DOCSLIB.ORG

Scotia North American Equity Fund (Formerly Scotia Cassels North American Equity Fund)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Scotia North American Equity Fund (Formerly Scotia Cassels North American Equity Fund) Scotia North American Equity Fund (formerly Scotia Cassels North American Equity Fund) Management Report of Fund Performance (as at December 31, 2009) This annual management report of fund performance contains Risk financial highlights, but does not contain the complete annual The overall risks of investing in the fund remain as discussed financial statements of the fund. You can get a copy of the in its simplified prospectus. The fund remains suitable for annual financial statements at your request, and at no cost, by investors who want dividend income as well as the growth calling toll-free 1 800 268-9269 (416 750-3863 in Toronto) for potential of investing in a broad range of Canadian and U.S. English, or 1 800 387-5004 for French or by asking your mutual equity securities, who can accept medium risk and who are fund representative. You can also write to us at 40 King Street investing for the long term. West, P.O. Box 4085, Stn. A, Scotia Plaza, Toronto, Ontario M5Z 2X6, or download from www.scotiafunds.com or Results of Operations www.sedar.com. Over the review period, the fund returned 19.0% compared to You may also contact us using one of these methods to request 35.0% for the S&P/TSX Composite Index and 23.7% for the a copy of the fund’s proxy voting policies and procedures, proxy blended index consisting of 50% S&P/TSX Composite Index and voting disclosure record, or quarterly portfolio disclosure. 50% S&P 500 Composite Index (in Canadian dollars). In In this document, we, us, our and the Manager refers to Scotia contrast to the index, the fund’s return is after the deduction Asset Management L.P. and fund refers to the Scotia North of fees and expenses. American Equity Fund. The S&P/TSX Composite Index ended the year up 35.0%. This report may contain forward-looking statements about the Towards the end of 2008, the energy, financials and materials fund. Such statements are predictive in nature and depend sectors were the largest detractors from the fund’s performance upon or refer to future events or conditions and may include as a result of the global credit crisis and falling oil prices. such words as “expects”, “plans”, “anticipates”, “believes”, “esti- However, these same sectors were positive contributors to mates” or other similar expressions. In addition, any statement performance in 2009. The financials sector generated strong regarding future performance, strategies, prospects, action or returns over the year, as a result of increased confidence in plans is also a forward-looking statement. Forward-looking major Canadian financial institutions. Increased demand for statements are subject to known and unknown risks and oil, gold and other commodities pushed the prices higher, uncertainties and other factors that may cause actual results, allowing the energy and materials sectors to produce strong performance, events, activity and achievements to differ mate- gains. Also adding value to the fund was the information rially from those expressed or implied by such statements. technology sector, which posted positive performance largely Such factors include general economic, political and market due to very strong results from Research in Motion. conditions, interest and foreign exchange rates, regulatory or In U.S. markets, the S&P 500 Composite Index returned 7.4% judicial proceedings, technological change and catastrophic (in Canadian dollars) over the year. Over the review period, events. You should consider these and other factors carefully the perceived risk of a depression abated and global equity before making any investment decisions and before relying on markets began to advance on forecasts of a recovery. One of forward-looking statements. We have no specific intention of the main drivers for the reversal of the economic decline in updating any forward-looking statements whether as a result the U.S. was the implementation of the Trouble Asset Relief of new information, future events or otherwise. Program (TARP), which provided massive government interven- tion. Dramatic interest rate cuts were also made, which helped Management Discussion of Fund Performance a struggling housing sector. Over the year, one of the largest Investment Objectives and Strategies detractors from the performance of the U.S. equity component of the fund was the Canadian dollar, which appreciated more The fund’s objective is to earn dividend income while providing than 15% versus the U.S. dollar. long-term capital appreciation. It invests primarily in compa- nies located in Canada and the United States. The fund underperformed the broad based index because of its allocation to U.S. equities. In general, U.S. equities generated The portfolio advisor uses fundamental analysis to identify lower returns than Canadian equities, which benefited from a investments that have the potential for above-average growth stronger financials sector and rising energy and commodity over the long term. This involves evaluating the financial prices. Relative to the index, the fund’s modest overweight condition and management of each company, as well as its positions in Teck Resources and Royal Bank of Canada posi- industry and the economy. The fund’s assets are diversified by tively contributed to the overall return, while its exposure to industry and company to help reduce risk. Johnson & Johnson and Exelon detracted the most. For the period, the fund experienced net sales of $80,900,922. 