTFOLIO As at December 31, 2013 Number of Shares CANADIAN EQUITIES (78.32%) Energy (17.25%) ARC Resources Ltd. Canadian Energy Services & Technology Corp. Canadian Natural Resources Ltd. Cenovus Energy Inc. Crescent Point Energy Corp. Inter Pipeline Ltd. Peyto Exploration & Development Corp. ShawCor Ltd. TransGlobe Energy Corp.

Materials (6.88%) Alamos Gold Inc. Argonaut Gold Inc. First Quantum Minerals Ltd. GoldCorp Inc. Major Drilling Group International Potash Corporation of Saskatchewan Inc.

Industrials (6.40%) Canadian National Railway Company TransForce Inc. West Fraser Timber Co. Ltd.

Consumer Discretionary (6.48%) Cogeco Cable Inc. Dollarama Inc. Gildan Activewear Inc.

Consumer Staples (4.98%) Alimentation Couche-Tard Inc., Class B Metro Inc. Saputo Inc. The North West Co. Inc.

Financials (29.25%) Alaris Royalty Corp. Bank of Nova Scotia Canadian Western Bank Home Capital Group Inc. Industrial Alliance Intact Financial Corp. Laurentian Bank of Canada National Bank of Canada Royal Bank of Canada The Toronto-Dominion Bank TMX Group Ltd.

Telecommunication Services (1.64%) TELUS Corp.

16,150 22,415 8,264 27,420 6,375 14,665 13,513 11,790 46,530

22,611 36,625 21,495 8,365 40,925 6,860

10,320 17,930 4,350

9,960 5,033 11,128

3,690 4,873 5,445 12,325

8,928 15,895 20,226 8,934 12,021 7,505 7,357 7,498 6,225 11,042 10,145

10,725

Average Cost

Fair Value

$

$

411 277 260 870 242 356 303 421 433

477 517 297 834 263 379 438 500 410

3,573

4,115

365 327 424 331 376 295

291 195 411 192 312 240

2,118

1,641

439 401 380

625 452 449

1,220

1,526

463 311 332

477 441 628

1,106

1,546

268 267 238 264

293 316 263 316

1,037

1,188

278 857 573 445 370 474 334 571 355 879 478

266 1,056 781 719 564 520 345 663 444 1,105 517

5,614

6,980

339

392

Number of Shares CANADIAN EQUITIES (78.32%) (Cont'd) Information Technology (5.44%) CGI Group Inc., Class A Davis + Henderson Corp. Open Text Corp.

7,194 15,250 6,051

TOTAL CANADIAN EQUITIES Number of Units INVESTMENT FUND (19.65%) Montrusco Bolton Quantitative Canadian Equity TOTAL INVESTMENTS (97.97%) OTHER NET ASSETS (2.03%) TOTAL NET ASSETS (100%)

91

114,998

Average Cost

Fair Value

$

$

172 436 352

255 453 590

960

1,298

15,967

18,686

Average Cost

Fair Value

$

$

4,119

4,688

20,086

23,374 485 23,859

ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Price risk

Fund objective

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 objective of the ASTRA Montrusco Bolton Canadian Equity Fund (the “Fund”) is to achieve long-term capital growth.

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.

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.

The following table presents the impact on the net assets of the Fund, as at December 31, of a potential change in the benchmark, with all other variables held constant.

Benchmark

S&P/TSX Index

As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of Canadian equities.

Change in Benchmark (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) 1,169 (1,169)

2012 Impact on Net Assets ($) 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.

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.

Currency risk

Please refer to notes 5 and 6 for details related to financial instrument risks.

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.

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.

92

ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Level 1 ($) 18,686

2013 Level 2 ($) -

Level 3 ($) -

Total ($) 18,686

Exchange Traded Funds

-

-

-

-

Investment Funds

-

4,688

-

4,688

Derivative Products

Financial Instruments Bonds Equities

-

-

-

-

Money Market Total

18,686

4,688

-

23,374

Financial Instruments Bonds Equities

Level 1 ($) 14,939

2012 Level 2 ($) -

Level 3 ($) -

Total ($) 14,939

Exchange Traded Funds

-

-

-

-

Investment Funds

-

3,893

-

3,893

Derivative Products

-

-

-

-

14,939

3,893

-

18,832

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

93

ASTRA CANADIAN FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 21,483

$ 2,270

5,028 (2,435) 2,593

20,661 (1,933) 18,728

-

-

26,807 46 277 27,130

21,202 146 135 21,483

27,130

21,483

11.90

10.50

Increase (decrease) in net assets from operations

27,210 (80) 27,130

21,537 (54) 21,483

Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

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

23,788

20,950

2013

2012

$

$

609 2 611

399 6 405

480 25 505 106

280 15 295 110

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

189 2,767 (8)

98 314 (37)

Increase (decrease) in net assets from operations

3,054

485

1.38 2.77%

0.32 2.44%

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Investments, at cost

Income Interest Dividends Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

Increase (decrease) in net assets from operations per unit Management Expense Ratio

485 21,483

2,045,644 455,034 (220,081) 2,280,597

232,036 2,003,946 (190,338) 2,045,644

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

3,054 27,130

94

ASTRA CANADIAN FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (98.81%) iShares Canadian Fundamental Index Fund OTHER NET ASSETS (1.19%)

Average Cost $

Fair Value $

2,003,525

23,788

26,807 323

TOTAL NET ASSETS (100%)

27,130

TOP HOLDINGS OF UNDERLYING FUND iShares Canadian Fundamental Index Fund Royal Bank of Canada The Toronto-Dominion Bank Bank of Nova Scotia Manulife Financial Corp. Suncor Energy Inc. Bank of Montreal Encana Corp. CIBC Canadian Natural Resources Ltd. Financial Sun Life Inc. TransCanada Corp. Magna International Inc. Brookfield Asset Management Inc. iShares S&P/TSX Global Gold Index Fund Canadian National Railway Company Cenovus Energy Inc. Enbridge Inc. BCE Inc. Power Corporation of Canada Thomson Reuters Corp. Talisman Energy Inc. Canadian Oil Sands Ltd. Penn West Petroleum Ltd. Teck Ressources Ltd. National Bank of Canada

Number of Units

% 7.25 6.34 5.05 4.75 4.37 3.95 3.18 2.94 2.79 2.67 2.48 2.05 2.01 1.79 1.73 1.66 1.48 1.46 1.45 1.36 1.35 1.31 1.30 1.27 1.12

95

ASTRA CANADIAN FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

26,807

-

-

26,807

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

Money Market Total

26,807

-

-

26,807

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

21,202

-

-

21,202

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

21,202

-

-

21,202

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

96

ASTRA CANADIAN INDEX FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

17,306 2 17,308

37,214 10 10 37,234

Net Assets

17,308

37,234

Net asset value per unit Investments, at cost

11.96 15,103

10.88 35,558

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 37,234

$ 40,399

4,804 (26,733) (21,929)

5,246 (10,198) (4,952)

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2,003

1,787

17,308

37,234

3,422,635 434,158 (2,409,862) 1,446,931

3,881,432 497,044 (955,841) 3,422,635

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

762 762

962 962

509 19 528 234

894 37 931 31

1,222

172

547

1,584

2,003

1,787

1.17 2.77%

0.51 2.53%

97

ASTRA CANADIAN INDEX FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.99%) BlackRock Canadian Equity Index Fund, Class D OTHER NET ASSETS (0.01%)

Average Cost $

Fair Value $

641,678

15,103

17,306 2

TOTAL NET ASSETS (100%)

17,308

TOP HOLDINGS OF UNDERLYING FUND BlackRock Canadian Equity Index Fund, Class D Royal Bank of Canada The Toronto-Dominion Bank Bank of Nova Scotia Suncor Energy Inc. Canadian National Railway Company Bank of Montreal Canadian Natural Resources Ltd. Manulife Financial Corp. Valeant Pharmaceuticals International Inc. Enbridge Inc. CIBC BCE Inc. TransCanada Corp. Potash Corporation of Saskatchewan Inc. Canadian Pacific Railway Ltd. Brookfield Asset Management Inc., Class A Cenovus Energy Inc. TELUS Corp. Sun Life Financial Inc. Barrick Gold Corp. Magna International Inc. GoldCorp Inc. Rogers Communications Inc., Class B Crescent Point Energy Corp. Thomson Reuters Corp.

Number of Units

% 6.14 5.50 4.79 3.31 3.01 2.72 2.33 2.31 2.30 2.29 2.16 2.13 2.05 1.80 1.51 1.40 1.37 1.36 1.36 1.30 1.16 1.12 1.06 0.97 0.89

98

ASTRA CANADIAN INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

17,306

-

-

17,306

-

-

-

-

Money Market Total

17,306

-

-

17,306

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

37,214

-

-

37,214

-

-

-

-

37,214

-

-

37,214

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

99

ASTRA CANADIAN SMALL CAP EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

40,519 132 40,651

49,804 187 14 50,005

Net Assets

40,651

50,005

Net asset value per unit Investments, at cost

15.87 24,896

12.22 40,766

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 50,005

$ 50,718

8,606 (28,408) (19,802)

11,256 (11,701) (445)

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

10,448

(268)

40,651

50,005

4,091,732 639,866 (2,169,348) 2,562,250

4,119,999 928,427 (956,694) 4,091,732

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1 1

1 1

1,207 41 1,248 (1,247)

1,348 50 1,398 (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 Management Expense Ratio

3.40 3.08%

(0.06) 2.80%

Years ended December 31 Income Interest Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

100

ASTRA CANADIAN SMALL CAP EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.68%) Fiera Capital Small Cap Section Fund OTHER NET ASSETS (0.32%)

Average Cost $

Fair Value $

213,903

24,896

40,519 132

TOTAL NET ASSETS (100%)

40,651

TOP HOLDINGS OF UNDERLYING FUND Fiera Capital Small Cap Section Fund FirstService Corp. Secure Energy Services Inc. Badger Daylighting Ltd. Linamar Corp. Stella-Jones Inc. Surge Energy Inc. Canadian Energy Services & Technology Corp. Canadian Western Bank Stantec Inc. CCL Industries Inc., Class B NV Constellation Software Inc. RMP Energy Inc. Descartes Systems Group Inc. Aecon Group Inc. Element Financial Corp. DHX Media Ltd. Calfrac Well Services Ltd. Whitecap Resources Inc. B2Gold Corp. Argonaut Gold Inc. Bauer Performance Sports Ltd. International Forest Products Ltd. High Liner Foods Inc. Home Capital Group Inc. Total Energy Services Inc.

Number of Units

% 3.63 3.53 3.45 3.19 3.17 3.14 3.12 2.88 2.88 2.68 2.65 2.47 2.37 2.36 2.33 2.29 2.26 2.23 2.12 2.07 1.96 1.94 1.91 1.86 1.74

101

ASTRA CANADIAN SMALL CAP EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

40,519

-

-

40,519

-

-

-

-

Money Market Total

40,519

-

-

40,519

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

49,804

-

-

49,804

-

-

-

-

49,804

-

-

49,804

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

102

ASTRA MFS U.S. EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

28,567 381 2 28,950

26,252 218 5 26,475

Net Assets

28,950

26,475

Net asset value per unit Investments, at cost

9.49 20,666

6.91 23,550

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 26,475

$ 76,701

10,372 (15,642) (5,270)

7,668 (64,842) (57,174)

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

7,745

6,948

28,950

26,475

3,829,517 1,279,611 (2,059,407) 3,049,721

12,434,960 1,163,058 (9,768,501) 3,829,517

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

408 408

784 784

Net investment income (loss)

695 24 719 (311)

1,087 43 1,130 (346)

Net realized gain (loss) on sale of investments

1,405

3,820

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

1,452 5,199

3,474

Increase (decrease) in net assets from operations

7,745

6,948

2.59 2.97%

1.08 2.71%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

103

ASTRA MFS U.S. EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (98.68%) MFS U.S. Equity Core Fund OTHER NET ASSETS (1.32%)

Average Cost $

Fair Value $

2,098,727

20,666

28,567 383

TOTAL NET ASSETS (100%)

28,950

TOP HOLDINGS OF UNDERLYING FUND MFS U.S. Equity Core Fund JPMorgan Chase & Co. Google Inc., Class A Danaher Corp. Pfizer Inc. Visa Inc., Class A The Procter & Gamble Company The Walt Disney Co. Johnson & Johnson Exxon Mobil Corp. EMC Corp. American Express Co. Wells Fargo & Co. Apple Inc. United Technologies Corp. ACE Ltd. The Goldman Sachs Group Inc. Thermo Fisher Scientific Inc. Honeywell International Inc. Precision Castparts Corp. BlackRock Inc. MasterCard Inc. Covidien PLC Microchip Technology Inc. Hewlett-Packard Co. Oracle Corp.

