astra e 20121231final - assurance, … canadian fundamental equity fund ..... 93 astra canadian...

ASTRA FUNDSAudited Financial StatementsDecember 31, 2012

Table of contents

Page ASTRA Money Market Fund ................................................................................................................................................................................... 3ASTRA Treasury Fund ............................................................................................................................................................................................ 7ASTRA Fiera Capital Bond Fund .......................................................................................................................................................................... 12ASTRA OAM Bond Fund ...................................................................................................................................................................................... 15ASTRA PIMCO Bond Fund ................................................................................................................................................................................... 18ASTRA Bond Index Fund ...................................................................................................................................................................................... 21ASTRA Conservative Strategy Fund..................................................................................................................................................................... 24ASTRA Balanced Strategy Fund........................................................................................................................................................................... 27ASTRA Growth Strategy Fund .............................................................................................................................................................................. 30ASTRA Aggressive Strategy Fund ........................................................................................................................................................................ 33ASTRA Celestia Conservative Fund ..................................................................................................................................................................... 36ASTRA Celestia Balanced Fund ........................................................................................................................................................................... 39ASTRA Celestia Growth Fund .............................................................................................................................................................................. 42ASTRA Celestia Aggressive Fund ........................................................................................................................................................................ 45ASTRA Conservative Fundamental Portfolio Fund ............................................................................................................................................... 49ASTRA Balanced Fundamental Portfolio Fund ..................................................................................................................................................... 52ASTRA Growth Fundamental Portfolio Fund ........................................................................................................................................................ 55ASTRA Aggressive Fundamental Portfolio Fund .................................................................................................................................................. 58ASTRA Sprott / Fiera Capital Canadian Balanced Fund ...................................................................................................................................... 62ASTRA Fidelity Canadian Asset Allocation Fund ................................................................................................................................................. 65ASTRA Dynamic Power Balanced Fund ............................................................................................................................................................... 68ASTRA Acuity High Income Fund ......................................................................................................................................................................... 71ASTRA UBS Global High Income Fund ................................................................................................................................................................ 74ASTRA Guardian Canadian Dividend Equity Fund ............................................................................................................................................... 77ASTRA Jarislowsky Fraser Ltd. Canadian Value Equity Fund ............................................................................................................................. 80ASTRA Triasima Canadian Equity Fund ............................................................................................................................................................... 83ASTRA Greystone Canadian Growth Equity Fund ............................................................................................................................................... 86ASTRA Montrusco Bolton Canadian Equity Fund ................................................................................................................................................ 89ASTRA Canadian Fundamental Equity Fund ....................................................................................................................................................... 93ASTRA Canadian Index Fund ............................................................................................................................................................................... 96ASTRA Canadian Small Cap Equity Fund ............................................................................................................................................................ 99ASTRA MFS McLean Budden U.S. Equity Fund ................................................................................................................................................ 102ASTRA Tradewinds U.S. Equity Fund ................................................................................................................................................................ 105ASTRA U.S. Fundamental Equity Fund .............................................................................................................................................................. 110ASTRA U.S. Index Fund ..................................................................................................................................................................................... 113ASTRA International Equity Fund ....................................................................................................................................................................... 116ASTRA Carnegie International Equity Fund ....................................................................................................................................................... 119ASTRA International Fundamental Equity Fund ................................................................................................................................................. 123ASTRA International Index Fund ........................................................................................................................................................................ 126ASTRA Calamos Global Equity Fund ................................................................................................................................................................. 129ASTRA Lazard Global Equity Fund..................................................................................................................................................................... 134ASTRA Hexavest Hedged Global Equity Fund ................................................................................................................................................... 137ASTRA Lazard Global Small Cap Equity Fund ................................................................................................................................................... 140ASTRA Emerging Markets Fundamental Equity Fund ........................................................................................................................................ 143ASTRA Lazard Global Infrastructure Fund ......................................................................................................................................................... 146ASTRA Presima Global Real Estate Enhanced Yield Fund ............................................................................................................................... 149ASTRA Morgan Stanley Global Real Estate Fund .............................................................................................................................................. 152ASTRA CoreCommodity Management Commodity Fund ................................................................................................................................... 155Notes to Financial Statements ............................................................................................................................................................................ 160Independent Auditor's Report ............................................................................................................................................................................. 166ASTRA Sigma Alpha Global Macro Fund ........................................................................................................................................................... 168Notes to Financial Statements ............................................................................................................................................................................ 170Independent Auditor's Report ............................................................................................................................................................................. 176Financial Highlights ............................................................................................................................................................................................. 177

ASTRA MONEY MARKET FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

3

NET ASSETS As at December 31 2012 2011

$ $Assets Investments, at fair value 10,969 13,003 Cash 20 144Receivables 5 4

10,994 13,151

Liabilities Bank overdraft - -Accounts payable - 135

- 135Net Assets 10,994 13,016

Net asset value per unit Class A 10.00 10.00 Class C 10.00 10.00Investments, at cost 10,969 13,003

OPERATIONS Years ended December 31 2012 2011

$ $ Income Interest - -Distribution from the underlying fund 149 170Management fee distribution received - -

149 170

Expenses (note 4) Management fees 86 102Administrative fees 6 8

92 110Net investment income (loss) 57 60Net 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 57 60Increase (decrease) in net assets from operations per unit Class A - -Class C 0.11 0.12

CHANGES IN NET ASSETS Years ended December 31 2012 2011

$ $Net assets - Beginning of year 13,016 11,691

Capital units transactions Proceeds from issue of units 13,213 40,658 Reinvestment of distributions 57 60Redemption of units (15,292) (39,393)

(2,022) 1,325 Distributions to unitholders Net investment income (57) (60)Net realized gain on sale of investments - -

(57) (60)Increase (decrease) in net assets from operations 57 60Net assets - End of year 10,994 13,016

DISTRIBUTIONS ($/unit) 2012 2011Class A Net investment income - -Net realized gain on sale of investments - -Class C Net investment income 0.11 0.12 Net realized gain on sale of investments - -

ASTRA MONEY MARKET FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

4

CHANGES IN NUMBER OF UNITS 2012 2011

Class A Units outstanding at the beginning 672,929 763,699 Units issued 584,961 3,307,399 Units redeemed (623,763) (3,398,169)Units outstanding at the end 634,127 672,929

MANAGEMENT EXPENSE RATIO 2012 2011

Class A 1.48% 1.47% Class C - -


Class C Units outstanding at the beginning 628,685 405,434 Units issued 742,044 764,401 Units redeemed (905,480) (541,150)Units outstanding at the end 465,249 628,685

ASTRA MONEY MARKET FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

5

INVESTMENT PORTFOLIO As at December 31, 2012

Number Average Fairof Units Cost Value

$ $ INVESTMENTS (99.77%) MFS MB Money Market Fund 1,096,924 10,969 10,969

OTHER NET ASSETS (0.23%) 25TOTAL NET ASSETS (100%) 10,994

TOP HOLDINGS OF UNDERLYING FUND MFS MB Money Market Fund %Government of Canada, Treasury Bill, 0.99%, 01-03-2013 10.33Government of Canada, Treasury Bill, 0.96%, 01-14-2013 8.10Government of Canada, Treasury Bill, 0.98%, 01-04-2013 4.98Province of Quebec, Treasury Bill, 0.97%, 01-03-2013 4.72Government of Canada, Treasury Bill, 0.96%, 03-14-2013 4.44Province of Manitoba, Treasury Bill, 1.01%, 01-02-2013 3.85Province of Ontario, Treasury Bill, 1.21%, 08-07-2013 2.93Government of Canada, Treasury Bill, 0.96%, 03-14-2013 2.90Manulife Bank of Canada, Note, 1.16%, 01-04-2013 2.81Bank of Montreal, Note, 1.25%, 04-18-2013 2.70Royal Bank of Canada, Note, 1.19%, 04-30-2013 2.54CIBC, Note, 1.18%, 01-17-2013 2.45Bank of Nova Scotia, Note, 1.40%, 01-16-2013 2.37Nestlé Canada, Note, 1.07%, 03-20-2013 2.34Province of British Columbia, Treasury Bill, 1.17%, 11-21-2013 2.23CIBC, Note, 1.10%, 01-21-2013 2.13Government of Canada, Treasury Bill, 0.99%, 01-31-2013 2.07National Bank of Canada, Note, 1.11%, 01-31-2013 2.07Bank of Nova Scotia, Note, 1.14%, 02-07-2013 2.07Honda Financial, Note, 1.22%, 04-02-2013 2.07GE Capital, Note, 1.25%, 04-22-2013 2.07Honda Financial, Note, 1.25%, 06-18-2013 2.07Province of Ontario, Treasury Bill, 1.14%, 02-13-2013 1.92The Toronto-Dominion Bank, Note, 1.10%, 01-28-2013 1.87Province of British Columbia, Treasury Bill, 1.13%, 09-11-2013 1.86

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

6

Nature and extent of risks arising from financial instruments

The ASTRA Money Market Fund is a segregated fund that invests exclusively in the underlying fund called MFS MB Money Market Fund. The ASTRA Money Market Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS McLean Budden Limited. The manager's investment strategy favours an interest rate anticipation management approach. The manager's investment strategy is to favour an approach based on term and sector management as well as the quality of debt securities.

Fair value of financial instruments

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

2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 10,969 - - 10,969 Derivative Products - - - -MoneyMarket - - - -Total 10,969 - - 10,969


During the years ended December 31, 2012 and 2011, there were no transfers of financial instruments between Levels 1 and 2.

ASTRA TREASURY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

7


$ $Assets Investments, at fair value 45,329 42,443Cash 106 270Receivables 254 238

45,689 42,951

Liabilities Bank overdraft - -Accounts payable - -

- -Net Assets 45,689 42,951

Net asset value per unit 10.67 10.66

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 45,717 42,984 Adjustment to bid prices of investments (28) (33)Net assets at bid prices of investments 45,689 42,951Transactional NAV per unit at closing price of investments 10.68 10.67 Adjustment per unit to bid prices of investments (0.01) (0.01)Net assets per unit at bid prices of investments 10.67 10.66

Investments, at cost 45,085 42,186




2,709 14,835 Distributions to unitholders Net investment income (344) (480)Net realized gain on sale of investments - (51)

(344) (531)Increase (decrease) in net assets from operations 373 775Net assets - End of year 45,689 42,951Changes in number of units Units outstanding at the beginning 4,028,732 2,637,474 Units issued 3,125,729 4,238,046 Units redeemed (2,872,420) (2,846,788)Units outstanding at the end 4,282,041 4,028,732

DISTRIBUTIONS ($/unit) 2012 2011Net investment income 0.08 0.15 Net realized gain on sale of investments - 0.01


$ $ Income Interest 1,305 1,134

1,305 1,134


845 654Net investment income (loss) 460 480Net realized gain (loss) on sale of investments (74) 52Net unrealized gain (loss) on investments (13) 243

Increase (decrease) in net assets from operations 373 775Increase (decrease) in net assets from operations per unit 0.09 0.24 Management Expense Ratio 1.89% 1.89%

ASTRA TREASURY FUNDFINANCIAL STATEMENTS (in thousands)


8* Floating rate: the identified rate is the effective rate as of December 31, 2012.

Par Average FairValue Cost Value

$ $CANADIAN BONDS (99.21%) Government of Canada (27.56%) Canada Housing Trust No 1, 1.43%*, 09-15-2015 10,860 10,897 10,917Canada Housing Trust No 1, 3.75%, 03-15-2020 1,500 1,675 1,675

12,572 12,592

Provincials and Subsidized (9.97%) Concordia University, 4.65%, 03-25-2014 300 318 309Financement-Québec, 3.50%, 12-01-2016 1,785 1,900 1,899Kativik Regional Government, 2.80%, 05-10-2015 300 300 306McGill University, 4.50%, 05-27-2015 150 158 159Ontario, 1.47%*, 06-27-2016 400 399 401Quebec, 4.25%, 12-01-2021 1,000 1,112 1,119Université de Montréal, 4.55%, 02-11-2015 344 363 361

4,550 4,554

Municipals and Subsidized (26.98%) Baie-Saint-Paul, 3.25%, 10-06-2014 265 272 272Beaupré, 2.20%, 09-25-2016 403 398 401Boucherville, 2.25%, 09-06-2016 200 198 200Boucherville, 3.20%, 11-03-2014 124 123 127Chambly, 2.35%, 12-19-2017 400 396 394Châteauguay, 3.15%, 10-14-2014 75 74 77Châteauguay, 4.35%, 12-28-2015 286 299 301Delson, 2.60%, 08-23-2016 300 296 303Dolbeau-Mistassini, 3.15%, 03-21-2016 250 251 258Gaspé, 3.20%, 10-06-2014 50 49 51Gatineau, 3.90%, 06-11-2013 100 103 101Kirkland, 3.05%, 12-15-2014 200 201 205Laval, 4.65%, 06-27-2013 25 25 25Lévis, 2.75%, 05-25-2015 120 119 122Lévis, 2.95%, 12-14-2015 200 196 205Lévis, 3.05%, 05-25-2016 300 298 309Lévis, 4.80%, 11-26-2014 179 191 187Longueuil, 3.40%, 03-03-2014 100 101 102Longueuil, 4.00%, 07-20-2014 50 51 52Longueuil, 5.20%, 06-16-2014 154 167 161Mascouche, 4.80%, 07-31-2014 190 203 198Mirabel, 3.15%, 09-15-2014 300 301 305Mont-Royal, 3.40%, 03-20-2014 150 152 153Montreal Urban Community, 8.85%, 07-22-2013 100 121 104Montreal, 4.80%, 01-30-2014 200 212 207Montreal-West, 3.40%, 01-27-2014 125 128 127Orford, 2.95%, 01-25-2016 393 386 403Pointe-Claire, 3.05%, 12-22-2014 100 99 102Quebec, 2.95%, 12-16-2014 100 99 102Quebec, 3.00%, 02-17-2015 300 296 307Quebec, 3.85%, 02-19-2013 205 208 206Quebec, 4.10%, 05-22-2013 100 104 101Repentigny, 3.00%, 09-27-2016 300 295 307Repentigny, 4.30%, 07-03-2013 428 439 432 Réseau de transport de la Capitale, 4.60%, 06-20-2015 165 174 174Réseau de transport de la Capitale, 4.65%, 08-01-2013 25 25 25Réseau de transport de la Capitale, 4.75%, 08-01-2015 110 117 117Rouyn-Noranda, 3.05%, 03-28-2016 350 349 360Saguenay, 3.25%, 04-22-2014 150 151 153Saguenay, 4.55%, 06-26-2014 117 124 121Saint-Basile-le-Grand, 3.75%, 05-19-2015 250 260 261Saint-Bruno, 3.10%, 12-01-2014 150 149 154


$ $CANADIAN BONDS (99.21%) (Cont'd) Municipals and Subsidized (26.98%) (Cont'd) Saint-Jean-sur-Richelieu, 2.60%, 06-23-2015 350 346 356Saint-Jean-sur-Richelieu, 3.55%, 06-16-2014 300 307 308Saint-Jérôme, 2.75%, 12-09-2013 100 99 101 Saint-Jérôme, 4.40%, 10-09-2013 25 25 26Saint-Lambert, 3.10%, 07-22-2014 150 150 152 Saint-Mathieu, 4.00%, 02-19-2013 107 110 107Sainte-Adèle, 3.05%, 12-01-2014 100 99 102Sainte-Agathe, 2.40%, 11-01-2017 380 374 376Sainte-Thérèse, 2.55%, 09-20-2016 300 292 303Salaberry-de-Valleyfield, 3.35%, 04-01-2014 60 59 61Sept-Îles, 3.10%, 07-28-2014 300 300 306Sherbrooke, 3.25%, 07-21-2014 50 49 51Sherbrooke, 4.20%, 08-05-2013 205 212 208Société de transport de l'Outaouais, 3.15%, 09-09-2014 50 49 51Société de transport de Trois-Rivières, 3.05%, 02-03-2015 200 198 205Terrebonne, 2.75%, 12-16-2013 100 99 101Terrebonne, 3.00%, 10-06-2013 50 49 51Terrebonne, 4.00%, 12-18-2013 300 311 307Thetford Mines, 3.00%, 02-02-2015 200 197 205Trois-Rivières, 3.30%, 04-29-2014 50 49 51Trois-Rivières, 4.60%, 05-10-2014 119 126 123Trois-Rivières, 4.75%, 04-20-2015 196 207 207Trois-Rivières, 4.95%, 10-06-2014 60 64 63Victoriaville, 3.30%, 01-27-2014 25 25 25Westmount, 4.30%, 07-09-2013 205 213 208

12,209 12,326

Corporations (34.70%) 407 East Development Group General Partnership, 2.81%, 12-18-2016 300 300 305Alimentation Couche-Tard Inc., 2.86%, 11-01-2017 445 445 446AON Finance NS, 4.76%, 03-08-2018 300 300 322Bank of Montreal, 2.96%, 08-02-2016 300 300 309Bank of Montreal, 4.65%, 03-14-2013 300 314 302Bank of Nova Scotia, 2.90%, 08-03-2022 170 170 173Bank of Nova Scotia, 3.04%, 10-18-2024 400 400 404Bell Canada, 3.60%, 12-02-2015 300 299 313BMW Canada Inc., 2.64%, 08-10-2015 300 300 305British Columbia Ferry Services Inc., 5.74%, 05-27-2014 300 326 317British Columbia Ferry Services Inc., 6.21%, 12-19-2013 300 332 312Caisse centrale Desjardins du Québec, 2.28%, 10-17-2016 385 385 386Canada Safeway Ltd., 3.00%, 03-31-2014 400 400 402Capital Desjardins Inc., 3.80%, 11-23-2020 150 150 156CDP Financial Inc., 1.75%*, 07-15-2015 2,250 2,249 2,258Central 1 Credit Union, 4.00%, 10-09-2019 175 175 179CIBC, 2.65%, 11-08-2016 300 300 305Daimler Canada Finance Inc., 1.98%*, 09-12-2014 400 400 400Enbridge Gas Distribution Inc., 5.57%, 01-29-2014 100 108 104Enbridge Inc., 2.30%*, 08-19-2015 320 320 324George Weston Ltd., 3.78%, 10-25-2016 305 305 319Great-West Lifeco Inc., 6.00%, 12-31-2052 255 271 255HSBC Bank Canada, 2.90%, 01-13-2017 200 200 205Industrial Alliance, 5.71%, 12-31-2013 268 282 275Industrial Alliance, 8.25%, 03-27-2019 300 333 319Kellogg Canada Inc., 2.10%, 05-22-2014 450 450 451Laurentian Bank of Canada, 2.45%, 02-13-2015 300 300 302

ASTRA TREASURY FUNDFINANCIAL STATEMENTS (in thousands)


9* Floating rate: the identified rate is the effective rate as of December 31, 2012.


$ $CANADIAN BONDS (99.21%) (Cont'd) Corporations (34.70%) (Cont'd) Laurentian Bank of Canada, 3.70%, 11-02-2020 450 452 463Loblaw Cos Ltd., 4.85%, 05-08-2014 300 314 312Loblaw Cos Ltd., 5.40%, 11-20-2013 145 153 150Manulife Financial Corporation, 5.16%, 06-26-2015 235 248 251National Bank of Canada, 3.26%, 04-11-2022 290 294 299National Bank of Canada, 3.58%, 04-26-2016 320 320 335National Bank of Canada, 4.93%, 12-22-2019 115 120 122Royal Bank of Canada, 3.18%, 11-02-2020 300 296 308Royal Bank of Canada, 5.00%, 06-06-2018 300 317 304Standard Life Assurance Co. of Canada, 3.94%, 09-21-2022 440 440 457Sun Life Financial Inc., 7.90%, 03-31-2019 300 333 319Suncor Energy Inc., 5.80%, 05-22-2018 200 232 231TELUS Corp., 4.95%, 03-15-2017 400 441 441The Toronto-Dominion Bank, 3.37%, 11-02-2020 300 298 310Thomson Reuters Corp., 5.20%, 12-01-2014 100 104 106Toyota Credit Canada Inc., 2.45%, 02-27-2017 335 335 339VW Credit Canada Inc., 2.55%, 11-18-2013 315 314 318VW Credit Canada Inc., 2.90%, 06-01-2017 325 325 332Wells Fargo Financial Canada Corp., 3.97%, 11-03-2014 300 304 312

15,754 15,857TOTAL CANADIAN BONDS 45,085 45,329

TOTAL INVESTMENTS (99.21%) 45,085 45,329

OTHER NET ASSETS (0.79%) 360

TOTAL NET ASSETS (100%) 45,689

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

10


Fund objective

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

Investment strategy

The Fund is invested mainly in Canadian short-term fixed income securities. These securities are issued by federal, provincial and municipal governments as well as Canadian companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, Optimum Asset Management, focuses on capital preservation and favours an approach based on interest rate expectations, yield curve management, sector selection and securities selection. Credit spread management and market timing are also considered.

As at December 31, 2012 and 2011, the Fund’s assets are mainly made up of Canadian bonds securities traded on an active market.

Risk exposure

The Fund is exposed mainly to credit risk, interest rate risk, bond market risk, as well as risk related to the use of derivative financial instruments. It does not use financial leverage or derivative products for speculative purposes.

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

Credit risk

The Fund’s main credit concentration risk arises from fixed income securities.

All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations.

As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows:

Credit rating* 2012(%)

2011(%)

Governments, municipals and subsidized 32.17 69.28 Companies rated AAA 32.76 0.06 Companies rated AA 9.30 12.49 Companies rated A 18.05 12.06 Companies rated BBB 6.98 4.66 Not rated 0.74 1.45

* Sources: DBRS and Standard & Poor’s

Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative products.

Interest rate risk

The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturities.

Investments Under1 year

($)

From 1 to 5 years

($)

Over 5 years

($)2012 3,459 35,314 6,556 2011 3,437 34,079 4,927

The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.

Change in prevailing interest rate

(%)

2012Impact on Net assets

($)

2011Impact onNet assets

($)+ 1.00 - 1.00

(929) 929

(1,299) 1,299

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

Price risk

The Fund trades fixed income securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 85% and 100% in fixed income securities and up to a maximum of 15% in money market securities.

On purchase, money market securities must be rated R1 or higher by the Dominion Bond Rating Service (DBRS) and bond securities must be rated BBB or higher by Standard & Poor’s.Bond securities rated BBB may not make up more than 10% of the Fund’s assets. Corporate bond securities may not exceed 70% of the Fund’s assets. Holdings in a single corporate issuer are limited to 10% of Fund assets. A minimum of 25% of the market value of the Fund must be invested in fixed income securities issued or guaranteed by the Government of Canada.

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

11

Price risk (Cont’d)

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

Benchmark Change in benchmark

(%)


($)


($)DEX Universe Short Term Index

+ 2.00 - 2.00

907(907)

845(845)

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

Currency risk

As at December 31, 2012 and 2011, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 45,329 - 45,329 Equities - - - -Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total - 45,329 - 45,329

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 42,244 - 42,244 Equities - - - -Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products - - - -MoneyMarket - 199 - 199 Total - 42,443 - 42,443


ASTRA FIERA CAPITAL BOND FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

12


$ $Assets Investments, at fair value 381,811 183,018Cash 5,052 2,921 Receivables 35 136

386,898 186,075

Liabilities Bank overdraft - -Accounts payable 4,265 1,705

4,265 1,705 Net Assets 382,633 184,370

Net asset value per unit 10.93 10.64 Investments, at cost 379,103 177,220



Capital units transactions Proceeds from issue of units 225,054 73,643 Reinvestment of distributions - 6,024 Redemption of units (33,183) (28,339)

191,871 51,328 Distributions to unitholders Net investment income - (2,836)Net realized gain on sale of investments - (3,189)

- (6,025)Increase (decrease) in net assets from operations 6,392 12,940Net assets - End of year 382,633 184,370Changes in number of units Units outstanding at the beginning 17,323,485 12,453,566 Units issued 20,758,741 7,556,957 Units redeemed (3,067,692) (2,687,038)Units outstanding at the end 35,014,534 17,323,485

DISTRIBUTIONS ($/unit) 2012 2011Net investment income - 0.17 Net realized gain on sale of investments - 0.19


$ $ Income Interest 3 1Distribution from the underlying fund 9,667 5,849 Management fee distribution received - -

9,670 5,850

Expenses (note 4) Management fees 5,052 2,863Administrative fees 262 151

5,314 3,014Net investment income (loss) 4,356 2,836Net realized gain (loss) on sale of investments 199 393Net realized gain distributed by the underlying fund 4,927 3,411 Net unrealized gain (loss) on investments (3,090) 6,300

Increase (decrease) in net assets from operations 6,392 12,940Increase (decrease) in net assets from operations per unit 0.27 0.90 Management Expense Ratio 2.08% 2.05%

ASTRA FIERA CAPITAL BOND FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

13


Percentage Number Average Fairof Net Assets of Units Cost Value

% $ $ INVESTMENTS (99.78%) Fiera Active Fixed Income Fund 66.87 23,610,827 253,902 255,864Fiera Tactical Fixed Income Fund 32.91 11,480,134 125,201 125,947



TOP HOLDINGS OF UNDERLYING FUND Fiera Active Fixed Income Fund %Government of Canada, 4.00%, 06-01-2041 10.72Government of Canada, 2.25%, 08-01-2014 8.28Government of Canada, 1.50%, 03-01-2017 7.01Cadillac Fairview Finance Trust, 3.24%, 01-25-2016 3.84Government of Canada, 3.00%, 12-01-2015 3.09

TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund %Government of Canada, Treasury Bill, 0.92%, 03-28-2013 7.61Government of Canada, Treasury Bill, 0.95%, 02-14-2013 5.61Government of Canada, 4.00%, 06-01-2041 5.59Government of Canada, Treasury Bill, 0.96%, 03-14-2013 4.76Government of Canada, Treasury Bill, 0.98%, 01-31-2013 4.18

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

14


The ASTRA Fiera Capital Bond Fund is a segregated fund that invests exclusively in underlying funds called Fiera Active Fixed Income Fund and Fiera Tactical Fixed Income Fund. The ASTRA Fiera Capital Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital with complementary management styles. The Fund’s assets are made up of approximately 67% of the Fiera Active Fixed Income Fund with a management approach based on duration, maturity dates and credit and 33% of the Fiera Tactical Fixed Income Fund with a management approach that puts emphasis on the duration.




