ANALYTIC GLOBAL LOW VOLATILITY EQUITY FUND

Financial Statements of ANALYTIC GLOBAL LOW VOLATILITY

KPMG LLP Telephone (416) 777-8500 Bay Adelaide Centre Fax (416) 777-8818 333 Bay Street Suite 4600 Internet www.kpmg.ca Toronto ON M5H 2S5 Canada INDEPENDENT AUDITORS' REPORT To the Unitholders of Analytic Global Low Volatility Equity Fund We have audited the accompanying financial statements of Analytic Global Low Volatility Equity Fund, which comprise the statements of financial position as at December 31, 2014, December 31, 2013 and January 1, 2013, the statements of comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the years ended December 31, 2014 and December 31, 2013, and notes, comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Analytic Global Low Volatility Equity Fund as at December 31, 2014, December 31, 2013 and January 1, 2013, and its financial performance and its cash flows for the years ended December 31, 2014 and December 31, 2013 in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants March 23, 2015 Toronto, Canada KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

Statements of Financial Position December 31, 2014, December 31, 2013 and January 1, 2013 Assets December 31, December 31, January 1, 2014 2013 2013 Cash $ 158,969 $ 192,291 $ 302,468 Receivable for securities sold 296 891 Subscriptions receivable 93,125 Accrued dividend receivable 54,140 60,687 30,099 Investments, at fair value 22,005,405 27,744,671 14,637,218 Total assets 22,218,810 27,998,540 15,062,910 Liabilities Payable for securities purchased 296 892 Redemptions payable 9,685 10,586 1,602 Accrued expenses 28,623 29,358 15,663 Total liabilities 38,604 40,836 17,265 Net assets attributable to holders of redeemable units $ 22,180,206 $ 27,957,704 $ 15,045,645 Redeemable units (note 3) 1,975,820 2,424,193 1,499,028 Net assets attributable to holders of redeemable units per unit $ 11.23 $ 11.53 $ 10.04 See accompanying notes to financial statements. On behalf of the Manager, Integra Capital Limited: Graham Rennie Director Craig Honey Director 1

Statements of Comprehensive Income 2014 2013 Income: Dividends $ 876,149 $ 720,372 Revenue from securities lending (note 7) 5,393 1,664 Other changes in fair value of investments: Net realized gain on sale of investments 3,203,489 1,581,086 Net foreign exchange gain (loss) on cash (183) 1,270 Net other loss (21,398) (5,336) Net change in unrealized appreciation of investments 212,693 2,095,247 Total income 4,276,143 4,394,303 Expenses: Custodial fees 49,537 30,007 Operating 4,400 Audit fees 10,500 9,237 Investment performance monitoring fees 7,303 6,000 Securityholder reporting 1,000 1,000 Transaction costs 22,898 32,307 Withholding tax 71,964 50,188 Harmonized sales tax 8,709 6,011 176,311 134,750 Expenses waived or absorbed by manager (note 8) (5,886) Total expenses 170,425 134,750 Increase in net assets attributable to holders of redeemable units $ 4,105,718 $ 4,259,553 Increase in net assets attributable to holders of redeemable units per unit (based on the weighted average number of units outstanding during the year) $ 2.26 $ 2.42 See accompanying notes to financial statements. 2

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 2014 2013 Net assets attributable to holders of redeemable units, beginning of year $ 27,957,704 $ 15,045,645 Increase in net assets attributable to holders of redeemable units 4,105,718 4,259,553 Distributions paid or payable to holders of redeemable units: From net investment income (691,282) (595,839) From net realized capital gains (3,208,890) (1,552,528) Total distributions to holders of redeemable units (3,900,172) (2,148,367) Redeemable unit transactions (note 3): Issuance of units 1,061,173 9,756,134 Reinvestment of distributions 3,900,172 2,148,367 Redemptions of units (10,944,389) (1,103,628) Net increase (decrease) from redeemable unit transactions (5,983,044) 10,800,873 Net increase (decrease) in net assets attributable to holders of redeemable units (5,777,498) 12,912,059 Net assets attributable to holders of redeemable units, end of year $ 22,180,206 $ 27,957,704 See accompanying notes to financial statements. 3

Statements of Cash Flows 2014 2013 Cash flows from operating activities: Increase in net assets attributable to holders of redeemable units $ 4,105,718 $ 4,259,553 Change in non-cash operating items: Net foreign exchange (gain) loss on cash 183 (1,270) Net realized gain on sale of investments and derivatives (3,203,489) (1,581,086) Net change in unrealized appreciation of investments (212,693) (2,095,247) Purchase of investments (17,654,709) (27,939,759) Proceeds from the sale of investments 26,810,156 18,508,640 Accrued dividend receivable 6,547 (30,588) Accrued expenses (735) 13,695 Cash provided by (used in) operating activities 9,850,978 (8,866,062) Cash flows from financing activities: Amount received from the issuance of units 1,061,173 9,849,259 Amount paid on redemptions of units (10,945,290) (1,094,644) Cash provided by (used in) financing activities (9,884,117) 8,754,615 Decrease in cash (33,139) (111,447) Net foreign exchange gain (loss) on cash (183) 1,270 Cash, beginning of year 192,291 302,468 Cash, end of year $ 158,969 $ 192,291 Supplemental cash flow information: Dividends received, net of withholding taxes $ 810,732 $ 639,596 See accompanying notes to financial statements. 4

