Scotia Private Pools and Pinnacle Portfolios

® 2020 Scotia Private Pools and Pinnacle Portfolios

Annual Report December 31, 2020

Bond Funds Scotia Private Canadian Core Bond Pool Scotia Private Income Pool Scotia Private High Yield Income Pool Scotia Private American Core-Plus Bond Pool Scotia Private Global High Yield Pool Balanced Fund Scotia Private Strategic Balanced Pool Canadian Equity Funds Scotia Private Canadian Value Pool Scotia Private Canadian Mid Cap Pool Scotia Private Canadian Growth Pool Scotia Private Canadian Small Cap Pool Foreign Equity Funds Scotia Private U.S. Value Pool Scotia Private U.S. Mid Cap Value Pool Scotia Private U.S. Large Cap Growth Pool Scotia Private International Equity Pool Scotia Private International Small to Mid Cap Value Pool Scotia Private Emerging Markets Pool Scotia Private Global Equity Pool Scotia Private Global Infrastructure Pool Scotia Private Global Real Estate Pool Pinnacle Portfolios Pinnacle Balanced Portfolio Table Financial Statements 1 Bond Funds of Contents 3 Scotia Private Canadian Core Bond Pool 10 Scotia Private Income Pool 16 Scotia Private High Yield Income Pool

23 Scotia Private American Core-Plus Bond Pool 32 Scotia Private Global High Yield Pool

Balanced Fund 41 Scotia Private Strategic Balanced Pool

Canadian Equity Funds 47 Scotia Private Canadian Value Pool 52 Scotia Private Canadian Mid Cap Pool 57 Scotia Private Canadian Growth Pool 62 Scotia Private Canadian Small Cap Pool

Foreign Equity Funds 66 Scotia Private U.S. Value Pool 70 Scotia Private U.S. Mid Cap Value Pool 74 Scotia Private U.S. Large Cap Growth Pool 78 Scotia Private International Equity Pool 84 Scotia Private International Small to Mid Cap Value Pool 91 Scotia Private Emerging Markets Pool 97 Scotia Private Global Equity Pool 102 Scotia Private Global Infrastructure Pool 107 Scotia Private Global Real Estate Pool

The Pinnacle Portfolios 112 Pinnacle Balanced Portfolio

116 Notes to the Financial Statements

128 Management’s Responsibility for Financial Reporting

129 Independent Auditor’s Report

Scotia Private Canadian Core Bond Pool

STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME As at For the period ended December 31 (note 1), December 31, (in dollars except average units) 2020 (in dollars) 2020 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value through profit or Current assets loss Financial assets at fair value through profit or loss (note 2) Dividends 591 Non-derivative financial assets 265,685,173 Interest for distribution purposes 4,441,062 Cash 96,769 Net realized gain (loss) on non-derivative financial assets 1,696,711 Receivable for securities sold 469,195 Change in unrealized gain (loss) on non-derivative financial assets 5,743,531 Subscriptions receivable 336,021 Net gain (loss) on financial assets and liabilities at fair value Accrued investment income and other 1,198,463 through profit or loss 11,881,895 Total assets 267,785,621 Securities lending (note 11) 1,380 Other income 12,760 LIABILITIES Current liabilities Total income (loss), net 11,896,035 Payable for securities purchased 743,584 EXPENSES Redemptions payable 93,523 Management fees (note 5) 1,465 Total liabilities 837,107 Fixed administration fees (note 6) 140,591 Independent Review Committee fees 1,356 Net assets attributable to holders of redeemable units 266,948,514 Interest expense 756 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Harmonized Sales Tax/Goods and Services Tax 14,849 PER SERIES Transaction costs 633 Pinnacle Series 262,574,205 Total expenses 159,650 Series F 505,662 Series I 3,868,647 Increase (decrease) in net assets attributable to holders of redeemable units from operations 11,736,385 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS Pinnacle Series 10.39 OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Series F 10.36 Pinnacle Series 11,692,369 Series I 9.95 Series F 7,370 Series I 36,646 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.65 Series F 0.33 Series I 0.09 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 18,056,343 Series F 22,043 Series I 389,282

† The increase (decrease) in net assets attributable to holders of redeemable units from operations per unit is calculated by dividing the increase (decrease) in net assets attributable to holders of redeemable units from operations per series by the weighted average number of units per series. BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

STATEMENT OF CHANGES IN NET ASSETS STATEMENT OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the period ended December 31 (note 1), UNITS (in dollars) 2020 For the period ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 Increase (decrease) in net assets attributable to holders of redeemable units 11,736,385 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, Adjustments for: BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial assets (1,696,711) Pinnacle Series – Change in unrealized (gain) loss on non-derivative financial assets (5,743,531) Series F – Purchases of non-derivative financial assets and liabilities (811,254,029) Series I – Proceeds from sale of non-derivative financial assets and liabilities 553,283,487 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO Accrued investment income and other (1,198,463) HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Net cash provided by (used in) operating activities (254,872,862) Pinnacle Series 11,692,369 CASH FLOWS FROM FINANCING ACTIVITIES Series F 7,370 Proceeds from issue of redeemable units 279,622,831 Series I 36,646 Amounts paid on redemption of redeemable units (24,618,336) 11,736,385 Distributions to unitholders of redeemable units (34,864) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Net cash provided by (used in) financing activities 254,969,631 From net investment income Net increase (decrease) in cash 96,769 Pinnacle Series (3,966,484) Cash (bank overdraft), beginning of period – Series F (3,457) CASH (BANK OVERDRAFT), END OF PERIOD 96,769 Series I (36,646) (1) From net realized gains on investments Interest paid 756 (1) Pinnacle Series (1,320,845) Interest received, net of withholding taxes 3,237,880 (1) Series F (2,565) Dividends received, net of withholding taxes 591 Series I (19,533) (1) Classified as operating items. (5,349,530)

REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 275,442,367 Series F 501,951 Series I 4,014,534 Reinvested distributions Pinnacle Series 5,275,657 Series F 2,363 Series I 36,646 Payments on redemption Pinnacle Series (24,548,859) Series I (163,000) 260,561,659 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 262,574,205 Series F 505,662 Series I 3,868,647 266,948,514

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 262,574,205 Series F 505,662 Series I 3,868,647 266,948,514 BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 99.3% BONDS AND DEBENTURES (cont'd) Corporate Bonds – 49.0% Corporate Bonds (cont'd) 407 International Inc. (Callable) 2.84% Canadian Western Bank 1.57% Sep 14, 2023 657,000 663,948 668,446 Mar 07, 2050 50,000 49,930 52,863 Canadian Western Bank 2.74% Jun 16, 2022 485,000 489,220 499,968 407 International Inc. (Callable) 3.30% Canadian Western Bank 2.88% Mar 01, 2021 175,000 176,834 175,703 Mar 27, 2045 335,000 361,050 379,586 Central 1 Credit Union (Callable) 3.06% Access Justice Durham Ltd. 5.02% Aug 31, 2039 750,460 945,828 952,607 Oct 14, 2026 552,000 558,950 559,272 Aeroports de Montreal (Callable) 3.03% Central 1 Credit Union 2.58% Dec 06, 2023 653,000 649,750 684,153 Apr 21, 2050 511,000 510,999 563,804 Chip Mortgage Trust 1.74% Dec 15, 2045 271,000 271,000 273,162 AltaGas Ltd. (Callable) 2.08% May 30, 2028 645,000 644,999 654,821 Choice Properties Real Estate Investment Trust AltaGas Ltd. (Callable) 2.16% Jun 10, 2025 695,000 694,999 722,618 (Callable) 2.98% Mar 04, 2030 125,000 126,108 133,206 AltaGas Ltd. (Callable) 4.12% Apr 07, 2026 415,000 444,245 468,734 Choice Properties Real Estate Investment Trust AltaGas Ltd. 2.61% Dec 16, 2022 169,000 171,093 175,188 (Callable) 3.01% Mar 21, 2022 100,000 98,895 102,733 AltaLink L.P. (Callable) 4.09% Jun 30, 2045 185,000 232,328 238,142 Choice Properties Real Estate Investment Trust AT&T Inc. (Callable) 2.85% May 25, 2024 612,000 624,878 649,342 (Callable) 3.20% Mar 07, 2023 500,000 511,110 524,410 AT&T Inc. (Callable) 4.00% Nov 25, 2025 500,000 541,274 564,215 Choice Properties Real Estate Investment Trust Bank of America Corporation (Callable) 2.60% (Callable) 3.55% Jan 10, 2025 115,000 121,378 125,190 Mar 15, 2023 100,000 101,795 102,498 Choice Properties Real Estate Investment Trust Bank of America Corporation (Callable) 2.93% (Callable) 4.06% Nov 24, 2025 750,000 797,888 840,017 Apr 25, 2025 120,000 124,146 127,614 Choice Properties Real Estate Investment Trust Bank of America Corporation (Callable) 3.41% (Callable) 4.18% Mar 08, 2028 550,000 590,700 633,930 Sep 20, 2025 1,765,000 1,849,445 1,916,555 Citigroup Inc. 3.39% Nov 18, 2021 245,000 253,061 251,394 Bank of Montreal (Callable) 2.57% Jun 01, 2027 1,000,000 1,001,459 1,027,904 Citigroup Inc. 4.09% Jun 09, 2025 460,000 496,692 510,782 Bank of Montreal (Callable) 2.88% Sep 17, 2029 1,255,000 1,268,923 1,334,333 Coast Capital Savings Credit Union (Callable) Bank of Montreal 1.61% Oct 28, 2021 1,547,000 1,551,935 1,563,329 5.00% May 03, 2028 1,000,000 1,055,851 1,066,954 Bank of Montreal 2.12% Mar 16, 2022 260,000 262,311 265,439 Coast Capital Savings Credit Union (Callable) Bank of Montreal 2.85% Mar 06, 2024 870,000 899,891 926,614 5.25% Oct 29, 2030 260,000 288,103 292,665 Bank of Montreal 2.89% Jun 20, 2023 340,000 352,410 359,570 Comber Wind Financial Corporation 5.13% Bank of Nova Scotia, The (Callable) 2.84% Nov 15, 2030 274,393 313,283 318,233 Jul 03, 2029 175,000 178,385 185,384 Crombie Real Estate Investment Trust (Callable) Bank of Nova Scotia, The 1.83% Apr 27, 2022 1,517,000 1,528,019 1,545,899 2.69% Mar 31, 2028 112,000 112,000 116,156 Bank of Nova Scotia, The 1.90% Dec 02, 2021 75,000 73,857 76,086 Crombie Real Estate Investment Trust (Callable) Bank of Nova Scotia, The 2.36% Nov 08, 2022 1,500,000 1,540,560 1,552,611 3.68% Aug 26, 2026 645,000 649,781 707,225 Bank of Nova Scotia, The 2.38% May 01, 2023 2,937,000 2,990,617 3,054,300 Crombie Real Estate Investment Trust 3.96% 164,069 164,201 Bank of Nova Scotia, The 2.98% Apr 17, 2023 200,000 207,516 211,047 Jun 01, 2021 162,000 135,211 179,351 197,241 Bell Canada Inc. (Callable) 1.65% Aug 16, 2027 471,000 470,967 477,221 CSS FSCC Partnership 6.92% Jul 31, 2042 CT Real Estate Investment Trust (Callable) 2.37% Bell Canada Inc. (Callable) 3.00% Oct 03, 2022 275,000 283,624 285,912 Jan 06, 2031 304,000 304,000 306,342 Bell Canada Inc. (Callable) 3.35% Mar 12, 2025 102,000 100,471 111,399 CT Real Estate Investment Trust (Callable) 3.29% Bell Canada Inc. (Callable) 4.45% Feb 27, 2047 1,250,000 1,444,888 1,518,848 Jun 01, 2026 145,000 148,996 157,249 Brookfield Renewable Energy Partners ULC CU Inc. (Callable) 3.55% Nov 22, 2047 500,000 557,060 595,983 (Callable) 3.75% Jun 02, 2025 150,000 165,188 165,762 CU Inc. (Callable) 3.76% Nov 19, 2046 150,000 175,346 183,980 Brookfield Renewable Partners ULC (Callable) CU Inc. (Callable) 4.09% Sep 02, 2044 143,000 173,014 181,678 3.38% Jan 15, 2030 560,000 592,631 630,535 CU Inc. 4.54% Oct 24, 2041 75,000 96,533 99,167 Canada Life Assurance Co., The 6.40% Daimler Canada Finance Inc. 1.65% Sep 22, 2025 337,000 336,484 343,605 Dec 11, 2028 160,000 210,298 216,471 Daimler Canada Finance Inc. 2.54% Aug 21, 2023 336,000 347,844 350,630 Canadian Imperial Bank of Commerce (Callable) Eagle Credit Card Trust 1.27% Jul 17, 2025 255,000 255,000 257,519 2.01% Jul 21, 2030 414,000 413,843 426,294 Enbridge Gas Distribution Inc. (Callable) 3.51% Canadian Imperial Bank of Commerce (Callable) Nov 29, 2047 60,000 67,586 71,210 2.95% Jun 19, 2029 120,000 122,879 127,495 Enbridge Gas Inc. 2.90% Apr 01, 2030 233,000 232,739 260,918 Canadian Imperial Bank of Commerce (Callable) Enbridge Inc. (Callable) 3.20% Jun 08, 2027 350,000 356,430 382,401 3.45% Apr 04, 2028 1,170,000 1,201,851 1,237,663 Enbridge Inc. (Callable) 4.57% Mar 11, 2044 425,000 442,259 494,625 Canadian Imperial Bank of Commerce 1.64% Enbridge Inc. (Floating Rate) 6.63% Apr 12, 2078 272,000 295,743 311,261 Jul 12, 2021 2,709,000 2,718,690 2,728,657 Enbridge Inc. 3.94% Jan 13, 2023 535,000 569,051 569,748 Canadian Imperial Bank of Commerce 2.00% Enbridge Inc. 4.24% Aug 27, 2042 385,000 389,162 426,620 Apr 17, 2025 4,000,000 3,996,960 4,173,908 Enbridge Inc. 5.57% Nov 14, 2035 100,000 114,888 125,265 Canadian Imperial Bank of Commerce 2.04% ENMAX Corporation (Callable) 3.33% Mar 21, 2022 450,000 444,848 459,132 Jun 02, 2025 444,000 455,358 481,054 Canadian Imperial Bank of Commerce 2.43% EPCOR Utilities Inc. 1.30% May 19, 2023 292,000 292,000 297,381 Jun 09, 2023 448,000 455,689 466,913 EPCOR Utilities Inc. 3.55% Nov 27, 2047 510,000 563,036 609,570 Canadian Imperial Bank of Commerce 2.90% Fédération des caisses Desjardins du Québec Sep 14, 2021 662,000 676,432 673,980 (Callable) 2.86% May 26, 2030 743,000 743,000 790,908 Canadian Natural Resources Ltd. (Callable) 3.42% Fédération des caisses Desjardins du Québec Dec 01, 2026 731,000 776,561 800,366 2.09% Jan 17, 2022 377,000 382,082 383,865 BOND FUNDS Canadian Natural Resources Ltd. 1.45% Fédération des caisses Desjardins du Québec Nov 16, 2023 500,000 499,430 506,844 2.42% Oct 04, 2024 1,490,000 1,517,793 1,574,208

Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) Corporate Bonds (cont'd) Corporate Bonds (cont'd) First Nations ETF LP 4.14% Dec 31, 2041 279,838 313,939 314,614 Metro Inc., Series G (Callable) 3.39% Dec 06, 2027 425,000 475,256 478,214 Fortified Trust 2.34% Jan 23, 2023 1,200,000 1,223,376 1,243,107 Metro Inc., Series H (Callable) 4.27% Dec 04, 2047 473,000 537,958 567,710 FortisAlberta Inc. (Callable) 2.63% Jun 08, 2051 59,000 59,000 59,988 Morgan Stanley 3.00% Feb 07, 2024 1,035,000 1,065,977 1,104,134 FortisAlberta Inc. (Callable) 3.67% Sep 09, 2047 200,000 233,398 243,062 National Bank of Canada 1.81% Jul 26, 2021 200,000 201,404 201,741 Gibson Energy Inc. (Callable) 2.45% Jul 14, 2025 128,000 127,749 133,041 National Bank of Canada 2.11% Mar 18, 2022 400,000 405,784 408,414 Gibson Energy Inc. (Callable) 2.85% Jul 14, 2027 139,000 138,965 146,785 National Bank of Canada 2.98% Mar 04, 2024 1,553,000 1,614,996 1,660,084 Gibson Energy Inc. (Callable) 3.60% Sep 17, 2029 438,000 472,397 479,506 NAV Canada (Callable) 2.92% Sep 29, 2051 294,000 293,710 322,395 Glacier Credit Card Trust 1.39% Sep 22, 2025 1,234,000 1,234,000 1,250,316 New Brunswick F-M Project Company Inc. 6.47% Goldman Sachs Group Inc., The (Callable) 3.31% Nov 30, 2027 574,505 689,004 686,493 Oct 31, 2025 800,000 833,513 866,307 Nissan Canada Financial Services Inc. 3.15% Granite Real Estate Investment Trust Holdings LP Sep 14, 2021 752,000 743,864 763,252 (Callable) 2.38% Dec 18, 2030 218,000 218,000 221,398 North West Redwater Partnership / NWR Financing Granite REIT Holdings LP (Callable) 3.79% Co., Ltd. (Callable) 3.65% Jun 01, 2035 50,000 54,897 55,788 Jul 05, 2021 85,000 86,973 86,338 North West Redwater Partnership / NWR Financing Greater Toronto Airports Authority 6.47% Co., Ltd. (Callable) 4.15% Jun 01, 2033 569,000 626,680 665,667 Feb 02, 2034 992,000 1,418,312 1,457,412 North West Redwater Partnership / NWR Financing Great-West Lifeco Inc. (Callable) 2.38% Co., Ltd. (Callable) 4.25% Jun 01, 2029 498,000 553,170 588,151 May 14, 2030 464,000 464,000 492,249 Northwestern Hydro Acquisition Co II LP 3.88% Great-West Lifeco Inc. (Callable) 2.98% Dec 31, 2036 770,000 857,418 885,550 Jul 08, 2050 141,000 139,070 145,083 OMERS Finance Trust 1.55% Apr 21, 2027 1,339,000 1,337,674 1,379,818 Great-West Lifeco Inc. 6.67% Mar 21, 2033 285,000 402,004 409,471 Ontario Teachers’ Finance Trust 1.10% H&R Real Estate Investment Trust (Callable) 3.37% Oct 19, 2027 808,000 805,778 808,596 Jan 30, 2024 195,000 199,550 202,562 Pembina Pipeline Corporation (Callable) 2.99% H&R Real Estate Investment Trust 2.92% Jan 22, 2024 885,000 928,365 935,390 May 06, 2022 452,000 454,466 460,008 Pembina Pipeline Corporation (Callable) 4.75% Health Montreal Collective LP 6.72% Sep 30, 2049 870,658 1,207,067 1,278,400 Mar 26, 2048 550,000 540,045 634,787 Hospital Infrastructure Partners NOH Partnership Pembina Pipeline Corporation (Callable) 4.81% 5.44% Jan 31, 2045 271,997 352,419 361,237 Mar 25, 2044 705,000 737,211 810,373 HSBC Bank Canada 2.25% Sep 15, 2022 1,064,000 1,075,141 1,094,910 Plenary Properties LTAP LP 6.29% Jan 31, 2044 371,745 521,569 537,518 HSBC Bank Canada 3.25% Sep 15, 2023 515,000 536,903 549,333 PSP Capital Inc. 3.29% Apr 04, 2024 1,000,000 1,091,370 1,090,037 Hydro One Inc. (Callable) 2.71% Feb 28, 2050 100,000 101,920 104,255 Reliance LP (Callable) 2.68% Dec 01, 2027 88,000 87,984 92,514 Hydro One Inc. 0.71% Jan 16, 2023 1,313,000 1,312,737 1,319,176 Reliance LP (Callable) 3.84% Mar 15, 2025 315,000 324,359 344,496 Hydro One Inc. 4.00% Dec 22, 2051 155,000 191,968 203,074 RioCan Real Estate Investment Trust 2.19% Hydro One Inc. 4.39% Sep 26, 2041 550,000 682,495 716,107 Apr 09, 2021 500,000 499,310 502,028 Hydro One Inc. 6.93% Jun 01, 2032 577,000 852,802 870,766 Rogers Communications Inc. 3.65% Mar 31, 2027 562,000 608,697 634,333 Intact Financial Corporation 4.70% Aug 18, 2021 220,000 229,203 225,611 Royal Bank of Canada (Callable) 2.74% Integrated Team Solutions SJHC Partnership 5.95% Jul 25, 2029 175,000 178,061 185,276 Nov 30, 2042 202,322 254,105 272,827 Royal Bank of Canada (Callable) 2.88% John Deere Financial Inc. 1.34% Sep 08, 2027 1,000,000 999,800 1,009,982 Dec 23, 2029 500,000 503,950 533,686 Laurentian Bank of Canada 2.75% Apr 22, 2021 120,000 121,099 120,797 Royal Bank of Canada 1.58% Sep 13, 2021 200,000 200,698 201,793 Laurentian Bank of Canada 3.00% Sep 12, 2022 525,000 532,530 543,939 Royal Bank of Canada 1.97% Mar 02, 2022 2,925,000 2,958,120 2,979,544 Loblaw Companies Limited (Callable) 3.92% Royal Bank of Canada 2.36% Dec 05, 2022 3,195,000 3,276,576 3,311,308 Jun 10, 2024 80,000 85,972 87,977 Royal Bank of Canada 2.95% May 01, 2023 340,000 352,519 358,895 Loblaw Companies Limited (Callable) 4.49% Royal Office Finance LP 5.21% Nov 12, 2032 541,045 705,438 707,808 Dec 11, 2028 500,000 580,285 604,548 SGTP Highway Bypass LP 4.11% Jan 31, 2045 482,085 568,234 563,306 Loblaw Companies Limited 6.15% Jan 29, 2035 542,000 712,697 737,183 Sienna Senior Living Inc. (Callable) 3.11% Loblaw Companies Limited 6.85% Mar 01, 2032 75,000 102,455 103,827 Nov 04, 2024 301,000 290,838 309,010 Loblaw Companies Ltd. (Callable) 2.28% Smart Real Estate Investment Trust (Callable) May 07, 2030 206,000 206,000 213,480 3.44% Aug 28, 2026 600,000 611,880 650,283 Manufacturers Life Insurance Company, The Smart Real Estate Investment Trust 2.88% (Callable) 3.18% Nov 22, 2027 3,155,000 3,292,988 3,304,948 Mar 21, 2022 600,000 606,680 616,537 Manulife Bank of Canada 2.38% Nov 19, 2024 120,000 122,713 127,183 Smart Real Estate Investment Trust 3.73% Manulife Bank of Canada 2.84% Jan 12, 2023 1,954,000 2,017,467 2,044,407 Jul 22, 2022 85,000 88,592 89,021 Manulife Finance Delaware LP (Callable) 5.06% Smart Real Estate Investment Trust 3.99% Dec 15, 2041 359,000 437,329 454,675 May 30, 2023 128,000 135,388 136,789 Manulife Financial Corporation (Callable) 2.24% SmartCentres Real Estate Investment Trust May 12, 2030 439,000 439,000 458,196 (Callable) 3.19% Jun 11, 2027 37,000 37,000 39,690 Manulife Financial Corporation (Callable) 3.05% SmartCentres Real Estate Investment Trust Aug 20, 2029 170,000 177,098 182,142 (Callable) 3.53% Dec 20, 2029 385,000 391,909 418,500 MCAP Commercial LP (Callable) 3.38% SmartCentres Real Estate Investment Trust Nov 26, 2027 308,000 308,000 313,089 (Callable) 3.83% Dec 21, 2027 75,000 80,055 83,313 BOND FUNDS Melancthon Wolfe Wind LP 3.83% Dec 31, 2028 125,128 131,891 134,974 SNC-Lavalin Innisfree McGill Finance Inc. 6.63% Metro Inc., Series F (Callable) 2.68% Dec 05, 2022 67,000 66,490 69,560 Jun 30, 2044 330,633 456,763 476,639

Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) Corporate Bonds (cont'd) Federal Bonds (cont'd) South Coast British Columbia Transportation Canada Housing Trust No. 1 1.75% Jun 15, 2022 1,570,000 1,592,188 1,604,800 Authority 3.05% Jun 04, 2025 889,000 962,450 978,186 Canada Housing Trust No. 1 1.95% Dec 15, 2025 2,081,000 2,197,410 2,215,721 SSL Finance Inc. / SSL Financement Inc. 4.10% Canada Housing Trust No. 1 2.35% Jun 15, 2027 5,228,000 5,731,199 5,747,965 Oct 31, 2045 719,032 835,531 852,272 Canada Housing Trust No. 1 2.35% Mar 15, 2028 1,150,000 1,277,060 1,271,755 Sun Life Financial Inc. (Callable) 2.06% Canada Housing Trust No. 1 2.35% Sep 15, 2023 5,295,000 5,565,644 5,579,418 Oct 01, 2035 609,000 608,507 616,521 Canada Housing Trust No. 1 2.40% Dec 15, 2022 1,450,000 1,519,383 1,510,478 Sun Life Financial Inc. (Callable) 2.58% Canada Housing Trust No. 1 2.55% Dec 15, 2023 1,100,000 1,174,862 1,169,847 May 10, 2032 1,126,000 1,161,602 1,208,709 Canada Housing Trust No. 1 2.65% Dec 15, 2028 2,699,000 3,063,359 3,061,533 Sun Life Financial Inc. (Callable) 3.05% Canada Housing Trust No. 1 2.65% Mar 15, 2022 1,000,000 1,029,650 1,029,267 Sep 19, 2028 420,000 431,369 445,524 Canadian Government Real Return Bond 1.50% Sun Life Financial Inc. (Callable) 3.10% Dec 01, 2044 1,850,000 2,865,757 3,168,924 Feb 19, 2026 2,000,000 2,017,060 2,006,746 Export Development Canada 1.65% Jul 31, 2024 1,000,000 1,030,500 1,042,756 Sun Life Financial Inc. (Callable) 5.40% Government of Canada 1.25% Jun 01, 2030 2,132,000 2,237,926 2,243,612 May 29, 2042 132,000 169,748 175,357 Government of Canada 2.00% Dec 01, 2051 3,131,000 3,838,566 3,766,346 Suncor Energy Inc. (Callable) 3.10% Government of Canada 3.50% Dec 01, 2045 8,000 11,614 12,086 May 24, 2029 885,000 928,923 956,846 Government of Canada 5.00% Jun 01, 2037 1,735,000 2,867,501 2,807,733 Suncor Energy Inc. (Callable) 5.00% 38,541,946 38,768,773 Apr 09, 2030 256,000 262,469 313,483 TELUS Corporation (Callable) 3.95% Mortgage-Backed Securities – 0.7% Feb 16, 2050 72,000 72,254 80,432 BMW Canada Auto Trust (Callable) 2.35% TELUS Corporation (Callable) 4.70% Feb 20, 2024 325,000 328,916 331,746 Mar 06, 2048 100,000 117,551 124,202 Ford Auto Securitization Trust (Callable) 0.89% TELUS Corporation (Callable) 4.85% Aug 15, 2024 169,000 169,000 169,176 Apr 05, 2044 1,090,000 1,302,043 1,354,304 Ford Auto Securitization Trust (Callable) 1.15% Teranet Holdings LP (Callable) 3.65% Nov 15, 2025 286,000 286,000 286,948 Nov 18, 2022 55,000 56,586 57,321 Ford Auto Securitization Trust (Callable) 2.55% Toronto-Dominion Bank, The (Callable) 3.11% Sep 15, 2024 470,000 477,638 484,592 Apr 22, 2030 1,000,000 1,017,920 1,080,268 GMF Canada Leasing Trust (Callable) 0.91% Toronto-Dominion Bank, The 1.68% Jul 20, 2023 257,000 257,000 257,623 Jun 08, 2021 95,000 95,571 95,593 GMF Canada Leasing Trust (Callable) 1.05% Toronto-Dominion Bank, The 1.91% Nov 20, 2025 300,000 300,000 300,697 Jul 18, 2023 4,430,000 4,513,172 4,582,889 1,818,554 1,830,782 Toronto-Dominion Bank, The 1.94% Municipal Bonds – 2.9% Mar 13, 2025 175,000 181,962 182,516 City of Greater Sudbury 2.42% Mar 12, 2050 260,000 262,740 262,107 Toronto-Dominion Bank, The 3.01% City of Montreal 1.75% Sep 01, 2030 1,000,000 996,340 1,026,548 May 30, 2023 340,000 353,590 360,149 City of Montreal 3.50% Dec 01, 2038 1,000,000 1,165,270 1,206,581 Toyota Credit Canada Inc. 2.31% Oct 23, 2024 457,000 456,863 482,041 City of Montreal 3.50% Sep 01, 2024 500,000 549,240 552,433 TransCanada PipeLines Ltd. (Callable) 3.00% City of Ottawa 4.40% Oct 22, 2033 300,000 391,911 389,806 Sep 18, 2029 250,000 268,495 271,333 City of Ottawa Ontario 2.50% May 11, 2051 1,000,000 994,650 1,048,837 TransCanada PipeLines Ltd. (Callable) 3.80% City of Toronto 3.40% May 21, 2024 78,000 83,502 85,401 Apr 05, 2027 149,000 148,763 167,961 City of Toronto 5.20% Jun 01, 2040 1,100,000 1,561,329 1,640,102 TransCanada PipeLines Ltd. (Callable) 4.34% Regional Municipality of Waterloo, The 3.75% Oct 15, 2049 255,000 276,357 293,120 May 13, 2033 700,000 848,421 852,687 TransCanada PipeLines Ltd. 4.55% Regional Municipality of York 4.00% Nov 15, 2041 1,100,000 1,148,774 1,268,804 May 31, 2032 500,000 622,950 623,198 TransCanada PipeLines Ltd. 7.90% Apr 15, 2027 450,000 600,853 600,231 TransCanada PipeLines Ltd. 8.05% Feb 17, 2039 65,000 104,255 104,174 7,476,353 7,687,700 Union Gas Ltd. (Callable) 2.88% Nov 22, 2027 1,500,000 1,600,635 1,668,762 Provincial Bonds – 32.2% Vancouver Airport Authority (Callable) 2.80% Alberta Capital Finance Authority 4.45% Sep 21, 2050 336,000 336,000 355,949 Dec 15, 2025 370,000 435,620 434,331 Wells Fargo & Company (Callable) 2.57% Ontario School Boards Financing Corporation May 01, 2026 300,000 300,000 316,729 5.07% Apr 18, 2031 703,223 842,036 844,424 Wells Fargo & Company 2.09% Apr 25, 2022 1,234,000 1,241,576 1,258,952 Ontario School Boards Financing Corporation Wells Fargo & Company 2.49% Feb 18, 2027 518,000 517,369 547,420 5.90% Oct 11, 2027 885,959 1,042,254 1,043,144 Wells Fargo & Company 2.51% Oct 27, 2023 500,000 506,120 522,696 Province of Alberta 2.05% Jun 01, 2030 1,198,000 1,244,944 1,266,950 Wells Fargo & Company 3.87% May 21, 2025 675,000 709,104 741,999 Province of Alberta 2.90% Dec 01, 2028 1,965,000 2,158,416 2,220,822 Wells Fargo Canada Corporation 3.46% Province of Alberta 3.05% Dec 01, 2048 18,000 20,859 20,988 Jan 24, 2023 340,000 358,258 359,932 Province of Alberta 3.10% Jun 01, 2050 2,420,000 2,730,511 2,866,824 126,967,715 130,746,883 Province of Alberta 3.30% Dec 01, 2046 150,000 177,636 180,712 Province of Alberta 3.90% Dec 01, 2033 500,000 608,330 625,875 Federal Bonds – 14.5% Province of Alberta 4.50% Dec 01, 2040 630,000 840,799 872,695 Canada Housing Trust No. 1 1.15% Province of British Columbia 2.20% Jun 18, 2030 350,000 362,726 380,542 BOND FUNDS Dec 15, 2021 2,513,000 2,539,327 2,536,532 Province of British Columbia 2.95% Jun 18, 2050 1,425,000 1,694,364 1,739,643

Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) Provincial Bonds (cont'd) Province of British Columbia 3.20% Jun 18, 2044 465,000 554,933 573,186 Province of British Columbia 5.70% Jun 18, 2029 1,000,000 1,368,120 1,368,020 Province of Manitoba 2.05% Sep 05, 2052 150,000 143,874 146,034 Province of Manitoba 2.75% Jun 02, 2029 1,194,000 1,308,178 1,340,007 Province of Manitoba 3.20% Mar 05, 2050 750,000 894,857 913,910 Province of Manitoba 4.05% Sep 05, 2045 1,000,000 1,332,870 1,353,640 Province of Manitoba 4.10% Mar 05, 2041 450,000 605,538 599,412 Province of Manitoba 4.40% Mar 05, 2042 135,000 184,025 188,234 Province of New Brunswick 3.05% May 14, 2050 1,095,000 1,320,520 1,294,887 Province of New Brunswick 3.80% Aug 14, 2045 350,000 443,095 454,972 Province of Newfoundland and Labrador 2.85% Jun 02, 2029 2,242,000 2,403,299 2,509,268 Province of Newfoundland and Labrador 5.60% Oct 17, 2033 100,000 137,037 142,515 Province of Newfoundland and Labrador Canada 1.25% Jun 02, 2027 1,312,000 1,310,045 1,328,878 Province of Newfoundland and Labrador Canada 1.75% Jun 02, 2030 831,000 827,734 851,232 Province of Nova Scotia 3.15% Dec 01, 2051 726,000 908,644 896,743 Province of Nova Scotia 4.40% Jun 01, 2042 385,000 523,688 541,293 Province of Ontario 1.75% Sep 08, 2025 5,300,000 5,507,018 5,554,892 Province of Ontario 1.90% Dec 02, 2051 910,000 899,869 889,782 Province of Ontario 2.40% Jun 02, 2026 468,000 508,201 507,336 Province of Ontario 2.60% Jun 02, 2025 954,000 1,037,237 1,034,107 Province of Ontario 2.60% Jun 02, 2027 6,839,000 7,533,560 7,550,171 Province of Ontario 2.65% Dec 02, 2050 2,456,000 2,759,564 2,806,832 Province of Ontario 2.70% Jun 02, 2029 1,025,000 1,119,264 1,150,039 Province of Ontario 2.90% Jun 02, 2049 4,785,000 5,479,734 5,688,961 Province of Ontario 3.45% Jun 02, 2045 592,000 766,877 754,416 Province of Ontario 3.50% Jun 02, 2043 1,500,000 1,927,400 1,911,195 Province of Ontario 4.65% Jun 02, 2041 1,050,000 1,541,968 1,532,790 Province of Ontario 4.70% Jun 02, 2037 2,314,000 3,175,338 3,275,274 Province of Ontario 5.60% Jun 02, 2035 1,000,000 1,520,740 1,501,798 Province of Ontario Canada 2.05% Jun 02, 2030 7,656,000 8,149,958 8,170,237 Province of Quebec 1.90% Sep 01, 2030 1,000,000 1,042,080 1,057,694 Province of Quebec 2.75% Sep 01, 2027 568,000 608,974 635,644 Province of Quebec 3.10% Dec 01, 2051 3,250,000 3,970,488 4,085,387 Province of Quebec 3.50% Dec 01, 2045 2,150,000 2,683,407 2,777,691 Province of Quebec 3.50% Dec 01, 2048 1,703,000 2,170,993 2,244,166 Province of Quebec 4.25% Dec 01, 2043 750,000 1,026,390 1,064,782 Province of Quebec 5.00% Dec 01, 2041 570,000 882,747 872,412 Province of Saskatchewan 2.20% Jun 02, 2030 745,000 789,581 801,286 Province of Saskatchewan 3.10% Jun 02, 2050 1,985,000 2,228,286 2,388,295 Province of Saskatchewan 3.30% Jun 02, 2048 150,000 180,312 184,940 Province of Saskatchewan 4.75% Jun 01, 2040 388,000 547,308 556,899 84,482,246 85,996,207 TOTAL BONDS AND DEBENTURES 259,286,814 265,030,345

MONEY MARKET INSTRUMENTS – 0.2% Treasury Bills – 0.2% Government of Canada 0.00% Mar 18, 2021 180,000 179,953 179,960 Government of Canada 0.00% May 06, 2021 475,000 474,867 474,868 654,820 654,828 TOTAL INVESTMENT PORTFOLIO 259,941,634 265,685,173 OTHER ASSETS, LESS LIABILITIES – 0.5% 1,263,341 NET ASSETS – 100.0% 266,948,514 BOND FUNDS Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The discount represents the implied effective interest.

Portfolio Adviser: Fiera Capital Corporation Scotia Private Canadian Core Bond Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to provide interest income with a Below is a summary of the credit ratings of bonds and debentures, potential for modest capital appreciation by investing primarily in money market instruments and preferred shares held by the Fund, as fixed income securities issued by Canadian federal, provincial, and applicable. municipal governments and Canadian corporations. December 31, 2020 The Fund may also invest a portion of its assets in funds managed by Percentage the Manager and/or by third party investment managers (the of total credit rated Percentage of “Underlying Funds”). In addition to the risks described below, the instruments net assets Fund could be exposed to indirect risk to the extent that the Credit ratings (%) (%) Underlying Funds held financial instruments that were subject to the AAA/A-1+ 19.2 19.1 AA 17.9 17.9 below risks. A/A-1 41.9 41.7 BBB/A-2 20.6 20.4 Unrated 0.4 0.4 Risks associated with financial instruments (note 4) 100.0 99.5 Interest rate risk Concentration risk Below is a summary of the Fund’s direct exposure to interest rate risk by the remaining term to maturity of the Fund’s portfolio, net of short Below is a summary of the Fund’s concentration risk by carrying value positions, if applicable, excluding Underlying Funds, preferred shares, as a percentage of net assets. cash and overdrafts, as applicable. December 31, 2020 Corporate Bonds 49.0 December 31, 2020 Federal Bonds 14.5 Interest rate exposure ($) Mortgage-Backed Securities 0.7 Less than 1 year 11,021,863 Municipal Bonds 2.9 1-3 years 49,889,955 Provincial Bonds 32.2 3-5 years 36,478,481 Treasury Bills 0.2 5-10 years 77,749,540 > 10 years 90,545,334 Fair Value Classification (note 2) 265,685,173 Below is a summary of the classification of the Fund’s financial As at December 31, 2020, had the prevailing interest rates fluctuated instruments within the fair value hierarchy. by 0.25%, assuming a parallel shift in the yield curve and all other Level 1 Level 2 Level 3 Total variables held constant, net assets attributable to holders of December 31, 2020 ($) ($) ($) ($) redeemable units of the Fund would have decreased or increased by Bonds and debentures – 265,030,345 – 265,030,345 $5,311,925 or approximately 2.0%. In practice, actual results may differ Money market instruments – 654,828 – 654,828 – 265,685,173 – 265,685,173 from this sensitivity analysis and the difference could be material.

Currency risk Transfers between levels The Fund did not have significant direct currency risk exposure as at During the period ended December 31, 2020, there were no significant December 31, 2020. transfers between Level 1 and Level 2. Price risk Offsetting of financial assets and liabilities (note 2) The Fund did not have significant direct price risk exposure to equities, Underlying Funds, derivatives or commodities as at As at December 31, 2020, the Fund did not enter into any agreement December 31, 2020. whereby the financial instruments were eligible for offset.

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020.

Comparison of net asset value per unit and net assets per unit (note 2)

As at December 31, 2020, there were no significant differences between BOND FUNDS the net asset value per unit and the net assets per unit for any series of the Fund. Scotia Private Income Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Interest for distribution purposes 12,146,147 14,967,702 (note 2) Net realized gain (loss) on non-derivative financial assets 28,159,079 14,129,258 Non-derivative financial assets 448,973,560 571,236,065 Change in unrealized gain (loss) on non-derivative financial Derivatives 135,045 – assets 11,189,520 4,571,680 Cash 30,154,423 5,577,051 Net realized gain (loss) on derivatives (222,101) – Margin deposited on derivatives 15,292 – Change in unrealized gain (loss) on derivatives 135,045 – Subscriptions receivable 356,110 264,197 Net gain (loss) on financial assets and liabilities at fair Accrued investment income and other 1,485,195 2,090,721 value through profit or loss 51,407,690 33,668,640 Total assets 481,119,625 579,168,034 Securities lending (note 11) 51,058 29,754 LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) 100 (56) Redemptions payable 177,864 392,898 Other income 7,479 2,124 Total liabilities 177,864 392,898 Total income (loss), net 51,466,327 33,700,462 Net assets attributable to holders of redeemable EXPENSES units 480,941,761 578,775,136 Management fees (note 5) 10,933 10,595 Fixed administration fees (note 6) 358,734 390,981 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Independent Review Committee fees 1,356 1,200 REDEEMABLE UNITS PER SERIES Interest expense 5,205 1,410 Pinnacle Series 475,201,043 568,311,585 Harmonized Sales Tax/Goods and Services Tax 38,111 41,637 Series F 1,887,924 1,449,770 Transaction costs 7,604 – Series I 3,852,794 9,013,781 Total expenses 421,943 445,823 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Increase (decrease) in net assets attributable to REDEEMABLE UNITS PER UNIT holders of redeemable units from operations 51,044,384 33,254,639 Pinnacle Series 11.71 10.93 Series F 12.04 11.24 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Series I 11.75 10.97 TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series 50,165,767 32,535,863 Series F 123,204 80,232 Series I 755,413 638,544 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 1.14 0.65 Series F 0.94 0.60 Series I 1.32 0.71 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 43,908,724 50,390,878 Series F 131,212 134,371 Series I 574,398 905,005

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: 1832 Asset Management L.P. Scotia Private Income Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 51,044,384 33,254,639 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 568,311,585 525,306,424 assets (28,159,079) (14,129,258) Series F 1,449,770 1,389,440 Change in unrealized (gain) loss on non-derivative Series I 9,013,781 12,076,141 financial assets (11,189,520) (4,571,680) 578,775,136 538,772,005 Change in unrealized (gain) loss on derivatives (135,045) – Unrealized foreign currency translation (gain) loss – (16) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (947,621,999) (1,039,103,787) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial assets Pinnacle Series 50,165,767 32,535,863 and liabilities 1,109,233,102 1,022,119,883 Series F 123,204 80,232 Margin deposited on derivatives (15,292) – Series I 755,413 638,544 Accrued investment income and other 605,526 240,579 51,044,384 33,254,639 Net cash provided by (used in) operating activities 173,762,077 (2,189,640) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE CASH FLOWS FROM FINANCING ACTIVITIES UNITS Proceeds from issue of redeemable units 146,899,444 142,901,679 From net investment income Amounts paid on redemption of redeemable units (295,964,892) (135,653,345) Pinnacle Series (11,706,512) (14,221,061) Distributions to unitholders of redeemable units (119,257) (150,343) Series F (24,703) (27,476) Series I (144,310) (253,041) Net cash provided by (used in) financing activities (149,184,705) 7,097,991 (11,875,525) (14,501,578) Unrealized foreign currency translation gain (loss) – 16 Net increase (decrease) in cash 24,577,372 4,908,351 REDEEMABLE UNIT TRANSACTIONS Cash (bank overdraft), beginning of period 5,577,051 668,684 Proceeds from issue Pinnacle Series 146,276,068 142,465,368 CASH (BANK OVERDRAFT), END OF PERIOD 30,154,423 5,577,051 Series F 715,289 292,297 Interest paid(1) 5,205 1,410 Reinvested distributions Interest received, net of withholding taxes(1) 12,751,673 15,208,281 Pinnacle Series 11,604,514 14,087,758 Series F 7,443 10,436 (1) Classified as operating items. Series I 144,310 253,041 Payments on redemption Pinnacle Series (289,450,379) (131,862,767) Series F (383,079) (295,159) Series I (5,916,400) (3,700,904) (137,002,234) 21,250,070

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (93,110,542) 43,005,161 Series F 438,154 60,330 Series I (5,160,987) (3,062,360) (97,833,375) 40,003,131

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 475,201,043 568,311,585 Series F 1,887,924 1,449,770 Series I 3,852,794 9,013,781 480,941,761 578,775,136 BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: 1832 Asset Management L.P. Scotia Private Income Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 93.3% BONDS AND DEBENTURES (cont'd) Corporate Bonds – 33.3% Corporate Bonds (cont'd) AltaGas Ltd. (Callable) 2.08% May 30, 2028 1,308,000 1,307,999 1,327,913 Hydro One Inc. 4.39% Sep 26, 2041 832,000 1,029,694 1,083,274 AltaGas Ltd. (Callable) 2.16% Jun 10, 2025 1,586,000 1,587,961 1,649,025 Intact Financial Corporation (Callable) 1.93% AltaGas Ltd. (Callable) 2.48% Nov 30, 2030 727,000 727,000 738,465 Dec 16, 2030 873,000 873,000 881,466 AltaGas Ltd. (Callable) 3.84% Jan 15, 2025 649,000 699,634 712,862 Intact Financial Corporation (Callable) 3.77% AltaGas Ltd. 2.61% Dec 16, 2022 1,430,000 1,435,266 1,482,362 Mar 02, 2026 1,566,000 1,657,012 1,758,851 Apple Inc. 2.51% Aug 19, 2024 295,000 291,605 313,858 John Deere Financial Inc. 1.34% Sep 08, 2027 790,000 789,842 797,885 Bank of America Corporation (Callable) 2.93% Loblaw Companies Limited (Callable) 4.86% Apr 25, 2025 3,115,000 3,121,348 3,312,634 Sep 12, 2023 1,197,000 1,290,437 1,316,010 Bank of America Corporation (Callable) 3.41% Loblaw Companies Ltd. (Callable) 2.28% Sep 20, 2025 429,000 457,765 465,837 May 07, 2030 493,000 494,001 510,902 Bank of Montreal (Callable) 2.37% Lower Mattagami Energy LP 2.31% Feb 03, 2025 1,225,000 1,227,897 1,295,508 Oct 21, 2026 1,404,000 1,436,823 1,512,526 Bank of Montreal 2.89% Jun 20, 2023 6,190,000 6,238,854 6,546,291 North West Redwater Partnership / NWR Bank of Montreal 3.19% Mar 01, 2028 1,955,000 2,071,750 2,226,313 Financing Co., Ltd. (Callable) 3.20% Bank of Nova Scotia, The (Callable) 2.84% Apr 24, 2026 1,482,000 1,495,160 1,616,333 Jul 03, 2029 1,364,000 1,371,319 1,444,934 North West Redwater Partnership / NWR Bank of Nova Scotia, The (Callable) 3.89% Financing Co., Ltd. (Callable) 3.65% Jan 18, 2029 760,000 760,000 825,910 Jun 01, 2035 346,000 377,814 386,055 Bank of Nova Scotia, The 2.16% Feb 03, 2025 2,307,000 2,312,457 2,423,556 OMERS Realty Corporation (Callable) 3.33% Bank of Nova Scotia, The 2.38% May 01, 2023 1,173,000 1,191,897 1,219,848 Jun 05, 2025 1,154,000 1,159,522 1,270,357 BCI QuadReal Realty (Callable) 1.68% OMERS Realty Corporation (Callable) 3.63% Mar 03, 2025 855,000 854,855 882,453 Jun 05, 2030 2,102,000 2,188,507 2,479,265 Bell Canada Inc. (Callable) 2.50% Ontario Power Generation Inc. (Callable) 2.98% May 14, 2030 1,700,000 1,704,391 1,783,517 Sep 13, 2029 817,000 902,989 912,526 Bell Canada Inc. (Callable) 2.75% Jan 29, 2025 2,486,000 2,496,822 2,657,822 Ontario Power Generation Inc. (Callable) 3.22% Bell Canada Inc. (Callable) 2.90% Sep 10, 2029 2,735,000 2,785,615 2,969,488 Apr 08, 2030 838,000 875,681 949,701 Bell Canada Inc. (Callable) 3.50% Sep 30, 2050 361,000 365,451 381,089 Pembina Pipeline Corporation (Callable) 3.31% BP Capital Markets PLC 3.47% May 15, 2025 1,975,000 2,018,958 2,177,004 Feb 01, 2030 918,000 925,421 995,083 Brookfield Asset Management Inc. (Callable) Pembina Pipeline Corporation (Callable) 3.54% 4.82% Jan 28, 2026 4,807,000 5,280,614 5,570,712 Feb 03, 2025 1,380,000 1,392,445 1,499,476 Brookfield Infrastructure Finance ULC (Callable) Pembina Pipeline Corporation (Callable) 3.71% 3.32% Feb 22, 2024 1,525,000 1,532,648 1,628,643 Aug 11, 2026 352,000 386,591 390,297 Brookfield Infrastructure Finance ULC (Callable) Pembina Pipeline Corporation (Callable) 4.02% 3.41% Oct 09, 2029 3,236,000 3,394,961 3,562,263 Mar 27, 2028 897,000 970,581 1,018,202 Brookfield Infrastructure Finance ULC 2.86% RioCan Real Estate Investment Trust (Callable) Sep 01, 2032 887,000 887,000 915,414 1.97% Jun 15, 2026 457,000 457,000 459,256 Bruce Power LP (Callable) 4.01% Jun 21, 2029 647,000 716,750 751,406 Rogers Communications Inc. (Callable) 3.25% Bruce Power LP 3.97% Jun 23, 2026 627,000 667,152 708,257 May 01, 2029 1,313,000 1,309,665 1,458,880 Canadian Imperial Bank of Commerce (Callable) Royal Bank of Canada (Callable) 2.09% 2.01% Jul 21, 2030 716,000 715,728 737,262 Jun 30, 2030 1,614,000 1,614,000 1,672,400 Canadian Imperial Bank of Commerce 2.00% Royal Bank of Canada (Callable) 2.88% Apr 17, 2025 1,653,000 1,718,426 1,724,868 Dec 23, 2029 5,498,000 5,724,765 5,868,406 Canadian Natural Resources Ltd. 1.45% Royal Bank of Canada (Callable) 4.00% Nov 16, 2023 784,000 783,106 794,731 Feb 24, 2081 898,000 898,000 914,101 Emera Inc. 2.90% Jun 16, 2023 1,179,000 1,180,218 1,237,360 Royal Bank of Canada 2.35% Jul 02, 2024 3,329,000 3,497,115 3,506,214 Enbridge Gas Inc. (Callable) 3.01% Royal Bank of Canada 2.61% Nov 01, 2024 3,055,000 3,083,892 3,256,447 Aug 09, 2049 401,000 435,749 439,567 Shaw Communications Inc. (Callable) 2.90% Enbridge Gas Inc. (Callable) 3.65% Dec 09, 2030 463,000 478,881 492,849 Apr 01, 2050 4,783,000 5,422,996 5,858,161 SmartCentres Real Estate Investment Trust Enbridge Inc. (Callable) 2.44% Jun 02, 2025 3,775,000 3,901,307 3,979,292 (Callable) 1.74% Dec 16, 2025 1,035,000 1,035,000 1,038,641 Enbridge Inc. (Callable) 3.95% Nov 19, 2024 1,783,000 1,892,327 1,967,144 SmartCentres Real Estate Investment Trust Enbridge Southern Lights LP 4.01% (Callable) 3.53% Dec 20, 2029 888,000 894,574 965,267 Jun 30, 2040 793,352 792,066 896,701 Suncor Energy Inc. (Callable) 3.00% ENMAX Corporation (Callable) 3.33% Sep 14, 2026 1,313,000 1,334,262 1,426,432 Jun 02, 2025 852,000 859,170 923,104 Suncor Energy Inc. 5.39% Mar 26, 2037 598,000 750,340 741,950 HCN Canadian Holdings-1 LP (Callable) 2.95% TELUS Corporation (Callable) 2.75% Jan 15, 2027 514,000 513,440 543,303 Jul 08, 2026 5,795,000 6,007,404 6,235,599 Heathrow Funding Ltd. 3.25% May 21, 2025 2,008,000 2,109,210 2,134,228 TELUS Corporation (Callable) 3.30% Honda Canada Finance Inc. 1.34% May 02, 2029 1,540,000 1,592,795 1,719,660 Mar 17, 2026 1,177,000 1,177,255 1,187,994 TMX Group Ltd. 3.00% Dec 11, 2024 3,979,000 3,946,614 4,300,448 Hydro One Inc. (Callable) 2.16% Feb 28, 2030 1,962,000 1,961,647 2,086,155 Toronto Hydro Corporation (Callable) 2.99% BOND FUNDS Hydro One Inc. (Callable) 3.02% Apr 05, 2029 67,000 74,592 75,815 Dec 10, 2049 1,116,000 1,141,808 1,231,959 Hydro One Inc. (Callable) 4.59% Oct 09, 2043 388,000 492,862 524,375 Toronto-Dominion Bank, The (Callable) 3.11% Apr 22, 2030 3,380,000 3,618,836 3,651,305

Portfolio Adviser: 1832 Asset Management L.P. Scotia Private Income Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) Corporate Bonds (cont'd) Federal Bonds (cont'd) Toronto-Dominion Bank, The (Callable) 3.22% Government of Canada 2.25% Jun 01, 2029 8,450,000 9,315,021 9,602,444 Jul 25, 2029 543,000 578,935 584,204 Government of Canada 2.25% Jun 01, 2029 Toronto-Dominion Bank, The (Callable) 3.59% (pledged as collateral on futures contracts) 300,000 330,711 340,915 Sep 14, 2028 3,237,000 3,372,196 3,470,320 Government of Canada 2.75% Dec 01, 2048 5,100,000 6,995,679 6,997,765 Toronto-Dominion Bank, The 1.13% Government of Canada 5.00% Jun 01, 2037 8,935,000 14,357,205 14,459,420 Dec 09, 2025 1,950,000 1,950,000 1,958,051 Government of Canada 5.75% Jun 01, 2033 14,000,000 22,134,580 22,134,194 Toronto-Dominion Bank, The 1.94% 127,964,033 131,470,708 Mar 13, 2025 800,000 830,544 834,360 Toronto-Dominion Bank, The 3.01% Mortgage-Backed Securities – 6.2% May 30, 2023 4,880,000 5,168,213 5,169,197 Canadian Mortgage Pools 0.60% Dec 01, 2025 30,000,000 29,891,400 29,952,722 Toronto-Dominion Bank, The 3.23% Provincial Bonds – 26.5% Jul 24, 2024 1,300,000 1,376,414 1,416,367 Province of Alberta 2.05% Jun 01, 2030 6,000,000 5,988,900 6,345,327 Toyota Credit Canada Inc. 2.31% Oct 23, 2024 797,000 838,715 840,671 Province of Alberta 2.90% Sep 20, 2029 2,000,000 2,146,920 2,264,694 TransCanada PipeLines Ltd. (Callable) 3.80% Province of British Columbia 2.95% Apr 05, 2027 2,617,000 2,866,737 2,950,019 Dec 18, 2028 8,000,000 9,208,000 9,161,849 Union Gas Ltd. (Callable) 2.81% Jun 01, 2026 1,595,000 1,629,436 1,743,033 Province of British Columbia 5.70% Ventas Canada Finance Ltd. (Callable) 2.80% Jun 18, 2029 22,000,000 30,206,660 30,096,431 Apr 12, 2024 881,000 880,903 924,412 Province of Ontario 2.60% Jun 02, 2027 11,569,000 11,590,807 12,772,032 Ventas Canada Finance Ltd. (Callable) 4.13% Province of Ontario 2.70% Jun 02, 2029 6,600,000 7,026,267 7,405,131 Sep 30, 2024 435,000 453,231 476,775 Province of Ontario 2.80% Jun 02, 2048 23,307,000 21,476,859 27,117,489 Walt Disney Company, The 2.76% Province of Ontario Canada 2.05% Oct 07, 2024 1,503,000 1,504,497 1,605,652 Jun 02, 2030 20,000,000 20,328,200 21,343,358 Wells Fargo & Company (Callable) 2.57% Province of Quebec 2.30% Sep 01, 2029 9,867,000 10,205,375 10,805,616 May 01, 2026 2,781,000 2,910,150 2,936,079 118,177,988 127,311,927 Wells Fargo & Company 2.49% Feb 18, 2027 1,824,000 1,844,701 1,927,596 TOTAL BONDS AND DEBENTURES 429,406,632 448,973,560 153,373,211 160,238,203 TOTAL INVESTMENT PORTFOLIO 429,406,632 448,973,560 Federal Bonds – 27.3% Canada Housing Trust No 1 1.75% Unrealized Gain (Loss) on Derivatives – 0.0% 135,045 Jun 15, 2030 3,962,000 4,129,980 4,222,291 OTHER ASSETS, LESS LIABILITIES – 6.7% 31,833,156 Canada Housing Trust No. 1 2.65% NET ASSETS – 100.0% 480,941,761 Dec 15, 2028 29,665,000 30,222,615 33,649,636 Government of Canada 1.25% Jun 01, 2030 37,721,000 40,106,111 39,695,720 Government of Canada 1.25% Jun 01, 2030 (pledged as collateral on futures contracts) 350,000 372,131 368,323

SCHEDULE OF DERIVATIVE INSTRUMENTS

UNREALIZED GAIN ON FUTURES CONTRACTS

Contractual Number of Value Fair Value Unrealized Expiry Date Contracts Futures Contracts Counterparty Credit Risk Canadian ($) Canadian ($) Gain ($) BOND FUTURES CONTRACTS Mar. 2021 199 Canada 10 Year Bond Future BMO Capital Markets A-1 29,535,855 29,670,900 135,045 135,045 BOND FUNDS

Portfolio Adviser: 1832 Asset Management L.P. Scotia Private Income Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Fund would have decreased or increased by nil or approximately 0.0% The Fund’s investment objective is to preserve investment capital of net assets (December 31, 2019 – $109 or approximately 0.0%). In while seeking to achieve increased income by investing primarily in a practice, actual results may differ from this sensitivity analysis and the portfolio of Canadian government and corporate bonds, preferred difference could be material. shares of Canadian corporations and loans of supranational Price risk organizations. The Fund did not have significant direct price risk exposure to The Fund may also invest a portion of its assets in funds managed by equities, Underlying Funds, derivatives or commodities as at the Manager and/or by third party investment managers (the December 31, 2020 or December 31, 2019. “Underlying Funds”). In addition to the risks described below, the Credit risk Fund could be exposed to indirect risk to the extent that the Underlying Funds held financial instruments that were subject to the Below is a summary of the credit ratings of bonds and debentures, below risks. money market instruments and preferred shares held by the Fund, as applicable. Risks associated with financial instruments (note 4) December 31, 2020 December 31, 2019 Interest rate risk Percentage Percentage of total of total Below is a summary of the Fund’s direct exposure to interest rate risk credit rated Percentage of credit rated Percentage of by the remaining term to maturity of the Fund’s portfolio, net of short instruments net assets instruments net assets Credit ratings (%) (%) (%) (%) positions, if applicable, excluding Underlying Funds, preferred shares, AAA/A-1+ 38.0 35.4 48.0 47.5 cash and overdrafts, as applicable. AA 7.2 6.7 15.4 15.2 A/A-1 31.6 29.5 27.0 26.7 BBB/A-2 16.3 15.3 9.4 9.3 December 31, 2020 December 31, 2019 Unrated 6.9 6.4 0.2 0.2 Interest rate exposure ($) ($) 100.0 93.3 100.0 98.9 Less than 1 year – – 1-3 years 17,765,799 1,940,463 3-5 years 78,994,203 130,399,645 Concentration risk 5-10 years 268,132,044 369,859,868 > 10 years 113,752,414 69,036,089 Below is a summary of the Fund’s concentration risk by carrying value 478,644,460 571,236,065 as a percentage of net assets.