2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 183,018 - - 183,018Derivative Products - - - -MoneyMarket - - - -Total 183,018 - - 183,018


ASTRA OAM BOND FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

15


$ $Assets Investments, at fair value 68,145 58,446 Cash - 579Receivables 1,052 -

69,197 59,025

Liabilities Bank overdraft 863 -Accounts payable - -

863 -Net Assets 68,334 59,025




Capital units transactions Proceeds from issue of units 16,841 12,000 Reinvestment of distributions 532 1,715 Redemption of units (8,694) (18,944)

8,679 (5,229)Distributions to unitholders Net investment income (532) (993)Net realized gain on sale of investments - (722)

(532) (1,715)Increase (decrease) in net assets from operations 1,161 3,305Net assets - End of year 68,334 59,025 Changes in number of units Units outstanding at the beginning 5,480,262 5,984,608 Units issued 1,606,375 1,283,952 Units redeemed (802,682) (1,788,298)Units outstanding at the end 6,283,955 5,480,262



$ $ Income Interest 1 -Distribution from the underlying fund 1,978 2,095 Management fee distribution received - -

1,979 2,095


1,274 1,102Net investment income (loss) 705 993Net realized gain (loss) on sale of investments 113 173Net realized gain distributed by the underlying fund 697 549Net unrealized gain (loss) on investments (354) 1,590

Increase (decrease) in net assets from operations 1,161 3,305Increase (decrease) in net assets from operations per unit 0.20 0.60 Management Expense Ratio 2.10% 2.05%

ASTRA OAM BOND FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

16



$ $ INVESTMENTS (99.72%) Optimum Bond Pooled Fund 6,443,282 66,831 68,145


TOP HOLDINGS OF UNDERLYING FUND Optimum Bond Pooled Fund %Hydro-Québec, 1.41%*, 02-11-2015 15.98Canada Housing Trust No 1, 1.42%*, 09-15-2015 5.49Financement-Québec, 1.67%, 06-01-2018 5.01Province of Quebec, 5.00%, 12-01-2038 4.78Province of Ontario, 1.47%*, 06-27-2016 3.78Government of Canada, 4.00%, 06-01-2041 2.79Province of Quebec, 8.50%, 04-01-2026 2.78Province of Quebec, 3.50%, 12-01-2022 2.06Province of Ontario, 4.65%, 06-02-2041 1.30Terrebonne, 3.00%, 12-15-2015 1.28Saint-Lambert, 2.35%, 07-25-2016 0.99Toronto, 3.50%, 12-06-2021 0.98Greater Toronto Airport, 5.63%, 06-07-2040 0.95Toronto, 5.20%, 06-01-2040 0.92Bank of Nova Scotia, 3.04%, 10-18-2019 0.91Sun Life Financial Inc., 4.95%, 06-01-2016 0.91The Toronto-Dominion Bank, 5.76%, 12-18-2017 0.90BC Ferry Services, 5.02%, 03-20-2037 0.89Bell Canada, 5.00%, 02-15-2017 0.88Sun Life Financial Inc., 5.86%, 12-31-2019 0.86Royal Bank of Canada, 4.35%, 06-15-2015 0.85Laurentian Bank of Canada, 3.70%, 11-02-2015 0.84407 International Inc., 5.96%, 12-03-2035 0.83Industrial Alliance, 5.13%, 06-30-2014 0.82TELUS Corp., 5.05%, 07-23-2020 0.82* Floating rate: the identified rate is the effective rate as of December 31, 2012.

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

17


The ASTRA OAM Bond Fund is a segregated fund that invests exclusively in the underlying fund called Optimum Bond Pooled Fund. The ASTRA OAM Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Optimum Asset Management. The manager's investment strategy favours an interest rate anticipation and yield curve management approach. The choice of sectors, the choice of securities, the management of credit spreads and the synchronization of interventions are all also given consideration.






ASTRA PIMCO BOND FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

18


$ $Assets Investments, at fair value 134,165 95,859Cash 417 2,415 Receivables 31 14

134,613 98,288

Liabilities Bank overdraft - -Accounts payable 7 2,275

7 2,275 Net Assets 134,606 96,013

Net asset value per unit 10.14 9.87Investments, at cost 131,089 93,922



Capital units transactions Proceeds from issue of units 55,291 38,248 Reinvestment of distributions 1,617 1,719Redemption of units (21,378) (18,020)

35,530 21,947Distributions to unitholders Net investment income (1,617) (1,662)Net realized gain on sale of investments - (57)

(1,617) (1,719)Increase (decrease) in net assets from operations 4,680 3,443 Net assets - End of year 134,606 96,013Changes in number of units Units outstanding at the beginning 9,730,029 7,479,942 Units issued 5,680,522 4,098,750 Units redeemed (2,134,290) (1,848,663)Units outstanding at the end 13,276,261 9,730,029




4,798 3,347

Expenses (note 4) Management fees 2,304 1,603 Administrative fees 114 82

2,418 1,685 Net investment income (loss) 2,380 1,662 Net realized gain (loss) on sale of investments 52 57Net realized gain distributed by the underlying fund 1,109 -Net unrealized gain (loss) on investments 1,139 1,724

Increase (decrease) in net assets from operations 4,680 3,443 Increase (decrease) in net assets from operations per unit 0.41 0.41 Management Expense Ratio 2.22% 2.15%

ASTRA PIMCO BOND FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

19



$ $ INVESTMENTS (99.67%) PIMCO Canada Canadian CorePLUS Bond Trust 1,284,128 131,089 134,165


TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut BA MSE 03-16-2015 13.09Fin Fut BA MSE 09-15-2014 11.23Fin Fut BA MSE 12-15-2014 10.89Fin Fut BA MSE 06-16-2014 9.36Government of Canada, 1.50%, 08-01-2015 3.33Province of Ontario, 4.20%, 06-02-2020 2.16Province of Quebec, 4.25%, 12-01-2021 2.06Province of Ontario, 4.40%, 03-08-2016 2.01Province of Quebec, 4.50%, 12-01-2020 2.01Government of Canada, 4.00%, 06-01-2041 1.77Mexico, 10.00%, 12-05-2024 1.67Province of Ontario, 4.00%, 06-02-2021 1.65Province of Quebec, 4.50%, 12-01-2018 1.57Government of Canada, 1.50%, 12-01-2044 RR 1.56Hydro-Québec, 11.00%, 08-15-2020 1.56Government of Canada, 5.00%, 06-01-2037 1.32Province of Quebec, 4.50%, 12-01-2017 1.32Province of Ontario, 6.20%, 06-02-2031 1.31Canada Post, 4.36%, 07-16-2040 1.24Royal Bank of Canada, 3.77%, 03-30-2018 1.23Canada Housing Trust No 1, 2.65%, 03-15-2022 1.02Province of Quebec, 3.30%, 12-01-2013 RR 0.94Canada Post, 4.08%, 07-16-2025 0.87Kommunalbanken, 3,74%, 05-27-2021 0.81Canada Housing Trust No 1, 3.80%, 06-15-2021 0.75

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

20


The ASTRA PIMCO Bond Fund is a segregated fund that invests exclusively in the underlying fund called PIMCO Canada Canadian CorePLUS Bond Trust. The ASTRA PIMCO Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by PIMCO Canada Trust. The manager's investment strategy favours an approach based on diversification of sources for adding value while minimizing the risk of the portfolio.






ASTRA BOND INDEX FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

21



60,553 56,969

Liabilities Bank overdraft - -Accounts payable 3 75

3 75Net Assets 60,550 56,894




Capital units transactions Proceeds from issue of units 25,716 23,076 Reinvestment of distributions 491 1,649 Redemption of units (23,198) (20,020)

3,009 4,705 Distributions to unitholders Net investment income (491) (1,059)Net realized gain on sale of investments - (590)

(491) (1,649)Increase (decrease) in net assets from operations 1,138 3,889 Net assets - End of year 60,550 56,894 Changes in number of units Units outstanding at the beginning 5,179,196 4,741,778 Units issued 2,386,056 2,307,135 Units redeemed (2,097,997) (1,869,717)Units outstanding at the end 5,467,255 5,179,196



$ $ Income Interest 1 -Distribution from the underlying fund 2,366 2,147Management fee distribution received - -

2,367 2,147


1,337 1,088Net investment income (loss) 1,030 1,059 Net realized gain (loss) on sale of investments 629 374Net realized gain distributed by the underlying fund 443 332Net unrealized gain (loss) on investments (964) 2,124

Increase (decrease) in net assets from operations 1,138 3,889 Increase (decrease) in net assets from operations per unit 0.19 0.78 Management Expense Ratio 2.06% 2.05%

ASTRA BOND INDEX FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

22



$ $ INVESTMENTS (99.82%) BlackRock Canada Universe Bond Index Fund - Class D 2,566,895 57,781 60,440


TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund - Class D %Government of Canada, 4.00%, 06-01-2041 1.52Government of Canada, 5.00%, 06-01-2037 1.46Government of Canada, 3.75%, 06-01-2019 1.42Government of Canada, 5.75%, 06-01-2033 1.33Government of Canada, 5.75%, 06-01-2029 1.22Government of Canada, 2.00%, 12-01-2014 1.22Government of Canada, 3.50%, 06-01-2020 1.17Government of Canada, 3.00%, 06-01-2014 1.11Government of Canada, 2.25%, 08-01-2014 1.10Canada Housing Trust No 1, 2.75%, 06-15-2016 1.10Government of Canada, 3.25%, 06-01-2021 0.98Government of Canada, 3.00%, 12-01-2015 0.95Province of Ontario, 4.65%, 06-02-2041 0.95Government of Canada, 2.75%, 06-01-2022 0.94Province of Ontario, 3.15%, 06-02-2022 0.94Government of Canada, 1.00%, 02-01-2015 0.90Government of Canada, 4.25%, 06-01-2018 0.89Canada Housing Trust No 1, 1.85%, 12-15-2016 0.88Government of Canada, 4.00%, 06-01-2017 0.86Canada Housing Trust No 1, 2.05%, 06-15-2017 0.86Province of Ontario, 4.00%, 06-02-2021 0.85Government of Canada, 2.50%, 06-01-2015 0.84Province of Ontario, 4.20%, 06-02-2020 0.81Government of Canada, 2.75%, 09-01-2016 0.79Government of Canada, 4.00%, 06-01-2016 0.77

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

23


The ASTRA Bond Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canada Universe Bond Index Fund - Class D. The ASTRA Bond Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the DEX Universe Bond Index.






ASTRA CONSERVATIVE STRATEGY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

24


$ $Assets Investments, at fair value 87,358 70,583Cash 1,312 113Receivables 44 37

88,714 70,733


- 254Net Assets 88,714 70,479





15,422 14,735 Distributions to unitholders Net investment income - (709)Net realized gain on sale of investments - (1,226)Return of Capital - (282)

- (2,217)Increase (decrease) in net assets from operations 2,813 (531)Net assets - End of year 88,714 70,479Changes in number of units Units outstanding at the beginning 6,880,380 5,487,047 Units issued 3,145,248 2,856,157 Units redeemed (1,665,416) (1,462,824)Units outstanding at the end 8,360,212 6,880,380

DISTRIBUTIONS ($/unit) 2012 2011Net investment income - 0.11 Net realized gain on sale of investments - 0.18 Return of Capital - 0.04


$ $ Income Interest 1 -Distribution from the underlying fund 1,915 2,304Management fee distribution received 640 -

2,556 2,304


1,981 1,595 Net investment income (loss) 575 709Net realized gain (loss) on sale of investments 327 333Net realized gain distributed by the underlying fund 1,014 1,044Net unrealized gain (loss) on investments 897 (2,617)

Increase (decrease) in net assets from operations 2,813 (531)Increase (decrease) in net assets from operations per unit 0.37 (0.09)Management Expense Ratio 2.48% 2.47%

ASTRA CONSERVATIVE STRATEGY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

25



% $ $ INVESTMENTS (98.47%) ASTRA Fiera Capital Bond Fund 31.92 2,591,368 28,802 28,318 ASTRA AlphaFixe Bond Fund 31.91 2,664,386 28,402 28,312 Greystone Canadian Equity Fund 12.35 495,846 10,338 10,955 Jarislowsky Fraser Canadian Equity Fund 12.40 349,690 11,102 10,996 ASTRA Hillsdale U.S. Equity Fund, Class B 2.96 257,407 2,612 2,626 ASTRA Carnegie International Equity Fund 2.97 286,070 2,343 2,639 Hexavest World Fund 3.96 3,634 3,535 3,512


OTHER NET ASSETS (1.53%) 1,356 TOTAL NET ASSETS (100%) 88,714

TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the table on the next page.

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

26


The ASTRA Conservative Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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

Bonds (65%) Funds ManagersASTRA Fiera Capital Bond Fund (page 12) Fiera Capital

ASTRA AlphaFixe Bond Fund (page 48) AlphaFixe Capital

Canadian Equities (25%) Funds ManagersGreystone Canadian Equity Fund (page 48)

Greystone Managed Investments

Jarislowsky Fraser Canadian Equity Fund (page 48) Jarislowsky Fraser Ltd.

Foreign Equities (10%) Funds ManagersASTRA Hillsdale U.S. Equity Fund, Class B (page 48)

Hillsdale Investment Management

ASTRA Carnegie International Equity Fund (page 119) Carnegie Asset Management

Hexavest World Fund (page 48) Hexavest Asset Management






ASTRA BALANCED STRATEGY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

27


$ $Assets Investments, at fair value 230,851 204,314 Cash 1,404 408Receivables 140 90

232,395 204,812


- -Net Assets 232,395 204,812




Capital units transactions Proceeds from issue of units 59,406 57,007Reinvestment of distributions - 3,135 Redemption of units (42,335) (46,634)

17,071 13,508Distributions to unitholders Net investment income - (1,035)Net realized gain on sale of investments - (2,100)

- (3,135)Increase (decrease) in net assets from operations 10,512 (4,648)Net assets - End of year 232,395 204,812 Changes in number of units Units outstanding at the beginning 21,425,991 20,061,804 Units issued 6,032,819 6,126,856 Units redeemed (4,312,024) (4,762,669)Units outstanding at the end 23,146,786 21,425,991



$ $ Income Interest 2 1Distribution from the underlying fund 4,338 3,845 Management fee distribution received 2,392 2,293

6,732 6,139


5,378 5,104 Net investment income (loss) 1,354 1,035 Net realized gain (loss) on sale of investments (240) 761Net realized gain distributed by the underlying fund 3,077 1,339 Net unrealized gain (loss) on investments 6,321 (7,783)

Increase (decrease) in net assets from operations 10,512 (4,648)Increase (decrease) in net assets from operations per unit 0.48 (0.22)Management Expense Ratio 2.53% 2.52%

ASTRA BALANCED STRATEGY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

28



% $ $ INVESTMENTS (99.34%) ASTRA Fiera Capital Bond Fund 22.26 4,734,132 49,412 51,734 ASTRA AlphaFixe Bond Fund 22.26 4,867,859 49,351 51,726 Greystone Canadian Equity Fund 17.42 1,831,742 43,815 40,471 Jarislowsky Fraser Canadian Equity Fund 17.47 1,291,432 38,488 40,610 ASTRA Hillsdale U.S. Equity Fund, Class B 5.96 1,357,804 13,791 13,850 ASTRA Carnegie International Equity Fund 5.99 1,509,448 12,812 13,925 Hexavest World Fund 7.98 19,183 19,021 18,535


OTHER NET ASSETS (0.66%) 1,544 TOTAL NET ASSETS (100%) 232,395



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

29


The ASTRA Balanced Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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















ASTRA GROWTH STRATEGY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

30



61,532 55,466


- 129Net Assets 61,532 55,337




Capital units transactions Proceeds from issue of units 12,313 15,586 Reinvestment of distributions - 414Redemption of units (9,416) (11,620)

2,897 4,380 Distributions to unitholders Net investment income - (129)Net realized gain on sale of investments - (285)

- (414)Increase (decrease) in net assets from operations 3,298 (2,876)Net assets - End of year 61,532 55,337Changes in number of units Units outstanding at the beginning 5,423,081 5,022,653 Units issued 1,173,138 1,494,552 Units redeemed (895,880) (1,094,124)Units outstanding at the end 5,700,339 5,423,081



$ $ Income Interest 1 -Distribution from the underlying fund 1,273 1,079 Management fee distribution received 495 483

1,769 1,562


1,483 1,433 Net investment income (loss) 286 129Net realized gain (loss) on sale of investments (87) 200Net realized gain distributed by the underlying fund 915 279Net unrealized gain (loss) on investments 2,184 (3,484)


ASTRA GROWTH STRATEGY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

31



% $ $ INVESTMENTS (99.87%) ASTRA Fiera Capital Bond Fund 14.91 839,101 8,760 9,170 ASTRA AlphaFixe Bond Fund 14.90 862,717 8,748 9,167 Greystone Canadian Equity Fund 22.48 626,158 14,351 13,834 Jarislowsky Fraser Canadian Equity Fund 22.57 441,587 14,232 13,886 ASTRA Hillsdale U.S. Equity Fund, Class B 7.48 451,440 4,578 4,605 ASTRA Carnegie International Equity Fund 7.52 501,786 4,208 4,629 Hexavest World Fund 10.01 6,375 6,324 6,160





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

32


The Astra Growth Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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















ASTRA AGGRESSIVE STRATEGY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

33


$ $Assets Investments, at fair value 14,360 13,328Cash - 46Receivables 9 7

14,369 13,381

Liabilities Bank overdraft 2 -Accounts payable - 30

2 30Net Assets 14,367 13,351





172 2,032 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - (48)

- (48)Increase (decrease) in net assets from operations 844 (895)Net assets - End of year 14,367 13,351Changes in number of units Units outstanding at the beginning 1,492,263 1,279,411 Units issued 300,873 414,114 Units redeemed (282,789) (201,262)Units outstanding at the end 1,510,347 1,492,263

DISTRIBUTIONS ($/unit) 2012 2011Net investment income - -Net realized gain on sale of investments - 0.03


$ $ Income Interest - -Distribution from the underlying fund 273 224Management fee distribution received 122 104

395 328


373 348Net investment income (loss) 22 (20)Net realized gain (loss) on sale of investments 32 46Net realized gain distributed by the underlying fund 186 22Net unrealized gain (loss) on investments 604 (943)

Increase (decrease) in net assets from operations 844 (895)Increase (decrease) in net assets from operations per unit 0.56 (0.64)Management Expense Ratio 2.69% 2.68%

ASTRA AGGRESSIVE STRATEGY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

34



% $ $ INVESTMENTS (99.95%) ASTRA Fiera Capital Bond Fund 9.93 130,533 1,368 1,426 ASTRA AlphaFixe Bond Fund 9.93 134,206 1,367 1,426 Greystone Canadian Equity Fund 17.48 113,669 2,630 2,512Jarislowsky Fraser Canadian Equity Fund 17.55 80,155 2,552 2,521 Sceptre Pooled Investment Fund - Small Capitalization Section 4.97 5,047 584 714 ASTRA Hillsdale U.S. Equity Fund, Class B 10.48 147,560 1,497 1,505 ASTRA Carnegie International Equity Fund 10.53 163,962 1,316 1,513 Hexavest World Fund 14.00 2,083 2,051 2,012 ASTRA Emerging Markets Fundamental Equity Fund 5.08 68,915 740 731





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

35


The ASTRA Aggressive Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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






Sceptre Pooled Investment Fund - Small Capitalization Section (page 48)

Fiera Capital





ASTRA Emerging Markets Fundamental Equity Fund (page 143)

BlackRock Asset Management






ASTRA CELESTIA CONSERVATIVE FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

36



28,973 15,694


522 97Net Assets 28,451 15,597




Capital units transactions Proceeds from issue of units 15,601 7,966Reinvestment of distributions - 458Redemption of units (3,675) (2,427)

11,926 5,997Distributions to unitholders Net investment income - (137)Net realized gain on sale of investments - (321)

- (458)Increase (decrease) in net assets from operations 928 56Net assets - End of year 28,451 15,597 Changes in number of units Units outstanding at the beginning 1,561,655 975,584 Units issued 1,527,895 822,818 Units redeemed (359,736) (236,747)Units outstanding at the end 2,729,814 1,561,655




790 460


536 323Net investment income (loss) 254 137Net realized gain (loss) on sale of investments 321 161Net realized gain distributed by the underlying fund 294 209Net unrealized gain (loss) on investments 59 (450)Transaction costs - (1)


ASTRA CELESTIA CONSERVATIVE FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

37



% $ $ INVESTMENTS (99.80%) ASTRA Fiera Capital Bond Fund 29.82 776,416 8,637 8,484PIMCO Canada Canadian CorePLUS Bond Trust 29.85 81,290 8,591 8,493 Greystone Canadian Equity Fund 5.00 64,397 1,432 1,423 Jarislowsky Fraser Canadian Equity Fund 5.01 45,392 1,428 1,427 Sceptre Pooled Investment Fund - Small Capitalization Section 1.99 4,005 517 567 ASTRA Hillsdale U.S. Equity Fund, Class B 4.49 125,302 1,273 1,278 ASTRA Carnegie International Equity Fund 4.51 139,023 1,131 1,283 Hexavest World Fund 5.01 1,475 1,441 1,425 ASTRA Emerging Markets Fundamental Equity Fund 2.04 54,568 574 579 ASTRA CoreCommodity Management Commodity Fund, Class A 3.96 127,351 1,242 1,126 ASTRA Morgan Stanley Global Real Estate Fund 4.11 108,861 1,056 1,169 Lazard Global Listed Infrastructure (Canada) Fund 4.01 112,169 1,047 1,140





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

38


The ASTRA Celestia Conservative Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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


PIMCO Canada Canadian CorePLUS Bond Trust (page 48) PIMCO Canada





Fiera Capital





ASTRA Emerging Markets Fundamental Equity Fund (page 143)


Specialty Funds (12%)Funds ManagersASTRA CoreCommodity Management Commodity Fund, Class A (page 155)

CoreCommodity Management

ASTRA Morgan Stanley Global Real Estate Fund (page 152)

Morgan Stanley Investment Management

Lazard Global Listed Infrastructure (Canada) Fund (page 48) Lazard Asset Management






ASTRA CELESTIA BALANCED FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

39



56,703 39,641


366 246Net Assets 56,337 39,395






- (793)Increase (decrease) in net assets from operations 2,684 (1,022)Net assets - End of year 56,337 39,395Changes in number of units Units outstanding at the beginning 4,148,705 2,933,371 Units issued 2,133,742 2,109,373 Units redeemed (676,318) (894,039)Units outstanding at the end 5,606,129 4,148,705



$ $ Income Interest 1 -Distribution from the underlying fund 1,149 782Management fee distribution received 459 263

1,609 1,045

Expenses (note 4) Management fees 1,219 882Administrative fees 48 35

1,267 917Net investment income (loss) 342 128Net realized gain (loss) on sale of investments 138 604Net realized gain distributed by the underlying fund 596 96Net unrealized gain (loss) on investments 1,608 (1,845)Transaction costs - (5)


ASTRA CELESTIA BALANCED FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

40



% $ $ INVESTMENTS (100.11%) ASTRA Fiera Capital Bond Fund 19.91 1,026,481 10,942 11,217 PIMCO Canada Canadian CorePLUS Bond Trust 19.93 107,476 11,083 11,229 Greystone Canadian Equity Fund 8.01 204,287 4,599 4,513Jarislowsky Fraser Canadian Equity Fund 8.04 144,054 4,552 4,530 Sceptre Pooled Investment Fund - Small Capitalization Section 4.99 19,850 2,534 2,809 ASTRA Hillsdale U.S. Equity Fund, Class B 6.50 358,974 3,646 3,662 ASTRA Carnegie International Equity Fund 6.53 398,897 3,204 3,680 Hexavest World Fund 8.02 4,679 4,577 4,521 ASTRA Emerging Markets Fundamental Equity Fund 3.06 162,399 1,728 1,723 ASTRA CoreCommodity Management Commodity Fund, Class A 4.95 315,548 3,162 2,790 ASTRA Morgan Stanley Global Real Estate Fund 5.15 269,963 2,596 2,899 Lazard Global Listed Infrastructure (Canada) Fund 5.02 278,115 2,566 2,827