Schedule of Investments December 31, 2014 Common shares - 99.21% Number Average Fair of shares cost value Australia - 15.40%: AGL Energy Ltd. 17,672 $ 255,713 $ 223,786 Amcor Ltd. 31,375 312,292 403,854 Asciano Ltd. 18,157 103,129 104,122 Aurizon Holdings Ltd. 8,492 40,379 37,187 AusNet Services 138,019 146,439 173,993 Bank of Queensland Ltd. 4,075 49,106 47,045 BHP Billiton Ltd. 6,490 189,090 180,672 Brambles Ltd. 7,784 65,646 78,429 Coca-Cola Amatil Ltd. 13,431 181,974 118,649 Federation Centres 36,828 94,964 100,185 Flight Centre Travel Group Ltd. 4,024 180,201 124,418 Fortescue Metals Group Ltd. 15,844 41,730 41,149 Goodman Group 7,438 40,360 40,115 Harvey Norman Holdings Ltd. 14,526 44,654 46,262 Lend Lease Corp. Ltd. 7,034 103,799 109,342 Metcash Ltd. 80,749 269,479 141,978 Newcrest Mining Ltd. 1,440 14,373 14,864 Novion Property Group Pty Ltd. 8,903 18,402 17,890 Orica Ltd. 2,454 47,714 44,078 Rio Tinto Ltd. 1,528 87,137 84,003 Sonic Healthcare Ltd. 4,731 81,802 82,959 Tattersall's Ltd. 72,482 221,984 237,710 Toll Holdings Ltd. 6,760 37,443 37,740 Transurban Group 11,384 79,566 92,581 Wesfarmers Ltd. 901 36,729 35,630 Westfield Corp., Stapled Units 12,002 88,612 102,613 Woodside Petroleum Ltd. 11,705 455,442 421,707 Woolworths Ltd. 8,040 253,381 233,804 WorleyParsons Ltd. 4,162 41,606 39,765 3,583,146 3,416,530 Bermuda - 0.69%: Axis Capital Holdings Ltd. 2,574 135,192 152,316 5

Schedule of Investments (continued) December 31, 2014 Number Average Fair of shares cost value Canada - 19.12%: Alimentation Couche-Tard Inc., Class 'B' 200 7,176 9,738 Barrick Gold Corp. 1,200 22,073 15,024 BCE Inc. 1,500 73,598 79,920 Bombardier Inc., Class 'B' 2,800 10,295 11,620 Canadian Imperial Bank of Commerce 4,800 386,801 479,232 Canadian Tire Corp. Ltd., Class 'A' 2,100 147,251 257,754 CGI Group Inc., Class 'A' 700 22,975 31,003 CI Financial Corp. 800 21,643 25,832 Constellation Software Inc. 100 33,816 34,544 Dollarama Inc. 4,900 183,241 291,060 Eldorado Gold Corp. 4,600 36,302 32,568 Empire Co. Ltd., Class 'A' 1,300 98,217 113,906 Fairfax Financial Holdings Ltd. 200 87,951 121,756 First Capital Realty Inc. 4,700 81,201 87,702 Fortis Inc. 4,500 155,250 175,320 Franco-Nevada Corp. 1,200 68,086 68,652 George Weston Ltd. 1,100 91,092 110,385 Gildan Activewear Inc. 800 43,588 52,560 Goldcorp Inc. 900 24,936 19,359 Husky Energy Inc. 2,900 88,277 79,750 IGM Financial Inc. 1,600 75,207 74,096 Industrial Alliance Insurance and Financial Services Inc. 900 37,481 39,987 Intact Financial Corp. 3,700 225,031 310,245 Metro Inc., Class 'A' 3,500 211,128 326,550 Open Text Corp. 2,800 163,180 189,308 Power Corp. of Canada 1,700 53,394 53,992 Power Financial Corp. 300 10,103 10,854 Rogers Communications Inc., Class 'B' 10,300 436,806 465,251 Saputo Inc. 7,300 157,863 254,916 Shaw Communications Inc., Class 'B' 8,000 204,643 250,800 Silver Wheaton Corp. 900 23,346 21,267 Thomson Reuters Corp. 3,100 128,938 145,297 3,410,889 4,240,248 China - 1.31%: Michael Kors Holdings Ltd. 2,391 209,594 207,980 Wynn Macau Ltd. 13,200 53,401 43,078 Yangzijiang Shipbuilding Holdings Ltd. 38,000 36,186 40,024 299,181 291,082 Denmark - 0.26%: William Demant Holding AS 659 56,806 58,074 6

Schedule of Investments (continued) December 31, 2014 7 Number Average Fair of shares cost value Finland - 0.22%: Fortum OYJ 1,956 49,495 49,263 France - 0.78%: Dassault Systèmes SA 2,432 154,419 172,268 Germany - 0.34%: Celesio AG 1,042 39,064 39,022 MAN SE 289 37,522 37,329 76,586 76,351 Hong Kong - 8.78%: Bank of East Asia Ltd. 12,400 55,772 57,876 Cathay Pacific Airways 20,000 40,853 50,483 Cheung Kong (Holdings) Ltd. 4,000 79,656 77,845 Cheung Kong Infrastructure Holdings Ltd. 10,000 82,341 85,732 CLP Holdings Ltd. 19,000 187,069 190,842 Hang Seng Bank Ltd. 5,200 91,216 100,345 HKT Trust and HKT Ltd. 48,000 67,008 72,409 Hopewell Holdings Ltd. 14,500 52,029 61,397 Hutchison Whampoa Ltd. 16,000 226,782 213,283 Li & Fung Ltd. 16,000 24,705 17,349 Link REIT (The) 4,000 26,891 29,005 MTR Corp. Ltd. 31,500 125,479 149,612 NWS Holdings Ltd. 9,000 14,506 19,222 PCCW Ltd. 24,000 17,069 18,998 Power Assets Holdings Ltd. 21,500 181,596 241,643 Swire Pacific Ltd., Class 'A' 28,500 351,777 429,927 Yue Yuen Industrial Holdings Ltd. 31,500 105,726 131,499 1,730,475 1,947,467 Japan - 4.00%: Aozora Bank Ltd. 54,000 181,848 195,104 Canon Inc. 2,400 87,372 89,043 FamilyMart Co. Ltd. 800 35,386 35,164 Hikari Tsushin Inc. 300 21,563 21,330 Hitachi Metals Ltd. 1,000 19,761 19,920 Japan Airlines Co. Ltd. 1,600 44,386 55,645 Lawson Inc. 1,100 77,604 77,468 Nagoya Railroad Ltd. 8,000 35,884 34,701 NTT DoCoMo Inc. 8,400 143,830 143,471 Oracle Corp. Japan 2,800 122,593 132,678 OTSUKA CORP. 600 22,970 22,142 Ricoh Co. Ltd. 1,700 20,299 20,184 Trend Micro Inc. 700 24,257 22,586 Yamada Denki Co. Ltd. 4,700 16,842 18,434 854,595 887,870