1 SCOTIA NORTH AMERICAN EQUITY FUND Recent Developments Related Party Transactions Over the review period, the portfolio advisor added approxi- We are the trustee, manager, portfolio advisor, registrar and mately 30 different stocks to the fund in order to increase transfer agent of the fund. The fund pays us a management diversification and reduce downside risk. The portfolio advisor fee, which may vary for each class of units of the fund. The expects to maintain this position going forward. The portfolio Bank of Nova Scotia (“Scotiabank”), the parent company of the advisor also increased the fund’s exposure to the industrials Manager, earns fees for of providing custodial services, includ- and information technology sectors and has maintained the ing safekeeping and administrative services and unitholder fund’s modest overweight positions in the energy and materials record-keeping services to the fund. sectors. In addition, the portfolio advisor expects to maintain Certain of the funds hold units of other funds managed by the the fund’s regional bias to Canadian stocks in the short term. Manager. Such underlying funds pay their own fees and The portfolio advisor remains optimistic that equity markets expenses, which are in addition to the fees and expenses will move higher during the course of 2010, potentially benefit- payable by a fund that invests in the underlying fund. No ing the fund’s performance. In general, the portfolio advisor’s management fees are payable by a fund if the payment of those outlook on the overall economy appears to be favourable, but fees could reasonably be perceived as a duplication of fees remains cautious as one of the biggest perceived risks to payable by an underlying fund for the same service. financial markets in 2010 will be the potential withdrawal of Our affiliates may earn fees and spreads in connection with quantitative easing and rising interest rates. various services provided to, or transactions with, the fund, On November 1, 2009 Scotiabank completed a reorganization of such as banking, brokerage, securities lending, foreign its asset management business. As part of that reorganization exchange and derivatives transactions. We, or our affiliates, the fund manager operations of Scotia Securities Inc. and the may earn a foreign exchange spread when unitholders switch investment management operations of Scotia Cassels Invest- between units of funds denominated in different currencies. ment Counsel Limited were transferred to and continue under The fund also maintains bank accounts and over-draft provi- Scotia Asset Management L.P. (SAM). As a result, on Novem- sions with Scotiabank for which Scotiabank may earn a fee. ber 1, 2009, Scotia Asset Management L.P. replaced Scotia For certain classes of units of the fund, Scotia Securities Inc., Securities Inc. as the trustee and manager of the fund and a wholly-owned subsidiary of Scotiabank, is the principal replaced Scotia Cassels Investment Counsel Limited as portfo- distributor for which it is paid a trailer commission by the lio advisor of the fund. Manager. Units of the funds are also distributed through At the time of writing, the Government of Ontario has brokers and dealers, including Scotia Capital Inc. (“SCI”), a announced its intention to harmonize the provincial sales tax wholly-owned subsidiary of Scotiabank. SCI, like other dealers, with the federal goods and services tax (GST). If the proposed is paid a trailer commission by the Manager for distributing harmonization proceeds as announced, effective July 1, 2010, certain classes of units of the fund. Trailer commissions are the Manager may be required to collect a combined 13% paid by the Manager out of the management fees it receives harmonized sales tax on management fees paid to it by the from the fund and are based on the average value of assets Fund. Currently, management fees charged by the Manager to held by each dealer. the Fund and other expenses are subject only to the 5% federal The Manager has established an independent review committee GST. Since the MER of the Fund includes taxes, if a 13% (“IRC”) which acts as an impartial and independent committee harmonized sales tax were to apply to management fees and to review and provide recommendations or, in certain cases, other expenses paid by the Fund, the MER of the Fund would approvals respecting any conflict of interest matters referred to increase to reflect the additional taxes payable on management it by the Manager.
