ivari guaranteed investment funds, five for lifetm, …

Semi-annual unaudited Financial Statements as at June 30, 2021

ivari Guaranteed Investment Funds, Five for LifeTM, imaxxGIFTM,

GROWSafe3, GROWSafe/GROWSafe2, NN IP Segregated Funds,

Balanced Investment Growth, Agent’s Plan, and Segregated Fund 1 (72)

Dear Valued Investor: Market and economic outlook The global economic revitalization is well underway and is broadening out from both a regional and sector perspective, making way for an all-encompassing expansion. Regionally, the rolling nature of the recovery is likely to extend the longevity of the expansion as the reopening progresses across the globe. While China led the charge in 2020, the growth baton has now been passed to the United States, while momentum is set to rotate towards the Eurozone, United Kingdom and Canada this summer. Japan and other emerging market economies will trail later this year as they scale up their immunization drives. Meanwhile, the previously battered services space is beginning to contribute more meaningfully and has plenty of runway for growth as restrictions are eased, adding to an already buoyant factory sector. While pricing pressures are heating up in response, policymakers’ increased tolerance for higher inflation and the transitory nature of the latest spike in prices suggests that monetary policy will remain highly accommodative, which when combined with massive household savings will buttress the nascent recovery. The growing risk to our base case is if these so-called transitory pricing pressures become entrenched and de-anchor inflation expectations, which risks triggering a hawkish policy turn and an earlier withdrawal of policy support. Another wildcard continues to be the highly-transmissible COVID variants that risk a more protracted period of restrictions that could jeopardize the recovery, while vaccine hesitancy in some parts of the world has created a hurdle to reaching herd immunity and fully eradicating COVID-19. Who we are…

With a national network of thousands of independent, professional advisors, ivari provides a full range of insurance products to help Canadians make the right choice for their protection needs. The people, products and service that make up ivari have stood the test of time and have been in the Canadian marketplace since 1928. We are committed to always being approachable and transparent in everything we do, and we will stand by our word. Visit us at ivari.ca. We thank you for your business and look forward to continuing to help you reach your financial goals. Sincerely yours,

Todd Lawrence President and Chief Executive Officer

Product and Fund Options ivari TGIF 5FL imaxxGIF GS/

GS2NN IPSeg GS3 BIG Agent’s

Plan SEG Page

ivari Canadian Money Market GIF • • • • • 4

ivari Canadian Bond GIF • • • • • • 6

ivari Canadian Balanced GIF • • • • • • • 8

ivari Canadian Equity GIF • • • • • • • 12

ivari CI Conservative GIP • • • • 15

ivari CI Balanced GIP • • • • 16

ivari CI Growth GIP • • • 17

ivari Fidelity Canadian Asset Allocation GIF • • • • 18

ivari TD Dividend Income GIF • • • 19

ivari Canadian Fixed Pay GIF • • • • 20

ivari CI Canadian Balanced GIP • • • 21

ivari CI Maximum Growth GIP • • • 22

ivari Canadian Short-Term Bond GIF • • • 23

ivari Fidelity Canadian Balanced GIF • • • 25

ivari Quotential Balanced Income GIF • • • 26

ivari Quotential Balanced Growth GIF • • • 27

ivari TD Income Advantage GIF • • 28

ivari TD Dividend Balanced GIP • • 29

ivari Canadian Large Cap Index GIF • • 30

ivari Global Growth GIF • • • • 31

ivari Quotential Growth GIF • • • 32

ivari U.S. Equity Index GIF • • • 33

ivari Guaranteed Investment Funds (ivari GIF), Five for Life (5FL), imaxxGIF, GROWSafe3 (GS3), GROWSafe/GROWSafe2 (GS/GS2), NN IP Segregated Funds (NN IP Seg)*, Balanced Investment Growth (BIG), Agent’s Plan, and Segregated Fund 1 (SEG)

Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units, and Statements of Cash Flows. . . . . . . . . . . . . . . . . . . . 78

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Management Expense Ratio (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

Schedule A – Third Party Underlying Fund Holdings (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

Semi-annual unaudited Financial Statementsas at June 30, 2021

Schedule of Investment Portfolio As at June 30, 2021 (Unaudited)

Fair Value Fair Value Average Cost Average Cost ($) (%) ($) (%)

SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.190%, October 14, 2021 1,455,000 1,454,387 1,452,547

1,454,387 11.88 1,452,547 11.87Promissory NotesProvince of Alberta, 0.190%, January 25, 2022 735,000 733,868 733,574

733,868 5.99 733,574 5.99

Banker's AcceptanceBank of Nova Scotia, 0.200%, August 24, 2021 225,000 224,856 224,901Bank of Nova Scotia, 0.181%, September 16, 2021 375,000 374,640 374,723Bank of Nova Scotia, 0.190%, November 22, 2021 400,000 399,200 399,656Canadian Imperial Bank of Commerce, 0.181%, August 23, 2021 700,000 699,538 699,692Canadian Imperial Bank of Commerce, 0.220%, September 07, 2021 315,000 314,739 314,660HSBC Bank Canada, 0.211%, July 05, 2021 200,000 199,988 199,896HSBC Bank Canada, 0.200%, August 17, 2021 300,000 299,829 299,913National Bank of Canada, 0.191%, July 15, 2021 200,000 199,962 199,912National Bank of Canada, 0.189%, August 30, 2021 800,000 799,416 799,624Royal Bank of Canada, 0.189%, September 09, 2021 725,000 724,391 724,688Toronto-Dominion Bank, 0.178%, August 25, 2021 700,000 699,510 699,706Toronto-Dominion Bank, 0.169%, September 10, 2021 225,000 224,798 224,906

5,160,867 42.16 5,162,277 42.18

Discount Commercial PaperCentral 1 Credit Union, 0.192%, July 02, 2021 725,000 724,993 724,775Clarity Trust, 0.212%, July 19, 2021 500,000 499,925 499,910Clarity Trust, 0.229%, August 25, 2021 150,000 149,931 149,915OMERS Finance Trust, 0.160%, September 15, 2021 685,000 684,699 684,733Ontario Teachers' Finance Trust, 0.180%, August 12, 2021 1,300,000 1,299,493 1,299,454

3,359,041 27.45 3,358,787 27.45

TOTAL SHORT TERM INVESTMENTS -- CANADIAN 10,708,163 87.48 10,707,185 87.49

BONDS-- CANADIANProvincial BondsHydro Quebec Interest Strip, August 15, 2021 1,400,000 1,399,663 1,397,409

1,399,663 11.43 1,397,409 11.42

TOTAL BONDS -- CANADIAN 1,399,663 11.43 1,397,409 11.42

Transaction costs (Note 3) - - - -

TOTAL INVESTMENTS 12,107,826 98.91 12,104,594 98.91

CASH AND OTHER NET ASSETS (LIABILITIES) 133,537 1.09 133,537 1.09

TOTAL NET ASSETS 12,241,363 100.00 12,238,131 100.00See accompanying notes to the financial statements.

ivari Canadian Money Market GIFShare/Par

Value

4



ivari Canadian Money Market GIFShare/Par

Value

Summary of Investment PortfolioThe fair value percentages of total net assets by major portfolio category are shown in the following table.

30-Jun-21 31-Dec-20Banker's Acceptance 42.16 37.17Discount Commercial Paper 27.45 23.60Canadian Treasury Bills 11.88 29.25Provincial Bonds 11.43 9.93Promissory Notes 5.99 -

Portfolio by Category Net Assets (%)

5


Fair Value Fair Value Average Cost Average Cost

($) (%) ($) (%)BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 2.000%, December 01, 2051 2,690,000 2,787,796 2,771,676

2,787,796 8.96 2,771,676 9.01

Provincial BondsProvince of Alberta, 3.100%, June 01, 2050 555,000 595,810 637,695Province of Manitoba, 3.400%, September 05, 2048 308,000 353,306 361,284Province of Quebec, 3.500%, December 01, 2048 1,415,000 1,672,531 1,878,610

2,621,647 8.43 2,877,589 9.36

Corporate Bonds407 International Inc, 3.670%, March 08, 2049 314,000 341,287 367,468AIMCo Realty Investors LP, 2.712%, June 01, 2029 952,000 988,335 960,656Bank of Nova Scotia, 3.700%, July 27, 2081 349,000 348,979 349,000Canadian Credit Card Trust II, 3.553%, May 24, 2023 470,000 484,438 470,000Capital Power Corp., 4.424%, February 08, 2030 275,000 307,032 274,951Capital Power Corp., 4.986%, January 30, 2026 282,000 317,108 304,755CARDS II Trust, 3.127%, November 15, 2024 1,000,000 1,040,171 1,000,000Chip Mortgage Trust, 1.738%, December 15, 2025 834,000 827,740 834,000Co-operators Financial Services Ltd., 3.327%, May 13, 2030 1,083,000 1,066,380 1,077,713Eagle Credit Card Trust, 1.773%, July 17, 2025 300,000 297,943 300,000Eagle Credit Card Trust, 2.773%, July 17, 2025 380,000 378,890 380,000Enbridge Gas Inc., 3.65%, April 01, 2050 545,000 591,138 543,817ENMAX Corp., 3.650%, June 05, 2028 424,000 456,358 426,296Federation des Caisses Desjardins du Quebec, 1.992%, May 28, 2031 570,000 568,803 570,000Fortified Trust, 3.308%, March 23, 2024 800,000 846,626 800,000Glacier Credit Card Trust, 3.430%, June 06, 2024 596,000 620,965 596,000H&R Real Estate Investment Trust, 2.633%, February 19, 2027 416,000 411,673 416,000Hyundai Capital Canada Inc, 2.008%, May 12, 2026 436,000 436,759 436,000Intact Financial Corp, 3.765%, May 20, 2053 100,000 107,259 100,000Intact Financial Corp, 4.125%, March 31, 2081 310,000 315,850 310,000Intact Financial Corp., 6.400%, November 23, 2039 350,000 495,807 516,600Liberty Utilities Canada LP, 3.315%, February 14, 2050 255,000 240,512 255,000Master Credit Card Trust II, 2.634%, January 21, 2022 400,000 404,244 393,217Master Credit Card Trust II, 3.056%, January 21, 2022 1,070,000 1,080,368 1,052,705MCAP Commercial LP, 3.743%, August 25, 2025 497,000 517,072 497,000NAV Canada, 2.924%, September 29, 2051 486,000 478,140 486,000Pembina Pipeline Corp., 3.620%, April 01, 2029 632,000 675,025 690,037Reliance LP, 2.680%, December 01, 2027 675,000 684,405 674,879Royal Bank of Canada, 4.000%, February 24, 2081 331,000 343,853 331,000Royal Bank of Canada, 4.500%, November 23, 2080 465,000 494,479 465,000Shaw Communications Inc., 6.750%, November 09, 2039 352,000 472,618 467,063Sienna Senior Living Inc., 3.450%, February 27, 2026 580,000 605,074 579,930SmartCentres Real Estate Investment Trust, 3.648%, December 11, 2030 300,000 313,131 300,000Sun Life Financial Inc., 3.600%, June 30, 2081 255,000 256,012 255,000Teranet Holdings LP, 3.646%, November 18, 2022 230,000 237,627 234,589The Independent Order Of Foresters, 2.885%, October 15, 2035 320,000 321,211 320,000Transcanada Trust, 4.650%, May 18, 2077 580,000 600,234 579,646

18,973,546 60.98 18,614,322 60.52


ivari Canadian Bond GIFShare/Par

Value

6



($) (%) ($) (%)

ivari Canadian Bond GIFShare/Par

Value

BONDS -- FOREIGNAustraliaNational Australia Bank Ltd., 3.515%, June 12, 2030* 580,000 608,376 580,000

608,376 1.96 580,000 1.89United States of AmericaAthene Global Funding, 2.470%, June 09, 2028* 360,000 360,161 360,000Metropolitan Life Global Funding I, 3.394%, April 09, 2030* 500,000 539,147 500,000New York Life Global Funding, 2.000%, April 17, 2028* 248,000 249,033 247,420

1,148,341 3.69 1,107,420 3.60

TOTAL BONDS -- FOREIGN 1,756,717 5.65 1,687,420 5.49

MORTGAGE BACKED -- CANADIAN Institutional Mortgage Securities Canada Inc., 4.619%, January 12, 2023 588,000 591,376 572,151Institutional Mortgage Securities Canada Inc. 4.240%, October 12, 2023 626,000 645,277 625,965MCAP CMBS Issuer Corp., 3.600%, April 12, 2054 500,000 371,274 360,296MCAP RMBS Issuer Corporation Mortgage Pass-Through Certificates, 2.750%, May 15 650,000 311,155 301,795Real Estate Asset Liquidity Trust, 3.658%, July 12, 2025 703,000 688,870 661,303Real Estate Asset Liquidity Trust, 3.577%, October 12, 2025 410,000 426,771 409,981Real Estate Asset Liquidity Trust, 3.179%, January 12, 2026 840,000 884,520 839,932Real Estate Asset Liquidity Trust, 3.600%, Februray 12, 2026 500,000 517,050 493,821Real Estate Asset Liquidity Trust, 3.550%, February 12, 2055 300,000 289,438 290,878

4,725,731 15.19 4,556,122 14.82

TOTAL MORTGAGE BACKED -- CANADIAN 4,725,731 15.19 4,556,122 14.82

Transaction costs (Note 3) - - (2) -





30-Jun-21 31-Dec-20Corporate Bonds 60.98 60.97Canadian Mortgage Backed 15.19 13.60Canadian Federal Bonds 8.96 11.41 Provincial Bonds 8.43 7.89Foreign Bonds 5.65 4.95*Maple Bonds denominated in Canadian Dollars.


7



SHORT TERM INVESTMENTS -- CANADIANTreasury BillsCanadian Treasury Bill, 0.112%, September 16, 2021 400,000 399,884 399,879

399,884 1.03 399,879 1.12

TOTAL SHORT TERM INVESTMENTS – CANADIAN 399,884 1.03 399,879 1.12

BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 2.250%, March 01, 2024 48,000 50,091 51,297 Canadian Government Bond, 1.500%, September 01, 2024 62,000 63,554 64,916 Canadian Government Bond, 0.500%, September 01, 2025 68,000 66,933 68,086 Canadian Government Bond, 1.500%, June 01, 2026 111,000 113,744 113,786 Canadian Government Bond, 1.000%, June 01, 2027 186,000 185,061 184,808 Canadian Government Bond, 0.500%, December 01, 2030 165,000 152,103 150,311 Canadian Government Bond, 2.750%, December 01, 2048 667,000 800,271 835,010 Canadian Government Bond, 2.000%, December 01, 2051 1,482,000 1,535,877 1,561,359

2,967,634 7.62 3,029,573 8.45

Provincial BondsProvince of Alberta, 3.100%, June 01, 2050 402,500 432,097 463,962 Province of Manitoba, 3.400%, September 05, 2048 170,000 195,006 199,410

627,103 1.61 663,372 1.85

Corporate Bonds407 International Inc, 3.670%, March 08, 2049 181,000 196,729 211,821 AIMCo Realty Investors LP, 2.712%, June 01, 2029 533,000 553,343 535,480 Bank of Nova Scotia, 3.700%, July 27, 2081 180,000 179,989 180,000 Baymount Inc., December 31, 2050 125,000 - - BCI QuadReal Realty, 1.747%, July 24, 2030 325,000 311,853 325,000 Canadian Credit Card Trust II, 3.553%, May 24, 2023 245,000 252,526 245,000 Capital Power Corp., 4.424%, February 08, 2030 108,000 120,580 107,981 Capital Power Corp., 4.986%, January 23, 2026 280,000 314,859 302,593 CARDS II Trust, 3.127%, November 15, 2024 370,000 384,863 370,000 Co-operators Financial Services Ltd., 3.327%, May 13, 2030 130,000 128,005 130,000 Eagle Credit Card Trust, 2.750%, July 17, 2024 900,000 926,106 900,000 Eagle Credit Card Trust, 3.562%, July 17, 2023 250,000 260,652 250,000 Enbridge Gas Inc., 3.650%, April 01, 2050 255,000 276,587 254,447 ENMAX Corp., 3.836%, June 05, 2028 308,000 331,505 308,000 Equitable Bank, 1.876%, November 26, 2025 258,000 254,911 258,000 Federation des Caisses Desjardins du Quebec, 1.992%, May 28, 2031 616,000 614,706 616,000 FortisBC Energy Inc., 6.000%, October 02, 2037 270,000 371,490 365,399 Glacier Credit Card Trust, 2.438%, September 22, 2025 400,000 402,420 400,000 Glacier Credit Card Trust, 3.430%, June 06, 2024 342,000 356,326 342,000 H&R Real Estate Investment Trust, 2.633%, February 19, 2027 215,000 212,764 215,000 Hyundai Capital Canada Inc, 2.008%, May 12, 2026 238,000 238,414 238,000 Intact Financial Corp, 3.765%, May 20, 2053 100,000 107,259 100,000 Intact Financial Corp, 4.125%, March 31, 2081 167,000 170,151 167,000 Liberty Utilities Canada LP, 3.315%, February 14, 2050 208,000 196,182 208,000 Master Credit Card Trust II, 3.056%, January 21, 2022 965,000 974,350 937,599 MCAP Commercial LP, 3.743%, August 25, 2025 270,000 280,904 270,000 NAV Canada, 2.924%, September 29, 2051 255,000 250,876 255,000 Pembina Pipeline Corp., 3.620%, April 03, 2029 298,000 318,287 325,365 Royal Bank of Canada, 4.000%, February 24, 2081 187,000 194,261 187,000 Royal Bank of Canada, 4.500%, November 24, 2080 205,000 217,996 205,000 Shaw Communications Inc., 6.750%, November 09, 2039 201,000 269,876 273,009 Sun Life Financial Inc., 3.600%, June 30, 2081 400,000 401,587 400,000 The Independent Order Of Foresters, 2.885%, October 15, 2035 200,000 200,757 200,000

ivari Canadian Balanced GIF Share/Par

Value

8




Value TMX Group Ltd, 2.016%, February 12, 2031 400,000 387,759 400,000 Transcanada Trust, 4.650%, May 18, 2077 514,000 531,932 513,447 WTH Car Rental ULC, 2.781%, July 20, 2024 450,000 465,134 450,000

11,655,939 29.94 11,446,141 31.92


BONDS -- FOREIGNAustraliaNational Australia Bank Ltd., 3.515%, June 12, 2030* 315,000 330,411 315,000

330,411 0.85 315,000 0.88United States of AmericaAthene Global Funding, 2.470%, June 09, 2028* 150,000 150,067 150,000 New York Life Global Funding, 2.000%, April 17, 2028* 133,000 133,554 132,689

283,621 0.73 282,689 0.79

TOTAL BONDS -- FOREIGN 614,032 1.58 597,689 1.67

MORTGAGE BACKED -- CANADIAN Institutional Mortgage Securities Canada Inc., 4.619%, January 12, 2023 196,000 197,125 191,027 Institutional Mortgage Securities Canada Inc., 4.240%, October 12, 2023 279,000 287,592 278,984 MCAP CMBS Issuer Corporation, 3.600%, April 12, 2054 500,000 371,274 360,296 MCAP RMBS Issuer Corporation Mortgage Pass-Through Certificates, 2.75%, May 15 401,000 191,959 186,184 Real Estate Asset Liquidity Trust, 3.400%, October 12, 2049 200,000 202,828 185,814

1,250,778 3.21 1,202,305 3.35

TOTAL MORTGAGE BACKED 1,250,778 3.21 1,202,305 3.35

EXCHANGE-TRADED FUNDS--CANADIANiShares S&P/TSX 60 Index ETF 8,644 263,642 239,986

263,642 0.68 239,986 0.67

TOTAL EXCHANGE-TRADED FUNDS--CANADIAN 263,642 0.68 239,986 0.67

EQUITIES -- CANADIANCommunication ServicesBCE Inc. 12,480 762,902 740,626 Cogeco Communications Inc. 3,767 456,221 385,185 NGTV 9,467,700 - - Rogers Communications Inc. 9,570 630,472 592,335 TELUS Corp. 22,590 627,776 596,941

2,477,371 6.36 2,315,087 6.46

Consumer DiscretionaryDollarama Inc. 11,048 626,201 464,067

626,201 1.61 464,067 1.29

Consumer StaplesLoblaw Cos Ltd. 10,376 791,585 685,651 Maple Leaf Foods Inc. 17,005 437,199 454,664 Premium Brands Holdings Corp. 4,915 618,946 528,028

1,847,730 4.75 1,668,343 4.65EnergyEnbridge Inc. 15,330 760,828 723,653 Parkland Corp. 14,655 586,786 536,593 Tourmaline Oil Corp. 15,485 548,324 188,535

1,895,938 4.87 1,448,781 4.04

9




Value FinancialsCanadian Imperial Bank of Commerce 5,677 801,024 641,527 Fairfax Financial Holdings Ltd. 774 420,081 390,610 Great-West Lifeco Inc. 16,285 599,125 599,187 IGM Financial Inc. 9,860 431,178 327,114 Intact Financial Corp. 2,670 449,655 357,421 National Bank of Canada 6,545 607,180 389,311 Sun Life Financial Inc. 9,014 576,085 461,414 The Bank of Nova Scotia 9,345 753,394 745,404 TMX Group Ltd. 4,285 559,750 561,430 Toronto-Dominion Bank 8,655 751,687 558,736

5,949,159 15.29 5,032,154 14.03IndustrialStantec Inc. 10,900 602,334 447,578 Toromont Industries Ltd. 4,195 453,060 295,325 Waste Connections Inc. 4,969 735,810 580,347

1,791,204 4.60 1,323,250 3.69

Information TechnologyConstellation Software Inc. 255 478,740 269,289 Open Text Corp. 13,080 823,386 731,488

1,302,126 3.34 1,000,777 2.79

MaterialsAgnico Eagle Mines Ltd. 5,887 441,172 441,303 Franco-Nevada Corp. 4,136 743,653 565,796 Kinross Gold Corp. 47,645 374,490 448,879 Kirkland Lake Gold Ltd. 14,985 715,234 753,064 Wheaton Precious Metals Corp. 10,491 573,228 456,819

2,847,777 7.32 2,665,861 7.43Real EstateCanadian Apartment Properties REIT 7,880 457,986 454,815 Choice Properties Real Estate Investment Trust 51,700 738,276 676,019

1,196,262 3.07 1,130,834 3.15

UtilitiesEmera Inc. 10,535 592,488 593,595

592,488 1.52 593,595 1.66

TOTAL EQUITIES -- CANADIAN 20,526,256 52.73 17,642,749 49.19

EQUITIES -- FOREIGNUnited KingdomEndeavour Mining PLC 16,995 452,067 468,068

452,067 1.16 468,068 1.31

TOTAL EQUITIES -- FOREIGN 452,067 1.16 468,068 1.31

TOTAL EQUITIES 20,978,323 53.89 18,110,817 50.50

Transaction costs (Note 3) - (3,691) (0.01)




10




Value


30-Jun-21 31-Dec-20Corporate Bonds 29.94 34.17 Financials 15.29 13.83 Materials 8.48 7.85 Canadian Federal Bonds 7.62 8.44 Communication Services 6.36 2.64 Energy 4.87 4.98 Consumer Staples 4.75 4.04 Industrial 4.60 8.63 Information Technology 3.34 3.97 Canadian Mortgage Backed 3.21 4.28 Real Estate 3.07 - Provincial Bonds 1.61 1.72 Consumer Discretionary 1.61 1.40 Foreign Bonds 1.58 1.07 Utilities 1.52 1.37 Canadian Treasury Bills 1.03 -Exchange Traded Funds 0.68 0.54 *Maple Bonds denominated in Canadian Dollars.


11



BONDS -- CANADIANCorporate BondsPreMD Inc., December 31, 2050 1,884,517 - 98,302

- - 98,302 0.62

TOTAL BONDS -- CANADIAN - - 98,302 0.62

EXCHANGE-TRADED FUNDS--CANADIANiShares S&P/TSX 60 Index ETF 5,515 168,208 167,546

168,208 0.92 167,546 1.06

TOTAL EXCHANGE-TRADED FUNDS--CANADIAN 168,208 0.92 167,546 1.06

EQUITIES -- CANADIANCommunication ServicesCogeco Communications Inc. 3,231 391,306 329,949 BCE Inc. 10,700 654,091 634,992 Rogers Communications Inc. 8,200 540,216 507,539 TELUS Corp. 19,360 538,014 511,588

2,123,627 11.60 1,984,068 12.51

Consumer DiscretionaryDollarama Inc. 9,470 536,760 393,675

536,760 2.94 393,675 2.48

Consumer StaplesLoblaw Cos Ltd. 8,885 677,837 587,720 Maple Leaf Foods Inc. 14,575 374,723 389,693 Premium Brands Holdings Corp. 4,215 530,795 452,826

1,583,355 8.66 1,430,239 9.02

EnergyEnbridge Inc. 13,140 652,138 620,274 Parkland Corp. 12,290 492,092 445,919 Tourmaline Oil Corp. 13,275 470,068 155,348

1,614,298 8.83 1,221,541 7.70

FinancialsCanadian Imperial Bank of Commerce 4,860 685,745 547,502 IGM Financial Inc. 8,450 369,519 279,623 Intact Financial Corp. 2,330 392,395 310,256 National Bank of Canada 5,605 519,976 330,546 The Bank of Nova Scotia 8,010 645,766 638,918 Fairfax Financial Holdings Ltd 664 360,379 335,097 Great-West Lifeco Inc 13,955 513,404 513,457 Sun Life Financial Inc. 7,725 493,705 389,413 The Toronto-Dominion Bank 7,420 644,427 473,684 TMX Group Ltd. 3,705 483,984 486,909

5,109,300 27.93 4,305,405 27.13

Health CarePreMD Inc. 2,518,656 3 9,928

3 - 9,928 0.06

ivari Canadian Equity GIFShare/Par

Value

12




Value

IndustrialStantec Inc. 9,600 530,496 392,926 Toromont Industries Ltd. 3,590 387,720 249,120 Waste Connections Inc. 4,257 630,377 493,301

1,548,593 8.47 1,135,347 7.16

Information TechnologyConstellation Software Inc. 219 411,153 224,748 Open Text Corp. 11,215 705,984 627,191

1,117,137 6.11 851,939 5.37

MaterialsAgnico Eagle Mines Ltd. 5,080 380,695 380,820 Franco-Nevada Corp. 3,550 638,290 475,402 Kinross Gold Corp. 40,835 320,963 384,719 Kirkland Lake Gold Ltd. 12,840 612,852 645,267 Wheaton Precious Metals Corp. 9,670 528,369 421,803

2,481,169 13.57 2,308,011 14.54Real EstateCanadian Apartment Properties REIT 6,755 392,601 389,883 Choice Properties Real Estate Investment Trust 44,320 632,890 579,083

1,025,491 5.61 968,966 6.11

UtilitiesEmera Inc. 9,030 507,847 508,795

507,847 2.78 508,795 3.21

TOTAL EQUITIES -- CANADIAN 17,647,580 96.50 15,117,914 95.29

EQUITIES -- FOREIGNUnited KingdomEndeavour Mining PLC 14,565 387,429 401,142

387,429 2.12 401,142 2.53

TOTAL EQUITIES -- FOREIGN 387,429 2.12 401,142 2.53

TOTAL EQUITIES 18,035,009 98.62 15,519,056 97.82

Transaction costs (Note 3) - - (3,153) (0.02)




13




Value


30-Jun-21 31-Dec-20Financials 27.93 28.19Materials 15.69 15.99Communication Services 11.60 5.39Energy 8.83 10.12Consumer Staples 8.66 8.25Industrial 8.47 17.60Information Technology 6.11 8.15Real Estate 5.61 - Consumer Discretionary 2.94 2.86Utilities 2.78 2.80Exchange-Traded Funds 0.92 0.27


14



MUTUAL FUNDSIvari CI Conservative Portfolio 2,472,395 25,693,380 25,031,698

25,693,380 98.57 25,031,698 98.53

TOTAL MUTUAL FUNDS 25,693,380 98.57 25,031,698 98.53






30-Jun-21 31-Dec-20Mutual Funds 98.57 98.61

ivari CI Conservative GIPShare/Par

Value


15



($) (%) ($) (%)MUTUAL FUNDSIvari CI Balanced Portfolio 5,626,496 68,086,235 60,231,256

68,086,235 98.93 60,231,256 98.80








ivari CI Balanced GIPShare/Par

Value


16



($) (%) ($) (%)MUTUAL FUNDSIvari CI Growth Portfolio 4,900,093 59,899,719 52,625,304

59,899,719 98.74 52,625,304 98.57








ivari CI Growth GIPShare/Par

Value


17



MUTUAL FUNDSFidelity Canadian Asset Allocation Fund, Class O 1,311,718 45,343,595 33,473,661

45,343,595 99.82 33,473,661 99.75








ivari Fidelity Canadian Asset Allocation GIFShare/Par

Value


18



($) (%) ($) (%)MUTUAL FUNDSTD Dividend Income Fund, Class O 2,354,911 43,047,768 27,892,525

43,047,768 99.70 27,892,525 99.55








ivari TD Dividend Income GIFShare/Par

Value


19



($) (%) ($) (%)MUTUAL FUNDSIMAXX Canadian Fixed Pay Fund, Class O (AFM5002) 2,642,405 34,224,691 21,857,289

34,224,691 99.96 21,857,289 99.93








ivari Canadian Fixed Pay GIFShare/Par

Value


20



MUTUAL FUNDSIvari CI Canadian Balanced Portfolio 3,435,949 36,229,330 35,914,638

36,229,330 99.37 35,914,638 99.37








ivari CI Canadian Balanced GIPShare/Par

Value


21



($) (%) ($) (%)MUTUAL FUNDSTramsamerica CI Maximum Growth Portfolio 2,780,296 35,582,234 30,249,117

35,582,234 99.29 30,249,117 99.16





TOTAL NET ASSETS 35,836,957 100.00 30,503,840 100.00 See accompanying notes to the financial statements.



ivari CI Maximum Growth GIPShare/Par

Value


22



($) (%) ($) (%)BONDS -- CANADIANCanadian Federal BondsCanadian Government Bond, 0.750%, September 01, 2021 264,000 264,246 264,965 Canadian Government Bond, 1.000%, September 01, 2022 160,000 161,283 161,708 Canadian Government Bond, 2.000%, September 01, 2023 120,000 123,844 123,864 Canadian Government Bond, 2.250%, March 01, 2024 36,000 37,568 38,318 Canadian Government Bond, 2.500% June 01, 2024 188,000 198,053 199,882 Canadian Government Bond, 2.250%, June 01, 2025 18,000 19,008 19,408 Canadian Government Bond, 0.500%, September 01, 2025 90,000 88,587 88,633 Canadian Government Bond, 1.500%, June 01, 2026 176,000 180,351 180,813

1,072,940 20.47 1,077,591 20.90

Corporate BondsAllied Properties Real Estate Investment Trust, 1.726%, February 12, 2026 40,000 39,413 40,000 Bank of Montreal, 2.880%, September 17, 2029 115,000 119,868 117,197 Canadian Credit Card Trust II, 2.303%, May 24, 2023 125,000 127,100 125,000 Canadian Credit Card Trust II, 4.635%, November 24, 2021 170,000 172,115 175,807 Canadian Western Bank, 1.926%, April 16, 2026 70,000 70,139 70,000 Capital Power Corp., 4.284%, September 18, 2024 205,000 221,513 214,351 CARDS II Trust, 3.127%, November 15, 2024 150,000 156,026 150,000 Chip Mortgage Trust, 1.738%, December 15, 2025 153,000 151,852 153,000 Eagle Credit Card Trust, 3.450%, July 17, 2024 150,000 153,786 150,000 Eagle Credit Card Trust, 3.562%, July 17, 2023 65,000 67,769 65,000 Eagle Credit Card Trust, 2.026%, June 17, 2026 70,000 69,665 70,000 Equitable Bank, 1.876%, November 26. 2025 165,000 163,025 165,360 Federation des Caisses Desjardins du Quebec, 2.856%, May 26, 2030 185,000 192,526 185,000 Fortified Trust, 2.889%, January 23, 2023 70,000 72,156 69,999 Fortified Trust, 3.308%, March 23, 2024 125,000 132,285 125,000 Glacier Credit Card Trust, 2.438%, September 22, 2025 55,000 55,333 55,000 Glacier Credit Card Trust, 3.430%, June 06, 2024 90,000 93,770 90,000 Hyundai Capital Canada Inc, 2.008%, May 12, 2026 73,000 73,127 73,000 Intact Financial Corp, 4.125%, March 31, 2081 51,000 51,962 51,000 Inter Pipeline Ltd., 2.734%, April 18, 2024 75,000 77,427 75,096 Ivanhoe Cambridge II Inc., 2.909%, June 27, 2023 65,000 67,401 65,000 Loblaw Cos Ltd., 3.918%, June 10, 2024 75,000 80,488 79,746 Master Credit Card Trust II, 3.056%, January 21, 2022 200,000 201,938 193,189 MCAP Commercial LP, 3.743%, August 25, 2025 131,000 136,291 134,122 Pembina Pipeline Corp., 2.990%, January 22, 2024 115,000 119,419 114,755 Royal Bank of Canada, 4.000%, February 24, 2081 52,000 54,019 52,000 Royal Bank of Canada, 4.500%, November 24, 2080 143,000 152,066 143,000 Sienna Senior Living Inc. 3.109%, November 04, 2024 100,000 103,379 100,253 Sun Life Financial Inc., 3.600%, June 30, 2081 120,000 120,476 120,000 WTH Car Rental ULC, 2.781%, July 20, 2024 250,000 258,407 249,999

3,554,741 67.82 3,471,874 67.35


BONDS -- FOREIGNJerseyHeathrow Funding Ltd, 3.250%, May 21, 2025* 50,000 52,570 52,513

52,570 1.00 52,513 1.02United States of AmericaAthene Global Funding, 2.100%, September 24, 2025* 170,000 172,031 169,791 Bank of America Corp., 2.932%, April 25, 2025* 120,000 125,371 120,000

297,402 5.67 289,791 5.62

ivari Canadian Short-Term Bond GIFShare/Par

Value

23



($) (%) ($) (%)

ivari Canadian Short-Term Bond GIFShare/Par

Value

TOTAL BONDS -- FOREIGN 349,972 6.67 342,304 6.64

MORTGAGE BACKED -- CANADIAN CNH Capital Canada Receivables Trust, 1.001%, November 16, 2026 100,000 99,642 100,000 MCAP RMBS Issuer Corporation Mortgage Pass-Through Certificates, 2.75%, May 15, 102,000 48,827 47,359 Real Estate Asset Liquidity Trust, 1.856%, September 12, 2021 160,000 12,193 12,182

160,662 3.07 159,541 3.10

TOTAL MORTGAGE BACKED -- CANADIAN 160,662 3.07 159,541 3.10






30-Jun-21 31-Dec-20Corporate Bonds 67.82 74.71 Canadian Federal Bonds 20.47 14.67 Foreign Bonds 6.67 5.49 Canadian Mortgage Backed 3.07 3.32 *Maple Bonds denominated in Canadian Dollars.