Schedule of Investments (continued) December 31, 2014 8 Number Average Fair of shares cost value Jersey - 0.34%: Randgold Resources Ltd. 950 67,012 75,148 Luxembourg - 0.51%: Millicom International Cellular SA 654 61,767 56,365 SES SA 1,342 56,730 55,890 118,497 112,255 Netherlands - 1.54%: Royal Dutch Shell PLC, Class 'A' 8,817 313,562 342,052 New Zealand - 3.16%: Auckland International Airport Ltd. 44,378 112,048 169,940 Contact Energy Ltd. 8,823 38,736 50,959 Fletcher Building Ltd. 11,321 83,858 85,065 Ryman Healthcare Ltd. 7,479 59,355 57,686 Telecom Corp. of New Zealand Ltd. 119,828 231,519 337,912 525,516 701,562 Singapore - 5.13%: Ascendas REIT 25,000 49,544 52,008 CapitaCommercial Trust 58,000 84,944 88,973 CapitaMall Trust 63,000 108,298 112,337 ComfortDelGro Corp. Ltd. 68,000 94,796 154,538 DBS Group Holdings Ltd. 1,000 14,611 18,006 Genting Singapore PLC 1,000 1,140 944 Hutchison Port Holdings Trust 73,000 56,508 58,385 Keppel Corp. Ltd. 7,000 65,155 54,150 SembCorp Industries Ltd. 17,000 73,184 66,125 Singapore Press Holdings Ltd. 19,000 68,497 69,918 Singapore Telecommunications Ltd. 17,000 56,240 57,952 StarHub Ltd. 66,000 215,770 239,412 Wilmar International Ltd. 58,000 162,687 164,258 1,051,374 1,137,006 Spain - 1.56%: Enagas 1,422 41,927 52,186 Gas Natural SDG SA 7,589 202,567 221,341 Iberdrola SA 9,359 72,023 73,416 316,517 346,943 Sweden - 0.75%: Industrivarden AB, Series 'C' 2,269 48,998 45,691 Swedish Match AB 2,189 80,570 79,286 Tele2 AB, Class 'B' 2,858 36,981 40,151 166,549 165,128

Schedule of Investments (continued) December 31, 2014 Number Average Fair of shares cost value Switzerland - 0.15%: Swiss Prime Site AG, Registered 385 33,680 32,761 United Kingdom - 7.29%: Admiral Group PLC 6,318 142,172 150,844 Centrica PLC 33,036 198,521 166,460 GlaxoSmithKline PLC 5,676 150,066 141,052 Imperial Tobacco Group PLC 6,093 220,502 312,072 Next PLC 2,268 248,781 279,348 Sage Group PLC (The) 22,958 155,029 193,089 SSE PLC 4,771 127,331 139,759 Tate & Lyle PLC 14,874 160,655 161,981 Unilever PLC 1,528 70,199 72,522 1,473,256 1,617,127 United States - 27.88%: Altria Group Inc. 3,237 154,686 184,727 Annaly Mortgage Management Inc. 9,554 116,062 119,623 Apple Inc. 3,597 345,031 459,868 Archer-Daniels-Midland Co. 99 5,484 5,963 AT&T Inc. 12,814 461,476 498,537 Ball Corp. 497 35,877 39,242 Baxter International Inc. 1,162 86,425 98,640 Bunge Ltd. 1,814 171,106 191,008 Citrix Systems Inc. 1,061 79,332 78,404 Clorox Co. 4,556 401,202 549,915 Coca-Cola Co. (The) 9,719 446,662 475,272 Costco Wholesale Corp. 633 87,756 103,927 Dr. Pepper Snapple Group Inc. 1,468 70,171 121,878 Duke Energy Corp. 185 14,261 17,901 Edwards Lifesciences Corp. 1,941 267,598 286,371 Entergy Corp. 5,416 436,127 548,769 Exelon Corp. 4,402 142,604 189,057 International Business Machines Corp. 108 20,125 20,070 Johnson & Johnson 1,744 152,831 211,230 Keurig Green Mountain Inc. 33 5,055 5,060 Kimberly-Clark Corp. 738 66,800 98,762 McDonald's Corp. 4,922 507,021 534,175 Omnicare Inc. 864 69,572 72,983 PepsiCo Inc. 875 76,506 95,834 Procter & Gamble Co. (The) 4,363 387,518 460,318 9

Schedule of Investments (continued) December 31, 2014 Number Average Fair of shares cost value Southern Co. (The) 6,272 330,809 356,762 Sprint Corp. 6,355 34,513 30,547 Tyson Foods Inc., Class 'A' 64 2,701 2,972 Verizon Communications Inc. 4,301 222,170 233,041 VMware Inc., Class 'A' 820 77,978 78,376 Wal-Mart Stores Inc. 148 11,681 14,722 5,287,140 6,183,954 Total equities - 99.21% 19,703,887 22,005,405 Transaction costs (14,559) Total investment portfolio - 99.21% $ 19,689,328 22,005,405 Other assets, net of liabilities - 0.79% 174,801 Net assets attributable to holders of redeemable units - 100.00% $ 22,180,206 See accompanying notes to financial statements. 10

Risk Disclosures 1. Financial instruments risk: Investment activities of the Analytic Global Low Volatility Equity Fund (the "Fund") expose the Fund to some financial instrument risks. The Fund's overall risk management program seeks to minimize the potentially adverse effect of risk on the Fund's financial performance in a manner consistent with the Fund's investment objectives and long-term investment time horizon. 2. Risk management: The Fund's objective is to pursue a low volatility strategy by constructing a portfolio of stocks with forecasted below average risk characteristics in an effort to achieve market-like returns with considerably less volatility than the global equity market as a whole. Analytic Investors is the sub-advisor ("Sub-Advisor") of the Fund and seeks to achieve this objective by employing an actively managed, liquid, long-only equity strategy. The Fund is expected to demonstrate a lower correlation to the overall market than traditional long-only strategies. The Fund is expected to outperform in falling markets and to lag during sharply rising markets. On a five-year moving average basis, the targeted risk reduction is 20% - 40% in standard deviation terms. The portfolio is managed by the Sub-Advisor, and has the following characteristics, at the time of trade: The Fund may hold up to an aggregate of 5% in cash and cash equivalents; No more than 5% of the market value of the portfolio may be invested in any single security; No more than 15% of the portfolio may be concentrated in any one industry; No more than 50% of the portfolio may be concentrated in securities of issuers domiciled in any one region. ADR's and GDR's are considered to be domiciled in the country where the ADR/GDR is listed for trading; and Minimum weight of any one region in the portfolio must be at least 50% of that region's weight in the MSCI World Index. 11