Number of Units

% 3.11 2.97 2.77 2.28 2.18 2.08 2.07 2.05 2.00 1.95 1.87 1.87 1.85 1.80 1.78 1.73 1.71 1.69 1.68 1.67 1.64 1.64 1.63 1.60 1.43

104

ASTRA MFS U.S. EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

28,567

-

-

28,567

-

-

-

-

Money Market Total

28,567

-

-

28,567

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

26,252

-

-

26,252

-

-

-

-

26,252

-

-

26,252

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

105

ASTRA TRADEWINDS U.S. EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

21,563 1,330 25 22,918

11,752 1,262 146 13,160

399 399 22,519

161 161 12,999

12.85

9.64

22,522 (3) 22,519

12,999 12,999

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

18,211

11,727

2013

2012

$

$

312 312

122 122

Net investment income (loss)

549 17 566 (254)

190 7 197 (75)

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

1,861 3,327 (27)

82 25 (20)

Increase (decrease) in net assets from operations

4,907

12

3.25 3.33%

0.01 3.05%

Transactional NAV per unit at closing price of investments

Investments, at cost

Income Interest Dividends

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

2012

Net assets - Beginning of year

$ 12,999

$ -

8,617 (4,004) 4,613

14,366 (1,379) 12,987

-

-

Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,907

12

22,519

12,999

1,349,072 754,078 (351,305) 1,751,845

1,496,845 (147,773) 1,349,072

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

106

ASTRA TRADEWINDS U.S. EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of shares)

INVESTMENT PORTFOLIO As at December 31, 2013 Number of Shares EQUITIES (95.75%) CANADIAN EQUITIES (6.29%) Energy (3.36%) Talisman Energy Inc. Materials (2.93%) Agrium Inc.

Fair Value

$

$

61,093

721

756

6,795

635

661

1,356

1,417

111 184 484 427 343 776

148 199 563 448 437 794

2,325

2,589

TOTAL CANADIAN EQUITIES U.S. EQUITIES (82.13%) Energy (11.50%) Baker Hughes Inc. Devon Energy Corp. Royal Dutch Shell PLC, Class B Superior Energy Services Inc. Total SA Transocean Ltd.

Average Cost

2,518 3,021 7,037 15,818 6,700 15,100

Number of Shares

Consumer Discretionary (11.41%) Advance Auto Parts Inc. General Motors Co. Interpublic Group of Companies Inc. Time Warner Cable Inc. Time Warner Inc.

30,671 10,972 2,256 2,637 5,437

1,957 19,941 36,173 2,409 5,984

205 288 153 285 418

309 336 229 388 440

1,349

1,702

151 544 518 225 346

230 867 681 347 444

1,784

2,569

Health Care (6.90%) Merck & Company Inc. Mitsubishi Tanabe Pharma Corp. Novartis AG

Financials (14.91%) Ageas American International Group Inc. Axis Capital Holdings Ltd. CNA Financial Corp. Endurance Specialty Holdings Ltd. Loews Corp. Northern Trust Corp. UBS AG

5,288 23,823 6,112 5,198 5,873

16,421 14,319 5,483

7,389 16,010 8,757 5,290 3,535 10,834 3,321 23,052

403 451 410 244 455

462 435 445 310 492

1,963

2,144

767 212 394

874 212 469

1,373

1,555

268 555 356 176 152 463 188 379 2,537

336 869 443 241 221 556 219 472 3,357

$

186

85

Information Technology (16.31%) Cisco Systems Inc. Corning Inc. Ingram Micro Inc., Class A Intel Corp. Microsoft Corp. Oracle Corp. Tech Data Corp. Western Digital Corp.

27,461 12,094 16,897 17,184 17,134 14,554 6,502 2,960

602 156 367 400 561 487 333 123

655 229 421 474 682 592 357 264

3,029

3,674

Utilities (3.64%) Exelon Corp.

28,139

908

820

15,454

18,495

FOREIGN EQUITIES (7.33%) Industrials (0.86%) Vallourec

16,626

210

193

Consumer Discretionary (3.02%) Carnival Corp. Tata Motors Ltd.

10,812 6,672

410 188

462 219

598

681

65 347 181

113 445 219

Financials (3.45%) ING Groep NV KB Financial Group Inc. MS&AD Insurance Group Holdings Inc.

7,615 10,341 15,376

593

777

1,401

1,651

TOTAL EQUITIES

18,211

21,563

TOTAL INVESTMENTS (95.75%)

18,211

21,563

OTHER NET ASSETS (4.25%) TOTAL NET ASSETS (100%)

107

$

29,100

TOTAL FOREIGN EQUITIES Consumer Staples (9.52%) Bunge Ltd. Dean Foods Co. Ingredion Inc. Molson Coors Brewing Co., Class B Wal-Mart Stores Inc.

Fair Value

EQUITIES (95.75%) (Cont’d) U.S. EQUITIES (82.13%) (Cont’d) Telecommunication Services (0.38%) NII Holdings Inc., Class B

TOTAL U.S. EQUITIES Industrials (7.56%) Aegon NV CSX Corp. General Dynamics Corp. Siemens AG Triumph Group Inc.

Average Cost

956 22,519

ASTRA TRADEWINDS U.S. EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Price risk

Fund objective

The Fund trades U.S. equity securities which must meet the requirements of the investment policy.

The objective of the ASTRA Tradewinds U.S. Equity Fund (the “Fund”) is to generate long-term capital growth.

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.

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 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.

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.

Benchmark

As at December 31, 2013 and 2012, the Fund’s assets are made up of U.S. equities.

S&P 500 Index

Risk exposure

Change in Benchmark (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) 1,078 (1,078)

2012 Impact on Net Assets ($) 588 (588)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.

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.

Currency risk

Please refer to notes 5 and 6 for details related to financial instrument risks.

As at December 31, 2013 and 2012, all of the Fund’s securities are denominated in U.S. dollars.

Credit risk

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.

As at December 31, 2013 and 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk.

Against Other Currencies

Liquidity risk Canadian Dollar

Change in Exchange Rate (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) (1,078) 1,078

2012 Impact on Net Assets ($) (588) 588

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.

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 has no securities loans and no derivative instruments.

As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.

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.

108

ASTRA TRADEWINDS U.S. EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Level 1 ($) 21,563

2013 Level 2 ($) -

Level 3 ($) -

Total ($) 21,563

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

Financial Instruments Bonds Equities

-

-

-

-

Money Market Total

21,563

-

-

21,563

Financial Instruments Bonds Equities

Level 1 ($) 11,752

2012 Level 2 ($) -

Level 3 ($) -

Total ($) 11,752

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

11,752

-

-

11,752

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

109

ASTRA U.S. FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 14,224

$ 512

10,899 (5,531) 5,368

14,470 (1,104) 13,366

-

-

26,076 1,211 27,287

14,056 210 113 14,379

670 350 1,020 26,267

155 155 14,224

16.14

11.52

Increase (decrease) in net assets from operations

26,290 (23) 26,267

14,126 98 14,224

Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

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

19,708

13,771

2013

2012

$

$

307 2 309

195 1 196

Net investment income (loss)

427 21 448 (139)

190 10 200 (4)

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

745 6,083 (14)

82 287 (19)

Increase (decrease) in net assets from operations

6,675

346

4.55 2.89%

0.38 2.51%

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Investments, at cost

Income Interest Dividends Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

346 14,224

1,234,796 777,205 (384,685) 1,627,316

48,961 1,285,073 (99,238) 1,234,796

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

6,675 26,267

110

ASTRA U.S. FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.27%) iShares US Fundamental Index Fund OTHER NET ASSETS (0.73%)

Average Cost $

Fair Value $

1,164,645

19,708

26,076 191

TOTAL NET ASSETS (100%)

26,267

TOP HOLDINGS OF UNDERLYING FUND iShares US Fundamental Index Fund Exxon Mobil Corp. Bank of America Corp. General Electric Company JPMorgan Chase & Co. Chevron Corp. AT&T Inc. Citigroup Inc. Wells Fargo & Co. ConocoPhillips Pfizer Inc. Verizon Communications Inc. Microsoft Corp. Johnson & Johnson Berkshire Hathaway Inc., Class B The Procter & Gamble Company Wal-Mart Stores Inc. Apple Inc. Intel Corp. Hewlett Packard Co. American International Group Inc. Merck & Company Inc. Ford Motor Co. IBM Corp. Phillips 66 CVS Caremark Corp.

Number of Units

% 2.86 2.33 1.97 1.77 1.74 1.71 1.57 1.46 1.34 1.29 1.22 1.12 1.11 1.09 1.00 0.94 0.89 0.82 0.81 0.77 0.75 0.70 0.68 0.62 0.58

111

ASTRA U.S. FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of financial instruments

The ASTRA U.S. Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares US Fundamental Index Fund. The ASTRA U.S. Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI US 1,000 C$ Hedged Index, which comprises the largest 1,000 USlisted companies by fundamental value.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

26,076

-

-

26,076

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

Money Market Total

26,076

-

-

26,076

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

14,056

-

-

14,056

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

14,056

-

-

14,056

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

112

ASTRA U.S. INDEX FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

25,299 25,299

14,591 37 6 14,634

Net Assets

25,299

14,634

Net asset value per unit Investments, at cost

8.74 18,241

6.39 13,667

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 14,634

$ 8,804

10,102 (5,675) 4,427

7,375 (2,541) 4,834

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

6,238

996

25,299

14,634

2,289,924 1,384,066 (779,518) 2,894,472

1,516,564 1,181,287 (407,927) 2,289,924

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments

2013

2012

$

$

406 406

246 246

565 20 585 (179)

313 12 325 (79)

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

2.33 2.88%

0.50 2.64%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

113

ASTRA U.S. INDEX FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100%) BlackRock CDN US Equity Index Fund, Class D OTHER NET ASSETS (0%)

Average Cost $

Fair Value $

2,085,835

18,241

25,299 -

TOTAL NET ASSETS (100%)

25,299

TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN US Equity Index Fund, Class D Apple Inc. Exxon Mobil Corp. iShares Core S&P 500 ETF Google Inc., Class A Microsoft Corp. General Electric Company Johnson & Johnson Chevron Corp. The Procter & Gamble Company JPMorgan Chase & Co. Wells Fargo & Co. Berkshire Hathaway Inc., Class B Pfizer Inc. IBM Corp. AT&T Inc. Bank of America Corp. Citigroup Inc. Coca-Cola Co. Amazon.com Inc. Merck & Company Inc. Verizon Communications Inc. Philip Morris International Inc. Comcast Corp., Class A Oracle Corp. Intel Corp.

Number of Units

% 3.00 2.62 1.90 1.87 1.69 1.68 1.53 1.43 1.31 1.30 1.29 1.27 1.18 1.14 1.10 0.99 0.94 0.93 0.88 0.87 0.83 0.83 0.80 0.80 0.77

114

ASTRA U.S. INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 $).

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

25,299

-

-

25,299

-

-

-

-

Money Market Total

25,299

-

-

25,299

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

14,591

-

-

14,591

-

-

-

-

14,591

-

-

14,591

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

115

ASTRA INTERNATIONAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$ Net assets - Beginning of year

131,714 281 131,995

136,294 648 136,942

Net Assets

131,995

424 424 136,518

Net asset value per unit Investments, at cost

8.38 113,732

6.71 140,852

Liabilities Bank overdraft Accounts payable

Years ended December 31

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

$ 136,518

$ 88,512

22,291 (55,791) (33,500)

61,097 (21,699) 39,398

-

-

28,977

8,608

131,995

136,518

20,345,708 2,923,541 (7,522,046) 15,747,203

14,237,072 9,469,560 (3,360,924) 20,345,708

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1 3,987 3,988

1 5,496 5,497

Net investment income (loss)

4,534 132 4,666 (678)

3,600 114 3,714 1,783

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

3,291

(523)

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

3,824 22,540

7,348

Increase (decrease) in net assets from operations

28,977

8,608

Increase (decrease) in net assets from operations per unit Management Expense Ratio

1.65 3.61%

0.49 3.34%

116

ASTRA INTERNATIONAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.79%) Hexavest Europac Fund OTHER NET ASSETS (0.21%)

Average Cost $

Fair Value $

116,530

113,732

131,714 281

TOTAL NET ASSETS (100%)

131,995

TOP HOLDINGS OF UNDERLYING FUND Hexavest Europac Fund Roche Holding AG Novartis AG Nestlé SA Sanofi BP PLC Vodafone Group PLC HSBC Holdings PLC Total SA AstraZeneca PLC Toyota Motor Corp. GlaxoSmithKline PLC Bayer AG Novo Nordisk A/S, Class B BASF SE British American Tobacco PLC Rio Tinto PLC Barclays PLC Sumitomo Mitsui Financial Group Inc. Mitsubishi UFJ Financial Group Inc. KDDI Corp. Telefonica SA Royal Dutch Shell PLC, Class B Shire PLC Unilever NV Diageo PLC

Number of Units

% 2.05 1.88 1.80 1.70 1.64 1.52 1.44 1.37 1.29 1.20 1.13 1.11 0.89 0.87 0.86 0.83 0.79 0.76 0.74 0.74 0.74 0.74 0.72 0.72 0.69

117

ASTRA INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

131,714

-

-

131,714

-

-

-

-

131,714

-

-

131,714

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

136,294

-

-

136,294

-

-

-

-

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.