As at December 31, 2020, had the prevailing interest rates fluctuated December 31, 2020 December 31, 2019 by 0.25%, assuming a parallel shift in the yield curve and all other Corporate Bonds 33.3 33.9 Federal Bonds 27.3 42.4 variables held constant, net assets attributable to holders of Mortgage-Backed Securities 6.2 5.1 redeemable units of the Fund would have decreased or increased by Provincial Bonds 26.5 17.3 Unrealized Gain (Loss) on Derivatives 0.0 – $9,301,086 or approximately 1.9% (December 31, 2019 – $11,168,621 or approximately 1.9%). In practice, actual results may differ from this Fair Value Classification (note 2) sensitivity analysis and the difference could be material. Below is a summary of the classification of the Fund’s financial Currency risk instruments within the fair value hierarchy. Below is a summary of the Fund’s direct exposure to currency risk. Level 1 Level 2 Level 3 Total Amounts shown are based on the carrying value of monetary and non- December 31, 2020 ($) ($) ($) ($) monetary assets and liabilities of the Fund net of currency contracts Bonds and debentures – 448,973,560 – 448,973,560 and short positions, as applicable. The Fund did not have significant Unrealized gain on futures contracts 135,045 – – 135,045 direct currency risk exposure as at December 31, 2020. 135,045 448,973,560 – 449,108,605

December 31, 2019 Level 1 Level 2 Level 3 Total Gross currency Currency Net currency Percentage of December 31, 2019 ($) ($) ($) ($) Currency exposure ($) contracts ($) exposure ($) net assets (%) Bonds and debentures – 571,236,065 – 571,236,065 US dollar 1,094 – 1,094 0.0 – 571,236,065 – 571,236,065 1,094 – 1,094 0.0

As at December 31, 2020, if the Canadian dollar fluctuated by 10% in Transfers between levels relation to all other foreign currencies, with all other variables held During the periods ended December 31, 2020 and December 31, 2019, BOND FUNDS constant, net assets attributable to holders of redeemable units of the there were no significant transfers between Level 1 and Level 2. Scotia Private Income Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Offsetting of financial assets and liabilities (note 2) As at December 31, 2020 and December 31, 2019, the Fund did not enter into any agreement whereby the financial instruments were eligible for offset.

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

Comparison of net asset value per unit and net assets per unit (note 2) As at December 31, 2020 and December 31, 2019, there were no significant differences between the net asset value per unit and the net assets per unit for any series of the Fund. BOND FUNDS Scotia Private High Yield Income Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair Current assets value through profit or loss Financial assets at fair value through profit or loss Dividends 35,714 130,134 (note 2) Interest for distribution purposes 9,777,407 32,944,412 Non-derivative financial assets 58,070,025 493,132,883 Net realized gain (loss) on non-derivative financial assets (18,046,589) (427,534) Derivatives 165,167 5,079,484 Change in unrealized gain (loss) on non-derivative Cash 692,018 838,335 financial assets (558,043) (3,980,641) Subscriptions receivable 6,704 83,853 Net realized gain (loss) on derivatives (4,899,059) 973,673 Accrued investment income and other 1,498,404 6,706,891 Change in unrealized gain (loss) on derivatives (4,792,830) 21,063,868 Total assets 60,432,318 505,841,446 Net gain (loss) on financial assets and liabilities at LIABILITIES fair value through profit or loss (18,483,400) 50,703,912 Current liabilities Securities lending (note 11) 866 26,993 Financial liabilities at fair value through profit or loss Net realized and unrealized foreign currency translation (note 2) gain (loss) 1,246,807 (1,073,285) Derivatives – 121,487 Other income 719 591 Payable for securities purchased 636,651 – Total income (loss), net (17,235,008) 49,658,211 Redemptions payable 2,823 97,365 EXPENSES Total liabilities 639,474 218,852 Management fees (note 5) 78,483 222,849 Net assets attributable to holders of redeemable Fixed administration fees (note 6) 92,911 290,323 units 59,792,844 505,622,594 Independent Review Committee fees 1,356 1,200 Interest expense – 1,299 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Foreign withholding taxes/tax reclaims 1,489 – REDEEMABLE UNITS PER SERIES Harmonized Sales Tax/Goods and Services Tax 18,662 52,056 Pinnacle Series 49,487,478 130,139,452 Transaction costs 24 – Series F 10,242,897 12,859,506 Total expenses 192,925 567,727 Series I – 351,580,113 Series K 36,274 10,907,503 Increase (decrease) in net assets attributable to Series M 26,195 136,020 holders of redeemable units from operations (17,427,933) 49,090,484 NET ASSETS ATTRIBUTABLE TO HOLDERS OF INCREASE (DECREASE) IN NET ASSETS REDEEMABLE UNITS PER UNIT ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Pinnacle Series 6.92 8.26 UNITS FROM OPERATIONS PER SERIES Series F 7.20 8.59 Pinnacle Series (14,221,584) 10,003,185 Series I – 8.29 Series F (1,053,868) 921,995 Series K 7.64 9.09 Series I 138,434 26,936,679 Series M 7.04 8.39 Series K (2,267,262) 877,302 Series M (23,653) 10,351,323 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series (1.48) 0.61 Series F (0.73) 0.59 Series I 0.02 0.64 Series K (7.28) 0.73 Series M (3.48) 2.24 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 9,580,348 16,513,546 Series F 1,445,895 1,571,439 Series I 5,757,112 41,843,918 Series K 311,429 1,199,039 Series M 6,800 4,618,096

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Guardian Capital LP Scotia Private High Yield Income Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES Increase (decrease) in net assets attributable to holders (in dollars) 2020 2019 of redeemable units (17,427,933) 49,090,484 Adjustments for: NET ASSETS ATTRIBUTABLE TO HOLDERS OF Net realized (gain) loss on non-derivative financial REDEEMABLE UNITS, BEGINNING OF PERIOD assets 18,046,589 427,534 Pinnacle Series 130,139,452 132,008,643 Change in unrealized (gain) loss on non-derivative Series F 12,859,506 14,019,596 financial assets 558,043 3,980,641 Series I 351,580,113 365,559,695 Change in unrealized (gain) loss on derivatives 4,792,830 (21,063,868) Series K 10,907,503 12,677,180 Unrealized foreign currency translation (gain) loss (269) (11,191) Series M 136,020 241,369,043 Purchases of non-derivative financial assets and 505,622,594 765,634,157 liabilities (259,062,546) (703,558,839) Proceeds from sale of non-derivative financial assets INCREASE (DECREASE) IN NET ASSETS and liabilities 676,157,425 975,832,263 ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Accrued investment income and other 5,208,487 5,091,008 UNITS FROM OPERATIONS Pinnacle Series (14,221,584) 10,003,185 Net cash provided by (used in) operating Series F (1,053,868) 921,995 activities 428,272,626 309,788,032 Series I 138,434 26,936,679 CASH FLOWS FROM FINANCING ACTIVITIES Series K (2,267,262) 877,302 Proceeds from issue of redeemable units 13,180,450 68,298,857 Series M (23,653) 10,351,323 Amounts paid on redemption of redeemable units (440,730,713) (376,664,453) (17,427,933) 49,090,484 Distributions to unitholders of redeemable units (868,949) (836,833) Net cash provided by (used in) financing DISTRIBUTIONS TO HOLDERS OF REDEEMABLE activities (428,419,212) (309,202,429) UNITS Unrealized foreign currency translation gain (loss) 269 11,191 From net investment income Net increase (decrease) in cash (146,586) 585,603 Pinnacle Series (6,642,420) (9,059,502) Cash (bank overdraft), beginning of period 838,335 241,541 Series F (1,016,596) (797,106) Series I (2,393,330) (22,959,954) CASH (BANK OVERDRAFT), END OF PERIOD 692,018 838,335 Series K (228,169) (700,128) Interest paid(1) – 1,299 Series M (4,335) (428,066) Interest received, net of withholding taxes(1) 14,899,863 38,035,419 (10,284,850) (33,944,756) Dividends received, net of withholding taxes(1) 34,225 130,134 (1) Classified as operating items. REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 12,066,270 26,744,862 Series F 166,015 374,514 Series I – 34,109,920 Series K 871,017 3,318,348 Series M – 3,555,595 Reinvested distributions Pinnacle Series 6,584,059 9,002,151 Series F 206,722 165,190 Series I 2,393,330 22,959,954 Series K 228,069 700,128 Series M 3,721 280,500 Payments on redemption Pinnacle Series (78,438,299) (38,559,887) Series F (918,882) (1,824,683) Series I (351,718,547) (75,026,181) Series K (9,474,884) (5,965,327) Series M (85,558) (254,992,375) (418,116,967) (275,157,291)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (80,651,974) (1,869,191) Series F (2,616,609) (1,160,090) Series I (351,580,113) (13,979,582) Series K (10,871,229) (1,769,677) Series M (109,825) (241,233,023) (445,829,750) (260,011,563)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 49,487,478 130,139,452 Series F 10,242,897 12,859,506 Series I – 351,580,113 Series K 36,274 10,907,503 Series M 26,195 136,020

59,792,844 505,622,594 BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Guardian Capital LP Scotia Private High Yield Income Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Value ($)/ Number of Shares/ Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 91.0% BONDS AND DEBENTURES (cont'd) Corporate Bonds – 91.0% Corporate Bonds (cont'd) 1011778 BC ULC / New Red Finance Inc. Talen Energy Supply LLC (Callable) 6.50% (Callable) 3.88% Jan 15, 2028 USD 700,000 950,263 907,167 Jun 01, 2024 USD 1,300,000 1,365,265 1,381,473 Bellatrix Exploration Ltd. (Callable) 12.50% TELUS Corporation (Callable) 2.05% Dec 15, 2023* USD 3,388,000 2,981,361 – Oct 07, 2030 500,000 498,965 504,599 Bellatrix Exploration Ltd. (Callable) 8.50% Tidewater Midstream and Infrastructure Ltd. Sep 11, 2023* USD 3,109,000 3,244,104 – (Callable) 6.75% Dec 19, 2022 1,519,000 1,512,805 1,440,518 Cascades Inc/Cascades USA Inc. (Callable) T-Mobile USA Inc. (Callable) 4.50% 5.13% Jan 15, 2025 1,000,000 1,005,000 1,048,542 Feb 01, 2026 USD 500,000 690,574 654,130 CCO Holdings LLC / CCO Holdings Capital TransCanada PipeLines Ltd. (Callable) 3.00% Corporation (Callable) 5.88% May 01, 2027 USD 500,000 691,982 665,300 Sep 18, 2029 750,000 801,548 814,000 Charter Communications Operating LLC / Charter United Rentals North America Inc. (Callable) Communications Operating Capital (Callable) 3.88% Feb 15, 2031 USD 500,000 674,237 670,762 2.80% Apr 01, 2031 USD 200,000 266,715 268,417 Valvoline Inc. (Callable) 3.63% Jun 15, 2031 USD 500,000 634,703 654,954 DAE Funding LLC (Callable) 4.50% Aug 01, 2022 USD 1,000,000 1,253,400 1,283,711 Vesta Energy Corporation (Callable) 8.13% DaVita Inc. (Callable) 3.75% Feb 15, 2031 USD 1,000,000 1,299,733 1,295,750 Jul 24, 2023 8,150,000 8,015,625 3,300,750 Exela Intermediate LLC / Exela Finance Inc. Videotron Ltd. (Callable) 4.50% Jan 15, 2030 750,000 787,500 815,406 (Callable) 10.00% Jul 15, 2023 USD 5,250,000 6,599,510 2,059,062 TOTAL BONDS AND DEBENTURES 95,741,280 54,425,108 Ford Credit Canada Company 2.71% Feb 23, 2022 1,000,000 985,000 1,001,426 EQUITIES – 4.6% GFL Environmental Inc. (Callable) 4.25% Energy – 4.4% Jun 01, 2025 USD 750,000 1,051,890 996,293 Bellatrix Exploration Ltd.* 1,326,904 2,547,588 – Gibson Energy Inc. (Callable) 5.25% Calfrac Holdings LP, Rights Jun 15, 2026 176,771 – – Dec 22, 2080 500,000 500,000 505,154 Calfrac Well Services Ltd. 397,826 6,244,528 1,572,845 Iron Mountain Incorporated (Callable) 4.88% Canadian International Oil Corporation, Warrants Sep 15, 2027 USD 500,000 678,380 669,279 May 01, 2023* 520,000 – – Kinross Gold Corporation (Callable) 5.13% Prairie Provident Resources Inc. 408,004 5,967,216 8,160 Sep 01, 2021 USD 887,000 1,262,399 1,150,409 Source Energy Services Ltd. 728,129 446,828 1,033,893 Mattamy Group Corporation (Callable) 4.63% Trident Exploration Corporation, Restricted* 8,471,215 3,213,132 – Mar 01, 2028 1,522,000 1,538,965 1,574,319 18,419,292 2,614,898 Methanex Corporation (Callable) 5.13% Oct 15, 2027 USD 700,000 937,618 971,431 Materials – 0.2% Moss Creek Resources Holdings Inc. (Callable) Banro Corporation* 695,527 8,437,843 – 7.50% Jan 15, 2026 USD 4,000,000 4,986,784 3,882,906 Hycroft Mining Holding Corporation 10,976 167,022 109,710 National Bank of Canada (Callable) 4.30% Sherritt International Corporation, Warrants Nov 15, 2080 500,000 495,950 497,903 Jul 29, 2021* 1,453,099 – 39,115 NuStar Logistics LP (Callable) 6.00% 8,604,865 148,825 Jun 01, 2026 USD 800,000 1,092,466 1,107,518 TOTAL EQUITIES 27,024,157 2,763,723 Nutrien Ltd. (Callable) 2.95% May 13, 2030 USD 1,000,000 1,397,083 1,400,695 NuVista Energy Ltd. (Callable) 6.50% MONEY MARKET INSTRUMENTS – 1.4% Mar 02, 2023 10,000,000 10,000,000 7,414,583 Promissory Notes – 1.1% Occidental Petroleum Corporation (Callable) Province of British Columbia 0.09% Jan 05, 2021 USD 535,000 683,164 681,210 6.13% Jan 01, 2031 USD 700,000 896,206 957,518 Treasury Bills – 0.3% OneMain Finance Corporation (Callable) 4.00% Government of Canada 0.00% Feb 04, 2021 200,000 199,978 199,984 Sep 15, 2030 USD 300,000 384,418 396,793 Open Text Corporation (Callable) 3.88% TOTAL INVESTMENT PORTFOLIO 123,648,579 58,070,025 Feb 15, 2028 USD 850,000 1,161,136 1,125,620 Unrealized Gain (Loss) on Derivatives – 0.3% 165,167 Post Holdings Inc. (Callable) 5.75% OTHER ASSETS, LESS LIABILITIES – 2.7% 1,557,652 Mar 01, 2027 USD 500,000 701,454 677,944 Quebecor Media Inc. 6.63% Jan 15, 2023 1,000,000 1,070,000 1,087,917 NET ASSETS – 100.0% 59,792,844 Radian Group Inc. (Callable) 4.88% Mar 15, 2027 USD 500,000 665,832 702,614 * These securities have no quoted values and are classified as Level 3 securities. Russel Metals Inc. (Callable) 5.75% Oct 27, 2025 1,000,000 1,000,000 1,048,125 Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The Sherritt International Corporation (Callable) discount represents the implied effective interest. 10.75% Aug 31, 2029 1,964,200 – 491,050 Sherritt International Corporation (Callable) 8.50% Nov 30, 2026 9,357,000 15,843,085 4,889,033 Source Energy Services 10.50% Mar 15, 2025 11,532,812 14,397,560 2,707,904

BOND FUNDS Spectrum Brands Inc. (Callable) 5.50% Jul 15, 2030 USD 750,000 1,030,885 1,031,374 Sprint Corporation 7.13% Jun 15, 2024 USD 250,000 390,879 372,759

Portfolio Adviser: Guardian Capital LP Scotia Private High Yield Income Pool (continued)

SCHEDULE OF DERIVATIVE INSTRUMENTS

UNREALIZED GAIN ON CURRENCY FORWARD CONTRACTS

Credit Settlement Currency To Contractual Currency To Be Contractual Contract Market Unrealized Counterparty Rating Date Be Received Amount ($) Delivered Amount ($) Price ($) Price ($) Gain ($) RBC Capital Markets LLC A-1+ Feb. 01, 2021 Canadian dollar 26,100,281 US dollar 20,385,000 0.781 0.786 165,167 165,167 BOND FUNDS

Portfolio Adviser: Guardian Capital LP Scotia Private High Yield Income Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) As at December 31, 2020, if the Canadian dollar fluctuated by 10% in The Fund’s investment objective is to achieve superior long term relation to all other foreign currencies, with all other variables held returns and to provide income as well as capital growth by investing constant, net assets attributable to holders of redeemable units of the primarily in high yield, lower rated Canadian corporate bonds, Fund would have decreased or increased by $182,142 or approximately preferred shares and short term money market securities. 0.3% of net assets (December 31, 2019 – $595,370 or approximately 0.1%). In practice, actual results may differ from this sensitivity The Fund may also invest a portion of its assets in funds managed by analysis and the difference could be material. the Manager and/or by third party investment managers (the Price risk “Underlying Funds”). In addition to the risks described below, the Fund could be exposed to indirect risk to the extent that the As at December 31, 2020, approximately 4.6% (December 31, 2019 – Underlying Funds held financial instruments that were subject to the 0.9%) of the Fund’s net assets were directly exposed to price risk. If below risks. prices of these instruments had fluctuated by 10%, with all other variables held constant, net assets attributable to holders of Risks associated with financial instruments (note 4) redeemable units of the Fund would have decreased or increased by Interest rate risk approximately $276,372 (December 31, 2019 – $435,313). In practice, actual results may differ from this sensitivity analysis and the Below is a summary of the Fund’s direct exposure to interest rate risk difference could be material. by the remaining term to maturity of the Fund’s portfolio, net of short positions, if applicable, excluding Underlying Funds, preferred shares, Credit risk cash and overdrafts, as applicable. Below is a summary of the credit ratings of bonds and debentures, money market instruments and preferred shares held by the Fund, as December 31, 2020 December 31, 2019 Interest rate exposure ($) ($) applicable. Less than 1 year 2,031,603 43,208,173 1-3 years 17,587,967 64,982,974 December 31, 2020 December 31, 2019 3-5 years 7,555,096 157,092,199 Percentage Percentage 5-10 years 23,281,178 201,951,137 of total of total > 10 years 4,850,458 21,545,273 credit rated Percentage of credit rated Percentage of 55,306,302 488,779,756 instruments net assets instruments net assets Credit ratings (%) (%) (%) (%) As at December 31, 2020, had the prevailing interest rates fluctuated AAA/A-1+ 1.6 1.5 9.1 8.8 AA – – 1.3 1.3 by 0.25%, assuming a parallel shift in the yield curve and all other A/A-1 – – 2.7 2.6 BBB/A-2 7.5 6.9 11.6 11.2 variables held constant, net assets attributable to holders of BB 35.6 33.0 42.3 40.9 redeemable units of the Fund would have decreased or increased by B 26.8 24.7 25.7 24.8 CCC 21.0 19.4 5.3 5.2 $418,450 or approximately 0.7% (December 31, 2019 – $3,593,490 or Unrated 7.5 6.9 2.0 1.9 approximately 0.7%). In practice, actual results may differ from this 100.0 92.4 100.0 96.7 sensitivity analysis and the difference could be material. Concentration risk Currency risk Below is a summary of the Fund’s concentration risk by carrying value Below is a summary of the Fund’s direct exposure to currency risk. as a percentage of net assets. Amounts shown are based on the carrying value of monetary and non- monetary assets and liabilities of the Fund net of currency contracts December 31, 2020 December 31, 2019 and short positions, as applicable. Commercial Paper – 4.1 Corporate Bonds 91.0 86.6 December 31, 2020 Energy 4.4 0.9 Federal Bonds – 2.9 Gross currency Currency Net currency Percentage of Materials 0.2 – Currency exposure ($) contracts ($) exposure ($) net assets (%) Promissory Notes 1.1 3.1 Treasury Bills 0.3 – US dollar 27,756,529 (25,935,114) 1,821,415 3.0 Unrealized Gain (Loss) on Derivatives 0.3 1.0 27,756,529 (25,935,114) 1,821,415 3.0

December 31, 2019 Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) US dollar 392,928,040 (386,974,341) 5,953,699 1.2 BOND FUNDS 392,928,040 (386,974,341) 5,953,699 1.2 Scotia Private High Yield Income Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Fair Value Classification (note 2) Certain significant unobservable inputs used in the valuation Below is a summary of the classification of the Fund’s financial techniques are not reasonably expected to shift and are indicated instruments within the fair value hierarchy. below as “n/a”. Securities where the reasonable possible shift in the significant unobservable inputs did not result in a material impact on Level 1 Level 2 Level 3 Total the Fund are indicated below as nil. December 31, 2020 ($) ($) ($) ($) Equities 2,724,608 – – 2,724,608 Carrying Bonds and debentures – 54,425,108 – 54,425,108 value as at Money market instruments – 881,194 – 881,194 Valuation Significant December 31, Change in Warrants, rights and options – – 39,115 39,115 Security technique unobservable input 2020 ($) valuation ($) Unrealized gain on currency Debt Fundamental model Discount to forward contracts – 165,167 – 165,167 analysis based on enterprise value – n/a 2,724,608 55,471,469 39,115 58,235,192 financial data Equities Fundamental model Discount to company analysis based on NAV – n/a Level 1 Level 2 Level 3 Total financial data December 31, 2019 ($) ($) ($) ($) Equities Fundamental model Discount to analysis based on enterprise value – n/a Equities 4,337,883 – – 4,337,883 financial data Bonds and debentures – 449,808,643 2,710,638 452,519,281 Money market instruments – 36,260,475 – 36,260,475 Warrants Fundamental model Discount to company Warrants, rights and options – – 15,244 15,244 analysis based on NAV – – Unrealized gain on currency financial data forward contracts – 5,079,484 – 5,079,484 Warrants Fundamental model Liquidity discount 39,115 n/a analysis based on 4,337,883 491,148,602 2,725,882 498,212,367 financial data Unrealized loss on currency 39,115 forward contracts – (121,487) – (121,487) 4,337,883 491,027,115 2,725,882 498,090,880 Carrying value as at Valuation Significant December 31, Change in Transfers between levels Security technique unobservable input 2019 ($) valuation ($) During the periods ended December 31, 2020 and December 31, 2019, Debt Fundamental model Discount to analysis based on enterprise value 2,710,638 (19,463)/19,463 there were no significant transfers between Level 1 and Level 2. financial data Equities Fundamental model Discount to company analysis based on NAV – – Reconciliation of Level 3 financial instruments financial data Warrants Fundamental model Discount to company Below is a summary of the movement in the Fund’s Level 3 financial analysis based on NAV – – instruments. financial data Warrants Fundamental model Liquidity discount 15,244 – analysis based on December 31, 2020 December 31, 2019 financial data ($) ($) 2,725,882 Beginning of period 2,725,882 1,660,702 Purchases – 8,773,053 Sales/Return of Capital – – Transfers into Level 3 – – Offsetting of financial assets and liabilities (note 2) Transfers out of Level 3 – – Net realized gains (losses) – – Below is a summary of the offsetting of financial assets and liabilities Net change in unrealized gain (loss)* (2,686,767) (7,707,873) and collateral amounts that would occur if future events, such as End of period 39,115 2,725,882 bankruptcy or termination of contracts, were to arise. No amounts * Net change in unrealized gain (loss) for Level 3 financial instruments held as were offset in the financial statements. at December 31, 2020 and December 31, 2019 was $(2,683,447) and $(7,707,873), respectively. December 31, 2020 Gross amount Master netting Collateral Level 3 valuation techniques of assets offset received Net Amount Financial assets – by type ($) ($) ($) ($) Below is a summary of the valuation techniques and the significant Currency forward unobservable inputs used in the fair value measurement of Level 3 contracts 165,167 – – 165,167 Options contracts – OTC – – – – financial instruments. The significant unobservable inputs used in the Swap contracts – OTC – – – – valuation of Level 3 financial instruments can vary considerably over 165,167 – – 165,167 time depending on company specific factors and economic or market conditions. Below also illustrates the potential impact on the Fund if the significant unobservable inputs used in the valuation techniques BOND FUNDS had increased or decreased by 5%, or in the case of Underlying Funds, 10% (December 31, 2019: 5%), with all other variables held constant. Scotia Private High Yield Income Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 December 31, 2020 Gross amount Master netting Collateral Financial liabilities – by of liabilities offset pledged Net Amount type ($) ($) ($) ($) Currency forward contracts – – – – Options contracts – OTC – – – – Swap contracts – OTC – – – – – – – –

December 31, 2019 Gross amount Master netting Collateral of assets offset received Net Amount Financial assets – by type ($) ($) ($) ($) Currency forward contracts 5,079,484 (121,487) – 4,957,997 Options contracts – OTC – – – – Swap contracts – OTC – – – – 5,079,484 (121,487) – 4,957,997

December 31, 2019 Gross amount Master netting Collateral Financial liabilities – by of liabilities offset pledged Net Amount type ($) ($) ($) ($) Currency forward contracts 121,487 (121,487) – – Options contracts – OTC – – – – Swap contracts – OTC – – – – 121,487 (121,487) – –

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

Comparison of net asset value per unit and net assets per unit (note 2) The table below provides a comparison of the net asset value per unit and net assets per unit. A difference could arise when the last traded market price for a financial instrument is not within the bid-ask spread.

December 31, 2020 December 31, 2019 Net asset value Net assets Net asset value Net assets per unit per unit per unit per unit ($) ($) ($) ($) Series F 7.19 7.20 8.58 8.59 Series K 7.63 7.64 9.09 9.09 Series M 7.03 7.04 8.39 8.39 BOND FUNDS Scotia Private American Core-Plus Bond Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Interest for distribution purposes 19,381,217 26,686,198 (note 2) Net realized gain (loss) on non-derivative financial assets 52,437,365 26,270,342 Non-derivative financial assets 114,613,364 662,349,213 Change in unrealized gain (loss) on non-derivative Derivatives 941,035 4,621,986 financial assets (13,100,706) (13,939,095) Cash 8,284,146 46,695,357 Net realized gain (loss) on derivatives 153,024 20,425,767 Receivable for securities sold 8,068,295 5,320,548 Change in unrealized gain (loss) on derivatives (3,585,429) 7,557,474 Subscriptions receivable 95,635 76,735 Net gain (loss) on financial assets and liabilities at Accrued investment income and other 666,838 4,024,877 fair value through profit or loss 55,285,471 67,000,686 Total assets 132,669,313 723,088,716 Securities lending (note 11) 19,271 14,289 LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) (1,710,915) 97,139 Financial liabilities at fair value through profit or loss Other income 3,397 1,027 (note 2) Total income (loss), net 53,597,224 67,113,141 Derivatives – 95,522 EXPENSES Payable for securities purchased 12,052,891 26,436,076 Management fees (note 5) 2,362 2,248 Redemptions payable 23,677 446,089 Fixed administration fees (note 6) 365,975 395,909 Total liabilities 12,076,568 26,977,687 Independent Review Committee fees 1,356 1,200 Net assets attributable to holders of redeemable Interest expense 986 1,219 units 120,592,745 696,111,029 Foreign withholding taxes/tax reclaims – 20,080 Harmonized Sales Tax/Goods and Services Tax 37,189 40,823 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Total expenses 407,868 461,479 REDEEMABLE UNITS PER SERIES Pinnacle Series 119,065,702 133,463,132 Increase (decrease) in net assets attributable to Series F 359,554 321,238 holders of redeemable units from operations 53,189,356 66,651,662 Series I 1,167,489 562,326,659 INCREASE (DECREASE) IN NET ASSETS NET ASSETS ATTRIBUTABLE TO HOLDERS OF ATTRIBUTABLE TO HOLDERS OF REDEEMABLE REDEEMABLE UNITS PER UNIT UNITS FROM OPERATIONS PER SERIES Pinnacle Series 9.81 9.29 Pinnacle Series 10,616,509 10,234,046 Series F 10.03 9.50 Series F 24,903 24,208 Series I 10.09 9.57 Series I 42,547,944 56,393,408 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.82 0.79 Series F 0.78 0.76 Series I 0.84 0.87 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 13,013,012 12,909,088 Series F 31,949 31,972 Series I 50,785,219 64,454,337

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 53,189,356 66,651,662 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 133,463,132 100,492,104 assets (52,437,365) (26,270,342) Series F 321,238 250,577 Change in unrealized (gain) loss on non-derivative Series I 562,326,659 603,783,644 financial assets 13,100,706 13,939,095 696,111,029 704,526,325 Change in unrealized (gain) loss on derivatives 3,585,429 (7,557,474) Unrealized foreign currency translation (gain) loss (45,184) (676,486) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (1,624,369,248) (1,829,327,634) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial Pinnacle Series 10,616,509 10,234,046 assets and liabilities 2,194,310,823 1,896,632,841 Series F 24,903 24,208 Accrued investment income and other 3,358,039 682,997 Series I 42,547,944 56,393,408 Net cash provided by (used in) operating 53,189,356 66,651,662 activities 590,692,556 114,074,659 CASH FLOWS FROM FINANCING ACTIVITIES DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Proceeds from issue of redeemable units 56,235,925 105,286,582 UNITS Amounts paid on redemption of redeemable units (685,365,700) (179,720,808) From net investment income Distributions to unitholders of redeemable units (19,176) (22,206) Pinnacle Series (3,839,677) (4,245,408) Series F (7,784) (8,811) Net cash provided by (used in) financing Series I (16,136,979) (22,273,171) activities (629,148,951) (74,456,432) Unrealized foreign currency translation gain (loss) 45,184 676,486 (19,984,440) (26,527,390) Net increase (decrease) in cash (38,456,395) 39,618,227 Cash (bank overdraft), beginning of period 46,695,357 6,400,644 REDEEMABLE UNIT TRANSACTIONS Proceeds from issue CASH (BANK OVERDRAFT), END OF PERIOD 8,284,146 46,695,357 Pinnacle Series 41,676,756 51,106,200 Interest paid(1) 986 1,219 Series F 248,627 101,465 Interest received, net of withholding taxes(1) 22,751,150 27,349,115 Series I 14,329,441 53,901,305 Dividends received, net of withholding taxes(1) (11,894) – Reinvested distributions Pinnacle Series 3,824,969 4,227,736 (1) Classified as operating items. Series F 3,316 4,277 Series I 16,136,979 22,273,171 Payments on redemption Pinnacle Series (66,675,987) (28,351,546) Series F (230,746) (50,478) Series I (618,036,555) (151,751,698) (608,723,200) (48,539,568)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (14,397,430) 32,971,028 Series F 38,316 70,661 Series I (561,159,170) (41,456,985) (575,518,284) (8,415,296)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 119,065,702 133,463,132 Series F 359,554 321,238 Series I 1,167,489 562,326,659 120,592,745 696,111,029 BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 95.0% BONDS AND DEBENTURES (cont'd) Australian dollar – 0.8% United States dollar (cont'd) International Bank for Reconstruction & Comcast Corporation (Callable) 3.40% Development 3.00% Oct 19, 2026 AUD 900,000 929,031 1,000,515 Apr 01, 2030 USD 215,000 310,939 315,588 Euro – 0.8% Comcast Corporation (Callable) 3.70% America Movil S.A.B. de C.V. 3.26% Jul 22, 2023 EUR 550,000 748,595 926,749 Apr 15, 2024 USD 180,000 251,181 252,113 COMM 2013-LC6 Mortgage Trust 3.28% Indian rupee – 0.7% Jan 10, 2046 USD 480,000 643,415 637,469 International Finance Corporation 5.85% COMM 2014-UBS3 Mortgage Trust 4.01% Nov 25, 2022 INR 50,000,000 975,627 881,414 Jun 10, 2047 USD 410,000 544,837 570,158 Mexican peso – 0.7% COMM 2015-CCRE26 Mortgage Trust 4.64% Mexican Bonos 8.50% May 31, 2029 MXN 11,000,000 689,178 855,193 Oct 10, 2048 USD 235,000 298,775 318,803 United States dollar – 92.0% CommonSpirit Health (Callable) 4.19% AbbVie Inc. (Callable) 3.60% May 14, 2025 USD 180,000 267,783 255,018 Oct 01, 2049 USD 275,000 381,266 416,854 Access Group Inc. (Floating Rate) 1.11% Constellation Brands Inc. (Callable) 4.40% Aug 25, 2037 USD 669,336 690,459 761,258 Nov 15, 2025 USD 215,000 281,120 318,671 AccessLex Institute 2.63% May 25, 2036 USD 483,277 635,439 597,212 CSAIL 2015-C3 Commercial Mortgage Advocate Health & Hospitals Corporation Trust 3.03% Aug 15, 2048 USD 68,403 91,561 87,359 (Callable) 2.21% Jun 15, 2030 USD 390,000 545,455 519,038 CSAIL 2020-C19 Commercial Mortgage Trust, Ally Financial Inc. (Callable) 1.45% Oct 02, 2023 USD 250,000 327,315 324,719 Series 2020-C19 2.97% Mar 15, 2053 USD 220,000 311,459 304,686 Altria Group Inc. (Callable) 3.40% May 06, 2030 USD 180,000 252,562 256,231 CSAIL 2020-C19 Commercial Mortgage Trust, Altria Group Inc. (Callable) 4.80% Feb 14, 2029 USD 195,000 295,616 298,131 Series 2020-C19 3.74% Mar 15, 2053 USD 150,000 206,006 196,932 Altria Group Inc. (Callable) 5.80% Feb 14, 2039 USD 110,000 195,164 184,441 Dell International LLC (First Lien Term Loan B) Altria Group Inc. 9.95% Nov 10, 2038 USD 195,000 389,323 428,262 Sep 19, 2025 USD 341,938 443,021 436,206 AmeriCredit Automobile Receivables Devon Financing Co LLC 7.88% Sep 30, 2031 USD 191,000 320,074 338,404 Trust 2016-3 (Callable) 2.24% Apr 08, 2022 USD 25,928 34,453 33,040 Dominion Energy Inc. 3.07% Aug 15, 2024 USD 275,000 362,538 380,494 Anheuser-Busch InBev Worldwide Inc. (Callable) Educational Funding of the South Inc. (Floating 5.45% Jan 23, 2039 USD 225,000 296,961 389,680 Rate) 3.42% Apr 25, 2035 USD 500,210 666,878 635,023 Anthem Inc. (Callable) 3.50% Aug 15, 2024 USD 370,000 498,578 517,376 Energy Transfer Operating LP (Callable) 5.25% Asset Backed Securities Corporation Home Equity Apr 15, 2029 USD 180,000 238,410 268,089 Loan Trust Series 2002-HE1 2.13% Mar 15, 2032 USD 298,229 390,735 346,872 Enterprise Products Operating LLC (Callable) AT&T Inc. (Callable) 2.30% Jun 01, 2027 USD 240,000 334,042 325,250 4.20% Jan 31, 2050 USD 350,000 462,282 529,176 AT&T Inc. (Callable) 3.10% Feb 01, 2043 USD 300,000 400,668 387,468 Equifax Inc. (Callable) 3.95% Jun 15, 2023 USD 510,000 664,800 701,640 AT&T Inc. 6.50% Sep 01, 2037 USD 335,000 551,100 591,889 Fannie Mae 2.00% Jan 31, 2099 USD 435,000 576,740 575,392 Athene Holding Ltd. (Callable) 4.13% Fannie Mae 2.50% Aug 25, 2049 USD 2,288,675 3,072,555 3,072,176 Jan 12, 2028 USD 630,000 772,546 895,020 Fannie Mae 2.50% May 25, 2041 USD 11,793 12,044 15,070 Avnet Inc. 4.88% Dec 01, 2022 USD 280,000 381,095 382,617 Fannie Mae 3.00% Dec 01, 2099 USD 1,651,048 2,199,590 2,202,633 Banco Santander S.A. 2.75% Dec 03, 2030 USD 200,000 259,501 262,763 Fannie Mae 4.50% Aug 25, 2023 USD 4,336 4,040 5,736 Bank of America Commercial Mortgage Fannie Mae 5.00% Oct 25, 2024 USD 11,995 12,623 15,758 Trust 2017-BNK3 3.75% Feb 15, 2050 USD 375,000 546,386 539,125 Fannie Mae 7.50% Nov 25, 2026 USD 1,948 2,824 2,753 Bank of America Corporation (Callable) 3.37% Fannie Mae Grantor Trust 2003-T4 5.02% Jan 23, 2026 USD 550,000 683,043 779,241 Sep 26, 2033 USD 7,796 8,925 10,123 Barclays PLC (Callable) 4.34% May 16, 2024 USD 330,000 424,589 453,372 Fannie Mae Grantor Trust Series 2001-T4 7.50% BAT Capital Corporation (Callable) 3.22% Jul 25, 2041 USD 223,827 313,943 323,628 Sep 06, 2026 USD 375,000 499,195 524,831 Fannie Mae Pass-Through Certificates Pool 3.50% Bon Secours Mercy Health Inc. (Callable) 3.46% May 01, 2045 USD 944,412 1,298,273 1,306,805 Jun 01, 2030 USD 210,000 294,629 303,181 Fannie Mae Pass-Through Certificates Pool 3.66% Broadcom Inc. (Callable) 4.75% Apr 15, 2029 USD 120,000 182,493 181,945 Feb 01, 2027 USD 490,391 677,138 668,022 Capital One Prime Auto Receivables Trust 2019-1 Fannie Mae Pass-Through Certificates Pool 4.00% (Callable) 2.58% Apr 15, 2022 USD 98,613 136,810 125,722 Jun 01, 2042 USD 427,920 571,174 598,972 CenturyLink Inc. (First Lien Term Loan B) Fannie Mae Pass-Through Certificates Pool 4.50% Mar 15, 2027 USD 412,708 542,693 520,772 Apr 01, 2035 USD 902,290 1,258,386 1,288,005 Charter Communications Operating LLC / Charter Fannie Mae Pass-Through Certificates Pool 5.50% Communications Operating Capital (Callable) Aug 01, 2037 USD 156,465 191,761 232,209 4.91% Jul 23, 2025 USD 260,000 337,343 383,803 Fannie Mae Pass-Through Certificates Pool 5.50% Cigna Corporation (Callable) 2.40% Feb 01, 2038 USD 280,956 353,943 416,772 Mar 15, 2030 USD 195,000 264,445 264,167 Fannie Mae Pass-Through Certificates Pool 6.00% Citigroup Capital III 7.63% Dec 01, 2036 USD 240,000 393,999 438,656 Sep 01, 2039 USD 62,092 93,397 92,818 Citigroup Inc. (Callable) 5.32% Mar 26, 2041 USD 215,000 311,856 385,781 Fannie Mae Pool (Callable) 3.00% Apr 01, 2048 USD 1,808,310 2,523,473 2,447,003 Citigroup Inc. 8.13% Jul 15, 2039 USD 130,000 292,950 295,969 Fannie Mae Pool 2.50% Oct 01, 2050 USD 457,761 633,232 615,212 CNH Industrial Capital LLC (Callable) 1.88% Fannie Mae Pool 2.73% Sep 01, 2023 USD 366,071 470,925 488,539 Jan 15, 2026 USD 295,000 393,911 393,554 Fannie Mae Pool 3.00% Dec 01, 2031 USD 546,451 747,899 735,909 BOND FUNDS CNOOC Finance 2013 Ltd. 3.00% May 09, 2023 USD 920,000 849,879 1,221,651 Fannie Mae Pool 3.50% Aug 01, 2043 USD 526,052 711,133 720,579 Fannie Mae Pool 3.50% Sep 01, 2045 USD 698,478 968,468 944,024

Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) United States dollar (cont'd) United States dollar (cont'd) Fannie Mae Pool 5.00% Jan 01, 2036 USD 1,268 1,407 1,877 Ginnie Mae II Pool 4.73% Apr 20, 2063 USD 30,416 34,773 39,856 Fannie Mae Pool 5.00% Nov 01, 2034 USD 549 655 766 Ginnie Mae II Pool 4.81% Feb 20, 2061 USD 22,526 26,337 30,594 Fannie Mae Pool 5.00% Nov 01, 2034 USD 394 467 540 Ginnie Mae II Pool 4.85% May 20, 2062 USD 674 783 938 Fannie Mae Pool 5.50% Apr 01, 2036 USD 646,299 922,797 938,074 Ginnie Mae II Pool 5.07% Apr 20, 2062 USD 1,152 1,344 1,517 Fannie Mae Pool 5.50% Jan 01, 2040 USD 86,614 124,288 128,817 Ginnie Mae II Pool 5.50% Sep 20, 2043 USD 212,338 313,599 317,300 Fannie Mae Pool 7.50% Apr 01, 2032 USD 913 1,326 1,405 Goldman Sachs Group Inc., The (Callable) 3.80% Fannie Mae Pool 7.50% Jun 01, 2031 USD 478 766 723 Mar 15, 2030 USD 775,000 1,094,889 1,159,096 Fannie Mae Whole Loan 6.00% Feb 25, 2047 USD 340,001 436,445 496,005 Goldman Sachs Group Inc., The (Floating Rate) Fannie Mae Whole Loan 7.00% Jul 25, 2044 USD 354,137 425,321 516,343 3.49% May 15, 2026 USD 400,000 511,961 520,373 Fannie Mae, Series A 3.00% Dec 01, 2099 USD 181,000 242,222 241,811 Government National Mortgage Association Fannie Mae, Series A 3.50% Dec 01, 2099 USD 1,317,441 1,781,264 1,772,907 4.50% Jun 16, 2039 USD 16,458 17,745 21,950 Fannie Mae, Series A 4.50% Dec 01, 2099 USD 751,830 1,042,258 1,037,555 Government National Mortgage Association Fannie Mae, Series A 5.00% Dec 01, 2099 USD 520,000 737,555 732,880 4.74% May 20, 2066 USD 83,969 110,138 111,712 Federal Home Loan Mortgage Corporation 4.00% Hess Corporation 6.00% Jan 15, 2040 USD 255,000 338,756 402,615 Nov 15, 2036 USD 93,465 101,908 122,525 Hewlett Packard Enterprise Company (Callable) FHLMC Structured Pass Through Securities 6.50% 4.65% Oct 01, 2024 USD 530,000 774,097 765,583 Sep 25, 2043 USD 7,701 11,088 11,411 HSBC Bank PLC 7.65% May 01, 2025 USD 409,000 672,429 646,650 First Franklin Mortgage Loan Trust 2005-FF9 HSBC Holdings PLC 4.95% Mar 31, 2030 USD 160,000 227,124 254,737 2.78% Oct 25, 2035 USD 546,124 726,137 671,292 HSBC Holdings PLC, Perpetual 4.60% USD 200,000 254,641 259,523 Ford Credit Auto Owner Trust 2017-C 2.01% JP Morgan Mortgage Trust Series 2005-A4 2.61% Mar 15, 2022 USD 127,979 174,546 163,155 Jul 25, 2035 USD 35,686 39,991 45,081 Ford Motor Company (Callable) 9.00% JP Morgan Mortgage Trust Series 2005-A6 2.74% Apr 22, 2025 USD 460,000 663,077 721,184 Sep 25, 2035 USD 15,375 17,024 19,811 Freddie Mac 5.00% Feb 15, 2040 USD 282,459 411,065 390,514 JPMDB Commercial Mortgage Securities Freddie Mac 5.00% Jun 15, 2033 USD 25,591 27,822 36,089 Trust 2017-C5 3.60% Mar 15, 2050 USD 420,000 576,997 567,192 Freddie Mac 5.00% May 15, 2026 USD 17,996 18,407 24,380 JPMorgan Chase & Co. (Callable) 3.20% Freddie Mac 5.00% May 15, 2033 USD 78,400 82,615 112,043 Jun 15, 2026 USD 230,000 333,445 327,838 Freddie Mac 7.00% May 15, 2024 USD 1,419 1,856 1,947 JPMorgan Chase & Company (Callable) 2.46% Freddie Mac Gold Pool 2.50% Oct 01, 2031 USD 331,202 448,682 445,996 Feb 01, 2027 USD 330,000 410,166 402,366 Freddie Mac Gold Pool 3.00% Jan 01, 2047 USD 828,195 1,184,402 1,115,540 Kraft Heinz Foods Co 5.00% Jun 04, 2042 USD 410,000 616,008 613,123 Freddie Mac Gold Pool 3.50% Mar 01, 2048 USD 796,796 1,006,553 1,098,450 Marvell Technology Group Ltd. (Callable) 4.20% Freddie Mac Gold Pool 3.50% Nov 01, 2045 USD 577,589 875,493 802,811 Jun 22, 2023 USD 230,000 297,753 316,128 Freddie Mac Gold Pool 3.50% Sep 01, 2047 USD 448,348 566,848 613,190 McGraw-Hill Global Education Holdings LLC (First Freddie Mac Gold Pool 4.00% Jan 01, 2045 USD 1,716,772 2,424,965 2,431,400 Lien Term Loan) May 04, 2022 USD 536,200 703,985 667,693 Freddie Mac Gold Pool 4.00% Nov 01, 2047 USD 96,794 130,770 133,798 Mercury General Corporation (Callable) 4.40% Freddie Mac Gold Pool 5.00% Sep 01, 2033 USD 1,491 2,031 2,155 Mar 15, 2027 USD 275,000 375,558 387,586 Freddie Mac Gold Pool 5.50% Jun 01, 2041 USD 330,162 493,399 482,286 Mexico Government International Bond (Callable) Freddie Mac Multifamily Structured Pass Through 2.66% May 24, 2031 USD 255,000 334,023 333,621 Certificates 2.85% Jan 25, 2031 USD 450,000 603,937 627,757 Mondelez International Inc. (Callable) 1.88% Freddie Mac Multifamily Structured Pass Through Oct 15, 2032 USD 195,000 258,992 252,855 Certificates 3.00% Jun 25, 2027 USD 465,000 583,065 649,668 Morgan Stanley 3.88% Apr 29, 2024 USD 325,000 450,895 457,576 Freddie Mac Pool 3.00% Dec 01, 2047 USD 1,327,184 1,824,599 1,814,873 Morgan Stanley 4.10% May 22, 2023 USD 230,000 320,161 316,597 GE Capital International Funding Co., Unlimited Morgan Stanley Bank of America Merrill Lynch 4.42% Nov 15, 2035 USD 267,000 375,995 405,294 Trust 2014-C14 4.83% Feb 15, 2047 USD 135,000 188,514 186,194 General Electric Corporation 5.88% Jan 14, 2038 USD 315,000 487,637 544,689 Morgan Stanley Bank of America Merrill Lynch General Motors Corporation 4.88% Oct 02, 2023 USD 545,000 744,894 769,094 Trust Series 2015-C24 4.35% May 15, 2048 USD 335,000 416,342 433,280 General Motors Financial Company Inc. (Callable) Morgan Stanley Capital I Trust 2007-TOP27 3.45% Apr 10, 2022 USD 195,000 250,892 255,793 (Floating Rate) 5.95% Jun 11, 2042 USD 428,730 592,695 573,236 Genuine Parts Company (Callable) 1.88% Mortgage IT Trust Series 2005-1 (Callable) 1.09% Nov 01, 2030 USD 200,000 260,948 254,174 Feb 25, 2035 USD 320,008 411,451 376,670 Ginnie Mae I Pool 7.00% Dec 15, 2034 USD 8,077 9,880 12,179 MPLX LP (Callable) 4.80% Feb 15, 2029 USD 175,000 228,139 269,184 Ginnie Mae I Pool 7.50% Feb 15, 2032 USD 606 884 889 Municipal Electric Authority of Georgia 6.64% Ginnie Mae II Pool 2.00% Feb 20, 2040 USD 26,396 28,908 35,057 Apr 01, 2057 USD 318,000 458,383 589,192 Ginnie Mae II Pool 2.00% Jan 20, 2040 USD 146,071 175,394 191,614 Municipal Electric Authority of Georgia 7.06% Ginnie Mae II Pool 3.00% Apr 20, 2040 USD 130,453 144,621 174,006 Apr 01, 2057 USD 318,000 400,420 559,405 Ginnie Mae II Pool 3.50% Jun 20, 2040 USD 5,916 6,187 7,576 Mylan N.V. 3.95% Jun 15, 2026 USD 215,000 260,703 314,035 Ginnie Mae II Pool 4.51% Jan 20, 2067 USD 485,092 713,124 705,346 Navistar Inc. (First Lien Term Loan B) Ginnie Mae II Pool 4.56% Nov 20, 2062 USD 26,260 28,873 34,263 Nov 06, 2024 USD 512,500 652,921 653,138 Ginnie Mae II Pool 4.63% Jun 20, 2062 USD 1,054 1,508 1,454 Nomura Holdings Inc. 2.65% Jan 16, 2025 USD 280,000 365,874 379,367

BOND FUNDS Ginnie Mae II Pool 4.65% Jan 20, 2063 USD 73,582 81,310 101,098 NovaStar Mortgage Funding Trust Series 2003-3 Ginnie Mae II Pool 4.66% Jan 20, 2063 USD 39,753 43,972 53,134 (Floating Rate) 0.84% Dec 25, 2033 USD 278,075 346,575 349,603 Ginnie Mae II Pool 4.68% Aug 20, 2064 USD 873 1,068 1,194

Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Value ($)/ Face Average Carrying Number of Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) United States dollar (cont'd) United States dollar (cont'd) Occidental Petroleum Corporation (Callable) Teva Pharmaceutical Finance Netherlands III BV 2.90% Aug 15, 2024 USD 220,000 291,603 270,292 2.80% Jul 21, 2023 USD 310,000 393,037 391,491 Occidental Petroleum Corporation (Callable) Time Warner Entertainment Co LP 8.38% 3.50% Aug 15, 2029 USD 105,000 138,667 122,779 Jul 15, 2033 USD 321,000 551,910 630,962 Occidental Petroleum Corporation (Callable) Tractor Supply Company (Callable) 1.75% 6.13% Jan 01, 2031 USD 60,000 76,884 82,073 Nov 01, 2030 USD 100,000 130,217 128,376 Oracle Corporation (Callable) 2.95% United States Treasury Notes 0.38% Apr 01, 2030 USD 230,000 324,956 327,638 Dec 31, 2025 USD 1,170,000 1,489,763 1,490,753 Oracle Corporation (Callable) 3.60% United States Treasury Notes 0.88% Apr 01, 2040 USD 350,000 493,676 522,157 Nov 15, 2030 USD 2,930,000 3,771,059 3,720,569 Pacific Gas and Electric Company (Callable) United States Treasury Notes 1.38% 1.75% Jun 16, 2022 USD 405,000 549,023 518,214 Aug 15, 2050 USD 4,665,000 5,580,194 5,574,347 Pacific Gas and Electric Company (Callable) United States Treasury Notes 1.63% 2.10% Aug 01, 2027 USD 250,000 338,293 324,214 Nov 15, 2050 USD 4,810,000 6,081,450 6,111,167 Pacific Gas and Electric Company (Callable) UnitedHealth Group Inc. (Callable) 2.00% 2.50% Feb 01, 2031 USD 355,000 480,771 454,508 May 15, 2030 USD 240,000 335,405 322,088 Petco Animal Supplies Inc. (First Lien Term Valero Energy Corporation 1.20% Loan B1) Jan 26, 2023 USD 539,173 703,746 659,261 Mar 15, 2024 USD 300,000 396,326 383,656 PQ Corporation (First Lien Term Loan B) Validus Holdings Ltd. 8.88% Jan 26, 2040 USD 300,000 508,234 632,796 Feb 07, 2027 USD 349,630 454,005 442,959 Verizon Communications Inc. (Callable) 1.75% Reynolds American Inc. 7.25% Jun 15, 2037 USD 15,000 26,529 26,399 Jan 20, 2031 USD 250,000 324,390 318,523 Reynolds American Inc. 8.13% May 01, 2040 USD 145,000 269,365 271,896 Verizon Communications Inc. 5.25% Royal Bank of Scotland Group PLC 3.88% Mar 16, 2037 USD 220,000 380,033 383,891 Sep 12, 2023 USD 185,000 237,526 255,915 Viacom Inc. (Callable) 6.25% Feb 28, 2057 USD 450,000 578,312 643,016 Sabine Pass Liquefaction LLC (Callable) 5.00% ViacomCBS Inc. (Callable) 4.75% May 15, 2025 USD 435,000 604,906 642,970 Mar 15, 2027 USD 305,000 442,479 459,032 ViacomCBS Inc. (Callable) 5.90% Oct 15, 2040 USD 195,000 321,466 329,234 Sabine Pass Liquefaction LLC (Callable) 5.75% WaMu Mortgage Pass-Through Certificates May 15, 2024 USD 225,000 318,683 328,285 Series 2003-AR10 Trust 2.54% Oct 25,2033 USD 42,296 39,937 52,413 Sabra Health Care LP / Sabra Capital Corporation Wells Fargo & Company (Callable) 3.07% (Callable) 3.90% Oct 15, 2029 USD 250,000 326,308 335,238 Apr 30, 2041 USD 230,000 323,356 320,031 Santander Holdings USA Inc. (Callable) 3.45% Wells Fargo & Company (Callable) 3.07% Jun 02, 2025 USD 235,000 322,750 326,692 Jan 24, 2023 USD 195,000 249,628 255,405 Scientific Games International Inc. (First Lien Term Wells Fargo & Company (Callable) 3.20% Loan B5) August 14, 2024 USD 524,662 654,773 654,274 Jun 17, 2027 USD 410,000 543,781 578,827 Sequoia Mortgage Trust 2013-4 (Callable) 2.33% Wells Fargo Commercial Mortgage Apr 25, 2043 USD 472,501 638,328 609,703 Trust 2012-LC5 4.14% Oct 15, 2045 USD 400,000 551,134 528,107 Sequoia Mortgage Trust Series 2004-11 1.04% Westpac Banking Corporation (Callable) 2.67% Dec 20, 2034 USD 36,474 40,832 45,560 Nov 15, 2035 USD 95,000 123,442 124,799 Simon Property Group LP (Callable) 2.45% WFRBS Commercial Mortgage Trust 2014-C22 Sep 13, 2029 USD 295,000 386,169 395,919 4.37% Sep 15, 2057 USD 315,000 420,031 436,608 Simon Property Group LP (Callable) 3.80% WFRBS Commercial Mortgage Trust 2014-C25 Jul 15, 2050 USD 235,000 315,942 333,604 3.37% Nov 15, 2047 USD 400,404 570,238 537,139 SLM Private Credit Student Loan Trust 2006-A WFRBS Commercial Mortgage Trust 3.11% Jun 15, 2039 USD 218,840 290,109 276,276 Series 2013-C12 4.28% Mar 15, 2048 USD 100,000 125,376 127,606 Smith & Nephew PLC (Callable) 2.03% Williams Partners LP (Callable) 5.80% Oct 14, 2030 USD 205,000 271,973 264,823 Nov 15, 2043 USD 120,000 170,108 195,993 South Carolina Student Loan Corporation WPX Energy Inc. (Callable) 5.75% Jun 01, 2026 USD 325,000 443,108 436,066 Series 2015-A 1.95% Jan 25, 2036 USD 385,880 501,093 493,239 Spectacle Gary Holdings LLC (First Lien DD Term 109,977,375 110,949,493 Loan) Dec 23, 2025 USD 32,432 43,585 41,451 TOTAL BONDS AND DEBENTURES 113,319,806 114,613,364 Spectacle Gary Holdings LLC (First Lien Term Loan) Dec 23, 2025 USD 447,568 571,983 572,026 EQUITIES – 0.0% Sprint Corporation 7.88% Sep 15, 2023 USD 260,000 384,014 383,960 United States dollar – 0.0% Sungard AS New Holdings III LLC (First Lien Term Sungard AS New Holdings, LLC* 10,317 330,179 – Loan B) Jul 01, 2024 USD 237,169 283,537 279,598 Transaction Costs (16,157) – Sungard AS New Holdings III LLC (Second Lien Term Loan B) Aug 01, 2024 USD 754,083 1,806,894 393,672 TOTAL INVESTMENT PORTFOLIO 113,633,828 114,613,364 Sunoco Logistics Partners Operations LP (Callable) Unrealized Gain (Loss) on Derivatives – 0.8% 941,035 4.00% Oct 01, 2027 USD 290,000 397,181 404,931 OTHER ASSETS, LESS LIABILITIES – 4.2% 5,038,346 Takeda Pharmaceutical Co., Ltd. (Callable) 3.18% Jul 09, 2050 USD 190,000 264,808 257,772 NET ASSETS – 100.0% 120,592,745 BOND FUNDS Tennessee Gas Pipeline Co., LLC 8.38% Jun 15, 2032 USD 357,000 598,223 652,206 * These securities have no quoted values and are classified as Level 3 securities.

Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

SCHEDULE OF DERIVATIVE INSTRUMENTS

UNREALIZED GAIN ON CURRENCY FORWARD CONTRACTS

Credit Settlement Currency To Contractual Currency To Be Contractual Contract Market Unrealized Counterparty Rating Date Be Received Amount ($) Delivered Amount ($) Price ($) Price ($) Gain ($) Toronto-Dominion Bank, The A-1+ Jan. 29, 2021 Canadian dollar 120,394,016 US dollar 93,887,654 0.780 0.786 941,035 941,035 BOND FUNDS

Portfolio Adviser: Logan Circle Partners, L.P. Scotia Private American Core-Plus Bond Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) December 31, 2019 Gross currency Currency Net currency Percentage of The Fund’s investment objective is to achieve superior long term Currency exposure ($) contracts ($) exposure ($) net assets (%) returns and to provide income as well as capital growth by investing Australian dollar 4,084,999 – 4,084,999 0.6 US dollar 673,737,656 (669,836,969) 3,900,687 0.6 primarily in a portfolio of U.S. government and corporate bonds and Polish zloty 3,599,699 – 3,599,699 0.5 mortgage pass through securities. The Fund may also invest in the U.S. Euro 2,285,958 – 2,285,958 0.3 Malaysian ringgit 1,983,249 – 1,983,249 0.3 dollar denominated emerging markets, non-investment grade debt and Indian rupee 3,973,328 (3,726,575) 246,753 0.0 Mexican peso 1,969,021 (1,840,012) 129,009 0.0 non-U.S. investment grade sovereign and corporate debt. Norwegian krone 8,886 – 8,886 0.0 New Zealand dollar 1 – 1 0.0 The Fund may also invest a portion of its assets in funds managed by 691,642,797 (675,403,556) 16,239,241 2.3 the Manager and/or by third party investment managers (the “Underlying Funds”). In addition to the risks described below, the As at December 31, 2020, if the Canadian dollar fluctuated by 10% in Fund could be exposed to indirect risk to the extent that the relation to all other foreign currencies, with all other variables held Underlying Funds held financial instruments that were subject to the constant, net assets attributable to holders of redeemable units of the below risks. Fund would have decreased or increased by $9,558 or approximately 0.0% of net assets (December 31, 2019 – $1,623,924 or approximately Risks associated with financial instruments (note 4) 0.2%). In practice, actual results may differ from this sensitivity Interest rate risk analysis and the difference could be material. Below is a summary of the Fund’s direct exposure to interest rate risk Price risk by the remaining term to maturity of the Fund’s portfolio, net of short As at December 31, 2020, approximately 0.0% (December 31, 2019 – positions, if applicable, excluding Underlying Funds, preferred shares, 0.0%) of the Fund’s net assets were directly exposed to price risk. If cash and overdrafts, as applicable. prices of these instruments had fluctuated by 10%, with all other variables held constant, net assets attributable to holders of December 31, 2020 December 31, 2019 Interest rate exposure ($) ($) redeemable units of the Fund would have decreased or increased by Less than 1 year – 7,385,266 approximately nil (December 31, 2019 – $30,135). In practice, actual 1-3 years 10,717,803 37,066,835 3-5 years 9,857,902 99,135,462 results may differ from this sensitivity analysis and the difference 5-10 years 22,951,933 149,198,421 could be material. > 10 years 71,085,726 369,261,876 114,613,364 662,047,860 Credit risk Below is a summary of the credit ratings of bonds and debentures, As at December 31, 2020, had the prevailing interest rates fluctuated money market instruments and preferred shares held by the Fund, as by 0.25%, assuming a parallel shift in the yield curve and all other applicable. variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by December 31, 2020 December 31, 2019 $1,963,450 or approximately 1.6% (December 31, 2019 – $11,204,493 or Percentage Percentage approximately 1.6%). In practice, actual results may differ from this of total of total credit rated Percentage of credit rated Percentage of sensitivity analysis and the difference could be material. instruments net assets instruments net assets Credit ratings (%) (%) (%) (%) Currency risk AAA/A-1+ 51.7 49.2 53.4 50.8 AA 3.3 3.2 2.7 2.6 Below is a summary of the Fund’s direct exposure to currency risk. A/A-1 8.7 8.3 10.2 9.7 Amounts shown are based on the carrying value of monetary and non- BBB/A-2 28.8 27.2 25.6 24.3 BB 4.6 4.4 3.5 3.4 monetary assets and liabilities of the Fund net of currency contracts B 2.3 2.2 3.2 3.0 CCC 0.6 0.5 0.5 0.4 and short positions, as applicable. Unrated – – 0.9 0.8 100.0 95.0 100.0 95.0 December 31, 2020 Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) Australian dollar 1,005,831 – 1,005,831 0.8 Euro 939,269 – 939,269 0.8 Indian rupee 886,485 – 886,485 0.7 Mexican peso 890,413 – 890,413 0.7 New Zealand dollar 63 – 63 0.0 US dollar 115,635,343 (119,452,981) (3,817,638) (3.2)

119,357,404 (119,452,981) (95,577) (0.2) BOND FUNDS Scotia Private American Core-Plus Bond Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Concentration risk assumptions, of which one of the main ones was not observable in the Below is a summary of the Fund’s concentration risk by carrying value market. as a percentage of net assets. Level 3 valuation techniques December 31, 2020 December 31, 2019 Below is a summary of the valuation techniques and the significant Australian dollar 0.8 0.6 unobservable inputs used in the fair value measurement of Level 3 Euro 0.8 0.3 Indian rupee 0.7 0.6 financial instruments. The significant unobservable inputs used in the Mexican peso 0.7 0.3 United States dollar 92.0 91.7 valuation of Level 3 financial instruments can vary considerably over Unrealized Gain (Loss) on Derivatives 0.8 0.7 time depending on company specific factors and economic or market conditions. Below also illustrates the potential impact on the Fund if Fair Value Classification (note 2) the significant unobservable inputs used in the valuation techniques Below is a summary of the classification of the Fund’s financial had increased or decreased by 5%, or in the case of Underlying Funds, instruments within the fair value hierarchy. 10% (December 31, 2019: 5%), with all other variables held constant. Certain significant unobservable inputs used in the valuation Level 1 Level 2 Level 3 Total techniques are not reasonably expected to shift and are indicated December 31, 2020 ($) ($) ($) ($) below as “n/a”. Securities where the reasonable possible shift in the Bonds and debentures – 114,613,364 – 114,613,364 Unrealized gain on currency significant unobservable inputs did not result in a material impact on forward contracts – 941,035 – 941,035 the Fund are indicated below as nil. – 115,554,399 – 115,554,399 Carrying value as at Level 1 Level 2 Level 3 Total Valuation Significant December 31, Change in December 31, 2019 ($) ($) ($) ($) Security technique unobservable input 2020 ($) valuation ($) Equities – – 301,353 301,353 Equities Fair value based on Broker’s pricing Bonds and debentures – 662,047,860 – 662,047,860 monthly broker model – n/a Unrealized gain on currency quote forward contracts – 4,621,986 – 4,621,986 – – 666,669,846 301,353 666,971,199 Unrealized loss on currency Carrying forward contracts – (95,522) – (95,522) value as at – 666,574,324 301,353 666,875,677 Valuation Significant December 31, Change in Security technique unobservable input 2019 ($) valuation ($) Equities Fair value based on Broker’s pricing Transfers between levels monthly broker model 301,353 n/a quote During the periods ended December 31, 2020 and December 31, 2019, 301,353 there were no significant transfers between Level 1 and Level 2. Offsetting of financial assets and liabilities (note 2) Reconciliation of Level 3 financial instruments Below is a summary of the offsetting of financial assets and liabilities Below is a summary of the movement in the Fund’s Level 3 financial and collateral amounts that would occur if future events, such as instruments. bankruptcy or termination of contracts, were to arise. No amounts were offset in the financial statements. December 31, 2020 December 31, 2019 ($) ($) December 31, 2020 Beginning of period 301,353 – Purchases – – Gross amount Master netting Collateral Sales/Return of Capital – – of assets offset received Net Amount Transfers into Level 3 – 330,179 Financial assets – by type ($) ($) ($) ($) Transfers out of Level 3 – – Currency forward Net realized gains (losses) – – contracts 941,035 – – 941,035 Net change in unrealized gain (loss)* (301,353) (28,826) Options contracts – OTC – – – – End of period – 301,353 Swap contracts – OTC – – – – 941,035 – – 941,035 * Net change in unrealized gain (loss) for Level 3 financial instruments held as at December 31, 2020 and December 31, 2019 was $(301,353) and $(28,826), respectively.

During the period ended December 31, 2020, investments of

BOND FUNDS approximately nil (December 31, 2019 – $330,179) were transferred from Level 2 to 3 as the fair value of these securities are now determined using internal valuation models that required the use of Scotia Private American Core-Plus Bond Pool (continued)

December 31, 2019 Gross amount Master netting Collateral of assets offset received Net Amount Financial assets – by type ($) ($) ($) ($) Currency forward contracts 4,621,986 (95,522) – 4,526,464 Options contracts – OTC – – – – Swap contracts – OTC – – – – 4,621,986 (95,522) – 4,526,464

December 31, 2019 Gross amount Master netting Collateral Financial liabilities – by of liabilities offset pledged Net Amount type ($) ($) ($) ($) Currency forward contracts 95,522 (95,522) – – Options contracts – OTC – – – – Swap contracts – OTC – – – – 95,522 (95,522) – –

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Interest for distribution purposes 24,574,878 13,168,554 (note 2) Net realized gain (loss) on non-derivative financial assets (491,497) 2,048,340 Non-derivative financial assets 585,679,524 192,657,722 Change in unrealized gain (loss) on non-derivative financial Derivatives 3,793,142 4,868,144 assets 11,919,870 6,760,002 Cash 5,780,326 2,281,574 Net realized gain (loss) on derivatives 23,477,107 (3,089,251) Margin deposited on derivatives 374,498 98,506 Change in unrealized gain (loss) on derivatives (621,472) 18,663,034 Subscriptions receivable 859,792 94,732 Net gain (loss) on financial assets and liabilities at fair Accrued investment income and other 9,862,428 3,081,274 value through profit or loss 58,858,886 37,550,679 Total assets 606,349,710 203,081,952 Securities lending (note 11) 1,025 – LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) 614,226 (47,053) Financial liabilities at fair value through profit or loss Other income 150 298 (note 2) Total income (loss), net 59,474,287 37,503,924 Derivatives 241,554 695,084 EXPENSES Payable for securities purchased 190,995 – Management fees (note 5) 1,564,522 662,605 Redemptions payable 416,779 110,523 Fixed administration fees (note 6) 374,556 242,804 Total liabilities 849,328 805,607 Independent Review Committee fees 1,356 1,200 Net assets attributable to holders of redeemable Interest expense 12,528 6,800 units 605,500,382 202,276,345 Foreign withholding taxes/tax reclaims 66,863 – Harmonized Sales Tax/Goods and Services Tax 182,845 76,495 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Transaction costs 4,023 2,410 REDEEMABLE UNITS PER SERIES Total expenses 2,206,693 992,314 Pinnacle Series 124,804,381 94,538,721 Expenses absorbed by the Manager (454,790) (117,084) Series F 321,807 91,244 Series I 1,289,780 – Net expenses 1,751,903 875,230 Series M 479,084,414 107,646,380 Increase (decrease) in net assets attributable to NET ASSETS ATTRIBUTABLE TO HOLDERS OF holders of redeemable units from operations 57,722,384 36,628,694 REDEEMABLE UNITS PER UNIT INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Pinnacle Series 9.74 9.91 TO HOLDERS OF REDEEMABLE UNITS FROM Series F 10.14 10.32 OPERATIONS PER SERIES Series I 10.31 – Pinnacle Series 5,072,209 12,759,581 Series M 9.76 9.93 Series F 11,270 8,267 Series I 65,780 – Series M 52,573,125 23,860,846 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.43 1.32 Series F 0.77 1.16 Series I 0.53 – Series M 1.41 1.57 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 11,915,571 9,697,577 Series F 14,705 7,102 Series I 124,474 – Series M 37,201,341 15,150,625

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 57,722,384 36,628,694 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 94,538,721 85,918,009 assets 491,497 (2,048,340) Series F 91,244 26,314 Change in unrealized (gain) loss on non-derivative Series M 107,646,380 272,316,417 financial assets (11,919,870) (6,760,002) 202,276,345 358,260,740 Change in unrealized (gain) loss on derivatives 621,472 (18,663,034) Unrealized foreign currency translation (gain) loss (25,151) (3,774) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (880,686,925) (266,852,947) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial assets Pinnacle Series 5,072,209 12,759,581 and liabilities 499,284,489 442,244,023 Series F 11,270 8,267 Margin deposited on derivatives (275,992) 101,279 Series I 65,780 – Accrued investment income and other (6,781,154) 2,598,233 Series M 52,573,125 23,860,846 Net cash provided by (used in) operating 57,722,384 36,628,694 activities (341,569,250) 187,244,132 CASH FLOWS FROM FINANCING ACTIVITIES DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Proceeds from issue of redeemable units 441,141,930 127,443,674 UNITS Amounts paid on redemption of redeemable units (95,698,012) (319,422,547) From net investment income Distributions to unitholders of redeemable units (401,067) (230,454) Pinnacle Series (5,279,707) (5,696,432) Series F (6,926) (4,097) Net cash provided by (used in) financing Series I (26,508) – activities 345,042,851 (192,209,327) Series M (15,013,438) (7,104,954) Unrealized foreign currency translation gain (loss) 25,151 3,774 Net increase (decrease) in cash 3,473,601 (4,965,195) (20,326,579) (12,805,483) Cash (bank overdraft), beginning of period 2,281,574 7,242,995 REDEEMABLE UNIT TRANSACTIONS CASH (BANK OVERDRAFT), END OF PERIOD 5,780,326 2,281,574 Proceeds from issue Interest paid(1) 12,528 6,800 Pinnacle Series 44,731,650 23,095,929 Interest received, net of withholding taxes(1) 17,685,156 15,767,237 Series F 239,810 67,416 Series I 1,264,000 – (1) Classified as operating items. Series M 395,671,530 103,567,510 Reinvested distributions Pinnacle Series 5,262,432 5,679,192 Series F 2,197 2,108 Series I 26,508 – Series M 14,634,374 6,893,728 Payments on redemption Pinnacle Series (19,520,924) (27,217,558) Series F (15,788) (8,764) Series I (40,000) – Series M (76,427,557) (291,887,167) 365,828,232 (179,807,606)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 30,265,660 8,620,712 Series F 230,563 64,930 Series I 1,289,780 – Series M 371,438,034 (164,670,037) 403,224,037 (155,984,395)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 124,804,381 94,538,721 Series F 321,807 91,244 Series I 1,289,780 – Series M 479,084,414 107,646,380 605,500,382 202,276,345 BOND FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 96.4% BONDS AND DEBENTURES (cont'd) Australia – 0.8% Colombia – 0.4% FMG Resources August 2006 Pty Ltd. (Callable) Millicom International Cellular S.A. (Callable) 4.50% Sep 15, 2027 USD 1,800,000 2,507,573 2,562,095 6.25% Mar 25, 2029 USD 1,250,000 1,744,025 1,796,604 Perenti Finance Pty Ltd. (Callable) 6.50% Millicom International Cellular SA (Callable) 4.50% Oct 07, 2025 USD 1,600,000 2,141,122 2,182,989 Apr 27, 2031 USD 550,000 725,393 759,541 4,648,695 4,745,084 2,469,418 2,556,145 Austria – 0.2% France – 3.1% Klabin Austria GmbH (Callable) 5.75% Accor SA, Perpetual 4.38% EUR 2,200,000 3,456,851 3,407,704 Apr 03, 2029 USD 800,000 1,180,638 1,187,063 Altice France SA (Callable) 5.88% Feb 01, 2027 EUR 950,000 1,515,534 1,578,639 Brazil – 5.6% Altice France SA/France (Callable) 3.38% Arcos Dorados Holdings Inc. (Callable) 5.88% Jan 15, 2028 EUR 4,050,000 6,058,885 6,255,190 Apr 04, 2027 USD 2,050,000 2,823,939 2,770,591 Casino Guichard Perrachon SA (Callable) 4.05% Braskem Netherlands Finance BV 4.50% Aug 05, 2026 EUR 1,100,000 1,520,099 1,518,579 Jan 10, 2028 USD 3,500,000 4,423,447 4,674,102 Credit Agricole SA, Perpetual 8.13% USD 2,450,000 3,745,421 3,806,148 BRF GmbH 4.35% Sep 29, 2026 USD 2,438,000 2,885,862 3,285,150 Loxam SAS (Callable) 5.75% Jul 15, 2027 EUR 300,000 410,466 473,367 CSN Islands XI Corporation (Callable) 6.75% Orano SA (Callable) 2.75% Mar 08, 2028 EUR 1,100,000 1,698,834 1,801,151 Jan 28, 2028 USD 550,000 482,894 767,896 18,406,090 18,840,778 CSN Islands XI Corporation (Callable) 6.75% Germany – 5.3% Jan 28, 2028 USD 1,850,000 2,458,730 2,582,924 ADLER Group SA (Callable) 2.75% Nov 13, 2026 EUR 1,400,000 2,130,370 2,238,057 Minerva Luxembourg SA (Callable) 5.88% Adler Pelzer Holding GmbH (Callable) 4.13% Jan 19, 2028 USD 1,750,000 2,456,411 2,410,874 Apr 01, 2024 EUR 2,200,000 3,056,819 3,165,738 Minerva Luxembourg SA (Callable) 6.50% Cheplapharm Arzneimittel GmbH (Callable) 4.38% Sep 20, 2026 USD 1,650,000 2,195,860 2,208,621 Jan 15, 2028 EUR 1,400,000 2,217,728 2,238,711 Petrobras Global Finance BV 5.09% Jan 15, 2030 USD 4,092,000 5,104,008 5,834,106 Nidda Healthcare Holding GmbH (Callable) 3.50% Petrobras Global Finance BV 6.88% Jan 20, 2040 USD 2,150,000 3,229,960 3,457,929 Sep 30, 2024 EUR 2,950,000 4,613,966 4,622,884 Rede D’or Finance S.a.r.l. (Callable) 4.50% Peach Property Finance GmbH (Callable) 4.38% Jan 22, 2030 USD 3,700,000 4,741,691 4,926,047 Nov 15, 2025 EUR 1,750,000 2,707,051 2,853,272 Rumo Luxembourg Sarl (Callable) 5.25% Rebecca Bidco GmbH (Callable) 5.75% Jan 10, 2028 USD 600,000 814,200 833,935 Jul 15, 2025 EUR 2,450,000 3,830,798 4,023,927 31,617,002 33,752,175 Vertical Holdco GmbH (Callable) 6.63% Canada – 5.7% Jul 15, 2028 EUR 2,800,000 4,507,331 4,689,114 Agile Group Holdings Ltd. (Callable) 5.75% Volkswagen International Finance NV, Jan 02, 2025 USD 3,400,000 4,463,888 4,448,279 Perpetual 4.63% EUR 2,700,000 4,498,752 4,670,544 China Evergrande Group (Callable) 8.25% WEPA Hygieneprodukte GmbH (Callable) 2.88% Mar 23, 2022 USD 2,350,000 3,009,413 2,827,684 Dec 15, 2027 EUR 2,200,000 3,296,763 3,488,062 China Evergrande Group 6.25% Jun 28, 2021 USD 2,150,000 2,847,580 2,665,736 30,859,578 31,990,309 Country Garden Holdings Co., Ltd. (Callable) Greece – 0.7% 8.00% Jan 27, 2024 USD 2,400,000 3,576,494 3,308,037 Crystal Almond S.a.r.l. (Callable) 4.25% Fantasia Holdings Group Co., Ltd. (Callable) Oct 15, 2024 EUR 2,600,000 3,774,162 4,109,393 7.38% Oct 04, 2021 USD 1,000,000 1,341,010 1,282,851 Fortune Star BVI Ltd. 4.35% May 06, 2023 EUR 1,950,000 3,040,580 3,072,747 Ireland – 2.0% HTA Group Ltd./Mauritius (Callable) 7.00% Adaro Indonesia PT (Callable) 4.25% Oct 31, 2024 USD 1,450,000 1,827,222 1,906,291 Dec 18, 2025 USD 1,500,000 2,096,571 2,069,911 C&W Senior Financing DAC (Callable) 6.88% Kaisa Group Holdings Ltd. (Callable) 11.25% Sep 15, 2027 USD 3,150,000 4,478,491 4,331,791 Apr 16, 2025 USD 700,000 919,002 913,594 Park Aerospace Holdings Ltd. 5.50% Feb 15, 2024 USD 2,250,000 3,103,707 3,137,096 Kaisa Group Holdings Ltd. (Callable) 9.38% Theta Capital Pte Ltd. (Callable) 8.13% Jun 30, 2024 USD 2,100,000 2,581,018 2,610,427 Jan 22, 2025 USD 2,250,000 2,615,544 2,911,483 New Metro Global Ltd. (Callable) 6.80% 12,024,964 12,286,661 Aug 05, 2023 USD 1,450,000 1,975,022 1,959,372 Israel – 0.7% Scenery Journey Ltd. (Callable) 11.50% Teva Pharmaceutical Finance Netherlands II BV Oct 24, 2022 USD 2,300,000 3,017,465 2,778,503 (Callable) 4.50% Mar 01, 2025 EUR 600,000 935,768 968,316 Sunac China Holdings Ltd. (Callable) 7.25% Teva Pharmaceutical Finance Netherlands II BV Jun 14, 2022 USD 1,900,000 2,683,022 2,509,995 (Callable) 6.00% Jan 31, 2025 EUR 1,895,000 3,040,432 3,206,424 Yuzhou Properties Co., Ltd. (Callable) 8.30% May 27, 2025 USD 2,400,000 3,165,281 3,311,857 3,976,200 4,174,740 Yuzhou Properties Co., Ltd. (Callable) 8.50% Italy – 1.0% Feb 04, 2023 USD 500,000 681,036 689,174 Intesa Sanpaolo SpA, Perpetual 5.50% EUR 1,850,000 3,010,554 3,075,803 35,397,382 34,448,167 Sofima Holding SpA (Callable) 3.75% Jan 15, 2028 EUR 1,100,000 1,700,680 1,741,362 Chile – 0.4% Telecom Italia Capital SA 6.00% Sep 30, 2034 USD 850,000 1,283,167 1,319,494 AES Gener S.A. (Callable) 7.13% Mar 26, 2079 USD 1,600,000 2,194,955 2,261,658 BOND FUNDS 5,994,401 6,136,659

Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) Japan – 0.4% United Kingdom (cont'd) SoftBank Group Corporation (Callable) 5.00% International Personal Finance PLC (Callable) Apr 15, 2028 EUR 1,250,000 2,090,756 2,183,173 9.75% Nov 12, 2025 EUR 2,120,000 2,743,269 3,207,274 Luxembourg – 1.9% Miller Homes Group Holdings PLC (Callable) Altice Financing SA (Callable) 5.00% Jan 15, 2028 USD 3,100,000 4,166,794 4,045,915 5.50% Oct 15, 2024 GBP 2,000,000 3,286,322 3,564,805 ARD Finance SA (Callable) 6.50% Jun 30, 2027 USD 2,100,000 2,780,984 2,867,793 Neptune Energy Bondco PLC (Callable) 6.63% Garfunkelux Holdco 3 SA (Callable) 6.75% May 15, 2025 USD 800,000 995,599 998,834 Nov 01, 2025 EUR 650,000 1,012,398 1,039,892 Pinewood Finance Co., Ltd. (Callable) 3.25% LHMC Finco 2 S.a.r.l. (Callable) 7.25% Sep 30, 2025 GBP 2,350,000 4,097,253 4,179,464 Oct 02, 2025 EUR 1,456,000 1,393,469 2,093,354 TalkTalk Telecom Group PLC (Callable) 3.88% Summer BC Holdco A S.a.r.l. (Callable) 9.25% Feb 20, 2025 GBP 2,250,000 3,842,133 3,846,228 Oct 31, 2027 EUR 946,105 1,224,939 1,573,771 Vmed O2 UK Financing I PLC (Callable) 4.00% Jan 31, 2029 GBP 2,150,000 3,724,721 3,832,577 10,578,584 11,620,725 33,301,323 34,844,505 Mexico – 1.4% Petroleos Mexicanos (Callable) 5.95% United States – 53.8% Jan 28, 2031 USD 1,500,000 1,692,119 1,908,520 Allison Transmission Inc. (Callable) 3.75% Petroleos Mexicanos (Callable) 6.49% Jan 30, 2031 USD 2,500,000 3,248,483 3,270,316 Jan 23, 2027 USD 750,000 882,374 1,009,887 American Airlines Inc. 11.75% Jul 15, 2025 USD 1,550,000 2,150,202 2,284,462 Petrleos Mexicanos 6.50% Mar 13, 2027 USD 4,000,000 4,667,899 5,374,542 American Axle & Manufacturing Inc. (Callable) 6.50% Apr 01, 2027 USD 1,050,000 1,409,969 1,412,358 7,242,392 8,292,949 American Axle & Manufacturing Inc. (Callable) Netherlands – 4.3% 6.88% Jul 01, 2028 USD 1,100,000 1,490,270 1,511,071 Intertrust Group BV (Callable) 3.38% Antero Resources Corporation (Callable) 5.13% Nov 15, 2025 EUR 3,000,000 4,584,714 4,809,185 Dec 01, 2022 USD 1,900,000 1,885,648 2,425,974 IPD 3 BV (Callable) 5.50% Dec 01, 2025 EUR 300,000 465,326 482,603 Ardagh Packaging Finance PLC / Ardagh Holdings Koninklijke KPN NV (Callable) 7.00% USA Inc. (Callable) 2.13% Aug 15, 2026 EUR 1,450,000 2,124,725 2,268,498 Mar 28, 2073 USD 1,300,000 1,896,150 1,742,195 Ardagh Packaging Finance PLC / Ardagh Holdings Maxeda DIY Holding BV (Callable) 5.88% USA Inc. (Callable) 5.25% Aug 15, 2027 USD 1,000,000 1,326,415 1,338,469 Oct 01, 2026 EUR 1,200,000 1,865,498 1,949,249 ASGN Inc. (Callable) 4.63% May 15, 2028 USD 1,550,000 2,043,021 2,060,989 Q-Park Holding I BV (Callable) 2.00% Avantor Funding Inc. (Callable) 3.88% Mar 01, 2027 EUR 800,000 1,143,846 1,212,794 Jul 15, 2028 EUR 2,800,000 4,403,034 4,593,678 Sigma Holdco BV (Callable) 5.75% May 15, 2026 EUR 1,400,000 2,057,981 2,158,411 BCPE Cycle Merger Sub II Inc. (Callable) 10.63% Sunshine Mid BV (Callable) 6.50% May 15, 2026 EUR 2,900,000 4,533,521 4,707,301 Jul 15, 2027 USD 2,200,000 3,008,408 3,102,399 United Group BV (Callable) 3.13% Feb 15, 2026 EUR 3,500,000 5,101,277 5,343,214 Beazer Homes USA Inc. (Callable) 7.25% Ziggo BV (Callable) 2.88% Jan 15, 2030 EUR 2,200,000 3,188,375 3,491,450 Oct 15, 2029 USD 2,100,000 2,750,361 3,024,887 24,836,688 25,896,402 Builders FirstSource Inc. (Callable) 5.00% Mar 01, 2030 USD 2,000,000 2,734,981 2,771,009 Portugal – 0.5% BWX Technologies Inc. (Callable) 4.13% EDP – Energias de Portugal S.A. (Callable) 4.50% Jun 30, 2028 USD 3,200,000 4,414,755 4,257,920 Apr 30, 2079 EUR 1,600,000 2,567,898 2,726,598 Capitol Investment Merger Sub 2 LLC (Callable) South Africa – 0.5% 10.00% Aug 01, 2024 USD 2,750,000 3,688,283 3,842,808 Sappi Papier Holding GmbH (Callable) 4.00% Catalent Pharma Solutions Inc. (Callable) 2.38% Apr 01, 2023 EUR 2,050,000 3,020,094 3,206,103 Mar 01, 2028 EUR 3,050,000 4,353,590 4,802,319 Spain – 1.7% Catalent Pharma Solutions Inc. (Callable) 5.00% Arena Luxembourg Finance S.a.r.l. (Callable) Jul 15, 2027 USD 1,364,000 1,859,172 1,833,392 1.88% Feb 01, 2028 EUR 2,600,000 3,672,379 3,878,927 CCO Holdings LLC / CCO Holdings Capital Grifols S.A. (Callable) 2.25% Nov 15, 2027 EUR 4,150,000 6,203,877 6,564,324 Corporation (Callable) 4.25% Feb 01, 2031 USD 2,600,000 3,638,872 3,497,168 CCO Holdings LLC / CCO Holdings Capital 9,876,256 10,443,251 Corporation (Callable) 4.50% Aug 15, 2030 USD 150,000 208,905 204,621 Switzerland – 0.2% CCO Holdings LLC / CCO Holdings Capital Credit Suisse Group AG 7.50% Jul 17, 2023 USD 1,000,000 1,427,282 1,393,991 Corporation (Callable) 5.00% Feb 01, 2028 USD 3,300,000 4,688,077 4,450,017 United Kingdom – 5.8% Citgo Holding Inc. (Callable) 9.25% Aug 01, 2024 USD 1,250,000 1,480,100 1,466,286 Algeco Global Finance Plc (Callable) 8.00% Cleveland-Cliffs Inc. (Callable) 9.88% Feb 15, 2023 USD 2,150,000 2,847,593 2,802,616 Oct 17, 2025 USD 2,850,000 4,033,854 4,273,040 Connect Finco SARL / Connect US Finco LLC Colt Merger Sub Inc. (Callable) 8.13% (Callable) 6.75% Oct 01, 2026 USD 2,200,000 2,970,689 3,033,208 Jul 01, 2027 USD 500,000 701,843 707,472 Galaxy FinCo., Ltd. (Callable) 9.25% Jul 31, 2027 GBP 1,700,000 2,977,164 3,070,989 Continental Resources Inc. (Callable) 5.75% Hurricane Finance PLC (Callable) 8.00% Jan 15, 2031 USD 850,000 1,189,592 1,208,103 Oct 15, 2025 GBP 1,000,000 1,792,423 1,886,454 Country Garden Holdings Co., Ltd. (Callable) Iceland Bondco PLC (Callable) 4.63% 6.50% Apr 08, 2024 USD 1,500,000 2,015,858 2,067,523 Mar 15, 2025 GBP 900,000 1,484,031 1,569,725 Crestwood Midstream Partners LP / Crestwood Iceland Bondco PLC (Callable) 6.75% Jul 15, 2024 GBP 1,600,000 2,540,126 2,852,331 Midstream Finance Corporation (Callable) 5.75% BOND FUNDS Apr 01, 2025 USD 1,150,000 1,530,118 1,498,708

Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) United States (cont'd) United States (cont'd) Crestwood Midstream Partners LP / Crestwood MGM Resorts International (Callable) 4.75% Midstream Finance Corporation (Callable) 6.25% Oct 15, 2028 USD 2,200,000 2,895,832 3,013,459 Apr 01, 2023 USD 1,500,000 1,968,763 1,926,664 Michaels Stores Inc. (Callable) 8.00% Jul 15, 2027 USD 1,700,000 2,065,740 2,338,788 CSC Holdings LLC (Callable) 5.75% Jan 15, 2030 USD 4,150,000 6,086,926 5,812,621 Moss Creek Resources Holdings Inc. (Callable) DaVita Inc. (Callable) 3.75% Feb 15, 2031 USD 2,400,000 3,150,903 3,109,799 7.50% Jan 15, 2026 USD 3,750,000 3,243,040 3,640,226 DCP Midstream Operating LP (Callable) 5.63% Murphy Oil Corporation (Callable) 5.75% Jul 15, 2027 USD 100,000 135,720 141,696 Aug 15, 2025 USD 1,100,000 1,429,738 1,409,231 DCP Midstream Operating LP 6.75% Sep 15, 2037 USD 1,300,000 1,387,634 1,792,565 Navient Corporation 5.63% Aug 01, 2033 USD 1,000,000 1,110,779 1,226,418 Delta Air Lines Inc. 7.00% May 01, 2025 USD 774,000 1,088,199 1,139,727 Navient Corporation 7.25% Sep 25, 2023 USD 5,600,000 7,876,812 7,832,698 Diebold Nixdorf Dutch Holding BV (Callable) Newell Brands Inc. (Callable) 4.20% Apr 01, 2026 USD 1,300,000 1,897,199 1,830,596 9.00% Jul 15, 2025 EUR 1,250,000 2,135,964 2,119,567 NextEra Energy Operating Partners LP (Callable) Dole Food Company Inc. (Callable) 7.25% 3.88% Oct 15, 2026 USD 1,150,000 1,572,140 1,577,662 Jun 15, 2025 USD 2,450,000 3,186,478 3,203,225 Northwest Fiber LLC / Northwest Fiber Finance Sub Element Solutions Inc. (Callable) 3.88% Inc. (Callable) 10.75% Jun 01, 2028 USD 1,750,000 2,390,544 2,548,592 Sep 01, 2028 USD 2,850,000 3,780,333 3,731,426 Novelis Corporation (Callable) 4.75% Emergent BioSolutions Inc. (Callable) 3.88% Jan 30, 2030 USD 2,200,000 3,026,950 3,030,238 Aug 15, 2028 USD 600,000 799,201 793,127 NRG Energy Inc. (Callable) 3.38% Feb 15, 2029 USD 4,100,000 5,370,569 5,364,727 Encompass Health Corporation (Callable) 4.50% Occidental Petroleum Corporation (Callable) Feb 01, 2028 USD 1,450,000 2,036,620 1,937,069 5.55% Mar 15, 2026 USD 1,050,000 1,364,083 1,391,782 Entercom Media Corporation (Callable) 6.50% Occidental Petroleum Corporation (Callable) May 01, 2027 USD 1,276,000 1,534,177 1,657,227 5.88% Sep 01, 2025 USD 2,500,000 3,284,309 3,400,192 EQM Midstream Partners LP (Callable) 6.50% Occidental Petroleum Corporation (Callable) Jul 15, 2048 USD 900,000 1,193,743 1,199,184 6.60% Mar 15, 2046 USD 1,050,000 1,102,895 1,370,498 EQT Corporation (Callable) 6.13% Feb 01, 2025 USD 1,950,000 2,600,478 2,838,370 Occidental Petroleum Corporation 7.88% FirstCash Inc. (Callable) 4.63% Sep 01, 2028 USD 2,150,000 2,933,037 2,835,440 Sep 15, 2031 USD 850,000 1,202,240 1,211,241 Ford Motor Company (Callable) 9.00% OneMain Finance Corporation (Callable) 4.00% Apr 22, 2025 USD 6,550,000 9,495,384 10,269,028 Sep 15, 2030 USD 2,400,000 3,075,346 3,174,340 Genesis Energy LP / Genesis Energy Finance Parsley Energy LLC / Parsley Finance Corporation Corporation (Callable) 6.25% May 15, 2026 USD 2,450,000 3,010,550 2,938,652 (Callable) 5.63% Oct 15, 2027 USD 1,150,000 1,424,673 1,610,726 Genesis Energy LP / Genesis Energy Finance PDC Energy Inc. (Callable) 5.75% May 15, 2026 USD 2,400,000 2,673,701 3,162,422 Corporation (Callable) 8.00% Jan 15, 2027 USD 173,000 220,264 219,730 PennyMac Financial Services Inc. (Callable) 5.38% GEO Group Inc., The (Callable) 5.13% Oct 15, 2025 USD 2,100,000 2,810,996 2,841,054 Apr 01, 2023 USD 1,400,000 1,545,022 1,625,787 PG&E Corporation (Callable) 5.00% Jul 01, 2028 USD 2,000,000 2,664,225 2,726,138 GPC Merger Sub Inc. (Callable) 7.13% Pilgrim’s Pride Corporation (Callable) 5.88% Aug 15, 2028 USD 2,100,000 2,867,048 2,944,669 Sep 30, 2027 USD 1,900,000 2,719,179 2,630,016 Granite Merger Sub 2 Inc. (Callable) 11.00% PM General Purchaser LLC (Callable) 9.50% Jul 15, 2027 USD 1,450,000 1,962,196 2,072,457 Oct 01, 2028 USD 2,150,000 2,951,162 3,042,156 Gray Television Inc. (Callable) 4.75% Oct 15, 2030 USD 2,250,000 2,971,131 2,932,426 PowerTeam Services LLC (Callable) 9.03% H&E Equipment Services Inc. (Callable) 3.88% Dec 04, 2025 USD 4,250,000 5,910,119 6,034,398 Dec 15, 2028 USD 2,300,000 2,997,007 2,976,300 Prime Security Services Borrower LLC / Prime Hexion Inc. (Callable) 7.88% Jul 15, 2027 USD 2,000,000 2,675,327 2,728,048 Finance Inc. (Callable) 6.25% Jan 15, 2028 USD 3,250,000 4,488,842 4,460,474 Hill-Rom Holdings Inc. (Callable) 4.38% QualityTech LP / QTS Finance Corporation Sep 15, 2027 USD 1,950,000 2,742,989 2,591,566 (Callable) 3.88% Oct 01, 2028 USD 2,150,000 2,877,139 2,797,798 Horizon Pharma USA Inc. (Callable) 5.50% Radiology Partners Inc. (Callable) 9.25% Aug 01, 2027 USD 2,850,000 4,014,614 3,918,133 Feb 01, 2028 USD 1,700,000 2,263,333 2,442,873 Installed Building Products Inc. (Callable) 5.75% Range Resources Corporation (Callable) 5.00% Feb 01, 2028 USD 1,950,000 2,661,346 2,647,432 Mar 15, 2023 USD 2,100,000 2,495,208 2,652,889 International Game Technology PLC (Callable) Rattler Midstream LP (Callable) 5.63% 3.50% Jun 15, 2026 EUR 1,950,000 2,727,584 3,174,263 Jul 15, 2025 USD 3,150,000 4,327,753 4,256,226 Intrado Corporation (Callable) 8.50% Reynolds Group Issuer Inc. / Reynolds Group Issuer Oct 15, 2025 USD 1,450,000 1,656,000 1,795,145 LLC / Reynolds Group Issuer Lu (Callable) 4.00% Iron Mountain Inc. (Callable) 4.50% Feb 15, 2031 USD 2,700,000 3,615,095 3,620,605 Oct 15, 2027 USD 1,950,000 2,565,992 2,551,219 Itron Inc. (Callable) 5.00% Jan 15, 2026 USD 2,420,000 3,300,494 3,156,113 RP Escrow Issuer LLC (Callable) 5.25% JBS Investments II GmbH (Callable) 5.75% Dec 15, 2025 USD 332,000 424,330 443,357 Jan 15, 2028 USD 550,000 738,462 751,194 Scientific Games International Inc. (Callable) Kraft Heinz Foods Company 6.88% Jan 26, 2039 USD 1,750,000 2,943,433 3,086,187 7.00% May 15, 2028 USD 2,950,000 3,961,862 4,044,305 L Brands Inc. 5.25% Feb 01, 2028 USD 2,200,000 2,972,259 2,911,353 Select Medical Corporation (Callable) 6.25% Laredo Petroleum Inc. (Callable) 10.13% Aug 15, 2026 USD 1,200,000 1,633,600 1,654,019 Jan 15, 2028 USD 1,650,000 1,540,439 1,889,235 Select Medical Corporation (Callable) 6.25% LifePoint Health Inc. (Callable) 4.38% Aug 15, 2026 USD 350,000 488,943 482,422 Feb 15, 2027 USD 2,075,000 2,712,631 2,675,655 Shea Homes LP / Shea Homes Funding Corporation BOND FUNDS Macy’s Retail Holdings LLC (Callable) 2.88% (Callable) 4.75% Feb 15, 2028 USD 3,000,000 3,830,994 3,961,966 Feb 15, 2023 USD 2,450,000 3,014,409 2,993,666

Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES (cont'd) BONDS AND DEBENTURES (cont'd) United States (cont'd) United States (cont'd) Silgan Holdings Inc. (Callable) 4.13% TransDigm Inc. (Callable) 8.00% Dec 15, 2025 USD 1,450,000 2,120,869 2,051,650 Feb 01, 2028 USD 4,300,000 5,857,958 5,721,744 TRI Pointe Group Inc. (Callable) 5.70% Sirius XM Radio Inc. (Callable) 4.13% Jul 01, 2030 USD 300,000 400,802 408,134 Jun 15, 2028 USD 2,400,000 3,321,369 3,465,876 Sirius XM Radio Inc. (Callable) 5.50% Jul 01, 2029 USD 1,650,000 2,392,242 2,323,291 United Rentals North America Inc. (Callable) SM Energy Co (Callable) 10.00% Jan 15, 2025 USD 1,450,000 1,990,893 1,982,451 5.50% May 15, 2027 USD 3,200,000 4,516,765 4,368,911 Southwestern Energy Company (Floating Rate) Vistra Operations Company LLC (Callable) 6.20% Jan 23, 2025 USD 2,450,000 2,924,932 3,224,204 5.63% Feb 15, 2027 USD 1,650,000 2,359,664 2,240,219 Springleaf Finance Corporation 7.13% Western Midstream Operating LP (Callable) Mar 15, 2026 USD 950,000 1,416,153 1,429,161 5.25% Feb 01, 2050 USD 2,125,000 2,244,090 3,002,615 Star Merger Sub Inc. (Callable) 10.25% Windstream Escrow LLC / Windstream Escrow Feb 15, 2027 USD 1,800,000 2,775,622 2,585,013 Finance Corporation (Callable) 7.75% Sunoco LP / Sunoco Finance Corporation (Callable) Aug 15, 2028 USD 2,300,000 2,987,993 2,961,657 4.50% May 15, 2029 USD 550,000 714,666 735,318 WMG Acquisition Corporation (Callable) 2.75% Sunoco LP / Sunoco Finance Corporation 5.88% Jul 15, 2028 EUR 1,100,000 1,677,801 1,767,902 Mar 15, 2028 USD 2,200,000 2,883,618 3,028,866 WMG Acquisition Corporation (Callable) 3.00% Surgery Center Holdings Inc. (Callable) 6.75% Feb 15, 2031 USD 1,700,000 2,260,308 2,126,732 Jul 01, 2025 USD 2,000,000 2,597,721 2,594,352 WPX Energy Inc. (Callable) 4.50% Jan 15, 2030 USD 1,300,000 1,471,652 1,766,776 Switch Ltd. (Callable) 3.75% Sep 15, 2028 USD 1,350,000 1,793,814 1,751,187 318,325,989 326,037,030 Talen Energy Supply LLC (Callable) 6.50% Jun 01, 2024 USD 1,700,000 1,582,632 1,806,542 TOTAL BONDS AND DEBENTURES 565,810,747 583,133,559 Talen Energy Supply LLC (Callable) 6.63% MONEY MARKET INSTRUMENTS – 0.4% Jan 15, 2028 USD 2,400,000 3,225,697 3,202,363 United States – 0.4% TEGNA Inc. (Callable) 4.63% Mar 15, 2028 USD 1,300,000 1,667,282 1,709,801 United States Treasury Bills 0.00% Feb 25, 2021 USD 2,000,000 2,734,907 2,545,965 TEGNA Inc. (Callable) 4.75% Mar 15, 2026 USD 250,000 330,500 341,499 TerraForm Power Operating LLC (Callable) 4.75% TOTAL INVESTMENT PORTFOLIO 568,545,654 585,679,524 Jan 15, 2030 USD 3,100,000 4,361,906 4,223,541 Unrealized Gain (Loss) on Derivatives – 0.6% 3,551,588 TerraForm Power Operating LLC (Callable) 5.00% OTHER ASSETS, LESS LIABILITIES – 2.6% 16,269,270 Jan 31, 2028 USD 420,000 610,772 602,250 Terrier Media Buyer Inc. (Callable) 8.88% NET ASSETS – 100.0% 605,500,382 Dec 15, 2027 USD 3,100,000 3,962,840 4,385,220 Townsquare Media Inc. (Callable) 6.88% Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The Feb 01, 2026 USD 150,000 191,144 200,499 discount represents the implied effective interest. TransDigm Inc. (Callable) 5.50% Nov 15, 2027 USD 1,150,000 1,483,621 1,545,272

SCHEDULE OF DERIVATIVE INSTRUMENTS

UNREALIZED GAIN ON CURRENCY FORWARD CONTRACTS

Credit Settlement Currency To Contractual Currency To Be Contractual Contract Market Unrealized Counterparty Rating Date Be Received Amount ($) Delivered Amount ($) Price ($) Price ($) Gain ($) Barclays PLC A-2 Feb. 16, 2021 Canadian dollar 212,078,144 US dollar 165,286,741 0.779 0.786 1,795,022 Barclays PLC A-2 Feb. 16, 2021 Canadian dollar 135,727,998 Euro 86,812,542 0.640 0.642 575,441 Barclays PLC A-2 Feb. 16, 2021 Canadian dollar 212,535,577 US dollar 166,000,000 0.781 0.786 1,345,022 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 1,679,503 Euro 1,073,313 0.639 0.642 8,534 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 4,096,143 US dollar 3,200,000 0.781 0.786 25,000 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 5,095,487 US dollar 4,000,000 0.785 0.786 6,558 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 1,727,564 Euro 1,100,000 0.637 0.642 15,048 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Euro 5,820,100 Canadian dollar 9,055,634 1.556 1.557 4,977 Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Pound sterling 464,702 Canadian dollar 791,169 1.703 1.740 17,540

3,793,142 BOND FUNDS

Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

SCHEDULE OF DERIVATIVE INSTRUMENTS

UNREALIZED LOSS ON CURRENCY FORWARD CONTRACTS

Credit Settlement Currency To Contractual Currency To Be Contractual Contract Market Unrealized Counterparty Rating Date Be Received Amount ($) Delivered Amount ($) Price ($) Price ($) Loss ($) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 25,940,195 Pound sterling 14,996,500 0.578 0.575 (159,285) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 1,091,957 Euro 706,328 0.647 0.642 (7,677) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 463,638 Euro 299,005 0.645 0.642 (1,862) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 1,432,775 Euro 920,764 0.643 0.642 (701) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 Canadian dollar 9,450,000 US dollar 7,431,848 0.786 0.786 (5,036) Canadian Imperial Bank of Commerce A-1 Feb. 16, 2021 US dollar 800,000 Canadian dollar 1,026,862 1.284 1.272 (9,102)

(183,663)

UNREALIZED LOSS ON FUTURES CONTRACTS

Contractual Number of Value Fair Value Unrealized Expiry Date Contracts Futures Contracts Counterparty Credit Risk Canadian ($) Canadian ($) Loss ($) BOND FUTURES CONTRACTS Mar. 2021 (52) Euro-OAT Futures Credit Suisse Securities (USA) LLC A-1 (13,552,099) (13,578,793) (26,695) Mar. 2021 (83) U.S. 5 Year Treasury Note Futures Credit Suisse Securities (USA) LLC A-1 (13,302,329) (13,333,525) (31,196) (57,891) BOND FUNDS

Portfolio Adviser: Allianz Global Investors U.S. LLC Scotia Private Global High Yield Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) December 31, 2019 Gross currency Currency Net currency Percentage of The Fund’s investment objective is to achieve long term total returns Currency exposure ($) contracts ($) exposure ($) net assets (%) through income generation and capital growth by investing primarily in US dollar 154,916,377 (154,172,693) 743,684 0.4 Euro 36,315,822 (35,825,484) 490,338 0.2 non-investment grade fixed income securities around the world. Pound sterling 4,793,126 (4,568,920) 224,206 0.1 196,025,325 (194,567,097) 1,458,228 0.7 The Fund may also invest a portion of its assets in funds managed by the Manager and/or by third party investment managers (the As at December 31, 2020, if the Canadian dollar fluctuated by 10% in “Underlying Funds”). In addition to the risks described below, the relation to all other foreign currencies, with all other variables held Fund could be exposed to indirect risk to the extent that the constant, net assets attributable to holders of redeemable units of the Underlying Funds held financial instruments that were subject to the Fund would have decreased or increased by $322,467 or approximately below risks. 0.1% of net assets (December 31, 2019 – $145,823 or approximately 0.1%). In practice, actual results may differ from this sensitivity Risks associated with financial instruments (note 4) analysis and the difference could be material. Interest rate risk Price risk Below is a summary of the Fund’s direct exposure to interest rate risk As at December 31, 2020, approximately 0.0% (December 31, 2019 – by the remaining term to maturity of the Fund’s portfolio, net of short 0.0%) of the Fund’s net assets were directly exposed to price risk. If positions, if applicable, excluding Underlying Funds, preferred shares, prices of these instruments had fluctuated by 10%, with all other cash and overdrafts, as applicable. variables held constant, net assets attributable to holders of December 31, 2020 December 31, 2019 redeemable units of the Fund would have decreased or increased by Interest rate exposure ($) ($) approximately nil (December 31, 2019 – $4,354). In practice, actual Less than 1 year 6,494,552 590,221 results may differ from this sensitivity analysis and the difference 1-3 years 27,119,070 8,635,016 3-5 years 147,121,613 19,833,872 could be material. 5-10 years 319,174,406 118,575,093 > 10 years 58,857,565 29,471,726 Credit risk 558,767,206 177,105,928 Below is a summary of the credit ratings of bonds and debentures, As at December 31, 2020, had the prevailing interest rates fluctuated money market instruments and preferred shares held by the Fund, as by 0.25%, assuming a parallel shift in the yield curve and all other applicable. variables held constant, net assets attributable to holders of December 31, 2020 December 31, 2019 redeemable units of the Fund would have decreased or increased by Percentage Percentage $4,474,916 or approximately 0.7% (December 31, 2019 – $1,607,179 or of total of total credit rated Percentage of credit rated Percentage of approximately 0.8%). In practice, actual results may differ from this instruments net assets instruments net assets sensitivity analysis and the difference could be material. Credit ratings (%) (%) (%) (%) AAA/A-1+ 0.4 0.4 0.3 0.3 Currency risk BBB/A-2 5.0 4.9 9.4 9.0 BB 48.2 46.7 41.9 40.0 Below is a summary of the Fund’s direct exposure to currency risk. B 38.2 36.8 44.7 42.4 Amounts shown are based on the carrying value of monetary and non- CCC 8.2 8.0 3.7 3.6 100.0 96.8 100.0 95.3 monetary assets and liabilities of the Fund net of currency contracts and short positions, as applicable.