Risk Disclosures (continued) 2. Risk management (continued): While it is expected that currency exposures shall be typically unhedged, currency hedging, which use is restricted to reducing risk as part of a hedging strategy, is permitted. The Fund may enter into securities lending transactions. Securities lending transactions will be used in conjunction with the Fund's other investment strategies in a manner considered most appropriate by Integra Capital Limited (the "Trustee" and "Manager") to achieve the Fund's investment objectives and to enhance the Fund's returns. To assist with managing risk, the Manager also maintains a governance structure that oversees the Fund's investment activities and monitors compliance with the Fund's stated investment strategy and securities regulations. The Fund invests in a range of investment strategies that exposes it to various types of risks, as follows: (a) Credit risk: Credit risk on financial instruments is the risk of a loss occurring as a result of the default of an issuer on its obligation to a Fund. Credit risk is managed by dealing with issuers that are believed to be creditworthy and by regular monitoring of credit exposures. Additionally, credit risk is reduced by diversification of issuer, industry and geography. The carrying amount of the Fund's assets on the statements of financial position represents the maximum exposures to credit risk relating to financial assets and liabilities. The Fund's activities may give rise to settlement risk. "Settlement risk" is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the majority of transactions, the Fund mitigates this risk by conducting settlements through a broker to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. As at December 31, 2014, December 31, 2013 and January 1, 2013, the Fund had no significant investments in debt instruments and/or derivatives. 12

Risk Disclosures (continued) 2. Risk management (continued): (b) Counterparty credit risk: Counterparty credit risk primarily emanates from the use of over-the-counter derivatives. This risk is minimized by selecting counterparties who have a minimum of "A" credit rating. Ongoing monitoring of credit events/rating developments occurs to ensure the sustainable credit quality of the counterparty. Various factors are considered in the assessment process, including fundamental components of the counterparty's profile (such as capital adequacy, asset quality, profitability and liquidity) and credit ratings assigned to the counterparty. See Derivatives section below for exposures from foreign exchange forward contracts. (c) Currency risk: Changes in the value of the Canadian dollar compared to foreign currencies will affect the value, in Canadian dollars, of any foreign securities and account balances held in the Fund. From time to time, the Fund may manage currency risk through foreign currency hedging strategies. Currency risk arises on financial instruments denominated in foreign currencies. Fluctuations in foreign exchange rates impact the valuation of assets and liabilities denominated in foreign currencies. 13

Risk Disclosures (continued) 2. Risk management (continued): The tables below indicate the currencies to which the Fund had exposure directly on its trading monetary and non-monetary assets and liabilities, as well as the underlying principal amount of foreign exchange contracts: Currency riskexposed holdings Foreign (including exchange Net % of December 31, 2014 derivatives)* contracts exposure net assets U.S. Dollar $ 6,633,865 $ $ 6,633,865 29.91 Australian Dollar 3,437,307 3,437,307 15.50 British Pound 2,040,715 2,040,715 9.20 Hong Kong Dollar 1,990,548 1,990,548 8.97 Singapore Dollar 1,119,656 1,119,656 5.05 Japanese Yen 892,340 892,340 4.02 Euro 706,979 706,979 3.19 New Zealand Dollar 701,561 701,561 3.16 Swedish Krona 221,882 221,882 1.00 Danish Krone 58,074 58,074 0.26 Swiss Franc 32,935 32,935 *Amounts reflect the carrying value of monetary and non-monetary items. 14

Risk Disclosures (continued) 2. Risk management (continued): Currency riskexposed holdings Foreign (including exchange Net % of December 31, 2013 derivatives)* contracts exposure net assets U.S. Dollar $ 7,963,774 $ $ 7,963,774 28.49 Australian Dollar 4,879,772 4,879,772 17.45 British Pound 3,191,706 3,191,706 11.42 Euro 1,387,268 1,387,268 4.96 Hong Kong Dollar 1,364,278 1,364,278 4.88 Japanese Yen 1,230,093 1,230,093 4.40 Singapore Dollar 747,849 747,849 2.67 New Zealand Dollar 712,342 712,342 2.55 Norwegian Krone 388,414 388,414 1.39 Danish Krone 222,001 222,001 0.79 Swiss Franc 109,704 109,704 0.39 Swedish Krona 47,152 47,152 0.17 *Amounts reflect the carrying value of monetary and non-monetary items. Currency riskexposed holdings Foreign (including exchange Net % of January 1, 2013 derivatives)* contracts exposure net assets Japanese Yen $ 3,974,047 $ $ 3,974,047 26.41 U.S. Dollar 2,585,815 2,585,815 17.19 Australian Dollar 1,959,489 1,959,489 13.02 British Pound 985,342 985,342 6.55 Euro 447,391 447,391 2.97 Danish Krone 403,415 403,415 2.68 Hong Kong Dollar 370,706 370,706 2.46 New Zealand Dollar 271,091 271,091 1.80 Swedish Krona 232,864 232,864 1.55 Singapore Dollar 167,561 167,561 1.11 Swiss Franc 20,415 20,415 0.14 *Amounts reflect the carrying value of monetary and non-monetary items. 15