24

Schedule of Investment Portfolio As at June 30, 2021 (unaudited)


($) (%) ($) (%)MUTUAL FUNDSFidelity Canadian Balanced Fund, Class I 2,837,677 75,475,692 60,930,031

75,475,692 99.41 60,930,031 99.27








ivari Fidelity Canadian Balanced GIFShare/Par

Value


25



($) (%) ($) (%)MUTUAL FUNDSTD Canadian Core Plus Bond Fund, Class O 2,332,211 29,665,728 28,070,341 TD Dividend Growth Fund, Class O 888,471 19,688,522 12,471,369

49,354,250 99.61 40,541,710 99.53








ivari TD Dividend Balanced GIPShare/Par

Value


26


Fair Value Fair Value Average Cost Average Cost($) (%) ($) (%)

MUTUAL FUNDSTD Income Advantage Portfolio, Class O 1,269,785 14,107,307 12,307,002

14,107,307 99.76 12,307,002 99.72








ivari TD Income Advantage GIFShare/Par

Value


27



MUTUAL FUNDSFranklin Quotential Balanced Growth Portfolio, Class O 2,813,034 39,485,716 24,749,203

39,485,716 100.06 24,749,203 100.09




CASH AND OTHER NET ASSETS (LIABILITIES) (22,065) (0.06) (22,065) (0.09)




ivari Quotential Balanced Growth GIFShare/Par

Value


28

Schedule of Investment PortfolioAs at June 30, 2021 (unaudited)


MUTUAL FUNDSFranklin Quotential Balanced Income Portfolio, Class O 2,066,150 23,470,845 18,086,486

23,470,845 100.06 18,086,486 100.07








ivari Quotential Balanced Income GIFShare/Par

Value


29



INDEX FUNDSFinancialsiShares S&P/TSX 60 Index ETF 59,930 1,827,864 1,108,655

1,827,864 99.94 1,108,655 99.95

TOTAL INDEX FUNDS 1,827,864 99.94 1,108,655 99.95

Transaction costs (Note 3) - - (587) (0.05)





30-Jun-21 31-Dec-20Index Funds 99.94 99.91

ivari Canadian Large Cap Index GIFShare/Par

Value


30



EQUITIESEnergyOptimal Resources Inc. 66,000 - - Porient Fuels Co. 66,000 - - Quadrise Canada Fuel Systems Inc. 66,000 - -

- - - -

TOTAL EQUITIES - - - -

INDEX FUNDSFinancialsiShares MSCI EAFE Index ETF CAD-Hedged 252,120 7,576,206 5,790,961 iShares Core S&P 500 Index ETF CAD- Hedged 366,835 16,933,105 11,479,835 iShares S&P/TSX 60 Index ETF 32,674 996,557 675,983

25,505,868 80.78 17,946,779 73.23


MUTUAL FUNDSFiera SFI - Canadian Universe Bond Fund, Series 1 605,670 6,054,153 6,559,240

6,054,153 19.17 6,559,240 26.77


TOTAL FUNDS 31,560,021 99.95 24,506,019 100.00






30-Jun-21 31-Dec-20Index Funds 80.78 79.50 Mutual Funds 19.17 18.63

ivari Global Growth GIFShare/Par

Value


31



MUTUAL FUNDSFranklin Quotential Growth Portfolio, Class O 177,224 2,548,167 1,663,038

2,548,167 100.10 1,663,038 100.15








ivari Quotential Growth GIFShare/Par

Value


32



INDEX FUNDSFinancialsSPDR S&P 500 ETF Trust 68,516 36,319,690 14,730,384

36,319,690 99.58 14,730,384 98.97







30-Jun-21 31-Dec-20Index Funds 99.58 99.51

ivari U.S. Equity Index GIFShare/Par

Value


33

CMM3

2021 2020AssetsCurrent assets

Financial assets at fair value through profit or loss $ 12,107,826 $ 14,072,214 Cash and cash equivalents 41,048 4,214 Receivable for investments sold - - Interest receivable - - Dividends receivable - - Distributions receivable from underlying funds - - Other receivables 93,534 3,533

12,242,408 14,079,961 LiabilitiesCurrent liabilities

Bank overdraft - - Payable for investments purchased - - Redemptions payable - - Management fees payable 634 772 Other payable and accrued expenses 411 490

1,045 1,262

Net assets attributable to contractholders $ 12,241,363 $ 14,078,699

Net assets attributable to contractholders per class GS3 100/100 $ 435,116 $ 494,884

75/100 417,069 703,518 75/75 416,633 440,427

imaxxGIF™ 100/100 1,009,082 1,177,817 75/100 2,320,232 1,752,153 75/75 1,625,569 1,908,149

5FL 1,863,025 2,558,719 ivari GIF 3,090,448 3,945,688 BIG - - Agent - - MK 54,792 54,805 IS 1,009,397 1,042,539 I2 - - CL1 - - CL2 - -

Units outstandingGS3 100/100 74,777 85,028

75/100 71,665 120,857 75/75 71,621 75,694

imaxxGIF™ 100/100 173,514 202,480 75/100 398,626 300,956 75/75 279,568 328,089

5FL 185,739 255,037 ivari GIF 309,071 394,509 BIG - - Agent - - MK 5,458 5,458 IS 100,502 103,777 I2 - - CL1 - - CL2 - -

Net assets attributable to contractholders per unit GS3 100/100 $ 5.82 $ 5.82

75/100 5.82 5.82 75/75 5.82 5.82

imaxxGIF™ 100/100 5.82 5.82 75/100 5.82 5.82 75/75 5.81 5.82

5FL 10.03 10.03 ivari GIF 10.00 10.00 BIG - - Agent - - MK 10.04 10.04 IS 10.04 10.05 I2 - - CL1 - - CL2 - -

See accompanying notes to the financial statements.

Statements of Financial PositionAs at June 30, 2021 (unaudited) and December 31, 2020

ivari Canadian Money Market GIF

34

AssetsCurrent assets

Financial assets at fair value through profit or lossCash and cash equivalentsReceivable for investments soldInterest receivableDividends receivableDistributions receivable from underlying fundsOther receivables

LiabilitiesCurrent liabilities

Bank overdraftPayable for investments purchasedRedemptions payableManagement fees payableOther payable and accrued expenses

Net assets attributable to contractholders

Net assets attributable to contractholders per class GS3 100/100

75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIFBIGAgent MKISI2CL1CL2

Units outstandingGS3 100/100

75/10075/75

imaxxGIF™ 100/10075/10075/75


Net assets attributable to contractholders per unit GS3 100/100

75/10075/75

imaxxGIF™ 100/10075/10075/75



CBD3

2021 2020

$ 30,865,437 $ 35,127,730 110,784 275,334

- - 139,259 150,109

- - - -

110 114 31,115,590 35,553,287

- - - - - -

2,758 3,354 1,430 1,640 4,188 4,994

$ 31,111,402 $ 35,548,293

$ 313,243 $ 732,721 574,653 666,081

1,153,367 1,257,958 94,491 104,320

2,126,609 2,520,175 1,143,505 1,264,016

13,060,559 14,466,431 9,898,340 11,422,113

- - - - - -

1,626,714 1,867,284 - -

1,071,914 1,197,589 48,007 49,605

27,321 61,781 55,125 61,777

107,725 113,702 8,158 8,708

199,607 229,021 106,710 114,212 798,710 857,627 685,098 766,072

- - - - - -

138,382 153,540 - -

99,073 106,611 4,088 4,088

$ 11.47 $ 11.86 10.42 10.78 10.71 11.06 11.58 11.98 10.65 11.00 10.72 11.07 16.35 16.87 14.45 14.91

- - - - - -

11.76 12.16 - -

10.82 11.23 11.74 12.13


ivari Canadian Bond GIF

35







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



CBL3

2021 2020

$ 38,757,335 $ 39,568,613 81,722 323,396

- 65,810 80,180 89,207 61,718 42,510

- - 136 140

38,981,091 40,089,676

- - 45,981 -

- 85,969 4,741 4,987 2,056 2,039

52,778 92,995

$ 38,928,313 $ 39,996,681

$ 817,615 $ 831,675 1,488,287 1,512,002 1,511,439 1,571,530 1,429,050 1,484,453 4,036,060 4,373,614 2,483,764 2,572,308

11,737,811 11,790,667 2,131,533 2,266,805 3,610,757 3,697,660

- - - -

908,965 915,417 2,581,541 2,612,824 5,098,209 5,289,924 1,093,282 1,077,802

68,613 72,181 169,431 178,941 158,947 172,045 115,823 124,678 454,399 512,372 261,606 282,241 684,153 715,591 148,159 163,763 266,051 284,010

- - - -

71,711 75,141 210,188 220,911 427,465 459,042

81,352 83,576

$ 11.92 $ 11.52 8.78 8.45 9.51 9.13

12.34 11.91 8.88 8.54 9.49 9.11

17.16 16.48 14.39 13.84 13.57 13.02

- - - -

12.68 12.18 12.28 11.83 11.93 11.52 13.44 12.90


ivari Canadian Balanced GIF

36







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



CEQ3

2021 2020

$ 18,203,217 $ 18,228,434 30,553 31,745

- - - -

52,195 37,626 - -

4,255 4,253 18,290,220 18,302,058

- - - - - -

2,659 2,678 1,102 1,065 3,761 3,743

$ 18,286,459 $ 18,298,315

$ - $ - 1,140,270 1,067,591 1,172,935 1,202,572

- - 4,129,892 4,275,508 1,210,818 1,217,460

- - 1,326,191 1,296,707

- - 225,171 203,348

- - 1,125,394 1,300,028 3,649,972 3,446,982 3,635,461 3,663,427

670,355 624,692

- - 183,429 190,114 167,699 190,729

- - 623,498 716,707 168,380 188,102

- - 88,865 96,205

- - 14,890 14,957

- - 81,778 104,958

271,751 284,758 282,544 313,857

44,218 45,861

$ - $ - 6.22 5.62 6.99 6.31

- - 6.62 5.97 7.19 6.47

- - 14.92 13.48

- - 15.12 13.60

- - 13.76 12.39 13.43 12.10 12.87 11.67 15.16 13.62


ivari Canadian Equity GIF

37







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



OCP3

2021 2020

$ 25,693,380 $ 28,173,169 368,167 339,248

17,060 71,752 - - - - - -

132 152 26,078,739 28,584,321

- - - - - -

11,507 13,086 1,289 1,386

12,796 14,472

$ 26,065,943 $ 28,569,849

$ 2,002,642 $ 2,897,114 305,978 318,060 573,864 573,166

5,937,135 6,263,926 2,919,759 3,033,105 1,073,092 1,128,806 6,599,896 6,740,311 6,653,577 7,615,361

- - - - - - - - - - - - - -

246,967 362,680 36,002 38,001 63,035 64,019

670,033 719,842 316,476 335,038 115,338 123,619 325,373 339,175 392,372 457,681

- - - - - - - - - - - - - -

$ 8.11 $ 7.99 8.50 8.37 9.10 8.95 8.86 8.70 9.23 9.05 9.30 9.13

20.28 19.87 16.96 16.64

- - - - - - - - - - - - - -


ivari CI Conservative GIP

38







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



OBP3

2021 2020

$ 68,086,235 $ 69,290,952 736,956 638,588

30,962 108,689 - - - - - -

381 385 68,854,534 70,038,614

- - - - - -

30,703 31,974 3,409 3,300

34,112 35,274

$ 68,820,422 $ 70,003,340

$ 2,424,028 $ 2,573,626 992,628 1,178,279 986,261 962,546

18,547,742 19,016,664 7,727,538 8,158,135 4,315,364 4,418,717

25,396,899 24,865,196 8,429,962 8,830,177

- - - - - - - - - - - - - -

325,347 361,310 123,993 154,189 115,202 117,935

2,195,989 2,364,794 879,126 975,520 484,761 521,714

1,101,875 1,135,633 453,313 498,455

- - - - - - - - - - - - - -

$ 7.45 $ 7.12 8.01 7.64 8.56 8.16 8.45 8.04 8.79 8.36 8.90 8.47

23.05 21.90 18.60 17.72

- - - - - - - - - - - - - -


ivari CI Balanced GIP

39







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



OGP3

2021 2020

$ 59,899,719 $ 62,071,822 768,549 769,386

27,715 58,179 - - - - - -

461 495 60,696,444 62,899,882

- - - - - -

28,354 29,997 3,126 3,129

31,480 33,126

$ 60,664,964 $ 62,866,756

$ 6,600,963 $ 6,600,176 706,857 1,045,511

1,314,551 1,361,254 22,337,369 22,722,227 11,605,910 12,393,355

7,942,929 8,324,800 - -

10,156,385 10,419,433 - - - - - - - - - - - - - -

891,466 949,708 88,794 140,053

154,416 170,777 2,747,434 2,986,267 1,298,730 1,485,365

876,653 984,044 - -

493,273 541,117 - - - - - - - - - - - - - -

$ 7.40 $ 6.95 7.96 7.47 8.51 7.97 8.13 7.61 8.94 8.34 9.06 8.46

- - 20.59 19.26

- - - - - - - - - - - - - -


ivari CI Growth GIP

40







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



FCA3

2021 2020

$ 45,343,595 $ 43,611,404 94,175 70,762 19,832 44,238

- - - - - -

146 132 45,457,748 43,726,536

- - - - - -

28,881 28,583 2,190 1,997

31,071 30,580

$ 45,426,677 $ 43,695,956

$ - $ - 592,845 726,717 877,855 908,328

- - 5,399,474 5,279,380 3,135,988 2,833,949

30,075,470 28,589,114 5,345,045 5,358,468

- - - - - - - - - - - - - -

- - 44,365 59,215 62,529 70,539

- - 396,619 422,951 222,096 219,128

1,403,989 1,455,665 322,496 351,877

- - - - - - - - - - - - - -

$ - $ - 13.36 12.27 14.04 12.88

- - 13.61 12.48 14.12 12.93 21.42 19.64 16.57 15.23

- - - - - - - - - - - - - -


ivari Fidelity Canadian Asset Allocation GIF

41







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



TDD3

2021 2020

$ 43,047,768 $ 43,080,869 23,340 - 31,761 543,178

- - - -

97,969 - 242 229

43,201,080 43,624,276

- 511,155 - - - -

24,391 25,234 1,455 2,038

25,846 538,427

$ 43,175,234 $ 43,085,849

$ - $ - 853,465 868,929

2,319,248 2,238,073 - -

13,427,967 13,551,759 5,250,741 5,062,342

- - 21,323,813 21,364,746

- - - - - - - - - - - - - -

- - 60,963 70,372

152,660 167,521 - -

843,224 969,766 321,299 353,308

- - 1,107,045 1,260,478

- - - - - - - - - - - - - -

$ - $ - 14.00 12.35 15.19 13.36

- - 15.92 13.97 16.34 14.33

- - 19.26 16.95

- - - - - - - - - - - - - -


ivari TD Dividend Income GIF

42







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



XCP3

2021 2020

$ 34,224,691 $ 36,864,777 46,428 37,303

- - - - - - - -

168 185 34,271,287 36,902,265

- - - -

1,972 - 28,800 32,199

1,605 1,674 32,377 33,873

$ 34,238,910 $ 36,868,392

$ - $ - 251,019 247,445 868,445 940,201

- - 7,529,141 8,262,838 3,557,767 3,702,208

- - 20,433,156 22,175,937

- - - - - - - - - -

1,537,087 1,481,772 62,295 57,991

- - 17,037 17,976 57,100 66,226

- - 495,969 583,705 226,815 253,313

- - 954,598 1,109,741

- - - - - - - - - -

107,947 111,213 3,949 3,952

$ - $ - 14.73 13.77 15.21 14.20

- - 15.18 14.16 15.69 14.62

- - 21.40 19.98

- - - - - - - - - -

14.24 13.32 15.78 14.67


ivari Canadian Fixed Pay GIF

43







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



XTCG

2021 2020

$ 36,229,330 $ 36,948,491 207,907 220,904

19,466 43,096 - - - - - -

18,340 18,336 36,475,043 37,230,827

- - - - - -

16,022 16,719 1,802 1,759

17,824 18,478

$ 36,457,219 $ 37,212,349

$ - $ - - - - -

3,415,009 3,445,414 1,773,070 1,910,120

931,045 1,081,675 20,431,312 20,444,596

9,906,783 10,330,544 - - - - - - - - - - - - - -

- - - - - -

206,898 215,668 103,070 114,859

53,645 64,480 956,077 992,232 566,918 612,112

- - - - - - - - - - - - - -

$ - $ - - - - -

16.51 15.98 17.20 16.63 17.36 16.78 21.37 20.60 17.47 16.88

- - - - - - - - - - - - - -


ivari CI Canadian Balanced GIP

44







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



OAP3

2021 2020

$ 35,582,234 $ 35,476,113 260,955 240,492

12,045 32,508 - - - - - -

234 222 35,855,468 35,749,335

- - - - - -

16,606 16,913 1,905 1,801

18,511 18,714

$ 35,836,957 $ 35,730,621

$ - $ - 1,288,812 1,191,330 2,400,143 2,295,056

- - 17,252,969 16,759,603

8,203,188 8,540,972 - -

6,691,845 6,943,660 - - - - - - - - - - - - - -

- - 184,600 187,106 321,082 337,239

- - 2,157,591 2,308,988

986,349 1,132,402 - -

305,665 348,908 - - - - - - - - - - - - - -

$ - $ - 6.98 6.37 7.48 6.81

- - 8.00 7.26 8.32 7.54

- - 21.89 19.90

- - - - - - - - - - - - - -


ivari CI Maximum Growth GIP

45







75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



ACSB

2021 2020

$ 5,138,315 $ 5,352,038 75,271 63,880

129,705 - 23,870 35,497

- - - -

13 15 5,367,174 5,451,430

- - 124,673 -

- - 441 468 267 264

125,381 732

$ 5,241,793 $ 5,450,698

$ - $ - - - - -

123,527 126,906 33,203 35,676

3,061 3,087 - -

328,902 337,361 - - - - - - - - - -

4,676,639 4,910,145 76,461 37,523

- - - - - -

12,020 12,247 3,274 3,489

300 300 - -

30,664 31,239 - - - - - - - - - -

496,285 517,517 7,320 3,582

$ - $ - - - - -

10.28 10.36 10.14 10.23 10.20 10.29

- - 10.73 10.80

- - - - - - - - - -

9.42 9.49 10.45 10.48


ivari Canadian Short-Term Bond GIF

46

FCB


Financial assets at fair value through profit or loss $ 75,475,692 $ 76,051,397 Receivable for investments sold 36,583 78,652 Distributions receivable from underlying funds 498,296 - Other receivables 183 174

76,010,754 76,130,223


Bank overdraft 36,583 163,527 Management fees payable 45,240 46,626 Other payable and accrued expenses 2,649 3,334

84,472 213,487


Net assets attributable to contractholders per class GS3 100/100 $ - $ -

75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 343,038 339,976 75/75 1,526,705 1,224,161

5FL 63,132,653 62,890,338 ivari GIF 10,923,886 11,462,261

Units outstandingGS3 100/100 - -

75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 21,150 21,958 75/75 90,737 76,302

5FL 2,651,239 2,770,403 ivari GIF 571,526 627,589

Net assets attributable to contractholders per unit GS3 100/100 $ - $ -

75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 16.22 15.48 75/75 16.83 16.04

5FL 23.81 22.70 ivari GIF 19.11 18.26


Statements of Financial Position As at June 30, 2021 (unaudited) and December 31, 2020

ivari Fidelity Canadian Balanced GIF

47


Financial assets at fair value through profit or lossReceivable for investments soldDistributions receivable from underlying funds Other receivables


Bank overdraftManagement fees payableOther payable and accrued expenses



75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


TQBI

2021 2020

$ 23,470,845 $ 23,374,269 12,713 18,462

- 318,320 61 90

23,483,619 23,711,141

12,713 18,462 12,207 12,618

936 1,043 25,856 32,123

$ 23,457,763 $ 23,679,018

$ 1,677 $ 1,652 - -

45,819 44,999 55,427 67,694

152,199 149,441 77,532 76,177

21,567,663 21,731,369 1,557,446 1,607,686

131 131 - -

3,245 3,245 4,449 5,517

11,508 11,508 6,306 6,315

1,117,582 1,149,051 102,791 107,917

$ 12.81 $ 12.62 - -

14.12 13.87 12.46 12.27 13.23 12.99 12.30 12.06 19.30 18.91 15.15 14.90


ivari Quotential Balanced Income GIF

48







75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


TQBG

2021 2020

$ 39,485,716 $ 39,175,161 17,636 39,302

- 453,411 176 168

39,503,528 39,668,042

17,548 88,889 20,864 21,563

1,465 1,776 39,877 112,228

$ 39,463,651 $ 39,555,814

$ 129,883 $ 127,409 93,914 90,036

- - 191,078 194,131 273,072 267,058

88,341 137,339 34,384,537 34,087,310

4,302,826 4,652,531

9,133 9,326 6,849 6,849

- - 12,840 13,594 18,279 18,676

6,538 10,631 1,575,530 1,635,095

250,867 283,273

$ 14.22 $ 13.66 13.71 13.15

- - 14.88 14.28 14.94 14.30 13.51 12.92 21.82 20.85 17.15 16.42


ivari Quotential Balanced Growth GIF

49







75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


TDIA

2021 2020

$ 14,107,307 $ 15,381,235 8,514 42,763

42,030 - 34 37

14,157,885 15,424,035

8,514 92,414 7,572 8,515

353 682 16,439 101,611

$ 14,141,446 $ 15,322,424

$ - $ - - - - - - -

258 258 27,888 69,364

11,556,234 12,265,760 2,557,066 2,987,042

- - - - - - - -

23 23 2,472 6,150

750,319 799,261 196,874 230,347

$ - $ - - - - - - -

11.08 11.08 11.28 11.28 15.40 15.35 12.99 12.97


ivari TD Income Advantage GIF

50







75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


TDDB

2021 2020

$ 49,354,250 $ 50,743,419 23,277 55,282

216,769 - 87 93

49,594,383 50,798,794

23,277 61,526 24,414 25,693

1,522 2,195 49,213 89,414

$ 49,545,170 $ 50,709,380

$ - $ - - - - - - -

34,888 35,437 35,355 109,592

45,180,229 45,895,729 4,294,698 4,668,622

- - - - - - - -

2,769 2,927 2,832 9,133

2,477,766 2,631,385 278,455 315,690

$ - $ - - - - - - -

12.60 12.11 12.49 12.00 18.23 17.44 15.42 14.79


ivari TD Dividend Balanced GIP

51

TCLC


Financial assets at fair value through profit or loss $ 1,827,864 $ 1,720,742 Cash and cash equivalents 1,450 1,976 Receivable for investments sold - - Dividends receivable - - Distributions receivable from underlying funds - - Other receivables 10 7

1,829,324 1,722,725 LiabilitiesCurrent liabilities

Bank overdraft - - Management fees payable 237 220 Other payable and accrued expenses 145 129

382 349


Net assets attributable to contractholders per class GS3 100/100 $ - $ -

75/100 341,790 299,428 75/75 401,282 410,388

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 1,085,870 1,012,560 IS - - I2 - - CL1 - -

Units outstandingGS3 100/100 - -

75/100 42,715 43,546 75/75 48,246 57,549

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 66,220 71,871 IS - - I2 - - CL1 - -

Net assets attributable to contractholders per unit GS3 100/100 $ - $ -

75/100 8.00 6.88 75/75 8.32 7.13

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 16.40 14.09 IS - - I2 - - CL1 - -



ivari Canadian Large Cap Index GIF

52


Financial assets at fair value through profit or lossCash and cash equivalentsReceivable for investments soldDividends receivableDistributions receivable from underlying funds Other receivables





75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


TGEI

2021 2020

$ 31,560,021 $ 30,783,644 20,518 90,527

- - - 173,247 - 327,469

142 132 31,580,681 31,375,019

- - 4,320 4,302 1,845 1,773 6,165 6,075

$ 31,574,516 $ 31,368,944

$ 517,199 $ 482,665 427,242 400,855

1,349,669 1,352,065 - - - -

8,331,865 8,723,874 2,663,658 2,596,044 9,297,936 9,012,354 8,986,947 8,801,087

53,811 54,363 43,065 43,815

123,008 134,398 - - - -

379,037 431,411 148,557 157,884 537,476 566,906 515,399 547,429

$ 9.61 $ 8.88 9.92 9.15

10.97 10.06 - - - -

21.98 20.22 17.93 16.44 17.30 15.90 17.44 16.08


ivari Global Growth GIF

53







75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


TQGG

2021 2020

$ 2,548,167 $ 2,677,638 - - - 2,906 - - - 25,633

20 24 2,548,187 2,706,201

1,008 2,906 1,396 1,548

103 165 2,507 4,619

$ 2,545,680 $ 2,701,582

$ - $ - - - - -

42,810 40,581 24,142 22,507

2,478,728 2,638,494 - - - - - -

- - - - - -

2,560 2,602 1,418 1,418

134,268 153,031 - - - - - -

$ - $ - - - - -

16.72 15.59 17.02 15.87 18.46 17.24

- - - - - -


ivari Quotential Growth GIF

54







75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


TUEI

2021 2020

$ 36,319,690 $ 36,375,935 61,005 54,788

- - 100,360 131,670

- - 211 194

36,481,266 36,562,587

- - 4,865 4,927 2,142 2,095 7,007 7,022

$ 36,474,259 $ 36,555,565

$ - $ - 1,776,087 1,734,898 4,117,383 4,028,542

- - - -

20,171,707 20,954,030 3,665,900 3,400,341 6,743,182 6,437,754

- -

- - 115,571 123,825 256,886 276,416

- - - -

533,384 609,027 143,099 146,279 273,058 286,647

- -

$ - $ - 15.37 14.01 16.03 14.57

- - - -

37.82 34.41 25.62 23.25 24.70 22.46

- - See accompanying notes to the financial statements.

ivari U.S. Equity Index GIF

55

Statements of Comprehensive IncomeFor the six-month periods ended June 30 (unaudited)

CMM3

2021 2020Income

Net foreign exchange gain (loss) on cash and cash equivalents $ - $ - Other income - - Net gain (loss) on investments 10,790 98,768

10,790 98,768 Expenses

Management and advisory fees 64,659 68,340 Administration fees (40,013) 13,974 Custodian fees 894 1,636 Transaction costs - - Interest expense - - Goods and services tax / Harmonized sales tax 9,941 10,244

35,481 94,194 Expenses absorbed by manager (21,813) (7,518)

13,668 86,676

Withholding taxes - -

Increase (decrease) in net assets from operations attributable to contractholders $ (2,878) $ 12,092

Increase (decrease) in net assets from operations attributable to contractholders per class GS3 100/100 $ (102) $ 574

75/100 (97) 519 75/75 (98) 552

imaxxGIF™ 100/100 (237) 2,075 75/100 (552) 1,358 75/75 (382) 2,318

5FL (434) 1,889 ivari GIF (724) 1,085 BIG - - Agent - - MK (13) 78 IS (239) 1,644 I2 - - CL1 - - CL2 - -

Daily average number of units GS3 100/100 78,602 86,768

75/100 111,242 94,245 75/75 69,867 88,236

imaxxGIF™ 100/100 190,309 296,453 75/100 306,661 221,497 75/75 312,898 357,369

5FL 204,122 222,668 ivari GIF 363,493 333,555 BIG - - Agent - - MK 5,452 5,458 IS 102,524 112,354 I2 - - CL1 - - CL2 - -