December 31, 2020 Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) Euro 134,579,533 (132,485,617) 2,093,916 0.3 US dollar 440,305,544 (439,061,044) 1,244,500 0.2 Pound sterling 25,194,486 (25,308,237) (113,751) (0.0) 600,079,563 (596,854,898) 3,224,665 0.5 BOND FUNDS Scotia Private Global High Yield Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Concentration risk Offsetting of financial assets and liabilities (note 2) Below is a summary of the Fund’s concentration risk by carrying value Below is a summary of the offsetting of financial assets and liabilities as a percentage of net assets. and collateral amounts that would occur if future events, such as bankruptcy or termination of contracts, were to arise. No amounts December 31, 2020 December 31, 2019 were offset in the financial statements. Australia 0.8 – Austria 0.2 – December 31, 2020 Brazil 5.6 2.5 British Virgin Islands – 1.1 Gross amount Master netting Collateral Canada 5.7 1.8 of assets offset received Net Amount Chile 0.4 0.3 Financial assets – by type ($) ($) ($) ($) Colombia 0.4 0.8 France 3.1 2.3 Currency forward Germany 5.3 1.4 contracts 3,793,142 (77,657) – 3,715,485 Greece 0.7 0.7 Options contracts – OTC – – – – Ireland 2.0 2.6 Swap contracts – OTC – – – – Israel 0.7 0.2 3,793,142 (77,657) – 3,715,485 Italy 1.0 3.5 Japan 0.4 – Luxembourg 1.9 2.2 December 31, 2020 Mexico 1.4 0.6 Netherlands 4.3 1.2 Gross amount Master netting Collateral Nigeria – 4.4 Financial liabilities – by of liabilities offset pledged Net Amount Portugal 0.5 1.9 type ($) ($) ($) ($) South Africa 0.5 – Currency forward Spain 1.7 1.0 contracts 183,663 (77,657) – 106,006 Switzerland 0.2 0.9 Options contracts – OTC – – – – United Arab Emirates – 0.6 Swap contracts – OTC – – – – United Kingdom 5.8 5.9 United States 53.8 59.3 183,663 (77,657) – 106,006 Unrealized Gain (Loss) on Derivatives 0.6 2.1

Fair Value Classification (note 2) December 31, 2019 Gross amount Master netting Collateral Below is a summary of the classification of the Fund’s financial of assets offset received Net Amount Financial assets – by type ($) ($) ($) ($) instruments within the fair value hierarchy. Currency forward contracts 4,814,664 (651,542) – 4,163,122 Level 1 Level 2 Level 3 Total Options contracts – OTC – – – – December 31, 2020 ($) ($) ($) ($) Swap contracts – OTC – – – – Bonds and debentures – 583,133,559 – 583,133,559 4,814,664 (651,542) – 4,163,122 Money market instruments – 2,545,965 – 2,545,965 Unrealized gain on currency forward contracts – 3,793,142 – 3,793,142 December 31, 2019 – 589,472,666 – 589,472,666 Gross amount Master netting Collateral Unrealized loss on currency Financial liabilities – by of liabilities offset pledged Net Amount forward contracts – (183,663) – (183,663) type ($) ($) ($) ($) Unrealized loss on futures contracts (57,891) – – (57,891) Currency forward (57,891) (183,663) – (241,554) contracts 651,542 (651,542) – – (57,891) 589,289,003 – 589,231,112 Options contracts – OTC – – – – Swap contracts – OTC – – – – 651,542 (651,542) – – Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Bonds and debentures – 192,014,021 – 192,014,021 Interest in Underlying Funds (note 2) Money market instruments – 643,701 – 643,701 Unrealized gain on currency The Fund did not hold any interest in Underlying Funds as at forward contracts – 4,814,664 – 4,814,664 Unrealized gain on futures contracts 53,480 – – 53,480 December 31, 2020 or December 31, 2019. 53,480 197,472,386 – 197,525,866 Unrealized loss on currency Comparison of net asset value per unit and net assets per unit forward contracts – (651,542) – (651,542) (note 2) Unrealized loss on futures contracts (43,542) – – (43,542) (43,542) (651,542) – (695,084) As at December 31, 2020 and December 31, 2019, there were no 9,938 196,820,844 – 196,830,782 significant differences between the net asset value per unit and the net assets per unit for any series of the Fund. Transfers between levels

BOND FUNDS During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2. Scotia Private Strategic Balanced Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Dividends 781,488 984,595 (note 2) Interest for distribution purposes 544,227 851,349 Non-derivative financial assets 27,556,253 51,045,889 Net realized gain (loss) on non-derivative financial assets (986,541) 1,431,387 Derivatives – 5,247 Change in unrealized gain (loss) on non-derivative financial Cash 164,739 618,042 assets (1,128,032) 3,484,165 Subscriptions receivable 700 – Net realized gain (loss) on derivatives (158) (7,016) Accrued investment income and other 119,266 223,997 Change in unrealized gain (loss) on derivatives 160 38,578 Total assets 27,840,958 51,893,175 Net gain (loss) on financial assets and liabilities at fair LIABILITIES value through profit or loss (788,856) 6,783,058 Current liabilities Securities lending (note 11) 2,048 3,254 Financial liabilities at fair value through profit or loss Net realized and unrealized foreign currency translation gain (note 2) (loss) (7,635) (5,442) Derivatives – 5,407 Other income 299 296 Payable for securities purchased – 35,411 Total income (loss), net (794,144) 6,781,166 Redemptions payable 12,075 30,258 EXPENSES Total liabilities 12,075 71,076 Management fees (note 5) 10,712 11,235 Net assets attributable to holders of redeemable Fixed administration fees (note 6) 108,456 161,755 units 27,828,883 51,822,099 Independent Review Committee fees 1,356 1,200 Interest expense 4,843 116 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Foreign withholding taxes/tax reclaims 13,086 12,777 REDEEMABLE UNITS PER SERIES Harmonized Sales Tax/Goods and Services Tax 12,276 17,474 Pinnacle Series 26,632,471 50,732,441 Transaction costs 15,823 11,092 Series F 1,196,412 1,089,658 Total expenses 166,552 215,649 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Increase (decrease) in net assets attributable to holders REDEEMABLE UNITS PER UNIT of redeemable units from operations (960,696) 6,565,517 Pinnacle Series 18.89 19.23 Series F 19.12 19.47 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series (971,394) 6,440,654 Series F 10,698 124,863 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series (0.49) 2.26 Series F 0.18 2.12 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 1,964,863 2,845,004 Series F 58,103 59,018

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Lincluden Investment Management Scotia Private Strategic Balanced Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units (960,696) 6,565,517 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 50,732,441 55,143,909 assets 986,541 (1,431,387) Series F 1,089,658 1,095,469 Change in unrealized (gain) loss on non-derivative 51,822,099 56,239,378 financial assets 1,128,032 (3,484,165) Change in unrealized (gain) loss on derivatives (160) (38,578) INCREASE (DECREASE) IN NET ASSETS Unrealized foreign currency translation (gain) loss (57) (4,426) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Other non-cash transactions (12,978) – UNITS FROM OPERATIONS Purchases of non-derivative financial assets and Pinnacle Series (971,394) 6,440,654 liabilities (21,229,724) (22,510,860) Series F 10,698 124,863 Proceeds from sale of non-derivative financial assets and liabilities 42,582,354 32,095,227 (960,696) 6,565,517 Accrued investment income and other 104,731 36,131 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Net cash provided by (used in) operating activities 22,598,043 11,227,459 UNITS CASH FLOWS FROM FINANCING ACTIVITIES From net investment income Proceeds from issue of redeemable units 5,954,070 12,744,223 Pinnacle Series (1,227,821) (1,663,330) Amounts paid on redemption of redeemable units (28,940,418) (23,664,105) Series F (29,817) (25,548) Distributions to unitholders of redeemable units (65,055) (60,550) (1,257,638) (1,688,878) Net cash provided by (used in) financing activities (23,051,403) (10,980,432) Unrealized foreign currency translation gain (loss) 57 4,426 REDEEMABLE UNIT TRANSACTIONS Net increase (decrease) in cash (453,360) 247,027 Proceeds from issue Cash (bank overdraft), beginning of period 618,042 366,589 Pinnacle Series 5,799,513 12,530,658 Series F 155,257 211,495 CASH (BANK OVERDRAFT), END OF PERIOD 164,739 618,042 Reinvested distributions Interest paid(1) 4,843 116 Pinnacle Series 1,183,466 1,620,628 Interest received, net of withholding taxes(1) 604,434 852,083 Series F 9,117 7,700 Dividends received, net of withholding taxes(1) 798,065 1,007,215 Payments on redemption Pinnacle Series (28,883,734) (23,340,078) (1) Classified as operating items. Series F (38,501) (324,321) (21,774,882) (9,293,918)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (24,099,970) (4,411,468) Series F 106,754 (5,811) (23,993,216) (4,417,279)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 26,632,471 50,732,441 Series F 1,196,412 1,089,658 27,828,883 51,822,099 BALANCED FUND

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Lincluden Investment Management Scotia Private Strategic Balanced Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Face Average Carrying Face Average Carrying Issuer Value ($) Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

BONDS AND DEBENTURES – 49.5% BONDS AND DEBENTURES (cont'd) Corporate Bonds – 20.9% Corporate Bonds (cont'd) 407 International Inc. (Callable) 3.83% Rogers Communications Inc. (Callable) 3.25% May 11, 2046 90,000 105,811 111,070 May 01, 2029 55,000 54,860 61,111 Aeroports de Montreal (Callable) 3.03% Rogers Communications Inc. (Callable) 4.00% Apr 21, 2050 25,000 25,000 27,583 Mar 13, 2024 55,000 56,272 60,015 AltaGas Ltd. (Callable) 2.08% May 30, 2028 40,000 40,000 40,609 Royal Bank of Canada (Callable) 4.00% AltaGas Ltd. (Callable) 3.57% Jun 12, 2023 105,000 105,426 111,174 Feb 24, 2081 110,000 110,000 111,972 AltaLink L.P. (Callable) 4.05% Nov 21, 2044 65,000 73,710 82,889 Royal Bank of Canada 2.35% Jul 02, 2024 335,000 344,371 352,833 Bank of Montreal (Callable) 2.37% Feb 03, 2025 75,000 74,999 79,317 Shaw Communications Inc. (Callable) 4.25% Bank of Montreal 2.12% Mar 16, 2022 365,000 356,936 372,635 Dec 09, 2049 60,000 59,687 68,247 Bank of Montreal 2.70% Sep 11, 2024 80,000 79,990 85,804 Shaw Communications Inc. (Callable) 4.35% Bank of Nova Scotia, The 2.29% Jun 28, 2024 95,000 94,994 100,293 Jan 31, 2024 30,000 33,240 32,930 Bank of Nova Scotia, The 2.36% Nov 08, 2022 135,000 132,601 139,735 Sun Life Financial Inc. 4.57% Aug 23, 2021 90,000 104,869 92,315 Bank of Nova Scotia, The 2.38% May 01, 2023 150,000 149,978 155,991 TELUS Corporation (Callable) 4.40% Bell Canada Inc. (Callable) 3.50% Sep 30, 2050 65,000 62,611 68,617 Jan 29, 2046 110,000 118,675 129,759 Cameco Corporation (Callable) 4.19% Toronto-Dominion Bank, The (Callable) 3.06% Jun 24, 2024 70,000 75,600 75,255 Jan 26, 2032 195,000 194,930 213,066 Canadian Imperial Bank of Commerce 2.00% TransCanada PipeLines Ltd. (Callable) 3.80% Apr 17, 2025 280,000 279,787 292,174 Apr 05, 2027 90,000 89,857 101,453 Canadian National Railway Company (Callable) TransCanada PipeLines Ltd. (Callable) 4.35% 3.00% Feb 08, 2029 50,000 49,769 56,460 Jun 06, 2046 90,000 90,377 102,659 CCL Industries Inc. (Callable) 3.86% 5,476,864 5,806,606 Apr 13, 2028 35,000 35,000 39,424 CU Inc. 4.54% Oct 24, 2041 60,000 71,381 79,333 Federal Bonds – 7.5% Enbridge Inc. (Floating Rate) 6.63% Canada Housing Trust No 1 (Floating Rate) Apr 12, 2078 65,000 70,473 74,382 1.98% Sep 15, 2024 200,000 200,365 201,264 ENMAX Corporation (Callable) 3.84% Canada Housing Trust No. 1 (Floating Rate) Jun 05, 2028 50,000 49,250 56,627 2.16% Sep 15, 2021 230,000 231,375 230,771 EPCOR Utilities Inc. 4.55% Feb 28, 2042 20,000 24,100 26,590 Canada Housing Trust No. 1 2.35% Fair Hydro Trust (Callable) 3.36% May 15, 2033 145,000 145,004 168,561 Jun 15, 2027 90,000 90,354 98,951 FortisBC Energy Inc. (Callable) 3.38% Government of Canada 0.50% Mar 01, 2022 330,000 319,255 331,321 Apr 13, 2045 25,000 25,000 28,879 Government of Canada 1.00% Jun 01, 2027 340,000 337,615 351,635 Genworth MI Canada Inc. (Callable) 2.96% Government of Canada 1.25% Jun 01, 2030 215,000 224,826 226,255 Mar 01, 2027 65,000 64,999 67,517 Government of Canada 1.50% Jun 01, 2026 225,000 239,758 238,120 Greater Toronto Airports Authority (Callable) Government of Canada 2.00% Dec 01, 2051 50,000 59,590 60,146 2.75% Oct 17, 2039 115,000 108,222 120,889 Government of Canada 2.25% Jun 01, 2029 295,000 310,810 335,233 Great-West Lifeco Inc. (Callable) 2.38% Government of Canada 2.75% Dec 01, 2048 1,190 1,495 1,633 May 14, 2030 40,000 40,000 42,435 2,015,443 2,075,329 Great-West Lifeco Inc. 3.34% Feb 28, 2028 50,000 50,000 56,603 Municipal Bonds – 0.8% Hydro One Inc. 3.20% Jan 13, 2022 40,000 44,140 41,170 City of Toronto 2.65%Nov 09, 2029 100,000 108,920 111,657 Hydro One Inc. 4.39% Sep 26, 2041 90,000 102,316 117,181 Regional Municipality of York 1.70% Hydro One Inc. 6.03% Mar 03, 2039 25,000 36,649 37,968 May 27, 2030 110,000 109,889 113,385 Inter Pipeline Ltd. (Callable) 3.48% Dec 16, 2026 190,000 196,176 204,601 218,809 225,042 Keyera Corporation (Callable) 3.93% Provincial Bonds– 20.3% Jun 21, 2028 50,000 50,000 55,686 Province of Alberta 2.35% Jun 01, 2025 295,000 286,012 316,523 Loblaw Companies Limited 6.15% Jan 29, 2035 70,000 89,285 95,208 Province of Alberta 3.45% Dec 01, 2043 160,000 163,619 195,626 National Bank of Canada 1.81% Jul 26, 2021 435,000 433,131 438,787 Province of British Columbia 4.30% NAV Canada (Callable) 2.92% Sep 29, 2051 25,000 24,980 27,415 Jun 18, 2042 215,000 273,641 305,529 North West Redwater Partnership / NWR Province of Manitoba 5.70% Mar 05, 2037 145,000 212,321 220,737 Financing Co., Ltd. (Callable) 4.35% Province of New Brunswick 4.55% Mar 26, 2037 125,000 159,609 169,934 Jan 10, 2039 85,000 93,261 100,014 Province of Ontario 2.70% Jun 02, 2029 200,000 223,392 224,398 Nova Scotia Power Inc. 4.15% Mar 06, 2042 75,000 86,456 92,671 Province of Ontario 2.85% Jun 02, 2023 2,055,000 2,217,521 2,177,192 OMERS Finance Trust 1.55% Apr 21, 2027 155,000 154,847 159,725 Province of Ontario 3.45% Jun 02, 2045 690,000 797,048 879,302 Pembina Pipeline Corporation (Callable) 3.31% Province of Ontario 4.70% Jun 02, 2037 25,000 30,843 35,385 Feb 01, 2030 45,000 44,966 48,779 Province of Quebec 3.50% Dec 01, 2045 695,000 758,020 897,905 Pembina Pipeline Corporation (Callable) 4.75% Province of Saskatchewan4.75% Jun 01, 2040 155,000 213,931 222,473 Mar 26, 2048 120,000 132,090 138,499 5,335,957 5,645,004 Reliance LP (Callable) 2.68% Dec 01, 2027 35,000 34,994 36,795 Reliance LP (Callable) 3.75% Mar 15, 2026 110,000 109,644 120,696 TOTAL BONDS AND DEBENTURES 13,047,073 13,751,981 Reliance LP (Callable) 3.84% Mar 15, 2025 80,000 79,998 87,491 Reliance LP 4.08% Aug 02, 2021 90,000 91,152 91,591 RioCan Real Estate Investment Trust (Callable) BALANCED FUND 1.97% Jun 15, 2026 25,000 25,000 25,123

Portfolio Adviser: Lincluden Investment Management Scotia Private Strategic Balanced Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 49.5% EQUITIES (cont'd) Communication Services – 6.9% Utilities – 2.8% BCE Inc. 9,275 525,988 504,838 Hydro One Limited 18,247 421,542 522,777 Rogers Communications Inc., Class B 6,610 356,987 391,709 Superior Plus Corporation 20,619 224,032 251,139 Shaw Communications Inc., Class B 17,238 428,109 385,097 645,574 773,916 TELUS Corporation 15,363 340,316 387,301 Verizon Communications Inc. 3,455 213,335 258,456 TOTAL EQUITIES 13,103,365 13,804,272 1,864,735 1,927,401 Transaction Costs (9,825) – Consumer Discretionary – 2.6% TOTAL INVESTMENT PORTFOLIO 26,140,613 27,556,253 Canadian Tire Corporation Limited, Class A 2,221 285,602 371,640 OTHER ASSETS, LESS LIABILITIES – 1.0% 272,630 Magna International Inc. 4,008 184,585 361,161 NET ASSETS – 100.0% 27,828,883 470,187 732,801 Consumer Staples – 4.6% Empire Company Limited, Class A 11,419 408,076 397,267 Metro Inc., Class A 5,995 245,622 340,516 North West Company Inc. 8,322 219,187 269,966 Walgreens Boots Alliance Inc. 5,160 486,466 262,021 1,359,351 1,269,770 Energy – 6.0% ARC Resources Ltd. 30,065 291,096 180,390 Canadian Natural Resources Ltd. 9,447 230,919 288,984 Crescent Point Energy Corporation 24,455 161,879 72,631 Enbridge Inc. 13,306 586,209 541,687 Inter Pipeline Ltd. 23,485 514,992 278,767 Suncor Energy Inc. 14,413 263,815 307,718 2,048,910 1,670,177 Financials – 16.4% Bank of Nova Scotia, The 7,163 418,864 492,814 Brookfield Asset Management Inc., Class A 5,972 254,769 314,247 Canadian Imperial Bank of Commerce 4,752 436,313 516,637 Intact Financial Corporation 2,655 244,343 400,162 Laurentian Bank of Canada 6,403 284,986 199,774 Power Corporation of Canada 22,971 701,358 671,442 Royal Bank of Canada 7,857 526,273 821,764 Sun Life Financial Inc. 4,865 210,563 275,359 Toronto-Dominion Bank, The 12,179 656,638 875,914 3,734,107 4,568,113 Health Care – 2.7% Chartwell Retirement Residences 24,227 294,397 271,100 GlaxoSmithKline PLC – ADR 5,335 290,585 249,985 Pfizer Inc. 5,195 219,428 243,491 804,410 764,576 Industrials – 1.0% Canadian National Railway Company 2,037 197,240 285,058 Materials – 2.7% Dow Inc. 3,970 265,438 280,553 Nutrien Ltd. 7,909 428,417 484,347 693,855 764,900 Real Estate – 3.8% Brookfield Property Partners LP 19,617 437,110 361,149 Canadian Apartment Properties Real Estate Investment Trust 5,293 237,994 264,597 Cominar Real Estate Investment Trust 22,028 268,621 178,647 H&R Real Estate Investment Trust 18,297 341,271 243,167 1,284,996 1,047,560 BALANCED FUND

Portfolio Adviser: Lincluden Investment Management Scotia Private Strategic Balanced Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) December 31, 2019 Gross currency Currency Net currency Percentage of The Fund’s investment objective is to achieve superior long term Currency exposure ($) contracts ($) exposure ($) net assets (%) returns through a combination of capital growth and income by US dollar 2,811,895 5,389 2,817,284 5.4 investing primarily in large capitalization stocks of Canadian 2,811,895 5,389 2,817,284 5.4 corporations and Canadian government bonds. The weighting of the fund’s portfolio will be allocated between asset classes within specified As at December 31, 2020, if the Canadian dollar fluctuated by 10% in ranges: 40%-80% equities, 20%-60% fixed income securities, and 0%-30% relation to all other foreign currencies, with all other variables held short-term money market securities and cash. constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by $130,819 or approximately The Fund may also invest a portion of its assets in funds managed by 0.5% of net assets (December 31, 2019 – $281,728 or approximately the Manager and/or by third party investment managers (the 0.5%). In practice, actual results may differ from this sensitivity “Underlying Funds”). In addition to the risks described below, the analysis and the difference could be material. Fund could be exposed to indirect risk to the extent that the Price risk Underlying Funds held financial instruments that were subject to the below risks. As at December 31, 2020, approximately 49.5% (December 31, 2019 – 48.0%) of the Fund’s net assets were directly exposed to price risk. If Risks associated with financial instruments (note 4) prices of these instruments had fluctuated by 10%, with all other Interest rate risk variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by Below is a summary of the Fund’s direct exposure to interest rate risk approximately $1,380,427 (December 31, 2019 – $2,491,006). In by the remaining term to maturity of the Fund’s portfolio, net of short practice, actual results may differ from this sensitivity analysis and the positions, if applicable, excluding Underlying Funds, preferred shares, difference could be material. cash and overdrafts, as applicable. Credit risk December 31, 2020 December 31, 2019 Interest rate exposure ($) ($) Below is a summary of the credit ratings of bonds and debentures, money Less than 1 year 853,464 605,035 market instruments and preferred shares held by the Fund, as applicable. 1-3 years 3,329,218 4,408,874 3-5 years 1,683,899 4,889,393 December 31, 2020 December 31, 2019 5-10 years 2,873,278 8,362,690 > 10 years 5,012,122 7,869,842 Percentage Percentage of total of total 13,751,981 26,135,834 credit rated Percentage of credit rated Percentage of instruments net assets instruments net assets As at December 31, 2020, had the prevailing interest rates fluctuated Credit ratings (%) (%) (%) (%) by 0.25%, assuming a parallel shift in the yield curve and all other AAA/A-1+ 17.3 8.6 19.5 9.8 AA 19.5 9.6 15.7 7.9 variables held constant, net assets attributable to holders of A/A-1 44.4 22.0 45.8 23.0 redeemable units of the Fund would have decreased or increased by BBB/A-2 18.8 9.3 19.0 9.6 100.0 49.5 100.0 50.3 $263,815 or approximately 0.9% (December 31, 2019 – $510,802 or approximately 1.0%). In practice, actual results may differ from this Concentration risk sensitivity analysis and the difference could be material. Below is a summary of the Fund’s concentration risk by carrying value Currency risk as a percentage of net assets. Below is a summary of the Fund’s direct exposure to currency risk. December 31, 2020 December 31, 2019 Amounts shown are based on the carrying value of monetary and non- Communication Services 6.9 5.6 monetary assets and liabilities of the Fund net of currency contracts Consumer Discretionary 2.6 0.7 and short positions, as applicable. Consumer Staples 4.6 3.2 Corporate Bonds 20.9 22.2 Energy 6.0 10.6 December 31, 2020 Federal Bonds 7.5 8.8 Gross currency Currency Net currency Percentage of Financials 16.4 15.4 Currency exposure ($) contracts ($) exposure ($) net assets (%) Health Care 2.7 2.9 Industrials 1.0 – US dollar 1,308,188 – 1,308,188 4.7 Materials 2.7 2.4 1,308,188 – 1,308,188 4.7 Municipal Bonds 0.8 – Provincial Bonds 20.3 19.3 Real Estate 3.8 4.4 Treasury Bills – 0.2

Utilities 2.8 2.8 BALANCED FUND Unrealized Gain (Loss) on Derivatives – 0.0 Scotia Private Strategic Balanced Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Fair Value Classification (note 2) Comparison of net asset value per unit and net assets per unit (note 2) Below is a summary of the classification of the Fund’s financial instruments within the fair value hierarchy. As at December 31, 2020 and December 31, 2019, there were no significant differences between the net asset value per unit and the net Level 1 Level 2 Level 3 Total assets per unit for any series of the Fund. December 31, 2020 ($) ($) ($) ($) Equities 13,804,272 – – 13,804,272 Bonds and debentures – 13,751,981 – 13,751,981 13,804,272 13,751,981 – 27,556,253

Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Equities 24,910,055 – – 24,910,055 Bonds and debentures – 26,036,185 – 26,036,185 Money market instruments – 99,649 – 99,649 Unrealized gain on currency forward contracts – 5,247 – 5,247 24,910,055 26,141,081 – 51,051,136 Unrealized loss on currency forward contracts – (5,407) – (5,407) 24,910,055 26,135,674 – 51,045,729

Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2.

Offsetting of financial assets and liabilities (note 2) Below is a summary of the offsetting of financial assets and liabilities and collateral amounts that would occur if future events, such as bankruptcy or termination of contracts, were to arise. No amounts were offset in the financial statements. As at December 31, 2020, the Fund did not enter into any agreement whereby the financial instruments were eligible for offset.

December 31, 2019 Gross amount Master netting Collateral of assets offset received Net Amount Financial assets – by type ($) ($) ($) ($) Currency forward contracts 5,247 (5,247) – – Options contracts – OTC – – – – Swap contracts – OTC – – – – 5,247 (5,247) – –

December 31, 2019 Gross amount Master netting Collateral Financial liabilities – by of liabilities offset pledged Net Amount type ($) ($) ($) ($) Currency forward contracts 5,407 (5,247) – 160 Options contracts – OTC – – – – Swap contracts – OTC – – – – 5,407 (5,247) – 160

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at BALANCED FUND December 31, 2020 or December 31, 2019. Scotia Private Canadian Value Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Dividends 6,228,073 6,331,821 (note 2) Interest for distribution purposes 201,199 147,874 Non-derivative financial assets 206,864,379 200,871,427 Net realized gain (loss) on non-derivative financial assets 6,625,622 7,226,792 Derivatives – 83 Change in unrealized gain (loss) on non-derivative financial Cash 198,209 55,314 assets (2,365,074) 25,370,841 Receivable for securities sold – 33,937 Change in unrealized gain (loss) on derivatives (93) 83 Subscriptions receivable 120,878 79,883 Net gain (loss) on financial assets and liabilities at fair Accrued investment income and other 693,662 630,413 value through profit or loss 10,689,727 39,077,411 Total assets 207,877,128 201,671,057 Securities lending (note 11) 7,563 14,221 LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) (2,509) (576) Financial liabilities at fair value through profit or loss Other income 1,907 – (note 2) Total income (loss), net 10,696,688 39,091,056 Derivatives 10 – EXPENSES Payable for securities purchased 204,838 401,366 Management fees (note 5) 12,028 11,692 Redemptions payable 44,224 62,334 Fixed administration fees (note 6) 272,108 295,650 Total liabilities 249,072 463,700 Independent Review Committee fees 1,356 1,200 Net assets attributable to holders of redeemable Interest expense 518 – units 207,628,056 201,207,357 Foreign withholding taxes/tax reclaims 17,675 9,562 Harmonized Sales Tax/Goods and Services Tax 26,718 28,486 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Transaction costs 192,000 197,676 REDEEMABLE UNITS PER SERIES Total expenses 522,403 544,266 Pinnacle Series 204,254,026 197,111,295 Series F 1,285,346 1,331,946 Increase (decrease) in net assets attributable to Series I 2,088,684 2,764,116 holders of redeemable units from operations 10,174,285 38,546,790 NET ASSETS ATTRIBUTABLE TO HOLDERS OF INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE REDEEMABLE UNITS PER UNIT TO HOLDERS OF REDEEMABLE UNITS FROM Pinnacle Series 25.86 25.48 OPERATIONS PER SERIES Series F 25.60 25.23 Pinnacle Series 10,041,217 37,703,950 Series I 26.41 26.02 Series F 51,500 196,923 Series I 81,568 645,917 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 1.30 4.76 Series F 0.98 4.11 Series I 0.86 5.41 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 7,711,262 7,921,849 Series F 52,344 47,921 Series I 94,998 119,431

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Scheer, Rowlett & Associates Investment Management Ltd. Scotia Private Canadian Value Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 10,174,285 38,546,790 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 197,111,295 177,715,020 assets (6,625,622) (7,226,792) Series F 1,331,946 843,129 Change in unrealized (gain) loss on non-derivative Series I 2,764,116 3,675,654 financial assets 2,365,074 (25,370,841) 201,207,357 182,233,803 Change in unrealized (gain) loss on derivatives 93 (83) Unrealized foreign currency translation (gain) loss (22) (537) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (104,604,817) (87,901,862) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial assets Pinnacle Series 10,041,217 37,703,950 and liabilities 102,709,821 101,399,616 Series F 51,500 196,923 Accrued investment income and other (63,249) 139,198 Series I 81,568 645,917 Net cash provided by (used in) operating activities 3,955,563 19,585,489 10,174,285 38,546,790 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 37,884,294 26,369,662 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Amounts paid on redemption of redeemable units (41,661,437) (45,904,648) UNITS Distributions to unitholders of redeemable units (35,547) (35,278) From net investment income Pinnacle Series (6,058,180) (6,176,398) Net cash provided by (used in) financing activities (3,812,690) (19,570,264) Series F (25,608) (30,355) Unrealized foreign currency translation gain (loss) 22 537 Series I (67,788) (89,609) Net increase (decrease) in cash 142,873 15,225 Cash (bank overdraft), beginning of period 55,314 39,552 (6,151,576) (6,296,362) CASH (BANK OVERDRAFT), END OF PERIOD 198,209 55,314 REDEEMABLE UNIT TRANSACTIONS Interest paid(1) 518 – Proceeds from issue Interest received, net of withholding taxes(1) 159,958 147,874 Pinnacle Series 37,707,601 25,886,850 Dividends received, net of withholding taxes(1) 6,147,150 6,461,458 Series F 217,688 499,344 Reinvested distributions (1) Classified as operating items. Pinnacle Series 6,029,612 6,147,592 Series F 18,629 23,884 Series I 67,788 89,609 Payments on redemption Pinnacle Series (40,577,519) (44,165,719) Series F (308,809) (200,979) Series I (757,000) (1,557,455) 2,397,990 (13,276,874)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 7,142,731 19,396,275 Series F (46,600) 488,817 Series I (675,432) (911,538) 6,420,699 18,973,554

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 204,254,026 197,111,295 Series F 1,285,346 1,331,946 Series I 2,088,684 2,764,116 207,628,056 201,207,357 CANADIAN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Scheer, Rowlett & Associates Investment Management Ltd. Scotia Private Canadian Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Shares/ Number of Average Carrying Face Average Carrying Issuer Shares Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

EQUITIES – 97.7% EQUITIES (cont'd) Communication Services– 6.4% Materials (cont'd) Rogers Communications Inc., Class B 129,000 6,760,063 7,644,540 Nutrien Ltd. 93,277 5,955,444 5,712,283 TELUS Corporation 226,400 4,058,357 5,707,544 OceanGold Corporation 740,400 1,387,478 1,821,384 10,818,420 13,352,084 Sherritt International Corporation 1,550,000 3,065,907 635,500 Teck Resources Ltd., Class B 316,200 6,349,724 7,304,220 Consumer Discretionary– 6.5% Gildan Activewear Inc. 114,500 2,591,837 4,075,055 31,599,765 33,495,766 Great Canadian Gaming Corporation 41,200 1,067,817 1,791,376 Real Estate – 2.5% Linamar Corporation 19,400 761,919 1,307,948 Brookfield Property Partners LP 48,200 755,934 887,362 Magna International Inc. 71,000 3,975,002 6,397,810 H&R Real Estate Investment Trust 249,900 3,241,938 3,321,171 8,396,575 13,572,189 Tricon Capital Group Inc. 77,600 693,369 886,968 Consumer Staples – 1.7% 4,691,241 5,095,501 Alimentation Couche-Tard Inc., Class B 45,200 1,714,555 1,960,776 Utilities – 2.6% Loblaw Companies Limited 24,000 1,603,862 1,507,440 AltaGas Ltd. 287,800 4,602,894 5,387,616 3,318,417 3,468,216 MONEY MARKET INSTRUMENTS – 1.9% Energy – 12.0% Treasury Bills – 1.9% Canadian Natural Resources Ltd. 66,800 2,193,835 2,043,412 Government of Canada 0.00% Feb 11, 2021 1,450,000 1,449,670 1,449,839 Cenovus Energy Inc. 300,100 4,141,175 2,325,775 Government of Canada 0.00% Mar 04, 2021 600,000 599,880 599,898 Crescent Point Energy Corporation 440,100 3,307,169 1,307,097 Government of Canada 0.00% Mar 11, 2021 1,950,000 1,949,506 1,949,608 Enbridge Inc. 115,100 5,416,578 4,685,721 3,999,056 3,999,345 Enerflex Ltd. 67,700 412,081 444,112 Suncor Energy Inc. 250,814 6,391,029 5,354,879 Transaction Costs (219,021) – TransCanada Corporation 170,400 9,374,128 8,818,200 TOTAL INVESTMENT PORTFOLIO 182,209,002 206,864,379 31,235,995 24,979,196 Unrealized Gain (Loss) on Derivatives – 0.0% (10) Financials – 36.5% OTHER ASSETS, LESS LIABILITIES – 0.4% 763,687 Bank of Nova Scotia, The 167,100 10,417,262 11,496,480 NET ASSETS – 100.0% 207,628,056 Brookfield Asset Management Inc., Class A 153,900 7,232,644 8,098,218 Canadian Imperial Bank of Commerce 69,800 6,015,362 7,588,656 Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The CI Financial Corporation 229,400 5,066,444 3,619,932 discount represents the implied effective interest. Element Fleet Management Corporation 428,700 4,200,159 5,736,006 Equitable Group Inc. 6,100 476,949 616,100 Fairfax Financial Holdings Limited 8,900 4,257,523 3,861,265 Intact Financial Corporation, Subscription Receipts 9,900 1,331,550 1,414,076 Manulife Financial Corporation 36,180 738,622 819,477 Power Corporation of Canada 154,130 4,047,378 4,505,220 Royal Bank of Canada 115,600 8,349,050 12,090,604 Toronto-Dominion Bank, The 215,600 10,933,506 15,505,952 Trisura Group Ltd. 4,200 196,770 374,094 63,263,219 75,726,080 Industrials – 9.1% ATS Automation Tooling Systems Inc. 25,300 422,902 565,455 Canadian National Railway Company 60,300 4,465,550 8,438,382 Canadian Pacific Railway Limited 11,600 2,532,474 5,121,748 New Flyer Industries Inc. 62,300 1,819,163 1,500,807 Russel Metals Inc. 11,600 254,500 263,668 SNC-Lavalin Group Inc. 46,100 972,528 1,001,753 Westshore Terminals Investment Corporation 127,700 2,022,420 1,990,843 12,489,537 18,882,656 Information Technology – 4.3% Celestica Inc. 404,100 3,784,774 4,150,107 CGI Group Inc., Class A 38,900 3,398,102 3,928,511 Open Text Corporation 14,300 830,028 827,112 8,012,904 8,905,730 Materials – 16.1% Barrick Gold Corporation 214,400 4,942,839 6,217,600 Kirkland Lake Gold Ltd. 31,165 1,039,016 1,639,279 CANADIAN EQUITY FUNDS Methanex Corporation 83,800 5,452,383 4,901,462 Newmont Goldcorp Corporation 69,100 3,406,974 5,264,038

Portfolio Adviser: Scheer, Rowlett & Associates Investment Management Ltd. Scotia Private Canadian Value Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) may differ from this sensitivity analysis and the difference could be The Fund’s investment objective is to achieve superior long term material. returns through capital growth by investing primarily in securities of Price risk Canadian corporations. As at December 31, 2020, approximately 97.7% (December 31, 2019 – The Fund may also invest a portion of its assets in funds managed by 96.6%) of the Fund’s net assets were directly exposed to price risk. If the Manager and/or by third party investment managers (the prices of these instruments had fluctuated by 10%, with all other “Underlying Funds”). In addition to the risks described below, the variables held constant, net assets attributable to holders of Fund could be exposed to indirect risk to the extent that the redeemable units of the Fund would have decreased or increased by Underlying Funds held financial instruments that were subject to the approximately $20,286,503 (December 31, 2019 – $19,433,593). In below risks. practice, actual results may differ from this sensitivity analysis and the difference could be material. Risks associated with financial instruments (note 4) Credit risk Interest rate risk Below is a summary of the credit ratings of bonds and debentures, Below is a summary of the Fund’s direct exposure to interest rate risk money market instruments and preferred shares held by the Fund, as by the remaining term to maturity of the Fund’s portfolio, net of short applicable. positions, if applicable, excluding Underlying Funds, preferred shares, cash and overdrafts, as applicable. December 31, 2020 December 31, 2019 Percentage Percentage December 31, 2020 December 31, 2019 of total of total Interest rate exposure ($) ($) credit rated Percentage of credit rated Percentage of instruments net assets instruments net assets Less than 1 year 3,999,345 6,535,498 Credit ratings (%) (%) (%) (%) 1-3 years – – 3-5 years – – AAA/A-1+ 100.0 1.9 100.0 3.2 5-10 years – – 100.0 1.9 100.0 3.2 > 10 years – – 3,999,345 6,535,498 Concentration risk

As at December 31, 2020, had the prevailing interest rates fluctuated Below is a summary of the Fund’s concentration risk by carrying value by 0.25%, assuming a parallel shift in the yield curve and all other as a percentage of net assets. variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by December 31, 2020 December 31, 2019 Communication Services 6.4 6.7 $9,998 or approximately 0.0% (December 31, 2019 – $16,318 or Consumer Discretionary 6.5 5.0 approximately 0.0%). In practice, actual results may differ from this Consumer Staples 1.7 0.5 Energy 12.0 17.7 sensitivity analysis and the difference could be material. Financials 36.5 39.2 Industrials 9.1 11.1 Currency risk Information Technology 4.3 0.9 Materials 16.1 14.2 Below is a summary of the Fund’s direct exposure to currency risk. Real Estate 2.5 1.3 Treasury Bills 1.9 3.2 Amounts shown are based on the carrying value of monetary and non- Utilities 2.6 – monetary assets and liabilities of the Fund net of currency contracts Unrealized Gain (Loss) on Derivatives 0.0 0.0 and short positions, as applicable. The Fund did not have significant Fair Value Classification (note 2) direct currency risk exposure as at December 31, 2019. Below is a summary of the classification of the Fund’s financial December 31, 2020 instruments within the fair value hierarchy. Net currency Level 1 Level 2 Level 3 Total Gross currency Currency exposure Percentage of December 31, 2020 ($) ($) ($) ($) Currency exposure ($) contracts ($) ($) net assets (%) Equities 201,450,958 1,414,076 – 202,865,034 US dollar 42 – 42 0.0 Money market instruments – 3,999,345 – 3,999,345 42 – 42 0.0 201,450,958 5,413,421 – 206,864,379 Unrealized loss on currency As at December 31, 2020, if the Canadian dollar fluctuated by 10% in spot contracts – (10) – (10) relation to all other foreign currencies, with all other variables held 201,450,958 5,413,411 – 206,864,369

CANADIAN EQUITY FUNDS constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by $4 or approximately 0.0% of net assets (December 31, 2019 – nil). In practice, actual results Scotia Private Canadian Value Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Equities 194,335,929 – – 194,335,929 Money market instruments – 6,535,498 – 6,535,498 Unrealized gain on currency spot contracts – 83 – 83 194,335,929 6,535,581 – 200,871,510

Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2.

Offsetting of financial assets and liabilities (note 2) As at December 31, 2020 and December 31, 2019, the Fund did not enter into any agreement whereby the financial instruments were eligible for offset.

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Dividends 2,303,022 3,943,076 (note 2) Interest for distribution purposes 190,520 221,473 Non-derivative financial assets 99,694,765 158,012,023 Net realized gain (loss) on non-derivative financial assets 3,420,596 (5,082,366) Cash 867,839 433,047 Change in unrealized gain (loss) on non-derivative financial Subscriptions receivable 85,782 51,341 assets 1,076,721 31,293,269 Accrued investment income and other 260,065 447,739 Net gain (loss) on financial assets and liabilities at fair Total assets 100,908,451 158,944,150 value through profit or loss 6,990,859 30,375,452 LIABILITIES Securities lending (note 11) 8,510 10,191 Current liabilities Net realized and unrealized foreign currency translation gain Redemptions payable 25,001 23,633 (loss) (2,425) 3,322 Other income 113 65 Total liabilities 25,001 23,633 Total income (loss), net 6,997,057 30,389,030 Net assets attributable to holders of redeemable units 100,883,450 158,920,517 EXPENSES Management fees (note 5) 7,056 6,331 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Fixed administration fees (note 6) 218,859 273,092 REDEEMABLE UNITS PER SERIES Independent Review Committee fees 1,356 1,200 Pinnacle Series 98,806,875 100,493,674 Interest expense 1,207 54 Series F 822,309 749,200 Harmonized Sales Tax/Goods and Services Tax 21,420 26,365 Series I 1,254,266 57,677,643 Transaction costs 122,139 61,951 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Total expenses 372,037 368,993 REDEEMABLE UNITS PER UNIT Increase (decrease) in net assets attributable to holders Pinnacle Series 22.61 22.32 of redeemable units from operations 6,625,020 30,020,037 Series F 22.33 22.08 Series I 23.14 22.76 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series 5,480,543 20,780,312 Series F 26,980 120,834 Series I 1,117,497 9,118,891 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 1.26 4.42 Series F 0.78 3.96 Series I 7.27 4.29 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 4,346,163 4,698,141 Series F 34,694 30,531 Series I 153,721 2,127,347

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Barrantagh Investment Management Inc. Scotia Private Canadian Mid Cap Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 6,625,020 30,020,037 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 100,493,674 88,087,096 assets (3,420,596) 5,082,366 Series F 749,200 427,481 Change in unrealized (gain) loss on non-derivative Series I 57,677,643 29,058,049 financial assets (1,076,721) (31,293,269) 158,920,517 117,572,626 Purchases of non-derivative financial assets and liabilities (58,853,787) (59,447,746) INCREASE (DECREASE) IN NET ASSETS Proceeds from sale of non-derivative financial assets ATTRIBUTABLE TO HOLDERS OF REDEEMABLE and liabilities 121,668,362 41,796,838 UNITS FROM OPERATIONS Accrued investment income and other 187,674 (104,900) Pinnacle Series 5,480,543 20,780,312 Net cash provided by (used in) operating activities 65,129,952 (13,946,674) Series F 26,980 120,834 Series I 1,117,497 9,118,891 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 24,311,915 36,215,406 6,625,020 30,020,037 Amounts paid on redemption of redeemable units (88,988,352) (24,844,856) Distributions to unitholders of redeemable units (18,723) (19,023) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Net cash provided by (used in) financing activities (64,695,160) 11,351,527 From net investment income Net increase (decrease) in cash 434,792 (2,595,147) Pinnacle Series (2,559,019) (2,304,694) Cash (bank overdraft), beginning of period 433,047 3,028,194 Series F (14,827) (11,685) CASH (BANK OVERDRAFT), END OF PERIOD 867,839 433,047 Series I (30,324) (1,427,839) Interest paid(1) 1,207 54 (2,604,170) (3,744,218) Interest received, net of withholding taxes(1) 176,881 221,473 Dividends received, net of withholding taxes(1) 2,490,695 3,838,176 REDEEMABLE UNIT TRANSACTIONS Proceeds from issue (1) Classified as operating items. Pinnacle Series 24,168,771 15,626,865 Series F 112,585 285,562 Series I 65,000 20,288,375 Reinvested distributions Pinnacle Series 2,543,350 2,286,950 Series F 11,773 10,405 Series I 30,324 1,427,839 Payments on redemption Pinnacle Series (31,320,444) (23,982,855) Series F (63,402) (83,397) Series I (57,605,874) (787,672) (62,057,917) 15,072,072

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (1,686,799) 12,406,578 Series F 73,109 321,719 Series I (56,423,377) 28,619,594 (58,037,067) 41,347,891

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 98,806,875 100,493,674 Series F 822,309 749,200 Series I 1,254,266 57,677,643 100,883,450 158,920,517 CANADIAN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Barrantagh Investment Management Inc. Scotia Private Canadian Mid Cap Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Shares/ Face Average Carrying Issuer Value ($) Cost ($) Value ($)

EQUITIES – 97.2% Consumer Staples – 13.7% Jamieson Wellness Inc. 56,155 1,983,553 2,028,880 North West Company Inc. 127,075 3,451,480 4,122,315 Premium Brands Holdings Corporation 36,438 3,513,247 3,670,400 Primo Water Corporation 198,018 3,189,766 3,952,439 12,138,046 13,774,034 Energy – 7.0% Gibson Energy Inc. 170,423 3,118,194 3,503,897 Parkland Fuel Corporation 86,910 2,587,081 3,510,295 5,705,275 7,014,192 Financials – 14.1% Brookfield Asset Management Inc., Class A 72,471 2,618,667 3,813,424 Intact Financial Corporation 27,284 2,658,252 4,112,244 Sun Life Financial Inc. 53,160 2,711,360 3,008,856 Toronto-Dominion Bank, The 45,697 2,972,261 3,286,528 10,960,540 14,221,052 Industrials – 28.0% Aecon Group Inc. 200,026 3,068,691 3,272,425 Badger Daylighting Ltd. 71,557 1,770,687 2,721,313 Boyd Group Services Inc. 19,213 3,900,239 4,218,406 Brookfield Business Partners LP 74,819 3,591,177 3,613,010 Cargojet Inc. 26,580 1,225,785 5,710,181 Morneau Shepell Inc. 153,968 3,818,877 4,777,627 Savaria Corporation 42,885 620,362 620,117 Stantec Inc. 81,148 2,780,372 3,349,789 20,776,190 28,282,868 Information Technology – 5.1% Open Text Corporation 88,417 3,746,310 5,114,039 Materials – 4.1% Intertape Polymer Group Inc. 170,763 3,114,808 4,122,219 Real Estate – 8.4% Canadian Apartment Properties Real Estate Investment Trust 88,108 3,204,698 4,404,519 Granite Real Estate Investment Trust 51,768 2,983,690 4,032,727 6,188,388 8,437,246 Utilities – 16.8% AltaGas Ltd. 188,514 3,172,458 3,528,982 Boralex Inc., Class A 102,213 2,086,903 4,828,542 Superior Plus Corporation 315,782 3,443,016 3,846,225 TransAlta Renewables Inc. 219,462 3,056,557 4,775,493 11,758,934 16,979,242 TOTAL EQUITIES 74,388,491 97,944,892

MONEY MARKET INSTRUMENTS – 1.7% Treasury Bills – 1.7% Government of Canada 0.00% Feb 11, 2021 1,750,000 1,749,770 1,749,873 Transaction Costs (65,470) – TOTAL INVESTMENT PORTFOLIO 76,072,791 99,694,765 OTHER ASSETS, LESS LIABILITIES – 1.1% 1,188,685 NET ASSETS – 100.0% 100,883,450

Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The discount represents the implied effective interest. CANADIAN EQUITY FUNDS

Portfolio Adviser: Barrantagh Investment Management Inc. Scotia Private Canadian Mid Cap Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to achieve superior long term Below is a summary of the credit ratings of bonds and debentures, returns through capital growth by investing primarily in stocks of small money market instruments and preferred shares held by the Fund, as and medium capitalization Canadian corporations. applicable.

The Fund may also invest a portion of its assets in funds managed by December 31, 2020 December 31, 2019 the Manager and/or by third party investment managers (the Percentage Percentage “Underlying Funds”). In addition to the risks described below, the of total of total credit rated Percentage of credit rated Percentage of Fund could be exposed to indirect risk to the extent that the instruments net assets instruments net assets Underlying Funds held financial instruments that were subject to the Credit ratings (%) (%) (%) (%) below risks. AAA/A-1+ 100.0 1.7 100.0 2.2 100.0 1.7 100.0 2.2 Risks associated with financial instruments (note 4) Concentration risk Interest rate risk Below is a summary of the Fund’s concentration risk by carrying value Below is a summary of the Fund’s direct exposure to interest rate risk as a percentage of net assets. by the remaining term to maturity of the Fund’s portfolio, net of short positions, if applicable, excluding Underlying Funds, preferred shares, December 31, 2020 December 31, 2019 cash and overdrafts, as applicable. Consumer Staples 13.7 9.8 Energy 7.0 17.0 Financials 14.1 16.8 December 31, 2020 December 31, 2019 Industrials 28.0 26.3 Interest rate exposure ($) ($) Information Technology 5.1 5.1 Materials 4.1 6.2 Less than 1 year 1,749,873 3,471,634 Real Estate 8.4 4.3 1-3 years – – Treasury Bills 1.7 2.2 3-5 years – – Utilities 16.8 11.7 5-10 years – – > 10 years – – Fair Value Classification (note 2) 1,749,873 3,471,634 Below is a summary of the classification of the Fund’s financial As at December 31, 2020, had the prevailing interest rates fluctuated instruments within the fair value hierarchy. by 0.25%, assuming a parallel shift in the yield curve and all other variables held constant, net assets attributable to holders of Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) redeemable units of the Fund would have decreased or increased by Equities 97,944,892 – – 97,944,892 $4,374 or approximately 0.0% (December 31, 2019 – $8,638 or Money market instruments – 1,749,873 – 1,749,873 approximately 0.0%). In practice, actual results may differ from this 97,944,892 1,749,873 – 99,694,765 sensitivity analysis and the difference could be material.

Currency risk Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) The Fund did not have significant direct currency risk exposure as at Equities 154,540,389 – – 154,540,389 Money market instruments – 3,471,634 – 3,471,634 December 31, 2020 or December 31, 2019. 154,540,389 3,471,634 – 158,012,023 Price risk As at December 31, 2020, approximately 97.1% (December 31, 2019 – Transfers between levels 97.2%) of the Fund’s net assets were directly exposed to price risk. If During the periods ended December 31, 2020 and December 31, 2019, prices of these instruments had fluctuated by 10%, with all other there were no significant transfers between Level 1 and Level 2. variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by Offsetting of financial assets and liabilities (note 2) approximately $9,794,489 (December 31, 2019 – $15,454,039). In practice, actual results may differ from this sensitivity analysis and the As at December 31, 2020 and December 31, 2019, the Fund did not difference could be material. enter into any agreement whereby the financial instruments were eligible for offset.

Interest in Underlying Funds (note 2)

The Fund did not hold any interest in Underlying Funds as at CANADIAN EQUITY FUNDS December 31, 2020 or December 31, 2019. Scotia Private Canadian Mid Cap Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Comparison of net asset value per unit and net assets per unit (note 2) As at December 31, 2020 and December 31, 2019, there were no significant differences between the net asset value per unit and the net assets per unit for any series of the Fund. CANADIAN EQUITY FUNDS Scotia Private Canadian Growth Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Dividends 4,270,573 4,921,817 (note 2) Interest for distribution purposes 64,455 107,463 Non-derivative financial assets 182,868,648 217,944,877 Net realized gain (loss) on non-derivative financial assets 10,480,762 8,897,645 Cash 52,680 91,874 Change in unrealized gain (loss) on non-derivative financial Receivable for securities sold 222,520 – assets (5,648,330) 32,391,456 Subscriptions receivable 106,429 100,408 Net gain (loss) on financial assets and liabilities at fair Accrued investment income and other 203,761 220,558 value through profit or loss 9,167,460 46,318,381 Total assets 183,454,038 218,357,717 Securities lending (note 11) 10,831 5,649 LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) 1,484 709 Payable for securities purchased 475,496 – Other income 447 64 Redemptions payable 47,836 69,399 Total income (loss), net 9,180,222 46,324,803 Total liabilities 523,332 69,399 EXPENSES Net assets attributable to holders of redeemable Management fees (note 5) 19,903 17,186 units 182,930,706 218,288,318 Fixed administration fees (note 6) 270,118 326,366 Independent Review Committee fees 1,356 1,200 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Interest expense – 329 REDEEMABLE UNITS PER SERIES Harmonized Sales Tax/Goods and Services Tax 28,606 33,144 Pinnacle Series 178,755,258 212,551,838 Transaction costs 88,893 80,847 Series F 2,019,704 2,104,233 Total expenses 408,876 459,072 Series I 2,155,744 3,632,247 Increase (decrease) in net assets attributable to NET ASSETS ATTRIBUTABLE TO HOLDERS OF holders of redeemable units from operations 8,771,346 45,865,731 REDEEMABLE UNITS PER UNIT Pinnacle Series 20.21 19.22 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Series F 20.29 19.31 TO HOLDERS OF REDEEMABLE UNITS FROM Series I 20.49 19.49 OPERATIONS PER SERIES Pinnacle Series 8,478,317 44,660,499 Series F 133,532 284,686 Series I 159,497 920,546 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.90 3.85 Series F 1.27 3.10 Series I 1.09 4.31 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 9,432,474 11,596,326 Series F 105,350 91,737 Series I 146,502 213,421

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Manulife Asset Management Scotia Private Canadian Growth Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 8,771,346 45,865,731 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 212,551,838 197,477,001 assets (10,480,762) (8,897,645) Series F 2,104,233 1,051,819 Change in unrealized (gain) loss on non-derivative Series I 3,632,247 4,896,855 financial assets 5,648,330 (32,391,456) 218,288,318 203,425,675 Other non-cash transactions (78,985) – Purchases of non-derivative financial assets and INCREASE (DECREASE) IN NET ASSETS liabilities (966,868,750) (1,384,785,095) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Proceeds from sale of non-derivative financial assets UNITS FROM OPERATIONS and liabilities 1,007,109,371 1,410,887,756 Pinnacle Series 8,478,317 44,660,499 Accrued investment income and other 16,797 266,746 Series F 133,532 284,686 Net cash provided by (used in) operating Series I 159,497 920,546 activities 44,117,347 30,946,037 8,771,346 45,865,731 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 21,665,649 24,789,421 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Amounts paid on redemption of redeemable units (65,795,718) (55,781,995) UNITS Distributions to unitholders of redeemable units (26,472) (29,771) From net investment income Pinnacle Series (3,914,410) (4,729,315) Net cash provided by (used in) financing Series F (23,539) (30,472) activities (44,156,541) (31,022,345) Series I (49,626) (84,961) Net increase (decrease) in cash (39,194) (76,308) Cash (bank overdraft), beginning of period 91,874 168,182 (3,987,575) (4,844,748) CASH (BANK OVERDRAFT), END OF PERIOD 52,680 91,874 REDEEMABLE UNIT TRANSACTIONS Interest paid(1) – 329 Proceeds from issue Interest received, net of withholding taxes(1) 34,700 107,463 Pinnacle Series 21,397,685 23,728,370 Dividends received, net of withholding taxes(1) 4,208,385 5,188,563 Series F 273,985 1,089,868 Reinvested distributions (1) Classified as operating items. Pinnacle Series 3,892,693 4,704,581 Series F 18,783 25,435 Series I 49,626 84,961 Payments on redemption Pinnacle Series (63,650,865) (53,289,298) Series F (487,290) (317,103) Series I (1,636,000) (2,185,154) (40,141,383) (26,158,340)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (33,796,580) 15,074,837 Series F (84,529) 1,052,414 Series I (1,476,503) (1,264,608) (35,357,612) 14,862,643

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 178,755,258 212,551,838 Series F 2,019,704 2,104,233 Series I 2,155,744 3,632,247 182,930,706 218,288,318 CANADIAN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Manulife Asset Management Scotia Private Canadian Growth Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number Average Carrying Face Average Carrying Issuer of Shares Cost ($) Value ($) Issuer Value ($) Cost ($) Value ($)

EQUITIES – 97.9% MONEY MARKET INSTRUMENTS – 2.2% Consumer Discretionary – 10.3% Commercial Paper – 1.1% Canada Goose Holdings Inc. 86,690 3,763,116 3,280,350 Merit Trust Senior 0.26% Jan 04, 2021 1,930,000 1,929,945 1,929,959 Dollarama Inc. 109,590 4,767,802 5,685,529 Treasury Bills – 1.1% Magna International Inc. 44,690 2,702,337 4,027,016 Government of Canada 0.00% Sep. 09, 2021 2,000,000 1,996,940 1,997,658 Restaurant Brands International Inc. 74,010 4,502,558 5,760,198 TOTAL MONEY MARKET INSTRUMENTS 3,926,885 3,927,617 15,735,813 18,753,093 Transaction Costs (52,878) – Consumer Staples – 4.1% Alimentation Couche-Tard Inc., Class B 172,090 3,838,110 7,465,264 TOTAL INVESTMENT PORTFOLIO 135,506,430 182,868,648 Energy – 9.4% OTHER ASSETS, LESS LIABILITIES – (0.1%) 62,058 Canadian Natural Resources Ltd. 84,737 2,665,980 2,592,105 NET ASSETS – 100.0% 182,930,706 Enbridge Inc. 177,910 9,107,965 7,242,716 Parkland Fuel Corporation 56,950 2,582,593 2,300,211 * These securities have no quoted values and are classified as Level 3 securities. Suncor Energy Inc. 237,292 7,217,835 5,066,184 Instruments with a 0.00% stated interest rate are purchased at a discount to face value. The 21,574,373 17,201,216 discount represents the implied effective interest. Financials – 32.9% Brookfield Asset Management Inc., Class A 179,580 5,087,759 9,449,500 Canadian Imperial Bank of Commerce 59,450 6,245,402 6,463,404 Intact Financial Corporation 35,460 3,170,717 5,344,531 Nuvei Corporation 37,170 1,466,617 2,891,454 Royal Bank of Canada 127,610 10,709,921 13,346,729 Sun Life Financial Inc. 52,380 2,202,546 2,964,708 Thomson Reuters Corporation 43,030 3,873,952 4,482,865 TMX Group Inc. 17,108 2,109,153 2,175,111 Toronto-Dominion Bank, The 181,120 10,116,936 13,026,150 44,983,003 60,144,452 Industrials – 12.9% Canadian National Railway Company 58,740 4,687,488 8,220,076 Canadian Pacific Railway Limited 16,980 3,994,703 7,497,179 Waste Connections Inc. 42,640 4,440,504 5,565,373 WSP Global Inc. 19,398 2,210,701 2,339,205 15,333,396 23,621,833 Information Technology – 16.2% CGI Group Inc., Class A 52,720 3,224,796 5,324,193 Constellation Software Inc. 4,240 2,645,817 7,008,381 Descartes Systems Group Inc., The 32,890 722,815 2,448,661 Kinaxis Inc. 12,815 1,766,022 2,311,057 Shopify Inc., Class A 8,730 4,570,257 12,547,804 Topicus.com Inc.* 7,867 78,985 78,985 13,008,692 29,719,081 Materials – 9.6% Agnico-Eagle Mines Limited 38,320 2,385,105 3,433,089 CCL Industries Inc., Class B 63,795 2,915,654 3,686,713 Franco-Nevada Corporation 27,390 2,689,181 4,371,444 Nutrien Ltd. 59,850 3,880,103 3,665,214 Wheaton Precious Metals Corporation 44,600 2,939,325 2,370,936 14,809,368 17,527,396 Utilities – 2.5% Brookfield Renewable Corporation - Class A 60,715 2,349,668 4,508,696 TOTAL EQUITIES 131,632,423 178,941,031 CANADIAN EQUITY FUNDS

Portfolio Adviser: Manulife Asset Management Scotia Private Canadian Growth Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to achieve superior long term Below is a summary of the credit ratings of bonds and debentures, returns through capital growth by investing primarily in stocks of large money market instruments and preferred shares held by the Fund, as and medium capitalization Canadian corporations. applicable.