OTHER NET ASSETS (-0.11%) (63)TOTAL NET ASSETS (100%) 56,337



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

41


The Astra Celestia Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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







Fiera Capital




Hexavest World Fund (page 48) Hexavest Asset Management ASTRA Emerging Markets Fundamental Equity Fund (page 143)












ASTRA CELESTIA GROWTH FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

42



26,450 18,452


- 54Net Assets 26,450 18,398






- (360)Increase (decrease) in net assets from operations 1,430 (831)Net assets - End of year 26,450 18,398Changes in number of units Units outstanding at the beginning 1,951,724 1,220,178 Units issued 972,159 922,637 Units redeemed (291,656) (191,091)Units outstanding at the end 2,632,227 1,951,724




738 438


603 410Net investment income (loss) 135 28Net realized gain (loss) on sale of investments 114 342Net realized gain distributed by the underlying fund 272 21Net unrealized gain (loss) on investments 909 (1,219)Transaction costs - (3)


ASTRA CELESTIA GROWTH FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

43



% $ $ INVESTMENTS (99.77%) ASTRA Fiera Capital Bond Fund 12.39 299,906 3,195 3,277 PIMCO Canada Canadian CorePLUS Bond Trust 12.40 31,398 3,232 3,280 Greystone Canadian Equity Fund 8.97 107,405 2,371 2,373 Jarislowsky Fraser Canadian Equity Fund 9.00 75,703 2,363 2,381 Sceptre Pooled Investment Fund - Small Capitalization Section 5.95 11,129 1,375 1,575 ASTRA Hillsdale U.S. Equity Fund, Class B 7.96 206,382 2,098 2,105 ASTRA Carnegie International Equity Fund 8.00 229,331 1,825 2,116 Hexavest World Fund 9.98 2,733 2,674 2,640 ASTRA Emerging Markets Fundamental Equity Fund 4.06 101,113 1,075 1,073 ASTRA CoreCommodity Management Commodity Fund, Class A 6.90 206,462 2,065 1,826ASTRA Morgan Stanley Global Real Estate Fund 7.17 176,616 1,698 1,896 Lazard Global Listed Infrastructure (Canada) Fund 6.99 181,831 1,656 1,848





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

44


The ASTRA Celestia Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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







Fiera Capital
















ASTRA CELESTIA AGGRESSIVE FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

45



20,815 15,945


- 109Net Assets 20,815 15,836





3,652 6,566Distributions to unitholders Net investment income - -Net realized gain on sale of investments - (352)

- (352)Increase (decrease) in net assets from operations 1,327 (972)Net assets - End of year 20,815 15,836Changes in number of units Units outstanding at the beginning 1,770,087 1,083,091 Units issued 656,517 872,157 Units redeemed (262,458) (185,161)Units outstanding at the end 2,164,146 1,770,087




587 355


521 364Net investment income (loss) 66 (9)Net realized gain (loss) on sale of investments 91 359Net realized gain distributed by the underlying fund 208 40Net unrealized gain (loss) on investments 962 (1,359)Transaction costs - (3)


ASTRA CELESTIA AGGRESSIVE FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

46



% $ $ INVESTMENTS (99.28%) ASTRA Fiera Capital Bond Fund 4.92 93,769 993 1,025 PIMCO Canada Canadian CorePLUS Bond Trust 4.93 9,816 1,006 1,026 Greystone Canadian Equity Fund 9.90 93,295 2,066 2,061 Jarislowsky Fraser Canadian Equity Fund 9.94 65,789 2,055 2,069 Sceptre Pooled Investment Fund - Small Capitalization Section 6.90 10,152 1,244 1,436 ASTRA Hillsdale U.S. Equity Fund, Class B 9.39 191,682 1,945 1,955 ASTRA Carnegie International Equity Fund 9.44 212,976 1,675 1,965 Hexavest World Fund 11.90 2,564 2,508 2,477 ASTRA Emerging Markets Fundamental Equity Fund 5.05 98,927 1,057 1,050 ASTRA CoreCommodity Management Commodity Fund, Class A 8.82 207,541 2,099 1,835 ASTRA Morgan Stanley Global Real Estate Fund 9.16 177,634 1,695 1,907 Lazard Global Listed Infrastructure (Canada) Fund 8.93 182,895 1,647 1,859





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

47


The ASTRA Celestia Aggressive Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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







Fiera Capital
















ASTRA STRATEGY & CELESTIA FUNDSTOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2012

48

TOP HOLDINGS OF UNDERLYING FUND ASTRA Hillsdale U.S. Equity Fund, Class B %Eli Lilly & Co. 1.25Capitol Federal Financial Inc. 1.20PepsiCo Inc. 0.94General Mills Inc. 0.93Johnson & Johnson 0.89

TOP HOLDINGS OF UNDERLYING FUND ASTRA AlphaFixe Bond Fund %Bâtirente AlphaFixe Bond Fund 100.00

TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 7.77Bank of Nova Scotia 5.68Suncor Energy Inc. 5.00Bank of Montreal 4.91Enbridge Inc. 3.89

TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund %Microsoft Corp. 2.16Johnson & Johnson 2.02AT&T Inc. 1.82Wal-Mart Stores Inc. 1.64Exxon Mobil Corp. 1.52

TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %Royal Bank of Canada 6.58The Toronto-Dominion Bank 6.51Bank of Nova Scotia 5.51Metro Inc., Class A 3.97Canadian National Railway Company 3.57

TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.59Fraport AG 7.53Societa Iniziative Auto e Servizi SpA 5.60Abertis Infraestructuras SA 5.46CSX Corp. 4.84

TOP HOLDINGS OF UNDERLYING FUND PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut BA MSE 03-16-2015 13.09Fin Fut BA MSE 09-15-2014 11.23Fin Fut BA MSE 12-15-2014 10.89Fin Fut BA MSE 06-16-2014 9.36Government of Canada, 1.50%, 08-01-2015 3.33

TOP HOLDINGS OF UNDERLYING FUND Sceptre Pooled Investment Fund - Small Capitalization Section %Constellation Software Inc. 3.49Dundee Precious Metals Inc. 3.18Linamar Corp. 3.16Whitecap Resources Inc. 2.57Stantec Inc. 2.51

ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

49



16,697 12,198


67 117Net Assets 16,630 12,081





4,005 4,485Distributions to unitholders Net investment income (22) (66)Net realized gain on sale of investments - (27)

(22) (93)Increase (decrease) in net assets from operations 566 58Net assets - End of year 16,630 12,081Changes in number of units Units outstanding at the beginning 1,147,811 722,838 Units issued 700,332 619,532 Units redeemed (324,006) (194,559)Units outstanding at the end 1,524,137 1,147,811




510 305


392 239Net investment income (loss) 118 66Net realized gain (loss) on sale of investments 133 36Net realized gain distributed by the underlying fund 76 47Net unrealized gain (loss) on investments 239 (91)


ASTRA CONSERVATIVE FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

50



% $ $ INVESTMENTS (100.02%) ASTRA Canadian Fundamental Equity Fund 13.06 206,329 2,142 2,172 ASTRA U.S. Fundamental Equity Fund 7.95 115,535 1,306 1,322 ASTRA International Fundamental Equity Fund 8.22 161,526 1,330 1,368ASTRA Emerging Markets Fundamental Equity Fund 6.12 95,863 1,014 1,017 BlackRock Canada Universe Bond Index Fund - Class D 64.67 456,769 10,390 10,755





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

51


The ASTRA Conservative Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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

Bonds (65%) Funds Manager BlackRock Canada Universe Bond Index Fund - Class D (page 61) BlackRock Asset Management

Canadian Equities (13%) Funds Manager ASTRA Canadian Fundamental Equity (page 93) BlackRock Asset Management

Foreign Equities (22%)Funds Manager ASTRA U.S. Fundamental Equity (page 110)

BlackRock Asset Management ASTRA International Fundamental Equity (page 123) ASTRA Emerging Markets Fundamental Equity (page 143)






ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

52



37,594 29,914


- 273Net Assets 37,594 29,641




Capital units transactions Proceeds from issue of units 13,078 16,356Reinvestment of distributions 15 80Redemption of units (7,086) (3,211)

6,007 13,225Distributions to unitholders Net investment income (15) -Net realized gain on sale of investments - (80)

(15) (80)Increase (decrease) in net assets from operations 1,961 (1,072)Net assets - End of year 37,594 29,641Changes in number of units Units outstanding at the beginning 2,930,706 1,662,909 Units issued 1,271,723 1,577,740 Units redeemed (683,250) (309,943)Units outstanding at the end 3,519,179 2,930,706

DISTRIBUTIONS ($/unit) 2012 2011Net investment income 0.01 -Net realized gain on sale of investments - 0.03



1,067 571


868 628Net investment income (loss) 199 (57)Net realized gain (loss) on sale of investments 305 69Net realized gain distributed by the underlying fund 151 81Net unrealized gain (loss) on investments 1,306 (1,165)


ASTRA BALANCED FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

53



% $ $ INVESTMENTS (99.52%) ASTRA Canadian Fundamental Equity Fund 21.91 782,366 8,122 8,237 ASTRA U.S. Fundamental Equity Fund 13.78 452,870 5,120 5,181 ASTRA International Fundamental Equity Fund 14.26 633,196 5,210 5,360ASTRA Emerging Markets Fundamental Equity Fund 10.11 358,162 3,791 3,801 BlackRock Canada Universe Bond Index Fund - Class D 39.46 629,993 14,183 14,834





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

54


The ASTRA Balanced Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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










ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

55


$ $Assets Investments, at fair value 19,717 16,883Cash - 255Receivables 7 9

19,724 17,147


7 197Net Assets 19,717 16,950






- (112)Increase (decrease) in net assets from operations 1,140 (910)Net assets - End of year 19,717 16,950 Changes in number of units Units outstanding at the beginning 1,712,859 1,189,308 Units issued 566,405 899,824 Units redeemed (406,075) (376,273)Units outstanding at the end 1,873,189 1,712,859




574 402


500 411Net investment income (loss) 74 (9)Net realized gain (loss) on sale of investments 289 103Net realized gain distributed by the underlying fund 77 68Net unrealized gain (loss) on investments 700 (1,072)


ASTRA GROWTH FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

56



% $ $ INVESTMENTS (100.00%) ASTRA Canadian Fundamental Equity Fund 25.99 486,671 5,079 5,124 ASTRA U.S. Fundamental Equity Fund 16.80 289,483 3,282 3,312 ASTRA International Fundamental Equity Fund 17.38 404,753 3,363 3,427 ASTRA Emerging Markets Fundamental Equity Fund 10.14 188,503 2,010 2,000 BlackRock Canada Universe Bond Index Fund - Class D 29.69 248,639 5,621 5,854


OTHER NET ASSETS (-) -TOTAL NET ASSETS (100%) 19,717



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

57


The ASTRA Growth Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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










ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

58



15,441 10,934


- 36Net Assets 15,441 10,898






- (35)Increase (decrease) in net assets from operations 905 (775)Net assets - End of year 15,441 10,898Changes in number of units Units outstanding at the beginning 1,117,487 640,684 Units issued 686,820 611,033 Units redeemed (328,795) (134,230)Units outstanding at the end 1,475,512 1,117,487




395 222


355 243Net investment income (loss) 40 (21)Net realized gain (loss) on sale of investments 96 29Net realized gain distributed by the underlying fund 49 40Net unrealized gain (loss) on investments 720 (823)


ASTRA AGGRESSIVE FUNDAMENTAL PORTFOLIO FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

59



% $ $ INVESTMENTS (99.73%) ASTRA Canadian Fundamental Equity Fund 27.87 408,703 4,247 4,303 ASTRA U.S. Fundamental Equity Fund 19.67 265,566 3,009 3,038 ASTRA International Fundamental Equity Fund 20.36 371,407 3,053 3,144 ASTRA Emerging Markets Fundamental Equity Fund 12.12 176,360 1,861 1,872BlackRock Canada Universe Bond Index Fund - Class D 19.71 129,252 2,946 3,043





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

60


The ASTRA Aggressive Fundamental Portfolio is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by external managers.

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










ASTRA FUNDS FUNDAMENTAL PORTFOLIOSTOP HOLDINGS OF UNDERLYING FUNDS As at December 31, 2012

61

TOP HOLDINGS OF UNDERLYING FUND BlackRock Canada Universe Bond Index Fund - Class D %Government of Canada, 4.00%, 06-01-2041 1.52Government of Canada, 5.00%, 06-01-2037 1.46Government of Canada, 3.75%, 06-01-2019 1.42Government of Canada, 5.75%, 06-01-2033 1.33Government of Canada, 5.75%, 06-01-2029 1.22Government of Canada, 2.00%, 12-01-2014 1.22Government of Canada, 3.50%, 06-01-2020 1.17Government of Canada, 3.00%, 06-01-2014 1.11Government of Canada, 2.25%, 08-01-2014 1.10Canada Housing Trust No 1, 2.75%, 06-15-2016 1.10Government of Canada, 3.25%, 06-01-2021 0.98Government of Canada, 3.00%, 12-01-2015 0.95Province of Ontario, 4.65%, 06-02-2041 0.95Government of Canada, 2.75%, 06-01-2022 0.94Province of Ontario, 3.15%, 06-02-2022 0.94Government of Canada, 1.00%, 02-01-2015 0.90Government of Canada, 4.25%, 06-01-2018 0.89Canada Housing Trust No 1, 1.85%, 12-15-2016 0.88Government of Canada, 4.00%, 06-01-2017 0.86Canada Housing Trust No 1, 2.05%, 06-15-2017 0.86Province of Ontario, 4.00%, 06-02-2021 0.85Government of Canada, 2.50%, 06-01-2015 0.84Province of Ontario, 4.20%, 06-02-2020 0.81Government of Canada, 2.75%, 09-01-2016 0.79Government of Canada, 4.00%, 06-01-2016 0.77

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

62


$ $Assets Investments, at fair value 4,097 772Cash 2 48Receivables 2 -

4,101 820


- 31Net Assets 4,101 789

Net asset value per unit 8.57 9.22 Investments, at cost 4,556 826


$ $Net assets - Beginning of year 789 -

Capital units transactions Proceeds from issue of units 4,409 885Reinvestment of distributions - 7Redemption of units (681) (51)

3,728 841Distributions to unitholders Net investment income - (3)Net realized gain on sale of investments - (4)

- (7)Increase (decrease) in net assets from operations (416) (45)Net assets - End of year 4,101 789Changes in number of units Units outstanding at the beginning 85,632 -Units issued 469,403 90,632 Units redeemed (76,363) (5,000)Units outstanding at the end 478,672 85,632



$ $ Income Interest - -Distribution from the underlying fund 19 5Management fee distribution received 27 -

46 5

Expenses (note 4) Management fees 68 2Administrative fees 3 -

71 2Net investment income (loss) (25) 3Net realized gain (loss) on sale of investments (7) -Net realized gain distributed by the underlying fund 21 6Net unrealized gain (loss) on investments (405) (54)

Increase (decrease) in net assets from operations (416) (45)Increase (decrease) in net assets from operations per unit (1.18) (0.77)Management Expense Ratio 3.42% 3.36%

ASTRA SPROTT / FIERA CAPITAL CANADIAN BALANCED FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

63



% $ $ INVESTMENTS (99.90%) ASTRA Fiera Capital Bond Fund 40.75 152,947 1,682 1,671 Sprott Canadian Equity Fund 46.82 61,373 2,325 1,920 Sprott Small Cap Equity Fund 12.33 45,644 549 506



TOP HOLDINGS OF UNDERLYING FUND ASTRA Fiera Capital Bond Fund

Please refer to the page 12.

TOP HOLDINGS OF UNDERLYING FUND Sprott Canadian Equity Fund %Silver Bullion 34.30First Majestic Silver Corp. 3.60Silver Lake Resources Ltd. 2.50Gold Bullion 2.30Aurcana Corp. 2.10

TOP HOLDINGS OF UNDERLYING FUND Sprott Small Cap Equity Fund %Home Capital Group Inc. 5.20Amaya Gaming Group Inc. 4.00Wi-LAN Inc. 3.80Mandalay Resource Company 3.70Mart Resources Inc. 3.10

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

64


The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is a segregated fund that invests exclusively in the underlying funds called ASTRA Fiera Capital Bond Fund, Sprott Canadian Equity Fund and Sprott Small Cap Equity Fund. The ASTRA Sprott / Fiera Capital Canadian Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital and Sprott Asset Management LP. The managers’ investment strategy favours underlying funds that contain fixed income securities, Canadian equities and small-cap equities. The fund’s assets are made up approximately 40% fixed-income securities and 60% equity securities.




2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 772 - - 772Derivative Products - - - -MoneyMarket - - - -Total 772 - - 772


ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

65



45,331 37,981

Liabilities Bank overdraft - -Accounts payable - 2,545

- 2,545 Net Assets 45,331 35,436






- (1,058)Increase (decrease) in net assets from operations 973 (1,681)Net assets - End of year 45,331 35,436 Changes in number of units Units outstanding at the beginning 3,617,941 637,412 Units issued 1,883,712 3,439,498 Units redeemed (974,814) (458,969)Units outstanding at the end 4,526,839 3,617,941



$ $ Income Interest - -Distribution from the underlying fund 1,535 793Management fee distribution received - -

1,535 793


1,145 560Net investment income (loss) 390 233Net realized gain (loss) on sale of investments (76) (13)Net realized gain distributed by the underlying fund - 838Net unrealized gain (loss) on investments 659 (2,739)

Increase (decrease) in net assets from operations 973 (1,681)Increase (decrease) in net assets from operations per unit 0.23 (0.83)Management Expense Ratio 2.69% 2.68%

ASTRA FIDELITY CANADIAN ASSET ALLOCATION FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

66



$ $ INVESTMENTS (99.31%) Fidelity Canadian Asset Allocation Fund 1,848,539 46,732 45,017


TOP HOLDINGS OF UNDERLYING FUND Fidelity Canadian Asset Allocation Fund %The Toronto-Dominion Bank 4.34Suncor Energy Inc. 2.84Enbridge Inc. 2.78Bank of Nova Scotia 2.74Royal Bank of Canada 2.26Cenovus Energy Inc. 1.93Shoppers Drug Mart Corp. 1.59BCE Inc. 1.50SPDR S&P 500 ETF Trust 1.40Bank of Montreal 1.26Brookfield Asset Management Inc., Class A 1.23Open Text Corp. 1.19Yamana Gold Inc. 1.17Rogers Communications Inc., Class B NV 1.04SPDR Gold Shares 1.04TELUS Corp. 1.01Alimentation Couche-Tard Inc., Class B 0.98Silver Wheaton Corp. 0.94Eldorado Gold Corp. 0.92Agrium Inc. 0.87Canadian Natural Resources Ltd. 0.87Province of Ontario, 4.20%, 06-02-2020 0.84Agnico-Eagle Mines Ltd. 0.82First Quantum Minerals Ltd. 0.81Crescent Point Energy Corp. 0.76

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

67


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.






ASTRA DYNAMIC POWER BALANCED FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

68


$ $Assets Investments, at fair value 5,371 1,220 Cash 107 153Receivables 4 -

5,482 1,373


60 140Net Assets 5,422 1,233



$ $Net assets - Beginning of year 1,233 -

Capital units transactions Proceeds from issue of units 4,752 1,303 Reinvestment of distributions - -Redemption of units (705) (51)

4,047 1,252 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations 142 (19)Net assets - End of year 5,422 1,233Changes in number of units Units outstanding at the beginning 128,586 -Units issued 487,070 134,030 Units redeemed (72,379) (5,444)Units outstanding at the end 543,277 128,586

DISTRIBUTIONS ($/unit) 2012 2011Net investment income - -Net realized gain on sale of investments - -



96 3


109 3Net investment income (loss) (13) -Net realized gain (loss) on sale of investments 1 -Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 154 (19)


ASTRA DYNAMIC POWER BALANCED FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

69



$ $ INVESTMENTS (99.06%) Dynamic Power Balanced Fund 526,048 5,236 5,371


TOP HOLDINGS OF UNDERLYING FUND Dynamic Power Balanced Fund %Athabasca Oil Corporation 3.72The Toronto-Dominion Bank 3.49Bank of Nova Scotia 3.33Royal Bank of Canada 2.88CBS Corporation, Class B NV 2.32Province of British Columbia, 3.70%, 12-18-2020 2.29Visa Inc., Class A 2.12Continental Gold Ltd. 2.07Dundee International REIT 2.06African Minerals Ltd., 8.50%, 02-24-2015 1.84Whitecap Resources Inc. 1.83Alimentation Couche-Tard Inc., Class B 1.74MasterCard Inc., Class A 1.73CIBC 1.71Pfizer Inc. 1.68Yum! Brands Inc. 1.64JPMorgan Chase & Co. 1.54Valeant Pharmaceuticals International Inc. 1.50Paramount Resources Ltd., Class A 1.45Microsoft Corp. 1.31United Rentals Inc. 1.31EMC Corp. 1.31Allergan Inc. 1.23Suncor Energy Inc. 1.20GoldCorp Inc. 1.14

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

70


The ASTRA Dynamic Power Balanced Fund is a segregated fund that invests exclusively in the underlying fund called Dynamic Power Balanced Fund. The ASTRA Dynamic Power Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Dynamic Funds. The manager's investment strategy favours a diversified portfolio of equities and fixed-income securities. Fund assets of these two components may vary from 40% to 60%. For the equities portion, the manager uses a fundamental analysis to assess the growth potential of these holdings. Assessment of the financial situation and management of each company, its business sector and the economy as a whole are analyzed.






ASTRA ACUITY HIGH INCOME FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

71


$ $Assets Investments, at fair value 86,629 93,974Cash - 1,507 Receivables 158 50

86,787 95,531

Liabilities Bank overdraft 186 -Accounts payable - 1,455

186 1,455 Net Assets 86,601 94,076




Capital units transactions Proceeds from issue of units 17,770 41,614 Reinvestment of distributions 2,723 2,265 Redemption of units (24,572) (15,102)

(4,079) 28,777 Distributions to unitholders Net investment income (660) (78)Net realized gain on sale of investments - -Return of Capital (2,957) (3,092)

(3,617) (3,170)Increase (decrease) in net assets from operations 221 (6,867)Net assets - End of year 86,601 94,076 Changes in number of units Units outstanding at the beginning 12,184,220 8,746,510 Units issued 2,706,656 5,279,360 Units redeemed (3,298,363) (1,841,650)Units outstanding at the end 11,592,513 12,184,220

DISTRIBUTIONS ($/unit) 2012 2011Net investment income 0.05 0.01 Net realized gain on sale of investments - -Return of Capital 0.25 0.29


$ $ Income Interest 1 1Distribution from the underlying fund 3,084 2,317Management fee distribution received - -

3,085 2,318


2,425 2,240 Net investment income (loss) 660 78Net realized gain (loss) on sale of investments (797) (44)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 358 (6,901)

Increase (decrease) in net assets from operations 221 (6,867)Increase (decrease) in net assets from operations per unit 0.02 (0.66)Management Expense Ratio 2.78% 2.73%

ASTRA ACUITY HIGH INCOME FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

72



$ $ INVESTMENTS (100.03%) Acuity Pooled High Income Fund 5,360,731 87,056 86,629


TOP HOLDINGS OF UNDERLYING FUND Acuity Pooled High Income Fund %The Toronto-Dominion Bank 4.36Royal Bank of Canada 4.30Bank of Nova Scotia 4.24Canadian Energy Services & Technology Corp. 2.84Cathedral Energy Services Ltd. 2.69Peabody Energy Corp. 2.43Suncor Energy Inc. 2.32Canada Housing Trust No 1, 1.85%, 12-15-2016 2.26Renegade Petroleum Ltd. 2.02Bank of Montreal 1.84Canadian Natural Resources Ltd. 1.76Antofagasta PLC 1.74Just Energy Group Inc., 6.00%, 06-30-2017 1.62CIBC 1.56Government of Canada, 5.00%, 06-01-2037 1.47Canadian National Railway Company 1.45US Bancorp 1.34GoldCorp Inc. 1.33Teck Resources Ltd., Class B 1.32Trilogy Energy Corp. 1.13JPMorgan Chase & Co. 1.12Magna International Inc. 1.11Wells Fargo & Co. 1.04Yamana Gold Inc. 1.03Government of Canada, 1.50%, 09-01-2017 1.02

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

73


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.