Load more

Recommended publications
  • Widening the Circle Increasing Opportunities for Aboriginal People in the Workplace
    Widening the circle Increasing opportunities for Aboriginal people in the workplace Deloitte’s Dialogue on Diversity Contents How can we increase opportunities for Aboriginal people in business? . 2 Just the facts . .4 What we learned - Begin with relationships . 6 Commit for the long term . .8 Bolster skills and education . 9 Review recruiting and hiring practices . .12 Foster cultural awareness . 15 Reach out to small business . 17 Prevent isolation . .18 Leverage goodwill . .19 Focus on retention . .19 Align programs . 21 Support Aboriginal businesses . .21 Break down myths and prejudices . 22 Tell a new story . .23 Top 10 best practices . .24 Why Dialogue on Diversity? . .25 The path from tolerance to acceptance to diversity to inclusion is a long one. Widening the circle 1 How can we increase opportunities for Aboriginal people in business? Recognizing that Aboriginal people make up the As more Aboriginal people attain higher- fastest-growing segment of Canada’s labour force level education, it is important that Canadian – with a sizeable under-25 population eager to employers provide them with a fair and fulfill its potential – Deloitte chose to make equal chance at a wide range of careers and “creating connections” between this group and advancement opportunities . By including business the focus of our Dialogue on Diversity . Aboriginal people in their talent pools, employers The dialogues, held in nine locations from can take advantage of the new perspectives that Vancouver to St . John’s, began on May 3 and often lead to innovation and improved business wrapped up on June 14, 2012 . We listened and results, while demonstrating leadership for other learned from passionate, proactive speakers who businesses .
    [Show full text]
  • BMO Growth GIC Reference Portfolio
    BMO® Growth GIC December 2011 - Series 56 Term 4 Years 100% Principal Protected Minimum Investment $1000 Maximum Rate of Return for the Term 17.00% (4.25% annually*) This medium term GIC allows you to participate in the growth This GIC may be right for you if you: of Canadian stocks with no risk to your principal investment. It are looking to diversify your portfolio with a medium term offers the potential to generate returns based on the investment peformance of a basket of 15 large Canadian companies. would like principal protection Reference Portfolio are willing to forego a guaranteed return for the potential to earn higher market-linked returns Company can keep your money invested until the end of the term Royal Bank of Canada (RY) Manulife Financial Corp. (MFC) Bank of Nova Scotia (The) (BNS) This GIC is an excellent way for you to gain access to the Toronto-Dominion Bank (The) (TD) returns on a portfolio of 15 large Canadian companies with the Canadian Imperial Bank of Commerce (CM) security of principal protection. Thomson Reuters (TRI) Principal protection - 100% of your original investment is returned to you at maturity Sun Life Financial Inc. (SLF) Manitoba Telecom Inc. (MBT) Higher return potential based on the performance of a portfolio of Canadian stocks Brookfield Asset Management, Class A (BAM.A) ® TransCanada Corp. (TRP) Designed in partnership with BMO Capital Markets , a market leader in creating innovative investment solutions Power Financial Corp. (PWF) Enbridge Inc. (ENB) Guaranteed by Bank of Montreal National Bank of Canada (NA) Eligible for Canada Deposit Insurance Corporation (CDIC) Teck Resources Ltd., Class B (TCK.B) deposit insurance up to applicable limits CI Financial Corp.