Risk Disclosures (continued) 2. Risk management (continued): As at December 31, 2014, had the Canadian dollar strengthened or weakened by 5% in relation to all currencies, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $891,793 (December 31, 2013 - $1,112,218; January 1, 2013 - $570,907). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. (d) Derivatives: The Fund utilizes foreign exchange forward contract hedging in the management of currency risk associated with its investment in foreign securities. The objective is to protect the Fund from the possibility of capital losses on foreign currency-denominated investments due to increases in the value of the Canadian dollar. However, credit and market risks associated with foreign exchange forward contracts potentially expose the Fund to losses. In order to minimize the possibility of losses arising from credit risk, the Fund deals only with large financial institutions with a minimum of "A" credit rating. Currency risk relates to the possibility that foreign exchange forward contracts change in value due to fluctuations in currency prices. The foreign exchange forward contracts are marked to market daily and the resulting unrealized gains or losses are recognized in the statements of financial position. The result of employing foreign exchange forward contracts is that the foreign exchange gains and losses in the securities portfolio move substantially in opposite directions from the gains and losses in the hedging portfolio. As at December 31, 2014, December 31, 2013 and January 1, 2013, the Fund did not directly hold any foreign exchange forward contracts. 16

Risk Disclosures (continued) 2. Risk management (continued): (e) Interest rate risk: Changes in market interest rates expose fixed-income securities, such as bonds, to interest rate risk. Funds that hold income investments are exposed to this risk since changes in prevailing market interest rates will affect the value of fixed income securities. Cash and cash equivalents comprise deposits with banks and highly liquid financial assets with maturities of three months or less; as a result, there is no significant risk of changes in their fair value and not subject to interest rate risk. The majority of the Fund's financial assets and liabilities are non-interest bearing. Accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. (f) Liquidity risk: Liquidity risk is the possibility that investments of the Fund cannot be readily converted into cash when required. The Fund may be subject to liquidity constraints because of insufficient volume in the markets for the securities of the Fund or the securities may be subject to legal or contractual restrictions on their resale. In addition, holders of redeemable units may redeem their units on each valuation date. Liquidity risk is managed by investing in securities that are traded in active markets and can be readily disposed, and by retaining sufficient cash and cash equivalent positions to maintain liquidity. The liabilities are all current and are due within 90 days, with the exception of net assets attributable to holders of redeemable units which are due upon request by the unitholder (refer to note 3). 17

Risk Disclosures (continued) 2. Risk management (continued): (g) Other market risk: Other market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices, other than those arising from interest rate risk or currency risk, whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital. The Sub-Advisor moderates this risk through a careful use of investment strategies and selection of securities and other financial instruments within the parameters of the investment strategy developed by the Manager of the Fund. The impact on net assets attributable to holders of redeemable units of the Fund as at December 31, 2014, due to a 5% increase or decrease in the Fund's benchmark (MSCI World ND Index), with all other variables held constant, would have been $687,586 (December 31, 2013 - $4,345,969; January 1, 2013 - $1,678,251). This calculation is based on the ex-ante tracking error of the Fund. In practice, the actual trading results may differ from the sensitivity analysis and the difference could be material. 18

Risk Disclosures (continued) 2. Risk management (continued): (h) Concentration risk: Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical location, product type, industry sector or counterparty type. The following is a summary of the Fund's concentration risk: Common shares As a % of net assets December 31, December 31, January 1, 2014 2013 2013 Canadian equities: Australia 15.40 17.36 12.26 Belgium 1.14 Bermuda 0.69 0.22 Canada 19.12 19.83 21.70 China 1.31 Denmark 0.26 0.79 2.68 Finland 0.22 0.03 France 0.78 0.63 Germany 0.34 1.01 0.75 Hong Kong 8.78 4.80 2.46 Ireland 1.52 Italy 0.20 Japan 4.00 4.39 26.38 Jersey 0.34 Luxembourg 0.51 0.08 1.28 Macau 0.08 Netherlands 1.54 1.05 2.08 New Zealand 3.16 2.60 1.80 Norway 1.40 Portugal 0.97 0.36 Singapore 5.13 2.86 1.11 Spain 1.56 0.97 Sweden 0.75 0.08 0.23 Switzerland 0.15 0.39 0.69 United Kingdom 7.29 10.33 5.44 United States 27.88 28.03 16.54 Total equities 99.21 99.24 97.28 Total investment portfolio 99.21 99.24 97.28 Other assets, net of liabilities 0.79 0.76 2.72 Net assets attributable to holders of redeemable units 100.00 100.00 100.00 19

Risk Disclosures (continued) 3. Capital risk management: The capital of the Fund is represented by issued redeemable units with no par value. The units of the Fund are entitled to distributions, if any, and any redemptions are based on the Fund's net asset value ("NAV") per unit. The Fund has no restrictions or specific capital requirements on the subscriptions and redemptions of units. The relevant movements are shown on the statements of changes in net assets attributable to holders of redeemable units. The Fund endeavours to invest its subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. 4. Fair value measurements: The Fund measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). Changes in valuation methods may result in transfers into or out of an investment's assigned level. 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 and changes in valuation methods may result in transfers into or out of an investment's assigned level. 20

Risk Disclosures (continued) 4. Fair value measurements (continued): The tables below summarize the inputs used in valuing the Fund's financial assets carried at fair values: December 31, 2014 Level 1 Level 2 Level 3 Total Financial assets: Equities $ 22,005,405 $ $ $ 22,005,405 December 31, 2013 Level 1 Level 2 Level 3 Total Financial assets: Equities $ 27,744,671 $ $ $ 27,744,671 January 1, 2013 Level 1 Level 2 Level 3 Total Financial assets: Equities $ 14,637,218 $ $ $ 14,637,218 All fair value measurements above are recurring. Fair values are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available. If an instrument classified as Level 1 subsequently ceases to be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless the measurement of its fair value requires the use of significant unobservable inputs; in which case, it is classified as Level 3. The Fund's equity positions are classified as Level 1 when the security is actively traded and a reliable price is observable. For the years ended December 31, 2014 and December 31, 2013, no investments were transferred from any level as a result of the securities no longer being traded in an active market and no investments were transferred from any level as a result of the securities now being traded in an active market. 21