Interest rate risk Concentration risk Below is a summary of the Fund’s direct exposure to interest rate risk Below is a summary of the Fund’s concentration risk by carrying value by the remaining term to maturity of the Fund’s portfolio, net of short as a percentage of net assets. positions, if applicable, excluding Underlying Funds, preferred shares, December 31, 2020 December 31, 2019 cash and overdrafts, as applicable. Commercial Paper 1.1 1.4 Consumer Discretionary 10.3 9.6 December 31, 2020 December 31, 2019 Consumer Staples 4.1 7.2 Interest rate exposure ($) ($) Energy 9.4 12.1 Financials 32.9 30.9 Less than 1 year 3,927,617 3,059,845 Health Care – 0.6 1-3 years – – Industrials 12.9 14.1 3-5 years – – Information Technology 16.2 11.8 5-10 years – – Materials 9.6 12.1 > 10 years – – Treasury Bills 1.1 – 3,927,617 3,059,845 Utilities 2.5 –

Fair Value Classification (note 2) As at December 31, 2020, had the prevailing interest rates fluctuated by 0.25%, assuming a parallel shift in the yield curve and all other Below is a summary of the classification of the Fund’s financial variables held constant, net assets attributable to holders of instruments within the fair value hierarchy. redeemable units of the Fund would have decreased or increased by Level 1 Level 2 Level 3 Total $9,817 or approximately 0.0% (December 31, 2019 – $7,649 or December 31, 2020 ($) ($) ($) ($) approximately 0.0%). In practice, actual results may differ from this Equities 178,862,046 – 78,985 178,941,031 sensitivity analysis and the difference could be material. Money market instruments – 3,927,617 – 3,927,617 178,862,046 3,927,617 78,985 182,868,648 Currency risk

The Fund did not have significant direct currency risk exposure as at Level 1 Level 2 Level 3 Total December 31, 2020 or December 31, 2019. December 31, 2019 ($) ($) ($) ($) Equities 214,885,032 – – 214,885,032 Price risk Money market instruments – 3,059,845 – 3,059,845 214,885,032 3,059,845 – 217,944,877 As at December 31, 2020, approximately 97.9% (December 31, 2019 – 98.4%) of the Fund’s net assets were directly exposed to price risk. If prices of these instruments had fluctuated by 10%, with all other Transfers between levels variables held constant, net assets attributable to holders of During the periods ended December 31, 2020 and December 31, 2019, redeemable units of the Fund would have decreased or increased by there were no significant transfers between Level 1 and Level 2. approximately $17,894,103 (December 31, 2019 – $21,488,503). In practice, actual results may differ from this sensitivity analysis and the difference could be material. CANADIAN EQUITY FUNDS Scotia Private Canadian Growth Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Reconciliation of Level 3 financial instruments Comparison of net asset value per unit and net assets per unit (note 2) Below is a summary of the movement in the Fund’s Level 3 financial instruments. As at December 31, 2020 and December 31, 2019, there were no significant differences between the net asset value per unit and the net December 31, 2020 December 31, 2019 assets per unit for any series of the Fund. ($) ($)

Beginning of period – – Purchases 78,985 – Sales/Return of Capital – – Transfers into Level 3 – – Transfers out of Level 3 – – Net realized gains (losses) – – Net change in unrealized gain (loss)* – – End of period 78,985 –

* Net change in unrealized gain (loss) for Level 3 financial instruments held as at December 31, 2020 and December 31, 2019 was nil and nil, respectively.

Level 3 valuation techniques Below is a summary of the valuation techniques and the significant unobservable inputs used in the fair value measurement of Level 3 financial instruments. The significant unobservable inputs used in the valuation of Level 3 financial instruments can vary considerably over time depending on company specific factors and economic or market conditions. Below also illustrates the potential impact on the Fund if the significant unobservable inputs used in the valuation techniques had increased or decreased by 5%, or in the case of Underlying Funds, 10% (December 31, 2019: 5%), with all other variables held constant. Certain significant unobservable inputs used in the valuation techniques are not reasonably expected to shift and are indicated below as “n/a”. Securities where the reasonable possible shift in the significant unobservable inputs did not result in a material impact on the Fund are indicated below as nil. As at December 31, 2019, the Fund did not hold any Level 3 financial instruments.

Carrying value as at Valuation Significant December 31, Change in Security technique unobservable input 2020 ($) valuation ($) Equities Fundamental model n/a 78,985 n/a analysis based on financial data 78,985

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019. CANADIAN EQUITY FUNDS Scotia Private Canadian Small Cap Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss Dividends 6,899,300 9,667,970 (note 2) Interest for distribution purposes 127,142 430,305 Non-derivative financial assets 496,482,952 517,769,628 Net realized gain (loss) on non-derivative financial assets (26,686,999) (7,176,227) Cash 13,893,070 10,270,144 Change in unrealized gain (loss) on non-derivative financial Receivable for securities sold 1,051,964 250,849 assets 66,386,283 65,073,397 Subscriptions receivable 71,594 54,112 Net gain (loss) on financial assets and liabilities at fair Accrued investment income and other 864,527 1,046,249 value through profit or loss 46,725,726 67,995,445 Total assets 512,364,107 529,390,982 Securities lending (note 11) 25,735 92,691 LIABILITIES Net realized and unrealized foreign currency translation gain Current liabilities (loss) 170 402 Payable for securities purchased 570,292 167,162 Other income 675 65 Redemptions payable 16,257 726,283 Total income (loss), net 46,752,306 68,088,603 Total liabilities 586,549 893,445 EXPENSES Net assets attributable to holders of redeemable Management fees (note 5) 269,779 360,571 units 511,777,558 528,497,537 Fixed administration fees (note 6) 320,666 459,755 Independent Review Committee fees 1,356 1,200 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Interest expense – 617 REDEEMABLE UNITS PER SERIES Harmonized Sales Tax/Goods and Services Tax 59,267 72,152 Pinnacle Series 72,811,466 118,534,628 Transaction costs 501,818 497,810 Series F 5,923,085 4,387,907 Total expenses 1,152,886 1,392,105 Series I 393,857,078 375,528,411 Expenses absorbed by the Manager (69,252) (88,965) Series M 39,185,929 30,046,591 Net expenses 1,083,634 1,303,140 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Increase (decrease) in net assets attributable to Pinnacle Series 37.87 34.56 holders of redeemable units from operations 45,668,672 66,785,463 Series F 38.81 35.50 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Series I 39.17 35.76 TO HOLDERS OF REDEEMABLE UNITS FROM Series M 10.58 9.67 OPERATIONS PER SERIES Pinnacle Series 1,045,701 13,019,472 Series F 553,555 507,246 Series I 39,978,759 48,317,604 Series M 4,090,657 4,941,141 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.45 3.79 Series F 3.69 3.56 Series I 3.86 3.83 Series M 1.16 1.04 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 2,340,940 3,438,508 Series F 149,977 142,629 Series I 10,365,831 12,618,546 Series M 3,516,373 4,731,795

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Van Berkom & Associates Inc. Scotia Private Canadian Small Cap Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 45,668,672 66,785,463 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 118,534,628 105,456,983 assets 26,686,999 7,176,227 Series F 4,387,907 4,671,468 Change in unrealized (gain) loss on non-derivative Series I 375,528,411 427,865,540 financial assets (66,386,283) (65,073,397) Series M 30,046,591 54,481,165 Purchases of non-derivative financial assets and 528,497,537 592,475,156 liabilities (140,976,683) (84,406,072) Proceeds from sale of non-derivative financial assets INCREASE (DECREASE) IN NET ASSETS and liabilities 201,564,656 196,593,003 ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Accrued investment income and other 181,722 375,900 UNITS FROM OPERATIONS Net cash provided by (used in) operating Pinnacle Series 1,045,701 13,019,472 activities 66,739,083 121,451,124 Series F 553,555 507,246 Series I 39,978,759 48,317,604 CASH FLOWS FROM FINANCING ACTIVITIES Series M 4,090,657 4,941,141 Proceeds from issue of redeemable units 36,928,637 81,007,623 Amounts paid on redemption of redeemable units (100,010,843) (210,950,738) 45,668,672 66,785,463 Distributions to unitholders of redeemable units (33,951) (29,670) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Net cash provided by (used in) financing activities (63,116,157) (129,972,785) UNITS Net increase (decrease) in cash 3,622,926 (8,521,661) From net investment income Cash (bank overdraft), beginning of period 10,270,144 18,791,805 Pinnacle Series (877,894) (2,024,098) CASH (BANK OVERDRAFT), END OF PERIOD 13,893,070 10,270,144 Series F (26,570) (24,829) Series I (5,641,889) (7,223,527) Interest paid(1) – 617 Series M (349,261) (261,814) Interest received, net of withholding taxes(1) 127,142 430,305 Dividends received, net of withholding taxes(1) 7,081,024 10,043,870 (6,895,614) (9,534,268) (1) Classified as operating items. REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 10,710,131 25,253,935 Series F 1,761,358 1,226,039 Series I 13,888,910 47,973,309 Series M 10,585,719 6,377,277 Reinvested distributions Pinnacle Series 873,191 2,010,815 Series F 25,926 24,085 Series I 5,641,889 7,223,527 Series M 320,656 246,170 Payments on redemption Pinnacle Series (57,474,291) (25,182,479) Series F (779,091) (2,016,102) Series I (35,539,002) (148,628,042) Series M (5,508,433) (35,737,348) (55,493,037) (121,228,814)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (45,723,162) 13,077,645 Series F 1,535,178 (283,561) Series I 18,328,667 (52,337,129) Series M 9,139,338 (24,434,574) (16,719,979) (63,977,619)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 72,811,466 118,534,628 Series F 5,923,085 4,387,907 Series I 393,857,078 375,528,411 Series M 39,185,929 30,046,591 511,777,558 528,497,537 CANADIAN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Van Berkom & Associates Inc. Scotia Private Canadian Small Cap Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 96.9% EQUITIES (cont'd) Consumer Discretionary – 12.9% Real Estate (cont'd) Aritzia Inc., Subordinated Voting 538,794 8,116,548 13,895,496 FirstService Corporation 69,303 1,850,800 12,073,969 Leon’s Furniture Ltd. 534,509 8,078,852 11,026,921 13,429,467 40,650,608 Linamar Corporation 147,403 5,187,852 9,937,910 New Look Eyewear Inc. 178,887 4,695,543 6,261,045 TOTAL EQUITIES 350,879,036 496,482,952 Real Matters Inc. 203,209 4,459,167 3,903,645 Transaction Costs (530,649) – Recipe Unlimited Corporation, Subordinated TOTAL INVESTMENT PORTFOLIO 350,348,387 496,482,952 Voting 505,577 11,529,167 8,468,415 Sleep Country Canada Holdings Inc. 405,669 7,930,196 10,738,058 OTHER ASSETS, LESS LIABILITIES – 3.1% 15,294,606 Spin Master Corporation 63,230 1,805,272 1,834,302 NET ASSETS – 100.0% 511,777,558 51,802,597 66,065,792 Consumer Staples – 6.7% Alimentation Couche-Tard Inc., Class B 348,699 6,136,794 15,126,563 Andrew Peller Ltd., Class A 469,404 5,981,706 4,919,354 Lassonde Industries Inc., Class A 81,860 17,369,097 14,164,236 29,487,597 34,210,153 Energy – 2.9% Enerflex Ltd. 1,686,129 15,538,156 11,061,006 Mullen Group Limited 358,029 6,186,825 3,902,516 21,724,981 14,963,522 Financials – 11.3% Canadian Western Bank 637,224 16,096,617 18,237,351 Element Fleet Management Corporation 1,114,922 11,166,549 14,917,656 Equitable Group Inc. 142,921 6,227,629 14,435,021 Industrial Alliance Insurance and Financial Services Inc. 189,911 8,838,331 10,479,289 42,329,126 58,069,317 Health Care – 0.8% Knight Therapeutics Inc. 808,709 5,430,161 4,326,593 Industrials – 34.6% ATS Automation Tooling Systems Inc. 976,104 13,431,503 21,815,924 Badger Daylighting Ltd. 286,795 7,696,781 10,906,814 Boyd Group Services Inc. 47,753 9,536,313 10,484,649 CAE Inc. 322,568 6,068,991 11,376,973 Exco Technologies Ltd. 948,453 9,247,611 8,754,221 GDI Integrated Facility Services Inc. 358,728 5,603,865 15,952,634 IBI Group Inc. 1,034,104 6,623,746 8,469,312 K-Bro Linen Inc. 273,981 9,343,864 10,677,040 Logistec Corporation, Class B 316,125 11,174,762 11,418,435 Richelieu Hardware Ltd. 421,020 6,553,464 13,910,501 Russel Metals Inc. 358,910 8,107,605 8,158,024 Savaria Corporation 806,343 10,417,337 11,659,720 Stantec Inc. 378,896 12,365,738 15,640,827 Toromont Industries Ltd. 197,299 5,909,795 17,599,071 122,081,375 176,824,145 Information Technology – 5.6% Enghouse Systems Limited 324,359 12,485,366 19,996,732 Tucows Inc., Class A 91,938 6,476,344 8,649,917 18,961,710 28,646,649 Materials – 14.2% 5N Plus Inc. 3,162,034 7,644,514 9,328,000 CCL Industries Inc., Class B 349,383 8,334,482 20,190,844 Major Drilling Group International Inc. 1,414,399 9,525,121 10,876,728 Stella-Jones Inc. 376,074 10,878,624 17,404,705 Winpak Ltd. 348,573 9,249,281 14,925,896 45,632,022 72,726,173 Real Estate – 7.9% CANADIAN EQUITY FUNDS Altus Group Ltd. 142,687 4,107,528 7,011,639 Colliers International Group Inc. 190,369 7,471,139 21,565,000

Portfolio Adviser: Van Berkom & Associates Inc. Scotia Private Canadian Small Cap Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to achieve superior long term The Fund did not have significant direct exposure to bonds and returns through capital growth by investing primarily in stocks of small debentures, money market instruments or preferred shares as at and medium capitalization Canadian corporations. December 31, 2020 or December 31, 2019. The Fund may also invest a portion of its assets in funds managed by Concentration risk the Manager and/or by third party investment managers (the Below is a summary of the Fund’s concentration risk by carrying value “Underlying Funds”). In addition to the risks described below, the as a percentage of net assets. Fund could be exposed to indirect risk to the extent that the Underlying Funds held financial instruments that were subject to the December 31, 2020 December 31, 2019 below risks. Consumer Discretionary 12.9 8.3 Consumer Staples 6.7 6.8 Energy 2.9 11.4 Risks associated with financial instruments (note 4) Financials 11.3 9.8 Health Care 0.8 1.2 Interest rate risk Industrials 34.6 29.6 Information Technology 5.6 5.4 The majority of the Fund’s financial instruments were non-interest Materials 14.2 15.4 bearing as at December 31, 2020 and December 31, 2019. Accordingly, Real Estate 7.9 10.0 the Fund did not have significant direct interest rate risk exposure due Fair Value Classification (note 2) to fluctuations in the prevailing levels of market interest rates. Below is a summary of the classification of the Fund’s financial Currency risk instruments within the fair value hierarchy. Below is a summary of the Fund’s direct exposure to currency risk. Level 1 Level 2 Level 3 Total Amounts shown are based on the carrying value of monetary and non- December 31, 2020 ($) ($) ($) ($) monetary assets and liabilities of the Fund net of currency contracts Equities 496,482,952 – – 496,482,952 and short positions, as applicable. 496,482,952 – – 496,482,952

December 31, 2020 Level 1 Level 2 Level 3 Total Gross currency Currency Net currency Percentage of December 31, 2019 ($) ($) ($) ($) Currency exposure ($) contracts ($) exposure ($) net assets (%) Equities 517,769,628 – – 517,769,628 US dollar 8,649,917 – 8,649,917 1.7 517,769,628 – – 517,769,628 8,649,917 – 8,649,917 1.7

December 31, 2019 Transfers between levels Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2. US dollar 9,018,853 – 9,018,853 1.7 9,018,853 – 9,018,853 1.7 Offsetting of financial assets and liabilities (note 2) As at December 31, 2020, if the Canadian dollar fluctuated by 10% in As at December 31, 2020 and December 31, 2019, the Fund did not relation to all other foreign currencies, with all other variables held enter into any agreement whereby the financial instruments were constant, net assets attributable to holders of redeemable units of the eligible for offset. Fund would have decreased or increased by $864,992 or approximately 0.2% of net assets (December 31, 2019 – $901,885 or approximately Interest in Underlying Funds (note 2) 0.2%). In practice, actual results may differ from this sensitivity The Fund did not hold any interest in Underlying Funds as at analysis and the difference could be material. December 31, 2020 or December 31, 2019. Price risk As at December 31, 2020, approximately 96.9% (December 31, 2019 – Comparison of net asset value per unit and net assets per unit (note 2) 97.9%) of the Fund’s net assets were directly exposed to price risk. If prices of these instruments had fluctuated by 10%, with all other As at December 31, 2020 and December 31, 2019, there were no variables held constant, net assets attributable to holders of significant differences between the net asset value per unit and the net redeemable units of the Fund would have decreased or increased by assets per unit for any series of the Fund.

approximately $49,648,295 (December 31, 2019 – $51,776,963). In CANADIAN EQUITY FUNDS practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private U.S. Value Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 4,613,609 3,426,107 Non-derivative financial assets 208,194,615 133,529,629 Interest for distribution purposes 30,672 92,791 Cash 7,544,452 4,179,533 Net realized gain (loss) on non-derivative financial assets 6,033,331 6,730,898 Subscriptions receivable 246,366 77,289 Change in unrealized gain (loss) on non-derivative financial Accrued investment income and other 377,486 279,580 assets 7,892,827 12,350,510 Total assets 216,362,919 138,066,031 Net gain (loss) on financial assets and liabilities at fair LIABILITIES value through profit or loss 18,570,439 22,600,306 Current liabilities Securities lending (note 11) 2,134 8,445 Redemptions payable 58,774 44,857 Net realized and unrealized foreign currency translation gain (loss) (373,705) (246,426) Total liabilities 58,774 44,857 Other income 1,222 – Net assets attributable to holders of redeemable Total income (loss), net 18,200,090 22,362,325 units 216,304,145 138,021,174 EXPENSES NET ASSETS ATTRIBUTABLE TO HOLDERS OF Management fees (note 5) 11,650 9,464 REDEEMABLE UNITS PER SERIES Fixed administration fees (note 6) 361,985 266,792 Pinnacle Series 205,814,271 130,793,309 Independent Review Committee fees 1,356 1,200 Series F 1,560,953 1,093,582 Interest expense 1 99 Series I 8,928,921 6,134,283 Foreign withholding taxes/tax reclaims 645,151 476,870 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Harmonized Sales Tax/Goods and Services Tax 34,915 25,257 REDEEMABLE UNITS PER UNIT Transaction costs 61,990 23,149 Pinnacle Series 19.32 18.34 Total expenses 1,117,048 802,831 Series F 19.23 18.30 Increase (decrease) in net assets attributable to Series I 19.95 18.94 holders of redeemable units from operations 17,083,042 21,559,494 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series 16,487,338 20,583,710 Series F 80,083 152,635 Series I 515,621 823,149 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 1.77 2.83 Series F 1.25 2.78 Series I 1.45 3.01 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 9,318,268 7,281,845 Series F 64,042 54,930 Series I 356,069 273,245

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: CoHo Partners, Ltd. Scotia Private U.S. Value Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 17,083,042 21,559,494 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 130,793,309 122,408,228 assets (6,033,331) (6,730,898) Series F 1,093,582 790,354 Change in unrealized (gain) loss on non-derivative Series I 6,134,283 4,127,509 financial assets (7,892,827) (12,350,510) 138,021,174 127,326,091 Unrealized foreign currency translation (gain) loss (40,256) (59,301) Purchases of non-derivative financial assets and INCREASE (DECREASE) IN NET ASSETS liabilities (109,117,667) (19,685,859) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Proceeds from sale of non-derivative financial assets UNITS FROM OPERATIONS and liabilities 48,378,839 27,956,704 Pinnacle Series 16,487,338 20,583,710 Accrued investment income and other (97,906) 854 Series F 80,083 152,635 Net cash provided by (used in) operating activities (57,720,106) 10,690,484 Series I 515,621 823,149 CASH FLOWS FROM FINANCING ACTIVITIES 17,083,042 21,559,494 Proceeds from issue of redeemable units 92,314,215 20,327,620 Amounts paid on redemption of redeemable units (31,253,286) (31,175,897) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Distributions to unitholders of redeemable units (16,160) (20,322) UNITS From net investment income Net cash provided by (used in) financing activities 61,044,769 (10,868,599) Pinnacle Series (3,411,218) (2,573,659) Unrealized foreign currency translation gain (loss) 40,256 59,301 Series F (15,214) (12,988) Net increase (decrease) in cash 3,324,663 (178,115) Series I (162,132) (132,097) Cash (bank overdraft), beginning of period 4,179,533 4,298,347 From net realized gains on investments CASH (BANK OVERDRAFT), END OF PERIOD 7,544,452 4,179,533 Pinnacle Series – (1,445,436) Series F – (12,148) Interest paid(1) 1 99 Series I – (67,553) Interest received, net of withholding taxes(1) 30,672 92,791 Dividends received, net of withholding taxes(1) 3,870,550 2,950,091 (3,588,564) (4,243,881) (1) Classified as operating items. REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 88,572,591 18,151,037 Series F 501,106 333,237 Series I 3,409,595 1,877,614 Reinvested distributions Pinnacle Series 3,399,417 4,003,509 Series F 10,855 20,401 Series I 162,132 199,649 Payments on redemption Pinnacle Series (30,027,166) (30,334,080) Series F (109,459) (177,909) Series I (1,130,578) (693,988) 64,788,493 (6,620,530)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 75,020,962 8,385,081 Series F 467,371 303,228 Series I 2,794,638 2,006,774 78,282,971 10,695,083

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 205,814,271 130,793,309 Series F 1,560,953 1,093,582 Series I 8,928,921 6,134,283 216,304,145 138,021,174 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: CoHo Partners, Ltd. Scotia Private U.S. Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Issuer Shares Cost ($) Value ($)

EQUITIES – 96.3% Consumer Discretionary – 12.9% Dollar General Corporation 26,422 4,350,514 7,075,159 Lowe’s Companies Inc. 47,497 6,003,450 9,707,323 Ross Stores Inc. 71,101 7,526,734 11,118,358 17,880,698 27,900,840 Consumer Staples – 24.6% Altria Group Inc. 93,777 6,468,237 4,895,662 Coca-Cola Company, The 123,848 7,764,052 8,648,040 ConAgra Foods Inc. 154,935 7,349,771 7,153,335 J.M. Smucker Company, The 32,063 5,434,143 4,719,470 Kroger Company, The 199,421 7,867,414 8,064,596 Philip Morris International Inc. 56,662 6,313,682 5,973,117 Sysco Corporation 78,101 5,217,853 7,384,868 Unilever PLC – ADR 81,581 6,240,197 6,270,028 52,655,349 53,109,116 Energy – 2.4% Chevron Corporation 47,662 5,837,696 5,125,109 Financials – 13.9% Aflac Inc. 94,434 4,668,492 5,347,204 Marsh & McLennan Companies Inc. 54,144 5,821,778 8,066,171 State Street Corporation 83,278 7,190,398 7,717,445 U.S. Bancorp 151,256 8,058,173 8,972,977 25,738,841 30,103,797 Health Care – 26.5% AmerisourceBergen Corporation 59,708 7,073,924 7,432,329 Amgen Inc. 28,293 7,012,200 8,282,987 CVS Health Corporation 95,140 9,698,707 8,273,992 Johnson & Johnson 45,564 8,187,573 9,130,669 Medtronic PLC 50,577 7,197,881 7,543,789 Merck & Co., Inc. 65,247 5,996,358 6,795,870 UnitedHealth Group Incorporated 21,859 6,140,211 9,760,510 51,306,854 57,220,146 Industrials – 5.6% Stanley Black & Decker Inc. 20,568 3,610,366 4,676,355 W.W. Grainger Inc. 14,390 4,802,403 7,481,935 8,412,769 12,158,290 Information Technology – 10.4% Automatic Data Processing Inc. 28,220 5,117,685 6,331,318 Global Payments Inc. 34,876 6,782,447 9,566,298 Microchip Technology Inc. 37,984 3,280,559 6,679,701 15,180,691 22,577,317 TOTAL EQUITIES 177,012,898 208,194,615 Transaction Costs (71,929) – TOTAL INVESTMENT PORTFOLIO 176,940,969 208,194,615

OTHER ASSETS, LESS LIABILITIES – 3.7% 8,109,530 NET ASSETS – 100.0% 216,304,145 FOREIGN EQUITY FUNDS

Portfolio Adviser: CoHo Partners, Ltd. Scotia Private U.S. Value Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to achieve superior long term The Fund did not have significant direct exposure to bonds and returns through capital growth by investing primarily in stocks of large debentures, money market instruments or preferred shares as at capitalization U.S. corporations. December 31, 2020 or December 31, 2019. The Fund may also invest a portion of its assets in funds managed by Concentration risk the Manager and/or by third party investment managers (the Below is a summary of the Fund’s concentration risk by carrying value “Underlying Funds”). In addition to the risks described below, the as a percentage of net assets. Fund could be exposed to indirect risk to the extent that the Underlying Funds held financial instruments that were subject to the December 31, 2020 December 31, 2019 below risks. Communication Services – 3.8 Consumer Discretionary 12.9 12.3 Consumer Staples 24.6 18.5 Risks associated with financial instruments (note 4) Energy 2.4 6.5 Financials 13.9 12.0 Interest rate risk Health Care 26.5 28.5 Industrials 5.6 9.8 The majority of the Fund’s financial instruments were non-interest Information Technology 10.4 5.4 bearing as at December 31, 2020 and December 31, 2019. Accordingly, Fair Value Classification (note 2) the Fund did not have significant direct interest rate risk exposure due to fluctuations in the prevailing levels of market interest rates. Below is a summary of the classification of the Fund’s financial instruments within the fair value hierarchy. Currency risk Below is a summary of the Fund’s direct exposure to currency risk. Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) Amounts shown are based on the carrying value of monetary and non- Equities 208,194,615 – – 208,194,615 monetary assets and liabilities of the Fund net of currency contracts 208,194,615 – – 208,194,615 and short positions, as applicable.

December 31, 2020 Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) Equities 133,529,629 – – 133,529,629 US dollar 215,816,530 – 215,816,530 99.8 133,529,629 – – 133,529,629 215,816,530 – 215,816,530 99.8 Transfers between levels December 31, 2019 Gross currency Currency Net currency Percentage of During the periods ended December 31, 2020 and December 31, 2019, Currency exposure ($) contracts ($) exposure ($) net assets (%) there were no significant transfers between Level 1 and Level 2. US dollar 137,865,207 – 137,865,207 99.9 137,865,207 – 137,865,207 99.9 Offsetting of financial assets and liabilities (note 2) As at December 31, 2020 and December 31, 2019, the Fund did not As at December 31, 2020, if the Canadian dollar fluctuated by 10% in enter into any agreement whereby the financial instruments were relation to all other foreign currencies, with all other variables held eligible for offset. constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by $21,581,653 or Interest in Underlying Funds (note 2) approximately 10.0% of net assets (December 31, 2019 – $13,786,521 or approximately 10.0%). In practice, actual results may differ from this The Fund did not hold any interest in Underlying Funds as at sensitivity analysis and the difference could be material. December 31, 2020 or December 31, 2019. Price risk Comparison of net asset value per unit and net assets per unit As at December 31, 2020, approximately 96.3% (December 31, 2019 – (note 2) 96.8%) of the Fund’s net assets were directly exposed to price risk. If As at December 31, 2020 and December 31, 2019, there were no prices of these instruments had fluctuated by 10%, with all other significant differences between the net asset value per unit and the net variables held constant, net assets attributable to holders of assets per unit for any series of the Fund. redeemable units of the Fund would have decreased or increased by

approximately $20,819,462 (December 31, 2019 – $13,352,963). In FOREIGN EQUITY FUNDS practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private U.S. Mid Cap Value Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 1,149,205 1,346,937 Non-derivative financial assets 104,079,463 118,958,277 Interest for distribution purposes 34,178 136,428 Cash 3,799,089 7,659,519 Net realized gain (loss) on non-derivative financial assets 1,853,358 7,835,217 Subscriptions receivable 46,699 187,669 Change in unrealized gain (loss) on non-derivative financial Accrued investment income and other 52,430 78,791 assets (2,365,745) 21,606,979 Total assets 107,977,681 126,884,256 Net gain (loss) on financial assets and liabilities at fair LIABILITIES value through profit or loss 670,996 30,925,561 Current liabilities Securities lending (note 11) 4,806 4,199 Redemptions payable 16,641 43,295 Net realized and unrealized foreign currency translation gain (loss) 681,283 (279,279) Total liabilities 16,641 43,295 Total income (loss), net 1,357,085 30,650,481 Net assets attributable to holders of redeemable units 107,961,040 126,840,961 EXPENSES Management fees (note 5) 5,859 5,723 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Fixed administration fees (note 6) 383,306 530,301 REDEEMABLE UNITS PER SERIES Independent Review Committee fees 1,356 1,200 Pinnacle Series 74,175,433 102,467,579 Interest expense 1 184 Series F 877,511 789,132 Foreign withholding taxes/tax reclaims 147,361 174,043 Series I 32,908,096 23,584,250 Harmonized Sales Tax/Goods and Services Tax 36,490 48,609 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Transaction costs 47,258 43,519 REDEEMABLE UNITS PER UNIT Total expenses 621,631 803,579 Pinnacle Series 22.90 21.83 Increase (decrease) in net assets attributable to holders Series F 22.59 21.59 of redeemable units from operations 735,454 29,846,902 Series I 23.75 22.66 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series (1,763,791) 25,330,843 Series F 49,249 160,860 Series I 2,449,996 4,355,199 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series (0.49) 4.94 Series F 1.33 4.52 Series I 1.91 4.61 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 3,620,287 5,130,024 Series F 37,058 35,579 Series I 1,281,001 944,131

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Hahn Capital Management, LLC Scotia Private U.S. Mid Cap Value Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 735,454 29,846,902 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 102,467,579 95,076,964 assets (1,853,358) (7,835,217) Series F 789,132 553,168 Change in unrealized (gain) loss on non-derivative Series I 23,584,250 13,041,805 financial assets 2,365,745 (21,606,979) 126,840,961 108,671,937 Unrealized foreign currency translation (gain) loss (9,545) (101,565) Purchases of non-derivative financial assets and INCREASE (DECREASE) IN NET ASSETS liabilities (14,948,695) (20,221,869) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Proceeds from sale of non-derivative financial assets UNITS FROM OPERATIONS and liabilities 29,315,123 27,294,971 Pinnacle Series (1,763,791) 25,330,843 Accrued investment income and other 26,361 (9,535) Series F 49,249 160,860 Net cash provided by (used in) operating activities 15,631,085 7,366,708 Series I 2,449,996 4,355,199 CASH FLOWS FROM FINANCING ACTIVITIES 735,454 29,846,902 Proceeds from issue of redeemable units 21,081,756 26,019,801 Amounts paid on redemption of redeemable units (40,581,137) (37,806,829) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Distributions to unitholders of redeemable units (1,679) (1,717) UNITS From net investment income Net cash provided by (used in) financing activities (19,501,060) (11,788,745) Pinnacle Series (346,006) (509,990) Unrealized foreign currency translation gain (loss) 9,545 101,565 Series F (1,799) (1,325) Net increase (decrease) in cash (3,869,975) (4,422,037) Series I (307,692) (217,709) Cash (bank overdraft), beginning of period 7,659,519 11,979,991 (655,497) (729,024) CASH (BANK OVERDRAFT), END OF PERIOD 3,799,089 7,659,519 Interest paid(1) 1 184 REDEEMABLE UNIT TRANSACTIONS Interest received, net of withholding taxes(1) 34,178 136,428 Proceeds from issue Dividends received, net of withholding taxes(1) 1,028,203 1,163,361 Pinnacle Series 12,879,195 15,858,259 Series F 89,142 202,761 (1) Classified as operating items. Series I 7,972,450 10,094,525 Reinvested distributions Pinnacle Series 344,893 508,613 Series F 1,233 986 Series I 307,692 217,709 Payments on redemption Pinnacle Series (39,406,437) (33,797,110) Series F (49,446) (127,318) Series I (1,098,600) (3,907,279) (18,959,878) (10,948,854)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (28,292,146) 7,390,615 Series F 88,379 235,964 Series I 9,323,846 10,542,445 (18,879,921) 18,169,024

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 74,175,433 102,467,579 Series F 877,511 789,132 Series I 32,908,096 23,584,250 107,961,040 126,840,961 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Hahn Capital Management, LLC Scotia Private U.S. Mid Cap Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Issuer Shares Cost ($) Value ($)

EQUITIES – 96.5% Communication Services – 1.4% Liberty Media Corporation-Liberty Formula One, Series C 27,536 1,335,578 1,493,625 Consumer Discretionary – 11.0% Carter’s Inc. 21,645 2,605,054 2,592,627 Mohawk Industries Inc. 9,851 2,137,985 1,767,977 PVH Corporation 20,974 2,626,139 2,507,447 Ross Stores Inc. 31,879 2,547,667 4,985,049 9,916,845 11,853,100 Financials – 19.3% Bank of NT Butterfield & Son Ltd., The 48,180 1,961,382 1,911,593 CIT Group Inc. 23,617 1,179,471 1,079,569 East West Bancorp Inc. 59,347 3,786,961 3,831,983 First Republic Bank 20,871 1,948,321 3,904,676 FNF Group 35,293 1,667,790 1,756,651 SEI Investments Company 35,485 2,180,135 2,596,673 SLM Corporation 234,491 2,826,892 3,699,378 Virtu Financial Inc., Class A 63,587 1,862,839 2,037,900 17,413,791 20,818,423 Health Care – 12.4% Agilent Technologies Inc. 34,569 2,293,821 5,215,546 Becton, Dickinson and Company 12,550 2,933,304 3,998,499 Laboratory Corporation of America Holdings 15,936 2,893,783 4,130,301 8,120,908 13,344,346 Industrials – 16.6% Air Lease Corporation 70,502 3,615,929 3,987,597 EMCOR Group Inc. 24,280 1,855,836 2,827,555 Hexcel Corporation 40,869 2,475,756 2,523,350 IDEX Corporation 2,278 280,052 577,796 Jacobs Engineering Group Inc. 31,928 2,167,899 4,429,656 Roper Technologies Inc. 4,741 1,241,618 2,602,370 Wabtec Corporation 10,462 1,004,654 975,118 12,641,744 17,923,442 Information Technology – 17.4% Black Knight Inc. 10,821 646,609 1,217,321 Euronet Worldwide Inc. 31,351 3,401,357 5,785,101 Genpact Limited 76,391 2,823,978 4,023,036 Keysight Technologies Inc. 32,625 1,814,172 5,487,211 Xilinx Inc. 12,588 1,757,430 2,272,335 10,443,546 18,785,004 Materials – 3.2% Albemarle Corporation 18,411 1,844,715 3,458,275 Real Estate – 15.2% Alexandria Real Estate Equities Inc. 15,546 2,537,776 3,527,819 CB Richard Ellis Group Inc., Class A 59,013 2,771,750 4,712,865 Equinix Inc. 4,564 2,663,204 4,150,348 Mid-America Apartment Communities Inc. 24,872 3,164,985 4,012,216 11,137,715 16,403,248 TOTAL EQUITIES 72,854,842 104,079,463 Transaction Costs (70,953) – TOTAL INVESTMENT PORTFOLIO 72,783,889 104,079,463 OTHER ASSETS, LESS LIABILITIES – 3.5% 3,881,577 NET ASSETS – 100.0% 107,961,040 FOREIGN EQUITY FUNDS

Portfolio Adviser: Hahn Capital Management, LLC Scotia Private U.S. Mid Cap Value Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Credit risk The Fund’s investment objective is to achieve superior long term The Fund did not have significant direct exposure to bonds and returns through capital growth by investing primarily in stocks of small debentures, money market instruments or preferred shares as at and medium capitalization companies located in the U.S. December 31, 2020 or December 31, 2019. The Fund may also invest a portion of its assets in funds managed by Concentration risk the Manager and/or by third party investment managers (the Below is a summary of the Fund’s concentration risk by carrying value “Underlying Funds”). In addition to the risks described below, the as a percentage of net assets. Fund could be exposed to indirect risk to the extent that the Underlying Funds held financial instruments that were subject to the December 31, 2020 December 31, 2019 below risks. Communication Services 1.4 – Consumer Discretionary 11.0 12.4 Energy – 2.1 Risks associated with financial instruments (note 4) Financials 19.3 17.0 Health Care 12.4 11.7 Interest rate risk Industrials 16.6 18.8 Information Technology 17.4 14.0 The majority of the Fund’s financial instruments were non-interest Materials 3.2 1.7 bearing as at December 31, 2020 and December 31, 2019. Accordingly, Real Estate 15.2 16.1 the Fund did not have significant direct interest rate risk exposure due Fair Value Classification (note 2) to fluctuations in the prevailing levels of market interest rates. Below is a summary of the classification of the Fund’s financial Currency risk instruments within the fair value hierarchy. Below is a summary of the Fund’s direct exposure to currency risk. Level 1 Level 2 Level 3 Total Amounts shown are based on the carrying value of monetary and non- December 31, 2020 ($) ($) ($) ($) monetary assets and liabilities of the Fund net of currency contracts Equities 104,079,463 – – 104,079,463 and short positions, as applicable. 104,079,463 – – 104,079,463

December 31, 2020 Level 1 Level 2 Level 3 Total Gross currency Currency Net currency Percentage of December 31, 2019 ($) ($) ($) ($) Currency exposure ($) contracts ($) exposure ($) net assets (%) Equities 118,958,277 – – 118,958,277 US dollar 105,849,685 – 105,849,685 98.0 118,958,277 – – 118,958,277 105,849,685 – 105,849,685 98.0

December 31, 2019 Transfers between levels Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2. US dollar 125,983,774 – 125,983,774 99.3 125,983,774 – 125,983,774 99.3 Offsetting of financial assets and liabilities (note 2) As at December 31, 2020, if the Canadian dollar fluctuated by 10% in As at December 31, 2020 and December 31, 2019, the Fund did not relation to all other foreign currencies, with all other variables held enter into any agreement whereby the financial instruments were constant, net assets attributable to holders of redeemable units of the eligible for offset. Fund would have decreased or increased by $10,584,969 or approximately 9.8% of net assets (December 31, 2019 – $12,598,377 or Interest in Underlying Funds (note 2) approximately 9.9%). In practice, actual results may differ from this The Fund did not hold any interest in Underlying Funds as at sensitivity analysis and the difference could be material. December 31, 2020 or December 31, 2019. Price risk As at December 31, 2020, approximately 96.5% (December 31, 2019 – Comparison of net asset value per unit and net assets per unit (note 2) 93.8%) of the Fund’s net assets were directly exposed to price risk. If prices of these instruments had fluctuated by 10%, with all other As at December 31, 2020 and December 31, 2019, there were no variables held constant, net assets attributable to holders of significant differences between the net asset value per unit and the net redeemable units of the Fund would have decreased or increased by assets per unit for any series of the Fund.

approximately $10,407,946 (December 31, 2019 – $11,895,828). In FOREIGN EQUITY FUNDS practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private U.S. Large Cap Growth Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 3,770,532 3,759,327 Non-derivative financial assets 828,003,650 634,650,226 Interest for distribution purposes 109,034 448,923 Cash 13,294,523 11,157,994 Net realized gain (loss) on non-derivative financial assets 66,438,086 24,849,012 Subscriptions receivable 815,070 197,460 Change in unrealized gain (loss) on non-derivative Accrued investment income and other – 148,601 financial assets 142,517,094 115,311,353 Total assets 842,113,243 646,154,281 Net gain (loss) on financial assets and liabilities at LIABILITIES fair value through profit or loss 212,834,746 144,368,615 Current liabilities Securities lending (note 11) 35,207 33,254 Redemptions payable 114,168 153,106 Net realized and unrealized foreign currency translation gain (loss) (2,340,276) (1,055,619) Total liabilities 114,168 153,106 Other income 4,242 61 Net assets attributable to holders of redeemable Total income (loss), net 210,533,919 143,346,311 units 841,999,075 646,001,175 EXPENSES NET ASSETS ATTRIBUTABLE TO HOLDERS OF Management fees (note 5) 2,300,241 1,572,644 REDEEMABLE UNITS PER SERIES Fixed administration fees (note 6) 754,050 539,790 Pinnacle Series 267,260,789 179,538,128 Independent Review Committee fees 1,356 1,200 Series F 49,119,491 19,005,681 Interest expense 3,652 347 Series I 9,080,415 6,579,176 Foreign withholding taxes/tax reclaims 489,897 607,649 Series M 516,538,380 440,878,190 Harmonized Sales Tax/Goods and Services Tax 300,414 203,504 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Transaction costs 45,211 54,063 REDEEMABLE UNITS PER UNIT Total expenses 3,894,821 2,979,197 Pinnacle Series 45.52 34.69 Increase (decrease) in net assets attributable to Series F 43.68 33.57 holders of redeemable units from operations 206,639,098 140,367,114 Series I 45.75 34.86 Series M 20.86 15.92 INCREASE (DECREASE) IN NET ASSETS NET ASSETS ATTRIBUTABLE TO HOLDERS OF ATTRIBUTABLE TO HOLDERS OF REDEEMABLE REDEEMABLE UNITS PER UNIT – USD UNITS FROM OPERATIONS PER SERIES Series M 16.38 – Pinnacle Series 64,901,540 45,836,613 Series F 14,021,664 1,328,771 Series I 1,921,187 1,435,454 Series M 125,794,707 91,766,276 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 11.45 8.51 Series F 12.45 7.11 Series I 10.95 8.39 Series M 4.91 3.51 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 5,670,343 5,383,550 Series F 1,126,654 186,857 Series I 175,382 171,116 Series M 25,626,159 26,132,594

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Polen Capital Management Scotia Private U.S. Large Cap Growth Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 206,639,098 140,367,114 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 179,538,128 150,897,364 assets (66,438,086) (24,849,012) Series F 19,005,681 2,157,744 Change in unrealized (gain) loss on non-derivative Series I 6,579,176 4,712,467 financial assets (142,517,094) (115,311,353) Series M 440,878,190 169,962,389 Unrealized foreign currency translation (gain) loss (36,071) (69,536) 646,001,175 327,729,964 Purchases of non-derivative financial assets and liabilities (209,721,516) (300,218,277) INCREASE (DECREASE) IN NET ASSETS Proceeds from sale of non-derivative financial assets ATTRIBUTABLE TO HOLDERS OF REDEEMABLE and liabilities 225,323,272 120,936,931 UNITS FROM OPERATIONS Accrued investment income and other 148,601 (3,566) Pinnacle Series 64,901,540 45,836,613 Net cash provided by (used in) operating Series F 14,021,664 1,328,771 activities 13,398,204 (179,147,699) Series I 1,921,187 1,435,454 Series M 125,794,707 91,766,276 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 254,554,933 318,542,729 206,639,098 140,367,114 Amounts paid on redemption of redeemable units (265,852,077) (140,735,386) Distributions to unitholders of redeemable units (602) (30,781) DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Net cash provided by (used in) financing activities (11,297,746) 177,776,562 From net investment income Unrealized foreign currency translation gain (loss) 36,071 69,536 Pinnacle Series (196,841) (536,293) Net increase (decrease) in cash 2,100,458 (1,371,137) Series F – (4,020) Cash (bank overdraft), beginning of period 11,157,994 12,459,595 Series I (23,600) (33,138) CASH (BANK OVERDRAFT), END OF PERIOD 13,294,523 11,157,994 Series M – (827,353) Interest paid(1) 3,652 347 (220,441) (1,400,804) Interest received, net of withholding taxes(1) 109,034 448,923 Dividends received, net of withholding taxes(1) 3,429,237 3,148,112 REDEEMABLE UNIT TRANSACTIONS Proceeds from issue (1) Classified as operating items. Pinnacle Series 86,042,115 36,677,036 Series F 37,865,464 16,365,754 Series I 2,517,770 1,676,390 Series M 128,747,194 263,858,522 Reinvested distributions Pinnacle Series 196,239 531,741 Series F – 2,638 Series I 23,600 33,138 Series M – 802,505 Payments on redemption Pinnacle Series (63,220,392) (53,868,333) Series F (21,773,318) (845,206) Series I (1,937,718) (1,245,135) Series M (178,881,711) (84,684,149) (10,420,757) 179,304,901

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 87,722,661 28,640,764 Series F 30,113,810 16,847,937 Series I 2,501,239 1,866,709 Series M 75,660,190 270,915,801 195,997,900 318,271,211

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 267,260,789 179,538,128 Series F 49,119,491 19,005,681 Series I 9,080,415 6,579,176 Series M 516,538,380 440,878,190 841,999,075 646,001,175 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Polen Capital Management Scotia Private U.S. Large Cap Growth Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Issuer Shares Cost ($) Value ($)

EQUITIES – 98.3% Communication Services – 17.0% Alphabet Inc., Class A 8,052 11,426,270 17,969,157 Alphabet Inc., Class C 25,634 32,234,002 57,181,028 Facebook Inc. 194,349 41,273,344 67,597,500 84,933,616 142,747,685 Consumer Discretionary – 8.7% Dollar General Corporation 93,368 13,209,222 25,001,643 NIKE Inc., Class B 108,360 9,278,953 19,519,315 Starbucks Corporation 213,482 18,585,862 29,080,045 41,074,037 73,601,003 Financials – 2.0% MSCI Inc. 29,420 9,457,403 16,727,249 Health Care – 22.3% Abbott Laboratories 317,469 35,745,340 44,259,551 Align Technology Inc. 37,511 10,409,768 25,523,490 Illumina Inc. 39,130 16,264,545 18,434,985 Intuitive Surgical Inc. 16,864 15,476,099 17,567,025 Regeneron Pharmaceuticals Inc. 32,064 16,703,497 19,723,998 UnitedHealth Group Incorporated 55,956 22,650,594 24,985,548 Zoetis Inc. 177,399 20,530,375 37,383,537 137,780,218 187,878,134 Information Technology – 48.3% Accenture PLC, Class A 113,907 21,307,223 37,885,361 Adobe Systems Incorporated 91,494 25,683,194 58,263,700 Autodesk Inc. 98,731 24,285,071 38,385,611 Gartner Inc., Class A 99,286 15,787,520 20,251,381 MasterCard Inc., Class A 88,294 24,339,477 40,128,935 Microsoft Corporation 232,592 31,908,706 65,871,846 PayPal Holdings Inc. 119,777 15,695,733 35,718,363 Salesforce.com Inc. 114,303 25,391,479 32,387,499 ServiceNow Inc. 53,353 19,704,521 37,393,160 Visa Inc., Class A 146,364 22,913,237 40,763,723 227,016,161 407,049,579 TOTAL EQUITIES 500,261,435 828,003,650 Transaction Costs (55,725) – TOTAL INVESTMENT PORTFOLIO 500,205,710 828,003,650 OTHER ASSETS, LESS LIABILITIES – 1.7% 13,995,425 NET ASSETS – 100.0% 841,999,075 FOREIGN EQUITY FUNDS

Portfolio Adviser: Polen Capital Management Scotia Private U.S. Large Cap Growth Pool (continued)

The majority of the Fund’s financial instruments were non-interest Fair Value Classification (note 2) bearing as at December 31, 2020 and December 31, 2019. Accordingly, Below is a summary of the classification of the Fund’s financial the Fund did not have significant direct interest rate risk exposure due instruments within the fair value hierarchy. to fluctuations in the prevailing levels of market interest rates. Currency risk Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) Below is a summary of the Fund’s direct exposure to currency risk. Equities 828,003,650 – – 828,003,650 Amounts shown are based on the carrying value of monetary and non- 828,003,650 – – 828,003,650 monetary assets and liabilities of the Fund net of currency contracts and short positions, as applicable. Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) December 31, 2020 Equities 634,650,226 – – 634,650,226 Gross currency Currency Net currency Percentage of 634,650,226 – – 634,650,226 Currency exposure ($) contracts ($) exposure ($) net assets (%) US dollar 834,494,875 – 834,494,875 99.1 834,494,875 – 834,494,875 99.1 Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, December 31, 2019 there were no significant transfers between Level 1 and Level 2. Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) Offsetting of financial assets and liabilities (note 2) US dollar 639,554,842 – 639,554,842 99.0 639,554,842 – 639,554,842 99.0 As at December 31, 2020 and December 31, 2019, the Fund did not enter into any agreement whereby the financial instruments were As at December 31, 2020, if the Canadian dollar fluctuated by 10% in eligible for offset. relation to all other foreign currencies, with all other variables held constant, net assets attributable to holders of redeemable units of the Interest in Underlying Funds (note 2) Fund would have decreased or increased by $83,449,488 or approximately 9.9% of net assets (December 31, 2019 – $63,955,484 or The Fund did not hold any interest in Underlying Funds as at approximately 9.9%). In practice, actual results may differ from this December 31, 2020 or December 31, 2019. sensitivity analysis and the difference could be material. Comparison of net asset value per unit and net assets per unit Price risk (note 2) As at December 31, 2020, approximately 98.3% (December 31, 2019 – As at December 31, 2020 and December 31, 2019, there were no 98.2%) of the Fund’s net assets were directly exposed to price risk. If significant differences between the net asset value per unit and the net prices of these instruments had fluctuated by 10%, with all other assets per unit for any series of the Fund. variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by

approximately $82,800,365 (December 31, 2019 – $63,465,023). In FOREIGN EQUITY FUNDS practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private International Equity Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 26,717,343 40,462,819 Non-derivative financial assets 956,800,641 949,215,841 Interest for distribution purposes 39,317 185,531 Derivatives – 830 Net realized gain (loss) on non-derivative financial assets (3,128,064) 16,753,412 Cash 3,008,861 3,341,109 Change in unrealized gain (loss) on non-derivative Receivable for securities sold – 898,339 financial assets 12,433,064 86,698,892 Subscriptions receivable 540,364 211,064 Change in unrealized gain (loss) on derivatives (830) 723 Accrued investment income and other 815,553 733,056 Net gain (loss) on financial assets and liabilities at Total assets 961,165,419 954,400,239 fair value through profit or loss 36,060,830 144,101,377 LIABILITIES Securities lending (note 11) 75,073 185,724 Current liabilities Net realized and unrealized foreign currency translation gain Redemptions payable 984,710 1,516,828 (loss) (168,874) 101,573 Other income 2,688 185 Total liabilities 984,710 1,516,828 Total income (loss), net 35,969,717 144,388,859 Net assets attributable to holders of redeemable units 960,180,709 952,883,411 EXPENSES Management fees (note 5) 14,457 13,549 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Fixed administration fees (note 6) 748,442 774,765 REDEEMABLE UNITS PER SERIES Independent Review Committee fees 1,356 1,200 Pinnacle Series 221,434,825 183,856,026 Interest expense 3,949 4,100 Series F 1,778,848 1,477,124 Foreign withholding taxes/tax reclaims 3,452,272 4,766,563 Series I 736,967,036 767,550,261 Harmonized Sales Tax/Goods and Services Tax 75,546 76,926 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Transaction costs 647,363 695,985 REDEEMABLE UNITS PER UNIT Total expenses 4,943,385 6,333,088 Pinnacle Series 13.16 13.07 Increase (decrease) in net assets attributable to Series F 13.34 13.28 holders of redeemable units from operations 31,026,332 138,055,771 Series I 13.53 13.44 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series 10,019,044 24,777,231 Series F 53,165 179,472 Series I 20,954,123 113,099,068 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.65 1.73 Series F 0.46 1.72 Series I 0.37 1.80 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 15,459,618 14,326,706 Series F 115,607 104,331 Series I 56,824,508 62,844,184