    [Show full text]
  • Fort Hills Update
    Teck Resources Limited +1 604 699 4000 Tel Suite 3300, 550 Burrard Street +1 604 699 4750 Fax Vancouver, BC Canada V6C 0B3 www.teck.com For Immediate Release Date: January 3, 2018 18-1-TR Teck Provides Update on Fort Hills Project Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today provided an update on progress at the Fort Hills Project. Suncor, as operator of the Fort Hills Energy Limited Partnership, has confirmed that during 2017, the mine, primary extraction, utilities and froth assets were commissioned. More than 80% of the Fort Hills plant is now operational and has safely run at full capacity through the test runs over the past four months. All three secondary extraction trains are mechanically complete with the first train in its final commissioning stage. First oil is expected in mid-January. The second and third trains are currently being insulated and expected to start up in the first half of 2018, as planned. Fort Hills remains on track to reach 90% capacity by the end of 2018. The Fort Hills partners have resolved a previously announced commercial dispute. Suncor and Teck have each acquired an additional working interest in the Fort Hills project from Total E&P Canada (Total). Suncor’s share of the project has increased from 50.8% to 53.06% and Teck’s share has increased from 20% to 20.89%. Total’s share has decreased from 29.2% to 26.05%. Suncor and Teck have funded an increased share of the project capital, in the amounts of approximately $300M and $120M respectively, commensurate with the additional working interests, which may be further adjusted in accordance with the terms of the Fort Hills partnership agreement, as amended, based on the parties’ respective contributions to project costs.
    [Show full text]
  • 2018 Annual Report Fellow Shareholders, Governance and Shareholder Outreach
    Manulife Financial Corporation Who Manulife Financial Corporation is Our five Portfolio Optimization we are a leading international financial strategic We are actively managing our priorities services group providing financial 1 legacy businesses to improve advice, insurance, as well as returns and cash generation while wealth and asset management reducing risk. solutions for individuals, groups, and institutions. We operate as John Hancock in the United States Expense Efficiency and Manulife elsewhere. We are getting our cost structure 2 into fighting shape and simplifying and digitizing our processes to position us for efficient growth. Accelerate Growth We are accelerating growth in our 3 highest-potential businesses. Our Digital, Customer Leader mission Decisions We are improving our customer 4 experiences, using digitization and made easierr. innovation to put customers first. Lives High-Performing Team made betterr. We are building a culture that 5 drives our priorities. Our Our Values represent how we Obsess Do the Values operate. They reflect our culture, about right thing inform our behaviours, and help define how we work together. customers Manulife Note: Growth in core earnings, assets under Core Earnings (C$ billions) management and administration (AUMA), and by the new business value are presented on a constant $5.6 billion exchange rate basis. numbers Total Company, Global Wealth and Asset Management (Global WAM), and Asia core earnings up 23%, 21%, and 20%, respectively, from 2017. 5.6 4.6 4.0 3.4 2.9 2014 2015 2016 2017 2018 Assets Under Management and Administration Net Income Attributed to Shareholders (C$ billions) (C$ billions) $1,084 billion $4.8 billion Over $1 trillion in AUMA.
    [Show full text]
  • Tony Jensen, President and CEO Scotiabank Mining Conference November 28, 2018 NASDAQ: RGD Cautionary Statement