Increase (decrease) in net assets from operations attributable to contractholders per daily average number of units per class

GS3 100/100 $ - $ 0.01 75/100 - 0.01 75/75 - 0.01

imaxxGIF™ 100/100 - 0.01 75/100 - 0.01 75/75 - 0.01

5FL - 0.01 ivari GIF - - BIG - - Agent - - MK - 0.01 IS - 0.01 I2 - - CL1 - - CL2 - -



56


IncomeNet foreign exchange gain (loss) on cash and cash equivalentsOther incomeNet gain (loss) on investments

Expenses Management and advisory fees Administration feesCustodian feesTransaction costsInterest expenseGoods and services tax / Harmonized sales tax

Expenses absorbed by manager

Withholding taxes

Increase (decrease) in net assets from operations attributable to contractholders

Increase (decrease) in net assets from operations attributable to contractholders per class GS3 100/100

75/10075/75

imaxxGIF™ 100/10075/10075/75


Daily average number of units GS3 100/100

75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


CBD3

2021 2020

$ - $ - - -

(697,330) 2,686,372 (697,330) 2,686,372

279,637 321,259 102,605 101,196

1,065 2,316 - - - -

37,420 43,824 420,727 468,595

(7,362) (2,407) 413,365 466,188

- -

$ (1,110,695) $ 2,220,184

$ (27,301) $ 6,583 (22,337) 40,047 (39,945) 83,579

(3,275) 7,035 (81,438) 149,359 (40,443) 111,368

(438,342) 910,519 (351,277) 724,550

- - - - - -

(62,575) 110,877 - -

(42,164) 73,460 (1,598) 2,807

41,675 40,119 59,267 65,391

110,039 130,039 8,209 10,615

216,555 246,054 110,325 170,904 825,466 931,315 717,890 868,877

- - - - - -

148,916 163,443 - -

100,992 121,725 4,088 4,088

$ (0.66) $ 0.16 (0.38) 0.61 (0.36) 0.64 (0.40) 0.66 (0.38) 0.61 (0.37) 0.65 (0.53) 0.98 (0.49) 0.83

- - - - - -

(0.42) 0.68 - -

(0.42) 0.60 (0.39) 0.69



57





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


CBL3

2021 2020

$ (82) $ 135 - -

2,132,929 78,489 2,132,847 78,624

439,357 476,466 117,993 108,959

3,666 5,936 7,651 7,241

6 6 59,814 63,590

628,487 662,198 (3,379) -

625,108 662,198

- -

$ 1,507,739 $ (583,574)

$ 27,498 $ (23,024) 57,459 (24,456) 61,128 (26,437) 51,081 (26,711)

158,382 (66,118) 101,563 (39,583) 469,787 (126,093)

80,947 (34,677) 148,093 (30,926)

- - - -

35,753 (12,697) 97,545 (35,485)

174,279 (127,669) 44,224 (9,698)

70,119 84,446 173,270 207,596 165,325 191,500 119,618 141,925 477,320 588,355 271,850 373,269 698,504 767,128 153,321 186,567 271,424 308,024

- - - -

73,114 87,366 216,443 239,777 439,487 523,991

81,496 85,904

$ 0.39 $ (0.27) 0.33 (0.12) 0.37 (0.14) 0.43 (0.19) 0.33 (0.11) 0.37 (0.11) 0.67 (0.16) 0.53 (0.19) 0.55 (0.10)

- - - -

0.49 (0.15) 0.45 (0.15) 0.40 (0.24) 0.54 (0.11)



58





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


CEQ3

2021 2020

$ 10 $ (1,554) - -

2,221,265 (1,369,460) 2,221,275 (1,371,014)

241,774 251,241 62,951 54,357

4,056 3,533 7,305 6,591

6 9 30,153 30,905

346,245 346,636 (6,214) (1,080)

340,031 345,556

- 27

$ 1,881,244 $ (1,716,597)

$ - $ - 111,901 (93,064) 125,223 (120,305)

- - 453,697 (367,041) 128,045 (108,585)

- - 134,887 (121,694)

- - 22,823 (15,787)

- - 116,761 (106,463) 367,322 (323,447) 351,824 (394,640)

68,761 (65,571)

- - 185,709 200,419 180,280 220,266

- - 680,654 779,233 177,389 211,795

- - 92,730 106,809

- - 14,942 14,957

- - 84,988 107,565

276,454 318,358 294,658 362,886

44,622 61,433

$ - $ - 0.60 (0.46) 0.69 (0.55)

- - 0.67 (0.47) 0.72 (0.51)

- - 1.45 (1.14)

- - 1.53 (1.06)

- - 1.37 (0.99) 1.33 (1.02) 1.19 (1.09) 1.54 (1.07)



59





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


OCP3

2021 2020

$ - $ - - -

948,306 267,932 948,306 267,932

333,676 393,746 80,329 82,415

864 1,230 - - - 20

40,465 46,608 455,334 524,019

(3,058) (574) 452,276 523,445

- -

$ 496,030 $ (255,513)

$ 34,273 $ (30,766) 4,564 (5,497) 9,568 (1,456)

108,086 (63,275) 54,864 (8,141) 19,936 (22,920)

135,286 (30,506) 129,453 (92,952)

- - - - - - - - - - - - - -

289,037 415,685 36,867 40,382 63,508 66,480

697,211 789,664 324,278 384,947 117,020 168,102 330,584 388,191 416,974 607,691

- - - - - - - - - - - - - -

$ 0.12 $ (0.07) 0.12 (0.14) 0.15 (0.02) 0.16 (0.08) 0.17 (0.02) 0.17 (0.14) 0.41 (0.08) 0.31 (0.15)

- - - - - - - - - - - - - -



60





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


OBP3

2021 2020

$ - $ - - -

4,613,057 (1,517,058) 4,613,057 (1,517,058)

871,699 904,539 191,662 177,945

1,160 1,792 - - - -

102,917 105,135 1,167,438 1,189,411

(1,448) - 1,165,990 1,189,411

- -

$ 3,447,067 $ (2,706,469)

$ 112,427 $ (110,913) 51,401 (44,833) 46,526 (42,383)

922,121 (777,090) 395,952 (317,715) 215,276 (168,278)

1,285,693 (820,740) 417,671 (424,517)

- - - - - - - - - - - - - -

345,709 421,011 138,269 169,710 116,235 153,862

2,280,239 2,706,603 929,883 1,145,897 495,126 577,823

1,113,491 1,169,271 473,450 630,494

- - - - - - - - - - - - - -

$ 0.33 $ (0.26) 0.37 (0.26) 0.40 (0.28) 0.40 (0.29) 0.43 (0.28) 0.43 (0.29) 1.15 (0.70) 0.88 (0.67)

- - - - - - - - - - - - - -



61





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


OGP3

2021 2020

$ - $ - - -

5,278,731 (2,491,875) 5,278,731 (2,491,875)

887,670 915,957 170,372 159,266

1,149 1,373 - - - -

94,171 94,454 1,153,362 1,171,050

(2,117) - 1,151,245 1,171,050

- -

$ 4,127,486 $ (3,662,925)

$ 420,437 $ (413,436) 61,551 (59,947) 88,034 (105,228)

1,483,535 (1,373,773) 820,199 (711,084) 563,705 (426,622)

- - 690,025 (572,835)

- - - - - - - - - - - - - -

919,777 1,090,719 116,280 147,185 162,987 206,361

2,838,755 3,422,614 1,392,464 1,657,994

936,580 1,136,744 - -

513,524 597,445 - - - - - - - - - - - - - -

$ 0.46 $ (0.38) 0.53 (0.41) 0.54 (0.51) 0.52 (0.40) 0.59 (0.43) 0.60 (0.38)

- - 1.34 (0.96)

- - - - - - - - - - - - - -


ivari CI Growth GIP

62





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


FCA3

2021 2020

$ - $ - - -

4,576,344 (320,604) 4,576,344 (320,604)

533,160 524,933 126,227 112,193

998 1,356 - -

17 166 72,930 71,216

733,332 709,864 (1,424) (164)

731,908 709,700

- -

$ 3,844,436 $ (1,030,304)

$ - $ - 52,720 (16,688) 75,696 (37,183)

- - 462,125 (141,282) 265,231 (65,641)

2,539,803 (612,212) 448,861 (157,298)

- - - - - - - - - - - - - -

- - 47,458 63,494 64,790 86,654

- - 410,230 482,891 225,045 272,226

1,427,273 1,554,292 334,007 406,332

- - - - - - - - - - - - - -

$ - $ - 1.11 (0.26) 1.17 (0.43)

- - 1.13 (0.29) 1.18 (0.24) 1.78 (0.39) 1.34 (0.39)

- - - - - - - - - - - - - -



63





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


TDD3

2021 2020

$ - $ - - -

6,317,904 (5,705,182) 6,317,904 (5,705,182)

546,225 594,785 122,124 119,050

1,108 218 - -

1,273 2,217 65,385 70,943

736,115 787,213 (1,315) -

734,800 787,213

- -

$ 5,583,104 $ (6,492,395)

$ - $ - 106,275 (152,935) 291,104 (363,531)

- - 1,792,584 (1,950,102)

679,152 (699,073) - -

2,713,989 (3,326,754) - - - - - - - - - - - - - -

- - 63,956 96,591

158,597 202,216 - -

914,030 1,110,662 337,330 389,608

- - 1,167,575 1,516,633

- - - - - - - - - - - - - -

$ - $ - 1.66 (1.58) 1.84 (1.80)

- - 1.96 (1.76) 2.01 (1.79)

- - 2.32 (2.19)

- - - - - - - - - - - - - -



64





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


XCP3

2021 2020

$ - $ - - -

2,977,491 (36,956) 2,977,491 (36,956)

460,631 359,543 101,247 99,993

1,064 1,439 - - 2 -

56,602 41,974 619,546 502,949

(4,279) (2,198) 615,267 500,751

- -

$ 2,362,224 $ (537,707)

$ - $ - 16,963 (4,250) 57,691 (14,928)

- - 532,931 (109,232) 254,001 (35,164)

- - 1,396,295 (344,456)

- - - - - - - - - -

99,994 (29,191) 4,349 (486)

- - 17,624 21,908 60,078 73,792

- - 533,953 684,799 241,598 279,958

- - 1,016,119 1,327,074

- - - - - - - - - -

109,752 125,784 3,950 3,954

$ - $ - 0.96 (0.19) 0.96 (0.20)

- - 1.00 (0.16) 1.05 (0.13)

- - 1.37 (0.26)

- - - - - - - - - -

0.91 (0.23) 1.10 (0.12)



65





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


XTCG

2021 2020

$ - $ - - -

1,899,925 (131,888) 1,899,925 (131,888)

440,589 453,665 104,190 96,078

962 1,082 - - - -

58,290 59,453 604,031 610,278

(1,167) - 602,864 610,278

- -

$ 1,297,061 $ (742,166)

$ - $ - - - - -

111,690 (73,567) 62,306 (50,163) 32,777 (25,306)

741,855 (364,302) 348,433 (228,828)

- - - - - - - - - - - - - -

- - - - - -

210,308 244,859 109,426 129,463

57,242 76,970 972,448 1,043,999 584,585 706,122

- - - - - - - - - - - - - -

$ - $ - - - - -

0.53 (0.30) 0.57 (0.39) 0.57 (0.33) 0.76 (0.35) 0.60 (0.32)

- - - - - - - - - - - - - -



66





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


OAP3

2021 2020

$ - $ - - -

4,131,417 (2,646,029) 4,131,417 (2,646,029)

511,994 518,801 101,572 93,021

943 1,284 - - 4 -

58,390 59,162 672,903 672,268

(1,059) - 671,844 672,268

- -

$ 3,459,573 $ (3,318,297)

$ - $ - 114,277 (125,596) 220,509 (230,759)

- - 1,652,587 (1,529,988)

822,171 (807,801) - -

650,029 (624,153) - - - - - - - - - - - - - -

- - 185,956 205,574 328,031 396,626

- - 2,232,196 2,686,412 1,046,375 1,394,335

- - 323,420 399,267

- - - - - - - - - - - - - -

$ - $ - 0.61 (0.61) 0.67 (0.58)

- - 0.74 (0.57) 0.79 (0.58)

- - 2.01 (1.56)

- - - - - - - - - - - - - -



67





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75



75/10075/75

imaxxGIF™ 100/10075/10075/75



GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75


ACSB

2021 2020

$ - $ - 1 -

29,015 194,607 29,016 194,607

41,407 44,049 29,173 27,468

399 660 - - - 1

6,419 6,454 77,398 78,632

(12,369) (11,687) 65,029 66,945

- -

$ (36,013) $ 127,662

$ - $ - - - - -

(1,025) 2,790 (279) 725

(26) 64 - -

(2,249) 3,836 - - - - - - - - - -

(32,157) 119,270 (277) 977

- - - - - -

12,041 12,306 3,279 3,491

300 300 - -

30,830 16,034 - - - - - - - - - -

504,471 574,474 4,435 3,604

$ - $ - - - - -

(0.09) 0.23 (0.09) 0.21 (0.09) 0.21

- - (0.07) 0.24

- - - - - - - - - -

(0.06) 0.21 (0.06) 0.27



68


FCB

2021 2020Income

Net gain (loss) on investments $ 4,752,418 $ 1,380,451 4,752,418 1,380,451

Expenses Management and advisory fees 862,341 857,785 Administration fees 206,248 183,472 Custodian fees 1,178 1,813 Interest expense 1,459 1,734 Goods and services tax / Harmonized sales tax 122,281 120,091

1,193,507 1,164,895 Expenses absorbed by manager (1,869) (1,794)

1,191,638 1,163,101


Increase (decrease) in net assets from operations attributable to contractholders $ 3,560,780 $ 217,350

Increase (decrease) in net assets from operations attributable to contractholders per class GS3 100/100 $ - $ -

75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 15,617 2,521 75/75 68,639 656

5FL 2,978,949 199,283 ivari GIF 497,575 14,890

Daily average number of units GS3 100/100 - -

75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 21,245 20,561 75/75 86,220 75,810

5FL 2,706,454 2,991,685 ivari GIF 597,306 697,437


GS3 100/100 $ - $ - 75/100 - - 75/75 - -

imaxxGIF™ 100/100 - - 75/100 0.74 0.12 75/75 0.80 0.01

5FL 1.10 0.07 ivari GIF 0.83 0.02



69


IncomeNet gain (loss) on investments

Expenses Management and advisory fees Administration feesCustodian feesInterest expenseGoods and services tax / Harmonized sales tax


Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF

TQBI TQBG

2021 2020

$ 813,426 $ 486,315 813,426 486,315

251,132 211,893 72,726 55,751

615 628 283 549

35,365 27,251 360,121 296,072

(8,674) (6,656) 351,447 289,416

- -

$ 461,979 $ 196,899

$ 25 $ 7 - (2,111)

820 294 843 367

2,758 (1,419) 1,490 545

429,862 206,901 26,181 (7,685)

131 131 - 2,498

3,245 3,245 4,756 5,579

11,508 12,582 6,305 6,306

1,131,017 987,521 105,710 134,615

$ 0.19 $ 0.05 - (0.85)

0.25 0.09 0.18 0.07 0.24 (0.11) 0.24 0.09 0.38 0.21 0.25 (0.06)



70





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF

TQBG

2021 2020

$ 2,397,926 $ 282,322 2,397,926 282,322

454,157 466,726 113,617 104,306

883 1,312 774 1,290

57,066 58,234 626,497 631,868

(7,348) (5,338) 619,149 626,530

- -

$ 1,778,777 $ (344,208)

$ 5,150 $ (1,807) 3,810 (966)

- - 7,816 (2,002)

11,885 (4,131) 4,381 (1,905)

1,554,736 (254,324) 190,999 (79,073)

9,230 9,704 6,821 8,426

- - 13,243 14,413 18,616 25,216

7,645 15,242 1,601,277 1,804,024

265,723 334,248

$ 0.56 $ (0.19) 0.56 (0.11)

- - 0.59 (0.14) 0.64 (0.16) 0.57 (0.12) 0.97 (0.14) 0.72 (0.24)



71





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF

TDIA

2021 2020

$ 250,423 $ 30,787 250,423 30,787

152,638 171,267 46,942 45,850

656 928 449 544

21,987 24,207 222,672 242,796

(5,989) (4,832) 216,683 237,964

- -

$ 33,740 $ (207,177)

$ - $ - - - - - - - - 90

(475) (1,287) 36,223 (148,050) (2,008) (57,930)

- - - - - - - -

23 100 5,309 6,843

772,808 872,429 211,465 274,783

$ - $ - - - - - - - - 0.90

(0.09) (0.19) 0.05 (0.17)

(0.01) (0.21) See accompanying notes to the financial statements.


72





Withholding taxes



75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


75/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF


GS3 100/10075/10075/75

imaxxGIF™ 100/10075/10075/75

5FLivari GIF

TDDB

2021 2020

$ 2,931,814 $ (1,806,728) 2,931,814 (1,806,728)

526,792 564,250 139,548 134,547

1,028 1,538 1,161 1,426

78,129 81,571 746,658 783,332

(4,721) (5,304) 741,937 778,028

- -

$ 2,189,877 $ (2,584,756)

$ - $ - - - - - - -

1,388 (1,721) 2,367 (1,653)

2,000,645 (2,302,404) 185,477 (278,978)

- - - - - - - -

2,829 2,935 6,976 2,832

2,542,209 2,919,353 296,079 374,842

$ - $ - - - - - - -

0.49 (0.59) 0.34 (0.58) 0.79 (0.79) 0.63 (0.74)



73


TCLC

2021 2020Income

Net foreign exchange gain (loss) on cash and cash equivalents $ - $ - Net gain (loss) on investments 303,417 (146,563)

303,417 (146,563) Expenses

Management and advisory fees 20,488 21,755 Administration fees 17,898 16,900 Custodian fees 108 218 Transaction costs 46 186 Interest expense - 1 Goods and services tax / Harmonized sales tax 3,050 3,057

41,590 42,117 Expenses absorbed by manager (9,240) (9,423)

32,350 32,694


Increase (decrease) in net assets from operations attributable to contractholders $ 271,067 $ (179,257)

Increase (decrease) in net assets from operations attributable to contractholders per class GS3 100/100 $ - $ -

75/100 48,410 (28,299) 75/75 65,037 (35,994)

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 157,620 (114,964) IS - - I2 - - CL1 - -

Daily average number of units GS3 100/100 - -

75/100 42,963 49,949 75/75 54,436 65,570

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 68,003 84,863 IS - - I2 - - CL1 - -


GS3 100/100 $ - $ - 75/100 1.13 (0.57) 75/75 1.19 (0.55)

imaxxGIF™ 75/100 - - 75/75 - -

ivari GIF 2.32 (1.35) IS - - I2 - - CL1 - -



74


IncomeNet foreign exchange gain (loss) on cash and cash equivalentsNet gain (loss) on investments



Withholding taxes



75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


GS3 100/10075/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1

TGEI TQGG

2021 2020

$ (1) $ 4,217 3,158,689 (1,465,737) 3,158,688 (1,461,520)

389,886 404,628 105,514 89,081

233 1,542 877 2,073

11 99 51,189 52,054

547,710 549,477 (2,441) (1,333)

545,269 548,144

- 9,214

$ 2,613,419 $ (2,018,878)

$ 39,661 $ (44,013) 33,676 (22,933)

118,442 (78,178) - - - -

707,881 (670,236) 227,213 (139,272) 766,945 (507,159) 719,601 (557,087)

54,087 71,108 43,578 47,387

129,645 157,953 - - - -

398,805 576,524 152,300 168,643 546,496 627,683 528,471 606,552

$ 0.73 $ (0.62) 0.77 (0.48) 0.91 (0.49)

- - - -

1.78 (1.16) 1.49 (0.83) 1.40 (0.81) 1.36 (0.92)



75





Withholding taxes



75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


GS3 100/10075/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1

TQGG

2021 2020

$ - $ - 225,976 (44,840) 225,976 (44,840)

36,007 37,906 15,642 15,862

308 338 - -

135 130 3,941 4,013

56,033 58,249 (5,967) (6,497) 50,066 51,752

- -

$ 175,910 $ (96,592)

$ - $ - - - - -

2,904 (1,172) 1,635 (3,365)

171,371 (92,055) - - - - - -

- - - - - -

2,582 3,182 1,418 2,531

143,716 172,870 - - - - - -

$ - $ - - - - -

1.12 (0.37) 1.15 (1.33) 1.19 (0.53)

- - - - - -



76





Withholding taxes



75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


75/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1


GS3 100/10075/10075/75

imaxxGIF™ 75/10075/75

ivari GIFISI2CL1

TUEI

2021 2020

$ (7,784) $ (17,230) 4,094,697 450,078 4,086,913 432,848

441,273 475,275 120,442 102,387

418 1,424 116 392

1 98 53,973 57,124

616,223 636,700 - -

616,223 636,700

34,926 51,309

$ 3,435,764 $ (255,161)

$ - $ - 162,486 (17,097) 385,594 (27,368)

- - - -

1,926,012 (174,368) 342,617 (7,097) 619,055 (29,231)

- -

- - 120,009 133,538 267,892 306,843

- - - -

566,160 751,440 145,375 155,435 277,196 319,890

- -

$ - $ - 1.35 (0.13) 1.44 (0.09)

- - - -

3.40 (0.23) 2.36 (0.05) 2.23 (0.09)

- - See accompanying notes to the financial statements.


77

Statements of Changes in Net Assets Attributable to ContractholdersFor the six-month periods ended June 30 (unaudited)

CMM3

2021 2020Net assets attributable to contractholders, beginning of period $ 14,078,699 $ 12,356,789

Increase (decrease) in net assets from operations attributable to contractholders (2,878) 12,092

Redeemable unit transactionsProceeds from redeemable units issued 3,951,256 5,419,734 Redemption of redeemable units (5,785,714) (3,233,021)

(1,834,458) 2,186,713

Net increase (decrease) in net assets attributable to contractholders (1,837,336) 2,198,805

Net assets attributable to contractholders, end of period $ 12,241,363 $ 14,555,594

Statements of Cash FlowsFor the six-month periods ended June 30 (unaudited)

2021 2020Cash and cash equivalents, beginning of period $ 4,214 $ 3,949

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholders (2,878) 12,092 Adjustments:

Foreign exchange unrealized (gain) loss on cash and cash equivalents - - Net realized (gain) loss on sale of investments - 1 Change in unrealized (appreciation) depreciation of investments 1,384 (3,725) Purchases of investments (22,096,054) (36,324,045) Proceeds from sales and maturities of investments 24,059,058 34,157,840 Transaction costs - - (Increase) Decrease in receivable for investments sold - - (Increase) Decrease in interest receivable - - (Increase) Decrease in dividends receivable - - (Increase) Decrease in distributions receivable from underlying funds - - (Increase) Decrease in other receivables (90,001) (19,536) Increase (Decrease) in payable for investments purchased - - Increase (Decrease) in redemptions payable - - Increase (Decrease) in management fees payable (138) 265 Increase (Decrease) in other payable and accrued expenses (79) 219

Net cash provided by (used in) operating activities 1,871,292 (2,176,889)

Cash flows from financing activitiesProceeds from redeemable units issued 3,951,256 5,419,734 Payments on redemption of redeemable units (5,785,714) (3,233,021)

Net cash provided by (used in) financing activities (1,834,458) 2,186,713

Net increase (decrease) in cash and cash equivalents 36,834 9,824

Foreign exchange unrealized gain (loss) on cash and cash equivalents - -

Cash and cash equivalents, end of period $ 41,048 $ 13,773

Other cash flow information:Interest received $ 12,772 $ 112,814 Dividends received, net of withholding taxes - - Interest paid - - Income taxes paid




78


Net assets attributable to contractholders, beginning of period


Redeemable unit transactionsProceeds from redeemable units issuedRedemption of redeemable units

Net increase (decrease) in net assets attributable to contractholders

Net assets attributable to contractholders, end of period


Cash and cash equivalents, beginning of period

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholders Adjustments:

Foreign exchange unrealized (gain) loss on cash and cash equivalentsNet realized (gain) loss on sale of investmentsChange in unrealized (appreciation) depreciation of investmentsPurchases of investmentsProceeds from sales and maturities of investmentsTransaction costs(Increase) Decrease in receivable for investments sold(Increase) Decrease in interest receivable(Increase) Decrease in dividends receivable(Increase) Decrease in distributions receivable from underlying funds(Increase) Decrease in other receivablesIncrease (Decrease) in payable for investments purchasedIncrease (Decrease) in redemptions payableIncrease (Decrease) in management fees payable Increase (Decrease) in other payable and accrued expenses

Net cash provided by (used in) operating activities

Cash flows from financing activitiesProceeds from redeemable units issuedPayments on redemption of redeemable units

Net cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Foreign exchange unrealized gain (loss) on cash and cash equivalents

Cash and cash equivalents, end of period

Other cash flow information:Interest receivedDividends received, net of withholding taxesInterest paidIncome taxes paid

CBD3

2021 2020$ 35,548,293 $ 36,596,558

(1,110,695) 2,220,184

1,281,695 3,474,915 (4,607,891) (4,129,014) (3,326,196) (654,099)

(4,436,891) 1,566,085

$ 31,111,402 $ 38,162,643

2021 2020$ 275,334 $ 90,944

(1,110,695) 2,220,184

- - 142,521 (1,265,515)

1,059,426 (825,817) (15,015,656) (33,105,833) 18,076,002 33,555,579

- - - 95,060

10,850 (7,912) - - - - 4 (20) - (101,923) - -

(596) 258 (210) 250

3,161,646 564,311

1,281,695 3,474,915 (4,607,891) (4,129,014) (3,326,196) (654,099)

(164,550) (89,788)

- -

$ 110,784 $ 1,156

$ 515,467 $ 587,127 - - - -




79


















CBL3

2021 2020$ 39,996,681 $ 45,488,941

1,507,739 (583,574)

1,686,668 1,915,182 (4,262,775) (5,821,919) (2,576,107) (3,906,737)

(1,068,368) (4,490,311)

$ 38,928,313 $ 40,998,630

2021 2020$ 323,396 $ 32,085

1,507,739 (583,574)

78 (189) (1,583,321) (2,658,222)

(46,388) 3,286,058 (25,207,284) (32,279,902) 27,640,620 36,177,174

7,651 7,241 65,810 -

9,027 (1,058) (19,208) (10,520)

- - 4 7

45,981 - (85,969) -

(246) (1,329) 17 (417)

2,334,511 3,935,269

1,686,668 1,915,182 (4,262,775) (5,821,919) (2,576,107) (3,906,737)

(241,596) 28,532

(78) 189

$ 81,722 $ 60,806

$ 267,907 $ 323,636 225,106 371,100

6 6 See accompanying notes to the financial statements.



80


















CEQ3

2021 2020$ 18,298,315 $ 21,425,995

1,881,244 (1,716,597)

1,074,723 2,270,287 (2,967,823) (3,793,784) (1,893,100) (1,523,497)

(11,856) (3,240,094)

$ 18,286,459 $ 18,185,901

2021 2020$ 31,745 $ 34,731

1,881,244 (1,716,597)

(14) (15) (1,456,764) (1,617,974)

(552,193) 3,328,877 (12,838,501) (14,566,473) 14,865,370 16,094,852

7,305 6,591 - - - -

(14,569) (9,401) - -

(2) 28 - - - -

(19) (1,088) 37 (359)

1,891,894 1,518,441

1,074,723 2,270,287 (2,967,823) (3,793,784) (1,893,100) (1,523,497)

(1,206) (5,056)

14 15

$ 30,553 $ 29,690

$ - $ 51 197,739 331,964




81


















OCP3

2021 2020$ 28,569,849 $ 35,132,510

496,030 (255,513)

992,836 944,080 (3,992,772) (5,771,521) (2,999,936) (4,827,441)

(2,503,906) (5,082,954)

$ 26,065,943 $ 30,049,556

2021 2020$ 339,248 $ 354,937

496,030 (255,513)

- - (3,792) 304,449

(944,514) (571,741) (338,699) (346,448)

3,766,794 5,724,413 - -

54,692 9,273 - - - - - -

20 49 - - - -

(1,579) (3,445) (97) (431)

3,028,855 4,860,606

992,836 944,080 (3,992,772) (5,771,521) (2,999,936) (4,827,441)

28,919 33,165

- -

$ 368,167 $ 388,102

$ - $ - - - - 20




82


















OBP3

2021 2020$ 70,003,340 $ 78,333,396

3,447,067 (2,706,469)

1,673,577 2,550,068 (6,303,562) (9,037,477) (4,629,985) (6,487,409)

(1,182,918) (9,193,878)

$ 68,820,422 $ 69,139,518

2021 2020$ 638,588 $ 732,770

3,447,067 (2,706,469)

- - (497,469) 49,185

(4,115,588) 1,469,200 (104,446) (624,543)

5,922,220 8,308,144 - -

77,727 (86,226) - - - - - - 4 112 - - - (5,000)

(1,271) (6,506) 109 (886)

4,728,353 6,397,011

1,673,577 2,550,068 (6,303,562) (9,037,477) (4,629,985) (6,487,409)

98,368 (90,398)

- -

$ 736,956 $ 642,372

$ - $ - - - - -




83


















OGP3

2021 2020$ 62,866,756 $ 72,938,187

4,127,486 (3,662,925)

1,018,739 1,961,316 (7,348,017) (10,479,788) (6,329,278) (8,518,472)

(2,201,792) (12,181,397)

$ 60,664,964 $ 60,756,790

2021 2020$ 769,386 $ 757,996

4,127,486 (3,662,925)

- - (617,472) 379,842

(4,661,259) 2,113,434 (37,220) (214,056)

7,488,054 9,913,786 - -

30,464 13,688 - - - - - -

34 214 - - - 7,000

(1,643) (8,774) (3) (1,181)

6,328,441 8,541,028

1,018,739 1,961,316 (7,348,017) (10,479,788) (6,329,278) (8,518,472)

(837) 22,556

- -

$ 768,549 $ 780,552

$ - $ - - - - -


ivari CI Growth GIP

ivari CI Growth GIP

84


















FCA3

2021 2020$ 43,695,956 $ 46,996,976

3,844,436 (1,030,304)

1,035,635 739,156 (3,149,350) (3,980,459) (2,113,715) (3,241,303)

1,730,721 (4,271,607)

$ 45,426,677 $ 42,725,369

2021 2020$ 70,762 $ 91,104

3,844,436 (1,030,304)

- - (650,038) (472,709)

(3,926,306) 793,342 (120,483) (16,060)

2,964,636 3,967,661 - -

24,406 5,444 - - - - - -

(14) 28 - - - -

298 (4,483) 193 (338)

2,137,128 3,242,581

1,035,635 739,156 (3,149,350) (3,980,459) (2,113,715) (3,241,303)

23,413 1,278

- -

$ 94,175 $ 92,382

$ - $ - - -




85


















TDD3

2021 2020$ 43,085,849 $ 55,870,499

5,583,104 (6,492,395)

1,136,485 1,581,477 (6,630,204) (8,869,340) (5,493,719) (7,287,863)

89,385 (13,780,258)

$ 43,175,234 $ 42,090,241

2021 2020$ (511,155) $ 11,453

5,583,104 (6,492,395)

- - (2,000,434) (1,891,917) (3,587,686) 8,548,389

(721,825) (982,719) 6,343,046 8,225,334

- - 511,417 (2,446)

- - - -

(97,969) (127,629) (13) 167

- - - (1,100)

(843) (10,114) (583) (2,440)

6,028,214 7,263,130

1,136,485 1,581,477 (6,630,204) (8,869,340) (5,493,719) (7,287,863)

534,495 (24,733)

- -

$ 23,340 $ (13,280)

$ - $ - - -

1,273 2,217 See accompanying notes to the financial statements.