118

ASTRA CARNEGIE INTERNATIONAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

70,927 2,429 34 73,390

55,971 1,408 20 57,399

73,390

57,399

10.96

9.22

73,453 (63) 73,390

57,440 (41) 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

52,509

45,745

2013

2012

$

$

1,238 1,238

1,244 1,244

Net investment income (loss)

2,062 63 2,125 (887)

1,474 49 1,523 (279)

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

3,822 8,192 (99)

1,178 7,486 (106)

Increase (decrease) in net assets from operations

11,028

8,279

Increase (decrease) in net assets from operations per unit Management Expense Ratio

1.77 3.39%

1.44 3.10%

Investments, at cost

Income Interest Dividends

Expenses (note 4) Management fees Administrative fees

2012

Net assets - Beginning of year

$ 57,399

$ 43,420

21,809 (16,846) 4,963

15,527 (9,827) 5,700

-

-

Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

11,028

8,279

73,390

57,399

6,226,515 2,158,789 (1,691,866) 6,693,438

5,555,114 1,810,621 (1,139,220) 6,226,515

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

119

ASTRA CARNEGIE INTERNATIONAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of shares)

INVESTMENT PORTFOLIO As at December 31, 2013 Number of Shares FOREIGN EQUITIES (96.64%) Industrials (18.20%) ABB Ltd. FANUC Corp. Jardine Matheson Holdings Ltd. Komatsu Ltd. Makita Corp. Schneider Electric SA Wolseley PLC

Consumer Discretionary (21.79%) ASOS PLC Bayerische Motoren Werke AG Bridgestone Corp. Inditex SA Rakuten Inc. Toyota Industries Corp. WPP PLC

Consumer Staples (13.29%) British American Tobacco PLC Diageo PLC Japan Tobacco Inc. Nestlé SA

Health Care (10.12%) Novartis AG Novo Nordisk A/S, Class B Roche Holding AG

Financials (19.61%) Danske Bank A/S HDFC Bank Ltd. HSBC Holdings PLC Prudential PLC UBS AG

Information Technology (13.63%) Samsung Electronics Co. Ltd. SAP AG Sony Corp. Tencent Holdings Ltd.

75,200 10,700 14,400 48,000 39,800 27,100 43,017

12,000 17,700 70,100 13,300 197,000 40,200 95,000

51,700 73,900 60,300 27,200

23,800 12,050 10,250

67,400 118,400 195,000 139,200 141,300

4,550 34,200 86,000 31,400

Average Cost

Fair Value

$

$

1,593 1,692 953 1,263 1,685 1,728 1,761

2,108 2,079 801 1,037 2,217 2,518 2,597

10,675

13,357

970 2,082 1,946 1,281 2,846 1,210 1,928

1,293 2,215 2,817 2,318 3,115 1,926 2,309

12,263

15,993

2,073 1,564 1,417 1,521

2,949 2,604 2,079 2,120

6,575

9,752

1,764 1,492 1,930

2,023 2,351 3,050

5,186

7,424

1,322 3,585 1,863 1,954 2,265

1,645 4,335 2,277 3,285 2,854

10,989

14,396

1,975 2,217 1,761 868

3,153 3,134 1,586 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

120

ASTRA CARNEGIE INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Price risk

Fund objective

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 objective of the ASTRA Carnegie International Equity Fund (the “Fund”) is to achieve long-term capital growth.

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.

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.

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.

As at December 31, 2013 and 2012, the Fund’s assets are made up of international equities.

Benchmark

Risk exposure

MSCI EAFE Index

Change in Benchmark (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) 3,546 (3,546)

2012 Impact on Net Assets ($) 2,799 (2,799)

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.

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.

Please refer to notes 5 and 6 for details related to financial instrument risks.

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.

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.

Currency Danish Krone Euro Hong Kong Dollar Japanese Yen Malaysian Ringgit Pound Sterling Swedish Krona Swiss Franc U.S. Dollar Total

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.

121

2013 ($) 3,997 10,185 2,132 16,856 17,314 12,155 8,288 70,927

2012 ($) 1,875 10,791 2,422 6,757 819 17,542 943 7,753 7,069 55,971

ASTRA CARNEGIE INTERNATIONAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Currency risk (Cont’d)

Fair value of financial instruments

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 following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Against Other Currencies Canadian Dollar

Change in Exchange Rate (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) (3,546) 3,546

2012 Impact on Net Assets ($) (2,799) 2,799

Level 1 ($) 70,927

2013 Level 2 ($) -

Level 3 ($) -

Total ($) 70,927

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

Financial Instruments Bonds Equities

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.

-

-

-

-

Money Market Total

70,927

-

-

70,927

Financial Instruments Bonds Equities

Level 1 ($) 55,971

2012 Level 2 ($) -

Level 3 ($) -

Total ($) 55,971

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

55,971

-

-

55,971

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

122

ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

18,063 4 93 18,160

13,198 101 121 13,420

260 260 17,900

13,420

10.92

8.47

17,922 (22) 17,900

13,409 11 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

13,968

12,872

2013

2012

$

$

333 333

274 274

356 16 372 (39)

188 9 197 77

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

262 3,769 (7)

52 343 (23)

Increase (decrease) in net assets from operations

3,985

449

2.44 3.12%

0.39 2.71%

Investments, at cost

Income Interest Dividends

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

Increase (decrease) in net assets from operations per unit Management Expense Ratio

2012

Net assets - Beginning of year

$ 13,420

$ 121

3,485 (2,990) 495

13,824 (974) 12,850

-

-

Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,985

449

17,900

13,420

1,583,895 364,224 (309,070) 1,639,049

15,620 1,689,951 (121,676) 1,583,895

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

123

ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (100.91%) iShares International Fundamental Index Fund OTHER NET ASSETS (-0.91%)

Average Cost $

Fair Value $

1,081,601

13,968

18,063 (163)

TOTAL NET ASSETS (100%)

17,900

TOP HOLDINGS OF UNDERLYING FUND iShares International Fundamental Index Fund Toyota Motor Corp. Nestlé SA Total SA Mitsubishi UFJ Financial Group Inc. Novartis AG Banco Santander SA BP PLC Vodafone Group PLC Roche Holding AG Honda Motor Co. Ltd. Telefonica SA BHP Billiton Ltd. Tokyo Electric Power Co. Inc. Sumitomo Mitsui Financial Group Inc. Commonwealth Bank of Australia HSBC Holdings PLC National Australia Bank Ltd. Royal Dutch Shell PLC, Class A Samsung Electronics Co. Ltd. Royal Bank of Canada Hitachi Ltd. Westpac Banking Corp. Deutsche Telekom AG Allianz SE Panasonic Corp.

Number of Units

% 0.91 0.81 0.71 0.71 0.69 0.62 0.62 0.59 0.55 0.51 0.51 0.49 0.48 0.47 0.45 0.45 0.44 0.43 0.43 0.42 0.42 0.40 0.40 0.39 0.39

124

ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

18,063

-

-

18,063

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

Money Market Total

18,063

-

-

18,063

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

13,198

-

-

13,198

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

13,198

-

-

13,198

Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

125

ASTRA INTERNATIONAL INDEX FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

33,629 33,629

34,690 38 2 34,730

Net Assets

118 215 333 33,296

34,730

Net asset value per unit Investments, at cost

11.00 27,363

8.65 35,238

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 34,730

$ 28,233

6,679 (15,614) (8,935)

8,429 (5,587) 2,842

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

7,501

3,655

33,296

34,730

4,015,028 691,232 (1,678,475) 3,027,785

3,644,006 1,046,178 (675,156) 4,015,028

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

942 942

977 977

Net investment income (loss)

915 30 945 (3)

859 31 890 87

Net realized gain (loss) on sale of investments

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

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

2.45 3.20%

0.95 2.91%

Increase (decrease) in net assets from operations per unit Management Expense Ratio

126

ASTRA INTERNATIONAL INDEX FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (101.00%) BlackRock CDN MSCI EAFE Equity Index Fund, Class D OTHER NET ASSETS (-1.00%)

Average Cost $

Fair Value $

2,531,054

27,363

33,629 (333)

TOTAL NET ASSETS (100%)

33,296

TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI EAFE Equity Index Fund, Class D Nestlé SA HSBC Holdings PLC Roche Holding AG Vodafone Group PLC Novartis AG Toyota Motor Corp. iShares MSCI EAFE ETF BP PLC Royal Dutch Shell PLC, Class A Total SA GlaxoSmithKline PLC Sanofi Bayer AG Commonwealth Bank of Australia BHP Billiton Ltd. Siemens AG British American Tobacco PLC Banco Santander SA BASF SE Royal Dutch Shell PLC, Class B Westpac Banking Corp. Anheuser-Busch InBev NV Mitsubishi UFJ Financial Group Inc. SoftBank Corp. Daimler AG

Number of Units

% 1.76 1.52 1.46 1.41 1.37 1.25 1.18 1.13 1.02 0.98 0.97 0.94 0.86 0.83 0.81 0.81 0.76 0.76 0.73 0.70 0.67 0.64 0.62 0.62 0.62

127

ASTRA INTERNATIONAL INDEX FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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 $).

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

33,629

-

-

33,629

-

-

-

-

Money Market Total

33,629

-

-

33,629

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

34,690

-

-

34,690

-

-

-

-

34,690

-

-

34,690

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

128

ASTRA CALAMOS GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

Liabilities Bank overdraft Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

22,043 1,499 28 23,570

18,675 1,127 45 19,847

29 29 23,541

19,847

11.03

9.51

23,571 (30) 23,541

19,866 (19) 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

18,726

18,009

2013

2012

$

$

144 323 467

140 174 314

Net investment income (loss)

735 21 756 (289)

538 17 555 (241)

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

838 2,651 (14)

(540) 1,013 (19)

Increase (decrease) in net assets from operations

3,186

213

1.53 3.56%

0.12 3.26%

Investments, at cost

Income Interest Dividends

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

2012

Net assets - Beginning of year

$ 19,847

$ 13,171

8,748 (8,240) 508

10,136 (3,673) 6,463

-

-

Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,186

213

23,541

19,847

2,085,971 848,295 (800,032) 2,134,234

1,399,885 1,069,504 (383,418) 2,085,971

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

129

ASTRA CALAMOS GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of shares)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Value FOREIGN BONDS (39.41%) Corporations (39.41%) AB Industrivarden, 1.88%, 02-27-2017 C AB Industrivarden, 2.50%, 02-27-2015 C Advanced Semiconductor Engineering Inc., 0.00%, 09-05-2018 C Asahi Group Holdings Ltd., 0.00%, 05-26-2028 C Azimut Holding SpA, 2.13%, 11-25-2020 C BioMarin Pharmaceutical Inc., 0.75%, 10-15-2018 C BioMarin Pharmaceutical Inc., 1.50%, 10-15-2020 C Buzzi Unicem, 1.38%, 07-17-2019 C Cemex, 4.88%, 03-15-2015 C CGGVeritas, 1.75%, 01-01-2016 C Concur Technologies Inc., 0.50%, 06-15-2018 C Ctrip.com International Ltd., 1.25%, 10-15-2018 C Cubist Pharmaceuticals Inc., 1.13%, 09-01-2018 C Cubist Pharmaceuticals Inc., 1.88%, 09-01-2020 C Electronic Arts Inc., 0.75%, 07-15-2016 C Elekta AB, 2.75%, 04-25-2017 C Finisar Corp., 0.50%, 12-15-2033 C Gilead Sciences Inc., 1.63%, 05-01-2016 C Glencore Finance (Europe), 5.00%, 12-31-2014 C Iconix Brand Group Inc., 2.50%, 06-01-2016 C Illumina Inc., 0.25%, 03-15-2016 C International Consolidated Airlines Group SA, 1.75%, 05-31-2018 C International Game Technology, 3.25%, 05-01-2014 C InvenSense Inc., 1.75%, 11-01-2018 C JDS Uniphase Corp., 0.63%, 08-15-2033 C Liberty Interactive LLC, 0.75%, 03-30-2043 C Limited Brands Inc., 5.63%, 02-15-2022 Linear Technology Corp., 3.00%, 05-01-2027 C Marine Harvest ASA, 2.38%, 05-08-2018 C Medidata Solutions Inc., 1.00%, 08-01-2018 C MGM Resorts International, 4.25%, 04-15-2015 C Molina Healthcare Inc., 1.13%, 01-15-2020 C NetSuite Inc., 0.25%, 06-01-2018 C Nuance Communications Inc., 2.75%, 11-01-2031 C Pegatron Corp., 0.00%, 02-06-2017 C Portfolio Recovery Associates Inc., 3.00%, 01-08-2020 C priceline.com Inc., 1.00%, 03-15-2018 C Qiagen Euro Finance SA, 3.25%, 05-16-2026 C Salesforce.com Inc., 0.25%, 04-01-2018 C SanDisk Corp., 0.50%, 10-15-2020 C SEACOR Holdings Inc., 2.50%, 12-15-2027 C ServiceNow Inc., 0.00%, 11-01-2018 C Shutterfly Inc., 0.25%, 05-15-2018 C Siemens Finance, 1.05%, 08-16-2017 C SINA Corp., 1.00%, 12-01-2018 C SK Hynix Inc., 2.65%, 05-14-2015 C Technip SA, 0.25%, 01-01-2017 C Technip SA, 0.50%, 01-01-2016 C Temasek Financial III Pte Ltd., 0.00%, 10-24-2014 C United Technologies Corp., 7.50%, 08-01-2015 WellPoint Inc., 2.75%, 10-15-2042 C Workday Inc., 0.75%, 07-15-2018 C Workday Inc., 1.50%, 07-15-2020 C Yandex, 1.13%, 12-15-2018 C TOTAL FOREIGN BONDS

Average Cost

Fair Value

$

$

Number of Shares EQUITIES (54.23%) COMMON SHARES (50.76%) CANADIAN EQUITIES (0.45%) Financials (0.45%) Fairfax Financial Holdings Ltd.