Notes to Financial Statements 1. Establishment of the Fund: The Analytic Global Low Volatility Equity Fund (the "Fund") is an open-ended investment unincorporated trust created under the laws of the Province of Ontario by a Declaration of Trust. The address of the Fund's registered office is 2020 Winston Park Drive, Oakville, Ontario. The Fund was established on February 28, 2012 and commenced operations on October 1, 2012. Integra Capital Limited is the Manager and Trustee of the Fund and is the corporate entity registered with the Canadian regulatory authorities. The Fund's assets are custodies at the Canadian Imperial Bank of Commerce. The Manager is registered in every province as a portfolio manager and exempt market dealer and is registered in the Provinces of Newfoundland and Labrador, Ontario and Quebec as an investment fund manager. In the Province of Ontario, the Manager is additionally registered as commodity trading manager. The Fund is not a reporting issuer and is exempt, pursuant to National Instrument 81-106, Investment Fund Continuous Disclosure, from the requirement to file its financial statements with the regulatory authorities and has notified the Ontario Securities Commission that it is relying on this exemption. 2. Basis of preparation: (a) Basis of accounting: The financial statements have been prepared in compliance with International Financial Reporting Standards ("IFRS"), as published by the International Accounting Standards Board ("IASB"). These are the Fund's first annual financial statements prepared in accordance with IFRS and IFRS 1, First-time Adoption of International Financial Reporting Standards, has been applied. Previously, the Fund prepared its financial statements in accordance with Canadian generally accepted accounting principles, as defined in Part V of the Chartered Professional Accountants of Canada Handbook ("Canadian GAAP"). The Fund has consistently applied the accounting policies used in the preparation of its opening IFRS statement of financial position at January 1, 2013 and throughout all years presented, as if these policies had always been in effect. Note 9 discloses the impact of the transition to IFRS on the Fund's reported financial position, financial performance and cash flows, including the nature and effect of significant changes in accounting policies from those used in the Fund's financial statements for the year ended December 31, 2013 prepared under Canadian GAAP. 22

Notes to Financial Statements (continued) 2. Basis of preparation (continued): These financial statements were authorized for issue by the Manager on March 23, 2015. (b) Basis of measurement: These financial statements have been prepared on a historical cost basis, except for financial assets and financial liabilities at fair value through profit or loss ("FVTPL"), which are presented at fair value. (c) Functional and presentation currency: These financial statements are presented in Canadian dollar, which is the Fund's functional currency. 3. Significant accounting policies: (a) Financial instruments: (i) Recognition, initial measurement and classification: Financial assets and financial liabilities at FVTPL are initially recognized on the trade date, which is the date on which the Fund becomes a party to the contractual provisions of the instrument. Other financial assets and financial liabilities are recognized on the date on which they are originated. Financial assets and financial liabilities at FVTPL are initially recognized at fair value, with transaction costs recognized in the statements of comprehensive income. Financial assets or financial liabilities not at FVTPL are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue. 23

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): The Fund classifies financial assets and financial liabilities into the following categories: Financial assets at FVTPL: Held-for-trading ("HFT"): derivative financial instruments; Designated as FVTPL: debt securities and equity investments; and Financial assets at amortized cost: all other financial assets are classified as loans and receivables. Financial liabilities at FVTPL: HFT: derivative financial instruments; and Financial liabilities at amortized cost: all other financial liabilities are classified as other financial liabilities. (ii) Fair value measurement: 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 in the principal or, in its absence, the most advantageous market to which the Fund has access at that date. The fair value of a liability reflects its non-performance risk. When available, the Fund measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as "active" if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Fund measures instruments quoted in an active market at last sale or close price, where the close price falls within the day's bid-ask spread. In circumstances where the close price is not within the day's bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair value based on specific facts and circumstances. Investments held include equities, listed warrants, options, short-term notes, treasury bills, bonds, asset-backed securities and other debt instruments. 24

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): Investments held that are not traded in an active market are valued based on the results of valuation techniques using observable market inputs where possible, on such basis and in such manner established by the Manager. Investments in other pooled funds are valued at the net asset value "NAV") per unit reported by each pooled fund. See risk disclosures for more information about the Fund's fair value measurements. The fair value of a forward contract is the gain or loss that would be realized if, on the valuation date, the positions were closed out. The forward contract is valued using an interpolation of the foreign exchange rate based on the length of the forward contract. The change in fair value on forward contracts are reflected in the statements of comprehensive income as change in unrealized appreciation (depreciation) on derivatives. When the forward contracts are closed out, any gains or losses realized are included in net realized gain or loss on derivatives. The fair values of foreign currency-denominated investments and other foreign currency-denominated assets and liabilities are translated into Canadian dollars at exchange rates prevailing on the reporting dates. The fair values of other financial assets and liabilities approximate their carrying values due to the short-term nature of these instruments. (iii) Offsetting: Financial assets and liabilities are offset and the net amount presented in the statements of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis for gains and losses from financial instruments at fair value through profit or loss and foreign exchange gains and losses. 25

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): (b) Cash and cash equivalents: Cash and cash equivalents consist of cash on deposit and short-term, interest-bearing notes with a term to maturity of less than three months from the date of purchase. (c) Investment transactions and income recognition: The Fund follows the accrual method of recording investment income and expenses. Security transactions are recorded on the trade date. Dividends are accrued as of the ex-dividend date. Stock dividends are recorded in income based on the fair value of the security on the ex-dividend date. The interest for distribution purposes shown on the statements of comprehensive income represents the coupon interest received by the fund accounted for on an accrual basis. The fund does not amortize premiums paid or discounts received on the purchase of fixed income securities, except for zero coupon bonds, which are amortized on a straight-line basis. Realized gain on sale of investments and unrealized appreciation of investments are determined on an average cost basis. Average cost does not include amortization of premiums or discounts on fixed income securities with the exception of zero coupon bonds. The Fund generally incurs 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 as a separate expense in the statements of comprehensive income. 26