86


















XCP3

2021 2020$ 36,868,392 $ 42,593,217

2,362,224 (537,707)

1,101,410 1,106,348 (6,093,116) (6,270,907) (4,991,706) (5,164,559)

(2,629,482) (5,702,266)

$ 34,238,910 $ 36,890,951

2021 2020$ 37,303 $ (36,130)

2,362,224 (537,707)

- - (1,806,688) (1,279,586) (1,170,803) 2,185,879

(22,408) (877,146) 5,639,985 5,682,371

- - - - - - - - - -

17 63 - -

1,972 2,585 (3,399) (1,344)

(69) (480) 5,000,831 5,174,635

1,101,410 1,106,348 (6,093,116) (6,270,907) (4,991,706) (5,164,559)

9,125 10,076

- -

$ 46,428 $ (26,054)

$ - $ - - - 2 -




87


















XTCG

2021 2020$ 37,212,349 $ 40,768,655

1,297,061 (742,166)

379,197 765,098 (2,431,388) (4,163,019) (2,052,191) (3,397,921)

(755,130) (4,140,087)

$ 36,457,219 $ 36,628,568

2021 2020$ 220,904 $ 214,308

1,297,061 (742,166)

- - 65,084 361,039

(1,965,009) (228,780) (166,876) (193,890)

2,785,962 4,229,285 - -

23,630 (14,233) - - - - - -

(4) 30 - - - -

(697) (3,014) 43 (333)

2,039,194 3,407,938

379,197 765,098 (2,431,388) (4,163,019) (2,052,191) (3,397,921)

(12,997) 10,017

- -

$ 207,907 $ 224,325

$ - $ - - - - -




88


















OAP3

2021 2020$ 35,730,621 $ 42,557,462

3,459,573 (3,318,297)

716,031 1,024,867 (4,069,268) (5,955,853) (3,353,237) (4,930,986)

106,336 (8,249,283)

$ 35,836,957 $ 34,308,179

2021 2020$ 240,492 $ 245,991

3,459,573 (3,318,297)

- - (416,301) 480,819

(3,715,116) 2,165,530 (42,834) (76,779)

4,068,130 5,692,134 - -

20,463 (13,386) - - - - - -

(12) 110 - - - -

(307) (5,676) 104 (827)

3,373,700 4,923,628

716,031 1,024,867 (4,069,268) (5,955,853) (3,353,237) (4,930,986)

20,463 (7,358)

- -

$ 260,955 $ 238,633

$ - $ - - - 4 -




89


















ACSB

2021 2020$ 5,450,698 $ 5,767,303

(36,013) 127,662

505,777 3,508,294 (678,669) (3,618,676) (172,892) (110,382)

(208,905) 17,280

$ 5,241,793 $ 5,784,583

2021 2020$ 63,880 $ 41,892

(36,013) 127,662

- - 12,425 (24,386) 30,580 (87,136)

(2,256,244) (5,226,376) 2,426,962 5,103,329

- - (129,705) (49,443)

11,627 107 - - - - 2 (3)

124,673 226,170 - -

(27) (4) 3 25

184,283 69,945

505,777 3,508,294 (678,669) (3,618,676) (172,892) (110,382)

11,391 (40,437)

- -

$ 75,271 $ 1,455

$ 83,647 $ 83,183 - - - 1




90


FCB


Increase (decrease) in net assets from operations attributable to contractholders 3,560,780 217,350

Redeemable unit transactionsProceeds from redeemable units issued 1,949,621 1,751,588 Redemption of redeemable units (5,500,855) (6,391,402)

(3,551,234) (4,639,814)

Net increase (decrease) in net assets attributable to contractholders 9,546 (4,422,464)


For the six-month periods ended June 30 (unaudited)

2021 2020Cash and cash equivalents, beginning of period $ (163,527) $ (67,004)

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholders 3,560,780 217,350 Adjustments:

Net realized (gain) loss on sale of investments (890,736) (675,382) Change in unrealized (appreciation) depreciation of investments (2,902,861) 355,151 Purchases of investments (988,695) (1,133,588) Proceeds from sales and maturities of investments 5,357,997 6,481,244 (Increase) Decrease in receivable for investments sold 42,069 6,176 (Increase) Decrease in distributions receivable from underlying funds (498,296) (561,062) (Increase) Decrease in other receivables (9) 17 Increase (Decrease) in redemptions payable - - Increase (Decrease) in management fees payable (1,386) (5,407) Increase (Decrease) in other payable and accrued expenses (685) (783)

Net cash provided by (used in) operating activities 3,678,178 4,683,716

Cash flows from financing activitiesProceeds from redeemable units issued 1,949,621 1,751,588 Payments on redemption of redeemable units (5,500,855) (6,391,402)

Net cash provided by (used in) financing activities (3,551,234) (4,639,814)

Net increase (decrease) in cash and cash equivalents 126,944 43,902

Cash and cash equivalents, end of period $ (36,583) $ (23,102)

Other cash flow information:Interest paid $ 1,459 $ 1,734 Income taxes paid


Statements of Cash Flows ivari Fidelity Canadian Balanced

GIF


91










Net realized (gain) loss on sale of investments Change in unrealized (appreciation) depreciation of investments Purchases of investmentsProceeds from sales and maturities of investments(Increase) Decrease in receivable for investments sold(Increase) Decrease in distributions receivable from underlying funds(Increase) Decrease in other receivablesIncrease (Decrease) in redemptions payableIncrease (Decrease) in management fees payable Increase (Decrease) in other payable and accrued expenses






Other cash flow information:Interest paidIncome taxes paid

Statements of Cash Flows

TQBI

2021 2020$ 23,679,018 $ 19,690,159

461,979 196,899

396,352 4,083,139 (1,079,586) (1,272,823)

(683,234) 2,810,316

(221,255) 3,007,215

$ 23,457,763 $ 22,697,374

2021 2020$ (18,462) $ 3,436

461,979 196,899

(235,261) (249,585) (578,165) (236,730) (414,715) (4,414,651)

1,131,565 1,452,869 5,749 (5,951)

318,320 426,784 29 (12)

- - (411) 1,169 (107) 49

688,983 (2,829,159)

396,352 4,083,139 (1,079,586) (1,272,823)

(683,234) 2,810,316

5,749 (18,843)

$ (12,713) $ (15,407)

$ 283 $ 549 See accompanying notes to the financial statements.



92


















TQBG

2021 2020$ 39,555,814 $ 42,959,122

1,778,777 (344,208)

683,417 402,300 (2,554,357) (4,467,320) (1,870,940) (4,065,020)

(92,163) (4,409,228)

$ 39,463,651 $ 38,549,894

2021 2020$ (88,889) $ (55,160)

1,778,777 (344,208)

(960,502) (1,308,135) (1,437,424) 1,025,813

(667,452) (845,554) 2,754,823 4,780,051

21,666 4,647 453,411 797,668

(8) 45 - -

(699) (3,819) (311) (821)

1,942,281 4,105,687

683,417 402,300 (2,554,357) (4,467,320) (1,870,940) (4,065,020)

71,341 40,667

$ (17,548) $ (14,493)

$ 774 $ 1,290 See accompanying notes to the financial statements.



93


















TDIA

2021 2020$ 15,322,424 $ 17,111,985

33,740 (207,177)

43,737 120,352 (1,258,455) (1,296,971) (1,214,718) (1,176,619)

(1,180,978) (1,383,796)

$ 14,141,446 $ 15,728,189

2021 2020$ (92,414) $ (43,129)

33,740 (207,177)

(183,480) (150,852) 193,699 419,194

(252,359) (289,782) 1,516,068 1,477,556

34,249 12,798 (42,030) (48,428)

3 5 - 2,082

(943) (2,384) (329) (242)

1,298,618 1,212,770

43,737 120,352 (1,258,455) (1,296,971) (1,214,718) (1,176,619)

83,900 36,151

$ (8,514) $ (6,978)

$ 449 $ 544 See accompanying notes to the financial statements.



94


















TDDB

2021 2020$ 50,709,380 $ 57,205,607

2,189,877 (2,584,756)

629,632 475,401 (3,983,719) (4,630,100) (3,354,087) (4,154,699)

(1,164,210) (6,739,455)

$ 49,545,170 $ 50,466,152

2021 2020$ (61,526) $ (52,375)

2,189,877 (2,584,756)

(1,389,959) (1,288,671) (769,264) 4,138,091

(1,705,276) (9,102,862) 5,253,668 13,312,573

32,005 35,560 (216,769.00) (314,408)

6 33 - 1,843

(1,279) (5,002) (673) (933)

3,392,336 4,191,468

629,632 475,401 (3,983,719) (4,630,100) (3,354,087) (4,154,699)

38,249 36,769

$ (23,277) $ (15,606)

$ 1,161 $ 1,426 See accompanying notes to the financial statements.



95


TCLC


Increase (decrease) in net assets from operations attributable to contractholders 271,067 (179,257)

Redeemable unit transactionsProceeds from redeemable units issued 109,031 120,846 Redemption of redeemable units (273,532) (464,662)

(164,501) (343,816)

Net increase (decrease) in net assets attributable to contractholders 106,566 (523,073)



2021 2020Cash and cash equivalents, beginning of period $ 1,976 $ 3,762

Cash flows from operating activitiesIncrease (decrease) in net assets attributable to contractholders 271,067 (179,257) Adjustments:

Foreign exchange unrealized (gain) loss on cash and cash equivalents - - Net realized (gain) loss on sale of investments (59,185) (69,193) Change in unrealized (appreciation) depreciation of investments (219,907) 246,621 Purchases of investments - - Proceeds from sales and maturities of investments 171,924 348,956 Transaction costs 46 186 (Increase) Decrease in receivable for investments sold - - (Increase) Decrease in subscriptions receivable - - (Increase) Decrease in dividends receivable - - (Increase) Decrease in distributions receivable from underlying funds - - (Increase) Decrease in other receivables (3) 8 Increase (Decrease) in redemptions payable - - Increase (Decrease) in management fees payable 17 (152) Increase (Decrease) in other payable and accrued expenses 16 (68)

Net cash provided by (used in) operating activities 163,975 347,101

Cash flows from financing activitiesProceeds from redeemable units issued 109,031 120,846 Payments on redemption of redeemable units (273,532) (464,662)

Net cash provided by (used in) financing activities (164,501) (343,816)

Net increase (decrease) in cash and cash equivalents (526) 3,285

Foreign exchange unrealized gain (loss) on cash and cash equivalents - -

Cash and cash equivalents, end of period $ 1,450 $ 7,047

Other cash flow information:Interest received $ - $ 27 Dividends received, net of withholding taxes 24,325 30,840 Interest paid - 1 ivari GIF




96










Foreign exchange unrealized (gain) loss on cash and cash equivalentsNet realized (gain) loss on sale of investments Change in unrealized (appreciation) depreciation of investments Purchases of investmentsProceeds from sales and maturities of investmentsTransaction costs(Increase) Decrease in receivable for investments sold(Increase) Decrease in subscriptions receivable(Increase) Decrease in dividends receivable(Increase) Decrease in distributions receivable from underlying funds(Increase) Decrease in other receivablesIncrease (Decrease) in redemptions payableIncrease (Decrease) in management fees payable Increase (Decrease) in other payable and accrued expenses







Other cash flow information:Interest receivedDividends received, net of withholding taxesInterest paidivari GIF

TGEI

2021 2020$ 31,368,944 $ 38,153,147

2,613,419 (2,018,878)

5,129,451 5,947,335 (7,537,298) (11,265,275) (2,407,847) (5,317,940)

205,572 (7,336,818)

$ 31,574,516 $ 30,816,329

2021 2020$ 90,527 $ 3,939

2,613,419 (2,018,878)

1 (4,217) (680,373) (1,559,177)

(2,380,705) 3,346,593 (412,304) (4,882,175)

2,696,128 9,900,438 877 2,073

- 351,153 - -

173,247 195,555 327,469 -

(10) 32 - (3,544)

18 (2,238) 72 (867)

2,337,839 5,324,748

5,129,451 5,947,335 (7,537,298) (11,265,275) (2,407,847) (5,317,940)

(70,008) 6,808

(1) 4,217

$ 20,518 $ 14,964

$ (6) $ 912 186,023 503,408




97


















TQGG

2021 2020$ 2,701,582 $ 3,138,902

175,910 (96,592)

5,414 10,815 (337,226) (418,661) (331,812) (407,846)

(155,902) (504,438)

$ 2,545,680 $ 2,634,464

2021 2020$ (2,906) $ (650)

175,910 (96,592)

- - (119,987) (83,150) (105,989) 127,989 (30,161) (92,489) 385,608 456,981

- - 2,906 -

- 1,561 - -

25,633 89,227 4 5 - 5,000

(152) (412) (62) (114)

333,710 408,006

5,414 10,815 (337,226) (418,661) (331,812) (407,846)

1,898 160

- -

$ (1,008) $ (490)

$ - $ - - -




98


















TUEI

2021 2020$ 36,555,565 $ 42,003,522

3,435,764 (255,161)

2,237,543 3,502,803 (5,754,613) (9,474,630) (3,517,070) (5,971,827)

(81,306) (6,226,988)

$ 36,474,259 $ 35,776,534

2021 2020$ 54,788 $ 19,930

3,435,764 (255,161)

7,784 17,230 (2,232,817) (2,996,470) (1,629,038) 2,888,547

- (778,975) 3,917,984 7,080,487

116 392 - - - -

31,310 38,991 - -

(17) 22 - (3,734)

(62) (2,090) 47 (766)

3,531,071 5,988,473

2,237,543 3,502,803 (5,754,613) (9,474,630) (3,517,070) (5,971,827)

14,001 16,646

(7,784) (17,230)

$ 61,005 $ 19,346

$ - $ 96 229,226 310,376




99

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021

1. General informationGrowsafe 3 (“GS3”) segregated funds, which consist of the funds listed below (collectively, the “Funds”), are separate investment accounts established by ivari (“the Manager”). The Funds and their assets are owned by the Manager and are segregated from the Manager’s other assets. The Funds are not separate legal entities. The contract holder does not acquire any interest in them. The Funds invest in equity securities, investment grade debt securities, and units or shares of other investment funds to generate returns in the form of investment income and capital appreciation for the contract holders who are the ultimate beneficiaries of the Funds.

The Funds’ registered office is at 5000 Yonge Street, Toronto, Ontario, M2N 7J8, Canada.

The Manager is the sponsor of the Funds and provides general management and administrative services required by the Funds in their day to day operations, including providing or arranging the provision of investment advice, establishing brokerage arrangements relating to the purchase and sale of the investment portfolio of the Funds, and bookkeeping, recordkeeping and other administrative and operational services for the Funds.

The Manager has selected Fiera Capital (formally Foresters Asset Manager Inc (“FAM”), to provide investment advisory services to the Funds. Fiera Capital serves as the portfolio manager of the Funds. Also the Manager has selected RBC Investor & Treasury Services as the custodian and administrator of the Funds.

The inception date of each Fund reported in these financial statements is as follows:

Fund Inception Date ivari Canadian Short-Term Bond GIF November 1993 ivari CI Maximum Growth GIP February 2001 ivari Canadian Money Market GIF February 2001 ivari Canadian Bond GIF February 2001 ivari Canadian Balanced GIF February 2001 ivari Canadian Equity GIF February 2001 ivari CI Conservative GIP February 2001 ivari CI Balanced GIP February 2001 ivari CI Growth GIP February 2001 ivari Fidelity Canadian Asset Allocation GIF October 2001 ivari TD Dividend Income GIF October 2001 ivari Canadian Fixed Pay GIF August 2003 ivari CI Canadian Balanced GIP November 2006 ivari Fidelity Canadian Balanced GIF November 2008 ivari Quotential Balanced Income GIF November 2008 ivari Quotential Balanced Growth GIF November 2008 ivari TD Income Advantage GIF November 2008 ivari TD Dividend Balanced GIP November 2008 ivari Canadian Large Cap Index GIF October 2009 ivari Global Growth GIF October 2009 ivari Quotential Growth GIF October 2009 ivari U.S. Equity Index GIF October 2009

These unaudited interim financial statements were authorized for issue by the Manager effective September 17, 2021.

2. Basis of presentationThese interim financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as published by the International Accounting Standards Board (“IASB”) and use the historical cost basis, except for financial assets and liabilities measured at fair value.

These financial statements are presented in Canadian dollars, the functional currency of the Funds, and all values are rounded to the nearest dollar except where otherwise indicated.

3. Summary of significant accounting policies

Financial instruments

The Funds recognize financial instruments at fair value upon initial recognition, plus transaction costs in the case of financial instruments measured at amortized cost. Purchases and sales of financial assets are recognized at their trade date. The Funds’ investments are measured as Fair Value through profit or loss (“FVTPL”), including investments in debt securities which have been designated as FVTPL. The Funds’ obligation for net assets attributable to contract holders (“NAAC”) is presented at the redemption amount. All other financial assets and liabilities are measured at amortized cost.

Financial assets and liabilities are offset and the net amount presented in the statements of financial position when, and only when, the Funds have a legal right to offset the amounts and intend either to settle on a net basis or to realize the asset and settle the liability simultaneously.

100

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 Valuation of investments

Fair Value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of financial assets and liabilities traded in active markets (such as publicly traded marketable securities) are based on quoted market prices at the close of trading on the reporting date. The Funds use the closing bid prices for financial assets and closing ask prices for financial liabilities. The Funds’ policy is to recognize transfers in and out of the fair value hierarchy levels as at the end of the reporting period for transfers between Level 1 and 2 and as at the date of the transfer for transfers in and out of Level 3.

The Canadian Life and Health Insurance Association (“CLHIA”) requires the Net Asset Value (“NAV”) of a segregated fund for contract holder transactions be based on fair value of the segregated fund’s assets and liabilities, in accordance with the valuation rules set out in the Funds’ information folder. The NAAC per unit and NAV per unit are disclosed in Note 9. The Funds have not changed their methodology with respect to calculating NAV.

The fair values of the investments on the schedule of investment portfolio, for reporting NAAC for financial reporting purposes and for calculating daily NAVs, are determined as follows:

a) Securities listed on a recognized public stock exchange are stated at their bid prices on the valuation date for reporting NAAC and at their close prices on the valuation date for determining daily NAV.

b) Securities not listed on a recognized public stock exchange are valued based upon available public quotations in common use or at prices estimated to be fair value as determined by the Manager of the applicable Fund.

c) Short term investments are stated at amortized cost which, given the short term nature of the investments, approximates fair value.

d) Bonds are stated at their bid prices on the valuation date for reporting NAAC. They are valued at the average of the closing bid and ask prices provided by recognized investment dealers on the valuation date for determining daily NAV. For both NAAC and NAV, unlisted convertible debentures are valued at cost, if the underlying security is less than the conversion price; or if the underlying security is greater than the conversion price, at the market value of the underlying security multiplied by the number of shares to be received.

e) Mutual fund units held are priced using the NAV per unit as of the valuation date of the particular fund.

Financial assets and liabilities at FVTPL

The Funds’ assets and liabilities are classified as FVTPL. Investments are classified based on both the Funds’ business model for managing those assets and the contractual cash flow characteristics of the financial assets. The portfolios of financial assets are managed and evaluated on a fair value basis using an income and capital appreciation objective. The cash flows from the Funds’ securities are only incidental to achieving the Funds business model’s objective. During 2021 and 2020, the Funds’ financial instruments were all designated as FVTPL. Investment transactions, income recognition and transaction cost

Investment transactions are recorded on the trade date which is the date on which the Fund commits to purchase or sell the investment. Interest income from interest bearing investments is recognized using the effective interest method. Dividend income from financial assets as FVTPL is recognized when the Funds’ right to receive payments is established. Distributions from underlying funds are recorded on the distribution date. Realized gains and losses from investment transactions are calculated on an average cost basis. Unrealized gains and losses are determined using the difference between the fair value and average cost.

Transaction costs are costs incurred to acquire financial assets or liabilities. They include fees and commissions paid to agents, advisers, brokers and dealers. Transaction costs are included in the cost of investments purchased or are a reduction in the proceeds received on the sale of an investment. These costs are immediately recognized in profit or loss as an expense in the statements of comprehensive income.

Receivable for investments sold / payable for investments purchased

Receivable for investments sold and payable for investments purchased represent investment transactions that have been contracted for but not yet settled or delivered on the statements of financial position date respectively.

These amounts are recognized initially at fair value and subsequently measured at amortized cost, less provisions for credit losses for amounts receivable for investments sold. A provision for credit loss is measured at an amount equal to 12-month expected credit loss at initial recognition, if the credit risk has increased significantly after initial recognition, a provision for credit losses equal to the lifetime expected credit losses will be established at each reporting date. Significant financial difficulties of the broker, probability that the broker will enter bankruptcy or financial reorganization, and default in payments are considered indicators that a loss allowance may be required on the amount due from a specific broker. If the credit risk increases to the point that it is considered to be credit impaired, the Fund recognizes an impairment loss as the difference between the amortized cost of the financial asset and the present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate. Impairment losses on financial assets at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized.

The Fund considers the probability of default close to zero and the counterparties have a strong capacity to meet their contractual obligations in the near term. Given the limited exposure of the Funds to credit risk, no loss allowance has been recognized as any such impairment would not have a significant impact on the financial statements.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks and bank overdrafts. Bank overdrafts are shown in current liabilities in the statements of financial position.

101

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 Other assets and liabilities

Dividend and interest receivable, subscriptions receivable, receivable for investments sold and other receivables are categorized as loans and receivables and recorded at cost or amortized cost. Management fees payable, redemptions payable, payable for investments purchased and other payable and accrued expenses are categorized as other liabilities and recorded at cost or amortized cost. Other assets and liabilities are short term in nature and cost or amortized cost approximates fair value.

Translation of foreign currencies

a) The fair value of investments and other assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the prevailing rates on each valuation date.

b) Purchases and sales of investments, dividends and interest income denominated in foreign currencies are translated into Canadian dollars at the prevailing rates of exchange on the dates of the related transactions.

c) Foreign currency gains and losses resulting from translations are reported in the statements of comprehensive income. Foreign currency gains and losses relating to cash and cash equivalents are presented in the statements of comprehensive income within net foreign exchange gain or loss on cash and cash equivalents. Foreign currency gains and losses relating to financial assets and liabilities carried as FVTPL are presented in the statements of comprehensive income within net gain or loss on investments.

Contract holder transactions

For each unit issued, the Funds receive an amount equal to the NAV per unit on the valuation date, which is included in NAAC. Units are redeemable at the option of the contract holder at their NAV per unit on the valuation date as determined in Note 7. For each unit redeemed, NAAC is reduced by the NAV of the unit on the redemption date.

Increase (decrease) in net assets from operations attributable to contract holders

Income not distributed is included in NAAC. Movements in NAAC are recognized in the statements of changes in net assets attributable to contract holders.

Increase (decrease) in net assets from operations attributable to contract holders per daily average number of units in the statements of comprehensive income represents the increase (decrease) in NAAC, divided by the average daily number of units outstanding for each class of units.

Unit valuation

A new NAV is calculated on every valuation date for each class of units. A valuation date is each day that the Manager is open for business and on which the Toronto Stock Exchange is open for trading. The NAV of a specific class of units is computed by calculating the value of the class’s proportionate share of the assets and liabilities of the respective fund attributable only to that class. Expenses directly attributable to a class are charged directly to that class. Other expenses, income, and realized and unrealized capital gains and losses are allocated proportionately to each class based on the relative NAV of each class.

Withholding taxes

The Funds may incur withholding taxes imposed by certain countries on investment income and capital gains. Such income and gains are recorded on a gross basis and the related withholding taxes are shown separately in the statements of comprehensive income.

Income and expense allocation

Where a Fund offers more than one class of units, realized gains (losses), changes in unrealized appreciation (depreciation) on investments, income and expenses that are common to the Fund as a whole are allocated daily to each class based on the proportionate share of the NAV of the class. The proportionate share of each class is determined by adding the current day’s net contract holder transactions of the class to the prior day’s NAV of the class. Any income or expense amounts that are unique to a particular class (for example, management fees) are accounted for separately in that particular class so as not to affect the NAV of the other classes.

Hedging

The Funds will continue not to apply hedge accounting under IFRS 9.

Critical accounting estimates and assumptions

The preparation of financial statements in compliance with IFRS requires management to exercise its judgment in applying its accounting policies and to make estimates and assumptions about the future. The most significant accounting judgments and estimates that the Funds have made in preparing the financial statements related to the fair values of some financial instruments are as follows:

a) The Funds may, from time to time, hold financial instruments that are not quoted in active markets. Fair values of such instruments are determined using valuation techniques and may be determined using reputable pricing sources (such as pricing agencies) or indicative prices from market makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. Where no market data is available, the Manager may value positions using its own models, which are usually based on valuation methods and techniques generally recognized as standard within the industry. The models used to determine fair values are validated and periodically reviewed by experienced personnel of the Manager, independent of the party that created them. The models used for private equity securities are based mainly on earnings multiples adjusted for lack of marketability and control premiums. The model used for debt securities are based on net present value of estimated future cash flows, adjusted as appropriate for liquidity, and credit and market risk factors.

102

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 b) Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations

require the Manager to make estimates. Changes in assumptions about these factors could affect the reported fair values of financial instruments.

c) The Manager considers observable data to be market data that is readily available, regularly distributed and updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Refer to Note 12 for further information about the fair value measurement of the Funds’ financial instruments.

Critical judgments

In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option for the financial assets under IFRS 9, Financial Instruments. The most significant judgment made includes the determination that the fair value option can be applied to financial instruments and they are designated at FVTPL.

4. Charges for investment management and operating expenses Each Fund class pays a management fee for the provision of fund management services. These services include investment advisory and portfolio management services, costs incurred to manage the Funds that are not directly related to a specific Fund such as overhead costs and, for some classes of the Funds, distribution related expenses. The daily management fee applicable to each Fund class and payable to the Manager is calculated on each valuation date and is equal to the product of the NAV of each Fund class on such date and the number of days lapsed since the last valuation date, multiplied by the Manager’s effective daily management fee rate applicable to each Fund class.

In addition to the management fees payable, each Fund is accountable for its operating expenses, including applicable taxes. Operating expenses include audit fees, trustee and custodial expenses, accounting and record keeping costs, legal expenses, permitted prospectus preparation and filing expenses, bank related fees and interest charges, contract holder report costs, fund-related administration costs, and other day-to-day operating expenses. The Manager may, at its discretion, pay certain expenses of a Fund and/or may reimburse a Fund for expenses that it has paid.

Several of the expenses incurred by a Fund relate to services provided by third-party, non-affiliated entities. Examples of such services include audit, trustee, custodial, accounting, and banking services. These services are incurred directly by each Fund.

As well, a number of expenses paid by a Fund relate to services provided by the Manager. Such services include mail service, call center services, contract holder record keeping services, financial reporting and financial control services, as well as the Manager’s indirect costs associated with the provision of these services. Indirect costs incurred by the Manager include costs associated with its premises, human resources and management oversight.

The costs of services provided by the Manager are allocated to each Fund proportionate to the time and effort required to support the Fund’s day-to- day operations. The asset under management is included in determining an appropriate allocation of costs.

The Manager, at its discretion, may waive or absorb a portion of the operating expenses otherwise payable by a Fund class. These waivers may be terminated at any time by the Manager.

For details of the management expense ratio, refer to the unaudited financial information section.

5. Soft dollar brokerage commissions on securities transactions

Soft dollar brokerage commissions represent the value of payment in-kind provided to securities dealers for their services. There was no soft dollar compensation paid to brokerage firms for the periods ended June 30, 2021 and December 31, 2020.

6. Brokerage commissions on securities transactions A broker is an individual or party (brokerage firm) that arranges transactions between a buyer and a seller for a commission, typically paid when the transaction is executed. Brokerage commissions paid for the periods ended June 30, 2021 and 2020 were as follows:

Fund 2021 2020 ivari Canadian Balanced GIF $7,651 $7,241 ivari Canadian Equity GIF 7,305 6,591 ivari Canadian Large Cap Index GIF 46 186 ivari Global Growth GIF 877 2,073 ivari U.S. Equity Index GIF 116 392

7. Redemption of units Contract holders may, on any valuation date, redeem all or any part of their units at the then current NAV per unit as follows: a) Complete a redemption order along with all necessary supporting documentation (“redemption application”) and send the redemption application to

their dealer or broker who will forward it to the Manager; or

b) Place a wire order through a dealer or broker (“redemption request”). The same documents as described above must be provided in order to complete the redemption process.

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Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 The NAV per unit is calculated on the same day if the redemption request or redemption application is received at or prior to 4:00 p.m. (ET). Payment for units redeemed will be made by the Funds within three business days from the date the redemption order is processed.

8. Redeemable units The Funds issue single or multiple classes of redeemable units, which do not have identical rights. Such units are classified as financial liabilities. Each Fund is authorized to issue an unlimited number of units, which do not have any nominal or par value. Units can be redeemed to the Funds at any business date for cash equal to a proportionate unit of the Funds’ NAV attributable to the unit class.

The units are entitled to participate in the notional distribution of the Funds, if any. If the contract holder redeems units, they are entitled to a proportionate share of NAV, represented by the Fund’s NAV per unit. The relevant movements are shown in the statements of changes in net assets attributable to contract holders. The Funds’ NAAC are managed according to the investment objectives of the Funds. To ensure the liquidity of the Fund, fund activity may involve the disposal of investments.

Units of a fund are issued and redeemed based on the Funds’ NAVs per unit at the time of issue or redemption. The Fund’s NAV per unit is calculated for each class by dividing the Fund’s total NAV with the total number of outstanding redeemable units for each class.

The following chart summarizes, by Fund, redeemable unit transactions for the period ended June 30, 2021.