ASTRA UBS GLOBAL HIGH INCOME FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

74



22,649 14,660


- -Net Assets 22,649 14,660





7,106 458Distributions to unitholders Net investment income (159) -Net realized gain on sale of investments (7) (13)Return of Capital (730) (756)

(896) (769)Increase (decrease) in net assets from operations 1,779 (1,222)Net assets - End of year 22,649 14,660 Changes in number of units Units outstanding at the beginning 2,625,606 2,540,629 Units issued 1,881,232 646,351 Units redeemed (653,568) (561,374)Units outstanding at the end 3,853,270 2,625,606

DISTRIBUTIONS ($/unit) 2012 2011Net investment income 0.05 -Net realized gain on sale of investments 0.01 0.01 Return of Capital 0.24 0.29



657 408


498 440Net investment income (loss) 159 (32)Net realized gain (loss) on sale of investments 7 45Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 1,613 (1,235)


ASTRA UBS GLOBAL HIGH INCOME FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

75



$ $ INVESTMENTS (99.24%) UBS (Canada) Global Allocation Fund 2,698,572 21,678 22,476


TOP HOLDINGS OF UNDERLYING FUND UBS (Canada) Global Allocation Fund %German Democratic Republic, 1.50%, 04-15-2016 1.61Australian Government, 5.75%, 05-15-2021 1.61Novartis AG 1.14Nestlé SA 1.13BP 1.09UK treasury, 3.75%, 09-07-2021 1.09HSBC Holdings PLC 1.07Toyota Industries Corp. 0.93Budesrepublik Deutschland, 3.25%, 07-04-2021 0.87Imperial Tobacco 0.86Apple Inc. 0.82Rio Tinto PLC 0.81Vodafone Group 0.80SABMiller PLC 0.78Telenor 0.71Carrefour SA 0.70SAP AG 0.67Mitsubishi 0.67Sampo 0.65Total SA 0.65Shin-Etsu Chemical 0.65AIA Group Ltd. 0.65Deutsche Bank AG 0.63Jardine Matheson Holding 0.62Itochu Corp 0.62

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

76


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.






ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

77

NET ASSETS As at December 31 2012

$Assets Investments, at fair value 17,659 Cash -Receivables 9

17,668

Liabilities Bank overdraft 65Accounts payable -

65Net Assets 17,603

Net asset value per unit 11.08 Investments, at cost 16,331

CHANGES IN NET ASSETS Year ended December 31 2012

$Net assets - Beginning of year -

Capital units transactions Proceeds from issue of units 19,058 Reinvestment of distributions -Redemption of units (2,938)

16,120 Distributions to unitholders Net investment income -Net realized gain on sale of investments -

-Increase (decrease) in net assets from operations 1,483 Net assets - End of year 17,603 Changes in number of units Units outstanding at the beginning -Units issued 1,868,324 Units redeemed (279,734)Units outstanding at the end 1,588,590 DISTRIBUTIONS ($/unit) 2012Net investment income -Net realized gain on sale of investments -

OPERATIONS Year ended December 31 2012

$ Income Interest -Distribution from the underlying fund 339Management fee distribution received -

339

Expenses (note 4) Management fees 191Administrative fees 9

200Net investment income (loss) 139 Net realized gain (loss) on sale of investments 16Net realized gain distributed by the underlying fund -Net unrealized gain (loss) on investments 1,328 Increase (decrease) in net assets from operations 1,483 Increase (decrease) in net assets from operations per unit 1.07 Management Expense Ratio 2.54%

ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

78



$ $ INVESTMENTS (100.32%) Guardian Equity Income Fund 1,135,633 16,331 17,659


TOP HOLDINGS OF UNDERLYING FUND Guardian Equity Income Fund %Guardian Canadian Short-Term Investment Fund 5.10The Toronto-Dominion Bank 4.61Bank of Nova Scotia 4.14Canadian REIT 3.54TELUS Corp. 3.51Keyera Corp. 3.13Baytex Energy Corp. 3.13RioCan Real Estate Investment Trust 3.02AtlaGas Ltd. 3.02ARC Resources Ltd. 2.96Crescent Point Energy Corp. 2.94CIBC 2.75Shaw Communications Inc. 2.62Royal Bank of Canada 2.58Progressive Waste Solutions Ltd. 2.54Brookfield Renewable Energy Partners LP 2.53Cenovus Energy Inc. 2.50Manulife Financial Corporation 2.47Chartwell Seniors Housing Real Estate Investment Trust 2.32Peyto Exploration & Development Corp. 2.22Thomson Reuters Corp. 2.17Vermilion Energy Inc. 2.11BCE Inc. 2.09Cineplex Inc. 2.08Bonavista Energy Corp. 2.06

ASTRA GUARDIAN CANADIAN DIVIDEND EQUITY FUNDOTHER INFORMATION Year ended December 31 (in thousands of dollars)

79


The ASTRA Guardian Canadian Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Equity Income Fund. The ASTRA Guardian Canadian Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The manager's investment strategy favours a bottom-up management approach and a management style focused equally on growth and value. The manager’s also favours income trusts and reasonably priced high-return equities paying stable and predictable dividends.


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


During the year ended December 31, 2012, there was no transfer of financial instruments between Levels 1 and 2.

ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

80



199,054 213,871

Liabilities Bank overdraft - -Accounts payable 22 -

22 -Net Assets 199,032 213,871





(28,779) (8,575)Distributions to unitholders Net investment income - (160)Net realized gain on sale of investments - (2,161)

- (2,321)Increase (decrease) in net assets from operations 13,940 (18,987)Net assets - End of year 199,032 213,871Changes in number of units Units outstanding at the beginning 13,426,651 13,888,033 Units issued 2,047,304 3,240,486 Units redeemed (3,822,355) (3,701,868)Units outstanding at the end 11,651,600 13,426,651




6,266 6,051


5,259 5,891 Net investment income (loss) 1,007 160Net realized gain (loss) on sale of investments 196 1,855Net realized gain distributed by the underlying fund 8,797 361Net unrealized gain (loss) on investments 3,940 (21,363)


ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

81



$ $ INVESTMENTS (99.80%) Jarislowsky Fraser Canadian Equity Fund 6,316,666 197,329 198,633


TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %Royal Bank of Canada 6.58The Toronto-Dominion Bank 6.51Bank of Nova Scotia 5.51Metro Inc., Class A 3.97Canadian National Railway Company 3.57Suncor Energy Inc. 3.54Cenovus Energy Inc. 3.49Enbridge Inc. 3.43Potash Corporation of Saskatchewan Inc. 3.40SNC-Lavalin Group Inc. 3.37Canadian Natural Resources Ltd. 3.19Rogers Communications Inc., Class B 3.14Manulife Financial Corporation 2.72TransCanada Corp. 2.46Thomson Reuters Corp. 2.44Talisman Energy Inc. 2.27Shoppers Drug Mart Corp. 2.27Shaw Communications Inc., Class B 2.18Encana Corporation 2.18Great-West Lifeco Inc. 2.10BCE Inc. 2.07Canadian Tire Corp. Ltd., Class A 1.91Imperial Oil Ltd. 1.74West Fraser Timber Co. Ltd. 1.67Tim Hortons Inc. 1.57

ASTRA JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

82


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.






ASTRA TRIASIMA CANADIAN EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

83



106,816 44,069


- -Net Assets 106,816 44,069






- (451)Increase (decrease) in net assets from operations 4,976 (1,097)Net assets - End of year 106,816 44,069Changes in number of units Units outstanding at the beginning 4,155,227 950,636 Units issued 6,163,325 3,546,735 Units redeemed (935,181) (342,144)Units outstanding at the end 9,383,371 4,155,227



$ $ Income Interest 1 -Distribution from the underlying fund 668 212Management fee distribution received 1,497 384

2,166 596


1,909 488Net investment income (loss) 257 108Net realized gain (loss) on sale of investments 21 105Net realized gain distributed by the underlying fund - 260Net unrealized gain (loss) on investments 4,698 (1,570)


ASTRA TRIASIMA CANADIAN EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

84



$ $ INVESTMENTS (99.08%) Bâtirente Triasima Canadian Equity Fund 4,522,483 101,422 105,834


TOP HOLDINGS OF UNDERLYING FUND Bâtirente Triasima Canadian Equity Fund %Royal Bank of Canada 4.34Inter Pipeline Fund, Class A 3.34Alimentation Couche-Tard Inc., Class B 2.99Catamaran Corp. 2.57Enbridge Inc. 2.51Parkland Fuel Corp. 2.41Cineplex Inc. 2.38Agrium Inc. 2.37Dollarama Inc. 2.21Agnico-Eagle Mines Ltd. 2.18CIBC 2.09Franco-Nevada Corporation 2.00Rogers Communications Inc., Class B NV 1.99The Toronto-Dominion Bank 1.94TELUS Corp. 1.85Metro Inc., Class A 1.85West Fraser Timber Co. Ltd. 1.83Argonaut Gold Inc. 1.75Dorel Industries Inc., Class B 1.75Canadian Pacific Railway Ltd. 1.66Alaris Royalty Corp. 1.65Rogers Sugar Inc. 1.60Encana Corporation 1.54Boardwalk REIT 1.54Teck Resources Ltd., Class B 1.48

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

85


The ASTRA Triasima Canadian Equity Fund is a segregated fund that invests exclusively in the underlying fund called Bâtirente Triasima Canadian Equity Fund. The ASTRA Triasima Canadian Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Triasima Inc. Portfolio Management. The manager’s investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. The manager uses qualitative and quantitative measures for selecting securities.






ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

86



45,524 57,261


- -Net Assets 45,524 57,261




Capital units transactions Proceeds from issue of units 8,512 18,513 Reinvestment of distributions - -Redemption of units (22,544) (23,564)

(14,032) (5,051)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations 2,295 (12,498)Net assets - End of year 45,524 57,261 Changes in number of units Units outstanding at the beginning 5,247,454 5,665,168 Units issued 760,285 1,557,966 Units redeemed (2,028,785) (1,975,680)Units outstanding at the end 3,978,954 5,247,454



$ $ Income Interest 1 -Distribution from the underlying fund 1,173 1,135 Management fee distribution received - -

1,174 1,135


1,278 1,787 Net investment income (loss) (104) (652)Net realized gain (loss) on sale of investments (1,503) (370)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,902 (11,476)


ASTRA GREYSTONE CANADIAN GROWTH EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

87



$ $ INVESTMENTS (99.60%) Greystone Canadian Equity Fund 2,052,277 48,095 45,343


TOP HOLDINGS OF UNDERLYING FUND Greystone Canadian Equity Fund %The Toronto-Dominion Bank 7.77Bank of Nova Scotia 5.68Suncor Energy Inc. 5.00Bank of Montreal 4.91Enbridge Inc. 3.89Canadian National Railway Company 3.74TransCanada Corp. 3.46National Bank of Canada 3.43Manulife Financial Corporation 3.18GoldCorp. Inc. 2.92Yamana Gold Inc. 2.90Agrium Inc. 2.86Magna International Inc. 2.71Intact Financial Corporation 2.60Valeant Pharmaceuticals International Inc. 2.57Teck Resources Ltd. 2.55CGI Group Inc. 2.24Agnico-Eagle Mines Ltd. 2.23ARC Resources Ltd. 2.23Saputo Inc. 2.16Crescent Point Energy Corp. 2.06Finning International Inc. 1.98Royal Bank of Canada 1.85Catamaran Corp. 1.81Brookfield Asset Management Inc. 1.73

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

88


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.






ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

89



19,691 7,038

Liabilities Bank overdraft - -Accounts payable 281 1,008

281 1,008 Net Assets 19,410 6,030








- -Increase (decrease) in net assets from operations 827 (223)Net assets - End of year 19,410 6,030Changes in number of units Units outstanding at the beginning 724,606 -Units issued 1,714,666 2,639,975 Units redeemed (249,974) (1,915,369)Units outstanding at the end 2,189,298 724,606



$ $ Income Interest - -Dividends 221 17Distribution from the underlying fund 50 14

271 31


329 42Net investment income (loss) (58) (11)Net realized gain (loss) on sale of investments (121) (203)Net realized gain distributed by the underlying fund 36 16Net unrealized gain (loss) on investments 992 (16)Transaction costs (22) (9)


ASTRA MONTRUSCO BOLTON CANADIAN EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except numbers of shares and units)


90

Number Average Fairof Shares Cost Value

$ $CANADIAN EQUITIES (76.96%) Energy (17.43%) ARC Resources Ltd. 13,160 313 319Cameco Corp. 13,650 281 267Canadian Natural Resources Ltd. 8,234 259 235Cenovus Energy Inc. 18,070 590 601Crescent Point Energy Corp. 4,150 155 156Pembina Pipeline Corp. 11,078 305 315Peyto Exploration & Development Corp. 18,533 400 425ShawCor Ltd., Class A 15,305 528 596TransGlobe Energy Corp. 50,353 478 469

3,309 3,383

Materials (11.90%) Alamos Gold Inc. 39,788 668 693Argonaut Gold Inc. 28,085 280 265First Quantum Minerals Ltd. 17,335 352 379GoldCorp Inc. 9,025 371 328Potash Corporation of Saskatchewan Inc. 8,570 373 345Silver Wheaton Corp. 8,350 262 299

2,306 2,309

Industrials (3.57%) Canadian National Railway Company 5,140 422 464Finning International Inc. 9,265 217 228

639 692

Consumer Discretionary (7.01%) Cogeco Cable Inc. 4,590 207 174Dollarama Inc. 5,508 333 325Gildan Activewear Inc. 18,413 517 667Tim Hortons Inc. 4,005 206 195

1,263 1,361

Consumer Staples (5.84%) Metro Inc., Class A 8,438 448 534Saputo Inc. 6,580 282 330The North West Co. Inc. 12,075 253 270

983 1,134

Health Care (1.17%) Catamaran Corp. 4,895 201 228

Financials (25.33%) Bank of Nova Scotia 15,780 835 907Canadian Western Bank 14,780 405 420Home Capital Group Inc. 16,469 783 972Industrial Alliance 10,651 273 334Laurentian Bank of Canada 8,781 400 388National Bank of Canada 7,128 535 549Royal Bank of Canada 4,095 216 245The Toronto-Dominion Bank 10,992 865 919TMX Group Ltd. 3,590 166 182

4,478 4,916

Telecommunication Services (1.33%) TELUS Corp. 3,980 235 259


$ $CANADIAN EQUITIES (76.96%) (Cont'd) Information Technology (3.38%) CGI Group Inc., Class A 13,469 308 308Open Text Corp. 6,307 337 349

645 657TOTAL CANADIAN EQUITIES 14,059 14,939


$ $INVESTMENT FUND (20.06%) Montrusco Bolton Quantitative Canadian Equity Fund 107,809 3,797 3,893


OTHER NET ASSETS (2.98%) 578


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

91


Fund objective

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

Investment strategy

The Fund is invested mainly in Canadian all-cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, Montrusco Bolton, is to manage about 80% of the portfolio using an all-cap fundamental approach and 20% using a quantitative approach based on share “momentum”. With regard to the fundamental approach, the manager’s investment strategy is to favour a bottom-up management approach and a predominantly growth-oriented management style. Preference is given to companies whose share valuation presents a strong growth potential.

As at December 31, 2012 and 2011, the Fund’s assets are mainly made up of Canadian equities.

Risk exposure

The Fund is exposed mainly to stock market and risks associated with the use of derivatives. The Fund does not use financial leverage or derivative products for speculative purposes.


Credit risk

As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, it is not exposed to credit risk.

Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

As at December 31, 2012 and 2011, the Fund has no securities loans and no derivative instruments.

Interest rate risk

As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, it is not exposed to the risk of interest rate fluctuation.

Price risk

The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund invests between 90% and 100% in Canadian equities and up to a maximum of 10% in money market securities.

The Fund’s assets must be invested in at least seven sectors of the S&P/TSX Index. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. Exceptions are allowed for securities that have a weighting in the S&P/TSX index that is greater than 10%. In this case, the limit permitted is 65 times the weight of the security in the S&P/TSX composite index.

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


(%)

2012Impact on net assets

($)


($)

S&P/TSX Index + 5,00 - 5,00

942(942)

298(298)


Currency risk

As at December 31, 2012 and 2011, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.

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

92



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 14,939 - - 14,939 Exchange Traded Funds - - - -Investment Funds - 3,893 - 3,893 Derivative Products - - - -MoneyMarket - - - -Total 14,939 3,893 - 18,832

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 4,757 - - 4,757Exchange Traded Funds - - - -Investment Funds - 1,195 - 1,195Derivative Products - - - -MoneyMarket - - - -Total 4,757 1,195 - 5,952


ASTRA CANADIAN FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

93


$ $Assets Investments, at fair value 21,202 2,268 Cash 146 -Receivables 135 2

21,483 2,270


- -Net Assets 21,483 2,270


Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 21,537 2,270 Adjustment to bid prices of investments (54) -Net assets at bid prices of investments 21,483 2,270 Transactional NAV per unit at closing price of investments 10.53 9.78 Adjustment per unit to bid prices of investments (0.03) -Net assets per unit at bid prices of investments 10.50 9.78





18,728 43Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations 485 (304)Net assets - End of year 21,483 2,270 Changes in number of units Units outstanding at the beginning 232,036 232,262 Units issued 2,003,946 122,815 Units redeemed (190,338) (123,041)Units outstanding at the end 2,045,644 232,036



$ $ Income Interest - -Dividends 399 -Distribution from the underlying fund - 25Management fee distribution received 6 27

405 52


295 69Net investment income (loss) 110 (17)Net realized gain (loss) on sale of investments 98 16Net realized gain distributed by the underlying fund - 11Net unrealized gain (loss) on investments 314 (314)Transaction costs (37) -


ASTRA CANADIAN FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

94



$ $ INVESTMENTS (98.69%) iShares Canadian Fundamental Index Fund 1,789,233 20,950 21,202


TOP HOLDINGS OF UNDERLYING FUND iShares Canadian Fundamental Index Fund %Royal Bank of Canada 7.04The Toronto-Dominion Bank 5.34Bank of Nova Scotia 5.01Manulife Financial Corporation 4.37Bank of Montreal 3.67Encana Corporation. 3.65Suncor Energy Inc. 3.18Financial Sun Life Inc. 2.98CIBC 2.86TransCanada Corp. 2.68Brookfield Asset Management Inc. 2.29Power Corporation of Canada 2.18Canadian National Railway Company 2.12Canadian Natural Resources Ltd. 1.91Enbridge Inc. 1.77Cenovus Energy Inc. 1.66Teck Resources Ltd. 1.62Nexen Inc. 1.53Barrick Gold Corp. 1.53Magna International Inc. 1.52Research In Motion Ltd. 1.45Thomson Reuters Corp. 1.30Talisman Energy Inc. 1.26Canadian Oil Sands Ltd. 1.25BCE Inc. 1.21

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

95


The ASTRA Canadian Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded fund called iShares Canadian Fundamental Index Fund. The ASTRA Canadian Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI Canada Index, which comprises those Canadian companies with the highest fundamental weightings.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds 21,202 - - 21,202Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 21,202 - - 21,202



ASTRA CANADIAN INDEX FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

96



37,234 40,406

Liabilities Bank overdraft - 7Accounts payable - -

- 7Net Assets 37,234 40,399





(4,952) 21,328 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - (119)

- (119)Increase (decrease) in net assets from operations 1,787 (2,638)Net assets - End of year 37,234 40,399 Changes in number of units Units outstanding at the beginning 3,881,432 1,861,637 Units issued 497,044 2,538,947 Units redeemed (955,841) (519,152)Units outstanding at the end 3,422,635 3,881,432




962 527


931 580Net investment income (loss) 31 (53)Net realized gain (loss) on sale of investments 172 226Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 1,584 (2,811)


ASTRA CANADIAN INDEX FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

97



$ $ INVESTMENTS (99.95%) BlackRock Canadian Equity Index Fund - Class D 1,559,661 35,558 37,214


TOP HOLDINGS OF UNDERLYING FUND BlackRock Canadian Equity Index Fund - Class D %Royal Bank of Canada 5.77The Toronto-Dominion Bank 5.13Bank of Nova Scotia 4.54Suncor Energy Inc. 3.34Bank of Montreal 2.64Canadian National Railway Company 2.60Potash Corporation of Saskatchewan Inc. 2.33Barrick Gold Corp. 2.32Enbridge Inc. 2.30TransCanada Corp. 2.21BCE Inc. 2.20CIBC 2.16Canadian Natural Resources Ltd. 2.09GoldCorp Inc. 1.98Cenovus Energy Inc. 1.68Manulife Financial Corporation 1.64TELUS Corp. 1.42Brookfield Asset Management Inc., Class A 1.37Teck Resources Ltd., Class B 1.16Valeant Pharmaceuticals International Inc. 1.13Rogers Communications Inc., Class B 1.10Sun Life Financial Inc. 1.05Canadian Pacific Railway Ltd. 1.00Agrium Inc. 0.99Encana Corporation 0.97

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

98


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.






ASTRA CANADIAN SMALL CAP EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

99



50,005 50,718


- -Net Assets 50,005 50,718





(445) 4,617 Distributions to unitholders Net investment income - -Net realized gain on sale of investments - (733)

- (733)Increase (decrease) in net assets from operations (268) (5,149)Net assets - End of year 50,005 50,718Changes in number of units Units outstanding at the beginning 4,119,999 3,760,814 Units issued 928,427 1,735,353 Units redeemed (956,694) (1,376,168)Units outstanding at the end 4,091,732 4,119,999



$ $ Income Interest 1 -Management fee distribution received - -

1 -


1,398 1,427Net investment income (loss) (1,397) (1,427)Net realized gain (loss) on sale of investments 761 2,905Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 368 (6,627)

Increase (decrease) in net assets from operations (268) (5,149)Increase (decrease) in net assets from operations per unit (0.06) (1.32)Management Expense Ratio 2.80% 2.78%

ASTRA CANADIAN SMALL CAP EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

100



$ $ INVESTMENTS (99.60%) Sceptre Pooled Investment Fund - Small Capitalization Section 351,996 40,766 49,804


TOP HOLDINGS OF UNDERLYING FUND Sceptre Pooled Investment Fund - Small Capitalization Section %Constellation Software Inc. 3.49Dundee Precious Metals Inc. 3.18Linamar Corp. 3.16Whitecap Resources Inc. 2.57Stantec Inc. 2.51Russel Metals Inc. 2.49TransGlobe Energy Corp. 2.49Painted Pony Petroleum Ltd. 2.46Northern Property REIT 2.41West Fraser Timber Co. Ltd. 2.31Northland Power Inc. 2.25B2Gold Corp. 2.24FirstService Corp. 2.24Allied Properties REIT 2.23Argonaut Gold Inc. 2.20Element Financial Corp. 2.19TransForce Inc. 2.10Canadian Energy Services & Technology Corp. 2.07Descartes Systems Group Inc. 2.04Home Capital Group Inc. 2.00Secure Energy Services Inc. 1.92North West Co. Inc. 1.86The Jean Coutu Group (PJC) Inc., Class A 1.85CCL Industries Inc., Class B NV 1.79Canadian Western Bank 1.75

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

101


The ASTRA Canadian Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Sceptre Pooled Investment Fund - Small Capitalization Section. The ASTRA Canadian Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth.






ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

102


$ $Assets Investments, at fair value 26,252 76,314 Cash 218 -Receivables 5 7,405

26,475 83,719

Liabilities Bank overdraft - 7,018 Accounts payable - -

- 7,018 Net Assets 26,475 76,701





(57,174) (28,266)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations 6,948 (4,402)Net assets - End of year 26,475 76,701Changes in number of units Units outstanding at the beginning 12,434,960 16,987,412 Units issued 1,163,058 3,807,989 Units redeemed (9,768,501) (8,360,441)Units outstanding at the end 3,829,517 12,434,960



$ $ Income Interest - 1Distribution from the underlying fund 784 1,360 Management fee distribution received - -

784 1,361


1,130 2,625Net investment income (loss) (346) (1,264)Net realized gain (loss) on sale of investments 3,820 133Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,474 (3,271)


ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

103



$ $ INVESTMENTS (99.16%) MFS MB U.S. Equity Core Fund 2,551,154 23,550 26,252


TOP HOLDINGS OF UNDERLYING FUND MFS MB U.S. Equity Core Fund %Apple Inc. 3.75Danaher Corp. 2.63JPMorgan Chase & Co. 2.61Pfizer Inc. 2.45Exxon Mobil Corp. 2.42Johnson & Johnson 2.24The Walt Disney Co. 2.15Google Inc., Class A 2.03EMC Corp. 1.97ACE Ltd. 1.80Oracle Corp. 1.79The Goldman Sachs Group Inc. 1.75Wells Fargo & Co. 1.74The Procter & Gamble Company 1.74Visa Inc., Class A 1.71United Technologies Corp. 1.70BlackRock Inc. 1.70Covidien PLC 1.65Chevron Corp. 1.64Honeywell International Inc. 1.63American Express Co. 1.55Philip Morris International Inc. 1.54Microchip Technology Inc. 1.50Danone SA 1.49Thermo Fisher Scientific Inc. 1.46

ASTRA MFS MCLEAN BUDDEN U.S. EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

104


The ASTRA MFS McLean Budden U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called MFS MB U.S. Equity Core Fund. The ASTRA MFS McLean Budden U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by MFS McLean Budden Limited. The manager's investment strategy favours a bottom-up management approach. The fund has a blended value/growth management style. The manager favours companies with prospects for above average earnings growth while also favouring undervalued securities.