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Strategic Global Advisors, LLC Scotia Private International Equity Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 31,026,332 138,055,771 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 183,856,026 176,843,586 assets 3,128,064 (16,753,412) Series F 1,477,124 1,352,663 Change in unrealized (gain) loss on non-derivative Series I 767,550,261 777,487,300 financial assets (12,433,064) (86,698,892) 952,883,411 955,683,549 Change in unrealized (gain) loss on derivatives 830 (723) Unrealized foreign currency translation (gain) loss – (823) INCREASE (DECREASE) IN NET ASSETS Other non-cash transactions (444,205) (2,799,347) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Purchases of non-derivative financial assets and UNITS FROM OPERATIONS liabilities (718,404,447) (746,592,008) Pinnacle Series 10,019,044 24,777,231 Proceeds from sale of non-derivative financial assets Series F 53,165 179,472 and liabilities 721,467,190 855,923,899 Series I 20,954,123 113,099,068 Accrued investment income and other (82,497) 341,168 31,026,332 138,055,771 Net cash provided by (used in) operating activities 24,258,203 141,475,633 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE CASH FLOWS FROM FINANCING ACTIVITIES UNITS Proceeds from issue of redeemable units 95,537,654 143,536,620 From net investment income Amounts paid on redemption of redeemable units (120,101,740) (282,690,647) Pinnacle Series (4,932,245) (6,531,376) Distributions to unitholders of redeemable units (26,365) (38,770) Series F (26,446) (40,766) Series I (17,913,943) (29,185,345) Net cash provided by (used in) financing activities (24,590,451) (139,192,797) Unrealized foreign currency translation gain (loss) – 823 (22,872,634) (35,757,487) Net increase (decrease) in cash (332,248) 2,282,836 Cash (bank overdraft), beginning of period 3,341,109 1,057,450 REDEEMABLE UNIT TRANSACTIONS Proceeds from issue CASH (BANK OVERDRAFT), END OF PERIOD 3,008,861 3,341,109 Pinnacle Series 58,400,819 27,988,749 Interest paid(1) 3,949 4,100 Series F 432,340 448,561 Interest received, net of withholding taxes(1) 39,317 185,531 Series I 37,033,795 114,917,640 Dividends received, net of withholding taxes(1) 22,738,368 33,238,075 Reinvested distributions Pinnacle Series 4,915,189 6,501,473 (1) Classified as operating items. Series F 17,137 31,899 Series I 17,913,943 29,185,345 Payments on redemption Pinnacle Series (30,824,008) (45,723,637) Series F (174,472) (494,705) Series I (88,571,143) (237,953,747) (856,400) (105,098,422)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 37,578,799 7,012,440 Series F 301,724 124,461 Series I (30,583,225) (9,937,039) 7,297,298 (2,800,138)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 221,434,825 183,856,026 Series F 1,778,848 1,477,124 Series I 736,967,036 767,550,261 960,180,709 952,883,411 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Strategic Global Advisors, LLC Scotia Private International Equity Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 99.6% EQUITIES (cont'd) Australia – 5.8% Germany (cont'd) AGL Energy Ltd. 189,809 2,891,093 2,228,269 SAP SE 49,029 9,907,878 8,204,279 Aristocrat Leisure Ltd. 238,584 6,413,491 7,269,320 Siemens AG 25,152 4,148,632 4,584,126 BHP Billiton Ltd. 261,229 9,036,435 10,835,660 65,640,616 69,567,414 CSL Ltd. 28,021 5,650,705 7,795,567 Goodman Group 309,753 4,120,066 5,752,909 Hong Kong – 2.1% Harvey Norman Holdings Limited 671,917 2,789,014 3,094,997 BOC Hong Kong Holdings Ltd. 1,023,500 5,236,329 3,960,181 Rio Tinto Limited 148,441 11,721,282 16,600,387 Cheung Kong Property Holdings Ltd 319,000 3,519,490 2,089,062 Sonic Healthcare Limited 77,040 2,414,758 2,436,583 China Resources Cement Holdings Ltd. 1,472,000 2,695,968 2,094,676 Hang Seng Bank Ltd. 271,900 8,808,271 5,981,774 45,036,844 56,013,692 Hengan International Group Co., Ltd. 496,000 4,558,193 4,470,890 Austria – 1.3% WH Group Ltd. 1,556,000 1,663,169 1,661,158 ANDRITZ AG 147,754 7,939,316 8,619,261 26,481,420 20,257,741 OMV AG 76,055 4,385,437 3,909,891 Israel – 0.3% 12,324,753 12,529,152 Israel Discount Bank Ltd. – ADR 519,000 2,401,750 2,551,515 Belgium – 1.0% Italy – 0.8% Telenet Group Holding NV 121,279 8,107,834 6,624,485 DiaSorin SpA 14,167 4,277,247 3,755,946 UCB SA 24,499 2,432,566 3,224,566 Enel SpA 313,873 3,066,291 4,036,164 10,540,400 9,849,051 7,343,538 7,792,110 Brazil – 0.4% Japan – 23.7% Petroleo Brasileriro S.A., Preference 529,600 3,914,275 3,726,761 Asahi Breweries Ltd. 123,200 6,156,951 6,466,893 Denmark – 1.8% Daito Trust Construction Co., Ltd. 69,800 8,871,140 8,313,669 AP Moller – Maersk A/S 1,181 3,148,010 3,353,135 Fujitsu Ltd. 40,600 5,989,021 7,484,762 Carlsberg AS, Class B 26,220 5,142,159 5,352,104 Hitachi Ltd. 54,700 2,494,652 2,748,728 Genmab AS 16,463 4,546,922 8,478,459 Honda Motor Co., Ltd. 252,200 8,875,454 8,969,792 12,837,091 17,183,698 Hoya Corporation 25,500 1,817,188 4,488,831 ITOCHU Corporation 248,600 6,701,319 9,118,140 Finland – 2.6% KDDI Corporation 310,200 10,133,479 11,731,512 Neste Oyj 210,664 7,173,458 19,378,869 McDonald’s Holdings Company Japan Ltd. 63,800 4,443,944 3,934,657 Orion Oyj, Class B 89,070 5,279,991 5,199,167 Mitsui Chemicals Inc. 158,000 5,515,556 5,911,194 12,453,449 24,578,036 NEC Corporation 119,700 7,423,352 8,161,847 France – 9.7% Nintendo Co., Ltd. 22,400 11,444,551 18,205,025 Arkema SA 12,283 1,420,087 1,787,828 Nippon Telegraph and Telephone Corporation 285,400 7,953,359 9,319,379 BNP Paribas 142,147 5,457,168 9,547,207 Nissan Chemical Corporation 66,900 4,666,155 5,339,736 Cie Generale des Etablissements Michelin SCA, Nomura Holdings Inc. 529,600 3,507,719 3,570,275 Class B 14,960 2,466,532 2,444,857 Nomura Real Estate Holdings Inc. 103,200 2,239,717 2,923,328 Credit Agricole SA 233,680 3,817,769 3,757,491 Obayashi Corporation 154,300 2,101,513 1,702,226 Kering SA 6,827 4,792,747 6,320,140 Ono Pharmaceutical Co., Ltd. 125,900 4,970,524 4,831,902 Klepierre 181,750 10,391,375 5,207,008 ORIX Corporation 473,400 7,640,264 9,355,924 Legrand SA 47,570 5,214,153 5,406,553 Orix JReal Estate Investment Trust Inc. 1,180 2,350,854 2,484,475 L’Oreal SA 10,076 3,859,611 4,875,126 Otsuka Corporation 74,200 4,716,508 4,979,089 Peugeot SA 189,574 6,230,648 6,606,510 Otsuka Holdings Co., Ltd. 63,900 3,778,391 3,488,999 Safran SA 27,265 2,232,269 4,923,888 Renesas Electronics Corporation 253,900 3,275,789 3,392,765 Schneider Electric SA 40,977 6,808,385 7,547,600 Seven Bank Ltd. 1,165,000 3,138,396 3,136,598 STMicroelectronics NV 117,700 3,748,294 5,553,040 Shin-Etsu Chemical Co., Ltd. 14,700 1,772,045 3,277,230 Thales SA 59,678 6,637,043 6,961,242 Shionogi & Co., Ltd. 150,700 8,550,901 10,490,326 TOTAL SA 82,438 4,507,466 4,528,477 Sony Corporation 209,900 13,903,620 26,875,778 Veolia Environnement SA 160,151 4,285,490 4,989,388 Sundrug Co., Ltd. 55,900 3,016,041 2,840,969 Vivendi SA 308,277 12,014,729 12,659,474 Suntory Beverage & Food Ltd. 68,300 3,934,146 3,078,501 Takeda Pharmaceutical Co., Ltd. 58,800 2,621,684 2,714,557 83,883,766 93,115,829 TDK Corporation 19,800 3,085,265 3,803,149 Germany – 7.2% Tokyo Electron Ltd. 21,500 5,213,678 10,212,328 Allianz SE 37,876 8,260,479 11,800,820 Tosoh Corporation 193,400 4,165,476 3,859,029 Bayer AG 30,633 2,752,957 2,292,800 Toyo Suisan Kaisha Ltd. 44,600 3,528,920 2,763,530 Brenntag AG 40,776 3,352,917 4,018,344 Welcia Holdings Co., Ltd. 100,400 5,557,181 4,823,590 Daimler AG 52,880 4,733,621 4,754,807 ZOZO Inc. 89,200 3,448,558 2,809,296 Deutsche Post AG 157,992 7,478,978 9,956,261 189,003,311 227,608,029 DWS Group GmbH & Co KGaA 43,713 2,255,432 2,366,971 Evonik Industries AG 62,816 2,332,460 2,606,023 Netherlands – 5.0% GEA Group AG 186,942 8,680,519 8,517,896 Akzo Nobel NV 53,261 7,373,174 7,285,433 Hannover Rueck AG 51,720 11,736,743 10,465,087 Koninklijke Ahold Delhaize NV 546,933 17,077,317 19,668,236 FOREIGN EQUITY FUNDS NN Group NV 35,184 1,789,088 1,960,037

Portfolio Adviser: Strategic Global Advisors, LLC Scotia Private International Equity Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES (cont'd) EQUITIES (cont'd) Netherlands (cont'd) United States (cont'd) Randstand Holding NV 72,745 5,153,102 6,030,024 Spotify Technology SA 6,140 2,618,892 2,460,034 Wolters Kluwer NV 119,205 11,359,486 12,811,978 Yum China Holdings Inc. 24,656 1,765,520 1,792,313 42,752,167 47,755,708 35,545,838 41,448,495 New Zealand – 0.8% TOTAL EQUITIES 835,451,026 956,800,641 Fisher & Paykel Healthcare Corporation Ltd. 265,793 8,354,406 8,040,085 Transaction Costs (397,704) – Singapore – 3.3% TOTAL INVESTMENT PORTFOLIO 835,053,322 956,800,641 DBS Group Holdings Limited 606,900 14,844,348 14,609,073 Singapore Exchange Limited 570,200 5,005,329 5,107,263 OTHER ASSETS, LESS LIABILITIES – 0.4% 3,380,068 United Overseas Bank Ltd. 360,100 8,684,232 7,823,617 NET ASSETS – 100.0% 960,180,709 Wilmar International Ltd. 830,400 3,388,307 3,721,129 31,922,216 31,261,082 South Korea – 1.3% KB Financial Group Inc. 169,873 7,420,974 8,585,424 LG Electronics Inc. 27,542 2,883,096 4,359,221 10,304,070 12,944,645 Spain – 0.8% Red Electrica Corporation S.A. 310,089 8,095,788 8,118,893 Sweden – 5.7% Atlas Copco AB, Series A 211,560 8,733,085 13,787,817 Evolution Gaming Group AB 52,226 5,266,545 6,747,777 Husqvarna AB, Class B 119,353 1,796,384 1,967,619 Investor AB, Class B 145,632 9,856,753 13,564,169 Lundin Energy AB 97,262 3,670,835 3,346,988 Sandvik AB 494,943 11,695,959 15,417,963 41,019,561 54,832,333 Switzerland – 8.4% Logitech International SA 41,290 4,728,080 5,100,315 Nestlé S.A. 114,952 12,323,760 17,235,753 Novartis AG 193,894 22,281,940 23,323,874 Partners Group Holding AG 3,019 2,462,278 4,491,286 Roche Holdings AG 57,976 19,450,775 25,762,601 Sonova Holdings AG 13,129 4,542,164 4,304,702 65,788,997 80,218,531 United Kingdom – 13.3% 3i Group PLC 652,179 7,770,853 13,261,025 Auto Trader Group PLC 282,502 2,793,881 2,932,291 Aviva PLC 2,151,624 11,068,884 12,282,187 BAE Systems PLC 818,290 6,671,431 6,965,441 Bunzl PLC 185,760 7,834,339 7,902,675 Burberry Group PLC 89,874 2,513,822 2,801,768 Entain PLC 214,091 2,883,707 4,229,529 Evraz PLC 764,550 7,181,640 6,279,235 Ferguson PLC 22,748 3,174,073 3,520,834 GlaxoSmithKline PLC 261,099 7,156,267 6,088,816 JD Sports Fashion PLC 174,381 2,607,690 2,614,695 M&G PLC 1,217,753 3,530,813 4,198,225 Next PLC 96,018 8,638,314 11,850,269 Persimmon PLC 59,948 2,570,265 2,889,989 RELX PLC 444,668 11,539,710 13,920,220 Royal Dutch Shell PLC, Class B 474,898 18,767,832 10,412,922 Unilever PLC 199,151 13,103,249 15,257,720 119,806,770 127,407,841 United States – 4.3% Check Point Software Technologies Ltd. 97,734 14,714,652 16,539,964 ICON PLC 10,326 1,489,326 2,563,619 iShares MSCI EAFE ETF 76,614 7,013,444 7,117,446

NetEase Inc. 27,856 2,250,560 3,396,874 FOREIGN EQUITY FUNDS NXP Semiconductors NV 20,421 2,448,343 4,134,592 Sensata Technologies Holding PLC 51,280 3,245,101 3,443,653

Portfolio Adviser: Strategic Global Advisors, LLC Scotia Private International Equity Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) As at December 31, 2020, if the Canadian dollar fluctuated by 10% in The Fund’s investment objective is to achieve long term returns relation to all other foreign currencies, with all other variables held through capital growth by investing primarily in large capitalization constant, net assets attributable to holders of redeemable units of the stocks of companies in Europe, Australia and the Far East. Fund would have decreased or increased by $95,761,620 or approximately 10.0% of net assets (December 31, 2019 – $94,998,020 or The Fund may also invest a portion of its assets in funds managed by approximately 10.0%). In practice, actual results may differ from this the Manager and/or by third party investment managers (the sensitivity analysis and the difference could be material. “Underlying Funds”). In addition to the risks described below, the Fund could be exposed to indirect risk to the extent that the Price risk Underlying Funds held financial instruments that were subject to the As at December 31, 2020, approximately 99.6% (December 31, 2019 – below risks. 99.6%) of the Fund’s net assets were directly exposed to price risk. If prices of these instruments had fluctuated by 10%, with all other Risks associated with financial instruments (note 4) variables held constant, net assets attributable to holders of Interest rate risk redeemable units of the Fund would have decreased or increased by The majority of the Fund’s financial instruments were non-interest approximately $95,680,064 (December 31, 2019 – $94,921,584). In bearing as at December 31, 2020 and December 31, 2019. Accordingly, practice, actual results may differ from this sensitivity analysis and the the Fund did not have significant direct interest rate risk exposure due difference could be material. to fluctuations in the prevailing levels of market interest rates. Credit risk Currency risk The Fund did not have significant direct exposure to bonds and Below is a summary of the Fund’s direct exposure to currency risk. debentures, money market instruments or preferred shares as at Amounts shown are based on the carrying value of monetary and non- December 31, 2020 or December 31, 2019. monetary assets and liabilities of the Fund net of currency contracts Concentration risk and short positions, as applicable. Below is a summary of the Fund’s concentration risk by carrying value December 31, 2020 as a percentage of net assets. Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) December 31, 2020 December 31, 2019 Euro 273,306,192 – 273,306,192 28.5 Australia 5.8 5.7 Japanese yen 227,815,934 – 227,815,934 23.7 Austria 1.3 1.1 Pound sterling 127,948,637 – 127,948,637 13.3 Belgium 1.0 1.9 Swiss franc 80,218,530 – 80,218,530 8.4 Brazil 0.4 0.3 Australian dollar 56,045,626 – 56,045,626 5.8 Denmark 1.8 0.5 Swedish krona 54,858,967 – 54,858,967 5.7 Finland 2.6 1.7 US dollar 41,456,783 – 41,456,783 4.3 France 9.7 9.2 Singapore dollar 31,261,081 – 31,261,081 3.3 Germany 7.2 5.8 Hong Kong dollar 20,257,741 – 20,257,741 2.1 Hong Kong 2.1 4.2 Danish krone 17,183,698 – 17,183,698 1.8 Israel 0.3 1.1 South Korean won 12,944,646 – 12,944,646 1.3 Italy 0.8 1.0 New Zealand dollar 8,040,085 – 8,040,085 0.8 Japan 23.7 23.0 Brazilian real 3,726,761 – 3,726,761 0.4 Netherlands 5.0 2.6 Israel shekel 2,551,515 – 2,551,515 0.3 New Zealand 0.8 – 957,616,196 – 957,616,196 99.7 Norway – 1.0 Singapore 3.3 3.1 South Africa – 1.1 December 31, 2019 South Korea 1.3 0.6 Spain 0.8 2.8 Gross currency Currency Net currency Percentage of Sweden 5.7 3.7 Currency exposure ($) contracts ($) exposure ($) net assets (%) Switzerland 8.4 7.5 Euro 248,497,216 – 248,497,216 26.1 Thailand – 0.2 Japanese yen 219,296,767 – 219,296,767 23.0 United Kingdom 13.3 15.9 Pound sterling 152,303,341 – 152,303,341 16.0 United States 4.3 5.6 Swiss franc 71,303,388 – 71,303,388 7.5 Unrealized Gain (Loss) on Derivatives – 0.0 Australian dollar 54,688,851 – 54,688,851 5.7 US dollar 53,330,552 – 53,330,552 5.6 Hong Kong dollar 39,904,590 – 39,904,590 4.2 Swedish krona 34,820,688 – 34,820,688 3.7 Singapore dollar 30,014,090 – 30,014,090 3.1 South African rand 10,817,715 – 10,817,715 1.1 Israel shekel 10,334,042 – 10,334,042 1.1 Norwegian krone 9,466,966 – 9,466,966 1.0 South Korean won 5,521,208 – 5,521,208 0.6 Danish krone 4,862,600 – 4,862,600 0.5

FOREIGN EQUITY FUNDS Brazilian real 2,916,640 – 2,916,640 0.3 Thai baht 1,901,542 – 1,901,542 0.2 949,980,196 – 949,980,196 99.7 Scotia Private International Equity Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Fair Value Classification (note 2) Below is a summary of the classification of the Fund’s financial instruments within the fair value hierarchy.

Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) Equities 34,331,049 915,352,146 – 949,683,195 Underlying Funds 7,117,446 – – 7,117,446 41,448,495 915,352,146 – 956,800,641

Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Equities 46,402,772 895,991,669 – 942,394,441 Underlying Funds 6,821,400 – – 6,821,400 Unrealized gain on currency spot contracts – 830 – 830 53,224,172 895,992,499 – 949,216,671

Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2.

Interest in Underlying Funds (note 2) Below is a summary of the Underlying Funds held by the Fund.

December 31, 2020 Carrying value of Ownership percentage the Underlying Fund in Underlying Fund ($) (%) iShares MSCI EAFE ETF 7,117,446 0.0 7,117,446

December 31, 2019 Carrying value of Ownership percentage the Underlying Fund in Underlying Fund ($) (%) iShares MSCI EAFE ETF 6,821,400 0.0 6,821,400

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 1,946,291 1,869,643 Non-derivative financial assets 73,831,067 65,391,886 Interest for distribution purposes 4,524 7,022 Derivatives 56 – Net realized gain (loss) on non-derivative financial assets 8,190,657 1,717,151 Cash 716,060 518,128 Change in unrealized gain (loss) on non-derivative Receivable for securities sold – 37,923 financial assets 687,861 10,659,764 Subscriptions receivable 63,371 34,455 Change in unrealized gain (loss) on derivatives 143 (87) Accrued investment income and other 67,923 76,593 Net gain (loss) on financial assets and liabilities at Total assets 74,678,477 66,058,985 fair value through profit or loss 10,829,476 14,253,493 LIABILITIES Securities lending (note 11) 5,675 13,939 Current liabilities Net realized and unrealized foreign currency translation gain Financial liabilities at fair value through profit or loss (loss) (24,049) (32,460) (note 2) Other income 576 – Derivatives – 87 Total income (loss), net 10,811,678 14,234,972 Payable for securities purchased 112,744 – EXPENSES Redemptions payable 44,708 29,634 Management fees (note 5) 9,016 8,225 Total liabilities 157,452 29,721 Fixed administration fees (note 6) 329,936 327,009 Net assets attributable to holders of redeemable Independent Review Committee fees 1,356 1,200 units 74,521,025 66,029,264 Interest expense 867 794 Foreign withholding taxes/tax reclaims 210,991 193,297 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Harmonized Sales Tax/Goods and Services Tax 30,554 28,726 REDEEMABLE UNITS PER SERIES Transaction costs 102,034 72,815 Pinnacle Series 72,771,831 64,373,255 Total expenses 684,754 632,066 Series F 1,117,726 954,059 Series I 631,468 701,950 Increase (decrease) in net assets attributable to holders of redeemable units from operations 10,126,924 13,602,906 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT INCREASE (DECREASE) IN NET ASSETS Pinnacle Series 39.52 35.56 ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Series F 39.79 35.85 UNITS FROM OPERATIONS PER SERIES Series I 40.04 36.02 Pinnacle Series 9,936,715 13,289,648 Series F 117,691 150,632 Series I 72,518 162,626 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 5.25 6.78 Series F 4.58 6.15 Series I 4.12 7.23 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 1,891,422 1,959,406 Series F 25,714 24,506 Series I 17,615 22,486

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Victory Capital Management Scotia Private International Small to Mid Cap Value Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 10,126,924 13,602,906 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial assets (8,190,657) (1,717,151) Pinnacle Series 64,373,255 62,209,956 Change in unrealized (gain) loss on non-derivative Series F 954,059 567,922 financial assets (687,861) (10,659,764) Series I 701,950 885,220 Change in unrealized (gain) loss on derivatives (143) 87 66,029,264 63,663,098 Unrealized foreign currency translation (gain) loss 117 (42) Other non-cash transactions (540,264) (193,139) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and liabilities (53,448,499) (37,430,442) ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Proceeds from sale of non-derivative financial assets and UNITS FROM OPERATIONS liabilities 54,578,766 47,584,109 Pinnacle Series 9,936,715 13,289,648 Accrued investment income and other 8,670 25,321 Series F 117,691 150,632 Accrued expenses and other payables – (1,277) Series I 72,518 162,626 Net cash provided by (used in) operating activities 1,847,053 11,210,608 10,126,924 13,602,906 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 17,534,350 9,815,342 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Amounts paid on redemption of redeemable units (19,173,975) (21,038,461) From net investment income Distributions to unitholders of redeemable units (9,379) (9,127) Pinnacle Series (1,339,450) (1,328,635) Series F (14,748) (15,246) Net cash provided by (used in) financing activities (1,649,004) (11,232,246) Series I (14,620) (17,835) Unrealized foreign currency translation gain (loss) (117) 42 Net increase (decrease) in cash 198,049 (21,638) (1,368,818) (1,361,716) Cash (bank overdraft), beginning of period 518,128 539,724 REDEEMABLE UNIT TRANSACTIONS CASH (BANK OVERDRAFT), END OF PERIOD 716,060 518,128 Proceeds from issue Interest paid(1) 867 794 Pinnacle Series 17,358,446 9,375,625 Interest received, net of withholding taxes(1) 4,524 7,022 Series F 145,120 450,274 Dividends received, net of withholding taxes(1) 1,203,706 1,514,247 Series I 59,700 1,700 Reinvested distributions (1) Classified as operating items. Pinnacle Series 1,332,361 1,320,899 Series F 12,457 13,855 Series I 14,620 17,835 Payments on redemption Pinnacle Series (18,889,496) (20,494,238) Series F (96,853) (213,378) Series I (202,700) (347,596) (266,345) (9,875,024)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 8,398,576 2,163,299 Series F 163,667 386,137 Series I (70,482) (183,270) 8,491,761 2,366,166

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 72,771,831 64,373,255 Series F 1,117,726 954,059 Series I 631,468 701,950 74,521,025 66,029,264 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Victory Capital Management Scotia Private International Small to Mid Cap Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 99.1% EQUITIES (cont'd) Australia – 7.1% France (cont'd) Ansell Ltd. 8,292 275,079 283,610 Rubis SCA 5,518 334,123 326,255 Bapcor Ltd. 36,832 196,207 282,247 SCOR SE 7,172 315,892 295,097 Beach Energy Limited 331,897 270,085 588,340 SEB SA 1,083 241,871 251,215 Charter Hall Group 39,886 217,094 576,396 SOITEC 1,655 194,849 410,615 CSR Ltd. 46,256 210,663 237,676 Sopra Steria Group 1,457 309,536 299,852 JB Hi-Fi Ltd. 7,119 224,196 339,874 5,484,112 6,521,825 Mineral Resources Ltd. 26,317 357,413 968,212 OZ Minerals Ltd. 31,003 225,201 575,104 Germany – 8.2% Pendal Group Ltd. 38,088 234,808 244,416 Alstria Office Real Estate Investment Trust AG 18,095 360,766 416,084 Reliance Worldwide Corporation Ltd. 74,471 199,151 296,354 Aurubis AG 2,807 213,368 278,040 Seven Group Holdings Ltd. 15,100 173,733 346,502 Bechtle AG 1,833 170,973 509,031 Shopping Centres Australasia Property Group 88,925 181,765 220,111 Brenntag AG 3,770 283,625 371,521 Silver Lake Resources Ltd. 200,468 438,831 348,183 Carl Zeiss Meditec AG 1,904 144,743 322,621 Covestro AG 3,438 255,579 270,043 3,204,226 5,307,025 Deutsche Pfandbriefbank AG 17,712 247,570 241,893 Belgium – 0.5% DWS Group GmbH & Co KGaA 5,939 279,930 321,585 Warehouses De Pauw CVA NV 7,666 150,258 337,831 Encavis AG 14,306 221,440 473,892 Canada – 6.9% Freenet AG 12,291 325,372 328,821 BRP Inc. 4,189 293,017 352,253 Gerresheimer AG 2,934 315,693 400,600 Canadian Apartment Properties Real Estate Investment HelloFresh SE 3,120 81,344 307,026 Trust 5,097 131,276 254,799 KION Group AG 2,567 220,020 284,195 Canadian Western Bank 11,124 366,620 318,369 ProSiebenSat.1 Media SE 14,978 312,644 320,563 Descartes Systems Group Inc., The 3,044 165,540 226,626 Rheinmetall AG 3,557 450,597 478,686 Endeavour Mining Corporation 10,434 360,202 309,055 TAG Immobilien AG 13,781 282,324 554,761 Finning International Inc. 11,936 319,500 322,630 United Internet AG 4,682 281,329 251,232 Fortuna Silver Mines Inc. 28,005 258,175 292,932 4,447,317 6,130,594 Maple Leaf Foods Inc. 10,412 286,520 293,827 Hong Kong – 0.8% Northland Power Inc. 11,179 288,382 510,545 Kerry Logistics Network Ltd. 79,000 211,902 221,014 Parex Resources Inc. 25,408 341,495 445,148 Towngas China Co., Ltd. 281,000 256,299 161,616 Pretium Resources Inc. 15,103 234,971 220,353 United Laboratories Int’l Hld Ltd., The 228,000 300,097 206,318 Real Matters Inc. 12,963 183,418 249,019 Stella-Jones Inc. 6,001 271,505 277,726 768,298 588,948 TFI International Inc. 7,544 260,371 494,358 Ireland – 0.7% Tricon Capital Group Inc. 31,404 313,410 358,948 Bank of Ireland Group PLC 53,837 278,523 278,495 Yamana Gold Inc. 25,268 198,776 183,698 Dalata Hotel Group PLC 43,276 301,707 254,820 4,273,178 5,110,286 580,230 533,315 Denmark – 1.4% Italy – 2.6% Netcompany Group AS 2,457 276,038 319,480 ACEA SpA 13,770 339,948 366,372 Pandora AS 2,742 334,242 390,033 Amplifon SpA 5,630 75,229 297,086 Royal Unibrew AS 2,457 236,661 362,697 Banca Mediolanum SpA 21,169 236,834 233,474 846,941 1,072,210 Buzzi Unicem SpA 11,644 328,596 354,156 Interpump Group SpA 4,812 210,828 302,732 Finland – 1.8% Reply SpA 2,630 317,556 390,920 Kemira Oyj 11,717 222,017 233,770 Metso Outotec Oyj 32,254 225,936 411,298 1,508,991 1,944,740 Tieto Oyj 6,555 262,555 272,051 Japan – 20.7% Valmet Oyj 12,356 268,310 449,819 Anritsu Corporation 14,000 373,369 396,889 978,818 1,366,938 ASKUL Corporation 5,700 252,765 270,704 BayCurrent Consulting Inc. 2,300 202,061 514,858 France – 8.8% Bell System24 Holdings Inc. 9,400 207,506 187,863 Alstom SA 3,770 219,460 272,243 Capcom Co., Ltd. 5,900 227,132 488,500 Arkema SA 2,049 248,787 298,238 Daihen Corporation 4,900 184,936 303,863 Atos SE 2,813 281,336 327,555 Denka Co., Ltd. 8,400 302,273 418,245 Eiffage SA 4,701 523,646 578,652 Eiken Chemical Co., Ltd. 12,400 308,159 314,873 Elis SA 13,664 291,289 291,447 Fuji Corporation 13,700 327,193 460,614 Euronext NV 3,679 216,153 516,188 Fuji Soft Inc. 3,600 236,449 229,397 Faurecia 8,750 549,545 571,220 FULLCAST Holdings Co., Ltd. 9,100 229,613 180,701 Gecina SA 1,967 355,621 386,781 Fuso Chemical Co., Ltd. 4,500 162,418 206,403 Klepierre 8,723 265,197 249,908 H.U. Group Holdings Inc. 7,200 259,297 247,150 Korian S.A. 6,040 289,666 294,741 Internet Initiative Japan Inc. 12,800 272,403 321,378 La Francaise des Jeux SAEM 4,046 201,729 235,583 Invincible Investment Corporation 404 258,394 165,627 FOREIGN EQUITY FUNDS Nexans SA 4,941 266,362 457,182 Japan Lifeline Co., Ltd. 9,600 200,499 193,017 Publicis Groupe SA 7,234 379,050 459,053 Kanamoto Co., Ltd. 7,100 248,972 194,585

Portfolio Adviser: Victory Capital Management Scotia Private International Small to Mid Cap Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES (cont'd) EQUITIES (cont'd) Japan (cont'd) South Korea (cont'd) Kaneka Corporation 5,100 226,851 228,176 Seegene Inc. 1,402 59,158 317,851 Kenedix Office Investment Corporation 32 256,169 276,987 SFA Engineering Corporation 5,469 196,633 247,979 Kintetsu World Express Inc. 10,900 267,801 329,168 Soulbrain Co., Ltd. 2,161 488,641 691,571 Komeri Co., Ltd. 6,500 277,861 234,003 Woongjin Coway Co., Ltd. 2,248 211,591 191,474 Kumagai Gumi Co., Ltd. 7,700 282,613 247,843 3,863,861 4,445,491 Morinaga Milk Industry Co., Ltd. 2,800 195,455 175,635 NEC Networks & System Integration Corporation 8,500 235,860 186,614 Spain – 1.9% NET One Systems Co., Ltd. 7,300 178,193 328,806 Applus Services S.A. 21,532 308,594 302,398 Nichirei Corporation 6,400 220,590 229,120 Bankinter S.A. 44,745 307,277 308,322 Nikkiso Co., Ltd. 15,600 211,404 193,569 Cia de Distribucion Integral Logista Holdings S.A. 9,098 279,432 224,598 Nippon Accommodations Fund Inc. 46 258,008 329,177 Merlin Properties Socimi S.A. 26,680 404,441 323,090 Nippon Electric Glass Co., Ltd. 9,100 266,497 253,731 Viscofan S.A. 2,778 246,369 251,273 North Pacific Bank Ltd. 72,900 251,834 197,348 1,546,113 1,409,681 Open House Co., Ltd. 9,300 233,069 435,621 Sweden – 3.7% PALTAC CORPORATION 4,100 194,935 284,148 Dometic Group AB 19,653 242,843 331,359 Penta-Ocean Construction Co., Ltd. 37,900 275,387 415,404 Getinge AB, Class B 11,741 304,207 349,239 Rengo Co., Ltd. 36,600 383,750 390,429 Kindred Group PLC 22,252 253,780 277,524 Resorttrust Inc. 11,900 249,031 217,152 Nordic Entertainment Group AB 4,461 181,710 317,520 Sankyu Inc. 4,100 251,328 198,110 Peab AB 17,212 191,261 238,885 Sanwa Shutter Corporation 18,800 175,115 278,770 Recipharm AB 12,665 292,740 431,453 Sawai Pharmaceutical Co., Ltd. 5,200 388,669 300,443 Stillfront Group AB 26,080 126,463 403,676 Shiga Bank Ltd., The 8,300 278,263 216,034 Wihlborgs Fastigheter AB 14,648 193,352 421,499 Shinko Electric Industries Co., Ltd. 17,400 365,304 508,101 Ship Healthcare Holdings Inc. 5,100 208,015 361,641 1,786,356 2,771,155 Starts Corporation Inc. 6,400 185,734 226,629 Switzerland – 6.6% Sumitomo Forestry Co., Ltd. 11,700 237,107 310,884 Adecco Group AG 5,423 397,942 463,111 Sushiro Global Holdings Ltd. 11,600 234,909 564,202 Bucher Industries AG 656 303,286 381,497 Taiyo Yuden Co., Ltd. 6,500 160,988 388,485 Cembra Money Bank AG 1,162 152,473 179,973 Takeuchi Manufacturing Co., Ltd. 8,200 197,710 246,363 Forbo Holding AG 112 222,110 244,965 Tokyo Seimitsu Co., Ltd. 4,000 239,075 239,815 Helvetia Holding AG 1,128 119,528 152,235 Tokyotokeiba Co., Ltd. 3,900 247,138 225,512 Julius Baer Group Ltd. 6,613 398,449 487,855 Toyo Tire Corporation 20,000 384,357 387,982 Logitech International SA 6,909 182,421 853,429 Valor Holdings Co., Ltd. 9,500 315,028 309,988 PSP Swiss Property 2,964 458,884 504,787 Yaoko Co., Ltd. 2,800 259,262 248,563 Sulzer AG 2,815 352,611 374,652 Zenkoku Hosho Co., Ltd. 6,500 325,508 380,706 Swiss Life Holding AG 892 205,711 528,832 13,172,257 15,439,826 Tecan Group AG 596 386,242 372,727 Vontobel Holding AG 3,959 342,439 397,013 Netherlands – 3.5% Argenx SE 846 180,683 317,561 3,522,096 4,941,076 ASM International NV 3,248 325,942 904,221 United Kingdom – 14.2% ASR Nederland NV 7,180 289,298 369,780 Avast PLC 28,987 191,804 271,375 Intertrust N.V. 9,784 242,402 211,427 B&M European Value Retail SA 54,943 352,303 493,810 Philips Lighting NV 9,215 317,616 497,138 Cairn Energy PLC 119,531 322,602 437,692 SBM Offshore NV 12,900 291,783 311,292 Coca-Cola HBC AG 7,838 314,206 324,446 1,647,724 2,611,419 Computacenter PLC 12,404 233,921 529,123 Cranswick PLC 4,061 187,447 248,884 Norway – 0.3% Electrocomponents PLC 19,333 127,476 293,171 Sparebanken Vest 19,528 188,029 209,107 Entain PLC 13,943 189,005 275,454 Singapore – 0.9% Future PLC 13,705 305,986 416,246 AEM Holdings Ltd. 74,900 271,302 249,835 Gamesys Group PLC 14,261 209,952 283,792 Frasers Logistics & Industrial Trust 306,000 316,154 415,090 Hikma Pharmaceuticals PLC 6,645 223,349 291,319 587,456 664,925 IG Group Holdings PLC 18,331 236,428 275,133 IMI PLC 19,385 328,140 395,061 South Korea – 6.0% Intermediate Capital Group PLC 10,210 180,682 307,062 Chong Kun Dang Pharmaceutical Corporation 1,771 327,552 471,334 LondonMetric Property PLC 86,267 275,336 344,027 DuzonBizon Co., Ltd. 3,370 154,261 410,401 Marks & Spencer Group PLC 108,481 261,979 257,833 Echo Marketing Inc. 6,945 214,508 243,889 Micro Focus International PLC 30,204 245,741 222,182 GS Home Shopping Inc. 992 222,502 161,722 OneSavings Bank PLC 47,406 337,425 349,499 Hite Jinro Co., Ltd. 10,258 467,010 383,596 Pets at Home Group PLC 38,959 200,955 282,131 Maeil Dairies Co., Ltd. 2,505 264,223 205,204 Redrow PLC 40,855 395,132 407,482 Neowiz 11,270 338,150 297,216 Safestore Holdings PLC 31,235 245,658 422,796 Osstem Implant Co., Ltd. 5,813 356,095 348,272 Serco Group PLC 124,026 262,597 258,147 FOREIGN EQUITY FUNDS Partron Co., Ltd. 21,106 304,823 277,933 Spirent Communications PLC 65,086 260,975 298,493 Samsung Engineering Co., Ltd. 12,656 258,714 197,049 Stock Spirits Group PLC 55,633 252,074 260,310

Portfolio Adviser: Victory Capital Management Scotia Private International Small to Mid Cap Value Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Issuer Shares Cost ($) Value ($)

EQUITIES (cont'd) United Kingdom (cont'd) Synthomer PLC 29,488 229,599 230,910 Tate & Lyle PLC 26,845 326,946 315,384 Travis Perkins PLC 14,622 320,356 343,349 Ultra Electronics Holdings PLC 7,354 261,020 265,354 Unite Group PLC 16,574 165,467 301,654 United Drug PLC 34,713 325,859 471,558 Vistry Group PLC 19,765 294,582 319,415 Wizz Air Holdings PLC 4,883 223,751 388,137 8,288,753 10,581,229 United States – 2.5% AerCap Holdings NV 4,034 215,271 234,122 Atlantica Yield PLC 5,815 181,989 281,213 Inmode Ltd. 6,247 292,355 377,671 Vanguard FTSE Developed Markets ETF 15,811 870,772 950,440 1,560,387 1,843,446 TOTAL EQUITIES 58,405,401 73,831,067 Transaction Costs (55,544) – TOTAL INVESTMENT PORTFOLIO 58,349,857 73,831,067 Unrealized Gain (Loss) on Derivatives – 0.0% 56 OTHER ASSETS, LESS LIABILITIES – 0.9% 689,902 NET ASSETS – 100.0% 74,521,025 FOREIGN EQUITY FUNDS

Portfolio Adviser: Victory Capital Management Scotia Private International Small to Mid Cap Value Pool (continued)

December 31, 2020 December 31, 2020 December 31, 2019 Gross currency Currency Net currency Percentage of Australia 7.1 5.4 Currency exposure ($) contracts ($) exposure ($) net assets (%) Belgium 0.5 0.6 Euro 20,856,405 – 20,856,405 28.0 Canada 6.9 7.1 Japanese yen 15,473,964 – 15,473,964 20.8 Denmark 1.4 1.8 Pound sterling 10,594,415 – 10,594,415 14.2 Finland 1.8 1.7 Australian dollar 5,316,465 – 5,316,465 7.1 France 8.8 9.0 Swiss franc 4,941,075 – 4,941,075 6.6 Germany 8.2 6.2 South Korean won 4,582,085 – 4,582,085 6.1 Hong Kong 0.8 0.8 Swedish krona 2,771,156 – 2,771,156 3.7 Ireland 0.7 0.3 US dollar 1,850,542 – 1,850,542 2.5 Israel – 0.3 Danish krone 1,072,210 – 1,072,210 1.4 Italy 2.6 3.4 Singapore dollar 664,926 – 664,926 0.9 Japan 20.7 21.9 Hong Kong dollar 590,737 – 590,737 0.8 Netherlands 3.5 2.7 Norwegian krone 209,107 – 209,107 0.3 New Zealand – 0.4 Norway 0.3 0.7 68,923,087 – 68,923,087 92.4 Singapore 0.9 0.5 South Korea 6.0 4.2 Spain 1.9 2.3 December 31, 2019 Sweden 3.7 3.6 Gross currency Currency Net currency Percentage of Switzerland 6.6 7.3 Currency exposure ($) contracts ($) exposure ($) net assets (%) United Kingdom 14.2 16.4 United States 2.5 2.4 Euro 17,265,646 – 17,265,646 26.1 Unrealized Gain (Loss) on Derivatives 0.0 0.0 Japanese yen 14,459,441 – 14,459,441 21.9 Pound sterling 10,846,674 – 10,846,674 16.4 Swiss franc 4,824,368 – 4,824,368 7.3 Australian dollar 3,588,279 – 3,588,279 5.4 South Korean won 2,882,823 – 2,882,823 4.4 Swedish krona 2,366,264 – 2,366,264 3.6 US dollar 1,603,997 – 1,603,997 2.4 Danish krone 1,190,249 – 1,190,249 1.8 Hong Kong dollar 555,571 – 555,571 0.8 Norwegian krone 437,445 – 437,445 0.7 Singapore dollar 343,830 – 343,830 0.5 New Zealand dollar 292,526 – 292,526 0.4 Israel shekel 200,716 – 200,716 0.3 FOREIGN EQUITY FUNDS 60,857,829 – 60,857,829 92.0 Scotia Private International Small to Mid Cap Value Pool (continued)

Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) Equities 6,003,292 66,877,335 – 72,880,627 Underlying Funds 950,440 – – 950,440 Unrealized gain on currency spot contracts – 56 – 56 6,953,732 66,877,391 – 73,831,123

Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Equities 6,074,508 59,087,840 – 65,162,348 Underlying Funds 229,538 – – 229,538 6,304,046 59,087,840 – 65,391,886 Unrealized loss on currency spot contracts – (87) – (87) 6,304,046 59,087,753 – 65,391,799

Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2.

Interest in Underlying Funds (note 2) Below is a summary of the Underlying Funds held by the Fund.

December 31, 2020 Carrying value of Ownership percentage the Underlying Fund in Underlying Fund ($) (%) Vanguard FTSE Developed Markets ETF 950,440 0.0 950,440

December 31, 2019 Carrying value of Ownership percentage the Underlying Fund in Underlying Fund ($) (%) Vanguard FTSE Developed Markets ETF 229,538 0.0 229,538

FOREIGN EQUITY FUNDS assets per unit for any series of the Fund. Scotia Private Emerging Markets Pool

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 12,261,106 14,208,125 Non-derivative financial assets 90,857,626 419,987,627 Interest for distribution purposes 60,330 185,662 Derivatives 129 – Net realized gain (loss) on non-derivative financial assets 11,337,597 (10,037,019) Cash 1,184,280 5,600,945 Change in unrealized gain (loss) on non-derivative financial Receivable for securities sold 150,224 – assets (28,749,446) 37,723,205 Subscriptions receivable 77,155 62,651 Change in unrealized gain (loss) on derivatives 194 (65) Accrued investment income and other 93,677 554,163 Net gain (loss) on financial assets and liabilities at fair Total assets 92,363,091 426,205,386 value through profit or loss (5,090,219) 42,079,908 LIABILITIES Securities lending (note 11) 3,226 5,554 Current liabilities Net realized and unrealized foreign currency translation gain Financial liabilities at fair value through profit or loss (loss) (355,501) (586,314) (note 2) Other income 66 – Derivatives – 65 Total income (loss), net (5,442,428) 41,499,148 Payable for securities purchased 333,057 – EXPENSES Redemptions payable 22,542 22,154 Management fees (note 5) 6,045 23,589 Total liabilities 355,599 22,219 Fixed administration fees (note 6) 336,473 438,587 Net assets attributable to holders of redeemable Independent Review Committee fees 1,356 1,200 units 92,007,492 426,183,167 Interest expense 13,053 2,840 Foreign withholding taxes/tax reclaims 1,100,956 1,666,514 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Harmonized Sales Tax/Goods and Services Tax 33,296 44,429 REDEEMABLE UNITS PER SERIES Transaction costs 716,074 680,201 Pinnacle Series 90,477,513 102,724,116 Total expenses 2,207,253 2,857,360 Series F 237,516 94,041 Expenses absorbed by the Manager – (12,126) Series I 527,342 322,314,289 Series M 765,121 1,050,721 Net expenses 2,207,253 2,845,234 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Increase (decrease) in net assets attributable to REDEEMABLE UNITS PER UNIT holders of redeemable units from operations (7,649,681) 38,653,914 Pinnacle Series 11.61 10.92 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Series F 11.15 10.57 TO HOLDERS OF REDEEMABLE UNITS FROM Series I 11.47 11.07 OPERATIONS PER SERIES Series M 11.82 11.17 Pinnacle Series 6,047,748 9,337,139 Series F 22,987 5,384 Series I (13,793,433) 28,430,520 Series M 73,017 880,871 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 0.76 1.00 Series F 1.96 0.60 Series I (0.68) 1.03 Series M 1.11 2.91 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 8,004,646 9,313,043 Series F 11,729 9,020 Series I 20,190,074 27,691,269 Series M 65,488 303,135

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: LMCG Investments, LLC Scotia Private Emerging Markets Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units (7,649,681) 38,653,914 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 102,724,116 99,034,016 assets (11,337,597) 10,037,019 Series F 94,041 30,196 Change in unrealized (gain) loss on non-derivative Series I 322,314,289 273,828,590 financial assets 28,749,446 (37,723,205) Series M 1,050,721 15,399,790 Change in unrealized (gain) loss on derivatives (194) 65 426,183,167 388,292,592 Unrealized foreign currency translation (gain) loss (3,019) 26 Other non-cash transactions (2,271,581) (189,344) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (296,312,742) (341,328,710) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial assets Pinnacle Series 6,047,748 9,337,139 and liabilities 610,485,308 332,806,343 Series F 22,987 5,384 Accrued investment income and other 460,486 (335,614) Series I (13,793,433) 28,430,520 Net cash provided by (used in) operating Series M 73,017 880,871 activities 322,120,426 1,920,494 (7,649,681) 38,653,914 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 14,102,939 55,455,786 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Amounts paid on redemption of redeemable units (340,618,246) (57,068,920) UNITS Distributions to unitholders of redeemable units (24,803) (13,701) From net investment income Pinnacle Series (2,601,486) (2,691,838) Net cash provided by (used in) financing activities (326,540,110) (1,626,835) Series F (6,646) (1,681) Unrealized foreign currency translation gain (loss) 3,019 (26) Series I (9,172,944) (8,990,482) Net increase (decrease) in cash (4,419,684) 293,659 Series M (21,272) – Cash (bank overdraft), beginning of period 5,600,945 5,307,312 (11,802,348) (11,684,001) CASH (BANK OVERDRAFT), END OF PERIOD 1,184,280 5,600,945 Interest paid(1) 13,053 2,840 REDEEMABLE UNIT TRANSACTIONS Interest received, net of withholding taxes(1) 60,326 185,643 Proceeds from issue Dividends received, net of withholding taxes(1) 9,349,059 12,015,205 Pinnacle Series 11,000,997 17,409,191 Series F 134,232 104,213 (1) Classified as operating items. Series I 2,890,740 35,858,045 Series M 91,475 2,040,054 Reinvested distributions Pinnacle Series 2,588,240 2,679,454 Series F 696 364 Series I 9,172,944 8,990,482 Series M 15,665 – Payments on redemption Pinnacle Series (29,282,102) (23,043,846) Series F (7,794) (44,435) Series I (310,884,254) (15,802,866) Series M (444,485) (17,269,994) (314,723,646) 10,920,662

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (12,246,603) 3,690,100 Series F 143,475 63,845 Series I (321,786,947) 48,485,699 Series M (285,600) (14,349,069) (334,175,675) 37,890,575

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 90,477,513 102,724,116 Series F 237,516 94,041 Series I 527,342 322,314,289 Series M 765,121 1,050,721 92,007,492 426,183,167 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: LMCG Investments, LLC Scotia Private Emerging Markets Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 99.1% EQUITIES (cont'd) Brazil – 5.9% Hong Kong (cont'd) Cyrela Brazil Realty SA Empreendimentos e Shandong Weigao Group Medical Polymer Participacoes 23,000 130,883 167,342 Company Limited, Class H 92,000 255,449 265,412 Energisa SA 30,900 300,403 398,357 Shenzhou International Group Holdings Ltd. 12,400 284,537 309,653 Gerdau SA 51,400 268,993 305,631 Shimao Property Holdings Ltd. 145,316 737,090 591,509 Itau Unibanco Holding SA 93,900 516,328 724,877 Sinopec Shanghai Petrochemical Co., Ltd. 1,224,000 307,235 331,859 Lojas Renner SA 30,500 300,968 327,504 Tencent Holdings Limited 69,500 2,644,518 6,465,496 Magazine Luiza S.A. 89,000 484,867 545,055 WuXi AppTec Co., Ltd. 12,600 243,798 315,173 Notre Dame Intermedica Participacoes S.A. 14,200 224,271 274,393 Wuxi Biologics Cayman Inc. 46,500 535,399 788,594 Petrobras Distribuidora SA 84,500 416,169 460,436 Yihai International Holding Ltd. 29,000 440,187 550,163 Petroleo Brasileiro SA 168,400 818,967 1,201,510 Zai Lab Ltd. 1,100 127,130 188,137 Raia Drogasil S.A. 40,300 237,456 248,231 20,196,025 25,036,836 Vale S.A. – ADR 34,254 493,387 730,999 India – 4.6% 4,192,692 5,384,335 Axis Bank Ltd. 54,822 450,383 594,488 China – 6.2% Bharti Airtel Ltd. 106,864 832,532 951,576 Amoy Diagnostics Co., Ltd., Class A 12,300 207,122 187,879 Dabur India Ltd. 39,853 378,015 371,422 China Oilfield Services Ltd. 322,000 313,215 347,159 Hindustan Unilever Ltd. 13,513 539,885 565,203 China Tourism Group Duty Free ICICI Bank Ltd. 36,586 250,594 342,107 Corporation Ltd. 6,600 264,240 364,500 Kotak Mahindra Bank Ltd. 13,869 331,937 483,487 Estun Automation Co., Ltd. 96,100 462,043 560,873 Larsen & Toubro Ltd. 27,931 455,992 628,124 Glodon Co., Ltd., Class A 19,200 258,427 295,113 Power Grid Corporation of India Ltd. 97,566 288,243 324,049 Han’s Laser Technology Industry Group Co., 3,527,581 4,260,456 Ltd., Class A 70,600 555,923 590,395 Kweichow Moutai Co., Ltd., Class A 2,400 865,821 935,974 Indonesia – 1.1% Luxshare Precision Industry Co., Ltd. 78,500 926,371 863,743 PT Bank Central Asia Tbk 261,900 636,496 804,066 Shenzhen Mindray Bio-Medical Electronics PT Unilever Indonesia Tbk 254,400 183,375 169,587 Co., Ltd. 4,500 328,007 373,125 819,871 973,653 Wuhan Raycus Fiber Laser Technologies Co., Japan – 1.0% Ltd., Class A 37,366 491,183 641,667 Nexon Co., Ltd. 6,200 205,417 243,168 Wuliangye Yibin Co., Ltd., Class A 4,800 256,558 274,056 Tokyo Electron Ltd. 1,500 509,499 712,488 Yifeng Pharmacy Chain Co., Ltd., Class A 14,500 279,629 255,258 714,916 955,656 5,208,539 5,689,742 Mexico – 1.0% Czech Republic – 0.5% America Movil S.A.B. de C.V. 448,500 383,274 415,689 Komercni Banka AS 11,345 324,730 438,912 Grupo Mexico S.A.B. de C.V. 47,100 159,040 253,430 Greece – 0.4% Orbia Advance Corporation S.A.B. de C.V. 87,594 200,286 261,935 Hellenic Telecommunications Organization SA 18,929 364,598 388,729 742,600 931,054 Hong Kong – 27.2% Netherlands – 1.0% AIA Group Ltd. 93,273 1,269,076 1,462,779 ASML Holding NV 1,440 719,829 886,153 Alibaba Group Holding Ltd. 55,700 2,645,561 2,072,023 China Construction Bank Corporation, Class H 1,277,000 1,289,346 1,237,283 Philippines – 0.4% China Gas Holdings Ltd. 105,600 406,208 536,078 Ayala Land Inc. 118,400 99,085 128,435 China Life Insurance Co., Ltd., Class H 227,000 750,324 639,339 BDO Unibank Inc. 71,880 188,506 203,812 China Longyuan Power Group Corporation 287,591 332,247 Ltd., Class H 834,000 780,924 1,062,302 Poland – 0.1% China Merchants Bank Co., Ltd. 107,952 720,468 872,880 Allegro.eu SA 2,632 75,678 76,292 CIFI Holdings Group Co., Ltd. 376,222 402,959 406,171 CNOOC Ltd. 503,000 614,715 588,680 Portugal – 0.3% CSC Financial Co., Ltd. 201,000 371,935 340,299 Jeronimo Martins SGPS SA 12,229 271,282 263,354 ENN Energy Holdings Ltd. 30,000 429,480 560,636 Russia – 0.3% ESR Cayman Ltd. 53,800 226,543 246,184 Mining and Metallurgical Company Norilsk Hangzhou Tigermed Consulting Co., Ltd. 11,300 226,558 333,386 Nickel – ADR 6,089 162,398 242,141 Industrial and Commercial Bank of China Ltd., South Africa – 3.8% Class H 981,000 675,948 812,653 FirstRand Ltd. 210,547 687,969 935,755 Innovent Biologics Inc. 20,000 204,923 270,455 Gold Fields Ltd. 35,963 593,528 425,115 Kerry Properties Ltd. 87,000 294,498 280,728 Naspers Limited N Shares 4,717 1,090,651 1,230,471 Kingboard Chemical Holdings Ltd. 127,100 626,485 682,532 Old Mutual Ltd. 614,652 558,167 634,834 Longfor Properties Co., Ltd. 63,000 477,188 471,082 Sibanye Stillwater Ltd. 44,756 168,085 229,706 Ping An Insurance Group Company of China Ltd., Class H 95,500 1,335,957 1,493,494 3,098,400 3,455,881 Sands China Ltd. 154,000 871,586 861,856 South Korea – 8.6% CJ CheilJedang Corporation 1,189 522,858 530,285 FOREIGN EQUITY FUNDS LG Chem Ltd. 1,569 1,186,314 1,519,829

Portfolio Adviser: LMCG Investments, LLC Scotia Private Emerging Markets Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES (cont'd) EQUITIES (cont'd) South Korea (cont'd) United States (cont'd) Samsung Electronics Co., Ltd. 21,376 888,688 2,032,973 Yatsen Holding Ltd. – ADR 12,800 269,004 277,070 Samsung Electronics Co., Ltd. 17,143 1,003,593 1,480,841 YPF S.A. – ADR 54,278 271,479 324,828 Samsung SDI Co., Ltd. 1,430 862,650 1,055,515 Zai Lab Ltd. – ADR 1,900 216,664 327,424 Shinhan Financial Group Co., Ltd. 22,811 1,152,468 858,690 11,488,777 13,774,584 SK Telecom Co., Ltd. 1,518 417,863 423,892 TOTAL EQUITIES 71,498,302 90,857,626 6,034,434 7,902,025 Transaction Costs (43,084) – Taiwan – 16.3% Accton Technology Corporation 81,000 833,256 1,165,471 TOTAL INVESTMENT PORTFOLIO 71,455,218 90,857,626 Airtac International Group 7,000 211,984 285,828 Unrealized Gain (Loss) on Derivatives – 0.0% 129 Delta Electronics Inc. 94,803 864,343 1,126,867 OTHER ASSETS, LESS LIABILITIES – 0.9% 1,149,737 E.Sun Financial Holding Co., Ltd. 397,000 470,833 460,494 NET ASSETS – 100.0% 92,007,492 Far Eastern New Century Corporation 390,000 467,417 511,070 Globalwafers Co., Ltd. 52,000 942,697 1,676,815 Hiwin Technologies Corporation 26,243 407,779 457,776 MediaTek Inc. 46,000 1,309,668 1,565,378 President Chain Store Corporation 43,000 518,203 520,498 Realtek Semiconductor Corporation 57,000 979,622 1,005,752 Sino-American Silicon Products Inc. 54,000 403,521 436,283 Taiwan Semiconductor Manufacturing Company Ltd. 240,000 1,811,398 5,743,763 9,220,721 14,955,995 Thailand – 1.5% CP ALL PCL 169,500 454,183 419,338 Kasikornbank PCL 191,200 614,647 928,718 1,068,830 1,348,056 Turkey – 0.7% Tupras Turkiye Petrol Rafinerileri AS 34,548 500,709 639,967 United Kingdom – 3.2% Anglo American PLC 16,176 522,148 685,709 China Yangtze Power Co., Ltd. 9,304 326,204 328,626 Coca-Cola HBC AG 4,262 170,137 176,421 Hikma Pharmaceuticals PLC 6,009 271,595 263,437 Kaspi.KZ JSC 2,293 102,269 196,086 Magnit PJSC – Sponsored GDR 8,857 197,115 198,657 Rosneft Oil Company – GDR 54,119 358,670 388,576 Sberbank of Russia – ADR 37,266 529,963 684,046 2,478,101 2,921,558 United States – 15.0% Alibaba Group Holding Ltd. 15,262 3,209,166 4,522,671 Baidu Inc. 1,038 193,326 285,802 BeiGene Ltd. – ADR 621 252,763 204,314 Chindata Group Holdings Ltd. – ADR 3,400 65,845 103,728 Credicorp Ltd. 4,158 692,294 868,385 ICICI Bank Limited – ADR 41,230 578,324 780,124 iShares Core MSCI Emerging Markets ETF 19,945 1,556,212 1,575,568 MercadoLibre Inc. 207 304,824 441,543 Mobile TeleSystems – Sponsored ADR 41,346 481,032 471,181 New Oriental Education & Technology Group Inc. 2,108 434,587 498,736 Ozon Holdings PLC – ADR 5,601 304,144 295,326 TAL Education Group – ADR 6,746 692,317 614,249 Tencent Music Entertainment Group 36,104 709,727 884,487 Trip.com Group Ltd. – ADR 17,482 732,701 750,825 Yandex NV 6,189 524,368 548,323 FOREIGN EQUITY FUNDS

Portfolio Adviser: LMCG Investments, LLC Scotia Private Emerging Markets Pool (continued)

The majority of the Fund’s financial instruments were non-interest As at December 31, 2020, if the Canadian dollar fluctuated by 10% in bearing as at December 31, 2020 and December 31, 2019. Accordingly, relation to all other foreign currencies, with all other variables held the Fund did not have significant direct interest rate risk exposure due constant, net assets attributable to holders of redeemable units of the to fluctuations in the prevailing levels of market interest rates. Fund would have decreased or increased by $9,197,806 or Currency risk approximately 10.0% of net assets (December 31, 2019 – $42,058,163 or approximately 9.9%). In practice, actual results may differ from this Below is a summary of the Fund’s direct exposure to currency risk. sensitivity analysis and the difference could be material. Amounts shown are based on the carrying value of monetary and non- monetary assets and liabilities of the Fund net of currency contracts Price risk and short positions, as applicable. As at December 31, 2020, approximately 99.1% (December 31, 2019 – 98.5%) of the Fund’s net assets were directly exposed to price risk. If December 31, 2020 prices of these instruments had fluctuated by 10%, with all other Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) variables held constant, net assets attributable to holders of Hong Kong dollar 25,391,327 – 25,391,327 27.6 redeemable units of the Fund would have decreased or increased by US dollar 17,207,001 – 17,207,001 18.7 approximately $9,085,763 (December 31, 2019 – $41,998,763). In Taiwan dollar 15,070,533 – 15,070,533 16.4 South Korean won 7,839,898 – 7,839,898 8.5 practice, actual results may differ from this sensitivity analysis and the China renminbi 5,342,584 – 5,342,584 5.8 Brazilian real 4,709,686 – 4,709,686 5.1 difference could be material. Indian rupee 4,594,600 – 4,594,600 5.0 South African rand 3,459,996 – 3,459,996 3.8 Credit risk Euro 1,538,236 – 1,538,236 1.7 Thai baht 1,348,056 – 1,348,056 1.5 The Fund did not have significant direct exposure to bonds and Pound sterling 1,125,567 – 1,125,567 1.2 Indonesian rupiah 973,653 – 973,653 1.1 debentures, money market instruments or preferred shares as at Japanese yen 955,818 – 955,818 1.0 December 31, 2020 or December 31, 2019. Mexican peso 931,055 – 931,055 1.0 Turkish lira 639,967 – 639,967 0.7 Czech koruna 438,912 – 438,912 0.5 Philippine peso 332,648 – 332,648 0.4 Polish zloty 76,292 – 76,292 0.1 Malaysian ringgit 2,233 – 2,233 0.0 91,978,062 – 91,978,062 100.1 FOREIGN EQUITY FUNDS Scotia Private Emerging Markets Pool (continued)

FUND SPECIFIC NOTES For the periods indicated in note 1 Concentration risk Interest in Underlying Funds (note 2) Below is a summary of the Fund’s concentration risk by carrying value Below is a summary of the Underlying Funds held by the Fund. as a percentage of net assets. December 31, 2020 December 31, 2020 December 31, 2019 Carrying value of Ownership percentage the Underlying Fund in Underlying Fund Brazil 5.9 7.8 ($) (%) Chile – 0.4 China 6.2 – iShares Core MSCI Emerging Czech Republic 0.5 0.4 Markets ETF 1,575,568 0.0 Greece 0.4 0.6 1,575,568 Hong Kong 27.2 26.0 Hungary – 1.3 India 4.6 7.8 December 31, 2019 Indonesia 1.1 1.2 Japan 1.0 – Carrying value of Ownership percentage Malaysia – 1.6 the Underlying Fund in Underlying Fund Mexico 1.0 1.1 ($) (%) Netherlands 1.0 – Philippines 0.4 0.6 iShares MSCI Emerging Markets ETF 9,742,376 0.0 Poland 0.1 1.1 9,742,376 Portugal 0.3 – Russia 0.3 0.5 South Africa 3.8 7.0 South Korea 8.6 9.8 Comparison of net asset value per unit and net assets per unit Taiwan 16.3 13.1 (note 2) Thailand 1.5 4.3 Turkey 0.7 1.7 As at December 31, 2020 and December 31, 2019, there were no United Kingdom 3.2 0.4 United States 15.0 11.7 significant differences between the net asset value per unit and the net Unrealized Gain (Loss) on Derivatives 0.0 0.0 assets per unit for any series of the Fund. Fair Value Classification (note 2) Below is a summary of the classification of the Fund’s financial instruments within the fair value hierarchy.