    NASDAQ: RGLD Tony Jensen, President and CEO Scotiabank Mining Conference November 28, 2018 NASDAQ: RGD Cautionary Statement Cautionary “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‐looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from the projections and estimates contained herein and include, but are not limited to statements with regard to: solid, steady and successful performance; expectations about second quarter sales and inventories; expectations to repay June 2019 bonds with cash from revolver; gold focus; reinvesting cash flow; disciplined capital allocation; timing of transactions; business opportunities from financial restructurings and M&A activity; growing and sustainable dividend and annual dividend increases; shareholder return; portfolio opportunity; investment in the Peak Gold Joint Venture; resultsof2017IMCresourceestimate for the Peak Gold Joint Venture and September 2018 updates thereto; results of 2018 Preliminary Economic Analysis for the Peak Gold Joint Venture, including estimates of gold production, mine life, throughput, gold and silver recovery, strip ratio, initial capital, total cash costs, and internal rate of return; expected expansion and target throughput and production at Pueblo Viejo; expected first gold and commercial production,
    [Show full text]
  • Our 2017 Annual Report
    Teck 2017 Annual Report 2017 Teck Horizons Horizons 2017 Annual Report Teck Resources Limited Suite 3300, 550 Burrard Street Vancouver, British Columbia, Canada V6C 0B3 +1.604.699.4000 Tel +1.604.699.4750 Fax www.teck.com Setting Possibilities in Motion Our Business Corporate Information 2017 Share Prices and Trading Volume Teck is a diversified resource company committed to responsible mining and mineral Class B subordinate voting shares–TSX–CAD$/share development with business units focused on steelmaking coal, copper, zinc and energy. High Low Close Volume Headquartered in Vancouver, British Columbia (B.C.), Canada, we own or have interests in Q1 $ 34.60 $ 25.90 $ 29.08 166,166,974 Q2 $ 32.18 $ 19.27 $ 22.48 143,220,254 12 operating mines, one large metallurgical complex, an oil sands mining and processing Q3 $ 31.92 $ 22.05 $ 26.27 147,983,981 Q4 $ 33.76 $ 25.89 $ 32.87 116,086,280 operation, and several major development projects in Canada, the United States, Chile 573,457,489 and Peru. We have expertise across a wide range of activities related to exploration, Class B subordinate voting shares–NYSE–US$/share development, mining and minerals processing, including smelting and refining, health and High Low Close Volume safety, environmental protection, materials stewardship, recycling and research. Q1 $ 26.45 $ 19.20 $ 21.90 62,353,965 Q2 $ 24.07 $ 14.56 $ 17.33 63,534,363 Our corporate strategy is focused on exploring for, developing, acquiring and operating Q3 $ 25.67 $ 17.20 $ 21.09 57,356,207 Q4 $ 26.80 $ 20.15 $ 26.17 64,493,390 world-class, long-life assets in stable jurisdictions that operate through multiple price 247,746,925 cycles.
    [Show full text]
  • Our Members Our Members
    SUBSCRIBE TO MAC NEWS Home > Members & Partners > Our Members Our Members Members and associate members of the Mining Association of Canada play a vital role in ensuring the continued strength and sustainability of Canada’s mining industry. Our members account for most of Canada’s production of base and precious metals, uranium, diamonds, metallurgical coal and mined oil sands, and are actively engaged in mineral exploration, mining, smelting, rening and semi-fabrication. Full Members AGNICO EAGLE MINES LIMITED ALEXCO RESOURCE CORP. ARCELORMITTAL MINES CANADA B2GOLD CORP. BAFFINLAND BARRICK BHP CAMECO CORPORATION CANADIAN NATURAL RESOURCES LIMITED COPPER MOUNTAIN MINING CORPORATION DE BEERS CANADA INC. ELDORADO GOLD EQUINOX GOLD CORPORATION EXCELLON RESOURCES INC. FIRST QUANTUM MINERALS LTD. FORT HILLS LIMITED PARTNERSHIP GLENCORE CANADA CORPORATION HD MINING INTERNATIONAL LTD. HECLA QUÉBEC INC. HUDBAY MINERALS INC. IAMGOLD CORPORATION IMPALA CANADA LIMITED IRON ORE COMPANY OF CANADA KINROSS GOLD CORPORATION KIRKLAND LAKE GOLD LUNDIN FOUNDATION LUNDIN MINING CORPORATION MCEWEN MINING NEW GOLD INC. NEWMONT NEXGEN ENERGY LTD. NORONT RESOURCES LTD. NORZINC LTD. (FORMERLY CANADIAN ZINC CORPORATION) NYRSTAR CANADA (HOLDINGS) LTD. PAN AMERICAN SILVER CORP. RIO TINTO CANADA RIVERSDALE RESOURCES LIMITED ROYAL CANADIAN MINT SHERRITT INTERNATIONAL STAR DIAMOND CORPORATION SUNCOR ENERGY INC. SYNCRUDE CANADA LTD. TECK RESOURCES LIMITED TREVALI VALE WESTERN COPPER AND GOLD YAMANA GOLD INC. Associates AUSENCO LIMITED AVALON ADVANCED MATERIALS INC. BARR ENGINEERING AND ENVIRONMENTAL SCIENCE CANADA LTD. BBA INC. BENNETT JONES LLP BGC ENGINEERING INC. BUREAU VERITAS LABORATORIES CANADA NORTH ENVIRONMENTAL SERVICES LTD. CEMENTATION CANADA INC. CEMI - CENTRE FOR EXCELLENCE IN MINING INNOVATION CHAMBER OF MARINE COMMERCE CHARLES TENNANT & COMPANY (CANADA) LTD.