ASTRA TRADEWINDS U.S. EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

105

NET ASSETS As at December 31 2012

$Assets Investments, at fair value 11,752 Cash 1,262 Receivables 146

13,160

Liabilities Bank overdraft -Accounts payable 161

161Net Assets 12,999

Net asset value per unit 9.64

Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 12,999 Adjustment to bid prices of investments -Net assets at bid prices of investments 12,999 Transactional NAV per unit at closing price of investments 9.64 Adjustment per unit to bid prices of investments -Net assets per unit at bid prices of investments 9.64

Investments, at cost 11,727

CHANGES IN NET ASSETS Year ended December 31 2012

$Net assets - Beginning of year -

Capital units transactions Proceeds from issue of units 14,366Reinvestment of distributions -Redemption of units (1,379)

12,987Distributions to unitholders Net investment income -Net realized gain on sale of investments -

-Increase (decrease) in net assets from operations 12Net assets - End of year 12,999Changes in number of units Units outstanding at the beginning -Units issued 1,496,845 Units redeemed (147,773)Units outstanding at the end 1,349,072 DISTRIBUTIONS ($/unit) 2012Net investment income -Net realized gain on sale of investments -

OPERATIONS Year ended December 31 2012

$ Income Interest -Dividends 122

122

Expenses (note 4) Management fees 190Administrative fees 7

197Net investment income (loss) (75)Net realized gain (loss) on sale of investments 82Net unrealized gain (loss) on investments 25Transaction costs (20)Increase (decrease) in net assets from operations 12Increase (decrease) in net assets from operations per unit 0.01 Management Expense Ratio 3.05%

ASTRA TRADEWINDS U.S. EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of shares)


106


$ $EQUITIES (90.41%) CANADIAN EQUITIES (4.88%) Energy (2.91%) Cameco Corp. 12,780 254 251Talisman Energy Inc. 11,395 135 128

389 379

Materials (1.48%) Barrick Gold Corp. 5,504 214 192

Consumer Discretionary (0.49%) Advance Auto Parts Inc. 891 63 64TOTAL CANADIAN EQUITIES 666 635

U.S. EQUITIES (84.18%) Energy (15.00%) Arch Coal Inc. 17,475 147 127Baker Hughes Inc. 4,712 194 192BP PLC 6,066 253 251Chesapeake Energy Corp. 2,701 60 45CONSOL Energy Inc. 5,780 191 185Devon Energy Corp. 2,389 149 124Gazprom OAO 13,561 126 131Hess Corporation 5,981 326 315Peabody Energy Corp. 4,848 129 128Transocean Ltd. 2,799 130 124Weatherford International Ltd. 29,488 360 328

2,065 1,950

Materials (7.97%) Domtar Corp. 1,529 120 127Impala Platinum Holdings Ltd. 3,270 62 65Kinross Gold Corp. 34,046 308 329Newmont Mining Corp. 2,149 98 99Stora Enso OYJ 27,338 188 189The Mosaic Company 4,018 208 227

984 1,036

Industrials (3.55%) AGCO Corp. 2,624 119 128General Dynamics Corp. 1,814 118 125Manpower Inc. 1,509 60 64Southwest Airlines Co. 8,928 74 91The Japan Steel Works Ltd. 820 42 53

413 461

Consumer Discretionary (6.80%) General Motors Co. 16,365 401 469Interpublic Group of Companies Inc. 11,457 120 126Time Warner Cable Inc. 1,003 85 97Time Warner Inc. 4,028 171 192

777 884


$ $EQUITIES (90.41%) (Cont’d) U.S. EQUITIES (84.18%) (Cont'd) Consumer Staples (10.19%) Archer Daniels Midland Co. 11,496 332 313Carrefour SA 18,486 81 95Molson Coors Brewing Co., Class B 4,419 181 188Smithfield Foods Inc. 8,721 178 187The Kroger Co. 8,500 206 220Tyson Foods Inc., Class A 6,561 106 127Walgreen Co. 5,277 179 194

1,263 1,324

Health Care (9.17%) Aetna Inc. 6,849 281 316Allscripts Healthcare Solutions Inc. 10,505 104 98Dendreon Corp. 15,775 147 83Forest Laboratories Inc. 5,445 186 191Health Net Inc. 5,237 122 127Novartis AG 2,022 125 127Teva Pharmaceutical Industries Ltd. 6,728 267 250

1,232 1,192

Financials (15.39%) Ageas 1,742 30 52American International Group Inc. 14,708 473 517Axis Capital Holdings Ltd. 9,259 317 319Endurance Specialty Holdings Ltd. 4,846 191 191Loews Corp. 10,943 443 444Northern Trust Corp. 3,183 152 159Old Republic International Corp. 18,318 179 194UBS AG 8,004 103 125

1,888 2,001

Telecommunication Services (2.24%) NII Holdings Inc., Class B 14,192 164 101Nippon Telegraph & Telephone Corp. 3,078 66 64Vivendi SA 5,538 103 126

333 291

Information Technology (8.86%) Cisco Systems Inc. 12,800 238 250Corning Inc. 10,138 132 127Ingram Micro Inc., Class A 11,271 197 190Intel Corporation 6,152 130 126Microsoft Corp. 11,634 344 309Western Digital Corp. 3,547 135 150

1,176 1,152

Utilities (5.01%) Electricité de France SA 35,190 146 130Exelon Corp. 13,894 470 411JSC RusHydro 46,912 158 110

774 651TOTAL U.S. EQUITIES 10,905 10,942

ASTRA TRADEWINDS U.S. EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of shares)


107


$ $EQUITIES (90.41%) (Cont’d) FOREIGN EQUITIES (1.35%) Financials (0.86%) Sumitomo Mitsui Trust Holdings Inc. 32,276 94 111

Information Technology (0.49%) Telefonaktiebolaget LM Ericsson, Class B 6,349 62 64TOTAL FOREIGN EQUITIES 156 175TOTAL EQUITIES 11,727 11,752


OTHER NET ASSETS (9.59%) 1,247


ASTRA TRADEWINDS U.S. EQUITY FUNDOTHER INFORMATION Year ended December 31 (in thousands of dollars)

108


Fund objective

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

Investment strategy

The Fund is invested mainly in the equities of all-cap U.S. companies. The Fund may hold fund units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, Tradewinds Global Investors, favours a bottom-up management approach and a predominantly value management style. Preference is given to high-quality companies that are traded below their intrinsic value.

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

Risk exposure

The Fund is exposed mainly to stock market risk, currency risk (between Canadian and U.S. dollar), as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes.


Credit risk

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

Liquidity risk


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

Interest rate risk

As at December 31, 2012, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.

Price risk

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

No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Market capitalization of target companies must be greater than $1 billion at the time of purchase. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets.

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


(%)


($)

S&P 500 Index + 5,00 - 5,00

588(588)


Currency risk

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

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

Against other currencies

Change in exchange rate

(%)


($)

Canadian dollar + 5,00 - 5,00

(588) 588


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

ASTRA TRADEWINDS U.S. EQUITY FUNDOTHER INFORMATION Year ended December 31 (in thousands of dollars)

109


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

2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 11,752 - - 11,752 Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 11,752 - - 11,752

During the year ended December 31, 2012, there was no transfer of financial instruments between Levels 1 and 2.

ASTRA U.S. FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

110



14,379 512

Liabilities Bank overdraft - -Accounts payable 155 -

155 -Net Assets 14,224 512


Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 14,126 512Adjustment to bid prices of investments 98 -Net assets at bid prices of investments 14,224 512Transactional NAV per unit at closing price of investments 11.44 10.45Adjustment per unit to bid prices of investments 0.08 -Net assets per unit at bid prices of investments 11.52 10.45

Investments, at cost 13,771 510


$ $Net assets - Beginning of year 512 194

Capital units transactions Proceeds from issue of units 14,470 725Reinvestment of distributions - -Redemption of units (1,104) (395)


- -Increase (decrease) in net assets from operations 346 (12)Net assets - End of year 14,224 512Changes in number of units Units outstanding at the beginning 48,961 18,347 Units issued 1,285,073 67,935 Units redeemed (99,238) (37,321)Units outstanding at the end 1,234,796 48,961



$ $ Income Interest - -Dividends 195 -Management fee distribution received 1 4

196 4


200 11Net investment income (loss) (4) (7)Net realized gain (loss) on sale of investments 82 4Net realized gain distributed by the underlying fund - 3Net unrealized gain (loss) on investments 287 (12)Transaction costs (19) -


ASTRA U.S. FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

111



$ $ INVESTMENTS (98.82%) iShares US Fundamental Index Fund 890,769 13,771 14,056


TOP HOLDINGS OF UNDERLYING FUND iShares US Fundamental Index Fund %Bank of America Corp. 3.25Exxon Mobil Corp. 2.95General Electric Company 2.25AT&T Inc. 2.17Citigroup Inc. 2.00JPMorgan Chase & Co. 1.92Chevron Corp. 1.78Wal-Mart Stores Inc. 1.66Pfizer Inc. 1.64Verizon Communications Inc. 1.54Berkshire Hathaway Inc. Class B 1.43Wells Fargo & Co. 1.30Johnson & Johnson 1.13The Procter & Gamble Company 1.05ConocoPhillips 0.98Microsoft Corp. 0.83IBM Corp. 0.80Merck & Company Inc. 0.78The Goldman Sachs Group Inc. 0.74Coca-Cola Co. 0.65Altria Group Inc. 0.64Home Depot Inc. 0.63Sprint Nextel Corp. 0.60PepsiCo Inc. 0.58Intel Corporation 0.56

ASTRA U.S. FUNDAMENTAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

112


The ASTRA U.S. Fundamental Equity Fund is a segregated fund that invests exclusively in the Exchange Traded Fund called iShares US Fundamental Index Fund. The ASTRA U.S. Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and has been designed to replicate the performance of the FSTE RAFI US 1,000 C$ Hedged Index, which comprises the largest 1,000 US-listed companies by fundamental value.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds 14,056 - - 14,056 Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 14,056 - - 14,056

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 508 - - 508 Derivative Products - - - -MoneyMarket - - - -Total 508 - - 508


ASTRA U.S. INDEX FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

113



14,634 8,813


- 9Net Assets 14,634 8,804






- -Increase (decrease) in net assets from operations 996 111Net assets - End of year 14,634 8,804 Changes in number of units Units outstanding at the beginning 1,516,564 1,076,796 Units issued 1,181,287 642,975 Units redeemed (407,927) (203,207)Units outstanding at the end 2,289,924 1,516,564




246 116


325 186Net investment income (loss) (79) (70)Net realized gain (loss) on sale of investments 48 (33)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 1,027 214


ASTRA U.S. INDEX FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

114



$ $ INVESTMENTS (99.71%) BlackRock CDN US Equity Index Fund - Class D 1,693,857 13,667 14,591


TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN US Equity Index Fund - Class D %Apple Inc. 3.93Exxon Mobil Corp. 3.09General Electric Company 1.72Chevron Corp. 1.66IBM Corp. 1.59Microsoft Corp. 1.59Johnson & Johnson 1.52AT&T Inc. 1.50Google Inc., Class A 1.48The Procter & Gamble Company 1.45Pfizer Inc. 1.45Wells Fargo & Co. 1.31JPMorgan Chase & Co. 1.31Berkshire Hathaway Inc., Class B 1.28Coca-Cola Co. 1.09Philip Morris International Inc. 1.09Oracle Corp. 0.98Bank of America Corp. 0.98Merck & Company Inc. 0.97Verizon Communications Inc. 0.97Citigroup Inc. 0.91Wal-Mart Stores Inc. 0.89PepsiCo Inc. 0.83QUALCOMM Inc. 0.83Cisco Systems Inc. 0.82

ASTRA U.S. INDEX FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

115


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 $).






ASTRA INTERNATIONAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

116


$ $Assets Investments, at fair value 136,294 87,955Cash - 1,494 Receivables 648 3

136,942 89,452


424 940Net Assets 136,518 88,512






- -Increase (decrease) in net assets from operations 8,608 (8,771)Net assets - End of year 136,518 88,512 Changes in number of units Units outstanding at the beginning 14,237,072 13,745,813 Units issued 9,469,560 4,034,715 Units redeemed (3,360,924) (3,543,456)Units outstanding at the end 20,345,708 14,237,072




5,497 1,788


3,714 2,884 Net investment income (loss) 1,783 (1,096)Net realized gain (loss) on sale of investments (523) (1,497)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 7,348 (6,178)


ASTRA INTERNATIONAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

117



$ $ INVESTMENTS (99.84%) Hexavest Europac Fund 146,859 140,852 136,294


TOP HOLDINGS OF UNDERLYING FUND Hexavest Europac Fund %Nestlé SA 2.33Novartis AG 1.94Roche Holding AG 1.86Sanofi 1.67HSBC Holdings PLC 1.49BP PLC 1.44AstraZeneca PLC 1.32Vodafone Group PLC 1.29Mitsubishi UFJ Financial Group Inc. 1.02GlaxoSmithKline PLC 0.95Unilever NV 0.95Total SA 0.93Reckitt Benckiser Group PLC 0.93Diageo PLC 0.91Compagnie Financière Richemont SA 0.89Australia & New Zealand Banking Group Ltd. 0.84Nippon Telegraph & Telephone Corp. 0.83British American Tobacco PLC 0.80Royal Dutch Shell PLC, Class B 0.80Tesco PLC 0.80Toyota Motor Corp. 0.79LVMH Moet Hennessy Louis Vuitton SA 0.78Mizuho Financial Group Inc. 0.78ABB Ltd. 0.77Commonwealth Bank of Australia 0.77

ASTRA INTERNATIONAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

118


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.






ASTRA CARNEGIE INTERNATIONAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

119



57,399 43,832


- 412Net Assets 57,399 43,420


Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 57,440 43,462 Adjustment to bid prices of investments (41) (42)Net assets at bid prices of investments 57,399 43,420Transactional NAV per unit at closing price of investments 9.23 7.82 Adjustment per unit to bid prices of investments (0.01) -Net assets per unit at bid prices of investments 9.22 7.82






- -Increase (decrease) in net assets from operations 8,279 (1,942)Net assets - End of year 57,399 43,420Changes in number of units Units outstanding at the beginning 5,555,114 5,076,172 Units issued 1,810,621 1,579,694 Units redeemed (1,139,220) (1,100,752)Units outstanding at the end 6,226,515 5,555,114



$ $ Income Interest - -Dividends 1,244 1,107

1,244 1,107


1,523 1,325Net investment income (loss) (279) (218)Net realized gain (loss) on sale of investments 1,178 (150)Net unrealized gain (loss) on investments 7,486 (1,495)Transaction costs (106) (79)


ASTRA CARNEGIE INTERNATIONAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of shares)


120


$ $FOREIGN EQUITIES (97.51%) Energy (5.37%) BG Group PLC 75,600 1,753 1,237Total SA 35,800 1,937 1,846

3,690 3,083

Industrials (15.63%) ABB Ltd. 73,400 1,517 1,496FANUC Corporation 10,500 1,668 1,918Makita Corp. 38,800 1,586 1,766Schneider Electric SA 26,400 1,573 1,897Wolseley PLC 40,365 1,543 1,892

7,887 8,969

Consumer Discretionary (13.95%) Genting Berhad 273,900 966 819Inditex SA 13,100 1,173 1,804L'Occitane International SA 452,000 988 1,421LVMH Moet Hennessy Louis Vuitton SA 6,400 1,020 1,169Next PLC 23,500 1,011 1,409Toyota Industries Corp. 44,300 1,291 1,387

6,449 8,009

Consumer Staples (20.00%) British American Tobacco PLC 82,700 3,093 4,174Diageo PLC 72,300 1,358 2,089Japan Tobacco Inc. 60,200 1,351 1,686Nestlé SA 39,900 2,082 2,584Swedish Match AB 28,300 1,011 944

8,895 11,477

Health Care (6.75%) Novo Nordisk A/S, Class B 11,650 1,282 1,875Roche Holding AG 10,000 1,716 2,000

2,998 3,875

Financials (21.51%) Barclays PLC 523,700 1,691 2,220HDFC Bank Ltd. 97,100 2,705 3,934HSBC Holdings PLC 249,000 2,264 2,606Prudential PLC 137,100 1,797 1,916UBS AG 107,900 1,650 1,673

10,107 12,349

Information Technology (14.30%) Samsung Electronics Co. Ltd. 4,470 1,719 3,135SAP AG 51,100 3,177 4,074Tencent Holdings Ltd. 31,400 823 1,000

5,719 8,209TOTAL FOREIGN EQUITIES 45,745 55,971




ASTRA CARNEGIE INTERNATIONAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

121


Fund objective

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

Investment strategy

The Fund is invested mainly in the equities of large-cap international companies located outside of North America. The Fund may hold units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, Carnegie Asset Management, favours a bottom-up management approach based on securities selection and long-term investment. The Fund has a blended value/growth management style. Preference is given to companies with strong pricing power that take advantage of evolving global economic trends.

As at December 31, 2012 and 2011, the Fund’s assets are made up of international equities.

Risk exposure

The Fund is exposed mainly to stock market risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk as well as risks related to the use of derivative instruments. It does not use financial leverage or derivative products for speculative purposes.


Credit risk

As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk.

Liquidity risk



Interest rate risk

As at December 31, 2012 and 2011, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates.

Price risk

The Fund trades international equity securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 80% and 100% in international equities and up to a maximum of 20% in money market securities.

The Fund’s assets must be invested in at least five sectors within the MSCI EAFE Index. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Capitalization of target companies must be greater than $1 billion without falling below the company with the smallest capitalization in the MSCI EAFE Index. Exposure to emerging economies is limited to 30% of the Fund’s assets. The percentage of securities from a single issuer is limited to 10% of the Fund’s assets.

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


(%)


($)


($)

MSCI EAFE Index + 5,00 - 5,00

2,799 (2,799)

2,133 (2,133)

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

Currency risk

The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.

Currency 2012($)

2011($)

Australian Dollar - 818Danish Krone 1,875 1,171 Euro 10,791 6,612 Hong Kong Dollar 2,422 5,193 Japanese Yen 6,757 4,804 Malaysian Ringgit 819 860Norwegian Krone - 616Pound Sterling 17,542 10,005 Swedish Krona 943 866Swiss Franc 7,753 5,884 U.S. Dollar 7,069 5,828 Total 55,971 42,657

ASTRA CARNEGIE INTERNATIONAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

122

Currency risk (Cont’d)




(%)


($)


($)


(2,799) 2,799

(2,133) 2,133


As at December 31, 2012 and 2011, the Fund was not using any financial instrument as a foreign currency hedge.






ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

123



13,420 121


- -Net Assets 13,420 121


Reconciliation of Net Assets with Transactional NAV Transactional NAV at closing prices of investments 13,409 121Adjustment to bid prices of investments 11 -Net assets at bid prices of investments 13,420 121Transactional NAV per unit at closing price of investments 8.46 7.72 Adjustment per unit to bid prices of investments 0.01 -Net assets per unit at bid prices of investments 8.47 7.72

Investments, at cost 12,872 137


$ $Net assets - Beginning of year 121 47

Capital units transactions Proceeds from issue of units 13,824 209Reinvestment of distributions - -Redemption of units (974) (114)


- -Increase (decrease) in net assets from operations 449 (21)Net assets - End of year 13,420 121Changes in number of units Units outstanding at the beginning 15,620 5,173 Units issued 1,689,951 23,540 Units redeemed (121,676) (13,093)Units outstanding at the end 1,583,895 15,620

DISTRIBUTIONS ($/unit) 2012 2011Net investment income - 0.01 Net realized gain on sale of investments - -


$ $ Income Interest - -Dividends 274 -Distribution from the underlying fund - 2Management fee distribution received - 1

274 3


197 3Net investment income (loss) 77 -Net realized gain (loss) on sale of investments 52 (3)Net unrealized gain (loss) on investments 343 (18)Transaction costs (23) -


ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

124



$ $ INVESTMENTS (98.35%) iShares International Fundamental Index Fund 1,025,481 12,872 13,198


TOP HOLDINGS OF UNDERLYING FUND iShares International Fundamental Index Fund %HSBC Holdings PLC 1.73BP PLC 1.64Total SA 1.35Royal Dutch Shell PLC, Class A 1.26Vodafone Group PLC 1.25Banco Santander SA 1.20Royal Dutch Shell PLC, Class B 0.96Sanofi 0.96Toyota Motor Corp. 0.94Samsung Electronics Co. Ltd. 0.93Nestlé SA 0.91Allianz SE 0.90Eni SpA 0.90BNP Paribas SA 0.89Telefonica SA 0.83AXA SA 0.77Barclays PLC 0.71Novartis AG 0.69GlaxoSmithKline PLC 0.68Deutsche Telekom AG 0.66Mitsubishi UFJ Financial Group Inc. 0.65Siemens AG 0.64ING Groep NV 0.62Banco Bilbao Vizcaya Argentaria SA 0.62Daimler AG 0.62

ASTRA INTERNATIONAL FUNDAMENTAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

125


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.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds 13,198 - - 13,198 Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 13,198 - - 13,198

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 120 - - 120 Derivative Products - - - -MoneyMarket - - - -Total 120 - - 120


ASTRA INTERNATIONAL INDEX FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

126



34,730 28,613


- 380Net Assets 34,730 28,233





2,842 15,778 Distributions to unitholders Net investment income - (97)Net realized gain on sale of investments - -

- (97)Increase (decrease) in net assets from operations 3,655 (2,297)Net assets - End of year 34,730 28,233 Changes in number of units Units outstanding at the beginning 3,644,006 1,675,973 Units issued 1,046,178 3,182,329 Units redeemed (675,156) (1,214,296)Units outstanding at the end 4,015,028 3,644,006




977 588


890 491Net investment income (loss) 87 97Net realized gain (loss) on sale of investments (376) (146)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,944 (2,248)


ASTRA INTERNATIONAL INDEX FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

127



$ $ INVESTMENTS (99.88%) BlackRock CDN MSCI EAFE Equity Index Fund - Class D 3,426,690 35,238 34,690


TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI EAFE Equity Index Fund - Class D %Nestlé SA 1.91HSBC Holdings PLC 1.74Novartis AG 1.31Roche Holding AG 1.29BP PLC 1.19Toyota Motor Corp. 1.16Royal Dutch Shell PLC, Class A 1.16BHP Billiton Ltd. 1.12Vodafone Group PLC 1.12Sanofi 1.01Total SA 0.99GlaxoSmithKline PLC 0.98Commonwealth Bank of Australia 0.93British American Tobacco PLC 0.89Royal Dutch Shell PLC, Class B 0.84Siemens AG 0.81BASF SE 0.78Westpac Banking Corp. 0.75Banco Santander SA 0.75Bayer AG 0.71Rio Tinto PLC 0.69SAP AG 0.67BHP Billiton PLC 0.66Diageo PLC 0.66Australia & New Zealand Banking Group Ltd. 0.64

ASTRA INTERNATIONAL INDEX FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

128


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 $).






ASTRA CALAMOS GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

129



19,847 13,801


- 630Net Assets 19,847 13,171








- -Increase (decrease) in net assets from operations 213 (444)Net assets - End of year 19,847 13,171 Changes in number of units Units outstanding at the beginning 1,399,885 -Units issued 1,069,504 1,624,752 Units redeemed (383,418) (224,867)Units outstanding at the end 2,085,971 1,399,885



$ $ Income Interest 140 50Dividends 174 34

314 84


555 194Net investment income (loss) (241) (110)Net realized gain (loss) on sale of investments (540) 23Net unrealized gain (loss) on investments 1,013 (347)Transaction costs (19) (10)


ASTRA CALAMOS GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of shares)


130C: convertible security.