250 50

362 83

392 93

200 30,000 100 62 43 100 100 71 50 215 165 32 100 1,590 54 65 200 50 200

236 418 143 67 46 137 124 100 52 231 192 35 108 294 57 77 246 65 223

226 439 147 70 49 159 126 103 61 228 199 38 114 337 60 228 240 74 291

100 95 12 90 105 35 70 300 70 105 95 100 29 200

148 111 14 100 107 35 75 417 75 128 113 104 31 224

193 108 15 95 137 38 85 490 95 152 104 115 30 238

54 220 100 200

56 226 123 205

62 329 135 230

420 95 145 105 250 132 300 188 43 500 2 95 70 30 120

447 112 154 112 260 138 345 268 68 420 117 118 71 31 128

441 123 155 120 308 138 393 280 58 422 112 137 88 39 139

8,377

9,278

Average Cost

Fair Value

$

$

106

106

106

106

131 196 418

118 268 515

745

901

700

56

72

2,340

134

189

12,200 3,500

444 158

536 189

602

725

250

TOTAL CANADIAN EQUITIES U.S. EQUITIES (24.57%) Energy (3.83%) Anadarko Petroleum Corp. EOG Resources Inc. Schlumberger Ltd.

Industrials (0.31%) Dover Corp. Consumer Discretionary (0.80%) Eaton Corp. PLC Consumer Staples (3.08%) Coca-Cola Co. Lorillard Inc.

C: convertible security.

130

1,400 1,500 5,375

Health Care (1.75%) Johnson & Johnson

4,220

284

411

Financials (6.38%) Citigroup Inc. Franklin Resources Inc. JPMorgan Chase & Co. MetLife Inc. T. Rowe Price Group Inc. Wells Fargo & Co.

4,000 3,805 5,600 3,500 2,700 7,100

212 150 289 144 177 324

222 233 348 117 240 343

1,296

1,503

Telecommunication Services (1.03%) SK Telecom Co. Ltd.

9,300

228

243

Information Technology (7.39%) Apple Inc. eBay Inc. QUALCOMM Inc.

1,780 7,600 2,950

897 309 168

1,062 444 233

1,374

1,739

4,719

5,783

210 166 111 275

297 180 130 266

762

873

TOTAL U.S. EQUITIES FOREIGN EQUITIES (25.74%) Industrials (3.71%) ABB Ltd. Compagnie Financière Richemont SA Hutchison Whampoa Ltd. Toyota Motor Corp.

10,600 1,700 9,000 4,100

ASTRA CALAMOS GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of shares)

INVESTMENT PORTFOLIO As at December 31, 2013 Number of Shares 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) WPP PLC

Health Care (4.08%) Novo Nordisk A/S, Class B Sawai Pharmaceutical Co. Ltd.

Financials (3.52%) AIA Group Ltd. DBS Group Holdings Ltd. HSBC Holdings PLC Standard Chartered PLC

Telecommunication Services (0.91%) SoftBank Corp. Information Technology (10.27%) Accenture PLC, Class A Dialog Semiconductor PLC Koninklijke Philips NV Mediatek Inc. SAP AG Taiwan Semiconductor Manufacturing Co. Ltd. Telefonaktiebolaget LM Ericsson, Class B Tencent Holdings Ltd.

Average Cost

Fair Value

$

$

308 192

521 244

500

765

510 177

802 158

687

960

222 209 251 109

247 223 257 101

791

828

2,300

181

214

4,350 2,668 9,700 9,000 4,210 105,000 15,110 7,100

308 59 312 134 259 292 198 355

380 61 379 142 386 393 196 482

1,917

2,419

740 10,050

4,110 2,300

46,400 15,500 22,000 4,200

TOTAL FOREIGN EQUITIES

4,838

6,059

TOTAL COMMON SHARES

9,663

11,948

181 299 152

240 336 183

632

759

PREFERRED SHARES (3.47%) U.S. SHARES (3.22%) Chesapeake Energy Corp., 5.75%, perpetual C Chesapeake Energy Corp., 5.75%, perpetual C NextEra Energy Inc., 5.60%, 06-01-2015 C

193 274 3,000

TOTAL U.S. SHARES FOREIGN SHARES (0.25%) Genesee & Wyoming Inc., 5.00%, 10-01-2015 C

54

58

686

817

TOTAL EQUITIES

10,349

12,765

TOTAL INVESTMENTS (93.64%)

18,726

22,043

TOTAL PREFERRED SHARES

425

OTHER NET ASSETS (6.36%)

1,498

TOTAL NET ASSETS (100%)

23,541

C: convertible security.

131

ASTRA CALAMOS GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Liquidity risk

Fund objective

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.

The objective of the ASTRA Calamos Global Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy

As at December 31, 2013 and 2012, the Fund has no securities loans and no derivative instruments.

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.

Interest rate risk The investment strategy of the external manager, Calamos Investments, favours a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or equity. Sector deviations are the result of the bottomup approach to security selection.

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 2013 2012

As at December 31, 2013 and 2012, the Fund’s assets are mainly made up of international equities and convertible bonds of global companies.

Under 1 year ($) 769 1,621

1 to 5 years ($) 6,189 5,866

Over 5 years ($) 2,320 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.

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.

2013 Impact on Net Assets ($) (229) 229

Change in Prevailing Interest Rate (%) + 1.00 - 1.00

Please refer to notes 5 and 6 for details related to financial instrument risks.

2012 Impact on Net Assets ($) (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.

Credit risk The Fund’s main credit concentration risk arises from fixed income securities.

Price risk The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy.

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.

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.

As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows: Credit Rating* Governments, municipals and subsidized Companies rated AAA Companies rated AA Companies rated A Companies rated BBB Companies rated BB Companies rated B Not rated

2013 (%) 12.48 12.14 10.78 1.64 62.96

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.

2012 (%) 20.67 2.86 15.31 19.84 6.03 35.29

Benchmark

MSCI World Index

Change in Benchmark (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) 1,102 (1,102)

2012 Impact on Net Assets ($) 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.

* Source: Standard & Poor’s

132

ASTRA CALAMOS GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Currency risk

Fair value of financial instruments

The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Currency Australian Dollar Brazilian Real Chinese Yuan Renminbi Danish Krone Euro Hong Kong Dollar Japanese Yen New Taïwan Dollar New Zealand Dollar Norwegian Krone Pound Sterling Singapore Dollar South Korean Won Swedish Krona Swiss Franc U.S. Dollar Total

2013 ($) 802 2,740 860 1,076 535 602 645 533 998 13,146 21,937

2012 ($) 373 151 316 911 1,737 831 639 211 403 534 833 114 436 1,464 9,150 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 Canadian Dollar

Change in Exchange Rate (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) (1,097) 1,097

Level 1 ($) 12,765

2013 Level 2 ($) 9,278 -

Level 3 ($) -

Total ($) 9,278 12,765

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

Financial Instruments Bonds Equities

2012 Impact on Net Assets ($) (905) 905

-

-

-

-

Money Market Total

12,765

9,278

-

22,043

Financial Instruments Bonds Equities

Level 1 ($) 9,585

2012 Level 2 ($) 9,090 -

Level 3 ($) -

Total ($) 9,090 9,585

Exchange Traded Funds

-

-

-

-

Investment Funds

-

-

-

-

Derivative Products

-

-

-

-

9,585

9,090

-

18,675

Money Market Total

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.

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

As at December 31, 2013 and 2012, the Fund was not using any financial instrument as a foreign currency hedge.

133

ASTRA LAZARD GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

53,363 1,481 54,844

50,532 96 50,628

Net Assets

1,000 1,000 53,844

50,628

Net asset value per unit Investments, at cost

12.26 42,546

10.07 48,334

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 50,628

$ 28,432

13,105 (20,487) (7,382)

27,122 (7,978) 19,144

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

10,598

3,052

53,844

50,628

5,026,830 1,161,123 (1,794,843) 4,393,110

3,049,423 2,805,065 (827,658) 5,026,830

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1,128 1,128

1,007 1,007

Net investment income (loss)

1,880 55 1,935 (807)

1,282 40 1,322 (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 Management Expense Ratio

2.12 3.55%

0.75 3.41%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

134

ASTRA LAZARD GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.11%) Lazard Global Thematic (Canada) Fund OTHER NET ASSETS (0.89%)

Average Cost $

Fair Value $

3,776,217

42,546

53,363 481

TOTAL NET ASSETS (100%)

53,844

TOP HOLDINGS OF UNDERLYING FUND Lazard Global Thematic (Canada) Fund Prudential PLC Oracle Corp. Visa Inc., Class A CVS Caremark Corp. China Overseas Land & Investment Ltd. Viacom Inc., catégorie B Google Inc., Class A Monsanto Co. IBM Corp. EMC Corp. Hong Kong Exchanges & Clearing Ltd. Comcast Corp., Class A Microsoft Corp. Sumitomo Mitsui Financial Group Inc. Hong Kong & China Gas Co. Ltd. Amgen Inc. Amazon.com Inc. Roche Holding AG Exxon Mobil Corp. McKesson Corp. Mitsui Fudosan Co. Ltd. ABB Ltd. AIA Group Ltd. Sumitomo Realty & Development Co. Ltd. Actelion Ltd.

Number of Units

% 2.06 1.70 1.57 1.55 1.48 1.48 1.48 1.45 1.45 1.43 1.41 1.39 1.38 1.37 1.35 1.33 1.33 1.32 1.31 1.31 1.31 1.29 1.29 1.23 1.21

135

ASTRA LAZARD GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

53,363

-

-

53,363

-

-

-

-

Money Market Total

53,363

-

-

53,363

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

50,532

-

-

50,532

-

-

-

-

50,532

-

-

50,532

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

136

ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

26,427 174 26,601

21,740 409 22,149

Net Assets

26,601

22,149

Net asset value per unit Investments, at cost

12.95 24,230

10.58 21,311

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 22,149

$ 20,662

8,987 (9,426) (439)

5,460 (5,780) (320)

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

4,891

1,807

26,601

22,149

2,093,158 739,594 (778,715) 2,054,037

2,127,361 528,431 (562,634) 2,093,158

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

864 864

694 694

831 24 855 9

674 22 696 (2)

Net realized gain (loss) on sale of investments

1,065

81

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

2,049 1,768

490 1,238

Increase (decrease) in net assets from operations

4,891

1,807

2.44 3.63%

0.87 3.28%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss)

Increase (decrease) in net assets from operations per unit Management Expense Ratio

137

ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.35%) Hexavest World Fund, Class B OTHER NET ASSETS (0.65%)

Average Cost $

Fair Value $

20,365

24,230

26,427 174

TOTAL NET ASSETS (100%)

26,601

TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund, Class B Exxon Mobil Corp. Microsoft Corp. Apple Inc. Chevron Corp. Pfizer Inc. Wal-Mart Stores Inc. The Procter & Gamble Co. Johnson & Johnson Merck & Company Inc. AT&T Inc. Wells Fargo & Co. General Motors Co. Eli Lilly & Co. Oracle Corp. Ford Motor Co. FedEx Corp. JPMorgan Chase & Co. Roche Holding AG Novartis AG Marathon Petroleum Corp. PepsiCo Inc. Intel Corp. Lockheed Martin Corp. Nestlé SA Sanofi

Number of Units

% 2.63 1.79 1.61 1.56 1.48 1.41 1.38 1.28 1.21 1.19 1.16 1.13 1.11 1.11 1.08 1.04 0.95 0.89 0.82 0.80 0.80 0.80 0.79 0.78 0.74

138

ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

26,427

-

-

26,427

-

-

-

-

Money Market Total

26,427

-

-

26,427

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

21,740

-

-

21,740

-

-

-

-

21,740

-

-

21,740

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

139

ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

39,796 366 2 40,164

27,192 346 27,538

Net Assets

40,164

197 197 27,341

Net asset value per unit Investments, at cost

16.13 31,611

11.31 25,251

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 27,341

$ 17,571

14,501 (13,730) 771

10,223 (3,462) 6,761

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

12,052

3,009

40,164

27,341

2,416,837 1,060,706 (987,571) 2,489,972

1,765,521 977,276 (325,960) 2,416,837

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

465 465

238 238

Net investment income (loss)

1,097 34 1,131 (666)

638 22 660 (422)

Net realized gain (loss) on sale of investments

1,905

55

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

4,569 6,244

743 2,633

Increase (decrease) in net assets from operations

12,052

3,009

Increase (decrease) in net assets from operations per unit Management Expense Ratio

4.82 3.49%

1.43 3.16%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

140

ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.08%) Lazard Global Small Cap Equity (Canada) Fund OTHER NET ASSETS (0.92%)

Average Cost $

Fair Value $

2,182,497

31,611

39,796 368

TOTAL NET ASSETS (100%)

40,164

TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund Azimut Holding SpA Jafco Co. Ltd. Intrum Justitia AB IG Group Holdings PLC NetScout Systems Inc. Wirecard AG Ingenico Aalberts Industries NV Norma Group SE FLIR Systems Inc. Bauer Performance Sports Ltd. Topcon Corp. Valeo SA ON Semiconductor Corp. Blackhawk Network Holdings Inc. The Toro Co. SS&C Technologies Holdings Inc. Frank's International NV Encore Capital Group Inc. PacWest BanCorp Bally Technologies Inc. Waddell & Reed Financial Inc., Class A Ain Pharmaciez Inc. Dignity PLC Synaptics Inc.