Fund Class Guarantee Units outstanding, beginning of period

Units issued, including transfers-in

and reinvested distributions

Units redeemed, including transfers-out

Units outstanding, end of period

ivari imaxxGIF™ 100/100 12,247 - (227) 12,020 Canadian 75/100 3,489 - (215) 3,274 Short-Term 75/75 300 - - 300 Bond GIF ivari GIF 31,239 419 (994) 30,664 CL1 517,517 48,114 (69,346) 496,285

CL2 3,582 4,250 (512) 7,320 ivari GS3 75/100 187,106 11,989 (14,495) 184,600 CI Maximum 75/75 337,239 8,580 (24,737) 321,082 Growth 75/100 2,308,988 33,897 (185,294) 2,157,591 GIP 75/75 1,132,402 30,175 (176,228) 986,349

ivari GIF 348,908 3,587 (46,830) 305,665 ivari GS3 100/100 85,028 22,788 (33,039) 74,777 Canadian 75/100 120,857 42,300 (91,492) 71,665 Money 75/75 75,694 8,406 (12,479) 71,621 Market

imaxxGIF™ 100/100 202,480 27,093 (56,059) 173,514

GIF 75/100 300,956 252,295 (154,625) 398,626 75/75 328,089 30,115 (78,636) 279,568 5FL 255,037 98,026 (167,324) 185,739 ivari GIF 394,509 71,750 (157,188) 309,071 IS 103,777 2,069 (5,344) 100,502 MK 5,458 - - 5,458

ivari GS3 100/100 61,781 - (34,460) 27,321 Canadian 75/100 61,777 7,337 (13,989) 55,125 Bond GIF 75/75 113,702 11,064 (17,041) 107,725

imaxxGIF™ 100/100 8,708 - (550) 8,158 75/100 229,021 7,868 (37,282) 199,607 75/75 114,212 8,463 (15,965) 106,710 5FL 857,627 30,894 (89,811) 798,710 ivari GIF 766,072 7,234 (88,208) 685,098

IS 153,540 12,181 (27,339) 138,382

CL1 106,611 13,712 (21,250) 99,073

CL2 4,088 - - 4,088 ivari GS3 100/100 72,181 9,906 (13,474) 68,613 Canadian 75/100 178,941 17,339 (26,849) 169,431

104







Balanced 75/75 172,045 14,991 (28,089) 158,947 GIF imaxxGIF™ 100/100 124,678 4,239 (13,094) 115,823 75/100 512,372 6,587 (64,560) 454,399

75/75 282,241 6,412 (27,047) 261,606 BIG 284,010 1,141 (19,100) 266,051 5FL 715,591 12,614 (44,052) 684,153 ivari GIF 163,763 - (15,604) 148,159 IS 75,141 - (3,430) 71,711 I2 220,911 8,006 (18,729) 210,188 CL1 459,042 68,527 (100,104) 427,465 CL2 83,576 307 (2,531) 81,352

ivari GS3 75/100 190,114 29,708 (36,393) 183,429 Canadian 75/75 190,729 17,947 (40,977) 167,699 Equity GIF imaxxGIF™ 75/100 716,707 7,790 (100,999) 623,498

75/75 188,102 6,470 (26,192) 168,380 ivari GIF 96,205 1,158 (8,498) 88,865 Agent 14,957 - (67) 14,890 IS 104,958 60 (23,240) 81,778 I2 284,758 20,505 (33,512) 271,751 CL1 313,857 34,723 (66,036) 282,544 CL2 45,861 - (1,643) 44,218

ivari GS3 100/100 362,680 47,126 (162,839) 246,967 CI 75/100 38,001 1,685 (3,684) 36,002 Conservative 75/75 64,019 5,629 (6,613) 63,035 GIP imaxxGIF™ 100/100 719,842 5,644 (55,453) 670,033

75/100 335,038 4,886 (23,448) 316,476 75/75 123,619 2,157 (10,438) 115,338

5FL 339,175 2,331 (16,133) 325,373 ivari GIF 457,681 23,358 (88,667) 392,372

ivari GS3 100/100 361,310 13,763 (49,726) 325,347 CI Balanced 75/100 154,189 32,551 (62,747) 123,993 GIP 75/75 117,935 5,677 (8,410) 115,202

imaxxGIF™ 100/100 2,364,794 29,652 (198,457) 2,195,989 75/100 975,520 6,461 (102,855) 879,126 75/75 521,714 25,970 (62,923) 484,761 5FL 1,135,633 31,528 (65,286) 1,101,875 ivari GIF 498,455 2,938 (48,080) 453,313

ivari GS3 100/100 949,708 51,580 (109,822) 891,466 CI Growth 75/100 140,053 5,715 (56,974) 88,794 GIP 75/75 170,777 1,867 (18,228) 154,416

imaxxGIF™ 100/100 2,986,267 28,483 (267,316) 2,747,434 75/100 1,485,365 16,167 (202,802) 1,298,730 75/75 984,044 19,120 (126,511) 876,653 ivari GIF 541,117 3,123 (50,967) 493,273

ivari GS3 75/100 59,215 17,430 (32,280) 44,365 Fidelity 75/75 70,539 4,465 (12,475) 62,529 Canadian imaxxGIF™ 75/100 422,951 9,312 (35,644) 396,619 Asset 75/75 219,128 19,523 (16,555) 222,096

105







Allocation 5FL 1,455,665 8,024 (59,700) 1,403,989 GIF ivari GIF 351,877 13,651 (43,032) 322,496 ivari GS3 75/100 70,372 1,776 (11,185) 60,963 TD Dividend 75/75 167,521 12,863 (27,724) 152,660 Income GIF imaxxGIF™ 75/100 969,766 11,790 (138,332) 843,224

75/75 353,308 11,598 (43,607) 321,299 ivari GIF 1,260,478 32,818 (186,251) 1,107,045

ivari GS3 75/100 17,976 1,256 (2,195) 17,037 Canadian 75/75 66,226 2,434 (11,560) 57,100 Fixed Pay imaxxGIF™ 75/100 583,705 31,327 (119,063) 495,969 GIF 75/75 253,313 10,896 (37,394) 226,815

ivari GIF 1,109,741 14,048 (169,191) 954,598 CL1 111,213 12,720 (15,986) 107,947 CL2 3,952 - (3) 3,949

ivari imaxxGIF™ 100/100 215,668 1,861 (10,631) 206,898 CI Canadian 75/100 114,859 494 (12,283) 103,070 Balanced 75/75 64,480 1,081 (11,916) 53,645 GIP 5FL 992,232 9,976 (46,131) 956,077

ivari GIF 612,112 6,762 (51,956) 566,918 ivari imaxxGIF™ 75/100 21,958 800 (1,608) 21,150 Fidelity 75/75 76,302 19,137 (4,702) 90,737 Canadian 5FL 2,770,403 60,491 (179,655) 2,651,239 Balanced GIF ivari GIF 627,589 13,078 (69,141) 571,526 ivari GS3 100/100 131 - - 131 Quotential 75/75 3,245 308 (308) 3,245 Balanced imaxxGIF™ 100/100 5,517 - (1,068) 4,449 Income GIF 75/100 11,508 - - 11,508

75/75 6,315 1,335 (1,344) 6,306 5FL 1,149,051 19,077 (50,546) 1,117,582 ivari GIF 107,917 943 (6,069) 102,791

ivari GS3 100/100 9,326 186 (379) 9,133 Quotential 75/100 6,849 456 (456) 6,849 Balanced imaxxGIF™ 100/100 13,594 635 (1,389) 12,840 Growth GIF 75/100 18,676 - (397) 18,279

75/75 10,631 - (4,093) 6,538 5FL 1,635,095 28,989 (88,554) 1,575,530 ivari GIF 283,273 3,285 (35,691) 250,867

ivari imaxxGIF™ 75/100 23 - - 23 TD Income 75/75 6,150 - (3,678) 2,472 Advantage 5FL 799,261 - (48,942) 750,319

GIF ivari GIF 230,347 3,383 (36,856) 196,874

ivari imaxxGIF™ 75/100 2,927 147 (305) 2,769 TD Dividend 75/75 9,133 - (6,301) 2,832 Balanced GIP 5FL 2,631,385 29,972 (183,591) 2,477,766

ivari GIF 315,690 6,294 (43,529) 278,455 ivari GS3 75/100 43,546 1,881 (2,712) 42,715 Canadian 75/75 57,549 7,855 (17,158) 48,246 Large Cap ivari GIF 71,871 2,117 (7,768) 66,220

106







Index GIF ivari GS3 100/100 54,363 4,087 (4,639) 53,811 Global 75/100 43,815 3,773 (4,523) 43,065 Growth GIF 75/75 134,398 12,712 (24,102) 123,008

ivari GIF 431,411 26,082 (78,456) 379,037

IS 157,884 9 (9,336) 148,557 I2 566,906 18,601 (48,031) 537,476 CL1 547,429 247,982 (280,012) 515,399

ivari imaxxGIF™ 75/100 2,602 - (42) 2,560 Quotential 75/75 1,418 68 (68) 1,418 Growth GIF ivari GIF 153,031 243 (19,006) 134,268 ivari GS3 75/100 123,825 19,465 (27,719) 115,571 U.S. Equity 75/75 276,416 29,105 (48,635) 256,886 Index GIF ivari GIF 609,027 36,560 (112,203) 533,384

IS 146,279 1,442 (4,622) 143,099 I2 286,647 7,873 (21,462) 273,058

The following chart summarizes, by Fund, redeemable unit transactions for the year ended December 31, 2020.

Fund Class Guarantee Units outstanding, beginning of year




Units outstanding, end of year

ivari imaxxGIF™ 100/100 - 12,373 (126) 12,247 Canadian 75/100 3,703 - (214) 3,489 Short-Term 75/75 300 - - 300 Bond GIF ivari GIF 18,970 22,798 (10,529) 31,239 CL1 601,435 458,883 (542,801) 517,517

CL2 3,430 1,353 (1,201) 3,582 ivari GS3 75/100 222,312 7,471 (42,677) 187,106 CI Maximum 75/75 424,501 17,701 (104,963) 337,239 Growth 75/100 2,824,361 122,603 (637,976) 2,308,988 GIP 75/75 1,549,923 59,310 (476,831) 1,132,402

ivari GIF 439,569 9,802 (100,463) 348,908 ivari GS3 100/100 87,250 60,757 (62,979) 85,028 Canadian 75/100 80,431 85,889 (45,463) 120,857 Money 75/75 85,481 77,675 (87,462) 75,694 Market

imaxxGIF™ 100/100 297,893 137,445 (232,858) 202,480

GIF 75/100 185,404 242,801 (127,249) 300,956 75/75 341,439 122,741 (136,091) 328,089 5FL 202,572 358,624 (306,159) 255,037 ivari GIF 287,994 310,181 (203,666) 394,509 IS 112,291 26,695 (35,209) 103,777 MK 5,458 - - 5,458

ivari GS3 100/100 1,098 60,999 (316) 61,781 Canadian 75/100 67,690 5,973 (11,886) 61,777 Bond GIF 75/75 127,938 23,343 (37,579) 113,702

imaxxGIF™ 100/100 11,555 1,809 (4,656) 8,708 75/100 246,607 31,238 (48,824) 229,021

107







75/75 192,815 15,636 (94,239) 114,212 5FL 953,179 31,193 (126,745) 857,627 ivari GIF 861,837 118,560 (214,325) 766,072

IS 172,930 23,609 (42,999) 153,540

CL1 122,661 57,352 (73,402) 106,611

CL2 4,088 - - 4,088 ivari GS3 100/100 93,699 1,730 (23,248) 72,181 Canadian 75/100 231,826 17,372 (70,257) 178,941 Balanced 75/75 207,007 19,111 (54,073) 172,045 GIF imaxxGIF™ 100/100 146,224 5,384 (26,930) 124,678 75/100 627,527 38,691 (153,846) 512,372

75/75 427,731 26,802 (172,292) 282,241 BIG 315,857 - (31,847) 284,010 5FL 789,594 24,285 (98,288) 715,591 ivari GIF 195,597 6,713 (38,547) 163,763 IS 90,201 1,409 (16,469) 75,141 I2 249,574 30,602 (59,265) 220,911 CL1 555,101 185,523 (281,582) 459,042 CL2 87,143 44 (3,611) 83,576

ivari GS3 75/100 211,661 11,856 (33,403) 190,114 Canadian 75/75 225,942 10,251 (45,464) 190,729 Equity GIF imaxxGIF™ 75/100 802,005 25,334 (110,632) 716,707

75/75 230,589 10,059 (52,546) 188,102 ivari GIF 113,859 4,245 (21,899) 96,205 Agent 15,563 - (606) 14,957 IS 112,052 736 (7,830) 104,958 I2 341,823 113,013 (170,078) 284,758 CL1 381,600 145,706 (213,449) 313,857 CL2 62,522 7 (16,668) 45,861

ivari GS3 100/100 429,488 24,098 (90,906) 362,680 CI 75/100 42,650 7,066 (11,715) 38,001 Conservative 75/75 69,369 7,338 (12,688) 64,019 GIP imaxxGIF™ 100/100 844,249 58,716 (183,123) 719,842

75/100 395,721 40,292 (100,975) 335,038 75/75 192,987 14,361 (83,729) 123,619

5FL 404,646 12,723 (78,194) 339,175 ivari GIF 717,976 16,266 (276,561) 457,681

ivari GS3 100/100 441,995 28,323 (109,008) 361,310 CI Balanced 75/100 174,438 10,192 (30,441) 154,189 GIP 75/75 183,363 10,319 (75,747) 117,935

imaxxGIF™ 100/100 2,867,664 171,548 (674,418) 2,364,794 75/100 1,239,315 57,355 (321,150) 975,520 75/75 592,986 35,165 (106,437) 521,714 5FL 1,199,070 93,280 (156,717) 1,135,633 ivari GIF 677,159 12,155 (190,859) 498,455

ivari GS3 100/100 1,215,971 108,363 (374,626) 949,708 CI Growth 75/100 153,531 1,615 (15,093) 140,053 GIP 75/75 243,380 4,539 (77,142) 170,777

108







imaxxGIF™ 100/100 3,753,329 132,237 (899,299) 2,986,267 75/100 1,769,102 52,212 (335,949) 1,485,365 75/75 1,196,166 83,663 (295,785) 984,044 ivari GIF 632,873 9,732 (101,488) 541,117

ivari GS3 75/100 64,472 2,627 (7,884) 59,215 Fidelity 75/75 92,970 4,797 (27,228) 70,539 Canadian imaxxGIF™ 75/100 507,691 28,991 (113,731) 422,951 Asset 75/75 298,065 35,921 (114,858) 219,128 Allocation 5FL 1,597,540 39,936 (181,811) 1,455,665 GIF ivari GIF 430,825 6,912 (85,860) 351,877 ivari GS3 75/100 101,456 7,065 (38,149) 70,372 TD Dividend 75/75 233,282 7,321 (73,082) 167,521 Income GIF imaxxGIF™ 75/100 1,189,529 52,298 (272,061) 969,766

75/75 412,822 17,728 (77,242) 353,308 ivari GIF 1,677,327 86,745 (503,594) 1,260,478

ivari GS3 75/100 25,117 2,935 (10,076) 17,976 Canadian 75/75 75,611 7,519 (16,904) 66,226 Fixed Pay imaxxGIF™ 75/100 720,521 43,091 (179,907) 583,705 GIF 75/75 299,366 13,831 (59,884) 253,313

ivari GIF 1,446,677 39,113 (376,049) 1,109,741 CL1 130,107 30,476 (49,370) 111,213 CL2 3,956 - (4) 3,952

ivari imaxxGIF™ 100/100 259,453 20,315 (64,100) 215,668 CI Canadian 75/100 143,275 9,152 (37,568) 114,859 Balanced 75/75 84,514 9,969 (30,003) 64,480 GIP 5FL 1,073,101 33,874 (114,743) 992,232

ivari GIF 766,664 12,915 (167,467) 612,112 ivari imaxxGIF™ 75/100 23,247 4,092 (5,381) 21,958 Fidelity 75/75 67,532 17,448 (8,678) 76,302 Canadian 5FL 3,060,042 126,636 (416,275) 2,770,403 Balanced GIF ivari GIF 729,607 29,938 (131,956) 627,589 ivari GS3 100/100 131 - - 131 Quotential 75/100 2,498 191 (2,689) - Balanced 75/75 3,245 - - 3,245 Income GIF imaxxGIF™ 100/100 6,015 90 (588) 5,517

75/100 13,714 97 (2,303) 11,508 75/75 6,252 307 (244) 6,315 5FL 968,423 303,365 (122,737) 1,149,051 ivari GIF 152,263 1,971 (46,317) 107,917

ivari GS3 100/100 9,747 625 (1,046) 9,326 Quotential 75/100 8,426 584 (2,161) 6,849 Balanced imaxxGIF™ 100/100 14,601 785 (1,792) 13,594 Growth GIF 75/100 27,807 1,291 (10,422) 18,676

75/75 16,924 1,703 (7,996) 10,631 5FL 1,861,160 49,661 (275,726) 1,635,095 ivari GIF 374,299 7,759 (98,785) 283,273

ivari imaxxGIF™ 75/100 372 - (349) 23 TD Income 75/75 7,148 - (998) 6,150

109







Advantage 5FL 890,831 14,380 (105,950) 799,261

GIF ivari GIF 301,417 4,890 (75,960) 230,347

ivari imaxxGIF™ 75/100 2,935 54 (62) 2,927 TD Dividend 75/75 2,832 7,939 (1,638) 9,133 Balanced GIP 5FL 3,011,415 91,496 (471,526) 2,631,385

ivari GIF 397,653 3,790 (85,753) 315,690 ivari GS3 75/100 57,206 9,353 (23,013) 43,546 Canadian 75/75 70,047 4,384 (16,882) 57,549 Large Cap ivari GIF 93,385 5,109 (26,623) 71,871 Index GIF ivari GS3 100/100 77,532 6,817 (29,986) 54,363 Global 75/100 52,308 9,195 (17,688) 43,815 Growth GIF 75/75 165,910 19,081 (50,593) 134,398

ivari GIF 689,726 72,742 (331,057) 431,411

IS 176,728 746 (19,590) 157,884 I2 661,824 212,480 (307,398) 566,906 CL1 634,568 329,523 (416,662) 547,429

ivari imaxxGIF™ 75/100 3,205 31 (634) 2,602 Quotential 75/75 4,216 - (2,798) 1,418 Growth GIF ivari GIF 187,856 1,379 (36,204) 153,031 ivari GS3 75/100 141,388 10,154 (27,717) 123,825 U.S. Equity 75/75 337,512 15,341 (76,437) 276,416 Index GIF ivari GIF 834,208 90,140 (315,321) 609,027

IS 160,815 1,166 (15,702) 146,279 I2 338,616 100,278 (152,247) 286,647

9. NAAC per unit and NAV per unit The following table provides a comparison of NAAC per unit and NAV per unit as at June 30, 2021 and December 31, 2020. Note 3 includes a description of the underlying differences.

Fund Class Guarantee NAAC Per Unit NAV per unit 2021 2020 2021 2020

ivari imaxxGIF™ 100/100 $10.28 $10.36 $10.28 $10.37 Canadian 75/100 10.14 10.23 10.15 10.23 Short-Term 75/75 10.20 10.29 10.21 10.30 Bond GIF ivari GIF 10.73 10.80 10.73 10.81 CL 1 9.42 9.49 9.43 9.50 CL 2 10.45 10.48 10.45 10.49 ivari CI Maximum GS3 75/100 6.98 6.37 6.98 6.37 Growth GIP 75/75 7.48 6.81 7.48 6.81 imaxxGIF™ 75/100 8.00 7.26 8.00 7.26 75/75 8.32 7.54 8.32 7.54 ivari GIF 21.89 19.90 21.89 19.90 ivari Canadian Money GS3 100/100 5.82 5.82 5.82 5.82 Market GIF 75/100 5.82 5.82 5.82 5.82 75/75 5.82 5.82 5.82 5.82 imaxxGIF™ 100/100 5.82 5.82 5.82 5.82 75/100 5.82 5.82 5.82 5.82 75/75 5.81 5.82 5.82 5.82

110



5FL 10.03 10.03 10.03 10.03 ivari GIF 10.00 10.00 10.00 10.00 MK 10.04 10.04 10.04 10.04 IS 10.04 10.05 10.05 10.05 ivari Canadian Bond GS3 100/100 11.47 11.86 11.48 11.88 GIF 75/100 10.42 10.78 10.44 10.80 75/75 10.71 11.06 10.72 11.08 imaxxGIF™ 100/100 11.58 11.98 11.60 11.99 75/100 10.65 11.00 10.67 11.02 75/75 10.72 11.07 10.73 11.08 5FL 16.35 16.87 16.38 16.89 ivari GIF 14.45 14.91 14.47 14.93 IS 11.76 12.16 11.77 12.18 CL 1 10.82 11.23 10.84 11.25 CL 2 11.74 12.13 11.76 12.15 ivari Canadian GS3 100/100 11.92 11.52 11.93 11.53 Balanced GIF 75/100 8.78 8.45 8.79 8.46 75/75 9.51 9.13 9.52 9.14 imaxxGIF™ 100/100 12.34 11.91 12.35 11.92 75/100 8.88 8.54 8.89 8.55 75/75 9.49 9.11 9.50 9.12 BIG 13.57 13.02 13.58 13.03 5FL 17.16 16.48 17.17 16.50 ivari GIF 14.39 13.84 14.40 13.86 IS 12.68 12.18 12.69 12.20 I2 12.28 11.83 12.29 11.84 CL1 11.93 11.52 11.94 11.54 CL2 13.44 12.90 13.45 12.91 ivari Canadian Equity GS3 75/100 6.22 5.62 6.22 5.62 GIF 75/75 6.99 6.31 7.00 6.31 imaxxGIF™ 75/100 6.62 5.97 6.63 5.97 75/75 7.19 6.47 7.19 6.48 ivari GIF 14.92 13.48 14.93 13.49 Agent 15.12 13.60 15.13 13.61 IS 13.76 12.39 13.77 12.40 I2 13.43 12.10 13.44 12.12 CL1 12.87 11.67 12.87 11.68 CL2 15.16 13.62 15.17 13.64 ivari CI Conservative GS3 100/100 8.11 7.99 8.11 7.99 GIP 75/100 8.50 8.37 8.50 8.37 75/75 9.10 8.95 9.10 8.95 imaxxGIF™ 100/100 8.86 8.70 8.86 8.70 75/100 9.23 9.05 9.23 9.05 75/75 9.30 9.13 9.30 9.13 5FL 20.28 19.87 20.28 19.87 ivari GIF 16.96 16.64 16.96 16.64 ivari CI Balanced GIP GS3 100/100 7.45 7.12 7.45 7.12 75/100 8.01 7.64 8.01 7.64 75/75 8.56 8.16 8.56 8.16 imaxxGIF™ 100/100 8.45 8.04 8.45 8.04

111



75/100 8.79 8.36 8.79 8.36 75/75 8.90 8.47 8.90 8.47 5FL 23.05 21.90 23.05 21.90 ivari GIF 18.60 17.72 18.60 17.72 ivari CI Growth GIP GS3 100/100 7.40 6.95 7.40 6.95 75/100 7.96 7.47 7.96 7.47 75/75 8.51 7.97 8.51 7.97 imaxxGIF™ 100/100 8.13 7.61 8.13 7.61 75/100 8.94 8.34 8.94 8.34 75/75 9.06 8.46 9.06 8.46 ivari GIF 20.59 19.26 20.59 19.26 ivari Fidelity Canadian GS3 75/100 13.36 12.27 13.36 12.27 Asset Allocation GIF 75/75 14.04 12.88 14.04 12.88 imaxxGIF™ 75/100 13.61 12.48 13.61 12.48 75/75 14.12 12.93 14.12 12.93 5FL 21.42 19.64 21.42 19.64 ivari GIF 16.57 15.23 16.57 15.23 ivari TD Dividend GS3 75/100 14.00 12.35 14.00 12.35 Income GIF 75/75 15.19 13.36 15.19 13.36 imaxxGIF™ 75/100 15.92 13.97 15.92 13.97 75/75 16.34 14.33 16.34 14.33 ivari GIF 19.26 16.95 19.26 16.95 ivari Canadian Fixed GS3 75/100 14.73 13.77 14.73 13.77 Pay GIF 75/75 15.21 14.20 15.21 14.20 imaxxGIF™ 75/100 15.18 14.16 15.18 14.16 75/75 15.69 14.62 15.69 14.62 ivari GIF 21.40 19.98 21.40 19.98 CL1 14.24 13.32 14.24 13.32 CL2 15.78 14.67 15.78 14.67 ivari CI Canadian imaxxGIF™ 100/100 16.51 15.98 16.51 15.98 Balanced GIP 75/100 17.20 16.63 17.20 16.63 75/75 17.36 16.78 17.36 16.78 5FL 21.37 20.60 21.37 20.60 ivari GIF 17.47 16.88 17.47 16.88 ivari Fidelity Canadian imaxxGIF™ 75/100 16.22 15.48 16.22 15.48 Balanced GIF 75/75 16.83 16.04 16.83 16.04 5FL 23.81 22.70 23.81 22.70 ivari GIF 19.11 18.26 19.11 18.26 ivari Quotential Balanced GS3 100/100 12.81 12.62 12.81 12.62 Income GIF 75/75 14.12 13.87 14.12 13.87 imaxxGIF™ 100/100 12.46 12.27 12.46 12.27 75/100 13.23 12.99 13.23 12.99 75/75 12.30 12.06 12.30 12.06 5FL 19.30 18.91 19.30 18.91 ivari GIF 15.15 14.90 15.15 14.90 ivari Quotential Balanced GS3 100/100 14.22 13.66 14.22 13.66 Growth GIF 75/100 13.71 13.15 13.71 13.15 imaxxGIF™ 100/100 14.88 14.28 14.88 14.28 75/100 14.94 14.30 14.94 14.30 75/75 13.51 12.92 13.51 12.92

112



5FL 21.82 20.85 21.82 20.85 ivari GIF 17.15 16.42 17.15 16.42 ivari TD Income imaxxGIF™ 75/100 11.10 11.08 11.10 11.08 Advantage GIF 75/75 11.28 11.28 11.28 11.28 5FL 15.40 15.35 15.40 15.35 ivari GIF 12.99 12.97 12.99 12.97 ivari TD Dividend imaxxGIF™ 75/100 12.60 12.11 12.61 12.11 Balanced GIP 75/75 12.49 12.00 12.49 12.00 5FL 18.23 17.44 18.23 17.44 ivari GIF 15.42 14.79 15.42 14.79 ivari Canadian Large GS3 75/100 8.00 6.88 8.01 6.88 Cap Index GIF 75/75 8.32 7.13 8.33 7.13 ivari GIF 16.40 14.09 16.41 14.09 ivari Global Growth GS3 100/100 9.61 8.88 9.61 8.89 GIF 75/100 9.92 9.15 9.92 9.16 75/75 10.97 10.06 10.98 10.07 ivari GIF 21.98 20.22 21.99 20.24 IS 17.93 16.44 17.94 16.46 I2 17.30 15.90 17.31 15.91 CL1 17.44 16.08 17.44 16.09 ivari Quotential Growth imaxxGIF™ 75/100 16.72 15.59 16.72 15.59 GIF 75/75 17.02 15.87 17.02 15.87 ivari GIF 18.46 17.24 18.46 17.24 ivari U.S. Equity Index GS3 75/100 15.37 14.01 15.37 14.01 GIF 75/75 16.03 14.57 16.03 14.57 ivari GIF 37.82 34.41 37.82 34.40 IS 25.62 23.25 25.62 23.24 I2 24.70 22.46 24.69 22.46

10. Management and Advisory Fees The following table shows the summary of portfolio management and sub-advisory management fees paid for the six month period ending June 30, 2021 and 2020 and the balances outstanding as at June 30, 2021 and December 31, 2020, by Fund, that are included in accrued expenses and other liabilities in the statements of financial position.

Management and Advisory Fees

Fund

Management and Advisory Fees Balances Outstanding 2021 2020 2021 2020

ivari Canadian Short-Term Bond GIF $3,956 $4,139 $42 $45 ivari Canadian Money Market GIF 1,289 3,330 12 15 ivari Canadian Bond GIF 24,307 27,907 239 291 ivari Canadian Balanced GIF 38,531 41,752 417 437 ivari Canadian Equity GIF 27,069 28,024 297 298 ivari Canadian Large Cap Index GIF 177 908 2 2 ivari Global Growth GIF 17,074 16,127 188 188 ivari U.S. Equity Index GIF 3,583 18,593 40 40

113


11. Financial risk management

Coronavirus 19 (COVID-19) Impact

Since the outbreak of COVID-19, emergency measures taken in response to the spread of COVID-19 have resulted in significant disruption to business operations globally, resulting in an economic slowdown. Global equity and capital markets have also experienced significant volatility and weakness. The governments have reacted with significant monetary and fiscal interventions, as well as vaccine rollout programs, designed to stabilize economic conditions. These developments are constantly evolving and the duration and impact of the COVID-19 pandemic is highly uncertain and cannot be predicted at this time but could have a material impact on the future performance of the Funds. In the face of the current environment of heightened uncertainty and market volatility, the Manager continues to closely monitor its impact on the Funds’ risk exposures from the portfolio holdings.

Risk Management

Each Fund’s activities expose it to a variety of financial risks: market risk (including price risk, interest rate risk and currency risk), credit risk, liquidity risk and concentration risk.

The management of these risks is carried out by the Manager under policies approved by the Fund Management Review Committee. These policies provide written principles for overall risk management, as well as policies covering specific areas, such as foreign currency risk, interest rate risk, credit risk, the use of derivative financial instruments and non-derivative financial instruments, and the investment of excess liquidity.

The overall risk management program seeks to maximize the returns derived for the level of risk to which the Funds are exposed and minimize potential adverse effects from the unpredictability of financial markets on the Funds’ financial performance.

All securities investments represent a risk of loss of capital. The maximum loss of capital on long equity and debt securities is limited to the fair value of those positions.

The value of the investments may change due to one or more of the following investment risks:

Price risk

Price risk arises from investments held by the Funds for which prices in the future are uncertain. The Funds invest in equity securities (also called stocks or shares) that expose the Funds to equity securities price risk. The market value, or price, of a stock is affected by developments at the investee company and by general economic and financial conditions in that company’s industry and in the countries in which the investee company operates or is listed for trading on stock exchanges. General investor sentiment, as well as specific circumstances and events, may also impact the value of a stock.

The portfolio manager manages this risk through diversification and by a careful selection of securities and other financial instruments within specified limits. The maximum risk resulting from investments in financial instruments is the fair value of the securities and other financial instruments acquired by the Funds. The Funds’ overall market positions are monitored daily by the Funds’ portfolio manager or sub-advisor if applicable.

The Funds’ returns are not perfectly correlated with the return of their benchmark, therefore, the percentage change in the value of the Funds will differ from that of their benchmarks.