Level 1 Level 2 Level 3 Total December 31, 2020 ($) ($) ($) ($) Equities 13,861,069 75,420,989 – 89,282,058 Underlying Funds 1,575,568 – – 1,575,568 Unrealized gain on currency spot contracts – 129 – 129 15,436,637 75,421,118 – 90,857,755

Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Equities 44,619,006 365,626,245 – 410,245,251 Underlying Funds 9,742,376 – – 9,742,376 54,361,382 365,626,245 – 419,987,627 Unrealized loss on currency spot contracts – (65) – (65) 54,361,382 365,626,180 – 419,987,562

Transfers between levels During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2.

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 6,257,043 8,790,199 Non-derivative financial assets 776,649,206 729,388,826 Interest for distribution purposes 174,215 493,484 Derivatives 521 – Net realized gain (loss) on non-derivative financial assets 112,208,875 35,542,241 Cash 27,261,784 25,594,678 Change in unrealized gain (loss) on non-derivative Receivable for securities sold 415,232 – financial assets 87,662,602 86,715,560 Subscriptions receivable 186,528 13,147 Change in unrealized gain (loss) on derivatives 521 (4,747) Accrued investment income and other 334,147 338,547 Net gain (loss) on financial assets and liabilities at Total assets 804,847,418 755,335,198 fair value through profit or loss 206,303,256 131,536,737 LIABILITIES Securities lending (note 11) 12,751 243,448 Current liabilities Net realized and unrealized foreign currency translation Redemptions payable 69,460 797,712 gain (loss) (198,097) (232,253) Other income 364 – Total liabilities 69,460 797,712 Total income (loss), net 206,118,274 131,547,932 Net assets attributable to holders of redeemable units 804,777,958 754,537,486 EXPENSES Management fees (note 5) 845,401 709,199 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Fixed administration fees (note 6) 461,875 395,174 REDEEMABLE UNITS PER SERIES Independent Review Committee fees 1,356 1,200 Pinnacle Series 27,918,159 24,843,041 Interest expense 2,707 1,086 Series F 10,638,368 9,618,887 Foreign withholding taxes/tax reclaims 894,709 1,056,411 Series I 582,403,572 591,181,535 Harmonized Sales Tax/Goods and Services Tax 127,753 107,634 Series M 183,817,859 128,894,023 Transaction costs 230,678 190,969 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Total expenses 2,564,479 2,461,673 REDEEMABLE UNITS PER UNIT Increase (decrease) in net assets attributable to Pinnacle Series 38.52 31.49 holders of redeemable units from operations 203,553,795 129,086,259 Series F 37.79 31.06 Series I 39.09 31.94 INCREASE (DECREASE) IN NET ASSETS Series M 13.94 11.40 ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER SERIES Pinnacle Series 6,834,422 5,120,215 Series F 2,279,621 1,669,794 Series I 153,143,287 103,187,232 Series M 41,296,465 19,109,018 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series 9.48 6.05 Series F 8.41 5.60 Series I 9.65 6.33 Series M 3.49 1.40 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 720,749 846,471 Series F 271,131 298,023 Series I 15,866,110 16,299,038 Series M 11,840,926 13,614,238

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Harding Loevner LP Scotia Private Global Equity Pool (continued)

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units 203,553,795 129,086,259 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 24,843,041 23,902,488 assets (112,208,875) (35,542,241) Series F 9,618,887 7,171,161 Change in unrealized (gain) loss on non-derivative Series I 591,181,535 412,483,145 financial assets (87,662,602) (86,715,560) Series M 128,894,023 – Change in unrealized (gain) loss on derivatives (521) 4,747 754,537,486 443,556,794 Unrealized foreign currency translation (gain) loss (143) (510) Other non-cash transactions – (872,070) INCREASE (DECREASE) IN NET ASSETS Purchases of non-derivative financial assets and ATTRIBUTABLE TO HOLDERS OF REDEEMABLE liabilities (274,468,078) (411,216,662) UNITS FROM OPERATIONS Proceeds from sale of non-derivative financial assets Pinnacle Series 6,834,422 5,120,215 and liabilities 426,663,942 238,806,131 Series F 2,279,621 1,669,794 Accrued investment income and other 4,400 (22,418) Series I 153,143,287 103,187,232 Net cash provided by (used in) operating Series M 41,296,465 19,109,018 activities 155,881,918 (166,472,324) 203,553,795 129,086,259 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 38,349,098 341,313,437 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Amounts paid on redemption of redeemable units (192,530,234) (158,632,183) UNITS Distributions to unitholders of redeemable units (33,819) (3,805) From net investment income Pinnacle Series (104,340) (187,033) Net cash provided by (used in) financing Series F (12,768) (4,980) activities (154,214,955) 182,677,449 Series I (3,662,755) (6,296,941) Unrealized foreign currency translation gain (loss) 143 510 Series M (266,591) (630,913) Net increase (decrease) in cash 1,666,963 16,205,125 From net realized gains on investments Cash (bank overdraft), beginning of period 25,594,678 9,389,043 Pinnacle Series (1,729,561) (68,762) CASH (BANK OVERDRAFT), END OF PERIOD 27,261,784 25,594,678 Series F (649,750) (26,115) Series I (36,026,322) (1,652,798) Interest paid(1) 2,707 1,086 Series M (11,358,402) (356,558) Interest received, net of withholding taxes(1) 174,215 493,484 Dividends received, net of withholding taxes(1) 5,388,434 6,839,299 (53,810,489) (9,224,100) (1) Classified as operating items. REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 1,527,332 1,076,579 Series F 980,944 1,871,503 Series I 1,550,000 161,693,683 Series M 34,464,202 176,684,820 Reinvested distributions Pinnacle Series 1,817,374 254,999 Series F 647,068 30,510 Series I 39,689,077 7,949,739 Series M 11,623,151 985,047 Payments on redemption Pinnacle Series (5,270,109) (5,255,445) Series F (2,225,634) (1,092,986) Series I (163,471,250) (86,182,525) Series M (20,834,989) (66,897,391) (99,502,834) 191,118,533

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series 3,075,118 940,553 Series F 1,019,481 2,447,726 Series I (8,777,963) 178,698,390 Series M 54,923,836 128,894,023 50,240,472 310,980,692

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 27,918,159 24,843,041 Series F 10,638,368 9,618,887 Series I 582,403,572 591,181,535 Series M 183,817,859 128,894,023 804,777,958 754,537,486 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Harding Loevner LP Scotia Private Global Equity Pool (continued)

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 96.5% EQUITIES (cont'd) Denmark – 1.0% United States (cont'd) Genmab AS 16,180 7,823,220 8,332,713 eBay Inc. 115,427 5,350,200 7,385,411 Finland – 1.4% Edwards Lifesciences Corporation 79,892 8,814,170 9,280,517 Kone Oyj, Class B 105,474 8,158,868 10,899,227 EPAM Systems Inc. 27,123 7,721,098 12,375,888 Estee Lauder Companies Inc., The 28,303 6,187,380 9,593,022 France – 3.5% Etsy Inc. 60,049 10,167,578 13,603,083 Air Liquide SA 38,067 4,726,749 7,956,041 Exxon Mobil Corporation 186,514 13,555,811 9,789,278 L’Oreal SA 22,331 5,984,754 10,804,530 Facebook Inc. 66,430 15,109,476 23,105,351 Schneider Electric SA 51,322 7,670,253 9,453,057 First Republic Bank 134,390 14,162,154 25,142,511 18,381,756 28,213,628 HDFC Bank Ltd. – ADR 57,528 3,509,313 5,293,080 Germany – 2.5% ICICI Bank Limited – ADR 261,623 3,103,062 4,950,237 Linde PLC 21,671 3,995,394 7,166,730 Illumina Inc. 46,605 18,111,160 21,956,619 Symrise AG 73,805 8,316,315 12,430,462 Intuitive Surgical Inc. 8,683 8,537,993 9,044,976 TeamViewer AG 10,557 702,290 719,957 Itau Unibanco Holding S.A. – Sponsored ADR 1,010,476 7,370,275 7,835,641 MasterCard Inc., Class A 47,171 10,530,923 21,438,852 13,013,999 20,317,149 Microsoft Corporation 49,530 5,182,547 14,027,277 Hong Kong – 3.7% Nestlé S.A. – ADR 47,313 4,544,444 7,096,709 AIA Group Ltd. 998,700 9,156,814 15,662,389 NIKE Inc., Class B 111,371 9,339,007 20,061,698 Alibaba Group Holding Ltd. 182,064 5,907,572 6,772,725 NVIDIA Corporation 15,236 3,601,025 10,130,691 ENN Energy Holdings Ltd. 20,611 364,723 385,176 PayPal Holdings Inc. 116,850 9,732,139 34,845,510 NetEase Inc. 146,950 2,094,107 3,579,986 Proto Labs Inc. 48,089 6,417,520 9,392,957 Tencent Holdings Limited 38,600 2,872,252 3,590,909 Roper Technologies Inc. 14,280 4,121,199 7,838,399 20,395,468 29,991,185 Salesforce.com Inc. 31,699 6,398,038 8,981,841 SVB Financial Group 25,122 5,575,578 12,405,859 Indonesia – 0.4% Synopsys Inc. 36,133 6,700,390 11,927,166 PT Bank Central Asia Tbk 995,400 2,243,889 3,056,003 Thermo Fisher Scientific Inc. 21,510 10,276,026 12,757,115 Japan – 8.5% Tradeweb Markets Inc. 105,569 7,630,536 8,394,601 FANUC Corporation 17,500 3,625,107 5,487,196 Trip.com Group Ltd. – ADR 92,880 4,317,290 3,989,053 Keyence Corporation 16,072 4,573,285 11,518,718 Verisk Analytics Inc., Class A 45,621 5,932,529 12,058,754 Kubota Corporation 385,800 7,666,727 10,733,556 Vertex Pharmaceuticals Incorporated 57,124 13,694,120 17,190,443 Makita Corporation 130,106 5,571,110 8,317,248 VF Corporation 87,775 8,272,107 9,545,766 MISUMI Group Inc. 97,900 3,975,061 4,094,822 Walt Disney Company, The 50,698 7,524,599 11,695,864 Shiseido Co., Ltd. 120,800 11,447,252 10,671,156 Workday Inc. 29,906 6,557,485 9,124,194 Sysmex Corporation 114,974 10,211,016 17,608,821 345,499,984 532,508,698 47,069,558 68,431,517 TOTAL EQUITIES 526,556,087 776,649,206 Poland – 0.3% Transaction Costs (183,761) – CD Projekt SA 27,983 4,178,217 2,623,945 TOTAL INVESTMENT PORTFOLIO 526,372,326 776,649,206 Singapore – 1.3% DBS Group Holdings Limited 421,484 9,951,648 10,145,808 Unrealized Gain (Loss) on Derivatives – 0.0% 521 OTHER ASSETS, LESS LIABILITIES – 3.5% 28,128,231 Spain – 0.5% Banco Bilbao Vizcaya Argentaria S.A. 675,061 5,535,712 4,213,936 NET ASSETS – 100.0% 804,777,958 Switzerland – 4.4% Lonza Group AG 18,697 5,417,210 15,293,859 Roche Holdings AG 24,387 11,145,652 10,836,769 Sonova Holdings AG 29,199 6,068,566 9,573,692 22,631,428 35,704,320 United Kingdom – 2.8% Abcam PLC 384,278 6,518,952 10,366,084 Network International Holdings PLC 281,259 2,494,351 1,598,393 Standard Chartered PLC 1,255,551 12,659,037 10,246,600 21,672,340 22,211,077 United States – 66.2% Alcon Inc. 153,353 11,958,115 12,883,558 Align Technology Inc. 20,944 6,298,312 14,250,859 Alphabet Inc., Class A 11,993 18,208,603 26,764,046 Amazon.com Inc. 3,915 13,005,638 16,235,715 Apple Inc. 151,325 8,756,510 25,567,019 CME Group Inc. 67,495 15,175,093 15,645,646 Cognizant Technology Solutions Corporation 70,608 6,451,424 7,367,737 Deere & Company 33,673 7,599,117 11,535,755 FOREIGN EQUITY FUNDS

Portfolio Adviser: Harding Loevner LP Scotia Private Global Equity Pool (continued)

100

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) approximately 9.7%). In practice, actual results may differ from this The Fund’s investment objective is to achieve long term returns sensitivity analysis and the difference could be material. through capital growth by investing primarily in stocks of large Price risk capitalization companies in North America, Europe, Australia and the As at December 31, 2020, approximately 96.5% (December 31, 2019 – Far East. 96.6%) of the Fund’s net assets were directly exposed to price risk. If The Fund may also invest a portion of its assets in funds managed by prices of these instruments had fluctuated by 10%, with all other the Manager and/or by third party investment managers (the variables held constant, net assets attributable to holders of “Underlying Funds”). In addition to the risks described below, the redeemable units of the Fund would have decreased or increased by Fund could be exposed to indirect risk to the extent that the approximately $77,664,921 (December 31, 2019 – $72,938,883). In Underlying Funds held financial instruments that were subject to the practice, actual results may differ from this sensitivity analysis and the below risks. difference could be material.

Credit risk Risks associated with financial instruments (note 4) The Fund did not have significant direct exposure to bonds and Interest rate risk debentures, money market instruments or preferred shares as at The majority of the Fund’s financial instruments were non-interest December 31, 2020 or December 31, 2019. bearing as at December 31, 2020 and December 31, 2019. Accordingly, Concentration risk the Fund did not have significant direct interest rate risk exposure due to fluctuations in the prevailing levels of market interest rates. Below is a summary of the Fund’s concentration risk by carrying value as a percentage of net assets. Currency risk Below is a summary of the Fund’s direct exposure to currency risk. December 31, 2020 December 31, 2019 Amounts shown are based on the carrying value of monetary and non- Denmark 1.0 0.7 Finland 1.4 1.1 monetary assets and liabilities of the Fund net of currency contracts France 3.5 3.8 and short positions, as applicable. Germany 2.5 4.3 Hong Kong 3.7 3.9 Indonesia 0.4 0.5 December 31, 2020 Japan 8.5 10.4 Gross currency Currency Net currency Percentage of Poland 0.3 – Singapore 1.3 – Currency exposure ($) contracts ($) exposure ($) net assets (%) Spain 0.5 0.8 US dollar 532,840,435 – 532,840,435 66.2 Switzerland 4.4 4.1 Japanese yen 68,533,691 – 68,533,691 8.5 United Kingdom 2.8 4.0 Euro 63,643,939 – 63,643,939 7.9 United States 66.2 63.0 Swiss franc 35,704,321 – 35,704,321 4.4 Unrealized Gain (Loss) on Derivatives 0.0 – Hong Kong dollar 29,991,183 – 29,991,183 3.7 Pound sterling 22,211,078 – 22,211,078 2.8 Fair Value Classification (note 2) Singapore dollar 10,145,808 – 10,145,808 1.3 Danish krone 8,332,713 – 8,332,713 1.0 Indonesian rupiah 3,056,003 – 3,056,003 0.4 Below is a summary of the classification of the Fund’s financial Polish zloty 2,623,945 – 2,623,945 0.3 instruments within the fair value hierarchy. 777,083,116 – 777,083,116 96.5 Level 1 Level 2 Level 3 Total December 31, 2019 December 31, 2020 ($) ($) ($) ($) Gross currency Currency Net currency Percentage of Equities 532,508,698 244,140,508 – 776,649,206 Currency exposure ($) contracts ($) exposure ($) net assets (%) Unrealized gain on currency spot contracts – 521 – 521 US dollar 480,318,522 – 480,318,522 63.7 532,508,698 244,141,029 – 776,649,727 Japanese yen 78,604,309 – 78,604,309 10.4 Euro 75,777,462 – 75,777,462 10.0 Swiss franc 30,900,004 – 30,900,004 4.1 Hong Kong dollar 29,421,027 – 29,421,027 3.9 Level 1 Level 2 Level 3 Total Pound sterling 25,526,450 – 25,526,450 3.4 December 31, 2019 ($) ($) ($) ($) Danish krone 5,348,421 – 5,348,421 0.7 Equities 475,471,159 253,917,667 – 729,388,826 Indonesian rupiah 3,866,087 – 3,866,087 0.5 475,471,159 253,917,667 – 729,388,826 729,762,282 – 729,762,282 96.7

As at December 31, 2020, if the Canadian dollar fluctuated by 10% in Transfers between levels relation to all other foreign currencies, with all other variables held During the periods ended December 31, 2020 and December 31, 2019, constant, net assets attributable to holders of redeemable units of the

FOREIGN EQUITY FUNDS there were no significant transfers between Level 1 and Level 2. Fund would have decreased or increased by $77,708,312 or approximately 9.7% of net assets (December 31, 2019 – $72,976,228 or Scotia Private Global Equity Pool (continued)

101

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

102

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 10,159,644 12,886,337 Non-derivative financial assets 365,230,500 386,256,141 Interest for distribution purposes 41,053 101,091 Cash 8,580,478 8,858,806 Net realized gain (loss) on non-derivative financial assets 9,556,791 16,553,503 Receivable for securities sold – 1,147,451 Change in unrealized gain (loss) on non-derivative financial Subscriptions receivable 342,079 444,718 assets (31,584,501) 38,901,473 Accrued investment income and other 712,679 855,303 Change in unrealized gain (loss) on derivatives 1,055 (1,055) Total assets 374,865,736 397,562,419 Net gain (loss) on financial assets and liabilities at LIABILITIES fair value through profit or loss (11,825,958) 68,441,349 Current liabilities Securities lending (note 11) 11,985 – Financial liabilities at fair value through profit or loss Net realized and unrealized foreign currency translation gain (note 2) (loss) 59,346 (328,622) Derivatives – 1,055 Total income (loss), net (11,754,627) 68,112,727 Payable for securities purchased 332,428 2,525,489 EXPENSES Redemptions payable 297,065 130,262 Management fees (note 5) 1,465,026 1,345,569 Total liabilities 629,493 2,656,806 Fixed administration fees (note 6) 479,247 495,913 Net assets attributable to holders of redeemable Independent Review Committee fees 1,356 1,200 units 374,236,243 394,905,613 Interest expense 3,832 18,123 Foreign withholding taxes/tax reclaims 955,016 1,186,753 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Harmonized Sales Tax/Goods and Services Tax 195,763 188,704 REDEEMABLE UNITS PER SERIES Transaction costs 227,926 188,484 Pinnacle Series 70,060,113 94,787,636 Total expenses 3,328,166 3,424,746 Series F 189,663 129,720 Series I 481,192 – Increase (decrease) in net assets attributable to Series M 303,505,275 299,988,257 holders of redeemable units from operations (15,082,793) 64,687,981 NET ASSETS ATTRIBUTABLE TO HOLDERS OF INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE REDEEMABLE UNITS PER UNIT TO HOLDERS OF REDEEMABLE UNITS FROM Pinnacle Series 10.59 11.39 OPERATIONS PER SERIES Series F 10.49 11.30 Pinnacle Series (3,986,586) 17,140,923 Series I 9.74 – Series F (3,934) 11,675 Series M 10.55 11.34 Series I 10,192 – NET ASSETS ATTRIBUTABLE TO HOLDERS OF Series M (11,102,465) 47,535,383 REDEEMABLE UNITS PER UNIT – USD INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Series M 8.28 – TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series (0.58) 2.11 Series F (0.27) 1.56 Series I 0.21 – Series M (0.41) 1.97 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 6,819,758 8,104,488 Series F 14,329 7,474 Series I 49,284 – Series M 27,034,444 24,101,638

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Colonial First State Asset Management (Australia) Limited Scotia Private Global Infrastructure Pool (continued)

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STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units (15,082,793) 64,687,981 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 94,787,636 85,335,893 assets (9,556,791) (16,553,503) Series F 129,720 20,581 Change in unrealized (gain) loss on non-derivative Series M 299,988,257 223,639,863 financial assets 31,584,501 (38,901,473) 394,905,613 308,996,337 Change in unrealized (gain) loss on derivatives (1,055) 1,055 Unrealized foreign currency translation (gain) loss (2,481) (52,118) INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO Purchases of non-derivative financial assets and HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS liabilities (263,892,789) (204,040,773) Pinnacle Series (3,986,586) 17,140,923 Proceeds from sale of non-derivative financial assets Series F (3,934) 11,675 and liabilities 261,845,107 177,252,482 Series I 10,192 – Accrued investment income and other 142,624 41,640 Series M (11,102,465) 47,535,383 Net cash provided by (used in) operating activities 5,036,323 (17,564,709) (15,082,793) 64,687,981 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units 74,480,915 121,062,871 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE Amounts paid on redemption of redeemable units (79,668,369) (99,782,310) UNITS Distributions to unitholders of redeemable units (129,678) (163,562) From net investment income Pinnacle Series (1,662,148) (2,562,462) Net cash provided by (used in) financing activities (5,317,132) 21,116,999 Series F (3,179) (3,018) Unrealized foreign currency translation gain (loss) 2,481 52,118 Series I (12,801) – Net increase (decrease) in cash (280,809) 3,552,290 Series M (6,162,004) (7,126,197) Cash (bank overdraft), beginning of period 8,858,806 5,254,398 From net realized gains on investments CASH (BANK OVERDRAFT), END OF PERIOD 8,580,478 8,858,806 Pinnacle Series (1,127,732) (1,807,661) Series F (2,999) (2,537) Interest paid(1) 3,832 18,123 Series I (7,754) – Interest received, net of withholding taxes(1) 41,053 101,091 Series M (4,884,019) (5,709,406) Dividends received, net of withholding taxes(1) 9,347,253 11,741,184 (13,862,636) (17,211,281) (1) Classified as operating items.

REDEEMABLE UNIT TRANSACTIONS Proceeds from issue Pinnacle Series 11,403,946 14,572,926 Series F 83,067 108,501 Series I 506,000 – Series M 62,385,262 106,389,919 Reinvested distributions Pinnacle Series 2,778,336 4,355,420 Series F 1,754 2,339 Series I 20,555 – Series M 10,932,312 12,689,960 Payments on redemption Pinnacle Series (32,133,339) (22,247,403) Series F (14,766) (7,821) Series I (35,000) – Series M (47,652,068) (77,431,265) 8,276,059 38,432,576

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (24,727,523) 9,451,743 Series F 59,943 109,139 Series I 481,192 – Series M 3,517,018 76,348,394 (20,669,370) 85,909,276

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 70,060,113 94,787,636 Series F 189,663 129,720 Series I 481,192 – Series M 303,505,275 299,988,257 374,236,243 394,905,613 FOREIGN EQUITY FUNDS

104

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 97.8% EQUITIES (cont'd) Australia – 8.2% United States (cont'd) Aurizon Holdings Ltd. 1,955,376 7,864,649 7,492,403 NextEra Energy Inc. 238,737 13,427,897 23,452,378 Transurban Group 1,717,510 20,241,497 23,050,533 NiSource Inc. 255,983 8,631,563 7,477,144 28,106,146 30,542,936 Norfolk Southern Corporation 29,017 7,252,369 8,779,069 Pinnacle West Capital Corporation 49,038 5,591,318 4,992,090 Canada – 6.3% Portland General Electric Co. 127,766 8,519,500 6,958,022 Emera Inc. 186,300 9,267,209 10,078,830 SBA Communications Corporation, Class A 28,238 10,858,699 10,144,121 Pembina Pipeline Corporation 446,400 13,003,579 13,436,640 UGI Corporation 147,821 9,686,268 6,580,195 22,270,788 23,515,470 Xcel Energy Inc. 109,796 8,963,428 9,320,693 France – 5.8% 182,642,982 190,691,306 Eiffage SA 51,805 6,899,014 6,376,743 TOTAL EQUITIES 362,024,758 365,230,500 Rubis SCA 134,735 8,761,681 7,966,280 VInc.i SA 56,960 6,447,061 7,217,103 Transaction Costs (147,334) – 22,107,756 21,560,126 TOTAL INVESTMENT PORTFOLIO 361,877,424 365,230,500 Hong Kong – 6.5% OTHER ASSETS, LESS LIABILITIES – 2.2% 9,005,743 China Gas Holdings Ltd. 774,200 3,567,540 3,930,225 NET ASSETS – 100.0% 374,236,243 CLP Holdings Limited 632,500 8,597,044 7,454,841 Guangdong Investment Ltd. 2,352,000 5,010,839 5,409,720 Jiangsu Expressway Co., Ltd., Class H 5,226,000 9,161,335 7,450,094 26,336,758 24,244,880 Italy – 3.5% Atlantia SpA 328,022 11,697,913 7,499,096 Hera SpA 501,901 2,477,881 2,339,179 Infrastrutture Wireless Italiane SpA 219,841 3,229,670 3,393,511 17,405,464 13,231,786 Japan – 4.5% East Japan Railway Company 76,000 9,333,566 6,478,723 Tokyo Gas Co., Ltd. 197,900 6,213,108 5,858,636 West Japan Railway Company 65,600 5,195,755 4,391,810 20,742,429 16,729,169 Mexico – 1.7% Grupo Aeroportuario del Sureste S.A.B. de C.V. 95,543 2,048,733 2,011,977 Promotora y Operadora de Infraestructura S.A.B. de C.V. 384,231 4,592,685 4,316,473 6,641,418 6,328,450 Spain – 3.3% Aena S.A. 54,854 11,533,354 12,197,165 Switzerland – 2.3% Flughafen Zurich AG 38,080 8,023,107 8,578,444 United Kingdom – 4.7% National Grid PLC 285,675 4,365,976 4,330,467 Severn Trent PLC 142,716 5,364,711 5,688,802 SSE PLC 289,399 6,483,869 7,591,499 16,214,556 17,610,768 United States – 51.0% Alliant Energy Corporation 144,906 8,427,468 9,507,750 American Tower Corporation 77,898 20,963,010 22,263,656 Avista Corporation 90,565 5,348,502 4,628,806 CentrePoint Energy Inc. 354,242 11,210,971 9,760,870 Cheniere Energy Inc. 117,262 8,118,973 8,963,072 Crown Castle International Corporation 13,164 2,129,419 2,668,301 CSX Corporation 59,726 6,160,481 6,901,465 Dominion Resources Inc. 193,063 18,665,968 18,486,220 Essential Utilities Inc. 64,158 3,583,692 3,863,237 Evergy Inc. 80,059 5,555,853 5,658,647 Eversource Energy 107,004 11,084,403 11,786,844 Exelon Corporation 77,423 4,138,773 4,162,166 FOREIGN EQUITY FUNDS FirstEnergy Corporation 111,263 4,324,427 4,336,560

Portfolio Adviser: Colonial First State Asset Management (Australia) Limited Scotia Private Global Infrastructure Pool (continued)

105

FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Price risk The Fund’s investment objective is to generate inflation protected As at December 31, 2020, approximately 97.8% (December 31, 2019 – income and long term capital growth by investing in equity securities 97.9%) of the Fund’s net assets were directly exposed to price risk. If issued by companies around the world that own or operate prices of these instruments had fluctuated by 10%, with all other infrastructure assets. variables held constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by The Fund may also invest a portion of its assets in funds managed by approximately $36,523,050 (December 31, 2019 – $38,625,614). In the Manager and/or by third party investment managers (the practice, actual results may differ from this sensitivity analysis and the “Underlying Funds”). In addition to the risks described below, the difference could be material. Fund could be exposed to indirect risk to the extent that the Underlying Funds held financial instruments that were subject to the Credit risk below risks. The Fund did not have significant direct exposure to bonds and debentures, money market instruments or preferred shares as at Risks associated with financial instruments (note 4) December 31, 2020 or December 31, 2019. Interest rate risk Concentration risk The majority of the Fund’s financial instruments were non-interest bearing as at December 31, 2020 and December 31, 2019. Accordingly, Below is a summary of the Fund’s concentration risk by carrying value the Fund did not have significant direct interest rate risk exposure due as a percentage of net assets. to fluctuations in the prevailing levels of market interest rates. December 31, 2020 December 31, 2019 Currency risk Australia 8.2 5.2 Brazil – 0.3 Below is a summary of the Fund’s direct exposure to currency risk. Canada 6.3 8.2 France 5.8 6.0 Amounts shown are based on the carrying value of monetary and non- Hong Kong 6.5 6.0 monetary assets and liabilities of the Fund net of currency contracts Italy 3.5 2.1 Japan 4.5 6.4 and short positions, as applicable. Mexico 1.7 3.1 Spain 3.3 2.3 December 31, 2020 Switzerland 2.3 – United Kingdom 4.7 5.9 Gross currency Currency Net currency Percentage of United States 51.0 52.4 Currency exposure ($) contracts ($) exposure ($) net assets (%) Unrealized Gain (Loss) on Derivatives – 0.0 US dollar 191,644,920 – 191,644,920 51.2 Euro 47,332,345 – 47,332,345 12.6 Fair Value Classification (note 2) Australian dollar 30,548,266 – 30,548,266 8.2 Hong Kong dollar 24,274,295 – 24,274,295 6.5 Below is a summary of the classification of the Fund’s financial Pound sterling 17,807,501 – 17,807,501 4.8 Japanese yen 16,775,390 – 16,775,390 4.5 instruments within the fair value hierarchy. Swiss franc 8,585,637 – 8,585,637 2.3 Mexican peso 6,570,353 – 6,570,353 1.8 Level 1 Level 2 Level 3 Total 343,538,707 – 343,538,707 91.9 December 31, 2020 ($) ($) ($) ($) Equities 220,535,226 144,695,274 – 365,230,500 December 31, 2019 220,535,226 144,695,274 – 365,230,500 Gross currency Currency Net currency Percentage of Currency exposure ($) contracts ($) exposure ($) net assets (%) Level 1 Level 2 Level 3 Total US dollar 209,200,216 – 209,200,216 53.0 December 31, 2019 ($) ($) ($) ($) Euro 41,662,419 – 41,662,419 10.5 Japanese yen 25,697,192 – 25,697,192 6.5 Equities 251,229,362 135,026,779 – 386,256,141 Hong Kong dollar 24,247,287 – 24,247,287 6.1 251,229,362 135,026,779 – 386,256,141 Pound sterling 23,531,765 – 23,531,765 6.0 Unrealized loss on currency Australian dollar 20,585,992 – 20,585,992 5.2 spot contracts – (1,055) – (1,055) Mexican peso 12,037,350 – 12,037,350 3.0 Brazilian real 1,014,592 – 1,014,592 0.3 251,229,362 135,025,724 – 386,255,086 357,976,813 – 357,976,813 90.6

Transfers between levels As at December 31, 2020, if the Canadian dollar fluctuated by 10% in relation to all other foreign currencies, with all other variables held During the periods ended December 31, 2020 and December 31, 2019, constant, net assets attributable to holders of redeemable units of the there were no significant transfers between Level 1 and Level 2. Fund would have decreased or increased by $34,353,871 or

approximately 9.2% of net assets (December 31, 2019 – $35,797,681 or FOREIGN EQUITY FUNDS approximately 9.1%). In practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private Global Infrastructure Pool (continued)

106

Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

107

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME As at For the periods ended December 31 (note 1), December 31, December 31, (in dollars except average units) 2020 2019 (in dollars) 2020 2019 INCOME ASSETS Net gain (loss) on financial assets and liabilities at fair value Current assets through profit or loss Financial assets at fair value through profit or loss (note 2) Dividends 2,914,965 10,127,869 Non-derivative financial assets 75,541,459 336,865,994 Interest for distribution purposes 142,243 450,082 Cash 1,449,953 9,135,355 Net realized gain (loss) on non-derivative financial assets 1,793,415 33,285,311 Receivable for securities sold – 368,626 Change in unrealized gain (loss) on non-derivative financial Subscriptions receivable 65,093 57,196 assets (12,624,061) 13,033,183 Accrued investment income and other 284,744 1,174,080 Change in unrealized gain (loss) on derivatives 756 (259) Total assets 77,341,249 347,601,251 Net gain (loss) on financial assets and liabilities at fair LIABILITIES value through profit or loss (7,772,682) 56,896,186 Current liabilities Securities lending (note 11) 4,898 8,684 Financial liabilities at fair value through profit or loss Net realized and unrealized foreign currency translation gain (note 2) (loss) 167,709 (527,500) Derivatives – 756 Total income (loss), net (7,600,075) 56,377,370 Payable for securities purchased – 1,363,411 EXPENSES Redemptions payable 15,857 37,496 Management fees (note 5) 11,188 10,417 Total liabilities 15,857 1,401,663 Fixed administration fees (note 6) 102,133 193,036 Net assets attributable to holders of redeemable Independent Review Committee fees 1,356 1,200 units 77,325,392 346,199,588 Interest expense 4,343 5,511 Foreign withholding taxes/tax reclaims 250,386 1,233,061 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Harmonized Sales Tax/Goods and Services Tax 10,985 19,814 REDEEMABLE UNITS PER SERIES Transaction costs 502,696 990,211 Pinnacle Series 75,661,642 104,433,788 Total expenses 883,087 2,453,250 Series F 1,163,363 1,244,419 Series I 500,387 240,521,381 Increase (decrease) in net assets attributable to holders of redeemable units from operations (8,483,162) 53,924,120 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Pinnacle Series 16.89 18.49 TO HOLDERS OF REDEEMABLE UNITS FROM Series F 16.44 18.19 OPERATIONS PER SERIES Series I 17.18 19.18 Pinnacle Series (7,998,347) 16,340,396 Series F (85,478) 123,188 Series I (399,337) 37,460,536 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS PER UNIT† Pinnacle Series (1.69) 2.98 Series F (1.25) 2.28 Series I (0.16) 3.08 WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Pinnacle Series 4,741,089 5,481,725 Series F 68,578 53,988 Series I 2,554,775 12,152,028

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Delaware Investment Advisers Scotia Private Global Real Estate Pool (continued)

108

STATEMENTS OF CHANGES IN NET ASSETS STATEMENTS OF CASH FLOWS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE For the periods ended December 31 (note 1), UNITS (in dollars) 2020 2019 For the periods ended December 31 (note 1), CASH FLOWS FROM OPERATING ACTIVITIES (in dollars) 2020 2019 Increase (decrease) in net assets attributable to holders of redeemable units (8,483,162) 53,924,120 NET ASSETS ATTRIBUTABLE TO HOLDERS OF Adjustments for: REDEEMABLE UNITS, BEGINNING OF PERIOD Net realized (gain) loss on non-derivative financial Pinnacle Series 104,433,788 104,464,528 assets (1,793,415) (33,285,311) Series F 1,244,419 642,776 Change in unrealized (gain) loss on non-derivative Series I 240,521,381 224,285,316 financial assets 12,624,061 (13,033,183) 346,199,588 329,392,620 Change in unrealized (gain) loss on derivatives (756) 259 Unrealized foreign currency translation (gain) loss (232) (76,447) INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO Purchases of non-derivative financial assets and HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS liabilities (190,607,585) (556,117,436) Pinnacle Series (7,998,347) 16,340,396 Proceeds from sale of non-derivative financial assets Series F (85,478) 123,188 and liabilities 440,106,689 586,399,252 Series I (399,337) 37,460,536 Accrued investment income and other 889,336 203,158 (8,483,162) 53,924,120 Net cash provided by (used in) operating activities 252,734,936 38,014,412 DISTRIBUTIONS TO HOLDERS OF REDEEMABLE CASH FLOWS FROM FINANCING ACTIVITIES UNITS Proceeds from issue of redeemable units 23,778,780 35,809,867 From net investment income Amounts paid on redemption of redeemable units (284,181,715) (72,480,328) Pinnacle Series (1,819,525) (2,705,313) Distributions to unitholders of redeemable units (17,635) (84,686) Series F (27,446) (22,014) Series I (916,518) (6,397,011) Net cash provided by (used in) financing activities (260,420,570) (36,755,147) From net realized gains on investments Unrealized foreign currency translation gain (loss) 232 76,447 Pinnacle Series – (6,884,036) Net increase (decrease) in cash (7,685,634) 1,259,265 Series F – (82,999) Cash (bank overdraft), beginning of period 9,135,355 7,799,643 Series I – (15,734,843) CASH (BANK OVERDRAFT), END OF PERIOD 1,449,953 9,135,355 (2,763,489) (31,826,216) Interest paid(1) 4,343 5,511 Interest received, net of withholding taxes(1) 142,243 450,082 REDEEMABLE UNIT TRANSACTIONS Dividends received, net of withholding taxes(1) 3,553,913 9,097,968 Proceeds from issue Pinnacle Series 13,114,107 11,434,765 (1) Classified as operating items. Series F 183,645 598,183 Series I 10,488,925 23,406,155 Reinvested distributions Pinnacle Series 1,806,802 9,519,955 Series F 22,534 89,722 Series I 916,518 22,131,853 Payments on redemption Pinnacle Series (33,875,183) (27,736,507) Series F (174,311) (104,437) Series I (250,110,582) (44,630,625) (257,627,545) (5,290,936)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS Pinnacle Series (28,772,146) (30,740) Series F (81,056) 601,643 Series I (240,020,994) 16,236,065 (268,874,196) 16,806,968

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD Pinnacle Series 75,661,642 104,433,788 Series F 1,163,363 1,244,419 Series I 500,387 240,521,381 77,325,392 346,199,588 FOREIGN EQUITY FUNDS

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: Delaware Investment Advisers Scotia Private Global Real Estate Pool (continued)

109

SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Number of Average Carrying Issuer Shares Cost ($) Value ($) Issuer Shares Cost ($) Value ($)

EQUITIES – 97.8% EQUITIES (cont'd) Australia – 4.2% United States (cont'd) Goodman Group 112,373 1,436,300 2,087,055 CoreSite Realty Corporation 6,116 966,211 975,619 National Storage REIT 621,405 1,108,213 1,165,673 Corporate Office Properties Trust 22,847 722,351 758,696 2,544,513 3,252,728 Douglas Emmett Inc. 16,941 557,281 629,442 Empire State Realty Trust Inc. 78,093 658,546 926,743 Belgium – 3.4% EPR Properties 9,643 362,679 399,049 Shurgard Self Storage S.A. 18,478 1,112,041 1,020,729 Equinix Inc. 1,844 1,567,862 1,676,872 Warehouses De Pauw CVA NV 37,237 1,765,277 1,640,988 Equity LifeStyle Properties Inc. 16,888 1,424,692 1,362,463 2,877,318 2,661,717 Extra Space Storage Inc. 13,348 1,841,977 1,969,160 Canada – 3.0% Host Hotels & Resorts Inc. 67,035 1,024,991 1,248,755 Boardwalk Real Estate Investment Trust 37,862 1,058,442 1,277,464 Medical Properties Trust Inc. 32,413 755,940 899,306 Granite Real Estate Investment Trust 13,050 823,611 1,016,595 Mid-America Apartment Communities Inc. 9,069 1,424,636 1,462,962 Omega Healthcare Investors Inc. 24,832 1,165,270 1,148,388 1,882,053 2,294,059 ProLogis 31,833 3,289,593 4,039,519 Germany – 4.9% QTS Realty Trust Inc. 9,924 786,530 781,931 Deutsche Wohnen AG-Br 35,357 2,089,190 2,403,486 Rayonier Inc. 30,157 1,085,540 1,128,161 LEG Immobilien AG 7,060 1,177,620 1,393,825 Simon Property Group Inc. 13,532 1,457,929 1,469,401 3,266,810 3,797,311 STAG Industrial Inc. 33,282 1,360,228 1,327,280 Store Capital Corporation 43,310 1,611,463 1,873,884 Hong Kong – 6.8% Sun Communities Inc. 6,689 1,071,563 1,294,175 ESR Cayman Ltd. 314,200 1,311,952 1,437,753 Urban Edge Properties 76,409 1,030,389 1,258,954 Link Real Estate Investment Trust, The 99,800 1,212,775 1,157,738 VICI Properties Inc. 50,242 1,398,267 1,631,317 Sino Land Co., Ltd. 660,117 1,040,968 1,095,374 Welltower Inc. 32,730 2,314,675 2,693,049 Swire Properties Ltd. 413,000 1,435,881 1,532,340 WP Carey Inc. 11,471 1,019,227 1,030,894 5,001,576 5,223,205 37,487,176 40,640,385 India – 1.1% TOTAL EQUITIES 69,470,783 75,541,459 Embassy Office Parks Real Estate Investment Trust 138,400 919,542 832,538 Transaction Costs (34,953) – Japan – 7.7% Advance Residence Investment Corporation 328 1,295,429 1,252,126 TOTAL INVESTMENT PORTFOLIO 69,435,830 75,541,459 Japan Logistics Fund Inc. 288 1,122,050 1,081,631 OTHER ASSETS, LESS LIABILITIES – 2.2% 1,783,933 Katitas Co., Ltd. 48,600 1,809,686 1,997,105 NET ASSETS – 100.0% 77,325,392 Kenedix Inc. 174,700 1,221,739 1,615,874 5,448,904 5,946,736 Mexico – 1.9% Corp Inmobiliaria Vesta S.A.B. de C.V. 285,001 566,222 707,138 Fibra Uno Administracion S.A. de C.V. 516,615 526,217 743,511 1,092,439 1,450,649 Norway – 0.5% Entra ASA 13,716 252,627 396,545 Singapore – 2.8% Ascendas India Trust 553,000 731,526 734,603 Mapletree Logistics Trust 734,777 1,366,813 1,422,588 2,098,339 2,157,191 Spain – 1.0% Cellnex Telecom S.A. 9,871 810,896 754,612 United Kingdom – 7.9% Big Yellow Group PLC 62,307 1,165,019 1,190,016 Grainger PLC 282,520 1,326,545 1,395,548 Helios Towers PLC 530,773 1,454,006 1,409,598 Shaftesbury PLC 153,424 1,326,699 1,510,105 Unite Group PLC 34,533 516,321 628,516 5,788,590 6,133,783 United States – 52.6% Alexandria Real Estate Equities Inc. 6,878 1,396,512 1,560,809 American Homes 4 Rent, Class A 50,401 1,809,355 1,925,270 American Tower Corporation 3,700 1,199,535 1,057,479 AvalonBay Communities Inc. 9,488 2,265,030 1,938,168 Boston Properties Inc. 7,498 954,580 902,498 Brixmor Property Group Inc. 60,273 964,324 1,270,141 FOREIGN EQUITY FUNDS

Portfolio Adviser: Delaware Investment Advisers Scotia Private Global Real Estate Pool (continued)

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FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Price risk The Fund’s investment objective is to achieve superior long term As at December 31, 2020, approximately 97.8% (December 31, 2019 – returns through income and capital growth, by investing primarily in 97.4%) of the Fund’s net assets were directly exposed to price risk. If U.S., Canadian and non-North American real estate stocks and real prices of these instruments had fluctuated by 10%, with all other estate investment trusts (REITs). variables held constant, net assets attributable to holders of The Fund may also invest a portion of its assets in funds managed by redeemable units of the Fund would have decreased or increased by the Manager and/or by third party investment managers (the approximately $7,554,146 (December 31, 2019 – $33,686,599). In “Underlying Funds”). In addition to the risks described below, the practice, actual results may differ from this sensitivity analysis and the Fund could be exposed to indirect risk to the extent that the difference could be material. Underlying Funds held financial instruments that were subject to the Credit risk below risks. The Fund did not have significant direct exposure to bonds and Risks associated with financial instruments (note 4) debentures, money market instruments or preferred shares as at Interest rate risk December 31, 2020 or December 31, 2019. The majority of the Fund’s financial instruments were non-interest Concentration risk bearing as at December 31, 2020 and December 31, 2019. Accordingly, Below is a summary of the Fund’s concentration risk by carrying value the Fund did not have significant direct interest rate risk exposure due as a percentage of net assets. to fluctuations in the prevailing levels of market interest rates. Currency risk December 31, 2020 December 31, 2019 Australia 4.2 3.7 Below is a summary of the Fund’s direct exposure to currency risk. Belgium 3.4 – Amounts shown are based on the carrying value of monetary and non- Canada 3.0 2.8 France – 1.6 monetary assets and liabilities of the Fund net of currency contracts Germany 4.9 4.4 Hong Kong 6.8 5.6 and short positions, as applicable. India 1.1 – Japan 7.7 7.8 December 31, 2020 Mexico 1.9 – Gross currency Currency Net currency Percentage of Norway 0.5 – Currency exposure ($) contracts ($) exposure ($) net assets (%) Singapore 2.8 2.0 Spain 1.0 1.7 US dollar 40,877,935 – 40,877,935 52.9 Sweden – 1.1 Euro 7,213,640 – 7,213,640 9.3 United Kingdom 7.9 6.5 Pound sterling 6,172,128 – 6,172,128 8.0 United States 52.6 60.2 Japanese yen 5,962,303 – 5,962,303 7.7 Unrealized Gain (Loss) on Derivatives – 0.0 Hong Kong dollar 5,223,205 – 5,223,205 6.8 Australian dollar 3,281,389 – 3,281,389 4.2 Singapore dollar 2,157,190 – 2,157,190 2.8 Fair Value Classification (note 2) Mexican peso 1,450,649 – 1,450,649 1.9 Indian rupee 832,538 – 832,538 1.1 Below is a summary of the classification of the Fund’s financial Norwegian krone 396,545 – 396,545 0.5 instruments within the fair value hierarchy. 73,567,522 – 73,567,522 95.2

Level 1 Level 2 Level 3 Total December 31, 2019 December 31, 2020 ($) ($) ($) ($) Gross currency Currency Net currency Percentage of Equities 44,385,093 31,156,366 – 75,541,459 Currency exposure ($) contracts ($) exposure ($) net assets (%) 44,385,093 31,156,366 – 75,541,459 US dollar 213,152,878 – 213,152,878 61.6 Japanese yen 26,998,115 – 26,998,115 7.8 Euro 26,757,091 – 26,757,091 7.7 Level 1 Level 2 Level 3 Total Pound sterling 22,651,593 – 22,651,593 6.5 December 31, 2019 ($) ($) ($) ($) Hong Kong dollar 19,484,817 – 19,484,817 5.6 Equities 218,075,979 118,790,015 – 336,865,994 Australian dollar 12,863,306 – 12,863,306 3.7 Singapore dollar 6,874,402 – 6,874,402 2.0 218,075,979 118,790,015 – 336,865,994 Swedish krona 3,678,423 – 3,678,423 1.1 Unrealized loss on currency 332,460,625 – 332,460,625 96.0 spot contracts – (756) – (756) 218,075,979 118,789,259 – 336,865,238 As at December 31, 2020, if the Canadian dollar fluctuated by 10% in relation to all other foreign currencies, with all other variables held Transfers between levels constant, net assets attributable to holders of redeemable units of the Fund would have decreased or increased by $7,356,752 or During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2. FOREIGN EQUITY FUNDS approximately 9.5% of net assets (December 31, 2019 – $33,246,063 or approximately 9.6%). In practice, actual results may differ from this sensitivity analysis and the difference could be material. Scotia Private Global Real Estate Pool (continued)

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Interest in Underlying Funds (note 2) The Fund did not hold any interest in Underlying Funds as at December 31, 2020 or December 31, 2019.

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STATEMENTS OF FINANCIAL POSITION STATEMENTS OF CHANGES IN NET ASSETS As at ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS December 31, December 31, (in dollars) 2020 2019 For the periods ended December 31 (note 1), ASSETS (in dollars) 2020 2019 Current assets Financial assets at fair value through profit or loss (note 2) NET ASSETS ATTRIBUTABLE TO HOLDERS OF Non-derivative financial assets 25,057,901 30,207,010 REDEEMABLE UNITS, BEGINNING OF PERIOD Cash – 47,206 Series A 28,068,659 32,751,299 Receivable for securities sold 36,000 – Series F 2,179,725 1,745,370 Subscriptions receivable 802 11,347 30,248,384 34,496,669 Accrued investment income and other 385 120 Total assets 25,095,088 30,265,683 INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE LIABILITIES UNITS FROM OPERATIONS Current liabilities Series A 688,423 3,706,460 Bank overdraft 7,029 – Series F 118,810 248,105 Redemptions payable 495 17,299 807,233 3,954,565 Total liabilities 7,524 17,299 Net assets attributable to holders of redeemable DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS units 25,087,564 30,248,384 From net investment income Series A (81,280) (136,080) NET ASSETS ATTRIBUTABLE TO HOLDERS OF Series F (31,605) (37,187) REDEEMABLE UNITS PER SERIES Series A 22,557,817 28,068,659 (112,885) (173,267) Series F 2,529,747 2,179,725 REDEEMABLE UNIT TRANSACTIONS NET ASSETS ATTRIBUTABLE TO HOLDERS OF Proceeds from issue REDEEMABLE UNITS PER UNIT Series A – 535,984 Series A 16.41 15.85 Series F 970,230 593,575 Series F 11.34 10.90 Reinvested distributions Series A 78,259 128,986 Series F 29,033 30,820 Payments on redemption STATEMENTS OF COMPREHENSIVE INCOME Series A (6,196,244) (8,917,990) For the periods ended December 31 (note 1), Series F (736,446) (400,958) (5,855,168) (8,029,583) (in dollars except average units) 2020 2019 INCREASE (DECREASE) IN NET ASSETS INCOME ATTRIBUTABLE TO HOLDERS OF REDEEMABLE Net gain (loss) on financial assets and liabilities at fair value UNITS through profit or loss Series A (5,510,842) (4,682,640) Dividends 326,475 478,815 Series F 350,022 434,355 Interest for distribution purposes 372,036 470,100 (5,160,820) (4,248,285) Net realized gain (loss) on non-derivative financial assets 1,430,527 2,040,405 Change in unrealized gain (loss) on non-derivative financial NET ASSETS ATTRIBUTABLE TO HOLDERS OF assets (731,733) 1,757,086 REDEEMABLE UNITS, END OF PERIOD Net gain (loss) on financial assets and liabilities at fair Series A 22,557,817 28,068,659 value through profit or loss 1,397,305 4,746,406 Series F 2,529,747 2,179,725 Other income – 123 25,087,564 30,248,384 Total income (loss), net 1,397,305 4,746,529 EXPENSES Management fees (note 5) 515,853 665,426 STATEMENTS OF CASH FLOWS Fixed administration fees (note 6) 20,768 26,329 Independent Review Committee fees 1,356 1,200 For the periods ended December 31 (note 1), Interest expense 383 737 (in dollars) 2020 2019 Foreign withholding taxes/tax reclaims – 30,852 Harmonized Sales Tax/Goods and Services Tax 52,057 67,495 CASH FLOWS FROM OPERATING ACTIVITIES Total expenses 590,417 792,039 Increase (decrease) in net assets attributable to holders of Expenses absorbed by the Manager (345) (75) redeemable units 807,233 3,954,565 Net expenses 590,072 791,964 Adjustments for: Net realized (gain) loss on non-derivative financial assets (1,430,527) (2,040,405) Increase (decrease) in net assets attributable to Change in unrealized (gain) loss on non-derivative holders of redeemable units from operations 807,233 3,954,565 financial assets 731,733 (1,757,086) INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Other non-cash transactions (697,783) (917,341) TO HOLDERS OF REDEEMABLE UNITS FROM Purchases of non-derivative financial assets and liabilities (9,103,000) – OPERATIONS PER SERIES Proceeds from sale of non-derivative financial assets and Series A 688,423 3,706,460 liabilities 15,612,687 9,005,099 Series F 118,810 248,105 Accrued investment income and other (265) (79) INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE Net cash provided by (used in) operating activities 5,920,078 8,244,753 TO HOLDERS OF REDEEMABLE UNITS FROM CASH FLOWS FROM FINANCING ACTIVITIES OPERATIONS PER UNIT† Proceeds from issue of redeemable units 746,081 1,133,391 Series A 0.45 1.85 Amounts paid on redemption of redeemable units (6,714,801) (9,330,945) Series F 0.56 1.34 Distributions to unitholders of redeemable units (5,593) (13,461) WEIGHTED AVERAGE NUMBER OF UNITS PER SERIES Net cash provided by (used in) financing activities (5,974,313) (8,211,015) Series A 1,534,999 2,008,865 Net increase (decrease) in cash (54,235) 33,738 Series F 210,793 185,748 Cash (bank overdraft), beginning of period 47,206 13,468 CASH (BANK OVERDRAFT), END OF PERIOD (7,029) 47,206 † The increase (decrease) in net assets attributable to holders of redeemable units from (1) THE PINNACLE PORTFOLIOS operations per unit is calculated by dividing the increase (decrease) in net assets Interest paid 383 737 attributable to holders of redeemable units from operations per series by the weighted Interest received, net of withholding taxes(1) 734 716 average number of units per series. (1) Classified as operating items.

The accompanying notes are an integral part of these financial statements. Portfolio Adviser: 1832 Asset Management L.P. Pinnacle Balanced Portfolio (continued)

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SCHEDULE OF INVESTMENT PORTFOLIO As at December 31, 2020

Number of Average Carrying Issuer Units Cost ($) Value ($)

UNDERLYING FUNDS – 99.9% Canadian Equity Funds – 24.4% Scotia Private Canadian Growth Pool Series I 105,216 1,419,190 2,155,752 Scotia Private Canadian Mid Cap Pool Series I 54,199 867,132 1,254,264 Scotia Private Canadian Small Cap Pool Series I 15,815 431,973 619,494 Scotia Private Canadian Value Pool Series I 79,077 1,538,154 2,088,686 4,256,449 6,118,196 Fixed Income Funds – 34.2% Scotia Private American Core-Plus Bond Pool Series I 85,883 865,789 866,350 Scotia Private Canadian Core Bond Pool Series I 388,857 3,888,082 3,868,702 Scotia Private Income Pool Series I 327,858 3,603,447 3,852,793 8,357,318 8,587,845 Foreign Equity Funds – 41.3% Scotia Private Emerging Markets Pool Series I 45,984 455,265 527,356 Scotia Private Global High Yield Pool Series I 125,054 1,250,398 1,290,157 Scotia Private Global Infrastructure Pool Series I 49,381 492,883 481,192 Scotia Private Global Real Estate Pool Series I 29,135 439,186 500,386 Scotia Private International Equity Pool Series I 166,596 1,984,307 2,254,804 Scotia Private International Small to Mid Cap Value Pool Series I 13,706 269,669 548,821 Scotia Private U.S. Large Cap Growth Pool Series I 47,526 1,094,466 2,174,338 Scotia Private U.S. Mid Cap Value Pool Series I 20,632 326,757 490,067 Scotia Private U.S. Value Pool Series I 104,482 1,721,787 2,084,739 8,034,718 10,351,860 TOTAL INVESTMENT PORTFOLIO 20,648,485 25,057,901 OTHER ASSETS, LESS LIABILITIES – 0.1% 29,663 NET ASSETS – 100.0% 25,087,564 THE PINNACLE PORTFOLIOS

Portfolio Adviser: 1832 Asset Management L.P. Pinnacle Balanced Portfolio (continued)

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FUND SPECIFIC NOTES For the periods indicated in note 1 The Fund (note 1) Fair Value Classification (note 2) The Fund’s investment objective is to achieve a balance of long-term Below is a summary of the classification of the Fund’s financial capital growth and current income. It invests primarily in a mix of instruments within the fair value hierarchy. equity and income mutual funds managed by us. Level 1 Level 2 Level 3 Total The Fund invests primarily in funds managed by the Manager and/or by December 31, 2020 ($) ($) ($) ($) the third party investment managers (the “Underlying Funds”). To Underlying Funds 25,057,901 – – 25,057,901 ensure the Fund’s composition meets the investment objectives of the 25,057,901 – – 25,057,901 Fund, the portfolio advisor monitors the Underlying Funds on an ongoing basis and rebalances the Fund’s assets among the Underlying Level 1 Level 2 Level 3 Total December 31, 2019 ($) ($) ($) ($) Funds. In addition to the risks described below, the Fund could be Underlying Funds 30,207,010 – – 30,207,010 exposed to indirect risk to the extent that the Underlying Funds held 30,207,010 – – 30,207,010 financial instruments that were subject to the below risks.