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): (d) Cost of investments: The cost of investments represents the amount paid for each security and is determined on an average cost basis, excluding commissions and other transaction costs. (e) Transaction costs: Commissions and other transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of an investment, which include fees and commissions paid to agents, advisors, levies by regulatory agencies and securities exchanges, and transfer taxes and duties. Commissions and transaction costs are included as expenses in the statements of comprehensive income. (f) Securities lending transactions: The Fund is permitted to enter into securities lending transactions. These transactions involve the temporary exchange of securities for collateral with a commitment to redeliver the same securities at a future date. Income is earned from these transactions in the form of fees paid by the counterparty. Income earned from these transactions is recognized on an accrual basis and included in the statements of comprehensive income. (g) Foreign currency translation: The fair values of foreign currency-denominated investments are translated into Canadian dollars, using the prevailing rate of exchange on each valuation date. Income, expenses and investment transactions in foreign currencies are translated into Canadian dollars at the rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains and losses are presented as "net realized gain (loss) on foreign exchange", except for those arising from financial instruments at FVTPL, which are recognized as a component within "net realized gain on sale of investments" and "change in net unrealized appreciation of investments" in the statements of comprehensive income. 27

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): (h) Income taxes: The Fund presently qualifies as a unit trust under the provisions of the Income Tax Act (Canada) and, accordingly, is not taxed on that portion of its taxable income, which is paid or payable to unitholders at the end of the taxation year. The Fund has elected for a December 31 taxation year end. The Fund pays out sufficient net income and net realized capital gains so that it will not be subject to income taxes. Accordingly, no provision for income taxes has been made in these financial statements. Capital losses and non-capital losses incurred by the Fund cannot be allocated to unitholders but capital losses may be carried forward indefinitely to reduce future realized capital gains and non-capital losses may be carried forward for 20 taxation years to reduce future net income for tax purposes. As at December 31, 2014, the Fund had nil non-capital losses (December 31, 2013 - nil; January 31, 2013 - nil) and nil net capital losses carryforward (December 31, 2013 - nil; January 31, 2013 - nil). Certain dividends and interest income received by the Fund are subject to withholding tax imposed in the country of origin. (i) Redeemable units: For each Fund unit sold, the Fund receives an amount equal to the NAV per unit at the date of sale, which amount is included in net assets attributable to holders of redeemable units. Units are redeemable at the option of unitholders at their NAV on the redemption date. For each unit redeemed, net assets attributable to holders of redeemable units are reduced by the NAV of the unit at the date of redemption. The redeemable shares are measured at the present value of the redemption amounts and are considered a residual amount of the net assets attributable to holders of redeemable units. 28

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): The capital of the Fund is represented by issued redeemable units with no par value. The units of the Fund are entitled to distributions, if any, and any redemptions are based on the Fund's net asset attributable to holders of redeemable shares per unit. The Fund has no restrictions or specific capital requirements on the subscriptions and redemptions of the units. The relevant movements are shown on the statements of changes in net assets attributable to holders of redeemable units. The Fund endeavours to invest its subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions. Redeemable unit transactions during the years were as follows: 2014 2013 Number of Number of Fund units Amount Fund units Amount Redeemable units issued 81,671 $ 1,061,173 836,327 $ 9,756,134 Redeemable units redeemed (877,473) (10,944,389) (97,445) (1,103,628) Redeemable units issued on reinvestments 347,429 3,900,172 186,283 2,148,367 The number of issued and outstanding units as at December 31, 2014 is 1,975,820 (December 31, 2013-2,424,193; January 1, 2013-1,499,028). Net assets attributable to holders of redeemable units are calculated for each unit of the fund by taking the proportionate share of the Fund's net assets attributable to holders of redeemable units and dividing by the number of units outstanding on the valuation date. The increase in net assets attributable to holders of redeemable units per unit in the statements of comprehensive income represents the change in net assets attributable to holders of redeemable units divided by the weighted average number of units outstanding during the reporting years. Income, expenses other than management fees, and realized and unrealized capital gains (losses) are distributed in proportion to the amount invested in them. The weighted average number of units outstanding for the year ended December 31, 2014 is 1,818,712 (December 31, 2013-1,759,069). 29

Notes to Financial Statements (continued) 3. Significant accounting policies (continued): The Fund's units are classified as a liability under International Accounting Standards ("IAS") 32, Financial Instruments - Presentation ("IAS 39") as there is a requirement to make distributions to unitholders. The units are measured at the present value of the redemption amount and are considered a residual amount. As at December 31, 2014, there is no difference between net assets attributable to holders of redeemable units and net asset value attributable to holders of redeemable units. (j) Receivables or payables for portfolio securities sold or purchased: In accordance with the Fund's policy of trade date accounting for regular way sale and purchase transactions, sales/purchase transactions awaiting settlement represent amounts receivable/payable for portfolio securities sold/purchased, but not yet settled as at the reporting dates. (k) Future accounting changes: The IASB has issued the following new standard and amendment to existing standards that are not yet effective. The Fund has not yet begun the process of assessing the impact the new and amended standard will have on its financial statements or whether to early adopt any of the new standards. IFRS 9, Financial Instruments ("IFRS 9"): IFRS 9 was issued by the IASB in November 2009 and will replace IAS 39, Financial Instruments - Recognition and Measurement ("IAS 39"). IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets. The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS 39. In October 2010, the IASB issued a revised version of IFRS 9. The revised standard adds guidance on the classification and measurement of financial liabilities. IFRS 9 is effective for fiscal years beginning on or after January 1, 2018. The Manager is in the process of evaluating the impact of IFRS 9 on the Fund's financial statements. 30

Notes to Financial Statements (continued) 4. Critical accounting estimates and judgments: In preparing these financial statements, the Manager has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The most significant accounting judgment and estimate that the Fund has made in preparing the financial statements is determining the fair value measurement of derivatives and investments not quoted in an active market, if any. See note 3 for more information on the fair value measurement of the Fund's financial instruments. 5. Net changes from financial instruments at FVTPL: Net changes in fair value on financial assets and financial liabilities at FVTPL are presented in the statements of comprehensive income and comprise the following: net realized gain on sale of investments, net realized loss on sale of derivatives, net change in unrealized appreciation of investments and derivatives and interest income for distribution purposes. Their classifications between HFT and designated at FVTPL are presented in the following table: Net gains 2014 2013 Financial assets at FVTPL: Designated at inception $ 4,292,331 $ 4,396,705 6. Brokerage commissions: Brokerage commissions on portfolio transactions may also include research services provided to the Sub-Advisor. The value of the research services paid to certain brokers for the years ended December 31, 2014 and 2013 was nil. 31