    [Show full text]
  • Big Oil's Oily Grasp
    Big Oil’s Oily Grasp The making of Canada as a Petro-State and how oil money is corrupting Canadian politics Daniel Cayley-Daoust and Richard Girard Polaris Institute December 2012 The Polaris Institute is a public interest research organization based in Canada. Since 1997 Polaris has been dedicated to developing tools and strategies to take action on major public policy issues, including the corporate power that lies behind public policy making, on issues of energy security, water rights, climate change, green economy and global trade. Polaris Institute 180 Metcalfe Street, Suite 500 Ottawa, ON K2P 1P5 Phone: 613-237-1717 Fax: 613-237-3359 Email: [email protected] www.polarisinstitute.org Cover image by Malkolm Boothroyd Table of Contents Introduction 1 1. Corporations and Industry Associations 3 2. Lobby Firms and Consultant Lobbyists 7 3. Transparency 9 4. Conclusion 11 Appendices Appendix A, Companies ranked by Revenue 13 Appendix B, Companies ranked by # of Communications 15 Appendix C, Industry Associations ranked by # of Communications 16 Appendix D, Consultant lobby firms and companies represented 17 Appendix E, List of individual petroleum industry consultant Lobbyists 18 Appendix F, Recurring topics from communications reports 21 References 22 ii Glossary of Acronyms AANDC Aboriginal Affairs and Northern Development Canada CAN Climate Action Network CAPP Canadian Association of Petroleum Producers CEAA Canadian Environmental Assessment Act CEPA Canadian Energy Pipelines Association CGA Canadian Gas Association DPOH
    [Show full text]
  • 2018 Water Research Report PUBLISHED NOVEMBER 2019 INTRODUCTION
    COSIA WATER EPA 2018 Water Research Report PUBLISHED NOVEMBER 2019 INTRODUCTION This report summarizes progress for projects related to improving the use and management of water by the Mining Group of Canada’s Oil Sands Innovation Alliance (COSIA) Water Environmental Priority Area (EPA). Projects included cover the period from 2012 to 2018. Please contact the Industry Champion identified for each research project if any additional information is needed. The COSIA Water EPA Mining Group participants during the period of this report were: Canadian Natural Resources Limited, Imperial Oil Resources Limited, Shell Canada Energy*, Suncor Energy Inc., Syncrude Canada Ltd., Teck Resources Limited and Total E&P Canada Ltd. *In 2017, Canadian Natural Resources Limited purchased Shell Canada Energy’s Albian Sands operation. All COSIA Water EPA projects previously supported by Shell Canada Energy were transferred to Canadian Natural Resources Limited. Permission for non-commercial use, publication or presentation of excerpts or figures is granted, provided appropriate attribution (as above) is cited. Commercial reproduction, in whole or in part, is not permitted. The use of these materials by the end user is done without any affiliation with or endorsement by any COSIA member. Reliance upon the end user’s use of these materials is at the sole risk of the end user. This report is funded by: • Canadian Natural Resources Limited • Imperial Oil Resources Limited • Suncor Energy Inc. • Syncrude Canada Ltd. • Teck Resources Limited November 2019 Front cover
    [Show full text]
  • Investor and Analyst Day April 4, 2018 Overview & Strategy
    Investor and Analyst Day April 4, 2018 Overview & Strategy Focus on China The Right Commodities at the Right Time Strong Financial Position Strong Execution Innovation Sustainability Attractive Growth Options Overview and Strategy April 4, 2018 Don Lindsay, President and Chief Executive Officer Forward Looking Information Both these slides and the accompanying oral presentation contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) and comparable legislation in other provinces. Forward-looking statements can be identified by being about future results and expectations, and the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to our 2018 priorities and expectation that we will achieve those priorities, the anticipated