Number of Units

% 2.52 2.21 1.95 1.89 1.82 1.71 1.68 1.68 1.67 1.56 1.56 1.55 1.53 1.53 1.52 1.46 1.45 1.45 1.42 1.42 1.42 1.42 1.42 1.41 1.40

141

ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

39,796

-

-

39,796

-

-

-

-

Money Market Total

39,796

-

-

39,796

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

27,192

-

-

27,192

-

-

-

-

27,192

-

-

27,192

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

142

ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

68,793 1,085 69,878

70,322 167 1 70,490

Net Assets

980 980 68,898

70,490

Net asset value per unit Investments, at cost

10.14 67,203

10.64 67,883

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 70,490

$ 24,065

18,728 (17,709) 1,019

47,936 (5,912) 42,024

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

(2,611)

4,401

68,898

70,490

6,622,075 1,866,441 (1,691,481) 6,797,035

2,461,786 4,735,853 (575,564) 6,622,075

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Transaction costs Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

1 30 31

1,764 72 1,836

2,127 65 2,192 (2,161)

1,470 49 1,519 317

480

(1,151)

(849) (81)

69 5,275 (109)

(2,611)

4,401

(0.41) 3.36%

0.92 3.19%

143

ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.85%) BlackRock Emerging Markets Fundamental Index Fund OTHER NET ASSETS (0.15%)

Average Cost $

Fair Value $

3,601,078

67,203

68,793 105

TOTAL NET ASSETS (100%)

68,898

TOP HOLDINGS OF UNDERLYING FUND BlackRock Emerging Markets Fundamental Index Fund Gazprom OAO Oil Lukoil Petróleo Brasileiro SA-Pr Petróleo Brasileiro SA China Construction Bank Corp. China Mobile Ltd. Industrial & Commercial Bank of China Ltd. Taiwan Semiconductor Manufacturing Co. Ltd. Bank of China Ltd. Hon Hai Precision Industry Co. Ltd. America Movil SAB de CV Vale SA-Pr Itau Unibanco Holding SA China Petroleum & Chemical Corp. Sasol Ltd. MTN Group Ltd. PetroChina Co. Ltd. Cemex SAB de CV Vale SA CNOOC Ltd. Sberbank of Russia Reliance Industries Ltd. Banco Bradesco SA China Life Insurance Co. Ltd. Standard Bank Group Ltd.

Number of Units

% 4.79 2.84 2.56 2.47 2.44 2.18 2.11 2.03 1.82 1.76 1.66 1.47 1.43 1.33 1.27 1.21 1.13 1.11 1.08 1.08 0.97 0.94 0.93 0.67 0.66

144

ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

-

-

-

-

Investment Funds

-

68,793

-

68,793

Derivative Products

-

-

-

-

Money Market Total

-

68,793

-

68,793

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

Exchange Traded Funds

-

-

-

-

Investment Funds

-

70,322

-

70,322

Derivative Products

-

-

-

-

Money Market Total

-

70,322

-

70,322

Financial Instruments Bonds Equities

Financial Instruments Bonds Equities

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

145

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

51,507 466 1 51,974

38,724 168 38,892

Net Assets

51,974

38,892

Net asset value per unit Investments, at cost

9.86 41,600

7.89 34,961

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 38,892

$ 25,489

23,109 (19,539) 3,570

14,337 (5,681) 8,656

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

9,512

4,747

51,974

38,892

4,930,388 2,549,285 (2,208,652) 5,271,021

3,728,288 1,972,142 (770,042) 4,930,388

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

1,573 1,573

1,368 1,368

Net investment income (loss)

1,468 45 1,513 60

925 32 957 411

Net realized gain (loss) on sale of investments

2,114

155

Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments

1,194 6,144

441 3,740

Increase (decrease) in net assets from operations

9,512

4,747

1.92 3.54%

1.10 3.22%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

146

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.10%) Lazard Global Listed Infrastructure (Canada) Fund OTHER NET ASSETS (0.90%)

Average Cost $

Fair Value $

3,915,719

41,600

51,507 467

TOTAL NET ASSETS (100%)

51,974

TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund Atlantia SpA Fraport AG Aéroports de Paris Vinci SA Tokyo Gas Co. Ltd. DUET Group Osaka Gas Co. Ltd. Flughafen Zuerich AG CSX Corp. SES SA Norfolk Southern Corp. Societa Iniziative Autostradali e Servizi SpA Transurban Group PG&E Corp. Pennon Group PLC ASTM SpA Terna Rete Elettrica Nazionale SpA Toho Gas Co. Ltd. Hera SpA Spark Infrastructure Group Macquarie Atlas Roads Group Flughafen Wien AG California Water Service Group Snam SpA Red Electrica Corporacion SA

Number of Units

% 8.55 8.35 4.78 4.74 4.53 4.43 4.41 4.25 4.10 4.09 4.08 3.99 3.49 3.42 3.33 3.32 3.14 2.86 2.83 2.64 2.40 2.19 2.05 1.54 1.52

147

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

51,507

-

-

51,507

-

-

-

-

Money Market Total

51,507

-

-

51,507

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

38,724

-

-

38,724

-

-

-

-

38,724

-

-

38,724

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

148

ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

4,406 46 4,452

23,085 117 23,202

Net Assets

4,452

23,202

Net asset value per unit Investments, at cost

7.40 4,295

7.63 21,316

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 23,202

$ 18,617

4,292 (22,794) (18,502)

5,215 (4,084) 1,131

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

(248)

3,454

4,452

23,202

3,039,625 551,206 (2,989,069) 601,762

2,875,922 733,677 (569,974) 3,039,625

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net realized gain distributed by the underlying fund Net unrealized gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Management Expense Ratio

2013

2012

$

$

570 570

824 824

515 14 529 41

691 21 712 112

1,098

23

271 (1,658)

3,319

(248)

3,454

(0.14) 3.85%

1.16 3.47%

149

ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (98.97%) Presima Global Real Estate Securities Enhanced Yield Fund OTHER NET ASSETS (1.03%)

Average Cost $

Fair Value $

4,303

4,295

4,406 46

TOTAL NET ASSETS (100%)

4,452

TOP HOLDINGS OF UNDERLYING FUND Presima Global Real Estate Securities Enhanced Yield Fund Simon Property Group Inc. EPR Properties BioMed Realty Trust Inc. H&R REIT Link REIT Alexandria Real Estate Equities Inc. Cominar REIT Mercialys SA Equity Residential Mapletree Industrial Trust Suntec REIT Westfield Retail Trust DDR Corp. RioCan Real Estate Investment Trust Mid-America Apartment Communities Inc. Ascott Residence Trust Healthcare Trust of America Inc., Class A Dundee International REIT, Class A Corporate Office Properties Trust Boardwalk REIT Washington REIT Mapletree Logistics Trust GPT Group Camden Property Trust Wereldhave NV

Number of Units

% 3.19 2.85 2.57 2.50 2.48 2.42 2.41 2.40 2.40 2.36 2.27 2.27 2.25 2.21 2.16 2.14 2.09 2.07 2.01 1.92 1.87 1.82 1.78 1.77 1.76

150

ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of financial instruments

The ASTRA Presima Global Real Estate Enhanced Yield Fund is a segregated fund that invests exclusively in the underlying fund called Presima Global Real Estate Securities Enhanced Yield Fund. The ASTRA Presima Global Real Estate Enhanced Yield Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Presima. The manager's investment strategy favours a combined bottomup and top-down management approach coupled with healthy geographic and sector diversification. The manager analyzes real estate cycles, macro-economics and companies.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

4,406

-

-

4,406

-

-

-

-

4,406

-

-

4,406

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

23,085

-

-

23,085

-

-

-

-

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.

151

ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Cash Receivables

CHANGES IN NET ASSETS 2013

2012

$

$

61,299 409 61,708

40,758 110 497 41,365

Net Assets

61,708

41,365

Net asset value per unit Investments, at cost

11.60 53,438

10.74 34,918

Liabilities Bank overdraft Accounts payable

Years ended December 31

2013

2012

Net assets - Beginning of year

$ 41,365

$ 21,789

36,624 (19,681) 16,943

16,320 (3,631) 12,689

-

-

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,400

6,887

61,708

41,365

3,852,600 3,206,592 (1,740,646) 5,318,546

2,536,767 1,685,497 (369,664) 3,852,600

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS 2013

2012

$

$

710 710

(3) 797 794

Net investment income (loss)

1,281 50 1,331 (621)

724 31 755 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

0.77 3.69%

2.18 3.54%

Years ended December 31 Income Interest Distribution from the underlying fund Management fee distribution received

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

152

ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND FINANCIAL STATEMENTS (in thousands, except number of units)

INVESTMENT PORTFOLIO As at December 31, 2013

INVESTMENTS (99.34%) MS Real Estate Securities Global Best Ideas Fund MSIF Global Real Estate Portfolio TOTAL INVESTMENTS (99.34%) OTHER NET ASSETS (0.66%)

Number of Units

Average Cost $

Fair Value $

33.13 66.21

13,134,996 3,876,297

15,988 37,450

20,442 40,857

53,438

61,299 409

TOTAL NET ASSETS (100%)

61,708

TOP HOLDINGS OF UNDERLYING FUND MSIF Global Real Estate Portfolio Simon Property Group Inc. Equity Residential Mitsubishi Estate Co. Ltd. Mitsui Fudosan Co. Ltd. Sun Hung Kai Properties Ltd. Sumitomo Realty & Development Co. Ltd. Host Hotels & Resorts Inc. Vornado Realty Trust AvalonBay Communities Inc. Public Storage Unibail-Rodamco SE Westfield Group General Growth Properties Inc. Regency Centers Corp. HCP Inc. Boston Properties Inc. Hongkong Land Holdings Ltd. The Macerich Co. The Link Starwood Hotels & Resorts Worldwide Inc. Land Securities Group PLC Wharf Holdings Ltd. British Land Co. PLC ProLogis Inc. Ventas Inc.

Percentage of Net Assets %

% 6.19 4.35 4.32 3.88 3.82 3.21 3.07 3.00 2.72 2.29 2.14 2.09 1.83 1.72 1.71 1.68 1.63 1.56 1.51 1.48 1.31 1.29 1.23 1.18 1.08

153

ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Fair value of 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.

The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2.

Financial Instruments Bonds Equities Exchange Traded Funds Investment Funds Derivative Products

Level 1 ($) -

2013 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

40,857

20,442

-

61,299

-

-

-

-

Money Market Total

40,857

20,442

-

61,299

Financial Instruments Bonds Equities

Level 1 ($) -

2012 Level 2 ($) -

Level 3 ($) -

Total ($) -

-

-

-

-

27,554

13,204

-

40,758

-

-

-

-

27,554

13,204

-

40,758

Exchange Traded Funds Investment Funds Derivative Products Money Market Total

During the years ended December 31, 2013 and 2012, there were no transfers of financial instruments between levels 1 and 2.

154

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Positive fair value of derivative products Cash Receivables

Liabilities Bank overdraft Negative fair value of derivative products Accounts payable Net Assets

CHANGES IN NET ASSETS 2013

2012

$

$

Years ended December 31 Net assets - Beginning of year

139,355 1,463 3,103 143,921

126,946 1,061 3,036 4 131,047

2,536 234 2,770 141,151

2,777 155 2,932 128,115

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units Distributions to unitholders Net investment income Net realized gain on sale of investments Increase (decrease) in net assets from operations Net assets - End of year

Net asset value per unit Class A Class C Class D Class E Class F Investments, at cost

Income (loss) Interest Derivative products

Expenses (note 4) Management fees Administrative fees Net investment income (loss) Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per unit Class A Class C Class D Class E Class F

2012

$ 128,115

$ 102,749

48,766 (31,337) 17,429

36,346 (6,656) 29,690

-

-

(4,393)

(4,324)

141,151

128,115

2013

2012

-

-

-

-

-

-

-

-

-

-

DISTRIBUTIONS 8.18 9.79 9.74 8.10

8.70 10.06 10.02 10.03 8.36

139,355

126,946

($/unit) Class A Net investment income Net realized gain on sale of investments Class C Net investment income Net realized gain on sale of investments Class D Net investment income Net realized gain on sale of investments Class E Net investment income Net realized gain on sale of investments Class F Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2013

2013

2012

$

$

1,292 (5,290) (3,998)

1,006 (4,956) (3,950)

1,180 23 1,203 (5,201)

883 19 902 (4,852)

228 643 (63)

(112) 724 (84)

(4,393)

(4,324)

(0.51) (0.24) (0.28) (0.22)

(0.57) (0.32) (0.34) (0.32) (0.38)

155

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

CHANGES IN NUMBER OF UNITS

CHANGES IN NUMBER OF UNITS 2013

Class A Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end Class D Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end Class F Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2,327,136 904,465 (171,802) 3,059,799

1,868,160 611,056 (152,080) 2,327,136

4,566,599 2,344,268 (98,578) 6,812,289

3,366,941 1,290,533 (90,875) 4,566,599

1,200,640 4,853 (4,863) 1,200,630

589,299 614,224 (2,883) 1,200,640

Reconciliation on Net Assets with Transactional NAV Transactional NAV at closing Adjustment to price of bid price of investments investments Class A Class C Class D Class E Class F

25,181 40,272 66,755 9,785

2012

(149) (239) (396) (58)