Notes to Financial Statements (continued) 7. Securities lending: The Fund lends portfolio securities from time to time in order to earn additional income. The Fund has entered into a securities lending program with Bank of New York Mellon. The aggregate market value of all securities cannot exceed 50% of the net assets attributable to holders of redeemable units of the Fund. The Fund receives collateral in the form of debt obligations of the Government of Canada and any other Sovereign States and Canadian provincial governments, against the loaned securities. The Fund maintains a minimum collateral requirement of 102% for North American equities and 105% for Non-North American equities of the market value of the loaned securities during the period of the loan. As at December 31, 2014, certain securities shown in the statements of financial position with a market value of $1,147,983 (December 31, 2013 - $1,384,343; January 1, 2013 - $372,462) had been loaned as part of the securities lending program. The counterparty has pledged securities with a market value of $1,217,884 (December 31, 2013 - $1,459,782; January 1, 2013 - $394,527) as collateral for such loans. Under the terms of the program, the Fund may instruct that securities be returned within three days. 8. Related party transactions and fund expenses: The Manager administers and regulates the day-to-day operations of the Fund. Effective January 1, 2014, in return for the services provided, the Manager receives management fees from the Fund's holders of redeemable units, based on the NAV of the Fund. Prior to January 1, 2014, the management fees were paid to the Manager's parent company, Integra Capital Management Corporation. These management fees are paid either by a redemption of units or the unitholder, if an institution, may be invoiced and payment will be delivered to the Manager. The Manager and its parent company, Integra Capital Management Corporation, allocate various operating costs to the Fund. These expenses include a portion of the expenses related to trust accounting, compliance, fund accounting and administration functions that are performed by the Manager and its parent company on behalf of the Fund. These costs are reported in the operating expenses of the Fund reported in the statements of comprehensive income. 32

Notes to Financial Statements (continued) 8. Related party transactions and fund expenses (continued): The Fund is responsible for its operating expenses relating to the carrying on of its business, including custodial services, legal, Independent Review Committee fees (if applicable), audit fees, transfer agency services relating to the issue and redemption of units, and the cost of financial and other reports in compliance with all applicable laws, regulations and policies. The Manager pays for such expenses on behalf of the Fund, except for certain expenses, such as interest and taxes, and is then reimbursed by the Fund. The Manager, at its discretion, may agree to waive or absorb certain expenses associated with the Fund. Expenses waived or absorbed by the Manager in the amount of $5,886 (2013 - nil) are shown in the statements of comprehensive income. Such absorption or waiver, where applicable, may be terminated by the Manager at any time without notice. Employees of the Manager may hold interests in the Fund via the Company's group retirement plan or through a broker. However, the employees' interests cumulatively represent less than 5% of the Fund's outstanding units. 9. Transition to IFRS: The effect of the Fund's transition to IFRS is summarized in this note as follows: (a) Transition elections: The only voluntary exemption adopted by the Fund upon transition was the ability to designate a financial asset and liability at FVTPL upon transition to IFRS. All financial assets designated at FVTPL upon transition were previously carried at fair value under Canadian GAAP. (b) Statement of cash flows: Under Canadian GAAP, the Fund was exempt from providing a statement of cash flows. IAS 1, Presentation of Financial Statements, requires that a complete set of financial statements include statements of cash flows for the current and comparative years, without exception. 33

Notes to Financial Statements (continued) 9. Transition to IFRS (continued): (c) Reconciliation of equity and comprehensive income, as previously reported under Canadian GAAP to IFRS: Equity: December 31, January 1, 2013 2013 Equity reported under Canadian GAAP $ 27,899,228 $ 15,019,211 Revaluation of investments at FVTPL 58,476 26,434 Net assets attributable to holders of redeemable units $ 27,957,704 $ 15,045,645 Comprehensive income: December 31, 2013 Comprehensive income reported under Canadian GAAP $ 4,227,511 Revaluation of investments at FVTPL 32,042 Increase in net assets attributable to holders of redeemable units $ 4,259,553 (i) Classification of redeemable units issued by the Fund: Under Canadian GAAP, the Fund accounted for its redeemable units as equity. Under IFRS, IAS 32, requires that units or shares of an entity, which include a contractual obligation for the issuer to repurchase or redeem them for cash or another financial asset be classified as financial liability. The Fund's units do not meet the criteria in IAS 32 for classification as equity as there is a requirement to distribute net income and capital gains earned by the Fund and, therefore, have been reclassified as financial liabilities on transition to IFRS. 34

Notes to Financial Statements (continued) 9. Transition to IFRS (continued): (ii) Revaluation of investments at FVTPL: Under Canadian GAAP, the Fund measured the fair values of its investments in accordance with Section 3855, Financial Instruments - Recognition and Measurement, which required the use of bid prices for long positions and ask prices for short positions, to the extent such prices are available. Under IFRS, the Fund measures the fair values of its investments using the guidance in IFRS 13, Fair Value Measurement, which requires that if an asset or a liability has a bid price and an ask price, then its fair value is to be based on a price within the bid-ask spread that is most representative of fair value. It also allows the use of mid-market pricing or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. As a result, upon adoption of IFRS, an adjustment was recognized to increase the carrying amount of the Fund's investments by $26,434 at January 1, 2013 and $58,476 as at December 31, 2013. The impact of this adjustment was to increase the Fund's increase in net assets attributable to holders of redeemable units by $32,042 for the year ended December 31, 2013. (iii) Reclassification adjustments: In addition to the measurement adjustments noted above, the Fund reclassified certain amounts upon transition in order to conform to its financial statement presentation under IFRS. Withholding taxes of $50,188 for the year ended December 31, 2013, which were previously netted against dividend income under Canadian GAAP, have been reclassified and presented separately as expense under IFRS. 35