$ $BONDS (45.80%) CANADIAN BONDS (2.28%) Government of Canada (2.28%) Canada, 2.00%, 06-01-2016 393 395 402Canada, 2.00%, 12-01-2014 50 51 51TOTAL CANADIAN BONDS 446 453

FOREIGN BONDS (43.52%) Government (7.19%) Brazil, 10.00%, 01-01-2014 290 163 152New Zealand, 6.00%, 04-15-2015 60 51 53New Zealand, 6.50%, 04-15-2013 190 160 158Norway, 4.25%, 05-19-2017 1,135 217 226Norway, 6.50%, 05-15-2013 440 82 80Singapore, 1.13%, 04-01-2016 490 397 410Sweden, 3.00%, 07-12-2016 2,115 332 347

1,402 1,426

Corporations (36.33%) Affiliated Managers Group Inc., 3.95%, 08-15-2038 C 105 113 115Amgen Inc., 0.38%, 02-01-2013 C 365 400 404AngloGold Ashanti Holdings Finance PLC, 3.50%, 05-22-2014 C 200 221 206Asahi Group Holdings Ltd., 0.00%, 05-26-2028 C 13,000 175 156Billion Express Investments Ltd., 0.75%, 10-18-2015 C 200 212 211BSH Bosch und Siemens Hausgeräte GmbH, 2.38%, 09-29-2014 1,000 157 157Caterpillar Financial Services Ltd., 1.35%, 07-12-2013 1,000 154 158CGGVeritas, 1.75%, 01-01-2016 C 99 140 148Continental Resources Inc., 5.00%, 09-15-2022 40 40 43Dialog Semiconductor PLC, 1.00%, 04-12-2017 C 200 213 207Elekta AB, 2.75%, 04-25-2017 C 470 73 89EMC Corp., 1.75%, 12-01-2013 C 85 138 134Expedia Inc., 5.95%, 08-15-2020 35 36 38Gap Inc., 5.95%, 04-12-2021 40 40 45Gilead Sciences Inc., 1.63%, 05-01-2016 C 65 77 109GoldCorp Inc., 2.00%, 08-01-2014 C 345 420 378Hon Hai Precision Industry Co. Ltd., 0.00%, 10-12-2013 C 100 100 103KDDI Corp., 0.00%. 12-14-2015 C 20,000 278 259Liberty Interactive LLC, 3.25%, 03-15-2031 C 65 55 61Limited Brands Inc., 5.63%, 02-15-2022 35 36 38Linear Technology Corp., 3.00%, 05-01-2027 C 70 75 73Microsoft Corp., 0.00%, 06-15-2013 C 261 282 260Newmont Mining Corp., 1.25%, 07-15-2014 C 205 284 241Newmont Mining Corp., 1.63%, 07-15-2017 C 120 160 156Nuance Communications Inc., 2.75%, 11-01-2031 C 205 222 220Oil States International Inc., 6.50%, 06-01-2019 35 37 37Omnicom Group Inc., 0.00%, 07-01-2038 C 140 150 148Pegatron Corp., 0.00%, 02-06-2017 C 200 224 221priceline.com Inc., 1.00%, 03-15-2018 C 220 226 233Qiagen Euro Finance SA, 3.25%, 05-16-2026 C 100 119 120SanDisk Corp., 1.50%, 08-15-2017 C 90 102 103Sawai Pharmaceutical Co. Ltd., 0.00%, 09-17-2015 C 9,000 119 113Shire PLC, 2.75%, 05-09-2014 C 175 202 194Siemens Finance, 1.05%, 08-16-2017 C 250 250 255Subsea 7 SA, 2.25%, 10-11-2013 C 200 237 229


$ $BONDS (45.80%) (Cont'd) FOREIGN BONDS (43.52%) (Cont'd) Corporations (36.33%) (Cont'd) Symantec Corp., 1.00%, 06-15-2013 C 90 97 96 Technip SA, 0.25%, 01-01-2017 C 140 193 204 Technip SA, 0.50%, 01-01-2016 C 144 226 193Temasek Financial III Pte Ltd., 0.00%, 10-24-2014 C 500 414 423Teva Pharmaceutical Finance Co. LLC, 0.25%, 02-01-2026 C 70 77 72TIBCO Software Inc., 2.25%, 05-01-2032 C 215 217 203UCB, 4.50%, 10-22-2015 C 50 76 84Unicharm Corp., 0.00%, 09-24-2015 C 20,000 284 274

7,351 7,211TOTAL FOREIGN BONDS 8,753 8,637TOTAL BONDS 9,199 9,090


$ $EQUITIES (45.38%) CANADIAN EQUITIES (0.60%) Materials (0.60%) Yamana Gold Inc. 7,000 101 119TOTAL CANADIAN EQUITIES 101 119

U.S. EQUITIES (15.64%) Energy (2.67%) Murphy Oil Corp. 3,375 204 200National Oilwell Varco Inc. 975 78 66Schlumberger Ltd. 3,825 293 264

575 530

Consumer Staples (2.32%) Coca-Cola Co. 12,750 444 460

Health Care (2.54%) Amgen Inc. 2,450 185 211Johnson & Johnson 4,220 284 294

469 505

Financials (2.56%) Franklin Resources Inc. 2,135 253 267JPMorgan Chase & Co. 2,300 96 101T. Rowe Price Group Inc. 2,150 124 139

473 507

Information Technology (5.55%) Cisco Systems Inc. 13,400 245 262eBay Inc. 7,600 309 386QUALCOMM Inc. 7,350 410 453

964 1,101TOTAL U.S. EQUITIES 2,925 3,103

FOREIGN EQUITIES (29.14%) Energy (0.49%) Petroleum Geo-Services ASA 5,700 95 97

Materials (2.48%) Givaudan SA 115 113 120Newcrest Mining Ltd. 16,250 504 373

617 493

ASTRA CALAMOS GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of shares)


131C: convertible security.


$ $EQUITIES (45.38%) (Cont'd) FOREIGN EQUITIES (29.14%) (Cont'd) Industrials (0.92%) ABB Ltd. 9,000 167 183

Consumer Discretionary (4.69%) SABMiller PLC 5,500 242 251The Swatch Group AG (BR) 1,355 546 679

788 930

Consumer Staples (3.79%) Danone SA 3,165 216 207Diageo PLC 9,800 225 283Nestlé SA 4,050 244 262

685 752

Health Care (6.98%) Covidien PLC 3,950 214 227Novartis AG 3,500 200 218Novo Nordisk A/S, Class B 5,660 702 911Sawai Pharmaceutical Co. Ltd. 300 32 30

1,148 1,386

Information Technology (9.79%) Accenture PLC, Class A 4,350 294 288Hon Hai Precision Industry Co. Ltd. 95,500 304 290Samsung Electronics Co. Ltd. 80 97 114SAP AG 11,310 653 902Taiwan Semiconductor Manufacturing Co. Ltd. 105,000 292 349

1,640 1,943TOTAL FOREIGN EQUITIES 5,140 5,784TOTAL EQUITIES 8,166 9,006

PREFERRED SHARES (2.91%) U.S. SHARES (2.91%) Anglogold Ashanti Ltd., 6.00%, 09-15-2013 1,750 76 65Chesapeake Energy Corp., 5.75%, perpetual 190 173 169Chesapeake Energy Corp., 5.75%, perpetual 222 243 196NextEra Energy Inc., 5.60% 06-01-2015 perpetual 3,000 152 149TOTAL PREFERRED SHARES 644 579




ASTRA CALAMOS GLOBAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

132


Fund objective

The objective of the ASTRA Calamos Global Equity Fund (the “Fund”) is to achieve long-term capital growth.

Investment strategy

The Fund is invested mainly in the equities and convertible bonds of large-cap global companies located outside of Canada. The Fund may hold units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, Calamos Investments, favours a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or equity. Sector deviations are the result of the bottom-up approach to security selection.

As at December 31, 2012 and 2011, the Fund’s assets are mainly made up of international equities and convertible bonds of global companies.

Risk exposure

The Fund is exposed mainly to credit risk, market risk including interest rate risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk and risks associated with the use of derivatives. It does not use financial leverage or derivative products for speculative purposes.


Credit risk

The Fund’s main credit concentration risk arises from fixed income securities.


As at December 31, the allocations of fixed income securities in the portfolio by credit rating are as follows:

Credit rating*2012(%)

2011(%)

Governments, municipals and subsidized 20.67 19.23 Companies rated AAA 2.86 -Companies rated AA - -Companies rated A 15.31 15.10 Companies rated BBB 19.84 23.27 Companies rated BB 6.03 10.09 Companies rated B - -Not rated 35.29 32.31

* Source: Standard & Poor’s

Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. Fixed income securities held by the Fund are traded on an active market. The Fund’s securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.


Interest rate risk

The following table indicates the Fund’s interest rate risk exposure, as at December 31, by presenting the assets and liabilities at fair value by contract maturity dates.

Investments Under1 year

($)

1 to 5 years ($)

Over 5 years

($)2012 1,621 5,866 1,603 2011 134 5,270 922

The table below shows the impact of a potential change in prevailing interest rates on the net assets of the Fund, as at December 31, with all other variables held constant.

Change in prevailing interest rate

(%)


($)

2011Impact onnet assets

($)+ 1.00 - 1.00

(225) 225

(173) 173


Price risk

The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy.

The Fund’s assets must be invested in at least five countries in the MSCI World Index. The maximum amount invested in a single sector will generally be limited to either 40% or 2x the weight of the sector in the index, whichever is higher.

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

Benchmark Change in benchmark (%)


($)


($)

MSCI World Index + 5.00 - 5.00

934(934)

617(617)

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

ASTRA CALAMOS GLOBAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

133

Currency risk

The following table indicates the Fund’s foreign currency exposure, as at December 31, with financial instruments at fair value by foreign currency.

Currency 2012($)

2011($)

Australian Dollar 373 201Brazilian real 151 -Chinese Yuan Renminbi 316 159Danish Krone 911 581Euro 1,737 1,040 Hong Kong Dollar - 128Japanese Yen 831 658New Taïwan Dollar 639 -New Zealand Dollar 211 132Norwegian Krone 403 250Pound Sterling 534 410Singapore Dollar 833 467South Korean won 114 -Swedish Krona 436 268Swiss Franc 1,464 748U.S. Dollar 9,150 6,635 Total 18,103 11,677

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



(%)


($)

2011Impact onnet assets

($)

Canadian dollar + 5.00 - 5.00

(905) 905

(584) 584

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

As at December 31, 2012 and 2011, the Fund was not using any financial instrument as a foreign currency hedge.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 9,090 - 9,090 Equities 9,585 - - 9,585Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 9,585 9,090 - 18,675

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 6,327 - 6,327 Equities 6,016 - - 6,016 Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products - - - -MoneyMarket - - - -Total 6,016 6,327 - 12,343


ASTRA LAZARD GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

134


$ $Assets Investments, at fair value 50,532 28,478 Cash 96 -Receivables - 17

50,628 28,495


- 63Net Assets 50,628 28,432





19,144 29,625 Distributions to unitholders Net investment income - (199)Net realized gain on sale of investments - -

- (199)Increase (decrease) in net assets from operations 3,052 (994)Net assets - End of year 50,628 28,432Changes in number of units Units outstanding at the beginning 3,049,423 -Units issued 2,805,065 3,430,623 Units redeemed (827,658) (381,200)Units outstanding at the end 5,026,830 3,049,423



$ $ Income Interest - -Distribution from the underlying fund 1,007 687Management fee distribution received - -

1,007 687


1,322 488Net investment income (loss) (315) 199Net realized gain (loss) on sale of investments 21 (45)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,346 (1,148)


ASTRA LAZARD GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

135



$ $ INVESTMENTS (99.81%) Lazard Global Thematic (Canada) Fund 4,508,809 48,334 50,532


TOP HOLDINGS OF UNDERLYING FUND Lazard Global Thematic (Canada) Fund %China Overseas Land & Investment Ltd. 2.39Hong Kong Exchanges & Clearing Ltd. 1.87Oracle Corp. 1.84Visa Inc., Class A 1.69IBM Corp. 1.64Hong Kong & China Gas Co. Ltd. 1.61EMC Corp. 1.59SPDR Gold Shares 1.58Prudential PLC 1.45Amgen Inc. 1.44HDFC Bank Ltd. 1.42FANUC Corporation 1.33Monsanto Co. 1.31Exxon Mobil Corp. 1.25China Shenhua Energy Co. Ltd. 1.21Uni-President Enterprises Co. 1.20CVS Caremark Corp. 1.16SAP AG 1.15DBS Group Holdings Ltd. 1.13Taiwan Semiconductor Manufacturing Co. Ltd. 1.12ABB Ltd. 1.12AIA Group Ltd. 1.11Comcast Corp., Class A 1.11Microsoft Corp. 1.10Abbott Laboratories 1.09

ASTRA LAZARD GLOBAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

136


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.






ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

137


$ $Assets Investments, at fair value 21,740 20,617Cash 409 320Receivables - -

22,149 20,937


- 275Net Assets 22,149 20,662





(320) (5,103)Distributions to unitholders Net investment income - -Net realized gain on sale of investments - (179)

- (179)Increase (decrease) in net assets from operations 1,807 (1,063)Net assets - End of year 22,149 20,662Changes in number of units Units outstanding at the beginning 2,127,361 2,598,350 Units issued 528,431 903,149 Units redeemed (562,634) (1,374,138)Units outstanding at the end 2,093,158 2,127,361




694 473


696 769Net investment income (loss) (2) (296)Net realized gain (loss) on sale of investments 81 254Net realized gain distributed by the underlying fund 490 221Net unrealized gain (loss) on investments 1,238 (1,242)


ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

138



$ $ INVESTMENTS (98.15%) Hexavest World Fund - Class B 18,935 21,311 21,740


TOP HOLDINGS OF UNDERLYING FUND Hexavest World Fund - Class B %Microsoft Corp. 2.16Johnson & Johnson 2.02AT&T Inc. 1.82Wal-Mart Stores Inc. 1.64Exxon Mobil Corp. 1.52The Procter & Gamble Company 1.50Pfizer Inc. 1.48Walgreen Co. 1.47Cisco Systems Inc. 1.47Merck & Company Inc. 1.45Kinross Gold Corp. 1.25Ford Motor Co. 0.98Abbott Laboratories 0.98Barrick Gold Corp. 0.95Hewlett-Packard Co. 0.93Eli Lilly & Co. 0.92Verizon Communications Inc. 0.88Lockheed Martin Corp. 0.87PepsiCo Inc. 0.86General Motors Co. 0.85Dell Inc. 0.85IAMGOLD Corp. 0.80Nestlé SA 0.77Wells Fargo & Co. 0.76Newmont Mining Corp. 0.70

ASTRA HEXAVEST HEDGED GLOBAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

139


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.






ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

140


$ $Assets Investments, at fair value 27,192 17,443 Cash - 127Receivables 346 1

27,538 17,571

Liabilities Bank overdraft 197 -Accounts payable - -

197 -Net Assets 27,341 17,571






- -Increase (decrease) in net assets from operations 3,009 (1,291)Net assets - End of year 27,341 17,571 Changes in number of units Units outstanding at the beginning 1,765,521 475,863 Units issued 977,276 1,659,143 Units redeemed (325,960) (369,485)Units outstanding at the end 2,416,837 1,765,521




238 140


660 277Net investment income (loss) (422) (137)Net realized gain (loss) on sale of investments 55 (12)Net realized gain distributed by the underlying fund 743 -Net unrealized gain (loss) on investments 2,633 (1,142)


ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

141



$ $ INVESTMENTS (99.46%) Lazard Global Small Cap Equity (Canada) Fund 2,203,541 25,251 27,192


TOP HOLDINGS OF UNDERLYING FUND Lazard Global Small Cap Equity (Canada) Fund %Schweitzer-Mauduit International Inc. 2.11Ain Pharmaciez Inc. 2.05Azimut Holding SpA 1.84IG Group Holdings PLC 1.64Jafco Co. Ltd. 1.64FLIR Systems Inc. 1.60Dignity PLC 1.59ON Semiconductor Corp. 1.56Iconix Brand Group Inc. 1.56Foster Wheeler AG 1.53Sysmex Corp. 1.51SS&C Technologies Holdings Inc. 1.50NetScout Systems Inc. 1.49Wirecard AG 1.48FTI Consulting Inc. 1.48Vera Bradley Inc. 1.42II-VI Inc. 1.40Ultra Electronics Holdings PLC 1.39Carpenter Technology Corp. 1.38VCA Antech Inc. 1.38B/E Aerospace Inc. 1.37PacWest BanCorp 1.37Regal-Beloit Corp. 1.37Valeo SA 1.37Lender Processing Services Inc. 1.36

ASTRA LAZARD GLOBAL SMALL CAP EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

142


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.






ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

143



70,490 24,355


- 290Net Assets 70,490 24,065






- (12)Increase (decrease) in net assets from operations 4,401 (4,407)Net assets - End of year 70,490 24,065 Changes in number of units Units outstanding at the beginning 2,461,786 1,762,805 Units issued 4,735,853 1,837,914 Units redeemed (575,564) (1,138,933)Units outstanding at the end 6,622,075 2,461,786



$ $ Income Interest - -Distribution from the underlying fund 1,764 289Management fee distribution received 72 210

1,836 499


1,519 638Net investment income (loss) 317 (139)Net realized gain (loss) on sale of investments (1,151) 44Net realized gain distributed by the underlying fund 69 107Net unrealized gain (loss) on investments 5,275 (4,419)Transaction costs (109) -


ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

144



$ $ INVESTMENTS (99.76%) Claymore Emerging Markets Fundamental Index Fund 3,630,002 67,883 70,322


TOP HOLDINGS OF UNDERLYING FUND Claymore Emerging Markets Fundamental Index Fund %Market Vectors Russia ETF 2.83iShares S&P India Nifty 50 Index Fund 2.77Taiwan Semiconductor Manufacturing Co. Ltd. 2.62China Mobile Ltd. 2.60Petróleo Brasileiro SA 2.34China Construction Bank Corp. 2.08Oil Lukoil 2.07Gazprom OAO 1.99Bank of China Ltd. 1.66iShares MSCI Malaysia Index Fund 1.66Petróleo Brasileiro NPV 1.60Hon Hai Precision Industry Co. Ltd. 1.57Industrial & Commercial Bank of China Ltd. 1.57America Movil SAB de CV 1.56Vale SA 1.26Banco Itau Holding Financeira SA 1.26Banco Bradesco SA 1.26PetroChina Co. Ltd. 1.24iShares MSCI Indonesia Investable Market Index Fund 1.21China Petroleum & Chemical Corp. 1.21MTN Group Ltd. 1.11Vale SA 1.01iShares MSCI Chile Investable Market Index Fund 1.00Standard Bank Group Ltd. 0.97CNOOC Ltd. 0.94

ASTRA EMERGING MARKETS FUNDAMENTAL EQUITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

145


The ASTRA Emerging Markets Fundamental Equity Fund is a segregated fund that invests exclusively in the underlying fund called Claymore Emerging Markets Fundamental Index Fund. The ASTRA Emerging Markets Fundamental Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management. The manager's investment strategy is to favours companies with the most attractive fundamental data.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds - 70,322 - 70,322Derivative Products - - - -MoneyMarket - - - -Total - 70,322 - 70,322


During the year ended December 31, 2012, there is a total transfer of financial instruments from Level 2 to 1 because the Fund was totally transferred in a new segregated fund. During the year ended December, 31, 2011, there was no transfer of financial instruments between Level 1 and 2.

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

146


$ $Assets Investments, at fair value 38,724 25,425 Cash 168 64Receivables - -

38,892 25,489


- -Net Assets 38,892 25,489






- (1,016)Increase (decrease) in net assets from operations 4,747 (219)Net assets - End of year 38,892 25,489Changes in number of units Units outstanding at the beginning 3,728,288 2,510,720 Units issued 1,972,142 2,376,498 Units redeemed (770,042) (1,158,930)Units outstanding at the end 4,930,388 3,728,288



$ $ Income Interest - 3Distribution from the underlying fund 1,368 994Management fee distribution received - -

1,368 997


957 577Net investment income (loss) 411 420Net realized gain (loss) on sale of investments 155 630Net realized gain distributed by the underlying fund 441 -Net unrealized gain (loss) on investments 3,740 (1,269)


ASTRA LAZARD GLOBAL INFRASTRUCTURE FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

147



$ $ INVESTMENTS (99.57%) Lazard Global Listed Infrastructure (Canada) Fund 3,809,254 34,961 38,724


TOP HOLDINGS OF UNDERLYING FUND Lazard Global Listed Infrastructure (Canada) Fund %Atlantia SpA 8.59Fraport AG 7.53Societa Iniziative Auto e Servizi SpA 5.60Abertis Infraestructuras SA 5.46CSX Corp. 4.84Tokyo Gas Co. Ltd. 4.76Osaka Gas Co. Ltd. 4.73Aéroports de Paris 3.84Transurban Group 3.77DUET Group 3.76Autostrada Torino-Milano SpA 3.38Terna Rete Elettrica Nazionale SpA 3.14Red Electrica Corporacion SA 3.13Flughafen Zuerich AG 3.11Norfolk Southern Corp. 3.04Macquarie Atlas Roads Group 2.86Spark Infrastructure Group 2.84Flughafen Wien AG 2.58Toho Gas Co. Ltd. 2.40Hera SpA 2.33Enagas SA 2.08Snam SpA 2.07Macquarie Korea Infrastructure Fund 1.98California Water Service Group 1.75PG&E Corp. 1.51

ASTRA LAZARD GLOBAL INFRASTRUCTURE FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

148


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.






ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

149


$ $Assets Investments, at fair value 23,085 18,499Cash 117 118Receivables - -

23,202 18,617


- -Net Assets 23,202 18,617





1,131 (327)Distributions to unitholders Net investment income - (131)Net realized gain on sale of investments - -

- (131)Increase (decrease) in net assets from operations 3,454 (633)Net assets - End of year 23,202 18,617 Changes in number of units Units outstanding at the beginning 2,875,922 2,891,826 Units issued 733,677 1,187,896 Units redeemed (569,974) (1,203,800)Units outstanding at the end 3,039,625 2,875,922




824 757


712 626Net investment income (loss) 112 131Net realized gain (loss) on sale of investments 23 (2,789)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 3,319 2,025


ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

150



$ $ INVESTMENTS (99.50%) Presima Global Real Estate Securities Enhanced Yield Fund 21,570 21,316 23,085


TOP HOLDINGS OF UNDERLYING FUND Presima Global Real Estate Securities Enhanced Yield Fund %Senior Housing Properties Trust 3.09Mapletree Industrial Trust 3.05Simon Property Group Inc. 2.98Suntec REIT 2.84Highwoods Properties Inc. 2.71EPR Properties 2.58Health Care REIT Inc. 2.58Cominar REIT 2.55Home Properties Inc. 2.52RioCan Real Estate Investment Trust 2.25Westfield Retail Trust 2.24Calloway REIT 2.13Ventas Inc. 2.12Mid-America Apartment Communities Inc. 2.10Hyprop Investments Ltd. 2.10Growthpoint Properties Ltd. 2.07Liberty Property Trust 2.01Japan Retail Fund Investment Corp. 1.98CFS Retail Property Trust Group 1.95Camden Property Trust 1.93Weingarten Realty Investors 1.91Mack-Cali Realty Corp. 1.90Brookfield Office Properties Inc. 1.82Washington REIT 1.78H&R REIT 1.78

ASTRA PRESIMA GLOBAL REAL ESTATE ENHANCED YIELD FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

151


The ASTRA Presima Global Real Estate Enhanced Yield Fund is a segregated fund that invests exclusively in the underlying fund called Presima Global Real Estate Securities Enhanced Yield Fund. The ASTRA Presima Global Real Estate Enhanced Yield Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying fund is managed by Presima. The manager's investment strategy favours a combined bottom-up and top-down management approach coupled with healthy geographic and sector diversification. The manager analyzes real estate cycles, macro-economics and companies.






ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

152


$ $Assets Investments, at fair value 40,758 19,423Cash 110 421Receivables 497 1,945

41,365 21,789


- -Net Assets 41,365 21,789






- -Increase (decrease) in net assets from operations 6,887 (1,206)Net assets - End of year 41,365 21,789 Changes in number of units Units outstanding at the beginning 2,536,767 -Units issued 1,685,497 2,707,581 Units redeemed (369,664) (170,814)Units outstanding at the end 3,852,600 2,536,767



$ $ Income Interest (3) (1)Distribution from the underlying fund 797 153Management fee distribution received - -

794 152


755 158Net investment income (loss) 39 (6)Net realized gain (loss) on sale of investments 371 (563)Net realized gain distributed by the underlying fund - -Net unrealized gain (loss) on investments 6,477 (637)


ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUNDFINANCIAL STATEMENTS (in thousands; except number of units)

153



% $ $ INVESTMENTS (98.53%) MS Real Estate Securities Global Best Ideas 31.92 9,624,650 10,498 13,204 MSIF Global Real Estate Portfolio 66.61 2,834,701 24,420 27,554



TOP HOLDINGS OF UNDERLYING FUND MSIF Global Real Estate Portfolio %Simon Property Group Inc. 5.85Sun Hung Kai Properties Ltd. 5.85Equity Residential 3.99Mitsubishi Estate Co. Ltd. 3.79Westfield Group 2.87Mitsui Fudosan Co. Ltd. 2.83Vornado Realty Trust 2.83Hongkong Land Holdings Ltd. 2.73Host Hotels & Resorts Inc. 2.49HCP Inc. 2.24Sumitomo Realty & Development Co. Ltd. 2.20Unibail-Rodamco SE 2.09Starwood Hotels & Resorts Worldwide Inc. 1.98Boston Properties Inc. 1.79Regency Centers Corp. 1.75Public Storage 1.63AvalonBay Communities Inc. 1.50Forest City Enterprises Inc., Class A 1.43General Growth Properties Inc. 1.27Senior Housing Properties Trust 1.19Land Securities Group PLC 1.16Kerry Properties Ltd. 1.14Westfield Retail Trust 1.08The Macerich Co. 1.08RioCan Real Estate Investment Trust 1.02

ASTRA MORGAN STANLEY GLOBAL REAL ESTATE FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

154


The ASTRA Morgan Stanley Global Real Estate Fund is a segregated fund that invests exclusively in the underlying funds called MS Real Estate Securities Global Best Ideas and MSIF Global Real Estate Portfolio. The ASTRA Morgan Stanley Global Real Estate Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 5 and 6 for details related to financial instrument risks. The underlying funds are managed by Morgan Stanley Investment Management. The manager's investment strategy favours a combined bottom-up and top-down management approach. Regional allocation is achieved by concentrating on the main regional criteria, including relative valuation, fundamentals of real estate, demographics and macro-economics. The manager then selects securities by using a fundamental analysis, putting an emphasis on the value of underlying assets.