As at June 30, 2021, had the benchmark of each of the following Funds increased or decreased by 3 percent, with all other variables held constant, the NAACs of those Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Equity

Exposure (000’s)

Benchmark Impact on NAAC (000’s)

Impact on NAAC (%)

ivari CI Maximum Growth GIP $ 35,582 40% S&P/TSX Composite Total Return Index 60% MSCI World GR Index

$ 1,043 2.91

ivari Canadian Balanced GIF 21,242 50% FTSE Canada Universe Bond Index TM 50% S&P/TSX Composite Total Return Index

592 1.52

ivari Canadian Equity GIF 18,203 S&P/TSX Composite Total Return Index 464 2.54 ivari CI Conservative GIP 25,693 20% S&P/TSX Composite Total Return Index

60% FTSE Canada Universe Bond Index 20% MSCI World GR Index

724 2.78

ivari CI Balanced GIP 68,086 25% S&P/TSX Composite Total Return Index 40% FTSE Canada Universe Bond Index 35% MSCI World GR Index

1,987 2.89

ivari CI Growth GIP 59,900 30% S&P/TSX Composite Total Return Index 20% FTSE Canada Universe Bond Index 50% MSCI World GR Index

1,731 2.85


45,344 65% S&P/TSX Capped Composite Total Return Index 30% FTSE Canada Universe Bond Index 5% FTSE Canada 91-day T-Bill Index

1,196 2.63

ivari TD Dividend Income GIF 43,048 65% S&P/TSX Sector Indices (Financials, Real Estate, Utilities, Communication Services,

1,499 3.47

114


Fund

Equity Exposure (000’s)


Impact on NAAC (%)

Industrials, Consumer Staples, Consumer Discretionary, and the Oil and Gas Storage & Transportation sub industry) Composite 25% FTSE Canada Universe Bond Index 10% S&P/TSX Preferred Shares TR

ivari Canadian Fixed Pay GIF 34,225 20% FTSE Canada Universe Bond Index 80% S&P/TSX Composite Total Return Index

770 2.25

ivari CI Canadian Balanced GIP 36,229 30% S&P/TSX Composite Total Return Index 50% FTSE Canada Universe Bond Index 20% MSCI World GR Index

1,041 2.86


75,476 50% S&P/TSX Capped Composite Index 40% FTSE Canada Universe Bond Index 10% B of A/Merrill Lynch U.S. High Yield Master II Constrained Index

2,299 3.03


23,471 30% MSCI ACWI (All Country World) Index 10% S&P/ TSX Composite Total Return Index 40% FTSE Canada Universe Bond Index 20% Bloomberg Barclays Multiverse Index

767 3.27



1,238 3.14

ivari TD Income Advantage GIF 14,107 FTSE Canada Universe Bond Index 381 2.69 ivari TD Dividend Balanced GIP 49,354 40% S&P/TSX Composite Total Return Index

60% FTSE Canada Universe Bond Index 1,541 3.11


1,828 S&P/TSX 60 Total Return Index 55 3.00

ivari Global Growth GIF 31,560 80% MSCI World Index Net Dividend 20% FTSE Canada Universe Bond Index

1,195 3.78

ivari Quotential Growth GIF 2,548 60% MSCI ACWI (All Country World) Index 20% S&P/ TSX Composite Total Return Index 14% FTSE Canada Universe Bond Index 6% Bloomberg Barclays Multiverse Index

78 3.06

ivari U.S. Equity Index GIF 36,320 S&P 500 Total Return Index 1,072 2.94

Certain Funds that invest in underlying mutual funds are exposed to indirect equity price risk in the event that the underlying mutual funds invest in equity securities.

As at December 31, 2020, had the benchmark of each of the following Funds increased or decreased by 3 percent, with all other variables held constant, the NAACs of those Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Equity

Exposure (000’s)


Impact on NAAC (%)

ivari CI Maximum Growth GIP $ 35,476 40% S&P/TSX Composite Total Return Index 60% MSCI World GR Index

$ 1,041 2.91

ivari Canadian Balanced GIF 19,689 50% FTSE Canada Universe Bond Index TM 50% S&P/TSX Composite Total Return Index

548 1.37

ivari Canadian Equity GIF 18,225 S&P/TSX Composite Total Return Index 464 2.53 ivari CI Conservative GIP 28,173 20% S&P/TSX Composite Total Return Index

60% FTSE Canada Universe Bond Index 20% MSCI World GR Index

798 2.79

ivari CI Balanced GIP 69,291 25% S&P/TSX Composite Total Return Index 40% FTSE Canada Universe Bond Index 35% MSCI World GR Index

2,030 2.90

ivari CI Growth GIP 62,072 30% S&P/TSX Composite Total Return Index 20% FTSE Canada Universe Bond Index 50% MSCI World GR Index

1,799 2.86


43,611 65% S&P/TSX Capped Composite Total Return Index

1,145 2.62

115


Fund

Equity Exposure (000’s)


Impact on NAAC (%)

30% FTSE Canada Universe Bond Index 5% FTSE Canada 91-day T-Bill Index

ivari TD Dividend Income GIF 43,081 65% S&P/TSX Sector Indices (Financials, Real Estate, Utilities, Communication Services, Industrials, Consumer Staples, Consumer Discretionary, and the Oil and Gas Storage & Transportation sub industry) Composite 25% FTSE Canada Universe Bond Index 10% S&P/TSX Preferred Shares TR

1,488 3.45

ivari Canadian Fixed Pay GIF 36,865 20% FTSE Canada Universe Bond Index 80% S&P/TSX Composite Total Return Index

815 2.21

ivari CI Canadian Balanced GIP 36,948 30% S&P/TSX Composite Total Return Index 50% FTSE Canada Universe Bond Index 20% MSCI World GR Index

1,064 2.86


76,051 50% S&P/TSX Capped Composite Index 40% FTSE Canada Universe Bond Index 10% B of A/Merrill Lynch U.S. High Yield Master II Constrained Index

2,285 3.01



761 3.21



1,224 3.09

ivari TD Income Advantage GIF 15,381 FTSE Canada Universe Bond Index 475 3.10 ivari TD Dividend Balanced GIP 50,743 40% S&P/TSX Composite Total Return Index

60% FTSE Canada Universe Bond Index 1,583 3.12


1,721 S&P/TSX 60 Total Return Index 51 2.96

ivari Global Growth GIF 30,783 80% MSCI World Index Net Dividend 20% FTSE Canada Universe Bond Index

1,182 3.76

ivari Quotential Growth GIF 2,678 60% MSCI ACWI (All Country World) Index 20% S&P/ TSX Composite Total Return Index 14% FTSE Canada Universe Bond Index 6% Bloomberg Barclays Multiverse Index

81 3.00

ivari U.S. Equity Index GIF 36,376 S&P 500 Total Return Index 1,074 2.94

Interest rate risk

Interest rate risk arises from the effects of fluctuations in the prevailing levels of market interest rates on the fair value of financial assets and liabilities and future cash flows. The Funds hold fixed income securities that expose the Funds to interest rate risk. An increase in prevailing interest rates will generally cause the value of fixed income securities to decline, while a decrease in such rates will generally cause the value of such securities to increase. Accordingly, the portion of a Fund that is invested in fixed income securities will reflect this inverse relationship between interest rates and the price of securities. In addition, the longer the time to maturity of a particular debt instrument held by a Fund, the greater price volatility it will have.

The portfolio manager manages this risk by measuring the mismatch of the interest rate sensitivity gap of financial assets and liabilities and calculating the average effective duration of the portfolio of fixed income securities. The average effective duration of each Fund’s portfolio is a measure of the sensitivity of the fair value of the Fund’s fixed income securities to changes in market interest rates.

The impact is calculated using the expected maturity date. The term to maturity is based on the contractual maturity date.

As at June 30, 2021, had market interest rates increased or decreased by 1 percent, with all other variables held constant, the NAAC of the following Funds would have decreased or increased by approximately the amounts shown in the table below.

Term to Maturity Total Impact on NAAC Fund Less than 1 year 1 – 5 years Greater than 5 years (000’s) (000’s) (000’s) (000’s ) (000’s) (%)

ivari Canadian Short-Term Bond GIF $650 $3,697 $791 $5,138 $148 2.82 ivari Canadian Money Market GIF 12,108 - - 12,108 23 0.19 ivari Canadian Bond GIF 1,485 9,731 19,649 30,865 2,547 8.17 ivari Canadian Balanced GIF 1,374 5,108 11,033 17,515 1,418 3.64

116

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 Certain Funds that invest in underlying mutual funds are exposed to indirect interest rate risk in the event that the underlying mutual funds invest in fixed income securities.

As at December 31, 2020, had market interest rates increased or decreased by 1 percent, with all other variables held constant, the NAAC of the following Funds would have decreased or increased by approximately the amounts shown in the table below.

Term to Maturity Total Impact on NAAC Fund Less than 1 year 1 – 5 years Greater than 5 years (000’s) (000’s) (000’s) (000’s ) (000’s) (%)

ivari Canadian Short-Term Bond GIF $854 $3,977 $521 $5,352 $155 2.84 ivari Canadian Money Market GIF 14,072 - - 14,072 53 0.38 ivari Canadian Bond GIF 492 12,423 22,213 35,128 2,991 8.40 ivari Canadian Balanced GIF - 7,031 12,845 19,876 1,688 4.22

Foreign currency risk

Foreign currency risk arises as the value of future transactions, recognized monetary assets and liabilities denominated in other currencies than the Canadian dollar fluctuate due to changes in foreign exchange rates.

The Funds hold both monetary and non-monetary assets denominated in currencies other than the Canadian dollar and the related foreign currency exposure amounts are based on the fair value of the investments, cash balances, dividends and interest receivable, receivables for investments sold and payable for investments purchased that are denominated in foreign currencies. The Manager monitors the exposure on all foreign currency denominated assets and liabilities.

The value of these foreign currency holdings may be affected by changes in the value of the Canadian dollar compared to the value of these foreign currencies. For example, if the U.S. dollar rises relative to the Canadian dollar, the value of U.S. securities held in a Fund will be worth more in Canadian dollars. The inverse is also true – if the U.S. dollar falls, a Fund’s U.S. holdings will be worth less in Canadian dollars.

As at June 30, 2021, had exchange rates increased or decreased by 10 percent, with all other variables held constant, the NAAC of the following Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Foreign Currency Exposure (000’s)

Impact on NAAC (000’s)

Impact on NAAC (%)

ivari Canadian Balanced GIF 7 1 - ivari Canadian Equity GIF 3 - - ivari U.S. Equity Index GIF 36,420 3,642 9.99

Certain Funds that invest in underlying mutual funds are exposed to indirect foreign currency risk in the event that the underlying mutual funds’ investments are denominated in currencies other than their functional currency.

As at December 31, 2020, had exchange rates increased or decreased by 10 percent, with all other variables held constant, the NAAC of the following Funds would have increased or decreased by approximately the amounts shown in the table below.

Fund Foreign Currency Exposure (000’s)

Impact on NAAC (000’s)

Impact on NAAC (%)

ivari Canadian Balanced GIF 10 1 - ivari Canadian Equity GIF 6 1 - ivari U.S. Equity Index GIF 36,508 3,651 9.99

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 an obligation.

The main concentration to which the Funds are exposed arises from the Funds’ investment in fixed income securities. A fixed income security issued by a company or a government contains a promise by the issuer to pay interest and repay a specified amount on the maturity date. Credit risk involves the risk that such a company will not live up to its obligations. If the credit quality of the issuer begins to deteriorate, it will lower the market value of the security, and vice-versa. The risk is lowest among companies that have received good credit ratings from recognized credit rating agencies. The risk is greater among companies that have a low credit rating or none at all.

To manage this risk, the Funds invest in fixed income securities that have a minimum credit rating of BBB/Baa as designated by a well-known rating agency in keeping with the credit standards set out in the prospectus.

The Funds are also exposed to counterparty credit risk on cash and cash equivalents, receivable for investments sold and other receivable balances. The risk is managed by using reputable scheduled banks and brokers.

As at June 30, 2021, the following table outlines the amount and percentage of fixed income securities by credit rating held by each Fund.

117


Fund AAA (000’s) % AA

(000’s) % A (000’s) % BBB

(000’s)

%

<BBB or

Unrated (000’s)

% Total (000’s)

Total %

ivari Canadian Short-Term Bond GIF 1,644 32 67 1 1,262 25 2,165 42 - - 5,138 100 ivari Canadian Money Market GIF 7,750 64 4,358 36 - - - - - - 12,108 100 ivari Canadian Bond GIF 5,182 17 5,442 18 7,672 25 12,569 40 - - 30,865 100 ivari Canadian Balanced GIF 4,396 25 1,489 9 5,390 31 6,240 35 - - 17,515 100

Certain Funds that invest in underlying mutual funds are exposed to indirect credit risk in the event that the underlying mutual funds invest in fixed income securities.

As at December 31, 2020, the following table outlines the amount and percentage of fixed income securities by credit rating held by each Fund.

Fund AAA (000’s) % AA

(000’s) % A (000’s) % BBB

(000’s)

%

<BBB or

Unrated (000’s)

% Total (000’s)

Total %

ivari Canadian Short-Term Bond GIF 1,241 23 68 1 1,284 24 2,605 49 154 3 5,352 100 ivari Canadian Money Market GIF 10,739 76 3,333 24 - - - - - 14,072 100 ivari Canadian Bond GIF 5,349 15 6,384 18 6,051 17 16,114 47 1,230 3 35,128 100 ivari Canadian Balanced GIF 4,470 22 2,333 12 4,475 23 8,043 40 555 3 19,876 100

Liquidity risk

Liquidity risk is the risk that the Funds may not be able to generate sufficient cash resources to settle their obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The Funds are exposed to the daily cash redemptions of their redeemable units. Units are redeemable on demand at the then/current NAV per class unit.

The Funds’ listed securities are considered readily realizable, as the majority are listed on the Toronto Stock Exchange. The Funds may invest in fixed income securities that are traded over the counter and unlisted equity investments that are not traded in an active market. As a result, the Funds maybe unable to quickly liquidate their investments in these instruments at an amount close to their fair value to meet their liquidity requirements, or maybe unable to respond to specific events such as deterioration in the creditworthiness of any particular issuer.

The Funds’ policy to manage this risk is to invest the majority of their assets in investments that are traded in active markets and can be readily disposed of. In addition, each Fund retains sufficient cash and cash equivalents to maintain liquidity. The Manager monitors the Funds’ liquidity position on a daily basis.

Certain Funds that invest in underlying mutual funds are exposed to indirect liquidity risk in the event that the underlying mutual funds invest in securities that cannot be readily converted to cash as needed.

The contractual maturity of the Funds’ financial liabilities is less than three months.

Concentration risk

Concentration risk arises from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. A summary of concentration of risks is disclosed in each Fund’s schedule of investment portfolio.

Capital risk management

Redeemable units issued and outstanding are considered to be the capital of the Funds. The Funds do not have any specific capital requirements on the subscription and redemption of the units, other than certain minimum subscription requirements. Contract holders are entitled to require payment of the NAV per unit of that Fund for all or any of the units of such holder of redeemable units by giving written notice to the Manager.

12. Fair value disclosure The following describes the three levels of the fair value hierarchy for fair value measurements based on the transparency of inputs to the valuation for assets or liabilities as of the measurement date. The hierarchy provides the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Manager has the ability to access at the measurement date.

Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly as prices or indirectly derived from prices.

Level 3 Inputs that are unobservable. There is little if any market activity. Inputs into the determination of fair value require significant management judgment or estimation.

118

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 If inputs of different levels are used to measure an asset’s or liability’s fair value, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement.

Where there is a significant impact to the fair value estimate of Level 3 financial instruments in applying reasonable possible alternative assumptions, a range in fair value will be disclosed in the financial statements.

Fair value hierarchy

The following fair value hierarchy table presents information about the Funds’ assets measured at fair value as of June 30, 2021.

Fund Level 1 (000’s)

Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

ivari Canadian Short-Term Bond GIF Bonds $- $4,977 $- $4,977 Mortgage Backed Securities - 161 - 161 Short Term Notes - - - - Total Investments - 5,138 - 5,138 Total Percentage - 100% - 100%

ivari CI Maximum Growth GIP Mutual Funds 35,582 - - 35,582 Total Investments 35,582 - - 35,582 Total Percentage 100% - - 100%

ivari Canadian Money Market GIF Bonds - 1,400 - 1,400

Short Term Notes - 10,708 - 10,708 Total Investments - 12,108 - 12,108 Total Percentage - 100% - 100%

ivari Canadian Bond GIF Bonds - 26,139 - 26,139 Mortgage Backed Securities - 4,726 - 4,726 Short Term Notes - - - - Total Investments - 30,865 - 30,865 Total Percentage - 100% - 100%


Bonds - 14,890 974 15,864 Equities 21,242 - - 21,242 Mortgage Backed Securities - 1,251 - 1,251 Short Term Notes - 400 - 400 Total Investments 21,242 16,541 974 38,757 Total Percentage 54% 43% 3% 100%

ivari Canadian Equity GIF Equities 18,203 - - 18,203 Total Investments 18,203 - - 18,203 Total Percentage 100% - - 100%

ivari CI Conservative GIP Mutual Funds 25,693 - - 25,693 Total Investments 25,693 - - 25,693 Total Percentage 100% - - 100%

ivari CI Balanced GIP Mutual Funds 68,086 - - 68,086 Total Investments 68,086 - - 68,086 Total Percentage 100% - - 100%

ivari CI Growth GIP Mutual Funds 59,900 - - 59,900 Total Investments 59,900 - - 59,900 Total Percentage 100% - - 100%


119



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Mutual Funds 45,344 - - 45,344 Total Investments 45,344 - - 45,344 Total Percentage 100% - - 100%

ivari TD Dividend Income GIF Mutual Funds 43,048 - - 43,048

Total Investments 43,048 - - 43,048 Total Percentage 100% - - 100%

ivari Canadian Fixed Pay GIF Mutual Funds 34,225 - - 34,225 Total Investments 34,225 - - 34,225 Total Percentage 100% - - 100%

ivari CI Canadian Balanced GIP Mutual Funds 36,229 - - 36,229 Total Investments 36,229 - - 36,229 Total Percentage 100% - - 100%

ivari Fidelity Canadian Balanced GIF Mutual Funds 75,476 - - 75,476 Total Investments 75,476 - - 75,476 Total Percentage 100% - - 100%

ivari Quotential Balanced Income GIF Mutual Funds 23,471 - - 23,471 Total Investments 23,471 - - 23,471 Total Percentage 100% - - 100%

ivari Quotential Balanced Growth GIF Mutual Funds 39,486 - - 39,486 Total Investments 39,486 - - 39,486 Total Percentage 100% - - 100%

ivari TD Income Advantage GIF Mutual Funds 14,107 - - 14,107 Total Investments 14,107 - - 14,107 Total Percentage 100% - - 100%

ivari TD Dividend Balanced GIP Mutual Funds 49,354 - - 49,354 Total Investments 49,354 - - 49,354 Total Percentage 100% - - 100%

ivari Canadian Large Cap Index GIF Equities 1,828 - - 1,828 Total Investments 1,828 - - 1,828 Total Percentage 100% - - 100%

ivari Global Growth GIF Equities 25,506 - - 25,506 Mutual Funds 6,054 - - 6,054 Total Investments 31,560 - - 31,560 Total Percentage 100% - - 100%

ivari Quotential Growth GIF Mutual Funds 2,548 - - 2,548 Total Investments 2,548 - - 2,548 Total Percentage 100% - - 100%

ivari U.S. Equity Index GIF Equities 36,320 - - 36,320

120



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)


The following fair value hierarchy table presents information about the Funds’ assets measured at fair value as of December 31, 2020.


Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

ivari Canadian Short-Term Bond GIF Bonds $- $5,171 $- $5,171 Mortgage Backed Securities - 181 - 181 Short Term Notes - - - - Total Investments - 5,352 - 5,352 Total Percentage - 100% - 100%

ivari CI Maximum Growth GIP Mutual Funds 35,476 - - 35,476 Total Investments 35,476 - - 35,476 Total Percentage 100% - - 100%

ivari Canadian Money Market GIF Bonds 1,398 - 1,398

Short Term Notes - 12,674 - 12,674 Total Investments - 14,072 - 14,072 Total Percentage - 100% - 100%

ivari Canadian Bond GIF Bonds - 29,612 680 30,292 Mortgage Backed Securities - 4,836 - 4,836 Short Term Notes - - - - Total Investments - 34,448 680 35,128 Total Percentage - 98% 2% 100%


Bonds - 18,163 - 18,163 Equities 19,689 - 3 19,692 Mortgage Backed Securities - 1,713 - 1,713 Total Investments 19,689 19,876 3 39,568 Total Percentage 50% 50% - 100%

ivari Canadian Equity GIF Equities 18,225 - 3 18,228 Total Investments 18,225 - 3 18,228 Total Percentage 100% - - 100%

ivari CI Conservative GIP Mutual Funds 28,173 - - 28,173 Total Investments 28,173 - - 28,173 Total Percentage 100% - - 100%

ivari CI Balanced GIP Mutual Funds 69,291 - - 69,291 Total Investments 69,291 - - 69,291 Total Percentage 100% - - 100%

ivari CI Growth GIP Mutual Funds 62,072 - - 62,072 Total Investments 62,072 - - 62,072 Total Percentage 100% - - 100%

ivari Fidelity Canadian Asset Allocation GIF Mutual Funds 43,611 - - 43,611 Total Investments 43,611 - - 43,611

121



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

Total Percentage 100% - - 100%

ivari TD Dividend Income GIF Mutual Funds 43,081 - - 43,081


ivari Canadian Fixed Pay GIF Mutual Funds 36,865 - - 36,865 Total Investments 36,865 - - 36,865 Total Percentage 100% - - 100%

ivari CI Canadian Balanced GIP Mutual Funds 36,948 - - 36,948 Total Investments 36,948 - - 36,948 Total Percentage 100% - - 100%

ivari Fidelity Canadian Balanced GIF Mutual Funds 76,051 - - 76,051 Total Investments 76,051 - - 76,051 Total Percentage 100% - - 100%

ivari Quotential Balanced Income GIF Mutual Funds 23,374 - - 23,374 Total Investments 23,374 - - 23,374 Total Percentage 100% - - 100%

ivari Quotential Balanced Growth GIF Mutual Funds 39,175 - - 39,175 Total Investments 39,175 - - 39,175 Total Percentage 100% - - 100%

ivari TD Income Advantage GIF Mutual Funds 15,381 - - 15,381 Total Investments 15,381 - - 15,381 Total Percentage 100% - - 100%

ivari TD Dividend Balanced GIP Mutual Funds 50,743 - - 50,743 Total Investments 50,743 - - 50,743 Total Percentage 100% - - 100%

ivari Canadian Large Cap Index GIF Equities 1,721 - - 1,721 Total Investments 1,721 - - 1,721 Total Percentage 100% - - 100%

ivari Global Growth GIF Equities 24,938 - - 24,938 Mutual Funds 5,845 - - 5,845 Total Investments 30,783 - - 30,783 Total Percentage 100% - - 100%

ivari Quotential Growth GIF Mutual Funds 2,678 - - 2,678 Total Investments 2,678 - - 2,678 Total Percentage 100% - - 100%

ivari U.S. Equity Index GIF Equities 36,376 - - 36,376 Total Investments 36,376 - - 36,376 Total Percentage 100% - - 100%

122



Level 2 (000’s)

Level 3 (000’s)

Total (000’s)

All fair value measurements are performed on a regular basis. The carrying value of cash and cash equivalents, receivable for investments sold, subscriptions receivable, interest receivable, dividends receivable, other receivables, payable for investments purchased, redemptions payable, management fees payable, other payable and accrued expenses and the Funds’ obligation for NAAC approximate their fair values due to their short term nature. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1 and reclassified into Level 2 or Level 3, as appropriate.

a) Equities The Fund’s equity positions are classified as Level 1 when the security is actively traded and a reliable price is observable. Certain of the Funds’ equities do not trade frequently and therefore observable prices may not be available. In such cases, fair value is determined using observable market data (e.g., transactions for similar securities of the same issuer) and the fair value is classified as Level 2, unless the determination of fair value requires significant unobservable data, in which case the measurement is classified as Level 3.

b) Bonds and short term investments Bonds include primarily government and corporate bonds, which are valued at the mean of bid/ask prices provided by recognized investment dealers for NAV purposes and at bid price for NAAC. Unlisted convertible debentures are valued at cost, if the underlying security is less than the conversion price; or if the underlying security is greater than the conversion price, at the intrinsic or market value less conversion cost of the underlying security multiplied by the number of shares to be received. Short term notes and treasury bills are stated at amortized cost, which approximates fair market value. The inputs that are significant to valuation are generally observable and therefore the Funds’ bonds and short term investments have been classified as Level 2 unless the determination of inputs to the fair value requires significant unobservable data in which case the measurement is classified as Level 3.

Movements between Level 1 and Level 2 financial instruments

There were no transfers between Level 1 and 2 for the six month period ended June 30, 2021 and year ended December 31, 2020.

Valuation of Level 3 financial instruments

a) Corporate bonds Valuations of corporate bonds are performed daily. Valuations are determined by applying yield and spread to quoted price by broker or dealer.

b) Mortgage backed securities Valuations of mortgage-backed securities are performed daily. Valuations are determined by applying yield and spread to quoted price by broker or dealer.

c) Equity securities Valuations of equity securities are performed daily. Valuations are based on manager assumption.

The chart below provides information about the valuation techniques and resulting fair values used for Level 3 financial instruments as at June 30, 2021 and December 31, 2020.

2021 2020 Valuation Technique Fair Value

(000’s) Valuation Technique Fair Value (000’s)

Corporate bonds Broker quotes with manager assumption $974 Broker quotes with manager assumption $680 Mortgage-backed securities Broker quotes with manager assumption - Broker quotes with manager assumption - Equity Manager assumption - Manager assumption 6

The following is a reconciliation of Level 3 fair value measurements from December 31, 2020 to June 30, 2021.

Bonds (000’s)

Equities (000’s)

Mortgage Backed Securities (000’s)

Total (000’s)

ivari Canadian Bond GIF Beginning balance (December 31, 2020)** 680 - - 680 Purchases - - - - Sales - - - - Net transfers into and/or out of Level 3 (693) - - (693) Net realized gain (losses) - - - - Change in unrealized appreciation

(depreciation) 13 - - 13

Ending balance (June 30, 2021) - - - - ivari Canadian Balanced GIF Beginning balance (December 31, 2020)** - 3 - 3 Purchases - - - -

123


Bonds (000’s)

Equities (000’s)


Total (000’s)

Sales - (46) - (46) Net transfers into and/or out of Level 3 979 - - 979 Net realized gain (losses) - 46 - 46 Change in unrealized appreciation

(depreciation) (5) (3) - (8)

Ending balance (June 30, 2021) 974 - - 974 ivari Canadian Equity GIF Beginning balance (December 31, 2020)** - 3 - 3 Purchases - - - - Sales - (42) - (42) Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - 42 - 42 Change in unrealized appreciation (depreciation) - (3) - (3) Ending balance (June 30, 2021) - - - -

** Numbers shown are zero when rounded to thousands.

The following is a reconciliation of Level 3 fair value measurements from December 31, 2019 to December 31, 2020.

Bonds (000’s)

Equities (000’s)


Total (000’s)

ivari Canadian Short Term Bond GIF Beginning balance (December 31, 2019)** $- $- $170 $170 Purchases - - - - Sales (128) - (171) (299) Net transfers into and/or out of Level 3 128 - - 128 Net realized gain (losses) 3 - 1 4 Change in unrealized appreciation (depreciation) (3) - - (3) Ending balance (December 31, 2020) - - - -

ivari Canadian Bond GIF Beginning balance (December 31, 2019)** - - - - Purchases 680 - - 680 Sales - - - - Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - - - - Change in unrealized appreciation

(depreciation) - - - -

Ending balance (December 31, 2020) 680 - - 680 ivari Canadian Balanced GIF Beginning balance (December 31, 2019)** - - - - Purchases - - - - Sales - - - - Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - - - - Change in unrealized appreciation

(depreciation) - 3 - 3

Ending balance (December 31, 2020) - 3 - 3 ivari Canadian Equity GIF Beginning balance (December 31, 2019)** - - - - Purchases - - - - Sales - - - - Net transfers into and/or out of Level 3 - - - - Net realized gain (losses) - - - - Change in unrealized appreciation (depreciation) - 3 - 3 Ending balance (December 31, 2020) - 3 - 3

** Numbers shown are zero when rounded to thousands.

13. Investments in Underlying Funds

124

Notes to Interim Financial Statements (unaudited) For the period ended June 30, 2021 Certain of the Funds invest substantially all of their assets in redeemable units of other investment funds (“Underlying Funds”) to gain exposure to the investment objective and strategies of the Underlying Fund.

Each Underlying Fund invests in a portfolio of assets to generate returns in the form of investment income and capital appreciation for its unitholders. Each Underlying Fund finances its operations primarily through the issuance of redeemable units, which are puttable at the unitholder’s option and entitle the unitholder to a proportionate share of the Underlying Fund’s net assets. The respective Fund’s interests in Underlying Funds, held in the form of redeemable units, are reported at fair value in financial assets at fair value through profit or loss in the statements of financial position and in their schedule of investment portfolio. The Funds’ maximum exposures to financial loss relating to these investments are their invested amounts. Distributions earned from Underlying Funds are included in net gain or loss on investments in the statements of comprehensive income. The Funds do not provide additional significant financial or other support to the Underlying Funds.

14. Income Taxes The Funds are deemed to be inter-vivo trusts under the provisions of the Income Tax Act (Canada). Taxable income earned by the trusts is deemed to be payable to the contract holders and therefore deductible by the trusts. In addition, capital gains or capital losses from the disposition of any property are deemed to have been realized by contract holders directly and not by the trusts. As a result, no provision for income taxes is required in the financial statements of the Funds.

Any non-capital losses arising in taxation years that begin after 2017 may be carried forward to reduce future taxable income, subject to the applicable restrictions of non-capital losses under the Act, until their expiry dates.

The following table outlines the non-capital loss carry-forwards available as at December 31, 2020.

Fund Expiry Year Amount (000’s) ivari Canadian Short Term Bond GIF 2040 $- 2039 - 2038 - ivari CI Maximum Growth GIP 2040 (943) 2039 (897) 2038 (236) ivari Canadian Money Market GIF 2040 - 2039 - 2038 - ivari Canadian Bond GIF 2040 - 2039 - 2038 - ivari Canadian Balanced GIF 2040 - 2039 - 2038 - ivari Canadian Equity GIF 2040 - 2039 - 2038 - ivari CI Conservative GIP 2040 (192) 2039 (334) 2038 (96) ivari CI Balanced GIP 2040 (801) 2039 (936) 2038 (103) ivari CI Growth GIP 2040 (1,298) 2039 (1,291) 2038 (308) ivari Fidelity Canadian Asset Allocation GIF 2040 (251) 2039 (193) 2038 - ivari TD Dividend Income GIF 2040 - 2039 - 2038 - ivari Canadian Fixed Pay GIF 2040 - 2039 - 2038 (19) ivari CI Canadian Balanced GIP 2040 (229) 2039 (404) 2038 (52) ivari Fidelity Canadian Balanced GIF 2040 (203) 2039 (15)

125


2038 - ivari Quotential Balanced Income GIF 2040 (283) 2039 (216) 2038 (206) ivari Quotential Balanced Growth GIF 2040 (732) 2039 (656) 2038 (659) ivari TD Income Advantage GIF 2040 - 2039 - 2038 (106) ivari TD Dividend Balanced GIP 2040 - 2039 - 2038 - ivari Canadian Large Cap Index GIF 2040 - 2039 (32) 2038 - ivari Global Growth GIF 2040 (471) 2039 (614) 2038 (558) ivari Quotential Growth GIF 2040 (69) 2039 (80) 2038 (87) ivari U.S. Equity Index GIF 2040 (730) 2039 (818) 2038 (698)

The following table outlines the non-capital loss carry-forwards available as at December 31, 2019.