    [Show full text]
  • Corporate Donations Program
    Corporate Donations Program Issuers supporting the advancement of the investor relations profession in Canada Canadian Investor Relations Institute 601, 67 Yonge St. Toronto, ON M5E 1J8 CIRI.org To learn more, contact Yvette Lokker at 416-364-8200. The Canadian Investor Relations Institute’s (CIRI) mandate is to contribute to the transparency and integrity of the Canadian capital market by advancing the practice of investor relations, the professional competency of its members and the stature of the profession. OUR FOCUS Financial support through the CDP Since CIRI began in the early 1990s, we have provided ensures that CIRI can continue its professional development; resources; and issues advocacy and efforts to enhance the integrity of education to our 500 members across Canada. CIRI has been the Canadian capital markets instrumental in evolving the IR role in Canada from a tactical through research, advocacy and communications function to a strategic multi-disciplinary education of investor relations profession. professionals throughout Canada. WHY ISSUERS CONTRIBUTE At ARC we believe this is an important service to Canadian As a Corporate Donations Program (CDP) participant, your companies and institutional and company will be contributing to the advancement of the retail shareholders. investor relations profession in Canada. Your donation will be used to support the three key pillars for the advancement of IR David Carey in Canada: professional development; resources; and issues Past SVP, Capital Markets, ARC Resources advocacy and education, areas where CIRI invests more than CDP Participant Since 2009 $500,000 annually. CDP PARTICIPANTS The following issuers are committed to HOW YOU CAN MAKE A DIFFERENCE advancing the investor relations profession in Canada: Whether through a multi-year commitment or a one-time donation, your company will be recognized as a CDP Visionary participant and will be assisting CIRI in fulfilling its mandate.
    [Show full text]
  • November 5, 2020 BMG SILVER BULLION FUND 60 Renfrew Drive
    November 5, 2020 BMG SILVER BULLION FUND 60 Renfrew Drive, Suite 280, Markham, Ontario, L3R 0E1 Attention: Mr. Nick Barisheff, President Dear Mr. Barisheff; Re: BMG SILVER BULLION FUND (BMGSBF) This letter will confirm the physical holdings of silver bullion that the Bank of Nova Scotia, as the Custodian, is holding on behalf of Bullion Management Services Inc. As of close of business October 30, 2020, a summary of these holdings is as follows: Precious Metal Number of Bars Sum of Fine Ounces Silver 571 578,150.369 This summary has been prepared on the basis of the more detailed information contained in Schedule “A” attached hereto, which identifies each bullion bar by the refiner, its individual identification number and its exact weight in ounces. Yours truly, Bank of Nova Scotia Maureen Bejoc Senior Manager The Bank of Nova Scotia GWO Precious Metals Telephone: (416) 649-7069 Scotiabank Commodities 44 King St West Facsimile: (416) 866-6843 Toronto, Ontario M5H 1H1, Canada Safekeeping Bar List As at 31Oct20 15:06:10 We confirm holding the following material for : BMG SILVER FUND - TR Unit of Weight: Troy Ounces Data is as End of Month SILVER Vault Location: Total Bars: Total Gross Oz: Total Fine Oz: SCOTIABANK DEPOSITORY TORONTO 571 578,150.369 578,150.369 Total 571 578,150.369 578,150.369 SILVER Vault Location Bar Size / Oz Fineness Serial ID Gross Fine Oz Brand Description SCOTIABANK DEPOSITORY TORONTO 1,000.00 0.999000 105341 1,023.100 1,023.100 ALLGEMEINE GOLD-UND SILBERSCHEIDEANSTALT AG, PFORZHEIM SCOTIABANK DEPOSITORY TORONTO
    [Show full text]