2012Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 27,554 13,204 - 40,758 Derivative Products - - - -MoneyMarket - - - -Total 27,554 13,204 - 40,758

2011Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds 14,243 5,180 - 19,423Derivative Products - - - -MoneyMarket - - - -Total 14,243 5,180 - 19,423


ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

155


$ $Assets Investments, at fair value 126,946 100,149Positive fair value of derivative products 1,061 875Cash 3,036 5,368 Receivables 4 5

131,047 106,397

Liabilities Bank overdraft - -Negative fair value of derivative products 2,777 3,315Accounts payable 155 333

2,932 3,648Net Assets 128,115 102,749

Net asset value per unit Class A 8.70 9.32 Class C 10.06 10.43Class D 10.02 10.41Class E 10.03 10.41Class F 8.36 8.70



$ $ Income (loss) Interest 1,006 780Derivative products (4,956) (2,899)

(3,950) (2,119)


902 836Net investment income (loss) (4,852) (2,955)Net realized gain (loss) on sale of investments (112) (286)Net unrealized gain (loss) on investments 724 (6,377)Transaction costs (84) (81)

Increase (decrease) in net assets from operations (4,324) (9,699)Increase (decrease) in net assets from operations per unit Class A (0.57) (1.42)Class C (0.32) (1.14)Class D (0.34) (1.21)Class E (0.32) (1.22)Class F (0.38) (0.99)




29,690 46,126Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations (4,324) (9,699)Net assets - End of year 128,115 102,749

DISTRIBUTIONS ($/unit) 2012 2011Class A Net investment income - -Net realized gain on sale of investments - -Class C Net investment income - -Net realized gain on sale of investments - -Class D Net investment income - -Net realized gain on sale of investments - -Class E Net investment income - -Net realized gain on sale of investments - -Class F Net investment income - -Net realized gain on sale of investments - -

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

156


Class A Units outstanding at the beginning 1,868,160 17,535 Units issued 611,056 1,956,475 Units redeemed (152,080) (105,850)Units outstanding at the end 2,327,136 1,868,160 Class D Units outstanding at the beginning 3,366,941 2,930,502 Units issued 1,290,533 1,802,199 Units redeemed (90,875) (1,365,760)Units outstanding at the end 4,566,599 3,366,941 Class F Units outstanding at the beginning 589,299 -Units issued 614,224 591,156 Units redeemed (2,883) (1,857)Units outstanding at the end 1,200,640 589,299


Class C Units outstanding at the beginning 2,975,402 1,833,176 Units issued 1,018,411 1,941,327 Units redeemed (330,551) (799,101)Units outstanding at the end 3,663,262 2,975,402 Class E Units outstanding at the beginning 1,359,844 1,135,956 Units issued 222,715 324,389 Units redeemed (70,892) (100,501)Units outstanding at the end 1,511,667 1,359,844

MANAGEMENT EXPENSE RATIO 2012 2011

Class A 3.37% 3.36% Class C 0.14% -Class D 0.31% 0.88% Class E 0.31% 0.90% Class F 0.61% 0.67%

Reconciliation on Net Assets with Transactional NAV Transactional

NAV at closing price of

investments

Adjustment to bid price of

investments

Net assets atbid price of

investments

TransactionalNAV per unit atclosing price of

investments

Adjustmentper unit to bid

price of investments

Net assetsper unit at bid

price ofinvestments

Class A 20,576 (319) 20,257 8.84 (0.14) 8.70Class C 37,446 (580) 36,866 10.22 (0.16) 10.06Class D 46,508 (721) 45,787 10.18 (0.16) 10.02Class E 15,405 (239) 15,166 10.19 (0.16) 10.03Class F 10,197 (158) 10,039 8.49 (0.13) 8.36

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUNDFINANCIAL STATEMENTS (in thousands, except number of contracts)


157


$ $MONEY MARKET (99.09%) Government of Canada, Treasury Bill,0.96%, 01-17-2013 127,000 126,946 126,946


FAIR VALUE OF DERIVATIVES PRODUCTS (-1.34%) (1,716)OTHER NET ASSETS (2.25%) 2,885


As December 31, 2012, $22,387 in money market securities were deposited in warranty.

Futures contracts Contract

Value Contract name Expiration Number ofcontracts Currency

Contractvalue

Gain (loss) unrealized

$ $ $ 2,465 Live cattle February 2013 48 US 2,527 62 3,483 RBOB gas February 2013 32 US 3,657 174 3,222 Naturel gas February 2013 94 US 3,134 (88) 6,478 Heating oil February 2013 53 US 6,699 221 7,701 Gold, 100 oz troy February 2013 45 US 7,495 (206) 2,165 Crude oil February 2013 25 US 2,282 117

33 Lean hogs February 2013 1 US 34 1 101 Aluminium March 2013 2 US 103 2

1,274 Silver March 2013 8 US 1,203 (71) 218 Wheat March 2013 5 US 194 (24)

6,435 Cacao March 2013 273 US 6,073 (362) 6,806 Coffee "C" March 2013 118 US 6,331 (475) 3,266 Cotton no 2 March 2013 92 US 3,439 173

811 Soybeans March 2013 11 US 769 (42) 1,293 Orange juice March 2013 69 US 1,208 (85)

294 Corn March 2013 8 US 277 (17) 722 Sugar no 11 March 2013 32 US 696 (26)

3,264 Cotton no 2 May 2013 88 US 3,321 57 3,242 RBOB gas May 2013 28 US 3,246 4 7,695 Soybeans May 2013 106 US 7,356 (339) 3,950 Corn May 2013 107 US 3,710 (240) 5,795 Live cattle June 2013 112 US 5,821 26

961 Naturel gas June 2013 26 US 904 (57) 3,880 Corn July 2013 107 US 3,699 (181) 1,060 Lean hogs July 2013 27 US 1,043 (17) 6,723 Sugar no 11 July 2013 309 US 6,797 74 7,884 Aluminium September 2013 146 US 7,707 (177)

664 Wheat September 2013 15 US 582 (82) 7,264 Copper September 2013 84 US 7,208 (56) 1,270 Nickel September 2013 12 US 1,231 (39)

380 Lean hogs October 2013 11 US 373 (7) 567 Wheat December 2013 13 US 521 (46)

4,424 Natural gas December 2013 111 US 4,284 (140) 30,924 Crude oil December 2013 347 US 31,074 150

136,714 Total of futures contracts 134,998 (1,716)

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

158


Fund objective

The objective of the ASTRA CoreCommodity Management Commodity Fund (the “Fund”) is to generate capital growth while offering a hedge against inflation.

Investment strategy

The Fund invests mainly in commodity futures contracts and forward contracts traded on the LME (London Metals Exchange), and may also invest in non-Canadian currency futures and options contracts. The cash portion is invested mainly in Canadian money market securities issued by governments and companies. The fund may hold units of underlying funds corresponding to the above-mentioned securities.

The investment strategy of the external manager, CoreCommodity Management, favours different strategies to surpass the performance of the Thomson Reuters/Jefferies CRB Index. Fund assets are invested in some 20 commodities grouped into five main sectors: energy, precious metals base/industrial metals, agriculture and livestock.

As at December 31, 2012 and 2011, the Fund’s assets are made up of money market securities and derivatives.

Risk exposure

The Fund is exposed to market risk, interest rate risk, currency risk (Canadian and U.S. dollar) and risks associated with the use of derivatives. It does not use financial leverage or derivative products (other than futures contracts, forward contracts and options described above) for speculative purposes.


Credit risk

As at December 31, 2012, the Fund holds money market securities and derivatives. Consequently, it is exposed to credit risk. The money market securities have R-1 High credit rating according to DBRS credit rating agency.


Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level.

As at December 31, 2012 and 2011, the Fund has no securities loans.

Interest risk rate

The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it contains investments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.

Price risk

The Fund makes transactions in money market securities which must have a minimum rating of R-1 (low) or the equivalent based on the rating of two recognized rating agencies (DBRS, Moody’s, Standard & Poor’s or Fitch).

The percentage of assets attributed to the Fund's five major sector exposures must be similar to the weighting of these sectors in the Thomson Reuters/Jefferies CRB Index, but it may differ.

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


(%)


($)


($)Thomson Reuters / Jefferies CRB Index

+ 5,00 - 5,00

6,750 (6,750)

5,465 (5,465)


Currency risk

The following table below indicates the currency to which the Fund was exposed significantly, as at December 31, in Canadian dollars, taking into account the market value of the Fund's financial instruments (including cash and money market securities) and the amounts in underlying capital in futures contracts, where applicable.

U.S. dollar Cash ($)

Futures contracts

($)

Total exposure

($)2012 - 134,998 134,998 2011 3,707 109,308 113,015



Change in exchange

rate (%)


($)


($)


(6,750) 6,750

(5,651) 5,651

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

ASTRA CORECOMMODITY MANAGEMENT COMMODITY FUNDOTHER INFORMATION Years ended December 31 (in thousands of dollars)

159



2012 Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Financial Assets - - - -

Bonds - - - -Equities - - - -Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Products 1,061 - - 1,061

Money Market - 126,946 - 126,946 Total of Financial Assets 1,061 126,946 - 128,007

Financial Liabilities

Derivative Products (2,777) - - (2,777)

Total of Financial Liabilities (2,777) - - (2,777)

2011 Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Financial Assets

Bonds - - - - Equities - - - - Exchange Traded Funds - - - -

Investment Funds - - - - Derivative Products 875 - - 875

Money Market - 100,149 - 100,149 Total of Financial Assets 875 100,149 - 101,024


Derivative Products (3,315) - - (3,315)

Total of Financial Liabilities (3,315) - - (3,315)


ASTRA FUNDNOTES TO FINANCIAL STATEMENTS Years ended December 31 (in thousands of dollars)

160

1. THE FUNDS

ASTRA Funds (hereinafter the “Funds“) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not considered separate legal entities.

The financial information presented in these financial statements and in the notes to financial statements is related to the data as at December 31, or for years ended December 31, with the exception of funds that are opened during the year. In this case, the information presented is related to the period extending from the inception date of the fund to December 31.

List of the Funds available as at December 31, 2012:

ASTRA Fund Managers Fund inception date Money Market MFS McLean Budden Ltd. December 1, 1997 Treasury Optimum Asset Management September 25, 2008 Fiera Capital Bond Fiera Capital June 16, 2009 OAM Bond Optimum Asset Management September 25, 2008 PIMCO Bond PIMCO Canada May 27, 2008 Bond Index BlackRock Asset Management July 4, 2005 Conservative Strategy Multiple (page 24) December 7, 1998 Balanced Strategy Multiple (page 27) December 1, 1997 Growth Strategy Multiple (page 30) December 7, 1998 Aggressive Strategy Multiple (page 33) November 14, 2005 Celestia Conservative Multiple (page 36) September 23, 2008 Celestia Balanced Multiple (page 39) September 23, 2008 Celestia Growth Multiple (page 42) September 23, 2008 Celestia Aggressive Multiple (page 45) September 23, 2008 Conservative Fundamental Portfolio Multiple (page 49) September 17, 2009 Balanced Fundamental Portfolio Multiple (page 52) September 17, 2009 Growth Fundamental Portfolio Multiple (page 55) September 17, 2009 Aggressive Fundamental Portfolio Multiple (page 58) September 17, 2009 Sprott / Fiera Capital Canadian Balanced Fund Multiple (page 62) October, 28, 2011 Fidelity Canadian Asset Allocation Fidelity Investments January 7, 2010 Dynamic Power Balanced Dynamic Funds October, 28, 2011 Acuity High Income Acuity Investment Management January 24, 2007 UBS Global High Income UBS Global Asset Management November 15, 2007 Guardian Canadian Dividend Equity Guardian Capital LP June 1, 2012 Jarislowsky Fraser Ltd. Canadian Value Equity Jarislowsky Fraser Ltd. November 1, 2001 Triasima Canadian Equity Triasima Inc. Portfolio Management October 2, 2006 Greystone Canadian Growth Equity Greystone Managed Investments November 1, 2001 Montrusco Bolton Canadian Equity Montrusco Bolton May 26, 2011 Canadian Fundamental Equity BlackRock Asset Management September 15, 2009 Canadian Index BlackRock Asset Management December 7, 1998 Canadian Small Cap Equity Fiera Capital November 1, 2001 MFS McLean Budden U.S. Equity MFS McLean Budden Ltd. December 1, 1997 Trdewinds U.S. Equity Tradewinds Global Investors March 30, 2012 U.S. Fundamental Equity BlackRock Asset Management September 15, 2009 U.S. Index BlackRock Asset Management December 7, 1998 International Equity Hexavest Asset Management December 1, 1997 Carnegie International Equity Carnegie Asset Management June 9, 2008 International Fundamental Equity BlackRock Asset Management September 15, 2009 International Index BlackRock Asset Management July 4, 2005 Calamos Global Equity Calamos Investment June 3, 2011 Lazard Global Equity Lazard Asset Management March 31, 2011


161

1. THE FUNDS (Cont’d)

ASTRA Fund Managers Fund inception date Hexavest Hedged Global Equity Hexavest Asset Management September 1, 2009 Lazard Global Small Cap Equity Lazard Asset Management September 15, 2010 Emerging Markets Fundamental Equity BlackRock Asset Management July 23, 2009Lazard Global Infrastructure Lazard Asset Management June 12, 2007Presima Global Real Estate Enhanced Yield Presima April 18, 2006 Morgan Stanley Global Real Estate Morgan Stanley Investment Management March 31, 2011CoreCommodity Management Commodity CoreCommodity Management September 15, 2010

Changes to product offering

Since May 27, 2011, the ASTRA Lazard Global Equity Fund and the ASTRA Morgan Stanley Global Real Estate Fund has been offered to clients covered under the Information Folder. Previously, these funds were offered to institutional clients only.

Since June 3, 2011, the ASTRA Presima Global Real Estate Enhanced Yield Fund has been offered to clients covered under the Information Folder. Previously, this fund was offered to institutional clients only.

Since November 26, 2012, the ASTRA Tradewinds U.S. Equity Fund has been offered to clients covered under the Information Folder.Previously, this fund was offered to institutional clients only.

Closure of Funds

The following Funds were closed and, unless otherwise instructed by unitholders, net assets were transferred to the destination Funds listed below:

ASTRA closed Fund ASTRA destination Fund Closing date Gryphon Balanced Growth Strategy May 27, 2011 Ivy Diversified Growth and Income Fidelity Canadian Asset Allocation May 27, 2011 Natcan Canadian Equity Triasima Canadian Equity May 27, 2011 Howson Tattersall Canadian Small Cap Equity Canadian Small Cap Equity May 27, 2011 AllianceBernstein Global Equity Calamos Global Equity June 3, 2011 Global Equity Calamos Global Equity June 3, 2011

BNP Paribas Global Real Estate Presima Global Real Estate Enhanced Yield June 3, 2011

Commodity CoreCommodity Management Commodity June 3, 2011 Hong Kong China Fundamental Equity Emerging Markets Fundamental Equity April 27, 2012 Dividend Guardian Canadian Dividend Equity June 1, 2012 MFS McLean Budden Diversified Growth Balanced Strategy December 21, 2012 MFS McLean Budden Canadian Equity Triasima Canadian Equity December 21, 2012 Jarislowsky Fraser Ltd. U.S. Value Equity Tradewinds U.S. Equity December 21, 2012 Addenda Bond Fiera Capital Bond December 21, 2012

Fund holdings

The Company did not holds units of the following Funds as at December 31,2012 and 2011:

Furthemore, as at December 31, 2012 and 2011, the pension plans offered to the employees of the Company held units of ASTRA Funds.


162

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), whichinclude estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates.

Changes in accounting standards

Future accounting standards - International Financial Reporting Standards (IFRS)

The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 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 CICA Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements”on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Funds will adopt the IFRS for the annual financial statementsstarting 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 valuationservice providers.

Equities and exchange traded Funds Equities and exchange traded Funds traded on a recognized stock market are valued in accordance with the bid price recorded on theday 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 productsFutures contracts are valued at the bid price on valuation date by the stock exchange where these contracts are traded. Forwardcontracts are valued according at the bid price obtained from recognized independent valuation service providers.

If a security is not actively traded and the bid price or net asset cannot be reliably obtained, the fair market value is established using a valuation method that uses observable market data wherever possible.


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 priceestablished by the recognized stock exchange where the security is actively traded.

Units of investment funds are generally classified as Level 1 when the daily net asset value per unit reflects an active market and when redemption of units is available on request. Units of investment funds are generally classified as Level 2 when redemption of units is not available on a daily basis.

Other financial instruments such as cash, receivables and accounts payable are classified as Level 1 and are excluded from the specific tables for each Fund.


163

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Investment transactions and income recognition

Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method.Investment income is recorded on an accrual basis.

The interest income is accrued as earned and the dividend income is recorded on the ex-dividend date.

Distribution income and net realized gains distributed by underlying fund are recorded upon distribution and allocated as established by the underlying fund manager. Income distributed by the underlying fund may include interests and dividends.

Management fee distributions represent amounts received from the underlying fund administrator in compensation for the management expense ratio included in the cost of underlying fund units. These distributions are calculated and recorded daily and monthly.

Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investments are calculated using the average cost of investments and, where applicable, exclude transaction costs which are recorded directly tooperations.

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 QST, accrued investment income and amounts receivable frombrokers. Accounts payable include amounts payable to brokers and payable performance fee, where applicable. Their carrying valueapproximates their fair value due to the short-term maturities.

Foreign currency conversion

Some investments and other assets and liabilities are denominated in foreign currencies. They are converted into Canadian dollars at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rate of exchange prevailing on the respective dates of such transactions. Exchange gains or losses upon sale of investments are recorded under “Net realized gain (loss) on sale of investments”. Unrealized exchange gains and losses are recorded under “Net unrealized gain (loss) on investments”.

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 operationsby 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 netassets for the year.

Reconciliation of net assets to net asset value

Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.

3. UNITHOLDERS’ EQUITY

The net assets of each Fund are divided into units of equal value and represent unitholders’ equity. The units of Funds have no par value and may be issued in an unlimited number. The price of a Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset value by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Funds’ manager’s office, based on day-end values in Quebec City.


164

4. MANAGEMENT FEES AND OTHER FEES

In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Funds and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses,sales taxes and expenses related to the Information Folder and unitholder communications as well as any other costs incurred by the Funds.

Certain funds may be required to pay fees related to the Fund‘s performance. This is the case of the ASTRA CoreCommodity Management Commodity Fund which is subject to performance fees based on its returns. These fees correspond to 25% of the cumulative performance over that of the index on the futures contract portion. When the additional cumulative performance is lower than the index, the performance fees are reduced by 25% of the difference between the cumulative performance and the index down to aminimum of 0 for the current year. As at December 31, 2012, the balance of performance-related fees payable is $68 (2011 - $206) for class D, $26 (2011 - $116) for class E and $14 (2011 - $11) for class F.

5. FINANCIAL INSTRUMENT RISK

In the normal course of business, the Funds are exposed to a variety of financial risks: credit risk, liquidity risk and market risk including interest rate risk, price risk and currency risk. The Funds are comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Funds or the underlying funds.

The Funds’ exposure to risk depends on the investment strategies and the types of investments held in the portfolios. The results of risk sensitivity analyses conducted represent Management’s best estimates. Actual results may vary significantly from these estimates.

A description of financial risks to which the Fund is exposed is presented in the other documents accompanying the financial statementsof each Fund.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments are subject to credit risk.

Liquidity risk

Liquidity risk is the risk that the Funds may be unable to meet their obligations in a timely fashion as a result of their inability to liquidate their assets. The Funds are exposed to this risk because of daily redemptions of units.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Funds are exposed to interest rate risk when they hold interest-bearing financial instruments. When the fund holds interest -bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact on cash and money market securities.

Price risk

Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.

The Funds are exposed to currency risk when they hold assets or liabilities denominated in currencies other than the Canadian dollarbecause the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.


165

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 eventlikely to have an impact on the performance of the Funds.

Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.

The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.

External management of the Funds

The Company has delegated the management of the risks of the Funds to an external manager of the underlying fund.

The external fund management policy provides for the monitoring and performance evaluation of the managers of the underlying funds. Accordingly, the periodic reviews include a performance review and qualitative monitoring of each of the external managers.

7. CAPITAL MANAGEMENT

The Funds have no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of each Fund. Capital is managed in accordance with the investment objectives of the Funds, which include liquidity management to meet redemption obligations.

8. INCOME TAXES

The Funds qualify as segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Funds and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Funds are not subject to income taxes.

9. COMPARATIVE FIGURES

Some figures in the financial statements as at December 31, 2011, have been reclassified to make their presentation conform to thepresentation of statements adopted as at December 31, 2012.

1

INDEPENDENT AUDITORS’ REPORT

To the Unitholders of the following ASTRA Funds: ASTRA Money Market Fund ASTRA Canadian Fundamental Equity Fund ASTRA Treasury Fund ASTRA Canadian Index Fund ASTRA Fiera Capital Bond Fund ASTRA Canadian Small Cap Equity Fund ASTRA OAM Bond Fund ASTRA MFS McLean Budden U.S. Equity Fund ASTRA PIMCO Bond Fund ASTRA U.S. Fundamental Equity Fund ASTRA Bond Index Fund ASTRA U.S. Index Fund ASTRA Conservative Strategy Fund ASTRA International Equity Fund ASTRA Balanced Strategy Fund ASTRA Carnegie International Equity Fund ASTRA Growth Strategy Fund ASTRA International Fundamental Equity Fund ASTRA Aggressive Strategy Fund ASTRA International Index Fund ASTRA Celestia Conservative Fund ASTRA Hexavest Hedged Global Equity Fund ASTRA Celestia Balanced Fund ASTRA Lazard Global Small Cap Equity Fund ASTRA Celestia Growth Fund ASTRA Emerging Markets Fundamental Equity Fund ASTRA Celestia Aggressive Fund ASTRA Lazard Global Infrastructure Fund ASTRA Conservative Fundamental Portofolio Fund ASTRA Presima Global Real Estate Enhanced Yield Fund ASTRA Balanced Fundamental Portofolio Fund ASTRA CoreCommodity Management Commodity Fund ASTRA Growth Fundamental Portofolio Fund ASTRA Sprott/Fiera Capital Canadian Balanced Fund ASTRA Aggressive Fundamental Portofolio Fund ASTRA Dynamic Power Balanced Fund ASTRA Fidelity Canadian Asset Allocation Fund ASTRA Montrusco Bolton Canadian Equity Fund ASTRA Acuity High Income Fund ASTRA Calamos Global Equity Fund ASTRA UBS Global High Income Fund ASTRA Lazard Global Equity Fund ASTRA Jarislowsky Fraser Ltd. Canadian

Value Equity Fund ASTRA Morgan Stanley Global Real Estate Fund

[collectively referred to as the “Funds”] ASTRA Triasima Canadian Equity Fund ASTRA Guardian Canadian Dividend Equity Fund ASTRA Greystone Canadian Growth Equity Fund ASTRA Tradewinds U.S. Equity Fund [collectively referred to as the “NewFunds”]

166

1 CPA auditeur, CA permis de comptabilité publique no A118111 2

We have audited the accompanying financial statements of the Funds and New Funds (the “Funds”), which comprise the statements of net assets and investment portfolio as at December 31, 2012 and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

SSQ, Life Insurance Company Inc. (the “Manager of the Funds”) is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as the Manager of the Funds determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds and New Funds as at December 31, 2012 and the results of their operations and their changes in net assets for the year then ended in accordance with Canadian generally accepted accounting principles.

Québec City, Canada February 27, 2013

167

ASTRA SIGMA ALPHA GLOBAL MACRO FUNDFINANCIAL STATEMENTS (in thousands of dollars; except per unit amounts)

168


$ $Assets Investments, at fair value 23,450 16,168 Positive fair value of derivative products 869 30Cash 505 1,604 Receivables 15 29

24,839 17,831

Liabilities Bank overdraft - -Negative fair value of derivative products 70 205Accounts payable - -

70 205Net Assets 24,769 17,626







11,844 15,651Distributions to unitholders Net investment income - -Net realized gain on sale of investments - -

- -Increase (decrease) in net assets from operations (4,701) (552)Net assets - End of year 24,769 17,626Changes in number of units Units outstanding at the beginning 1,701,479 246,865 Units issued 1,833,375 1,713,448 Units redeemed (809,969) (258,834)Units outstanding at the end 2,724,885 1,701,479



$ $ Income (loss) Interest 189 44Derivative products (4,823) 38

(4,634) 82


955 458Net investment income (loss) (5,589) (376)Net realized gain (loss) on sale of investments (35) 36Net unrealized gain (loss) on investments 974 (191)Transaction costs (51) (21)

Increase (decrease) in net assets from operations (4,701) (552)Increase (decrease) in net assets from operations per unit (1.74) (0.78)Management Expense Ratio 3.52% 6.09%

ASTRA SIGMA ALPHA GLOBAL MACRO FUNDFINANCIAL STATEMENTS (in thousands, except number of contracts)


169


$ $MONEY MARKET (94.67%) Government of Canada, Treasury Bill, 0.91%, 03-28-2013 23,500 23,450 23,450


FAIR VALUE OF DERIVATIVE PRODUCTS (3.23%) 799OTHER NET ASSETS (2.10%) 520


As December 31, 2012, $2,829 in money market securities were deposited in warranty.