Fund Expiry Year Amount (000’s) ivari Canadian Short Term Bond GIF 2039 - 2038 - ivari CI Maximum Growth GIP 2039 (897) 2038 (236) ivari Canadian Money Market GIF 2039 - 2038 - ivari Canadian Bond GIF 2039 - 2038 - ivari Canadian Balanced GIF 2039 - 2038 - ivari Canadian Equity GIF 2039 - 2038 - ivari CI Conservative GIP 2039 (334) 2038 (96) ivari CI Balanced GIP 2039 (936) 2038 (103) ivari CI Growth GIP 2039 (1,291) 2038 (308) ivari Fidelity Canadian Asset Allocation GIF 2039 (193) 2038 - ivari TD Dividend Income GIF 2039 - 2038 - ivari Canadian Fixed Pay GIF 2039 - 2038 (19) ivari CI Canadian Balanced GIP 2039 (404) 2038 (52) ivari Fidelity Canadian Balanced GIF 2039 (15) 2038 - ivari Quotential Balanced Income GIF 2039 (216) 2038 (206) ivari Quotential Balanced Growth GIF 2039 (656) 2038 (659) ivari TD Income Advantage GIF 2039 -

126


2038 (107) ivari TD Dividend Balanced GIP 2039 - 2038 - ivari Canadian Large Cap Index GIF 2039 (32) 2038 - ivari Global Growth GIF 2039 (614) 2038 (558) ivari Quotential Growth GIF 2039 (80) 2038 (87) ivari U.S. Equity Index GIF 2039 (818) 2038 (698)

15. Comparative Figures The comparative financial statement figures, including the accompanying notes, include reclassifications to be consistent with the presentation of the current period financial statements.

127

2021(1) 2020 2019 2018 2017 2016 2021(1) 2020 2019 2018 2017 2016100/100 0.21 0.79 1.55 1.49 0.74 0.59 1.13 2.38 2.30 2.22 1.79 1.7775/100 0.21 0.70 1.56 1.48 0.76 0.59 0.88 2.22 2.31 2.02 1.80 1.7775/75 0.21 0.82 1.57 1.48 0.74 0.59 1.24 2.41 2.32 2.09 1.78 1.77

100/100 0.21 0.86 1.53 1.48 0.72 0.58 0.59 1.86 1.91 1.79 1.77 1.7675/100 0.21 0.73 1.54 1.49 0.74 0.58 0.46 1.89 1.95 1.79 1.78 1.7775/75 0.21 0.79 1.57 1.48 0.73 0.58 0.46 1.83 1.89 1.73 1.77 1.77

MK 0.21 0.76 1.48 1.49 0.74 0.59 7.09 7.65 6.46 6.45 1.79 1.77IS 0.21 0.77 1.47 1.49 0.72 0.59 0.50 1.76 1.75 1.69 1.76 1.77

5FL 0.21 0.77 1.62 1.49 0.74 0.58 0.46 1.90 1.95 1.75 1.78 1.77ivari GIF 0.21 0.80 1.79 1.47 0.73 0.59 0.38 2.01 2.09 1.72 1.78 1.77

100/100 0.00 0.00 0.00 2.53 2.47 2.57 0.00 0.00 0.00 783.78 2.77 2.8575/100 0.00 0.00 0.00 0.00 2.88 2.64 0.00 0.00 0.00 0.00 3.18 2.93

ivari GIF 2.46 2.39 2.36 2.31 2.34 2.33 3.71 4.10(2) 3.87 3.59 2.64 2.61100/100 2.76 2.80 0.00 0.00 0.00 2.69 6.78 6.76(2) 0.00 0.00 0.00 2.9875/100 2.79 2.80 2.75 2.70 2.80 2.79 18.37 16.88(2) 13.00 12.62 3.10 3.0775/75 2.76 2.66 2.53 2.48 2.56 2.55 175.80 168.89(2) 21.49 21.15 2.86 2.84

CL1 2.46 2.48 2.42 2.39 2.36 2.34 2.46 2.49(2) 2.53 2.40 2.67 2.62CL2 1.69 1.70 1.66 1.60 1.70 1.69 12.98 14.80(2) 9.81 5.87 2.01 1.98

100/100 2.94 3.21 3.16 3.12 3.21 3.21 3.35 3.46 21.39 19.00 3.22 3.2275/100 2.92 2.94 2.88 2.82 2.78 2.73 3.24 3.19 3.10 2.93 2.79 2.7575/75 2.74 2.76 2.70 2.66 2.57 2.57 2.80 2.79 2.81 2.65 2.58 2.58

100/100 2.93 2.94 2.88 2.83 3.03 2.92 6.33 5.40 4.38 4.06 3.04 2.9475/100 2.64 2.65 2.60 2.56 2.49 2.50 2.65 2.68 2.71 2.56 2.50 2.5275/75 2.63 2.65 2.59 2.56 2.50 2.50 2.77 2.73 2.70 2.56 2.51 2.52

5FL 2.39 2.41 2.35 2.34 2.30 2.30 2.39 2.41 2.47 2.35 2.31 2.32ivari GIF 2.47 2.50 2.45 2.43 2.39 2.40 2.47 2.50 2.57 2.44 2.40 2.41

IS 2.98 3.00 2.95 2.93 2.86 2.86 3.00 3.04 3.07 2.93 2.87 2.88CL1 3.69 3.72 3.69 3.64 3.57 3.56 3.79 3.78 3.80 3.64 3.58 3.58CL2 2.73 2.74 2.65 2.61 2.64 2.61 9.87 8.99 7.81 7.55 2.65 2.62

100/100 4.28 4.27 4.21 4.22 4.17 4.16 4.47 4.42 4.37 4.22 4.17 4.1775/100 3.24 3.25 3.20 3.18 3.11 3.13 3.30 3.31 3.31 3.18 3.11 3.1475/75 2.95 2.98 2.92 2.87 2.82 2.84 3.00 3.03 3.03 2.87 2.82 2.85

100/100 3.87 3.89 3.85 3.82 3.75 3.75 3.93 3.94 3.96 3.83 3.75 3.7675/100 3.04 3.06 3.00 2.97 2.94 2.96 3.04 3.07 3.12 2.98 2.94 2.9775/75 2.81 2.85 2.79 2.75 2.72 2.73 2.85 2.89 2.91 2.76 2.72 2.74

5FL 2.91 2.92 2.86 2.83 2.80 2.82 2.91 2.92 2.98 2.84 2.80 2.83ivari GIF 3.27 3.29 3.25 3.22 3.17 3.18 3.30 3.33 3.37 3.22 3.17 3.19

BIG 2.68 2.70 2.63 2.60 2.55 2.57 2.68 2.71 2.75 2.60 2.55 2.58I2 3.46 3.47 3.41 3.37 3.32 3.34 3.46 3.50 3.53 3.37 3.32 3.35IS 3.07 3.09 3.05 3.00 2.93 2.95 3.17 3.17 3.16 3.00 2.93 2.96

CL1 4.13 4.15 4.09 4.09 4.06 4.07 4.13 4.18 4.24 4.10 4.06 4.08CL2 2.75 2.77 2.72 2.67 2.61 2.61 2.80 2.83 2.82 2.68 2.61 2.62

75/100 3.79 3.89 3.78 3.70 3.76 3.74 4.91 4.86 4.15 3.92 3.76 3.7575/75 3.60 3.69 3.41 3.34 3.29 3.32 3.83 3.91 3.61 3.35 3.29 3.3375/100 3.40 3.46 3.31 3.29 3.26 3.27 3.40 3.46 3.43 3.30 3.26 3.2875/75 3.24 3.32 3.18 3.16 3.11 3.13 3.24 3.34 3.30 3.17 3.12 3.14

ivari GIF 3.64 3.69 3.56 3.54 3.50 3.51 3.64 3.69 3.68 3.54 3.50 3.53CL1 4.10 4.18 4.08 4.10 4.04 4.05 4.14 4.24 4.23 4.11 4.04 4.07CL2 2.91 3.01 2.86 2.81 2.91 2.88 8.53 8.78 7.95 6.06 2.91 2.90

75/100 3.91 3.92 3.87 3.82 3.77 3.79 3.98 4.00 3.97 3.81 3.77 3.8075/75 3.49 3.51 3.45 3.40 3.34 3.36 3.55 3.56 3.55 3.39 3.34 3.3775/100 3.30 3.32 3.26 3.23 3.20 3.23 3.30 3.33 3.38 3.23 3.20 3.2575/75 3.18 3.19 3.15 3.09 3.03 3.05 3.28 3.29 3.26 3.09 3.03 3.06

ivari GIF 3.87 3.89 3.85 3.80 3.74 3.78 3.95 3.97 3.96 3.80 3.74 3.79Agent 2.95 2.96 3.00 2.94 2.94 2.89 4.33 4.39 4.11 2.99 2.94 2.90

I2 3.44 3.46 3.40 3.36 3.32 3.35 3.44 3.48 3.51 3.36 3.32 3.36IS 3.17 3.19 3.14 3.08 3.03 3.07 3.26 3.25 3.24 3.07 3.03 3.08

CL1 4.76 4.77 4.78 4.77 4.74 4.76 4.84 4.88 4.92 4.78 4.74 4.77CL2 2.83 2.84 2.79 2.75 2.82 2.84 3.18 3.09 3.04 2.92 2.82 2.86


imaxxGIF™

With GST/HST after Waived Expenses (%)

imaxxGIF™

GS3

imaxxGIF™

GS3

imaxxGIF™

GS3

imaxxGIF™

GS3

imaxxGIF™


Fund Class Guarantee

GS3

GS3

Management Expense Ratio (unaudited)

The following table presents the Growsafe 3 (“GS3”) management expense ratio ("MER") before and after waived expenses, applied to each Fund and expressed as a percentage of each Fund’s annual average NAV for each of the last five fiscal years or since inception, whichever is applicable.




With GST/HST before Waived Expenses (%)


128

2021(1) 2020 2019 2018 2017 2016 2021(1) 2020 2019 2018 2017 2016With GST/HST after Waived Expenses (%)





75/100 3.98 3.96 3.92 3.87 3.99 3.97 6.25 6.51 5.48 5.22 4.68 4.7075/75 3.52 3.54 3.48 3.44 3.54 3.54 5.10 5.25 4.93 4.63 4.23 4.26

ivari GIF 3.94 3.96 3.89 3.86 3.94 3.98 4.39 4.50 4.44 4.31 4.63 4.7075/100 4.03 4.06 3.99 4.02 3.99 4.01 4.03 4.10 4.15 4.02 3.99 4.0275/75 3.50 3.53 3.49 3.47 3.43 3.44 3.50 3.51 3.60 3.46 3.43 3.45

ivari GIF 3.60 3.62 3.60 3.56 3.52 3.58 3.60 3.60 3.73 3.57 3.52 3.59I2 3.53 3.54 3.51 3.48 3.44 3.46 3.53 3.52 3.62 3.49 3.44 3.47IS 3.08 3.09 3.07 3.04 2.97 3.01 3.08 3.07 3.17 3.04 2.97 3.02

100/100 4.54 4.53 4.54 4.54 4.65 4.64 5.01 4.96 4.89 4.72 4.65 4.6675/100 4.20 4.24 4.15 4.18 4.29 4.27 4.82 4.93 4.57 4.40 4.30 4.2875/75 3.03 3.07 3.00 2.95 2.90 2.94 3.03 3.07 3.09 2.94 2.90 2.93

ivari GIF 3.70 3.75 3.71 3.64 3.60 3.70 3.70 3.73 3.83 3.64 3.61 3.72I2 3.49 3.51 3.47 3.45 3.41 3.43 3.49 3.50 3.59 3.45 3.41 3.44IS 3.07 3.09 3.04 3.00 2.95 2.98 3.07 3.08 3.15 3.00 2.96 2.99

CL1 4.16 4.19 4.12 4.13 4.09 4.10 4.16 4.17 4.26 4.13 4.09 4.11100/100 4.12 4.16 4.10 4.12 4.08 4.09 4.16 4.19 4.26 4.13 4.08 4.1075/100 4.07 4.10 4.04 4.08 4.15 4.13 4.83 4.78 4.60 4.38 4.15 4.1475/75 3.79 3.81 3.77 3.71 3.70 3.68 4.02 4.04 4.02 3.81 3.70 3.69

100/100 3.51 3.53 3.47 3.44 3.41 3.42 3.51 3.53 3.59 3.45 3.41 3.4375/100 3.35 3.37 3.30 3.27 3.23 3.23 3.35 3.38 3.43 3.28 3.23 3.2475/75 3.39 3.44 3.41 3.36 3.30 3.30 3.53 3.55 3.53 3.37 3.30 3.31

5FL 3.03 3.04 2.97 2.96 2.92 2.93 3.03 3.04 3.10 2.97 2.92 2.94ivari GIF 3.34 3.35 3.29 3.27 3.23 3.23 3.34 3.35 3.41 3.28 3.23 3.24

100/100 3.89 3.93 3.85 3.82 3.79 3.79 3.89 3.96 3.97 3.83 3.79 3.8075/100 3.65 3.68 3.63 3.57 3.53 3.53 3.69 3.74 3.75 3.60 3.53 3.5475/75 3.61 3.66 3.62 3.58 3.54 3.53 3.78 3.79 3.76 3.63 3.54 3.54

5FL 3.12 3.13 3.07 3.03 3.00 3.01 3.12 3.13 3.19 3.04 3.00 3.02ivari GIF 3.45 3.48 3.43 3.40 3.37 3.37 3.45 3.48 3.55 3.41 3.37 3.38

100/100 4.36 4.38 4.31 4.32 4.28 4.29 4.38 4.43 4.47 4.33 4.28 4.3075/100 4.05 4.08 4.01 4.03 3.97 3.99 4.15 4.18 4.20 4.04 3.97 4.0075/75 3.79 3.79 3.75 3.70 3.63 3.64 3.91 3.89 3.87 3.70 3.63 3.65

100/100 3.53 3.54 3.48 3.46 3.43 3.43 3.53 3.54 3.61 3.47 3.43 3.4475/100 3.38 3.40 3.33 3.31 3.27 3.28 3.38 3.40 3.46 3.32 3.27 3.2975/75 3.38 3.41 3.34 3.32 3.27 3.29 3.38 3.41 3.47 3.33 3.27 3.30

5FL 3.08 3.09 3.04 3.02 2.98 2.99 3.08 3.09 3.16 3.02 2.98 3.00ivari GIF 3.64 3.65 3.58 3.56 3.53 3.54 3.64 3.65 3.71 3.57 3.53 3.55

100/100 4.45 4.43 4.43 4.45 4.40 4.41 4.49 4.51 4.59 4.45 4.40 4.4275/100 4.26 4.29 4.21 4.23 4.17 4.21 4.38 4.37 4.40 4.24 4.17 4.2275/75 3.97 3.98 3.92 3.86 3.79 3.83 4.01 4.02 4.04 3.87 3.79 3.84

100/100 3.87 3.88 3.83 3.80 3.76 3.77 3.87 3.88 3.95 3.81 3.76 3.7875/100 3.39 3.41 3.35 3.32 3.29 3.30 3.39 3.41 3.47 3.33 3.29 3.3175/75 3.40 3.41 3.35 3.33 3.29 3.30 3.40 3.40 3.48 3.34 3.29 3.31

ivari GIF 3.72 3.74 3.67 3.64 3.61 3.62 3.72 3.74 3.79 3.65 3.61 3.6375/100 4.64 4.65 4.67 4.69 4.62 4.62 4.79 4.81 4.88 4.69 4.62 4.6375/75 4.29 4.30 4.22 4.23 4.18 4.20 4.30 4.32 4.39 4.24 4.18 4.2175/100 3.69 3.71 3.65 3.62 3.59 3.59 3.69 3.70 3.77 3.63 3.59 3.6075/75 3.51 3.54 3.49 3.45 3.42 3.43 3.51 3.53 3.61 3.46 3.42 3.44

ivari GIF 3.98 4.00 3.93 3.95 3.90 3.91 3.98 4.02 4.08 3.95 3.90 3.9275/100 2.92 3.53 3.82 3.76 3.76 3.86 1950.96 731.61(2) 75.09 56.99 3.79 3.9075/75 3.56 3.63 3.73 3.67 3.72 3.69 11.57 10.23(2) 6.22 5.22 3.75 3.72

5FL 2.93 2.94 2.89 2.82 2.81 2.81 2.93 2.94(2) 3.01 2.87 2.84 2.85ivari GIF 3.33 3.34 3.30 3.24 3.25 3.24 3.41 3.44(2) 3.48 3.34 3.28 3.27

75/100 3.86 3.88 3.83 3.72 3.81 3.76 17.80 18.68 18.25 10.45 3.82 3.7875/75 3.90 3.91 3.85 3.80 3.96 3.81 9.39 16.89 19.60 25.07 3.97 3.84

5FL 2.96 2.98 2.92 2.86 2.85 2.86 2.96 2.98 3.04 2.90 2.86 2.88ivari GIF 3.45 3.46 3.42 3.35 3.34 3.35 3.45 3.47 3.53 3.40 3.35 3.37

75/100 4.15 4.14 4.07 4.08 4.00 4.01 4.43 4.36 4.28 4.10 4.00 4.0275/75 3.56 3.58 3.52 3.48 3.42 3.43 3.57 3.63 3.64 3.48 3.42 3.4475/100 3.13 3.15 3.09 3.07 3.03 3.04 3.13 3.15 3.21 3.07 3.03 3.0575/75 2.95 2.99 2.93 2.90 2.85 2.86 2.95 3.00 3.05 2.91 2.85 2.87

ivari GIF 3.69 3.71 3.63 3.61 3.56 3.57 3.69 3.70 3.76 3.62 3.56 3.58

imaxxGIF™

imaxxGIF™

imaxxGIF™

GS3

imaxxGIF™

GS3

imaxxGIF™

GS3

imaxxGIF™

GS3

GS3

GS3

imaxxGIF™

imaxxGIF™

GS3


ivari CI Growth GIP










129

2021(1) 2020 2019 2018 2017 2016 2021(1) 2020 2019 2018 2017 2016With GST/HST after Waived Expenses (%)





100/100 3.87 3.81 4.00 4.03 4.14 4.12 215.56 206.29(2) 9.68 9.47 4.19 4.1875/100 0.00 0.00 3.67 3.60 3.71 3.69 0.00 3.93(2) 7.78 7.34 3.76 3.7575/75 3.42 3.43 3.38 3.33 3.43 3.42 10.83 10.57(2) 7.62 5.68 3.48 3.48

100/100 3.95 3.99 3.94 3.87 3.85 3.81 9.58 8.58(2) 6.69 6.89 3.90 3.8775/100 3.38 3.42 3.40 3.44 3.53 3.50 5.35 5.25(2) 4.54 5.06 3.59 3.5675/75 3.22 3.24 3.19 3.19 3.41 3.37 7.46 7.33(2) 6.15 6.98 3.46 3.43

5FL 2.99 2.98 2.92 2.91 2.87 2.87 2.99 2.98(2) 3.04 2.91 2.92 2.93ivari GIF 3.65 3.66 3.61 3.53 3.52 3.52 3.73 3.74(2) 3.73 3.59 3.57 3.59

100/100 4.25 4.27 4.18 4.20 4.27 4.26 6.67 6.59 5.63 5.41 4.29 4.2875/100 3.85 3.81 3.76 3.64 3.69 3.60 7.33 6.87 5.81 5.64 3.71 3.6275/75 0.00 0.00 0.00 0.00 3.53 3.52 0.00 0.00 0.00 0.00 3.55 3.54

100/100 4.03 4.04 3.95 3.95 4.01 3.94 5.54 5.45 4.79 4.21 4.03 3.9775/100 3.53 3.56 3.54 3.53 3.63 3.63 4.46 4.26 3.87 3.83 3.64 3.6675/75 3.29 3.30 3.32 3.28 3.32 3.41 6.40 4.90 4.29 3.76 3.33 3.44

5FL 3.12 3.14 3.08 3.06 3.01 3.02 3.12 3.14 3.21 3.07 3.03 3.05ivari GIF 3.61 3.62 3.56 3.49 3.48 3.49 3.61 3.64 3.68 3.53 3.50 3.51

75/100 3.60 3.62 3.52 3.48 3.55 3.54 18.01 17.35 10.56 8.22 3.85 3.8275/75 3.51 3.55 3.49 3.43 3.53 3.50 29.55 24.75 13.32 13.60 3.82 3.78

ivari GIF 3.86 3.87 3.83 3.77 3.73 3.69 3.86 3.88 3.93 3.78 4.03 3.9775/100 3.40 3.44 3.40 3.36 3.47 3.48 4.53 4.81 4.53 4.54 3.47 3.4975/75 3.17 3.19 3.14 3.10 3.20 3.20 3.17 3.30 3.43 3.42 3.20 3.22

5FL 3.13 3.14 3.09 3.03 3.02 3.03 3.13 3.14 3.21 3.07 3.03 3.05ivari GIF 3.60 3.62 3.57 3.52 3.52 3.54 3.60 3.62 3.69 3.56 3.53 3.56

75/100 3.62 3.66 3.62 3.58 3.53 3.51 3.95 3.91 3.85 3.66 3.53 3.5275/75 3.36 3.40 3.35 3.29 3.24 3.27 3.46 3.47 3.46 3.32 3.24 3.2875/100 3.29 3.31 3.25 3.23 3.18 3.18 3.29 3.32 3.38 3.24 3.18 3.1975/75 3.08 3.12 3.07 3.04 2.99 2.99 3.08 3.14 3.19 3.05 2.99 3.00

5FL 3.28 3.29 3.23 3.21 3.16 3.17 3.28 3.29 3.36 3.21 3.16 3.18ivari GIF 3.71 3.73 3.67 3.67 3.62 3.63 3.71 3.72 3.80 3.67 3.62 3.64

(1) 2021 MERs are represented by the annualized half year ratios.(2) The 2020 before waiver was restated to ensure a consistent approach with prior years.

imaxxGIF™

imaxxGIF™

GS3

GS3

imaxxGIF™

GS3

imaxxGIF™

imaxxGIF






130

SCHEDULE A (UNAUDITED)

Third Party Underlying Fund Holdings

Funds are listed in the following order of appearance:

GS/GS2 GROWSafe3 imaxxGIF 5FL ivari GIFivari CI Conservative GIP • • • •ivari CI Balanced GIP • • • •ivari CI Growth GIP • • •ivari CI Canadian Balanced GIP • • •ivari CI Maximum Growth GIP • • •ivari TD Dividend Balanced GIP • • •

GS/GS2 GROWSafe3 imaxxGIF 5FL ivari GIFivari Fidelity Canadian Asset Allocation GIF • • • •ivari Fidelity Canadian Balanced GIF • • •ivari Quotential Balanced Growth GIF • • • •ivari Quotential Balanced Income GIF • • • •ivari Quotential Growth GIF • • •ivari TD Dividend Income GIF • • •ivari TD Income Advantage GIF • • •ivari Canadian Fixed Pay GIF • • •

ivari Alliance Guaranteed Investment Funds (GIFs)

Available in the following contracts

Available in the following contracts

The GROWSafe, GROWSafe 2, GROWSafe 3, imaxxGIFTM , Five for LifeTM, and ivari Guaranteed Investment Funds, (“the Funds")

The GROWSafe (GS) GROWSafe 2 (GS2), GROWSafe 3 (GS3) , imaxxGIF TM, Five for LifeTM (5FL) and ivari Guaranteed Investment Funds (ivari GIF) (collectively “the Funds”) contracts contain segregated funds that invest in a single third party underlying mutual fund (ivari Alliance Guaranteed Investment Funds) as well as segregated funds that invest in multiple third party underlying mutual funds (GIPs).

The following outlines key information about the Funds' third party underlying investment holdings and is intended to help you understand the Funds’ third party investment portfolio. This information is derived from information provided by ivari's third party mutual fund providers and is unaudited.

For each GIP listed below, the top 5 holdings of each underlying fund is outlined. For each ivari Alliance Guaranteed Investment Fund and listed below, the top 25 holdings of the underlying fund is outlined. All investments are as of June 30, 2021.

Guaranteed Investment Portfolios (GIPs)

131

CI GIPsTop 5 Holdings of each underlying fund as at June 30, 2021

Fiera SFI Canadian Universe Bond Fund CI Gold Giants Covered Call ETFCanadian Government Bond 2% 2051‐12‐01 10.45% Royal Gold Inc 6.98%Canadian Government Bond 0.5% 2030‐12‐01 3.45% Sibanye Stillwater Ltd 6.98%Master Credit Card Trust II 3.056% 2022‐01‐21 3.31% Newmont Corp 6.83%Federation des Caisses Desjardins du Quebec 1.992% 2031‐05‐28 3.26% Pan American Silver Corp 6.77%Chip Mortgage Trust 1.738% 2025‐12‐15 2.71% Wheaton Precious Metal Corp 6.74%Signature Global Bond Fund CI American Value Corporate ClassGovernment Of The United States Of America 0.125% 30‐jun‐2023 14.98% Microsoft Corp 7.38%Government Of Italy 0.5% 01‐feb‐2026 5.30% Alphabet Inc 5.06%Government Of Japan 0.1% 20‐dec‐2030 4.46% Facebook Inc 4.70%Government Of France 0.0% 25‐nov‐2030 4.28% Costco Wholesale Corp 4.03%Government Of The United States Of America 0.875% 30‐jun‐2026 3.63% Amazon.com Inc 3.99%CI Income Fund CI American Managers® Corporate Class ishares Iboxx High Yield Corporate Bond ETF 3.75% Microsoft Corp 1.93%Canada 0.25000% 01‐mar‐2026 3.61% Alphabet Inc 1.60%ishares S&P/TSX Capped Energy Index ETF 2.61% Brookfield Asset Management Inc 1.38%ishares Russell 2000 ETF 2.16% Facebook Inc 1.27%CI Gold Giants Covered Call ETF 1.78% Visa Inc 1.06%Signature Corporate Bond Fund Black Creek International Equity Corporate ClassDresdner Funding Trust I 8.151% 30‐jun‐2031 1.26% Lloyds Banking Group plc 5.62%Fairfax India Holdings Corp. 5.0% 26‐feb‐2028 0.95% HeidelbergCement AG 4.92%Inter Pipeline Ltd. 6.625% 19‐nov‐2079 0.79% Fomento Economico Mexicano SAB de CV Sponsored ADR 4.81%Wynn Las Vegas Llc 5.25% 15‐may‐2027 0.79% Koninklijke Boskalis Westminster N.V. 4.76%Global Aircraft Leasing Co. Ltd. 7.25% 15‐sep‐2024 0.76% GALP Energia SGPS SA Class B 4.60%CI Enhanced Short Duration Bond ETF CI International Value Corporate ClassToronto Dominion Bank B/A 08‐jul‐2021 5.03% Chubb Ltd 3.44%Royal Bank of Canada B/A 19‐jul‐2021 5.03% Nestle SA 3.24%Tenet Healthcare Corporation 4.625% 15‐jul‐2024 4.06% Heineken NV 3.14%Bank of Nova Scotia B/A 16‐jul‐2021 3.60% Diageo Plc 2.80%Royal Bank of Canada B/A 02‐jul‐2021 3.02% Euronext NV 2.76%Signature Select Canadian Corporate Class Signature Emerging Markets Corporate ClassManulife Financial Corp 5.74% Taiwan Semiconductor Manufacturing Co Ltd 5.88%Bank of Nova Scotia 3.82% Tencent Holdings Ltd 5.03%Royal Bank of Canada 3.02% Samsung Electronics Co Ltd 3.84%Shopify Inc 2.96% Alibaba Group Holding Ltd 2.71%Canadian Natural Resources Ltd 2.70% SK Hynix Inc 2.24%Synergy Canadian Corporate Class CI Morningstar International Value Index ETF Royal Bank of Canada 4.41% Kohnan Shoji Co Ltd 0.62%Shopify, Inc. Class A 3.34% Nippon Yusen KK 0.59%Bank of Nova Scotia 2.50% Mitsui Osk Lines Ltd 0.58%Enbridge Inc. 1.92% Adeka Corp 0.56%Microsoft Corporation 1.88% Daiwabo Holdings Co Ltd 0.56%CI Morningstar Canada Value Index ETF CI Morningstar International Momentum Index ETF Interfor Corp 3.66% Aixtron SE 0.62%Canfor Corp 3.60% Kawasaki Kisen Kaisha Ltd 0.61%Arc Resources Ltd 3.59% Steico SE 0.58%Autocanada Inc 3.58% Nextage Co Ltd 0.58%Corus Entertainment Inc 3.52% Nippon Yusen KK 0.57%Cambridge Canadian Dividend Corporate Class CI Munro Alternative Global Growth FundPower Corporation of Canada 5.52% Amazon.com, Inc. 5.93%Fairfax Financial Holdings Limited 5.36% Microsoft Corporation 5.51%Alimentation Couche‐Tard Inc. Class B 4.51% ServiceNow, Inc. 4.95%Fortis Inc. 4.45% NVIDIA Corporation 4.64%TC Energy Corporation 4.40% Alphabet Inc. Class A 4.54%