Class C Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end Class E Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

2013

2012

3,663,262 1,344,275 (918,866) 4,088,671

2,975,402 1,018,411 (330,551) 3,663,262

1,511,667 474,163 (1,985,830) -

1,359,844 222,715 (70,892) 1,511,667

MANAGEMENT EXPENSE RATIO Class A Class C Class D Class E Class F

2013

2012

3.67% 0.17% 0.36% 0.59%

3.36% 0.14% 0.31% 0.31% 0.61%

Net assets at bid price of investments

Transactional NAV per unit at closing price of investments

Adjustment per unit to bid price of investments

Net assets per unit at bid price of investments

25,032 40,033 66,359 9,727

8.23 9.85 9.80 8.15

(0.05) (0.06) (0.06) (0.05)

8.18 9.79 9.74 8.10

156

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND FINANCIAL STATEMENTS (in thousands, except number of contracts)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Average Value Cost $ MONEY MARKET (98.73%) Government of Canada, Treasury Bill, 0.88%, 01-16-2014 TOTAL INVESTMENTS (98.73%)

139,405

Fair Value $

139,355

139,355

139,355

139,355

FAIR VALUE OF DERIVATIVES (-0.76%) OTHER NET ASSETS (2.03%) TOTAL NET ASSETS (100%)

(1,073) 2,869 141,151

As December 31, 2013, $27,864 in money market securities were deposited in warranty.    Futures contracts Contract Value Contract Name $ 857 Live cattle 3,789 RBOB gas 1,801 Natural gas 7,203 Heating oil 8,832 Gold, 100 oz troy 937 Crude oil 154 Lean hogs 6,238 Aluminum 1,573 Silver 141 Wheat 6,798 Cocoa 7,161 Coffee "C" 6,977 Cotton no 2 173 Copper 977 Soybeans 1,400 Orange juice 6,792 Corn 715 Sugar no 11 6,975 Natural gas 2,650 Aluminum 8,539 Copper 2,208 Corn 1,429 Nickel 7,408 Sugar no 11 8,177 Live cattle 9,722 Crude oil 1,468 Wheat 3,812 RBOB gas 8,056 Soybeans 1,308 Lean hogs 21,767 Crude oil 146,037 Total of futures contracts

  

  

  

Expiration

Number of Contracts

Currency

February 2014 February 2014 February 2014 February 2014 February 2014 February 2014 February 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 April 2014 May 2014 May 2014 May 2014 May 2014 May 2014 June 2014 June 2014 July 2014 July 2014 July 2014 October 2014 December 2014

15 31 40 53 65 9 4 126 14 4 243 168 167 2 14 63 275 34 159 54 99 92 16 361 151 95 41 30 121 37 221

US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US US

157

Current Value $ 859 3,849 1,800 7,251 8,326 943 146 5,941 1,441 129 7,002 7,418 7,517 180 960 1,399 6,168 665 6,934 2,620 8,687 2,099 1,423 7,121 8,318 9,650 1,336 3,725 8,106 1,302 21,649 144,964

   Gain (Loss) Unrealized $ 2 60 (1) 48 (506) 6 (8) (297) (132) (12) 204 257 540 7 (17) (1) (624) (50) (41) (30) 148 (109) (6) (287) 141 (72) (132) (87) 50 (6) (118) (1,073)

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Nature and extent of risks arising from financial instruments

Price risk

Fund objective

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 objective of the ASTRA CoreCommodity Management Commodity Fund (the “Fund”) is to generate capital growth while offering a hedge against inflation.

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.

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 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

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.

Thomson Reuters /CoreCommodity CRB Index

Change in Benchmark (%)

2013 Impact on Net Assets ($)

2012 Impact on Net Assets ($)

+ 5.00 - 5.00

7,248 (7,248)

6,750 (6,750)

As at December, 2013 and 2012, the Fund’s assets are made up of money market securities and derivatives.

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.

Risk exposure

Currency risk

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.

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.

Please refer to notes 5 and 6 for details related to financial instrument risks.

U.S. Dollar

Credit risk 2013 2012

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.

Cash ($) 725 -

Futures Contracts ($) 144,964 134,998

Total Exposure ($) 145,689 134,998

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.

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.

Against Other Currencies Canadian Dollar

Liquidity risk

Change in Exchange Rate (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) (7,284) 7,284

2012 Impact on Net Assets ($) (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.

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. 158

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUND OTHER INFORMATION Years ended December 31 (in thousands of dollars)

Fair value of financial instruments The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2. Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Financial Assets

-

-

-

-

Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total of Financial Assets

-

-

-

-

-

-

-

-

-

-

-

-

1,463

-

-

1,463

2013

-

139,355

-

139,355

1,463

139,355

-

140,818

Financial Liabilities Derivative Products Total of Financial Liabilities

(2,536)

-

-

(2,536)

(2,536)

-

-

(2,536)

2012

Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

-

-

-

-

-

-

-

-

-

-

-

-

1,061

-

-

1,061

-

126,946

-

126,946

1,061

126,946

-

128,007

(2,777)

-

-

(2,777)

(2,777)

-

-

(2,777)

Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total of Financial Assets Financial Liabilities Derivative Products Total of Financial Liabilities

During the period ended December 31, 2013 and 2012, there were no transfers of financial instruments between Levels 1 and 2.

159

ASTRA FUNDS NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

1.

THE FUNDS ASTRA Funds (hereinafter the “Funds”) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not considered separate legal entities. The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, or for years ended December 31, with the exception of funds that are opened during the year. In this case, the information presented is related to the period extending from the inception date of the fund to December 31. List of the Funds available as at December 31, 2013: ASTRA Funds Money Market Treasury Fiera Capital Bond OAM Bond PIMCO Bond Bond Index Conservative Strategy Balanced Strategy Growth Strategy Aggressive Strategy Celestia Conservative Celestia Balanced Celestia Growth Celestia Aggressive Conservative Fundamental Portfolio Balanced Fundamental Portfolio Growth Fundamental Portfolio Aggressive Fundamental Portfolio Sprott / Fiera Capital Canadian Balanced Fidelity Canadian Asset Allocation Dynamic Power Balanced Acuity High Income UBS Global High Income Guardian Canadian Dividend Equity Jarislowsky Fraser Ltd. Canadian Value Equity Triasima Canadian Equity Greystone Canadian Growth Equity Montrusco Bolton Canadian Equity Canadian Fundamental Equity Canadian Index Canadian Small Cap Equity MFS U.S. Equity Tradewinds U.S. Equity U.S. Fundamental Equity U.S. Index International Equity Carnegie International Equity International Fundamental Equity International Index Calamos Global Equity Lazard Global Equity

Managers MFS Investment Management Canada Limited Optimum Asset Management Fiera Capital Corporation Optimum Asset Management PIMCO Canada BlackRock Asset Management Multiple (page 24) Multiple (page 27) Multiple (page 30) Multiple (page 33) Multiple (page 36) Multiple (page 39) Multiple (page 43) Multiple (page 45) Multiple (page 49) Multiple (page 52) Multiple (page 55) Multiple (page 58) Multiple (page 63) Fidelity Investments Dynamic Funds Acuity Investment Management UBS Global Asset Management Guardian Capital LP Jarislowsky Fraser Ltd. Triasima Inc. Portfolio Management Greystone Managed Investments Montrusco Bolton Investments BlackRock Asset Management BlackRock Asset Management Fiera Capital Corporation MFS Investment Management Canada Limited Tradewinds Global Investors BlackRock Asset Management BlackRock Asset Management Hexavest Asset Management Carnegie Asset Management BlackRock Asset Management BlackRock Asset Management Calamos Investments Lazard Asset Management

160

Fund inception date December 1, 1997 September 25, 2008 June 16, 2009 September 25, 2008 May 27, 2008 July 4, 2005 December 7, 1998 December 1, 1997 December 7, 1998 November 14, 2005 September 22, 2008 September 22, 2008 September 22, 2008 September 22, 2008 September 17, 2009 September 17, 2009 September 17, 2009 September 17, 2009 October, 28, 2011 January 7, 2010 October 28, 2011 January 24, 2007 November 15, 2007 June 1, 2012 November 1, 2001 October 2, 2006 November 1, 2001 May 26, 2011 September 15, 2009 December 7, 1998 November 1, 2001 December 1, 1997 March 30,2012 September 15, 2009 December 7, 1998 December 1, 1997 June 9, 2008 September 15, 2009 July 4, 2005 June 3, 2011 March 31, 2011

ASTRA FUNDS NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

1.

THE FUNDS (Cont’d) ASTRA Funds Hexavest Hedged Global Equity Lazard Global Small Cap Equity

Managers Hexavest Asset Management Lazard Asset Management

Fund inception date September 1, 2009 September 15, 2010

Emerging Markets Fundamental Equity Lazard Global Infrastructure Presima Global Real Estate Enhanced Yield Morgan Stanley Global Real Estate CoreCommodity Management Commodity

BlackRock Asset Management Lazard Asset Management Presima Morgan Stanley Investment Management CoreCommodity Management

July 23, 2009 June 12, 2007 April 18, 2006 March 31, 2011 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 Hong Kong China Fundamental Equity Dividend MFS McLean Budden Diversified Growth MFS McLean Budden Canadian Equity Jarislowsky Fraser Ltd. U.S. Value Equity Addenda Bond

ASTRA destination Funds Emerging Markets Fundamental Equity Guardian Canadian Dividend Equity Balanced Strategy Triasima Canadian Equity Tradewinds U.S. Equity Fiera Capital Bond

Closing date April 27, 2012 June 1, 2012 December 21, 2012 December 21, 2012 December 21, 2012 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.

161

ASTRA FUNDS NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

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.

162

ASTRA FUNDS NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

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.

163

ASTRA FUNDS NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

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. 164

INDEPENDENT AUDITORS’ REPORT

To the Unitholders of the following ASTRA Funds: ASTRA Money Market Fund ASTRA Treasury Fund ASTRA Fiera Capital Bond Fund ASTRA OAM Bond Fund ASTRA PIMCO Bond Fund ASTRA Bond Index Fund ASTRA Conservative Strategy Fund ASTRA Balanced Strategy Fund ASTRA Growth Strategy Fund ASTRA Aggressive Strategy Fund ASTRA Celestia Conservative Fund ASTRA Celestia Balanced Fund ASTRA Celestia Growth Fund ASTRA Celestia Aggressive Fund ASTRA Conservative Fundamental Portofolio Fund ASTRA Balanced Fundamental Portofolio Fund ASTRA Growth Fundamental Portofolio Fund ASTRA Aggressive Fundamental Portofolio Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Acuity High Income Fund ASTRA UBS Global High Income Fund ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ASTRA Triasima Canadian Equity Fund ASTRA Greystone Canadian Growth Equity Fund

ASTRA Canadian Fundamental Equity Fund ASTRA Canadian Index Fund ASTRA Canadian Small Cap Equity Fund ASTRA MFS U.S. Equity Fund ASTRA U.S. Fundamental Equity Fund ASTRA U.S. Index Fund ASTRA International Equity Fund ASTRA Carnegie International Equity Fund ASTRA International Fundamental Equity Fund ASTRA International Index Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Lazard Global Infrastructure Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA CoreCommodity Management Commodity Fund ASTRA Sprott/Fiera Capital Canadian Balanced Fund ASTRA Dynamic Power Balanced Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Calamos Global Equity Fund ASTRA Lazard Global Equity Fund ASTRA Morgan Stanley Global Real Estate Fund ASTRA Guardian Canadian Dividend Equity Fund ASTRA Tradewinds U.S. Equity Fund [collectively referred to as the “Funds”]

165 A member firm of Ernst & Young Global Limited

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

166 A member firm of Ernst & Young Global Limited

ASTRA SIGMA ALPHA GLOBAL MACRO FUND FINANCIAL STATEMENTS (in thousands of dollars, except per unit amounts)

NET ASSETS As at December 31 Assets Investments, at fair value Positive fair value of derivative products Cash Receivables

Liabilities Bank overdraft Negative fair value of derivative products Accounts payable Net Assets Net asset value per unit

CHANGES IN NET ASSETS 2013

2012

$

$

15,967 681 2,310 18,958

23,450 869 505 15 24,839

41 41 18,917

70 70 24,769

10.41

24,809 (40) 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

15,967

23,450

2013

2012

$

$

160 3,989 4,149

189 (4,823) (4,634)

Net investment income (loss)

820 23 843 3,306

928 27 955 (5,589)

Net realized gain (loss) on sale of investments Net unrealized gain (loss) on investments Transaction costs

(92) (159) (39)

(35) 974 (51)

Increase (decrease) in net assets from operations

3,016

(4,701)

1.25 3.67%

(1.74) 3.52%

Investments, at cost

Income (loss) Interest Derivative products

Expenses (note 4) Management fees Administrative fees

Increase (decrease) in net assets from operations per unit Management Expense Ratio

Net assets - Beginning of year

$ 17,626

2,245 (11,113) (8,868)

19,734 (7,890) 11,844

-

-

Increase (decrease) in net assets from operations Net assets - End of year Changes in number of units Units outstanding at the beginning Units issued Units redeemed Units outstanding at the end

3,016

(4,701)

18,917

24,769

2,724,885 236,087 (1,144,625) 1,816,347

1,701,479 1,833,375 (809,969) 2,724,885

2013

2012

-

-

DISTRIBUTIONS ($/unit) Net investment income Net realized gain on sale of investments

OPERATIONS Years ended December 31

2012

$ 24,769

Distributions to unitholders Net investment income Net realized gain on sale of investments

9.09

18,931 (14) 18,917

2013

Capital units transactions Proceeds from issue of units Reinvestment of distributions Redemption of units

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments Adjustment to bid prices of investments Net assets at bid prices of investments

Years ended December 31

167

ASTRA SIGMA ALPHA GLOBAL MACRO FUND FINANCIAL STATEMENTS (in thousands, except number of contracts)

INVESTMENT PORTFOLIO As at December 31, 2013 Par Average Value Cost $ MONEY MARKET (84.41%) Government of Canada, Treasury Bill, 0.89%, 03-27-2014 TOTAL INVESTMENTS (84.41%)

16,000

Fair Value $

15,967

15,967

15,967

15,967

FAIR VALUE OF DERIVATIVES (3.38%) OTHER NET ASSETS (12.21%) TOTAL NET ASSETS (100%)

640 2,310 18,917

As December 31, 2013, $3,301 in money market securities were deposited in warranty. Futures contracts Contract Value $ 1,141 (9,879) 1,544 5,575 1,258 2,681 1,693 1,429 5,520 (2,319) 8,643

Contract Name MSCI Taiwan U.S. Note (20 Years) Copper Eurostoxx 50 Mex Bolsa Mini Nasdaq 100 Mini S&P 500 Nikkei 225 TSX 60 Japanese Yen Total of futures contracts

Expiration

Number of Contracts

Currency

36 (72) 18 126 36 36 18 18 36 (18)

US US US EU MX US US JP CA US

January 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014 March 2014

168

Current Value $ 1,103 (9,809) 1,624 5,746 1,255 2,751 1,767 1,482 5,638 (2,274) 9,283

Gain (Loss) Unrealized $ (38) 70 80 171 (3) 70 74 53 118 45 640

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

1.