Futures contracts Contract

Value Contract name Expiration Number ofcontracts Currency

Currentvalue

Gain (loss) unrealized

$ $ $ 3,747 Hang Seng January 2013 26 HK 3,783 36 3,057 MSCI Singapore January 2013 52 SG 3,042 (15) 4,299 Gold February 2013 26 US 4,330 31 5,079 Mini Dow Jones March 2013 78 US 5,054 (25) 3,660 Mini S&P 500 March 2013 52 US 3,673 13

(4,222) Japanese Yen March 2013 (28) US (4,013) 209 3,181 KOSPI 200 March 2013 26 KR 3,234 53 4,291 Nikkei 225 March 2013 78 JP 4,706 415 4,072 Mini Nasdaq 100 March 2013 78 US 4,121 49 3,876 Silver March 2013 26 US 3,909 33 3,429 US Note 10 years March 2013 26 US 3,426 (3) 3,341 Australian Note 10 years March 2013 26 AU 3,314 (27) 2,324 Copper March 2013 26 US 2,354 30

40,134 Total of futures contracts 40,933 799

ASTRA SIGMA ALPHA GLOBAL MACRO FUNDNOTES TO FINANCIAL STATEMENTSYears ended December 31 (in thousands of dollars)

170

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, 2012 and 2011.

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), whichinclude estimates and assumptions made by the Company that affect the reported amounts of assets, liabilities, income and expenses for the reporting years. Actual results may differ from those estimates.

Changes in accounting standards

Future accounting standards - International Financial Reporting Standards (IFRS)

The Accounting Standards Board (AcSB) has decided to wait before the mandatory application of IFRS by investment companies and segregated funds offered by life insurers to January 1, 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 CICA Handbook – Accounting, the amendments made to IFRS 10 “Consolidated Financial Statements”, to IFRS 12 “Disclosure of Interests in Other Entities” and to IAS 27 “Separate Financial Statements”on the new requirements regarding investment entities. These requirements involve having investment companies and segregated funds offered by life insurers account for investments in controlled investees at fair value through profit or loss. The proposed accounting treatment is in compliance with the current Fund accounting policies. The Fund will adopt the IFRS for the annual financial statementsstarting 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.


The valuation of a financial instrument’s fair value recorded in net assets must be presented in accordance with a hierarchy that reflects the significance of the inputs used to determine the fair market value. This hierarchy is comprised of three levels:

Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly or indirectly Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities.

A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.

Money market securities are generally classified as Level 2 because the fair value used equals the price valued by external valuationservice providers using observable market data.

Futures contracts are generally classified as Level 1 because the fair value equals the price established by the recognized stock exchange where the security is actively traded.

Other financial instruments such as cash, receivables and accounts payable are classified as Level 1 and are excluded from the tables shown in note 5.


171

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Investment transactions and income recognition

Investment transactions are accounted on trade date basis and the cost of investments is calculated based on average cost method.Investment income is recorded on an accrual basis.

Interest income is accrued as it is earned.

Realized gains and losses on sale of investments as well as the unrealized appreciation or depreciation in value of investment arecalculated 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 QST, accrued investment income and amounts receivable frombrokers. 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 arerecorded 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 operationsby 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 netassets for the year.

Reconciliation of net assets to net asset value

Reconciliation of net assets to the net asset value of the Funds represents the difference between net assets based on bid prices and net asset value based on closing prices, calculated on every valuation day.

3. UNITHOLDERS’ EQUITY

The net assets of the Fund are divided into units of equal value and represent the unitholders’ equity. The units of the Fund have no par value and may be issued in an unlimited number. The price of the Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Fund’s manager’s office, based on day-end values in Quebec City.

4. MANAGEMENT FEES AND OTHER FEES

In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Fund and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses,sales taxes and expenses related to the information folder and unitholder communications as well as any other costs incurred by the Fund.

The Fund is also subject to performance fees based on its yield. This fee corresponds to 20% on returns in excess of 5%. As at December 31, 2012 and 2011, there was no payable performance fee.


172

5. FAIR VALUE OF FINANCIAL INSTRUMENTS


2012 Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Financial Assets

Bonds - - - -Equities - - - -Exchange Traded Funds - - - -Investment Funds - - - -Derivative Products 869 - - 869Money Market - 23,450 - 23,450 Total of Financial Assets 869 23,450 - 24,319


Derivative Products (70) - - (70) Total of Financial Liabilities (70) - - (70)

2011 Level 1 ($)

Level 2 ($)

Level 3 ($)

Total ($)

Financial Assets

Bonds - - - - Equities - - - - Exchange Traded Funds - - - - Investment Funds - - - - Derivative Products 30 - - 30 Money Market - 16,168 - 16,168

Total of Financial Assets 30 16,168 - 16,198


Derivative Products (205) - - (205) Total of Financial Liabilities (205) - - (205)


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 results of the sensibility analysis to which the Fund is exposed represent Management’s best estimate. Actual results may vary significantly from these estimates.

Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge its obligations. Fixed income investments and derivative products are subject to credit risk.

Liquidity risk

Liquidity risk is the risk that the Fund may be unable to meet its obligations in a timely fashion as a result of its inability to liquidate its assets. The Fund is exposed to this risk because of daily redemptions of units.


173

6. FINANCIAL INSTRUMENT RISK (Cont’d)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Fund is exposed to interest rate risk when it holds interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact in cash and money market securities.

Price risk

Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded in the market. All securities investments may present a risk of potential financial loss.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates.

The Fund is exposed to currency risk when it hold assets or liabilities denominated in a currency other than the Canadian dollar, because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.

7. FINANCIAL RISK EXPOSURE

Fund objective

The fundamental investment objective of this Fund is to obtain a return on 91-day treasury bills while controlling the volatility significantly below that of the markets.

The Fund is mainly invested in futures contracts in the following worldwide indices (including emerging markets), bonds, currencies and commodities. It may also be invested in fixed income Canadian securities and money market securities. The Fund may hold units offunds corresponding to the above-mentioned securities.

The investment approach of the external manager, Sigma Alpha Capital, is to implement a tactical and strategic asset allocation strategy for the four main asset classes: stock index, bonds, currencies and commodities. The investment process is based on a close analysis of economic cycles around the world combined with rigorous risk management parameters.

Credit risk

As at December 31, 2012 and 2011, the Fund holds money market securities and derivatives. Consequently, the Fund is exposed to credit risk. The money market securities have R-1 High credit rating according to the DBRS credit rating agency.


Liquidity risk

The Fund is exposed to liquidity risk on daily redemptions of units. The Fund maintains sufficient cash and money market securities to maintain an adequate liquidity level.

As at December 31, 2012 and 2011, the Fund has no securities loans.

Interest rate risk

The Fund is exposed to interest rate risk because it contains interest-bearing fixed-income investments. However, since it containsinvestments with very short maturities, an interest rate variation of 1% has negligible impact on the Fund.

Price risk

The Fund’s most significant exposure to price risk arises from its investment in standardized futures contracts. As at December 31, 2012, had the prices on the respective stock exchanges for these securities increased or decreased by 5%, with all other variables heldconstant, net assets would have increased or decreased by approximately $2,047 (2011 - $808). The results of sensitivity analysisconducted 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.


174

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.

2012 2011

Currency Cash($)

Futures Contracts

($)Total Exposure

($)Cash ($)

Futures Contracts

($)

Total Exposure ($)

Australian Dollar (426) 3,314 2,888 (151) - (151) Euro (1,844) - (1,844) 317 1,416 1,733 Hong Kong Dollar 255 3,783 4,038 (134) - (134) Japanese Yen 92 4,706 4,798 23 - 23 Pound Sterling (73) - (73) (241) (1,487) (1,728) Singapore Dollar 143 3,042 3,185 (115) 1,581 1,466 South African Rand 1 - 1 (42) - (42) South Korean Won 257 3,234 3,491 (35) 3,557 3,522 U.S. Dollar (3,382) 22,854 19,472 (217) 8,779 8,562 Total (4,977) 40,933 35,956 (595) 13,846 13,251


The 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 assetmanagement 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 eventlikely to have an impact on the performance of the Funds.

Monthly and quarterly reviews are conducted. The performance of each external manager is compared with a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. An update of the qualitative review of each external manager is also conducted periodically to detect changes within the organization, as well as changes in management style and investment policy.

The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.

Against other currencies Change in

exchange rate (%)


($)


($)

Canadian Dollar + 5.00 - 5.00

(1,798) 1,798

(663) 663


175

9. CAPITAL MANAGEMENT

The Fund has no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statement of changes in net assets of the Fund. Capital is managed in accordance with the investment objectives of the Fund, which include liquidity management to meet redemption obligations.

10. INCOME TAXES

The Fund qualifies as a segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Fund and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Fund is not subject to income taxes.

INDEPENDENT AUDITOR’S REPORT

To unitholders of ASTRA Sigma Alpha Global Macro Fund,

We have audited the accompanying financial statements of ASTRA SIGMA ALPHA GLOBAL MACRO FUND, which comprise the statement of the net assets and investment portfolio as at December 31, 2012, and the statements of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Fund preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position and holdings of ASTRASigma Alpha Global Macro Fund as at December 31, 2012, and the results of its operations and its change in net assets for the year then ended, in accordance with Canadian generally accepted accounting principles.

1

Mallette L.L.P.Partnership of Chartered Professional Accountants

Quebec City, Canada February 27, 2013

1 CPA auditor, CA, public accountancy permit No. A110548

Mallette S.E.N.C.R.L.

200-3075 chemin des Quatre-BourgeoisQuébec QC G1W 5C4

Téléphone 418 653-4431Télécopie 418 656-0800Courriel [email protected]

176

ASTRA FUNDAPPENDIX - FINANCIAL HIGHLIGHTS (UNAUDITED) For the years ended December 31

177

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 FundsDecember 31,

2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008MoneyMarket (1)

DistributionsNet investment income Class A 0.01 0.22Net investment income Class C 0.11 0.12 0.05Net realized gain Class ANet realized gain Class CTotal annual distributions 0.11 0.12 0.05 0.01 0.22

Net asset value per unit Class A 10.00 10.00 10.00 10.00 10.00Net asset value per unit Class C 10.00 10.00 10.00Net assets 10,994 13,016 11,691 20,177 30,443Number of units outstanding Class A 634,127 672,929 763,699 2,017,719 3,044,284Number of units outstanding Class C 465,249 628,685 405,434Management expense ratio Class A 1.48 1.47 1.47 1.47 1.47Management expense ratio Class C 0.01(1) Class C available since July 2, 2010.

TreasuryDistributions

Net investment income 0.08 0.15 0.09 0.15 0.04Net realized gain 0.01Total annual distributions 0.08 0.16 0.09 0.15 0.04

Net asset value per unit 10.68 10.67 10.58 10.60 10.25Net assets 45,689 42,951 27,872 14,610 1,118Number of units outstanding 4,282,041 4,028,732 2,637,474 1,379,413 109,157Management expense ratio 1.89 1.89 1.89 1.89 1.89Portfolio turnover rate 84.98 82.31 97.91 154.85

Fiera Capital BondDistributions

Net investment income 0.17 0.21 0.30Net realized gain 0.19 0.01 0.18Total annual distributions 0.36 0.22 0.48

Net asset value per unit 10.93 10.64 10.13 9.82Net assets 382,633 184,370 126,127 32,813Number of units outstanding 35,014,534 17,323,485 12,453,566 3,341,348Management expense ratio 2.08 2.05 2.05 2.05Portfolio turnover rate 1.93 6.29 2.84 3.09


178


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008OAM BondDistributions

Net investment income 0.09 0.19 0.18 0.08 0.15Net realized gain 0.13 0.03 0.12 0.19Return of capital 0.01Total annual distributions 0.09 0.32 0.21 0.21 0.34

Net asset value per unit 10.87 10.77 10.47 10.38 9.97Net assets 68,334 59,025 62,664 17,927 605Number of units outstanding 6,283,955 5,480,262 5,984,608 1,726,941 60,614Management expense ratio 2.10 2.05 2.04 2.05 2.05Portfolio turnover rate 4.88 14.08 17.12 19.87

PIMCOBondDistributions

Net investment income 0.14 0.19 0.18 0.08 0.33Net realized gain 0.01 0.49 0.55Total annual distributions 0.14 0.20 0.67 0.63 0.33

Net asset value per unit 10.14 9.87 9.67 9.69 9.32Net assets 134,606 96,013 72,342 62,246 56,743Number of units outstanding 13,276,261 9,730,029 7,479,942 6,427,098 6,089,170Management expense ratio 2.22 2.15 2.15 2.15 2.15Portfolio turnover rate 1.55 4.71 24.07 23.39 6.26

Bond IndexDistributions

Net investment income 0.08 0.21 0.19 0.19 0.34Net realized gain 0.12 0.08 0.04 0.01Total annual distributions 0.08 0.33 0.27 0.23 0.35


Conservative StrategyDistributions

Net investment income 0.11 0.11 0.15 0.16Net realized gain 0.18 0.07 0.11Return of capital 0.04Total annual distributions 0.33 0.18 0.15 0.27



179


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008Balanced StrategyDistributions

Net investment income 0.05 0.06 0.06 0.12Net realized gain 0.10 0.14Total annual distributions 0.15 0.20 0.06 0.12


Growth StrategyDistributions



Aggressive StrategyDistributions

Net investment income 0.01 0.01 0.04Net realized gain 0.03 0.12Total annual distributions 0.03 0.13 0.01 0.04

Net asset value per unit 9.51 8.95 9.58 8.96 7.87Net assets 14,367 13,351 12,262 8,393 4,424Number of units outstanding 1,510,347 1,492,263 1,279,411 936,255 562,299Management expense ratio 2.69 2.68 2.68 2.68 2.69Portfolio turnover rate 26.37 10.60 38.03 37.88 24.44

Celestia ConservativeDistributions

Net investment income 0.09 0.11 0.13 0.14Net realized gain 0.21 0.06 0.16 0.04Total annual distributions 0.30 0.17 0.29 0.18

Net asset value per unit 10.42 9.99 10.25 9.81 9.35Net assets 28,451 15,597 10,002 4,401 647Number of units outstanding 2,729,814 1,561,655 975,584 448,505 69,199Management expense ratio 2.59 2.57 2.57 2.57 2.55Portfolio turnover rate 72.67 15.37 8.36 31.01 8.67


180


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008CelestiaBalancedDistributions


Net asset value per unit 10.05 9.50 9.98 9.43 8.61Net assets 56,337 39,395 29,288 11,302 2,809Number of units outstanding 5,606,129 4,148,705 2,933,371 1,198,495 326,066Management expense ratio 2.70 2.68 2.68 2.68 2.65Portfolio turnover rate 17.59 27.83 22.70 25.80 2.25

CelestiaGrowthDistributions



CelestiaAggressiveDistributions

Net investment income 0.02 0.05 0.12Net realized gain 0.20 0.05 0.17 0.03Return of capital 0.04Total annual distributions 0.20 0.11 0.22 0.15


Conservative Fundamental PortfolioDistributions

Net investment income 0.01 0.06Net realized gain 0.02Total annual distributions 0.01 0.08

Net asset value per unit 10.91 10.53 10.56 9.98Net assets 16,630 12,081 7,631 847Number of units outstanding 1,524,137 1,147,811 722,838 84,794Management expense ratio 2.50 2.47 2.47 2.47Portfolio turnover rate 47.51 12.84 9.13


181


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008Balanced Fundamental PortfolioDistributions

Net investment income 0.01 0.03Net realized gain 0.03Total annual distributions 0.01 0.03 0.03

Net asset value per unit 10.68 10.11 10.56 9.92Net assets 37,594 29,641 17,568 1,916Number of units outstanding 3,519,179 2,930,706 1,662,909 193,300Management expense ratio 2.57 2.52 2.52 2.52Portfolio turnover rate 68.18 7.13 5.15 6.05

Growth Fundamental PortfolioDistributions

Net investment income 0.05Net realized gain 0.07Total annual distributions 0.07 0.05

Net asset value per unit 10.53 9.90 10.55 9.87Net assets 19,717 16,950 12,549 3,376Number of units outstanding 1,873,189 1,712,859 1,189,308 342,194Management expense ratio 2.65 2.57 2.57 2.57Portfolio turnover rate 83.19 21.48 33.36

Aggressive Fundamental PortfolioDistributions

Net investment income 0.05Net realized gain 0.03Total annual distributions 0.03 0.05

Net asset value per unit 10.46 9.75 10.58 9.89Net assets 15,441 10,898 6,777 1,195Number of units outstanding 1,475,512 1,117,487 640,684 120,794Management expense ratio 2.69 2.62 2.63 2.63Portfolio turnover rate 96.63 8.13 7.44

Sprott / FieraCapital Canadian BalancedDistributions

Net investment income 0.04Net realized gain 0.05Total annual distributions 0.09

Net asset value per unit 8.57 9.22Net assets 4,101 789Number of units outstanding 478,672 85,632Management expense ratio 3.42 3.36Portfolio turnover rate 12.31


182


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008Fidelity Canadian Asset AllocationDistributions

Net investment income 0.07 0.06Net realized gain 0.24 0.14Total annual distributions 0.31 0.20

Net asset value per unit 10.01 9.79 10.71Net assets 45,331 35,436 6,824Number of units outstanding 4,526,839 3,617,941 637,412Management expense ratio 2.69 2.68 2.68Portfolio turnover rate 5.18 3.47 18.87

Dynamic Power BalancedDistributions

Net investment incomeNet realized gainTotal annual distributions

Net asset value per unit 9.98 9.59Net assets 5,422 1,233Number of units outstanding 543,277 128,586Management expense ratio 3.04 2.99Portfolio turnover rate 6.53

Acuity High IncomeDistributions

Net investment income 0.05 0.01 0.03 0.07 0.26Net realized gain 0.16Return of capital 0.25 0.29 0.34 0.23Total annual distributions 0.30 0.30 0.37 0.30 0.42


UBSGlobal High IncomeDistributions

Net investment income 0.05 0.34Net realized gain 0.01 0.01Return of capital 0.24 0.29 0.30 0.30Total annual distributions 0.30 0.30 0.30 0.30 0.34



183


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008Guardian Canadian Dividend EquityDistributions


Net asset value per unit 11.08Net assets 17,603Number of units outstanding 1,588,590Management expense ratio 2.54Portfolio turnover rate 3.55

Jarislowsky Fraser Ltd. Canadian Value EquityDistributions

Net investment income 0.01 0.01Net realized gain 0.16 0.35 0.05 0.24Total annual distributions 0.17 0.35 0.06 0.24


TriasimaCanadian Equity (2)

DistributionsNet investment income 0.03 0.08 0.05Net realized gain 0.08 0.66Total annual distributions 0.11 0.74 0.05

Net asset value per unit 11.38 10.61 11.03 9.70Net assets 106,816 44,069 10,487 7,658Number of units outstanding 9,383,371 4,155,227 950,636 789,461Management expense ratio 2.58 2.57 2.57 2.57Portfolio turnover rate 0.66 5.39 15.11 15.63(2) Fund available to an individual contract since September 30, 2009.

Greystone Canadian Growth EquityDistributions

Net investment income 0.27Net realized gainTotal annual distributions 0.27



184


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008Montrusco Bolton Canadian EquityDistributions


Net asset value per unit 8.88 8.34Net assets 19,410 6,030Number of units outstanding 2,189,298 724,606Management expense ratio 2.84 2.78Portfolio turnover rate 48.00 111.00

Canadian Fundamental EquityDistributions


Net asset value per unit 10.53 9.78 10.90 9.67Net assets 21,483 2,270 2,531 670Number of units outstanding 2,045,644 232,036 232,262 69,258Management expense ratio 2.44 2.57 2.57 2.57Portfolio turnover rate 123.66 27.20 13.23

Canadian IndexDistributions

Net investment income 0.02 0.03Net realized gain 0.03 0.64Total annual distributions 0.03 0.02 0.67


Canadian Small Cap EquityDistributions

Net investment incomeNet realized gain 0.18Return of capital 0.94Total annual distributions 0.18 0.94



185


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008MFSMcLean Budden U.S. EquityDistributions



TradewindsU.S. Equity (3)

DistributionsNet investment incomeNet realized gainTotal annual distributions

Net asset value per unit 9.64Net assets 12,999Number of units outstanding 1,349,072Management expense ratio 3.05Portfolio turnover rate 64.26(3) Fund available to an individual contract since November 26, 2012.

U.S. Fundamental EquityDistributions


Net asset value per unit 11.44 10.45 10.55 9.80Net assets 14,224 512 194 25Number of units outstanding 1,234,796 48,961 18,347 2,500Management expense ratio 2.51 2.68 2.68 2.68Portfolio turnover rate 117.78 77.83 265.28

U.S. IndexDistributions


Net asset value per unit 6.39 5.81 5.72 5.40 5.19Net assets 14,634 8,804 6,160 5,459 4,480Number of units outstanding 2,289,924 1,516,564 1,076,796 1,010,054 863,548Management expense ratio 2.64 2.63 2.63 2.62 2.63Portfolio turnover rate 9.84 8.28 17.40 9.59 1.99


186


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008International EquityDistributions



Carnegie International EquityDistributions

Net investment incomeNet realized gain 0.01Total annual distributions 0.01


International Fundamental EquityDistributions

Net investment income 0.01 0.06Net realized gainTotal annual distributions 0.01 0.06

Net asset value per unit 8.46 7.72 9.04 9.32Net assets 13,420 121 47 25Number of units outstanding 1,583,895 15,620 5,173 2,625Management expense ratio 2.71 2.89 2.89 2.89Portfolio turnover rate 118.40 105.58 96.59

International IndexDistributions

Net investment income 0.03 0.06Net realized gainTotal annual distributions 0.03 0.06



187


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008CalamosGlobal EquityDistributions


Net asset value per unit 9.52 9.42Net assets 19,847 13,171Number of units outstanding 2,085,971 1,399,885Management expense ratio 3.26 3.25Portfolio turnover rate 42.00 35.00

Lazard Global EquityDistributions



Hexavest Hedged Global Equity (4)

DistributionsNet investment incomeNet realized gain 0.08 0.14Total annual distributions 0.08 0.14

Net asset value per unit 10.58 9.71 10.39Net assets 22,149 20,662 27,007Number of units outstanding 2,093,158 2,127,361 2,598,350Management expense ratio 3.28 3.25 3.26Portfolio turnover rate 11.55 30.29 6.51(4) Fund available to an individual contract since September 15, 2010.

Lazard Global Small Cap EquityDistributions

Net investment income 0.04Net realized gain 0.25Total annual distributions 0.29

Net asset value per unit 11.31 9.95 11.09Net assets 27,341 17,571 5,278Number of units outstanding 2,416,837 1,765,521 475,863Management expense ratio 3.16 3.10 3.10Portfolio turnover rate 6.88 18.68 86.49


188


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008EmergingMarkets Fundamental EquityDistributions


Net asset value per unit 10.64 9.78 12.28 11.39Net assets 70,490 24,065 21,644 6,827Number of units outstanding 6,622,075 2,461,786 1,762,805 599,388Management expense ratio 3.19 3.10 3.10 3.10Portfolio turnover rate 163.56 54.82 4.13 2.93

Lazard Global InfrastructureDistributions



PresimaGlobal Real Estate Enhanced Yield (5)

DistributionsNet investment income 0.05Net realized gainTotal annual distributions 0.05

Net asset value per unit 7.63 6.47Net assets 23,202 18,617Number of units outstanding 3,039,625 2,875,922Management expense ratio 3.47 3.41Portfolio turnover rate 4.02 145.19(5) Fund available to an individual contract since June 3, 2011.

Morgan StanleyGlobal Real EstateDistributions




189


2012December 31,

2011December 31,

2010December 31,

2009December 31,

2008CoreCommodityManagement Commodity (6)

DistributionsNet investment income Class A 1.51Net investment income Class C 1.72Net investment income Class D 1.68Net investment income Class E 1.69Net investment income Class FNet realized gain Class ANet realized gain Class CNet realized gain Class DNet realized gain Class ENet realized gain Class FTotal annual distributions 6.60

Net asset value per unit Class A 8.84 9.40 10.36Net asset value per unit Class C 10.22 10.52 11.26Net asset value per unit Class D 10.18 10.50 11.26Net asset value per unit Class E 10.19 10.51 11.26Net asset value per unit Class F 8.49 8.78Net assets 128,115 102,749 66,322Number of units outstanding Class A 2,327,136 1,868,160 17,535Number of units outstanding Class C 3,663,262 2,975,402 1,833,176Number of units outstanding Class D 4,566,599 3,366,941 2,930,502Number of units outstanding Class E 1,511,667 1,359,844 1,135,956Number of units outstanding Class F 1,200,640 589,299Management expense ratio Class A 3.37 3.36 3.36Management expense ratio Class C 0.14Management expense ratio Class D 0.31 0.88 0.54Management expense ratio Class E 0.31 0.90 0.46Management expense ratio Class F 0.61 0.67Portfolio turnover rate s.o. s.o. s.o.(6) Class F available since M arch 18, 2011.

SigmaAlphaGlobal MacroDistributions


Net asset value per unit 9.10 10.39 10.26Net assets 24,769 17,626 2,527Number of units outstanding 2,724,885 1,701,479 246,865Management expense ratio 3.52 6.09 5.66Portfolio turnover rate s.o. s.o. s.o.

BRA724A-2 (2013-03)

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