Underlying Fund

% of Total Market Value of Security in

Underlying Fund

ivari CI CONSERVATIVE GIP (UNAUDITED)% of Total

Market Value of Security in

Underlying FundUnderlying Fund

132

Fiera SFI Canadian Universe Bond Fund CI Gold Giants Covered Call ETFCanadian Government Bond 2% 2051‐12‐01 10.45% Royal Gold Inc 6.98%Canadian Government Bond 0.5% 2030‐12‐01 3.45% Sibanye Stillwater Ltd 6.98%Master Credit Card Trust II 3.056% 2022‐01‐21 3.31% Newmont Corp 6.83%Federation des Caisses Desjardins du Quebec 1.992% 2031‐05‐2 3.26% Pan American Silver Corp 6.77%Chip Mortgage Trust 1.738% 2025‐12‐15 2.71% Wheaton Precious Metal Corp 6.74%Signature Global Bond Fund CI American Value Corporate Class Government Of The United States Of America 0.125% 30‐jun‐20 14.98% Microsoft Corp 7.38%Government Of Italy 0.5% 01‐feb‐2026 5.30% Alphabet Inc 5.06%Government Of Japan 0.1% 20‐dec‐2030 4.46% Facebook Inc 4.70%Government Of France 0.0% 25‐nov‐2030 4.28% Costco Wholesale Corp 4.03%Government Of The United States Of America 0.875% 30‐jun‐20 3.63% Amazon.com Inc 3.99%CI Income Fund CI American Managers® Corporate Class ishares Iboxx High Yield Corporate Bond ETF 3.75% Microsoft Corp 1.93%Canada 0.25000% 01‐mar‐2026 3.61% Alphabet Inc 1.60%ishares S&P/TSX Capped Energy Index ETF 2.61% Brookfield Asset Management Inc 1.38%ishares Russell 2000 ETF 2.16% Facebook Inc 1.27%CI Gold Giants Covered Call ETF 1.78% Visa Inc 1.06%Signature Corporate Bond Fund CI American Small Companies FundDresdner Funding Trust I 8.151% 30‐jun‐2031 1.26% Bank OZK 4.43%Fairfax India Holdings Corp. 5.0% 26‐feb‐2028 0.95% Axos Financial Inc 3.98%Inter Pipeline Ltd. 6.625% 19‐nov‐2079 0.79% Western Alliance Bancorp 2.94%Wynn Las Vegas Llc 5.25% 15‐may‐2027 0.79% Guidewire Software Inc 2.47%Global Aircraft Leasing Co. Ltd. 7.25% 15‐sep‐2024 0.76% Liberty Media Corp‐Liberty SiriusXM 2.40%CI Enhanced Short Term Duration Bond ETF CI International Value Corporate ClassToronto Dominion Bank B/A 08‐jul‐2021 5.03% Chubb Ltd 3.44%Royal Bank of Canada B/A 19‐jul‐2021 5.03% Nestle SA 3.24%Tenet Healthcare Corporation 4.625% 15‐jul‐2024 4.06% Heineken NV 3.14%Bank of Nova Scotia B/A 16‐jul‐2021 3.60% Diageo Plc 2.80%Royal Bank of Canada B/A 02‐jul‐2021 3.02% Euronext NV 2.76%Signature Select Canadian Corporate Class Signature Emerging Markets Corporate ClassManulife Financial Corp 5.74% Taiwan Semiconductor Manufacturing Co Ltd 5.88%Bank of Nova Scotia 3.82% Tencent Holdings Ltd 5.03%Royal Bank of Canada 3.02% Samsung Electronics Co Ltd 3.84%Shopify Inc 2.96% Alibaba Group Holding Ltd 2.71%Canadian Natural Resources Ltd 2.70% SK Hynix Inc 2.24%Cambridge Canadian Dividend Corporate Class Black Creek International Equity Corporate ClassPower Corporation of Canada 5.52% Lloyds Banking Group plc 5.62%Fairfax Financial Holdings Limited 5.36% HeidelbergCement AG 4.92%Alimentation Couche‐Tard Inc. Class B 4.51% Fomento Economico Mexicano SAB de CV Sponsor 4.81%Fortis Inc. 4.45% Koninklijke Boskalis Westminster N.V. 4.76%TC Energy Corporation 4.40% GALP Energia SGPS SA Class B 4.60%CI Morningstar Canada Value Index ETF CI Morningstar International Value Index ETFInterfor Corp 3.66% Kohnan Shoji Co Ltd 0.62%Canfor Corp 3.60% Nippon Yusen KK 0.59%Arc Resources Ltd 3.59% Mitsui Osk Lines Ltd 0.58%Autocanada Inc 3.58% Adeka Corp 0.56%Corus Entertainment Inc 3.52% Daiwabo Holdings Co Ltd 0.56%Cambridge Canadian Equity Corporate Class CI Morningstar International Momentum Index ETFFairfax Financial Holdings Limited 5.40% Aixtron SE 0.62%Keyera Corp. 4.56% Kawasaki Kisen Kaisha Ltd 0.61%Fortis Inc. 4.49% Steico SE 0.58%Franco‐Nevada Corporation 4.45% Nextage Co Ltd 0.58%Tourmaline Oil Corp. 4.18% Nippon Yusen KK 0.57%Synergy Canadian Corporate Class CI Munro Alternative Global Growth FundRoyal Bank of Canada 4.41% Amazon.com, Inc. 5.93%Shopify, Inc. Class A 3.34% Microsoft Corporation 5.51%Bank of Nova Scotia 2.50% ServiceNow, Inc. 4.95%Enbridge Inc. 1.92% NVIDIA Corporation 4.64%Microsoft Corporation 1.88% Alphabet Inc. Class A 4.54%Sentry Canadian Income Fund CI Gold Bullion FundBrookfield Asset Management Inc. Class A 4.23% Gold Bullion 100.00%Alphabet Inc. Class C 3.94%Royal Bank of Canada 3.29%Element Fleet Management Corporation 3.26%Sun Life Financial Inc. 3.24%CI Morningstar Canada Momentum Index ETFArc Resources Ltd 3.52%Autocanada Inc 3.52%Goeasy Ltd 3.47%Onex Corp 3.46%Enerplus Corp 3.46%


Underlying Fund

ivari CI BALANCED GIP (UNAUDITED)

Underlying Fund



133

ivari CI GROWTH GIP (UNAUDITED)

Fiera SFI Canadian Universe Bond Fund CI American Value Corporate Class Canadian Government Bond 2% 2051‐12‐01 10.45% Microsoft Corp 7.38%Canadian Government Bond 0.5% 2030‐12‐01 3.45% Alphabet Inc 5.06%Master Credit Card Trust II 3.056% 2022‐01‐21 3.31% Facebook Inc 4.70%Federation des Caisses Desjardins du Quebec 1.992% 2031‐05‐28 3.26% Costco Wholesale Corp 4.03%Chip Mortgage Trust 1.738% 2025‐12‐15 2.71% Amazon.com Inc 3.99%CI Enhanced Short Duration Bond ETF CI American Managers® Corporate Class Toronto Dominion Bank B/A 08‐jul‐2021 5.03% Microsoft Corp 1.93%Royal Bank of Canada B/A 19‐jul‐2021 5.03% Alphabet Inc 1.60%Tenet Healthcare Corporation 4.625% 15‐jul‐2024 4.06% Brookfield Asset Management Inc 1.38%Bank of Nova Scotia B/A 16‐jul‐2021 3.60% Facebook Inc 1.27%Royal Bank of Canada B/A 02‐jul‐2021 3.02% Visa Inc 1.06%CI Income Fund CI American Small Companies Fundishares Iboxx High Yield Corporate Bond ETF 3.75% Bank OZK 4.43%Canada 0.25000% 01‐mar‐2026 3.61% Axos Financial Inc 3.98%ishares S&P/TSX Capped Energy Index ETF 2.61% Western Alliance Bancorp 2.94%ishares Russell 2000 ETF 2.16% Guidewire Software Inc 2.47%CI Gold Giants Covered Call ETF 1.78% Liberty Media Corp‐Liberty SiriusXM 2.40%Signature Select Canadian Corporate Class CI International Value Corporate ClassManulife Financial Corp 5.74% Chubb Ltd 3.44%Bank of Nova Scotia 3.82% Nestle SA 3.24%Royal Bank of Canada 3.02% Heineken NV 3.14%Shopify Inc 2.96% Diageo Plc 2.80%Canadian Natural Resources Ltd 2.70% Euronext NV 2.76%Sentry Canadian Income Fund Signature Emerging Markets Corporate ClassBrookfield Asset Management Inc. Class A 4.23% Taiwan Semiconductor Manufacturing Co Ltd 5.88%Alphabet Inc. Class C 3.94% Tencent Holdings Ltd 5.03%Royal Bank of Canada 3.29% Samsung Electronics Co Ltd 3.84%Element Fleet Management Corporation 3.26% Alibaba Group Holding Ltd 2.71%Sun Life Financial Inc. 3.24% SK Hynix Inc 2.24%Cambridge Canadian Equity Corporate Class Black Creek International Equity Corporate ClassFairfax Financial Holdings Limited 5.40% Lloyds Banking Group plc 5.62%Keyera Corp. 4.56% HeidelbergCement AG 4.92%Fortis Inc. 4.49% Fomento Economico Mexicano SAB de CV Sponsored ADR Class B 4.81%Franco‐Nevada Corporation 4.45% Koninklijke Boskalis Westminster N.V. 4.76%Tourmaline Oil Corp. 4.18% GALP Energia SGPS SA Class B 4.60%Synergy Canadian Corporate Class CI Morningstar International Value Index ETFRoyal Bank of Canada 4.41% Kohnan Shoji Co Ltd 0.62%Shopify, Inc. Class A 3.34% Nippon Yusen KK 0.59%Bank of Nova Scotia 2.50% Mitsui Osk Lines Ltd 0.58%Enbridge Inc. 1.92% Adeka Corp 0.56%Microsoft Corporation 1.88% Daiwabo Holdings Co Ltd 0.56%CI Morningstar Canada Value Index ETF CI Morningstar International Momentum Index ETFInterfor Corp 3.66% Aixtron SE 0.62%Canfor Corp 3.60% Kawasaki Kisen Kaisha Ltd 0.61%Arc Resources Ltd 3.59% Steico SE 0.58%Autocanada Inc 3.58% Nextage Co Ltd 0.58%Corus Entertainment Inc 3.52% Nippon Yusen KK 0.57%CI Canadian Small/Mid Cap Fund CI Munro Global Growth Equity Fund Cargojet Inc. 2.60% Amazon.com, Inc. 6.41%Element Fleet Management Corporation 2.44% Microsoft Corporation 5.71%Canadian Western Bank 2.39% ServiceNow, Inc. 5.36%Trisura Group Ltd. 2.37% Alphabet Inc. Class A 4.91%Parkland Corporation 2.12% Danaher Corporation 4.83%CI Morningstar Canada Momentum Index ETF CI Gold Bullion FundArc Resources Ltd 3.52% Gold Bullion 100.00%Autocanada Inc 3.52%Goeasy Ltd 3.47%Onex Corp 3.46%Enerplus Corp 3.46%

Underlying Fund

% of Total Market Value of

Security in Underlying

Fund Underlying Fund



Fund

134

Fiera SFI Canadian Universe Bond Fund CI Gold Giants Covered Call ETFCanadian Government Bond 2% 2051‐12‐01 10.45% Royal Gold Inc 6.98%Canadian Government Bond 0.5% 2030‐12‐01 3.45% Sibanye Stillwater Ltd 6.98%Master Credit Card Trust II 3.056% 2022‐01‐21 3.31% Newmont Corp 6.83%Federation des Caisses Desjardins du Quebec 1.992% 2031‐05‐28 3.26% Pan American Silver Corp 6.77%Chip Mortgage Trust 1.738% 2025‐12‐15 2.71% Wheaton Precious Metal Corp 6.74%Signature Canadian Bond Fund CI American Value Corporate ClassGovernment Of Canada 0.25% 01‐mar‐2026 10.83% Microsoft Corp 7.38%Province Of Ontario 1.75% 08‐sep‐2025 3.74% Alphabet Inc 5.06%Province Of Ontario 2.6% 02‐jun‐2025 3.49% Facebook Inc 4.70%Province Of Ontario 2.4% 02‐jun‐2026 2.63% Costco Wholesale Corp 4.03%Province Of Quebec 3.0% 01‐sep‐2023 2.12% Amazon.com Inc 3.99%CI Income Fund CI American Managers® Corporate Class ishares Iboxx High Yield Corporate Bond ETF 3.75% Microsoft Corp 1.93%Canada 0.25000% 01‐mar‐2026 3.61% Alphabet Inc 1.60% .ishares S&P/TSX Capped Energy Index ETF 2.61% Brookfield Asset Management Inc 1.38%ishares Russell 2000 ETF 2.16% Facebook Inc 1.27%CI Gold Giants Covered Call ETF 1.78% Visa Inc 1.06%CI Enhanced Short Duration Bond ETF CI International Value Corporate ClassToronto Dominion Bank B/A 08‐jul‐2021 5.03% Chubb Ltd 3.44%Royal Bank of Canada B/A 19‐jul‐2021 5.03% Nestle SA 3.24%Tenet Healthcare Corporation 4.625% 15‐jul‐2024 4.06% Heineken NV 3.14%Bank of Nova Scotia B/A 16‐jul‐2021 3.60% Diageo Plc 2.80%Royal Bank of Canada B/A 02‐jul‐2021 3.02% Euronext NV 2.76%Cambridge Canadian Equity Corporate Class Black Creek International Equity Corporate ClassFairfax Financial Holdings Limited 5.40% Lloyds Banking Group plc 5.62%Keyera Corp. 4.56% HeidelbergCement AG 4.92%Fortis Inc. 4.49% Fomento Economico Mexicano SAB de CV Sponsored A 4.81%Franco‐Nevada Corporation 4.45% Koninklijke Boskalis Westminster N.V. 4.76%Tourmaline Oil Corp. 4.18% GALP Energia SGPS SA Class B 4.60%Signature Select Canadian Corporate Class Signature Emerging Markets Corporate ClassManulife Financial Corp 5.74% Taiwan Semiconductor Manufacturing Co Ltd 5.88%Bank of Nova Scotia 3.82% Tencent Holdings Ltd 5.03%Royal Bank of Canada 3.02% Samsung Electronics Co Ltd 3.84%Shopify Inc 2.96% Alibaba Group Holding Ltd 2.71%Canadian Natural Resources Ltd 2.70% SK Hynix Inc 2.24%Synergy Canadian Corporate Class CI Morningstar International Value Index ETFRoyal Bank of Canada 4.41% Kohnan Shoji Co Ltd 0.62%Shopify, Inc. Class A 3.34% Nippon Yusen KK 0.59%Bank of Nova Scotia 2.50% Mitsui Osk Lines Ltd 0.58%Enbridge Inc. 1.92% Adeka Corp 0.56%Microsoft Corporation 1.88% Daiwabo Holdings Co Ltd 0.56%CI Morningstar Canada Value Index ETF CI Morningstar International Momentum Index ETFInterfor Corp 3.66% Aixtron SE 0.62%Canfor Corp 3.60% Kawasaki Kisen Kaisha Ltd 0.61%Arc Resources Ltd 3.59% Steico SE 0.58%Autocanada Inc 3.58% Nextage Co Ltd 0.58%Corus Entertainment Inc 3.52% Nippon Yusen KK 0.57%Cambridge Canadian Dividend Corporate Class CI Munro Alternative Global Growth FundPower Corporation of Canada 5.52% Amazon.com, Inc. 5.93%Fairfax Financial Holdings Limited 5.36% Microsoft Corporation 5.51%Alimentation Couche‐Tard Inc. Class B 4.51% ServiceNow, Inc. 4.95%Fortis Inc. 4.45% NVIDIA Corporation 4.64%TC Energy Corporation 4.40% Alphabet Inc. Class A 4.54%CI Morningstar Canada Momentum Index ETF CI Gold Bullion FundArc Resources Ltd 3.52% Gold Bullion 100.00%Autocanada Inc 3.52%Goeasy Ltd 3.47%Onex Corp 3.46%Enerplus Corp 3.46%

ivari CI CANADIAN BALANCED GIP (UNAUDITED)

Underlying Fund


Security in Underlying Fund

Underlying Fund



135

Signature Select Canadian Corporate Class CI American Managers® Corporate Class Manulife Financial Corp 5.74% Microsoft Corp 1.93%Bank of Nova Scotia 3.82% Alphabet Inc 1.60%Royal Bank of Canada 3.02% Brookfield Asset Management Inc 1.38%Shopify Inc 2.96% Facebook Inc 1.27%Canadian Natural Resources Ltd 2.70% Visa Inc 1.06%Cambridge Canadian Equity Corporate Class CI American Small Companies FundFairfax Financial Holdings Limited 5.40% Bank OZK 4.43%Keyera Corp. 4.56% Axos Financial Inc 3.98%Fortis Inc. 4.49% Western Alliance Bancorp 2.94%Franco‐Nevada Corporation 4.45% Guidewire Software Inc 2.47%Tourmaline Oil Corp. 4.18% Liberty Media Corp‐Liberty SiriusXM 2.40%Synergy Canadian Corporate Class CI International Value Corporate ClassRoyal Bank of Canada 4.41% Chubb Ltd 3.44%Shopify, Inc. Class A 3.34% Nestle SA 3.24%Bank of Nova Scotia 2.50% Heineken NV 3.14%Enbridge Inc. 1.92% Diageo Plc 2.80%Microsoft Corporation 1.88% Euronext NV 2.76%CI Canadian Small/Mid Cap Fund Signature Emerging Markets Corporate ClassCargojet Inc. 2.60% Taiwan Semiconductor Manufacturing Co Ltd 5.88%Element Fleet Management Corporation 2.44% Tencent Holdings Ltd 5.03%Canadian Western Bank 2.39% Samsung Electronics Co Ltd 3.84%Trisura Group Ltd. 2.37% Alibaba Group Holding Ltd 2.71%Parkland Corporation 2.12% SK Hynix Inc 2.24%CI Morningstar Canada Momentum Index ETF Black Creek International Equity Corporate ClassArc Resources Ltd 3.52% Lloyds Banking Group plc 5.62%Autocanada Inc 3.52% HeidelbergCement AG 4.92%Goeasy Ltd 3.47% Fomento Economico Mexicano SAB de CV Sponsored ADR Class 4.81%Onex Corp 3.46% Koninklijke Boskalis Westminster N.V. 4.76%Enerplus Corp 3.46% GALP Energia SGPS SA Class B 4.60%Sentry Canadian Income Fund CI Morningstar International Value Index ETF Brookfield Asset Management Inc. Class A 4.23% Kohnan Shoji Co Ltd 0.62%Alphabet Inc. Class C 3.94% Nippon Yusen KK 0.59%Royal Bank of Canada 3.29% Mitsui Osk Lines Ltd 0.58%Element Fleet Management Corporation 3.26% Adeka Corp 0.56%Sun Life Financial Inc. 3.24% Daiwabo Holdings Co Ltd 0.56%CI Gold Giants Covered Call ETF CI Morningstar International Momentum Index ETFRoyal Gold Inc 6.98% Aixtron SE 0.62%Sibanye Stillwater Ltd 6.98% Kawasaki Kisen Kaisha Ltd 0.61%Newmont Corp 6.83% Steico SE 0.58%Pan American Silver Corp 6.77% Nextage Co Ltd 0.58%Wheaton Precious Metal Corp 6.74% Nippon Yusen KK 0.57%CI Morningstar Canada Value Index ETF CI Munro Global Growth Equity Fund Interfor Corp 3.66% Amazon.com, Inc. 6.41%Canfor Corp 3.60% Microsoft Corporation 5.71%Arc Resources Ltd 3.59% ServiceNow, Inc. 5.36%Autocanada Inc 3.58% Alphabet Inc. Class A 4.91%Corus Entertainment Inc 3.52% Danaher Corporation 4.83%CI American Value Corporate Class CI Gold Bullion FundMicrosoft Corp 7.38% Gold Bullion 100.00%Alphabet Inc 5.06%Facebook Inc 4.70%Costco Wholesale Corp 4.03%Amazon.com Inc 3.99%

ivari CI MAXIMUM GROWTH GIP (UNAUDITED)

Underlying Fund



% of Total Market Value of Security

in Underlying Fund

136

TD Canadian Core Plus Bond TD Dividend GrowthGovernment of Canada 2.000% Dec 1, 2051 6.10% Royal Bank of Canada 8.90%Government of Canada 0.500% Dec 1, 2030 3.10% The Toronto‐Dominion Bank 8.30%Government of Canada 0.500% Sep 1, 2025 3.10% Canadian Imperial Bank of Commerce 6.80%iShares iBoxx $ High Yield Corporate Bond ETF 2.70% Bank of Montreal 6.80%Government of Canada 1.250% Jun 1, 2030 2.50% The Bank of Nova Scotia 5.60%

ivari TD DIVIDEND BALANCED GIP (UNAUDITED)

Underlying Fund


Underlying Fund Underlying Fund



Fund

137

Royal Bank of Canada 5.44% Canadian Natl Resources Ltd 1.21%ishares COMEX Gold Trust ETF 3.77% Suncor Energy Inc 1.11%Toronto‐Dominion Bank 3.70% Thomson Reuters Corp 1.07%Bank of Nova Scotia 3.60% CGI Inc Cl A Sub Vtg 1.02%Dollarama Inc 2.48% Brookfield Asset Inc Vtg Cl A 0.96%Canadian Pacific Railway Ltd 2.35% Constellation Software Inc 0.93%Shopify Inc Cl A 1.98% Canadian Imperial Bank of Commerce 0.92%S&P/TSX 60 IX FUT SEP21 PTU1 1.94% TC Energy Corp 0.89%Sun Life Financial Inc 1.62% Power Corp of Canada Sub Vtg 0.88%Darling Ingredients Inc 1.54% Alimentation Couch Cl B Subvtg 0.85%Nutrien Ltd 1.47% Visa Inc Cl A 0.85%Fidelity Canadian Money Market 1.32% Canada Govt I/L 1.25% 12/01/47 0.82%Rogers Comm Inc Cl B Non Vtg 1.30%

ivari FIDELITY CANADIAN ASSET ALLOCATION GIF (UNAUDITED)

Underlying Fund

% of Total Market Value of Security

in Underlying Fund Underlying Fund


Underlying Fund

138

Royal Bank of Canada 5.16% First Quantum Minerals Inc 1.23%Canadian Pacific Railway Ltd 3.90% VISA Inc Cl A 1.12%Shopify Inc Cl A 3.28% Gildan Activewear Inc 1.10%Bank of Nova Scotia 2.87% Colliers International Grp Inc 1.03%Toronto‐Dominion Bank 2.65% Canada HSG 1.25% 06/15/26 144A 0.94%Nutrien Ltd 2.27% Franco‐Nevada Corp (Canada) 0.88%Thomson Reuters Corp 1.73% Fidelity Canadian Money Market 0.84%Dollarama Inc 1.64% Canadian Imperial Bank of Commerce 0.81%Canadian Natural Resources Ltd 1.58% TFI International Inc 0.81%Sun Life Financial Inc 1.55% Magna International Inc 0.80%Brookfield Asset Inc Vtg Cl A 1.47% Aritzia Inc 0.78%Waste Connections Inc 1.44% BRP Inc 0.77%Constellation Software Inc 1.28%

ivari FIDELITY CANADIAN BALANCED GIF (UNAUDITED)

Underlying Fund




Underlying Fund

139

Franklin Bissett Core Plus Bond Fund Series O 12.79% Franklin Canadian Core Equity Fund Series O 4.17%Franklin FTSE U.S. Index ETF 8.07% Franklin U.S. Opportunities Fund Series O 3.90%Franklin Bissett Canadian Government Bond Fund Series O 7.78% SPDR Portfolio S&P 500 Value ETF 2.92%Franklin FTSE Canada All Cap Index ETF 7.61% Franklin FTSE Europe ex U.K. Index ETF 2.52%Franklin U.S. Core Equity Fund Series O 7.19% Templeton Emerging Markets Fund Series O 2.44%Franklin Bissett Canadian Equity Fund Series O 6.48% Franklin Emerging Markets Core Equity Fund Series O 1.64%Franklin Liberty Global Aggregate Bond ETF 6.19% Franklin LibertyQT U.S. Equity Index ETF 1.31%Franklin U.S. Rising Dividends Fund Series O 5.67% Franklin Brandywine Global Income Optimiser Fund Series O 1.28%Franklin International Core Equity Fund Series O 4.84% Templeton Global Bond Fund Series O 1.06%Franklin Bissett Short Duration Bond Fund Series 4.51% Franklin FTSE Japan Index ETF 1.03%iShares Core MSCI EAFE ETF 4.46% iShares Core MSCI Emerging Markets ETF 0.67%

ivari QUOTENTIAL BALANCED GROWTH GIF (UNAUDITED)

Underlying Fund




Underlying Fund

140

Toromont Inds Ltd 3.94% Thomson Reuters Corp 2.69%CP Railway Ltd 3.93% Visa Inc Cl‐A Shs 2.41%Constellation Software Inc 3.80% Factset Reserch Com USD0.01 2.37%Brookfield Asset Management Inc Cl A 3.61% Intact Financial Corp 2.36%Royal Bank of Canada 3.47% TJX Companies Inc 2.28%Costco Wholesale Corp 3.43% CGI Inc 2.28%Mastercard Inc Class A Common 3.37% CCL Inds Inc Cl B N/V 2.25%Toronto‐Dominion Bank 3.28% TMX Group Ltd 2.21%National Bank of Canada 3.14% McDonalds Corp 2.15%Bank of Montreal 2.89% Loblaw Cos Ltd 2.08%Metro Inc 2.80% Dollorama Inc 2.07%Canadian National Railway Co 2.79% Quebecor Inc 2.05%Accenture Plc A‐ Shares 2.73%

ivari CANADIAN FIXED PAY GIF (UNAUDITED)

Underlying Fund


Security in Underlying Fund Underlying Fund



141

Franklin Bissett Core Plus Bond Fund Series O 20.40% Franklin Canadian Core Equity Fund Series O 2.91%Franklin Bissett Canadian Government Bond Fund Series O 12.40% Franklin U.S. Opportunities Fund Series O 2.68%Franklin Liberty Global Aggregate Bond ETF 9.86% Franklin Brandywine Global Income Optimiser Fund Series O 2.03%Franklin Bissett Short Duration Bond Fund Series O 7.18% SPDR Portfolio S&P 500 Value ETF 2.01%Franklin FTSE U.S. Index ETF 5.54% Franklin FTSE Europe ex U.K. Index ETF 1.75%Franklin FTSE Canada All Cap Index ETF 5.31% Templeton Global Bond Fund Series O 1.69%Franklin U.S. Core Equity Fund Series O 4.96% Templeton Emerging Markets Fund Series O 1.67%Franklin Bissett Canadian Equity Fund Series O 4.52% Franklin Emerging Markets Core Equity Fund Series O 1.13%Franklin U.S. Rising Dividends Fund Series O 3.90% Franklin LibertyQT U.S. Equity Index ETF 0.90%Franklin International Core Equity Fund Series O 3.34% Franklin FTSE Japan Index ETF 0.71%iShares Core MSCI EAFE ETF 3.09% iShares Core MSCI Emerging Markets ETF 0.44%

ivari QUOTENTIAL BALANCED INCOME GIF (UNAUDITED)

Underlying Fund




Underlying Fund

142

Franklin FTSE U.S. Index ETF 10.61% Templeton Emerging Markets Fund Series O 3.33%Franklin FTSE Canada All Cap Index ETF 9.92% Franklin FTSE Europe ex U.K. Index ETF 3.24%Franklin U.S. Core Equity Fund Series O 9.40% Franklin Bissett Canadian Government Bond Fund Series O 3.13%Franklin Bissett Canadian Equity Fund Series O 8.44% Franklin Liberty Global Aggregate Bond ETF 2.50%Franklin U.S. Rising Dividends Fund Series O 7.43% Franklin Emerging Markets Core Equity Fund Series O 2.22%Franklin International Core Equity Fund Series O 6.22% Franklin Bissett Short Duration Bond Fund Series O 1.82%iShares Core MSCI EAFE ETF 5.76% Franklin LibertyQT U.S. Equity Index ETF 1.71%Franklin Canadian Core Equity Fund Series O 5.43% Franklin FTSE Japan Index ETF 1.33%Franklin Bissett Core Plus Bond Fund Series O 5.15% iShares Core MSCI Emerging Markets ETF 0.94%Franklin U.S. Opportunities Fund Series O 5.11% Franklin Brandywine Global Income Optimiser Fund Series O 0.52%SPDR Portfolio S&P 500 Value ETF 3.82% Templeton Global Bond Fund Series O 0.43%

ivari QUOTENTIAL GROWTH GIF (UNAUDITED)

Underlying Fund



Underlying Fund



Fund

143

The Toronto‐Dominion Bank 7.60% Brookfield Infrastructure Partners L.P. 1.70%Royal Bank of Canada 7.60% BCE Inc. 1.50%Bank of Montreal 6.40% Suncor Energy Inc. 1.50%Canadian Imperial Bank of Commerce 5.80% Cash (Bank Overdraft) 1.40%Brookfield Asset Management Inc. 5.40% Sun Life Financial Inc. 1.40%The Bank of Nova Scotia 4.80% Rogers Communications Inc. 1.30%Enbridge Inc. 3.60% National Bank of Canada 1.20%Canadian Pacific Railway Limited 3.10% Government of Canada 2.000% Dec 1, 2051 1.00%Canadian National Railway Company 3.10% Intact Financial Corporation 0.90%TELUS Corporation 2.10% Dollarama Inc. 0.90%

Magna International Inc. 2.10% Alimentation Couche‐Tard Inc. 0.80%

TC Energy Corporation 1.90% Cenovus Energy Inc. 0.70%

Manulife Financial Corporation 1.80%

ivari TD DIVIDEND INCOME GIF (UNAUDITED)

Underlying Fund




Underlying Fund

144

TD Canadian Bond Fund O‐Series 35.30%TD Global Conservative Opportunities Fund O‐Series 18.40%TD Income Opportunities Pool O‐Series 10.10%TD Dividend Income Fund O‐Series 9.50%TD Global Income Fund O‐Series 7.20%TD High Yield Bond Fund O‐Series 5.00%TD Global Technology Leaders Index ETF 2.90%TD U.S. Equity Index ETF 2.80%TD Risk Reduction Pool, O‐Series 2.10%TD Global Low Volatility Fund O‐Series 1.80%TD Greystone Infrastructure Fund (Canada) L.P. II 1.80%TD Canadian Equity Index ETF 1.40%iShares 20+ Year Treasury Bond ETF 1.00%TD Greystone Real Estate LP Fund 0.60%Cash (Bank Overdraft) 0.20%

ivari TD INCOME ADVANTAGE GIF (UNAUDITED)

Underlying Fund


Underlying Fund

145

DisclaimersSource: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The blended returns are calculated by ivari using end of day index level values licensed from MSCI (“MSCI Data”). For the avoidance of doubt, MSCI is not the benchmark “administrator” for, or a “contributor”, “submitter” or “supervised contributor” to, the blended returns, and the MSCI Data is not considered a “contribution” or “submission” in relation to the blended returns, as those terms may be defined in any rules, laws, regulations, legislation or international standards. MSCI Data is provided “AS IS” without warranty or liability and no copying or distribution is permitted. MSCI does not make any representation regarding the advisability of any investment or strategy and does not sponsor, promote, issue, sell or otherwise recommend or endorse any investment or strategy, including any financial products or strategies based on, tracking or otherwise utilizing any MSCI Data, models, analytics or other materials or information.

The ivari’s product is not in any way sponsored, endorsed, sold or promoted by FTSE TMX Global Debt Capital Markets Inc. (together the “Licensor Parties”) and the Licensor Parties do not make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the (“the Index*”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated by FTSE TMX Global Debt Capital Markets Inc. and all copyright in the Index values and constituent lists vests in FTSE TMX Global Debt Capital Markets Inc. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in the Index and the Licensor Parties shall not be under any obligation to advise any person of any error therein.

“FTSE” is a trade mark of FTSE International Ltd and is used under licence.” “TMX” is a trade mark of TSX Inc. and is used under licence. *Index-FTSE TMX Canada 91 Day Treasury Bill Index and FTSE TMX Canada Bond Universe Index.

The Fund is not sponsored, endorsed, sold or promoted by NASDAQ, Inc. or its affiliates (NASDAQ, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the unitholders of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the NASDAQ-100 Index® to track general stock market performance. The Corporations’ only relationship to ivari (“Licensee”) is in the licensing of the Nasdaq® and NASDAQ-100 Index® marks, and certain trade names of the Corporations and the use of the NASDAQ-100 Index® which is determined, composed and calculated by NASDAQ without regard to ivari or the Fund. NASDAQ has no obligation to take the needs of ivari or the unitholders of the Fund into consideration in determining, composing or calculating the NASDAQ-100 Index®. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Fund’s units to be issued or in the determination or calculation of the equation by which the Fund’s units are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or offering of the Fund. THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY ivari, UNITHOLDERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE NASDAQ-100 INDEX® OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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BOFA MERRILL LYNCH IS LICENSING THE BOFA MERRILL LYNCH INDICES “AS IS”, “MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE BOFA MERRILL LYNCH INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND ivari, OR ANY OF ITS PRODUCTS OR SERVICE.

Disclaimers (continued)

Any amount that is allocated to a segregated fund is invested at the risk of the contract holder(s) and may increase or decrease in value.TM ivari and the ivari logos are trademarks of ivari Holdings ULC. ivari is licensed to use such marks.

IP1034 09/21

500-5000 Yonge StreetToronto, Ontario M2N 7J8ivari.ca

With a national network of thousands of independent, professional advisors, ivari provides a full

range of insurance products to help Canadians make the right choice for their protection needs.

The people, products and service that make up ivari have stood the test of time and have been

in the Canadian marketplace since 1928. We are committed to always being approachable and

transparent in everything we do, and we will stand by our word. Visit us at ivari.ca.

ivari guaranteed investment funds, five for lifetm, …

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