THE FUND The ASTRA Sigma Alpha Global Macro Fund (hereinafter the “Fund”) is a segregated fund constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Fund are owned by the Company and are accounted within its other assets. The Fund is not considered a separate legal entity. The Fund began its activities on September 30, 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.

169

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

2.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d) Investment transactions and income recognition Investment transactions are accounted on trade date 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.

170

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

5.

FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables show, as at December 31, the classification of financial instruments based on the fair value hierarchy described in note 2. 2013

Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

681 -

15,967

-

681 15,967

681

15,967

-

16,648

Financial Assets Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market Total of Financial Assets Financial Liabilities Derivative Products Total of Financial Liabilities

(41)

-

-

(41)

(41)

-

-

(41)

Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Bonds Equities Exchange Traded Funds Investment Funds Derivative Products Money Market

869 -

23,450

-

869 23,450

Total of Financial Assets

869

23,450

-

24,319

(70)

-

-

(70)

(70)

-

-

(70)

2012 Financial Assets

Financial Liabilities Derivative Products Total of Financial Liabilities

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.

171

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

6.

FINANCIAL INSTRUMENT RISK (Cont’d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates. The Fund is exposed to interest rate risk when it holds interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact in cash and money market securities. Price risk Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded 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.

172

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

7.

FINANCIAL RISK EXPOSURE (Cont’d) Currency risk The table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.

Currency

Cash ($)

Australian Dollar Euro Hong Kong Dollar Japanese Yen Pound Sterling Mexican Peso Singapore Dollar South African Rand South Korean Won U.S. Dollar Total

(136) (102) (171) 365 (6) 32 (128) 1 315 1,711 1,881

2013 Futures Contracts ($) 5,746 1,482 1,255 (4,838) 3,645

Total Exposure ($)

Cash ($)

(136) 5,644 (171) 1,847 (6) 1,287 (128) 1 315 (3,127) 5,526

(426) (1,844) 255 92 (73) 143 1 257 (3,382) (4,977)

2012 Futures Contracts ($) 3,314 3,783 4,706 3,042 3,234 22,854 40,933

Total Exposure ($) 2,888 (1,844) 4,038 4,798 (73) 3,185 1 3,491 19,472 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. Against Other Currencies Canadian Dollar

Change in Exchange Rate (%) + 5.00 - 5.00

2013 Impact on Net Assets ($) (276) 276

2012 Impact on Net Assets ($) (1,798) 1,798

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.

173

ASTRA SIGMA ALPHA GLOBAL MACRO FUND NOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

9.

CAPITAL MANAGEMENT The Fund has no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of the Fund. Capital is managed in accordance with the investment objectives of the Fund, which include liquidity management to meet redemption obligations.

10. INCOME TAXES The Fund qualifies as a segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Fund and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Fund is not subject to income taxes.

174

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]

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

175 1

CPA auditor, CA, public accountancy permit No. A110548

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

FINANCIAL HIGHLIGHTS Distributions are in dollars per unit. Net asset is in thousands of dollars. Management expense ratio, in annualized percentage, is calculated dividing total expenses by daily average of net asset during the year.

ASTRA Funds (1) Money Market  Distributions            Net investment income Class A            Net investment income Class C            Net realized gain Class A            Net realized gain Class C            Total annual distributions Net asset value per unit Class A Net asset value per unit Class C Net assets Number of units outstanding Class A Number of units outstanding Class C Management expense ratio Class A Management expense ratio Class C

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ 0.11 ‐ ‐ 0.11 10.00 10.00 35,028 731,670 2,771,130 1.62 ‐

‐ 0.11 ‐ ‐ 0.11 10.00 10.00 10,994 634,127 465,249 1.48 ‐

‐ 0.12 ‐ ‐ 0.12 10.00 10.00 13,016 672,929 628,685 1.47 ‐

‐ 0.05 ‐ ‐ 0.05 10.00 10.00 11,691 763,699 405,434 1.47 0.01

0.01 ‐ ‐ ‐ 0.01 10.00 ‐ 20,177 2,017,719 ‐ 1.47 ‐

Treasury Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.65 74,669 7,014,914 2.07 196.44

0.08 ‐ 0.08 10.68 45,689 4,282,041 1.89 84.98

0.15 0.01 0.16 10.67 42,951 4,028,732 1.89 82.31

0.09 ‐ 0.09 10.58 27,872 2,637,474 1.89 97.91

0.15 ‐ 0.15 10.60 14,610 1,379,413 1.89 154.85

Fiera Capital Bond Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.52 322,435 30,643,460 2.29 18.57

‐ ‐ ‐ 10.93 382,633 35,014,534 2.08 1.93

0.17 0.19 0.36 10.64 184,370 17,323,485 2.05 6.29

0.21 0.01 0.22 10.13 126,127 12,453,566 2.05 2.84

0.30 0.18 0.48 9.82 32,813 3,341,348 2.05 3.09

(1) Class C available since July 2, 2010.

176

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds OAM Bond Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ ‐ 10.63 40,927 3,851,435 2.32 24.97

0.09 ‐ ‐ 0.09 10.87 68,334 6,283,955 2.10 4.88

0.19 0.13 ‐ 0.32 10.77 59,025 5,480,262 2.05 14.08

0.18 0.03 ‐ 0.21 10.47 62,664 5,984,608 2.04 17.12

0.08 0.12 0.01 0.21 10.38 17,927 1,726,941 2.05 19.87

PIMCO Bond Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 9.85 122,487 12,432,874 2.46 20.08

0.14 ‐ 0.14 10.14 134,606 13,276,261 2.22 1.55

0.19 0.01 0.20 9.87 96,013 9,730,029 2.15 4.71

0.18 0.49 0.67 9.67 72,342 7,479,942 2.15 24.07

0.08 0.55 0.63 9.69 62,246 6,427,098 2.15 23.39

Bond Index Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.70 47,581 4,446,715 2.25 20.07

0.08 ‐ 0.08 11.08 60,550 5,467,255 2.06 23.96

0.21 0.12 0.33 10.99 56,894 5,179,196 2.05 31.90

0.19 0.08 0.27 10.53 49,949 4,741,778 2.05 27.84

0.19 0.04 0.23 10.33 47,186 4,568,794 2.05 76.54

Conservative Strategy Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ ‐ 11.16 100,144 8,973,197 2.73 43.23

‐ ‐ ‐ ‐ 10.61 88,714 8,360,212 2.48 90.05

0.11 0.18 0.04 0.33 10.24 70,479 6,880,380 2.47 11.52

0.11 0.07 ‐ 0.18 10.66 58,492 5,487,047 2.47 9.45

0.15 ‐ ‐ 0.15 10.27 39,947 3,890,642 2.47 13.67

177

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 11.04 261,328 23,664,979 2.79 53.22

‐ ‐ ‐ 10.04 232,395 23,146,786 2.53 10.64

0.05 0.10 0.15 9.56 204,812 21,425,991 2.52 12.71

0.06 0.14 0.20 9.92 199,087 20,061,804 2.52 52.41

0.06 ‐ 0.06 9.45 161,393 17,071,923 2.52 22.73

Growth Strategy Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 12.30 69,600 5,659,049 2.85 58.34

‐ ‐ ‐ 10.79 61,532 5,700,339 2.59 13.44

0.02 0.05 0.07 10.20 55,337 5,423,081 2.57 14.67

0.03 0.14 0.17 10.80 54,247 5,022,653 2.57 39.59

0.04 ‐ 0.04 10.21 43,445 4,254,712 2.57 26.59

Aggressive Strategy Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.17 21,352 1,911,530 2.97 47.64

‐ ‐ ‐ 9.51 14,367 1,510,347 2.69 26.37

‐ 0.03 0.03 8.95 13,351 1,492,263 2.68 10.60

0.01 0.12 0.13 9.58 12,262 1,279,411 2.68 38.03

0.01 ‐ 0.01 8.96 8,393 936,255 2.68 37.88

Celestia Conservative Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.98 48,869 4,452,348 2.85 27.60

‐ ‐ ‐ 10.42 28,451 2,729,814 2.59 72.67

0.09 0.21 0.30 9.99 15,597 1,561,655 2.57 15.37

0.11 0.06 0.17 10.25 10,002 975,584 2.57 8.36

0.13 0.16 0.29 9.81 4,401 448,505 2.57 31.01

ASTRA Funds Balanced Strategy Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

178

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds Celestia Balanced Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 11.02 91,959 8,343,236 2.96 25.67

‐ ‐ ‐ 10.05 56,337 5,606,129 2.70 17.59

0.03 0.16 0.19 9.50 39,395 4,148,705 2.68 27.83

0.08 0.16 0.24 9.98 29,288 2,933,371 2.68 22.70

0.11 0.16 0.27 9.43 11,302 1,198,495 2.68 25.80

Celestia Growth Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.35 41,625 3,667,113 3.01 23.52

‐ ‐ ‐ 10.05 26,450 2,632,227 2.75 25.16

0.01 0.17 0.18 9.43 18,398 1,951,724 2.73 21.95

0.04 0.15 0.19 10.11 12,332 1,220,178 2.73 22.11

0.08 0.20 0.28 9.47 6,800 718,337 2.73 28.76

Celestia Aggressive Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ ‐ 11.21 32,283 2,878,631 3.07 24.83

‐ ‐ ‐ ‐ 9.62 20,815 2,164,146 2.80 30.13

‐ 0.20 ‐ 0.20 8.95 15,836 1,770,087 2.78 26.35

0.02 0.05 0.04 0.11 9.78 10,594 1,083,091 2.78 14.22

0.05 0.17 ‐ 0.22 9.12 5,435 595,889 2.78 33.95

Conservative Fundamental Portfolio Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.38 17,157 1,507,718 2.68 17.35

0.01 ‐ 0.01 10.91 16,630 1,524,137 2.50 47.51

0.06 0.02 0.08 10.53 12,081 1,147,811 2.47 12.84

‐ ‐ ‐ 10.56 7,631 722,838 2.47 9.13

‐ ‐ ‐ 9.98 847 84,794 2.47 ‐

179

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds Balanced Fundamental Portfolio Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 11.76 47,158 4,009,317 2.75 8.42

0.01 ‐ 0.01 10.68 37,594 3,519,179 2.57 68.18

‐ 0.03 0.03 10.11 29,641 2,930,706 2.52 7.13

‐ ‐ ‐ 10.56 17,568 1,662,909 2.52 5.15

0.03 ‐ 0.03 9.92 1,916 193,300 2.52 6.05

Growth Fundamental Portfolio Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.91 26,063 2,188,869 2.79 12.08

‐ ‐ ‐ 10.53 19,717 1,873,189 2.65 83.19

‐ 0.07 0.07 9.90 16,950 1,712,859 2.57 21.48

‐ ‐ ‐ 10.55 12,549 1,189,308 2.57 33.36

0.05 ‐ 0.05 9.87 3,376 342,194 2.57 ‐

Aggressive Fundamental Portfolio Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 12.11 19,816 1,635,660 2.84 12.63

‐ ‐ ‐ 10.46 15,441 1,475,512 2.69 96.63

‐ 0.03 0.03 9.75 10,898 1,117,487 2.62 8.13

‐ ‐ ‐ 10.58 6,777 640,684 2.63 7.44

0.05 ‐ 0.05 9.89 1,195 120,794 2.63 ‐

‐ ‐ ‐ 6.83 3,212 470,290 3.67 32.31

‐ ‐ ‐ 8.57 4,101 478,672 3.42 12.31

0.04 0.05 0.09 9.22 789 85,632 3.36 ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Sprott / Fiera Capital Canadian Balanced  Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

180

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds Fidelity Canadian Asset Allocation Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 10.95 44,226 4,040,025 2.93 4.07

‐ ‐ ‐ 10.01 45,331 4,526,839 2.69 5.18

0.07 0.24 0.31 9.79 35,436 3,617,941 2.68 3.47

0.06 0.14 0.20 10.71 6,824 637,412 2.68 18.87

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Dynamic Power Balanced Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.14 9,990 896,849 3.32 5.10

‐ ‐ ‐ 9.98 5,422 543,277 3.04 6.53

‐ ‐ ‐ 9.59 1,233 128,586 2.99 ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Acuity High Income Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

0.04 ‐ 0.26 0.30 7.33 66,294 9,046,589 3.07 8.04

0.05 ‐ 0.25 0.30 7.47 86,601 11,592,513 2.78 10.71

0.01 ‐ 0.29 0.30 7.72 94,076 12,184,220 2.73 2.75

0.03 ‐ 0.34 0.37 8.61 75,336 8,746,510 2.73 0.27

0.07 ‐ 0.23 0.30 8.05 47,823 5,940,929 2.73 7.31

UBS Global High Income Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ 0.01 0.29 0.30 6.31 44,531 7,055,837 3.27 3.49

0.05 0.01 0.24 0.30 5.88 22,649 3,853,270 2.96 7.27

‐ 0.01 0.29 0.30 5.58 14,660 2,625,606 2.94 8.63

‐ ‐ 0.30 0.30 6.37 16,193 2,540,629 2.94 4.58

‐ ‐ 0.30 0.30 6.33 13,504 2,132,779 2.94 11.00

181

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds Guardian Canadian Dividend Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate Jarislowsky Fraser Ltd. Canadian Value Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 12.58 42,228 3,356,207 2.74 3.33

‐ ‐ ‐ 11.08 17,603 1,588,590 2.54 3.55

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 20.36 181,097 8,893,313 2.82 14.01

‐ ‐ ‐ 17.08 199,032 11,651,600 2.58 8.36

0.01 0.16 0.17 15.93 213,871 13,426,651 2.57 8.90

‐ 0.35 0.35 17.55 243,754 13,888,033 2.57 3.94

0.01 0.05 0.06 16.59 208,473 12,567,201 2.57 2.74

‐ ‐ ‐ 13.77 194,508 14,130,140 2.81 8.31

‐ ‐ ‐ 11.38 106,816 9,383,371 2.58 0.66

0.03 0.08 0.11 10.61 44,069 4,155,227 2.57 5.39

0.08 0.66 0.74 11.03 10,487 950,636 2.57 15.11

0.05 ‐ 0.05 9.70 7,658 789,461 2.57 15.63

‐ ‐ ‐ 13.28 34,749 2,617,193 2.83 3.22

‐ ‐ ‐ 11.44 45,524 3,978,954 2.58 6.19

‐ ‐ ‐ 10.91 57,261 5,247,454 2.57 12.12

‐ ‐ ‐ 13.21 74,810 5,665,168 2.57 4.80

‐ ‐ ‐ 11.52 70,349 6,108,968 2.57 7.81

(2)

Triasima Canadian Equity  Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate (2)

Fund available to an individual contract since September 30, 2009.

Greystone Canadian Growth Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

182

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds Montrusco Bolton Canadian Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 10.49 23,859 2,278,674 3.14 42.29

‐ ‐ ‐ 8.88 19,410 2,189,298 2.84 48.00

‐ ‐ ‐ 8.34 6,030 724,606 2.78 111.00

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Canadian Fundamental Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.93 27,130 2,280,597 2.77 4.71

‐ ‐ ‐ 10.53 21,483 2,045,644 2.44 123.66

‐ ‐ ‐ 9.78 2,270 232,036 2.57 27.20

‐ ‐ ‐ 10.90 2,531 232,262 2.57 13.23

0.11 ‐ 0.11 9.67 670 69,258 2.57 ‐

Canadian Index Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.96 17,308 1,446,931 2.77 1.91

‐ ‐ ‐ 10.88 37,234 3,422,635 2.53 5.79

‐ 0.03 0.03 10.41 40,399 3,881,432 2.52 15.37

‐ ‐ ‐ 11.73 21,828 1,861,637 2.52 18.47

0.02 ‐ 0.02 10.23 18,518 1,809,657 2.52 24.86

Canadian Small Cap Equity Distributions            Net investment income            Net realized gain            Return of capital            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ ‐ 15.87 40,651 2,562,250 3.08 1.02

‐ ‐ ‐ ‐ 12.22 50,005 4,091,732 2.80 4.77

‐ 0.18 ‐ 0.18 12.31 50,718 4,119,999 2.78 20.97

‐ ‐ 0.94 0.94 13.77 51,983 3,760,814 2.78 13.13

‐ ‐ ‐ ‐ 11.21 39,972 3,564,732 2.78 19.90

183

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds MFS  U.S. Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 9.49 28,950 3,049,721 2.97 21.22

‐ ‐ ‐ 6.91 26,475 3,829,517 2.71 3.51

‐ ‐ ‐ 6.17 76,701 12,434,960 2.68 12.67

‐ ‐ ‐ 6.44 109,369 16,987,412 2.68 44.45

‐ ‐ ‐ 6.32 22,960 3,632,219 2.68 1.70

‐ ‐ ‐ 12.85 22,519 1,751,845 3.33 45.03

‐ ‐ ‐ 9.64 12,999 1,349,072 3.05 64.26

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

U.S. Fundamental Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 16.16 26,267 1,627,316 2.89 14.97

‐ ‐ ‐ 11.44 14,224 1,234,796 2.51 117.78

‐ ‐ ‐ 10.45 512 48,961 2.68 77.83

‐ ‐ ‐ 10.55 194 18,347 2.68 265.28

‐ ‐ ‐ 9.80 25 2,500 2.68 ‐

U.S. Index Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 8.74 25,299 2,894,472 2.88 8.77

‐ ‐ ‐ 6.39 14,634 2,289,924 2.64 9.84

‐ ‐ ‐ 5.81 8,804 1,516,564 2.63 8.28

‐ ‐ ‐ 5.72 6,160 1,076,796 2.63 17.40

‐ ‐ ‐ 5.40 5,459 1,010,054 2.62 9.59

(3)

Tradewinds U.S. Equity  Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate (3)

Fund available to an individual contract since November 26, 2012.

184

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

‐ ‐ ‐ 8.38 131,995 15,747,203 3.61 10.03

‐ ‐ ‐ 6.71 136,518 20,345,708 3.34 8.40

‐ ‐ ‐ 6.22 88,512 14,237,072 3.25 15.84

0.05 ‐ 0.05 6.83 93,946 13,745,813 3.26 13.06

‐ ‐ ‐ 7.09 63,476 8,947,542 3.25 8.53

Carnegie International Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.97 73,390 6,693,438 3.39 41.58

‐ ‐ ‐ 9.23 57,399 6,226,515 3.10 38.43

‐ ‐ ‐ 7.82 43,420 5,555,114 3.10 49.72

‐ 0.01 0.01 8.22 41,746 5,076,172 3.10 36.81

‐ ‐ ‐ 7.69 33,770 4,396,066 3.10 68.81

International Fundamental Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 10.93 17,900 1,639,049 3.12 11.70

‐ ‐ ‐ 8.46 13,420 1,583,895 2.71 118.40

0.01 ‐ 0.01 7.72 121 15,620 2.89 105.58

‐ ‐ ‐ 9.04 47 5,173 2.89 96.59

0.06 ‐ 0.06 9.32 25 2,625 2.89 ‐

International Index Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

‐ ‐ ‐ 11.00 33,296 3,027,785 3.20 17.08

‐ ‐ ‐ 8.65 34,730 4,015,028 2.91 13.22

0.03 ‐ 0.03 7.75 28,233 3,644,006 2.89 6.63

‐ ‐ ‐ 8.86 14,849 1,675,973 2.89 9.69

‐ ‐ ‐ 8.91 12,590 1,412,559 2.89 15.50

ASTRA Funds International Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

185

December 31,   2009

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

December 31,  2013

ASTRA Funds Calamos Global Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate Lazard Global Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 11.04 23,541 2,134,234 3.56 84.89

‐ ‐ ‐ 9.52 19,847 2,085,971 3.26 42.00

‐ ‐ ‐ 9.42 13,171 1,399,885 3.25 35.00

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 12.26 53,844 4,393,110 3.55 11.61

‐ ‐ ‐ 10.07 50,628 5,026,830 3.41 10.61

0.07 ‐ 0.07 9.32 28,432 3,049,423 3.25 12.38

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 12.95 26,601 2,054,037 3.63 29.32

‐ ‐ ‐ 10.58 22,149 2,093,158 3.28 11.55

‐ 0.08 0.08 9.71 20,662 2,127,361 3.25 30.29

‐ 0.14 0.14 10.39 27,007 2,598,350 3.26 6.51

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 16.13 40,164 2,489,972 3.49 22.57

‐ ‐ ‐ 11.31 27,341 2,416,837 3.16 6.88

‐ ‐ ‐ 9.95 17,571 1,765,521 3.10 18.68

0.04 0.25 0.29 11.09 5,278 475,863 3.10 86.49

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

(4)

Hexavest Hedged Global Equity  Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate (4)

Fund available to an individual contract since September 15, 2010.

Lazard Global Small Cap Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

186

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

December 31,  2013

ASTRA Funds Emerging Markets Fundamental Equity Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate Lazard Global Infrastructure Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ 10.14 68,898 6,797,035 3.36 14.52

‐ ‐ ‐ 10.64 70,490 6,622,075 3.19 163.56

‐ ‐ ‐ 9.78 24,065 2,461,786 3.10 54.82

‐ ‐ ‐ 12.28 21,644 1,762,805 3.10 4.13

‐ ‐ ‐ 11.39 6,827 599,388 3.10 2.93

‐ ‐ ‐ 9.86 51,974 5,271,021 3.54 26.83

‐ ‐ ‐ 7.89 38,892 4,930,388 3.22 6.55

0.12 0.17 0.29 6.84 25,489 3,728,288 3.15 28.89

0.12 0.01 0.13 7.32 18,370 2,510,720 3.15 2.35

0.09 ‐ 0.09 6.98 14,412 2,065,227 3.15 16.33

‐ ‐ ‐ 7.40 4,452 601,762 3.85 16.19

‐ ‐ ‐ 7.63 23,202 3,039,625 3.47 4.02

0.05 ‐ 0.05 6.47 18,617 2,875,922 3.41 145.19

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 11.60 61,708 5,318,546 3.69 36.71

‐ ‐ ‐ 10.74 41,365 3,852,600 3.54 15.48

‐ ‐ ‐ 8.59 21,789 2,536,767 3.41 61.02

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

(5)

Presima Global Real Estate Enhanced Yield  Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate (5)

Fund available to an individual contract since June 3, 2011.

Morgan Stanley Global Real Estate Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

187

ASTRA FUNDS APPENDIX - FINANCIAL HIGHLIGHTS (unaudited) For the years ended December 31

ASTRA Funds (6) CoreCommodity Management Commodity  Distributions            Net investment income Class A            Net investment income Class C            Net investment income Class D            Net investment income Class E            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 Net asset value per unit Class A Net asset value per unit Class C Net asset value per unit Class D Net asset value per unit Class E Net asset value per unit Class F Net assets Number of units outstanding Class A Number of units outstanding Class C Number of units outstanding Class D Number of units outstanding Class E Number of units outstanding Class F Management expense ratio Class A Management expense ratio Class C Management expense ratio Class D Management expense ratio Class E Management expense ratio Class F Portfolio turnover rate (6)

December 31,  2013

December 31,   2012

December 31,   2011

December 31,   2010

December 31,   2009

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8.18 9.79 9.74 ‐ 8.10 141,151 3,059,799 4,088,671 6,812,289 ‐ 1,200,630 3.67 0.17 0.36 ‐ 0.59 s.o.

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 8.84 10.22 10.18 10.19 8.49 128,115 2,327,136 3,663,262 4,566,599 1,511,667 1,200,640 3.36 0.14 0.31 0.31 0.61 s.o.

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 9.40 10.52 10.50 10.51 8.78 102,749 1,868,160 2,975,402 3,366,941 1,359,844 589,299 3.36 ‐ 0.88 0.90 0.67 s.o.

1.51 1.72 1.68 1.69 ‐ ‐ ‐ ‐ ‐ ‐ 6.60 10.36 11.26 11.26 11.26 ‐ 66,322 17,535 1,833,176 2,930,502 1,135,956 ‐ 3.36 ‐ 0.54 0.46 ‐ s.o.

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

‐ ‐ ‐ 10.42 18,917 1,816,347 3.67 s.o.

‐ ‐ ‐ 9.10 24,769 2,724,885 3.52 s.o.

‐ ‐ ‐ 10.39 17,626 1,701,479 6.09 s.o.

0.09 ‐ 0.09 10.26 2,527 246,865 5.66 s.o.

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐

Class F available since M arch 18, 2011.

Sigma Alpha Global Macro Distributions            Net investment income            Net realized gain            Total annual distributions Net asset value per unit Net assets Number of units outstanding Management expense ratio Portfolio turnover rate

188

ASTRA FUNDS Audited Financial Statements December 31, 2013

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BRA724A-2 (2014-02)