Risks associated with financial instruments (note 4) Transfers between levels

Interest rate risk During the periods ended December 31, 2020 and December 31, 2019, there were no significant transfers between Level 1 and Level 2. The majority of the Fund’s financial instruments were non-interest bearing as at December 31, 2020 and December 31, 2019. Accordingly, Offsetting of financial assets and liabilities (note 2) the Fund did not have significant direct interest rate risk exposure due to fluctuations in the prevailing levels of market interest rates. As at December 31, 2020 and December 31, 2019, the Fund did not enter into any agreement whereby the financial instruments were Currency risk eligible for offset. The Fund did not have significant direct currency risk exposure as at December 31, 2020 or December 31, 2019. Interest in Underlying Funds (note 2)

Price risk Below is a summary of the Underlying Funds held by the Fund.

As at December 31, 2020, approximately 99.9% (December 31, 2019 – December 31, 2020 99.9%) of the Fund’s net assets were directly exposed to price risk. If Carrying value of the Ownership percentage prices of these instruments had fluctuated by 10%, with all other Underlying Fund in Underlying Fund ($) (%) variables held constant, net assets attributable to holders of Scotia Private Canadian Core Bond redeemable units of the Fund would have decreased or increased by Pool Series I 3,868,702 1.4 Scotia Private Canadian Growth Pool approximately $2,505,790 (December 31, 2019 – $3,020,701). In Series I 2,155,752 1.2 practice, actual results may differ from this sensitivity analysis and the Scotia Private Canadian Mid Cap Pool Series I 1,254,264 1.2 difference could be material. Scotia Private Canadian Value Pool Series I 2,088,686 1.0 Credit risk Scotia Private U.S. Value Pool Series I 2,084,739 1.0 Scotia Private Income Pool Series I 3,852,793 0.8 The Fund did not have significant direct exposure to bonds and Scotia Private American Core-Plus Bond Pool Series I 866,350 0.7 debentures, money market instruments or preferred shares as at Scotia Private International Small to Mid Cap Value Pool Series I 548,821 0.7 December 31, 2020 or December 31, 2019. Scotia Private Emerging Markets Pool Series I 527,356 0.6 Concentration risk Scotia Private Global Real Estate Pool Series I 500,386 0.6 Below is a summary of the Fund’s concentration risk by carrying value Scotia Private U.S. Mid Cap Value Pool Series I 490,067 0.5 as a percentage of net assets. Scotia Private U.S. Large Cap Growth Pool Series I 2,174,338 0.3 December 31, 2020 December 31, 2019 Scotia Private Global High Yield Pool Series I 1,290,157 0.2 Canadian Equity Funds 24.4 30.2 Scotia Private International Equity Fixed Income Funds 34.2 39.9 Pool Series I 2,254,804 0.2 Foreign Equity Funds 41.3 29.8 Scotia Private Canadian Small Cap Pool Series I 619,494 0.1 Scotia Private Global Infrastructure Pool Series I 481,192 0.1 25,057,901 THE PINNACLE PORTFOLIOS Pinnacle Balanced Portfolio (continued)

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FUND SPECIFIC NOTES For the periods indicated in note 1 December 31, 2019 Carrying value of the Ownership percentage Underlying Fund in Underlying Fund ($) (%) Scotia Private Canadian Growth Pool Series I 3,632,248 1.7 Scotia Private Income Pool Series I 9,013,765 1.6 Scotia Private Canadian Value Pool Series I 2,764,113 1.4 Scotia Private Canadian Mid Cap Pool Series I 1,356,037 0.9 Scotia Private International Small to Mid Cap Value Pool Series I 610,058 0.9 Scotia Private U.S. Mid Cap Value Pool Series I 1,051,417 0.8 Scotia Private U.S. Value Pool Series I 1,055,374 0.8 Scotia Private High Yield Income Pool Series I 3,042,376 0.6 Scotia Private Global Real Estate Pool Series I 1,784,738 0.5 Scotia Private Canadian Small Cap Pool Series I 1,372,775 0.3 Scotia Private International Equity Pool Series I 2,410,184 0.3 Scotia Private U.S. Large Cap Growth Pool Series I 1,507,155 0.2 Scotia Private Emerging Markets Pool Series I 606,770 0.1 30,207,010

1. The Funds Each Fund may offer an unlimited number of units of some or all of its respective series. Each series of a Fund is intended for different 1832 Asset Management L.P., a wholly owned subsidiary of the Bank of investors. Nova Scotia (“Scotiabank”), is the manager and trustee of the funds. In this document, “we”, “us”, “our”, the “Manager”, the “Trustee”, and A description of each series is provided below: “1832 Asset Management” refer to 1832 Asset Management L.P. The Series A: Series A units are only available through Scotia McLeod or otherwise as registered office of the funds is 1 Adelaide Street East, 28th Floor, permitted by the Manager. Toronto, ON, M5C 2V9. Pinnacle Series: Pinnacle Series units are only available to investors who participate in The Funds presented in these financial statements are open-ended the Pinnacle Program. mutual fund trusts. Throughout this document, we refer to these Series F: Series F units are available for purchase into a fee-based account with mutual fund trusts individually as a “Fund” and collectively, as the authorized brokers or dealers. “Funds”. Series I: Series I units may only be purchased by eligible institutional investors and other qualified investors as determined by the Manager. The Funds are established under the laws of the Province of Ontario Series K: Series K units are only available to investors who participate in the pursuant to an Amended and Restated Master Declaration of Trust ScotiaMcLeod Investment Portfolio (‘SIP”). Series K units are only dated November 24, 2011, as amended from time to time. available in the SIP multi-manager mandates or SIP optimized portfolios and are not available as single funds. The Statements of Financial Position of each of the Funds are as at Series M: Series M units are available to investors who have signed a December 31, 2020 and 2019, as applicable, and the Statements of discretionary investment management agreement with the Manager or Comprehensive Income, Changes in Net Assets Attributable to Scotiatrust. Holders of Redeemable Units and Cash Flows are for the years ended December 31, 2020 and 2019, as applicable, except for Funds that 2. Summary of Significant Accounting incepted during either period, where the information presented is for Policies the period from the Fund’s inception date to December 31, 2020 or 2019, as applicable. The Schedule of Investment Portfolio for each of The significant accounting policies applied in the preparation of these the Funds is as at December 31, 2020. Throughout this document, financial statements are set out below. These policies have been reference to the period or periods refers to the reporting periods consistently applied to all the periods presented, unless otherwise described above. stated. These financial statements were approved and authorized for issue on (a) Basis of accounting March 11, 2021 by the Board of Directors of 1832 Asset Management These annual financial statements of the Funds have been G.P. Inc., as general partner for and on behalf of 1832 Asset prepared in accordance with International Financial Reporting Management L.P., in its capacity as Trustee of the Funds. Standards (“IFRS”). The investment objectives for each of the Funds are provided in the The preparation of these financial statements in accordance respective Fund’s “Fund Specific Notes”. The inception date for each with IFRS requires the use of judgment in applying accounting Fund is as follows: policies and to make estimates and assumptions concerning the

Scotia Private Pools Inception Date future. Significant accounting judgments and estimates made by the Manager are disclosed in Note 3. Scotia Private American Core-Plus Bond Pool January 28, 2002 Scotia Private Canadian Core Bond Pool January 22, 2020 (b) Financial instruments Scotia Private Canadian Growth Pool September 3, 1997 Scotia Private Canadian Mid Cap Pool January 28, 2002 Classification Scotia Private Canadian Small Cap Pool September 3, 1997 The Funds classify investments, including derivatives and short Scotia Private Canadian Value Pool September 3, 1997 positions, at fair value through profit and loss. Investment Scotia Private Emerging Markets Pool September 8, 2010 classification is based on both the Funds’ business model for Scotia Private Global Equity Pool September 3, 1997 managing those investments and their contractual cash flow Scotia Private Global Real Estate Pool January 28, 2002 Scotia Private High Yield Income Pool September 3, 1997 characteristics. The portfolio of investments is managed and Scotia Private Income Pool September 3, 1997 performance is evaluated on a fair value basis. The Funds are Scotia Private International Equity Pool September 3, 1997 primarily focused on fair value information and use that Scotia Private International Small to Mid Cap Value Pool January 28, 2002 information to assess performance and to make decisions. The Scotia Private Strategic Balanced Pool September 3, 1997 contractual cash flows of the Funds’ debt securities are generally Scotia Private U.S. Large Cap Growth Pool January 18, 2001 principal and interest, however, the collection of contractual Scotia Private U.S. Mid Cap Value Pool January 28, 2002 cash flows is only incidental to achieving the Funds’ business Scotia Private U.S. Value Pool September 3, 1997 model’s objective. Consequently, all investments are measured at Scotia Private Global High Yield Pool January 16, 2018 fair value through profit or loss. Scotia Private Global Infrastructure Pool January 16, 2018 Pinnacle Portfolios The Funds may sell securities short, in which a borrowed Pinnacle Balanced Portfolio April 22, 2005 security is sold in anticipation of a decline in the market value of

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that security. Short sales are held for trading and are IFRS 13, Fair value measurement, requires the use and consequently classified as financial liabilities at fair value disclosure of a fair value hierarchy that categorises into three through profit or loss. levels the inputs to valuation techniques used to measure fair value of financial instruments. The fair value hierarchy gives the Derivatives include warrants, swaps, options, futures and highest priority to quoted prices (unadjusted) in active markets forward currency contracts. Derivative contracts that have a and the lowest priority to unobservable inputs. The three level negative fair value are classified as financial liabilities at fair hierarchy based on inputs levels are defined as follows: value through profit or loss. Level 1: Fair value is based on unadjusted quoted prices in As such, the Funds classify all investments and derivatives as active markets for identical assets or liabilities; financial assets or liabilities at fair value through profit or loss. Level 2: Fair value is based on inputs other than unadjusted The Funds’ obligations for net assets attributable to holders of quoted prices included in level 1 that are observable for the redeemable units are presented at the redemption amount. assets or liabilities, either directly or indirectly; and Receivable for securities sold, subscription receivable, accrued Level 3: Fair value is based on at least one significant investment income and other, and mortgage payments non-observable input that is not supported by market data for receivables are measured at amortized cost. the financial assets or liabilities. All other financial liabilities, other than those classified as fair Changes in valuation methodology may result in transfer in and value through profit or loss are measured at amortized cost. out of a level. The Funds’ policy is to recognize these transfers as Recognition and measurement of the date of the event or circumstance giving rise to the transfer. The three level fair value hierarchy, transfers between Regular purchases and sales of investments are recognized on levels and a reconciliation of level 3 financial instruments, as the date on which the Funds commit to purchase or sell applicable, are disclosed in the respective Fund’s “Fund Specific investments at fair value. Transaction costs are expensed as Notes”. incurred in the Statements of Comprehensive Income. Financial The Manager is responsible for performing the fair value assets and liabilities at fair value through profit or loss are measurements included in the financial statements of the Funds, measured at fair value as presented below. Gains and losses including level 3 measurements. The Manager obtains pricing arising from changes in their fair value are included in the from a third party pricing vendor, which is monitored and Statements of Comprehensive Income for the periods in which reviewed by the valuation team daily. At each financial reporting they arise. date, the Manager reviews and approves all level 3 fair value (c) Fair value measurement and hierarchy of financial measurements. The Manager also has a Valuation Committee instruments which includes members of the finance team, as well as members of the investment counsel and compliance teams. The Fair value of a financial instrument is the price that would be committee meets quarterly to perform detailed reviews of the received to sell an asset or paid to transfer a liability in an valuations of investments held by the Funds. orderly transaction between market participants at the Financial instruments are valued at their fair value as measurement date (i.e. an exit price). Fair value of financial summarized below: assets and liabilities traded in active markets (such as publicly traded derivatives and marketable securities) is based on quoted (i) North American equities, including exchange traded funds market prices at the close of trading on the reporting date. The and closed end funds, are valued at the closing market Funds use the last traded market price for both financial assets price recorded by the security exchange on which the and financial liabilities where the last traded price falls within security is principally traded. Non-North American that day’s bid-ask spread. In circumstances where the last traded equities are valued at fair value based on information price is not within the bid-ask spread, the Manager determines provided by an independent pricing source. the point within the bid-ask spread that is most representative of (ii) Fixed income securities, including bonds and mortgage- fair value based on the specific facts and circumstances. backed securities, are valued by using mean price The fair value of financial assets and liabilities that are not quotations received from independent pricing sources. traded in an active market, including over the-counter (iii) Short-term debt instruments are carried at amortized derivatives, is determined using valuation techniques. The Funds cost, which approximates fair value. use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. Valuation (iv) Investments in underlying mutual funds are valued based techniques include the use of comparable recent arm’s length on the net asset value per unit provided by the underlying transactions, reference to other instruments that are mutual funds’ manager at the end of each valuation date. substantially the same, discounted cash flow analysis, option (v) Unlisted warrants are valued using the Black-Scholes pricing models and other techniques commonly used by market option valuation model. The model factors in the time participants which make the maximum use of observable inputs. value of money and the volatility inputs significant to such

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valuation. For purposes of determining Net Asset Value as Gains and losses arising from changes in fair value of derivatives defined below, unlisted warrants are valued at their are shown in the Statements of Comprehensive Income as intrinsic value. “Change in unrealized gain (loss) on derivatives”, and as “Net realized gain (loss) on derivatives” when positions are closed out (vi) Options contracts are valued at their mid-price as or have expired, where applicable. reported by the principal exchange or the over-the-counter market on which the contract is traded. The premium received or paid on options purchased or written All transactions in over-the-counter options are valued are included in the cost of the options. Any difference resulting using quotations received from independent pricing from revaluation at the reporting date is treated as “Change in sources. Options on futures are valued using settlement unrealized gain (loss) on derivatives”, while the gains and losses price determined by the exchange (if available); if no realized when the position is closed is included in the settlement price is available, the last reported closing sale Statements of Comprehensive Income as “Net realized gain price on the valuation date; or, if no closing sale price is (loss) on derivatives”. available, the last reported settlement price. Exchange Dividend income and distributions from Underlying Funds are traded index options are valued using the 4 pm mid-price recognized on the ex-dividend date. Where applicable, interest as reported by the principal exchange. and dividends on investments sold short are accrued as earned (vii) Futures contracts are valued at their settlement prices on and are reported as a liability in the Statements of Financial each valuation date. Position in “Payable for interest and dividends on short (viii) Open forward currency contracts are valued at the gain or securities” and in the Statements of Comprehensive Income in loss that would arise as a result of closing the position on “Dividend and interest expense on securities sold short”. the valuation date. Distributions received from income trusts are recognized based on the nature of the underlying components such as dividend (ix) Over-the-counter swap contracts are valued at the amount income, interest income, capital gains, and return of capital by that the Funds would receive or pay to terminate the swap, applying previous year characterizations reported by the trust as based on the current value of the underlying interest on current year characterizations are not available until the the valuation date; centrally cleared swaps listed or traded following year. The interest, dividend and capital gain income on a multilateral or trade facility platform, such as a components of the distributions received from Underlying Funds registered exchange, are valued at the daily settlement are included in “Interest for distribution purposes”, “Dividends” price determined by the respective exchange (if available). and “Net realized gain (loss) on non-derivative financial assets”, respectively, in the Statements of Comprehensive Income. (d) Net Assets versus Net Asset Value Interest for distribution purposes represents amortization of The Funds’ accounting policies for measuring the fair value of zero coupon bonds as well as the coupon interest received by the their investments and derivatives are identical to those used in Funds, recognized on an accrual basis. The Funds do not measuring their net asset value for transactions with unitholders amortize premiums paid or discounts received on the purchase in accordance with Part 14 of National Instrument 81-106 of fixed income securities. Realized gains or losses on the sale of Investment Funds for Continuous Disclosure (“NI 81-106”), short-term debt instruments are recorded as an adjustment to except where the last traded market price for financial assets interest for distribution purposes. and liabilities are not within the bid-ask spread or the Funds hold unlisted warrants as described above. A comparison of the The Funds’ “Income” and “Expenses” are allocated daily to each net assets per unit in accordance to IFRS (“Net Assets per unit”) series based on the proportionate Net Asset Value of that series, and the net asset value per unit calculated in accordance to NI except as otherwise disclosed. 81-106 (“Net Asset Value per unit”) is presented in the “Fund Specific Notes” for each Fund, as applicable. (f) Functional and presentation currency and foreign exchange translation (e) Income recognition The functional and reporting currency for all Funds is the Gains and losses arising from changes in fair value of Canadian dollar. The functional currency is the currency of the non-derivative financial assets are shown in the Statements of primary economic environment in which the Funds operate, or Comprehensive Income as “Change in unrealized gain (loss) on where mixed indicators exist in the primary environment, the non-derivative financial assets”, and as “Net realized gain (loss) currency in which they primarily raise capital. Any currency on non-derivative financial assets” when positions are sold. other than functional currency represents foreign currency to Gains and losses arising from changes in fair value of securities the Funds. Amounts denominated in foreign currencies are sold short are shown in the Statements of Comprehensive converted into the functional currency as follows: Income as “Change in unrealized gain (loss) on non-derivative (i) The fair values of investments, derivative contracts and financial liabilities”, and as “Net realized gain (loss) on monetary and non-monetary assets and liabilities at the non-derivative financial liabilities” when positions are closed rates of exchange prevailing as at the valuation date; out, where applicable.

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(ii) Foreign income and expenses at the rates of exchange (h) Redeemable units issued by the Funds applicable on the respective dates of such transactions; The Funds’ outstanding redeemable units qualify as “puttable and instruments” as per the International Accounting Standard 32, (iii) Purchase or sale of investments and investment income at Financial Instruments: Presentation (“IAS 32”) which states that the rate of exchange prevailing on the respective dates of units or shares of an entity that include a contractual obligation such transactions. for the issuer to repurchase or redeem them for cash or another financial asset should be classified as financial liabilities. Gains and losses on foreign exchange incurred in the Funds from monetary or non-monetary assets and liabilities other than The Funds’ redeemable units’ entitlements include a contractual investments and derivatives are shown in the Statements of obligation to distribute any net income and net realized capital Comprehensive Income as “Net realized and unrealized foreign gains at least annually in cash (at the request of the unitholder) currency translation gain (loss)”. and therefore meet the contractual obligation requirement.

(g) Investments in unconsolidated structured entities This violates one of the criteria that are required in order for the redeemable units to be presented as equity under IAS 32. Certain Funds may invest in mutual funds, exchange-traded Consequently, the Funds’ outstanding redeemable units are funds or closed-ended funds managed by the Manager or third classified as financial liabilities in these financial statements. party investment managers. The relevant Funds consider all investments in such instruments (“Underlying Funds”) to be (i) Offsetting of financial instruments investments in unconsolidated structured entities based on the Financial assets and liabilities are offset and the net amount is fact that the decisions made by these Underlying Funds are not presented in the Statements of Financial Position only if there is governed by voting rights or any other similar rights held by the an unconditional legal right to offset the amounts and there is an Funds. The Funds account for these unconsolidated structured intention either to settle on a net basis or to realize the asset entities at fair value. and settle the liability simultaneously. Income and expenses are The Underlying Funds each have their own objectives and presented on a net basis only when permitted under IFRS, for investment strategies which assist the Funds in achieving their gains and losses arising from a group of similar transactions, investment objectives. The Underlying Funds primarily finance such as gains and losses from financial instruments at fair value their operations by issuing redeemable units or shares which are through profit or loss. Financial assets and liabilities that are puttable at the holder’s option in the case of mutual funds and subject to master netting or comparable agreements and the exchange-traded funds or through issuing non-redeemable units related potential effect of offsetting are disclosed in the or partnership interests in the case of closed end funds. The respective Fund’s “Fund Specific Notes”. Underlying Funds entitle the holder to a proportional stake in the respective fund’s net assets. The Funds hold units, shares or (j) Increase (decrease) in net assets attributable to partnership interests in each of their Underlying Funds. These holders of redeemable units per unit investments are included in “Non-derivative financial assets” in “Increase (decrease) in net assets attributable to holders of the Statements of Financial Position. The change in fair value of redeemable units per unit” is disclosed in the Statements of each Underlying Fund is included in the Statements of Comprehensive Income and represents, for each series of units, Comprehensive Income in “Change in unrealized gain (loss) on the increase or decrease in net assets attributable to holders of non-derivative financial assets”. The exposure to investments in redeemable units from operations for the period attributable to Underlying Funds at fair value is disclosed in the Funds’ “Fund each series divided by the weighted average number of units Specific Notes”. The Funds’ maximum exposure to loss from their outstanding for the corresponding series during the period. interests in Underlying Funds is equal to the total carrying value of their investments in Underlying Funds. (k) Short selling Mortgage-backed securities or asset-backed securities are also If a Fund sells a security short, it will borrow that security from a considered to be unconsolidated structured entities. Mortgage- broker to complete the sale. The Fund will incur a loss as a backed securities are formed by pooling various types of result of a short sale if the price of the borrowed security mortgages while asset-backed securities are formed by pooling increases between the date of the short sale and the date on assets such as auto loans, credit card receivables or student which the Fund closes out its short position by buying that loans. An interest or claim to this future cash flow (interest and security. There can be no assurance that a Fund will be able to principal) is then sold in the form of debt or equity securities, close out a short position at an acceptable time or price. Until which could be held by the Funds. The Funds account for these the Fund replaces a borrowed security, it will maintain a margin unconsolidated structured entities investments at fair value. The account with the broker containing cash and liquid securities fair value of such securities, as disclosed in the Schedule of such that the amount deposited as margin will be more than the Investment Portfolio, as applicable, represents the maximum current market value of the security sold short. exposure to losses at that date.

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(l) Cash and bank overdraft Fair value measurement of financial instruments not quoted in an active market Cash is comprised of cash on deposit and bank overdraft, as applicable. Short term instruments are disclosed in Key areas of estimation, where the Manager has made complex or “Non-derivative financial assets” in the Statements of Financial subjective judgments, include the determination of fair values of Position. financial instruments that are not quoted in an active market. The use of valuation techniques for financial instruments that are not quoted (m) Non-cash transactions in an active market requires the Manager to make assumptions that Non-cash transactions on the Statements of Cash Flows include are based on market conditions existing as at the date of the financial reinvested distributions from the underlying mutual funds and statements. Changes in these assumptions as a result of changes in stock dividends from equity investments. These amounts market conditions could affect the reported fair value of financial represent non-cash income recognized in the Statements of instruments. Comprehensive Income. 4. Discussion of Financial Instrument In addition, reclassifications between series of the same fund are also non-cash in nature and have been excluded from “Proceeds Risk from issue of redeemable units” and “Amounts paid on Each Fund’s investment activities expose it to a variety of financial redemption of redeemable units” on the Statements of Cash risks: market risk (including interest rate risk, currency risk, and Flows. other price risk), credit risk, liquidity risk, and concentration risk. Each Fund’s investment practices include portfolio monitoring to 3. Significant Accounting Judgments ensure compliance with stated investment guidelines. The Manager and Estimates seeks to minimize potential adverse effects of risks on each Fund’s performance by employing and overseeing professional and The preparation of financial statements requires the Manager to use experienced portfolio advisors that regularly monitor each Fund’s judgment in applying its accounting policies and to make estimates securities and financial market developments. The risks are measured and assumptions about the future. These estimates are made based on using a method that reflects the expected impact on the results and information available as at the date of issuance of the financial net assets attributable to unitholders of the Funds from reasonably statements. Actual results could materially differ from those possible changes in the relevant risk variables. estimates. The following discusses the most significant accounting judgments and estimates that the Funds have made in preparing the The Manager maintains a risk management practice that includes financial statements: monitoring compliance with investment restrictions to ensure that the Funds are being managed in accordance with the Funds’ stated Investment Entities investment objectives, strategies and securities regulations. In accordance with IFRS 10: Consolidated Financial Statements, the Some Funds invest in Underlying Funds. These Funds are indirectly Manager has determined that the Funds meet the definition of an exposed to market risk, credit risk, and liquidity risk in the event that Investment Entity which requires that the Funds obtain funds from the Underlying Funds invest in financial instruments that are subject one or more investors for the purpose of providing investment to those risks. management services, commit to their investors that their business A Fund’s exposure to market risk, credit risk and liquidity risk, where purpose is to invest funds solely for returns from capital appreciation, applicable, is disclosed in the respective Fund’s “Fund Specific Notes”. investment income, or both; and measure and evaluate the performance of their investments on a fair value basis. Consequently, Market disruptions associated with the COVID-19 pandemic have had the Funds do not consolidate their investments in subsidiaries, if any, a global impact, and uncertainty exists as to the long-term but instead measure these at fair value through profit or loss, as implications. Such disruptions can adversely affect the financial required by the accounting standard. instrument risks associated with each of the Funds.

Classification and measurement of financial (a) Market risk instruments (i) Interest rate risk In classifying and measuring certain financial instruments held by the Interest rate risk arises from the possibility that changes in interest Funds, the Manager is required to make significant judgments about rates will affect the future cash flows or the fair values of interest- whether or not the business model of the Funds is to manage their bearing financial instruments. Each Fund’s exposure to interest rate assets on a fair value basis and to realize those fair values, for the risk is concentrated in its investments in debt instruments (such as purpose of classifying all financial instruments as fair value through bonds and debentures) and interest rate sensitive derivative profit or loss under IFRS 9. instruments, if any.

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(ii) Currency risk securities regulations require that the Funds employ a custodian that meets certain capital requirements. These regulations state that, The Funds may invest in monetary and non-monetary assets among other things, a fund’s custodian be either a bank listed in denominated in currencies other than their functional currency. Schedule I, II, or III of the Bank Act (Canada), or a company Currency risk is the risk that the value of foreign instruments will incorporated in Canada affiliated with a bank with shareholders’ fluctuate due to changes in the foreign exchange rates of those equity of not less than $10,000,000. The Bank of Nova Scotia and State currencies in relation to the Fund’s functional currency. Funds may Street Trust Company Canada, as custodians of the Funds, meet all enter into foreign exchange forward contracts, currency futures Canadian Securities Administrators’ requirements to act as custodian. contracts and/or foreign currency option contracts for hedging purposes to reduce their foreign currency risk exposure. A Fund may enter into securities lending transactions with counterparties whereby the Fund temporarily exchanges securities for (iii) Price risk collateral with a commitment by the counterparty to deliver the same Price risk is the risk that the fair value of a Fund’s financial securities on a future date. Credit risk associated with these instruments will fluctuate as a result of changes in market prices transactions is considered minimal as all counterparties have (other than those arising from interest rate risk or currency risk) approved credit rating and the market value of cash or securities held caused by factors specific to a security, its issuer or all factors as collateral must be at least 102% of the fair value of the securities affecting a market or a market segment. Exposure to price risk is loaned as at the end of each trading day. mainly in equities, Underlying Funds, derivatives and commodities. The maximum risk resulting from these financial instruments is (c) Liquidity risk equivalent to their fair value, except for written options, short sales All financial liabilities of the Funds mature in one year or less, unless and short futures contracts, where possible losses can be unlimited. otherwise noted. The Funds’ exposure to liquidity risk arises primarily (b) Credit risk from the daily cash redemption of units. The Funds primarily invest in securities that are traded in active markets and can be readily Credit risk is the risk that the issuer of a financial instrument will fail disposed of. In addition, each Fund aims to retain sufficient cash and to discharge an obligation or commitment that it has entered into cash equivalent positions to maintain liquidity. The Funds may, from with the Funds. A Fund’s investment in financial instruments such as time to time, enter into over-the-counter derivative contracts or bonds, debentures, money market instruments, preferred shares and invest in securities that are not traded in an active market and may be derivatives represents the main concentration of credit risk. The fair illiquid. Illiquid securities are identified in the respective Fund’s value of financial instruments includes consideration of the Schedule of Investment Portfolio, as applicable. creditworthiness of the issuer, and accordingly, represents the maximum credit risk exposure to the Funds. All the transactions in (d) Concentration risk listed securities are settled or paid upon delivery using approved brokers with an approved credit rating. The risk of default with the Concentrations of risk arise from financial instruments that have counterparty is considered minimal, as delivery of securities sold is similar characteristics and are affected similarly by changes in only made once the broker has received payment. Payment is only economic or other conditions. The identification and disclosure of made on a purchase once the securities have been received by the concentration risk is provided in the respective Fund’s “Fund Specific broker. Notes”. The Trade Management Oversight Committee responsible for 5. Management Fees regulatory evaluation and approval of trade management policies and procedures, when applicable, is also responsible for counterparty The Funds pay the Manager a management fees for each series of selection and oversight. The committee review counterparties securities, other than Series I, Series K and Pinnacle Series. The regularly to ensure they still meet preapproved credit standards management fees cover the costs of managing the Funds, arranging established by the committee. The counterparty policies and for investment analysis, recommendations and investment decision procedures established by the committee have been reviewed and making for the Funds, arranging for, distribution of the Funds, approved by the Board of Directors of the Manager. marketing and promotion of the Funds and providing or arranging for other services for the Funds. The Funds enter into transactions with approved counterparties with a designated rating in accordance with securities regulations. The The management fee for all Series except Series I, Series K and credit ratings reported in the financial statements for issuers of debt Pinnacle Series is an annualized rate based on the net asset value of instruments, counterparties of derivative transactions, prime brokers each series of the Funds. The management fee for Series I is and custodians, where applicable, are S&P Global Ratings’ credit negotiated and paid directly by its unitholders and not by the Funds. ratings or S&P Global Ratings equivalent for credit ratings from other No management fees are charged by the Manager in respect of the approved rating agencies. In instances where the credit rating was to Series K and Pinnacle Series units of the Funds. The management fall below the designated rating, the Manager would take appropriate fees paid by the Funds are accrued daily and payable monthly on the action. first business day of the following calendar month. The Funds can also be exposed to credit risk to the extent that the The Manager may reduce the effective management fee payable by Funds’ custodian may not be able to settle trades for cash. Canadian clients who invest large amounts in a particular Fund by waiving a

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portion of the management fee that it would otherwise be entitled to agency and recordkeeping, accounting and fund valuation costs, receive from the Fund or a securityholder and directing the Fund to custody fees, audit and legal fees, administration costs, bank charges, make a management fee distribution, in the amount of such waiver. All costs of preparing and distributing annual and semi-annual reports, management fee distributions and management fee rebates are prospectuses, annual information forms, Fund Facts and statements, automatically reinvested in additional units of the relevant series of investor communications and continuous disclosure materials. The the Funds. Manager is not obligated to pay any other expense, cost or fee, including those arising from new government or regulatory There is no duplication of management fees, sales charges or requirements relating to the foregoing expenses, costs and fees. In redemption fees between the Funds and the Underlying Funds held return, each series of the FAF Funds pays a Fixed Administration fee directly by them, if any. The Manager is entitled to an annual to the Manager (the “Fixed Administration fee”). management fee, exclusive of sales taxes, as follows: In addition to the Fixed Administration Fee, each series of the FAF % of Net Asset Value Funds pays certain operating expenses directly, referred to as “Fund Series A Series F Series M Costs”. These include the costs and expenses related to the Scotia Private Pools Independent Review Committee (“IRC”) of the Funds, the ongoing Scotia Private American Core-Plus Bond Pool – 0.75 – Scotia Private Canadian Core Bond Pool – 0.70 – audit costs associated with compliance with new IFRS, the cost of any Scotia Private Canadian Growth Pool – 1.00 – new government or regulatory requirements imposed commencing after Scotia Private Canadian Mid Cap Pool – 1.00 – May 14, 2014, including compliance with the Volcker Rule under Dodd Scotia Private Canadian Small Cap Pool – 1.00 0.70 Scotia Private Canadian Value Pool – 1.00 – Frank Wall Street Reform and Consumer Protection Act and other Scotia Private Emerging Markets Pool – 1.00 0.70 applicable U.S. regulations, any new fees introduced by a securities Scotia Private Global Equity Pool – 1.00 0.50 regulators or other government authority that is based on the assets or Scotia Private Global High Yield Pool – 0.75 0.45 Scotia Private Global Infrastructure Pool – 1.00 0.50 other criteria of the Funds, any transaction costs, including all fees and Scotia Private Global Real Estate Pool – 1.00 – costs related to derivatives, and any borrowing costs, and taxes Scotia Private High Yield Income Pool – 0.75 0.30 (including, but not limited to, GST or HST, as applicable). Refer to the Scotia Private Income Pool – 0.70 – Scotia Private International Equity Pool – 1.00 – simplified prospectus of the Funds for more details on Fund Costs. Scotia Private International Small to Mid Cap Value Fund Costs will be allocated among the FAF Funds and each series of Pool – 1.00 – Scotia Private Strategic Balanced Pool – 1.00 – the FAF Funds is allocated its own expenses and its proportionate Scotia Private U.S. Large Cap Growth Pool – 1.00 0.40 share of these expenses that are common to all Series. Scotia Private U.S. Mid Cap Value Pool – 0.80 0.55 Scotia Private U.S. Value Pool – 1.00 – The Manager has agreed to absorb certain expenses associated with Pinnacle Portfolios some of the Funds. The absorbed amounts are shown in the Pinnacle Balanced Portfolio 2.10 0.80 – Statements of Comprehensive Income as “Expenses absorbed by the Manager”, where applicable. Such absorption, where applicable, may 6. Fixed Administration Fees and be terminated by the Manager at any time without notice. Operating Expenses The Fixed Administration Fee, Fund Costs and Operating Expense are The Manager pays certain operating expenses of the Funds (“FAF accrued daily and paid monthly. The maximum annual rates of the Funds”). These expenses include regulatory filing fees and other Fixed Administration Fee, which are a percentage of the net asset day-to-day operating expenses including, but not limited to, transfer value for each series of units of each Fund, are as follows:

% of Net Asset Value Series A Series F Series I Series K Series M Pinnacle Series

Scotia Private Pools Scotia Private American Core-Plus Bond Pool – 0.10 0.03 – – 0.18 Scotia Private Canadian Core Bond Pool – 0.08 0.03 – – 0.08 Scotia Private Canadian Growth Pool – 0.10 0.04 – – 0.15 Scotia Private Canadian Mid Cap Pool – 0.10 0.08 – – 0.24 Scotia Private Canadian Small Cap Pool – 0.10 0.03 – 0.15 0.22 Scotia Private Canadian Value Pool – 0.10 0.05 – – 0.15 Scotia Private Emerging Markets Pool – 0.10 0.07 – 0.09 0.23 Scotia Private Global Equity Pool – 0.10 0.04 – 0.10 0.31 Scotia Private Global High Yield Pool – 0.10 0.03 – 0.05 0.18 Scotia Private Global Infrastructure Pool – 0.10 0.04 – 0.10 0.25 Scotia Private Global Real Estate Pool – 0.10 0.03 – – 0.11 Scotia Private High Yield Income Pool – 0.05 0.03 0.11 0.03 0.11 Scotia Private Income Pool – 0.08 0.03 – – 0.07 Scotia Private International Equity Pool – 0.10 0.04 – – 0.24 Scotia Private International Small to Mid Cap Value Pool – 0.10 0.10 – – 0.50 Scotia Private Strategic Balanced Pool – 0.10 – – – 0.30 Scotia Private U.S. Large Cap Growth Pool – 0.10 0.07 – 0.02 0.27 Scotia Private U.S. Mid Cap Value Pool – 0.10 0.10 – 0.08 0.49 Scotia Private U.S. Value Pool – 0.10 0.03 – – 0.21 Pinnacle Portfolios Pinnacle Balanced Portfolio – 0.08 – – – –

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7. Redeemable Units managed in accordance with each of the Funds’ investment objectives, policies and restrictions, as outlined in the Funds’ prospectus. The Units issued and outstanding represent the capital of each Fund. Each Funds have no specific restrictions on the redemption of units. of the Funds may issue an unlimited number of units. Each unit is redeemable at the option of the unitholder in accordance with the The units of each series of the Funds are issued and redeemed at their Declaration of Trust, ranks equally with all other units of that relevant Net Asset Value per unit of each series which is determined as of the series of the Funds and entitles the unitholder to a proportionate close of business on each day that the Toronto Stock Exchange is open undivided interest in the Net Asset Value of that series of the Funds. for trading. The Net Asset Value per unit is calculated by dividing the Unitholders are entitled to distributions when declared. Distributions Net Asset Value per Series by the total number of outstanding units of on units of a Fund are reinvested in additional units of the Fund or at each series. the option of the unitholder, paid in cash. The Funds’ capital is For the periods ended December 31, 2020 and 2019, the following number of units were issued, reinvested and redeemed:

December 2020 December 2019 Opening Units Units Units Ending Opening Units Units Units Ending Scotia Private Pools Units Issued Reinvested Redeemed Units Units Issued Reinvested Redeemed Units Scotia Private American Core-Plus Bond Pool Pinnacle Series Units 14,365,281 4,347,978 400,348 6,981,675 12,131,932 11,419,238 5,593,997 459,768 3,107,722 14,365,281 Series F Units 33,817 25,222 339 23,513 35,865 27,838 10,940 454 5,415 33,817 Series I Units 58,734,344 1,450,654 1,640,519 61,709,782 115,735 66,584,016 5,763,861 2,354,743 15,968,276 58,734,344 Scotia Private Canadian Core Bond Pool Pinnacle Series Units – 27,148,776 509,605 2,397,451 25,260,930 – – – – – Series F Units – 48,577 230 – 48,807 – – – – – Series I Units – 399,500 5,667 16,310 388,857 – – – – – Scotia Private Canadian Growth Pool Pinnacle Series Units 11,056,721 1,135,094 191,460 3,537,608 8,845,667 12,388,255 1,297,422 242,527 2,871,483 11,056,721 Series F Units 108,995 14,495 920 24,873 99,537 65,538 59,004 1,305 16,852 108,995 Series I Units 186,358 – 2,408 83,550 105,216 302,996 – 4,320 120,958 186,358 Scotia Private Canadian Mid Cap Pool Pinnacle Series Units 4,502,798 1,271,831 113,993 1,517,745 4,370,877 4,779,273 766,281 101,769 1,144,525 4,502,798 Series F Units 33,933 5,501 534 3,145 36,823 23,399 14,027 468 3,961 33,933 Series I Units 2,533,701 3,018 1,328 2,483,848 54,199 1,545,531 963,700 62,297 37,827 2,533,701 Scotia Private Canadian Small Cap Pool Pinnacle Series Units 3,429,402 341,675 23,211 1,871,752 1,922,536 3,362,857 753,431 57,826 744,712 3,429,402 Series F Units 123,594 51,192 672 22,826 152,632 145,249 35,860 674 58,189 123,594 Series I Units 10,500,701 429,782 144,985 1,020,488 10,054,980 13,188,360 1,369,938 200,785 4,258,382 10,500,701 Series M Units 3,107,586 1,178,478 30,512 611,545 3,705,031 6,233,367 674,412 25,303 3,825,496 3,107,586 Scotia Private Canadian Value Pool Pinnacle Series Units 7,737,167 1,695,294 234,503 1,768,649 7,898,315 8,219,725 1,066,388 240,897 1,789,843 7,737,167 Series F Units 52,788 9,665 732 12,981 50,204 39,312 20,832 945 8,301 52,788 Series I Units 106,235 – 2,581 29,739 79,077 166,469 – 3,438 63,672 106,235 Scotia Private Emerging Markets Pool Pinnacle Series Units 9,405,486 1,068,817 227,134 2,909,826 7,791,611 9,685,885 1,644,181 244,797 2,169,377 9,405,486 Series F Units 8,897 13,092 64 755 21,298 3,050 10,108 34 4,295 8,897 Series I Units 29,116,750 296,744 893,853 30,261,363 45,984 26,423,942 3,345,267 810,443 1,462,902 29,116,750 Series M Units 94,046 9,503 1,350 40,170 64,729 1,502,447 200,752 – 1,609,153 94,046 Scotia Private Global Equity Pool Pinnacle Series Units 788,959 41,487 47,575 153,326 724,695 925,995 37,385 8,026 182,447 788,959 Series F Units 309,730 27,353 17,263 72,841 281,505 281,347 65,565 973 38,155 309,730 Series I Units 18,506,667 46,783 1,023,962 4,679,022 14,898,390 15,750,536 5,342,240 246,653 2,832,762 18,506,667 Series M Units 11,301,698 2,679,710 840,497 1,640,060 13,181,845 – 17,503,331 85,588 6,287,221 11,301,698 Scotia Private Global High Yield Pool Pinnacle Series Units 9,542,308 4,814,661 587,118 2,133,565 12,810,522 9,361,477 2,390,931 585,814 2,795,914 9,542,308 Series F Units 8,840 24,234 232 1,569 31,737 2,749 6,764 209 882 8,840 Series I Units – 126,400 2,665 4,011 125,054 – – – – – Series M Units 10,845,657 44,806,154 1,593,254 8,139,816 49,105,249 29,664,387 10,807,259 710,576 30,336,565 10,845,657

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December 2020 December 2019 Opening Units Units Units Ending Opening Units Units Units Ending Scotia Private Pools Units Issued Reinvested Redeemed Units Units Issued Reinvested Redeemed Units Scotia Private Global Infrastructure Pool Pinnacle Series Units 8,321,580 1,041,866 267,124 3,017,173 6,613,397 8,660,407 1,297,312 377,937 2,014,076 8,321,580 Series F Units 11,481 7,781 170 1,346 18,086 2,096 9,938 205 758 11,481 Series I Units – 50,599 2,149 3,367 49,381 – – – – – Series M Units 26,448,496 5,725,005 1,055,772 4,448,168 28,781,105 22,781,054 9,792,463 1,105,715 7,230,736 26,448,496 Scotia Private Global Real Estate Pool Pinnacle Series Units 5,649,087 776,273 109,005 2,054,017 4,480,348 5,972,510 585,467 516,911 1,425,801 5,649,087 Series F Units 68,413 11,713 1,396 10,766 70,756 37,290 31,574 4,950 5,401 68,413 Series I Units 12,542,698 609,991 52,593 13,176,147 29,135 12,368,292 1,164,257 1,158,542 2,148,393 12,542,698 Scotia Private High Yield Income Pool Pinnacle Series Units 15,758,185 1,655,556 960,856 11,227,153 7,147,444 16,100,859 3,162,494 1,074,126 4,579,294 15,758,185 Series F Units 1,497,873 24,859 29,575 129,419 1,422,888 1,644,930 42,882 18,946 208,885 1,497,873 Series I Units 42,430,459 – 292,629 42,723,088 – 44,437,262 4,014,775 2,732,133 8,753,711 42,430,459 Series K Units 1,199,398 97,559 28,069 1,320,277 4,749 1,404,179 357,523 75,924 638,228 1,199,398 Series M Units 16,215 – 533 13,025 3,723 29,255,813 422,720 32,724 29,695,042 16,215 Scotia Private Income Pool Pinnacle Series Units 51,996,395 12,759,659 1,009,297 25,190,861 40,574,490 49,765,895 13,028,913 1,280,611 12,079,024 51,996,395 Series F Units 129,031 59,486 628 32,301 156,844 128,035 26,263 923 26,190 129,031 Series I Units 821,944 – 12,526 506,612 327,858 1,140,260 – 22,936 341,252 821,944 Scotia Private International Equity Pool Pinnacle Series Units 14,069,130 4,913,307 379,038 2,528,865 16,832,610 14,931,502 2,197,082 492,689 3,552,143 14,069,130 Series F Units 111,254 34,432 1,302 13,688 133,300 112,296 34,899 2,379 38,320 111,254 Series I Units 57,101,763 2,822,588 1,342,663 6,816,287 54,450,727 63,804,777 8,726,085 2,150,345 17,579,444 57,101,763 Scotia Private International Small to Mid Cap Value Pool Pinnacle Series Units 1,810,499 546,674 34,254 550,045 1,841,382 2,098,707 289,002 37,161 614,371 1,810,499 Series F Units 26,611 4,016 318 2,856 28,089 18,966 13,649 386 6,390 26,611 Series I Units 19,490 1,631 371 5,722 15,770 29,466 48 495 10,519 19,490 Scotia Private Strategic Balanced Pool Pinnacle Series Units 2,638,541 312,855 68,055 1,609,372 1,410,079 3,130,047 668,323 85,542 1,245,371 2,638,541 Series F Units 55,974 8,285 511 2,209 62,561 61,418 11,330 401 17,175 55,974 Scotia Private U.S. Large Cap Growth Pool Pinnacle Series Units 5,174,801 2,293,712 4,322 1,601,802 5,871,033 5,698,324 1,179,345 15,119 1,717,987 5,174,801 Series F Units 566,069 1,101,739 – 543,406 1,124,402 83,735 509,614 77 27,357 566,069 Series I Units 188,735 59,634 517 50,407 198,479 177,146 51,401 938 40,750 188,735 Series M Units 27,691,400 6,910,149 – 9,841,019 24,760,530 13,978,361 19,493,581 49,721 5,830,263 27,691,400 Scotia Private U.S. Mid Cap Value Pool Pinnacle Series Units 4,693,161 642,603 15,233 2,111,353 3,239,644 5,517,260 812,758 22,997 1,659,854 4,693,161 Series F Units 36,555 4,609 55 2,382 38,837 32,427 10,482 45 6,399 36,555 Series I Units 1,040,602 389,967 13,099 58,208 1,385,460 729,009 479,277 9,484 177,168 1,040,602 Scotia Private U.S. Value Pool Pinnacle Series Units 7,130,971 4,995,025 177,262 1,651,006 10,652,252 7,610,474 1,065,065 215,373 1,759,941 7,130,971 Series F Units 59,754 26,984 569 6,124 81,183 49,162 19,840 1,100 10,348 59,754 Series I Units 323,955 175,664 8,186 60,308 447,497 248,643 103,913 10,404 39,005 323,955

Pinnacle Portfolios

Pinnacle Balanced Portfolio Series A Units 1,770,384 – 4,786 400,479 1,374,691 2,308,023 35,275 8,084 580,998 1,770,384 Series F Units 200,003 88,883 2,571 68,373 223,084 179,432 55,994 2,811 38,234 200,003

(i) Included in units redeemed are redemptions related to payments of the Pinnacle Program Fee, where applicable. 8. Income Taxes enable each Fund to utilize any available tax losses or, if applicable, tax credits attributable to redemptions during the period by its Each of the Funds qualifies as a mutual fund trust under the Income unitholders such that no income tax (other than alternative minimum Tax Act (Canada). The Funds are subject to tax on their net tax, if applicable) will be paid or payable by the Funds. Such net investment income, including the taxable portion of net realized investment income, including net realized capital gains are taxable in capital gains that are not paid or payable to their unitholders. Each the hands of the unitholders. Accordingly, the Funds do not record Fund distributes sufficient amounts of its net investment income, Canadian income taxes in their financial statements. including net realized capital gains, less the amount retained to

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The Funds may distribute a return of capital. A return of capital is 9. Client Brokerage Commissions generally not taxable to unitholders but will reduce the adjusted cost base of the units held. Client brokerage commissions are arrangements pursuant to which products or services, other than the execution of portfolio securities Losses carried forward transactions, are obtained by a portfolio advisor from or through a broker-dealer in exchange for directing client securities transactions Capital losses can be carried forward indefinitely to reduce future net to the broker-dealer. The ascertainable client brokerage commissions realized capital gains. Non-capital losses for income tax purposes may paid in connection with investment portfolio transactions for the be carried forward up to twenty years and applied against all sources periods ended December 31, 2020 and 2019 are set out below. of income. Since the Funds do not record income taxes, the tax benefit of capital and non-capital losses have not been reflected in the 2020 2019 Statements of Financial Position as a deferred income tax asset. Fund $ $ As of the 2020 tax year end, the Funds have capital and non-capital Scotia Private Canadian Small Cap Pool 87,094 53,358 Scotia Private Emerging Markets Pool 187,737 190,860 losses available to carry forward as indicated in the table below: Scotia Private Global Equity Pool 22,839 55,597 Scotia Private Global Real Estate Pool 173,576 402,097 Non- Scotia Private International Small to Mid Cap Value Pool 40,838 28,678 Year Capital Capital Scotia Private Strategic Balanced Pool 153 227 of Loss Loss expiry $ $ 10. Related Party Transactions Scotia Private Pools Scotia Private American Core-Plus Bond Pool – – 13,490,071 The Manager is a wholly owned subsidiary of The Bank of Nova Scotia Scotia Private Canadian Growth Pool – – 34,300,599 (“Scotiabank”). Scotia Private Canadian Mid Cap Pool – – 7,007,266 Scotia Private Canadian Small Cap Pool – – 31,600,395 The Manager, on behalf of the Funds, may enter into transactions or Scotia Private Canadian Value Pool – – 1,868,598 arrangements with other members of Scotiabank or certain other Scotia Private Emerging Markets Pool – – 23,088,974 Scotia Private Global High Yield Pool – 3,905,093 companies that are related or connected to the Manager (each a Scotia Private Global Real Estate Pool – – 7,782,906 “related party”). All transactions between the Funds and the related Scotia Private High Yield Income Pool – – 93,228,371 parties are in the normal course of business. Scotia Private Income Pool – – 2,252,997 Scotia Private International Equity Pool – – 2,116,047 (a) The Manager earns fees for acting as trustee and/or manager of Scotia Private International Small to Mid Cap Value Pool – – 16,292,612 the Funds, as applicable, and a Fixed Administration Fee in Scotia Private Strategic Balanced Pool – 5,680,933 return for paying certain operating expenses of certain of the Scotia Private U.S. Large Cap Growth Pool – 1,655,901 Funds as detailed in note 5 and note 6 respectively. In addition, Scotia Private U.S. Mid Cap Value Pool – 266,710 Scotiabank, as a custodian for certain Funds, earns a fee for Withholding taxes providing custody and related services. The custodian holds cash and investments of the Funds and keeps them safe to ensure The Funds currently incur withholding taxes imposed by certain that they are used only for the benefit of the investors of the countries on investment income and in some cases, capital gains. Funds. The management fees, Fixed Administration Fees, and Such income and gains are recorded on a gross basis and the related custodian fees (for Funds that are not subject to the Fixed withholding taxes are shown as a separate expense in the Statements Administration Fee) are disclosed separately in the Statements of Comprehensive Income. of Comprehensive Income. The custodian fee charged to Funds that are subject to the Fixed Administration Fee is paid by the Uncertain income taxes Manager, in exchange for a portion of the Fixed Administration The Funds may invest in securities issued by entities which are Fee received from these Funds. domiciled in countries other than Canada. These foreign countries (b) Scotiabank owns, directly or indirectly, 100% of Scotia Capital may impose taxes on capital gains realized by non-residents. In Inc. (which includes ScotiaMcLeod and Scotia iTRADE), an addition, the Funds may be required to determine these capital gains investment dealer. Decisions about the purchase and sale of taxes on a self-assessment basis; therefore, such taxes may not be each Fund’s portfolio investments are made by appointed deducted by the Funds’ broker on a “withholding” basis. Portfolio Managers of each Fund. Provided that the pricing, If applicable, the Funds have applied the most likely amount method service and other terms are comparable to those offered by other in measuring uncertain tax liabilities and related interest and dealers, a portion of the portfolio transactions may be executed penalties with respect to foreign capital gains taxes. The uncertain for the Funds, by a related party to the Funds. In such cases, the tax liabilities, if any, are recorded by the Funds in the Statements of related party will receive commissions from the Fund. Brokerage Financial Position as “Provision for uncertain tax” and in the Statements of Comprehensive Income as “Foreign withholding taxes/ tax reclaims”. While any such provision represents the Manager’s best estimate, the estimated value could differ significantly from the amount ultimately payable.

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fees paid to related parties for the periods ended December 31, 11. Securities Lending 2020 and 2019 are as follows: Some of the Funds may enter into securities lending transactions December 31, December 31, under a securities lending program with State Street Bank and Trust 2020 2019 Company. These transactions involve the temporary exchange of Fund $ $ securities for collateral with a commitment to return the same Scotia Private Canadian Growth Pool 4,770 2,540 Scotia Private Canadian Mid Cap Pool 16,221 2,703 securities to the Fund on a future date. In accordance with security Scotia Private Canadian Small Cap Pool 40,246 53,893 regulations, the Funds receive minimum collateral of 102%. Collateral Scotia Private Canadian Value Pool 28,627 27,702 is received in the form of debt obligations of the Government of Scotia Private Global Infrastructure Pool 41 890 Scotia Private Strategic Balanced Pool 1,284 882 Canada, a Canadian provincial government, the government of the United States of America, certain financial institutions or other (c) Scotiabank owns, directly or indirectly, 100% of Scotia Securities qualified securities, and is not included in the Schedule of Investment Inc., a mutual fund dealer and Scotia Capital Inc. (which Portfolio. The Funds do not receive cash collateral from any securities includes ScotiaMcLeod and Scotia iTrade), an investment dealer. lending transactions. The aggregate market value of all securities Certain other registered dealers through which units of the Fund loaned by a Fund cannot exceed 50% of the Net Assets of the Fund. The are distributed are related parties to the Fund and the Manager. fair value of the securities lent and collateral held is determined on a The Manager may pay a trailing commission, which is negotiated daily basis. The securities lending arrangement can be terminated by with dealers, to dealers for their financial advisors in respect of the borrower, the securities lending agent or the Fund at any time. the assets of their clients invested in securities of the Funds. The Manager may also pay trailing commissions to dealers for The income earned from these securities lending transactions is securities purchased or held through discount brokerage included as part of “Securities lending” in the Statements of accounts. Comprehensive Income. (d) The Manager received approval from the Independent Review The securities lending agent earns 30% of the gross income generated Committee to invest the Funds’ overnight cash with Scotiabank through any securities lending transactions in the Funds. with interest paid by Scotiabank to the Funds based on prevailing market rates. The interest earned by the Funds is included in “Interest for distribution purposes” in the Statements of Comprehensive Income.

(e) The Manager has received approval from the Independent Review Committee for the Funds to purchase securities of related parties, which include investments in related funds as described in (f) below and investments in securities of Scotiabank. The Funds are also permitted to enter into derivative transactions with Scotiabank as counterparty.

(f) The Funds may invest in investment funds managed by the Manager or a related party, which are disclosed in the Schedule of Investment Portfolio for the respective Funds. These include Scotia Funds, Scotia Private Pools, Pinnacle Portfolios, Scotia ETFs, Dynamic Funds, Marquis Funds and Dynamic Private Investment Pools. (g) Units held by the Manager in the Funds as at December 31, 2020 and 2019, are disclosed below:

December 31, December 31, Fund 2020 2019 Scotia Private Canadian Core Bond Pool 7647 Series F Units – Scotia Private Canadian Core Bond Pool 7678 Pinnacle Series Units –

(h) Distributions received from related party funds are included in “Interest for distribution purposes”, “Dividends”, or “Net realized gain (loss) on non-derivative financial assets”, if applicable, in the Statements of Comprehensive Income.

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The aggregate market value of the securities on loan and the collateral received by the Funds as at December 31, 2020 and 2019 are presented below along with the income earned for the six month periods ended December 31, 2020 and 2019.

As at December 31, 2020 For the period ended December 31, 2020 Market value of Market value of Net amount received Amount earned by Gross securities lending securities on loan collateral on loan by the Fund lending agent revenue earned ($) ($) ($) ($) ($) Scotia Private American Core-Plus Bond Pool 13,577,331 14,266,781 19,271 8,259 27,530 Scotia Private Canadian Core Bond Pool 15,162,266 15,732,881 1,380 591 1,971 Scotia Private Canadian Growth Pool 4,142,454 4,353,312 10,831 4,642 15,473 Scotia Private Canadian Mid Cap Pool 1,749,860 1,818,604 8,510 3,647 12,157 Scotia Private Canadian Small Cap Pool 16,493,165 17,531,925 25,735 11,029 36,764 Scotia Private Canadian Value Pool 3,760,920 3,989,713 7,563 3,241 10,804 Scotia Private Emerging Markets Pool – – 3,226 1,383 4,609 Scotia Private Global Equity Pool – – 12,751 5,465 18,216 Scotia Private Global High Yield Pool 6,511,854 6,989,748 1,025 439 1,464 Scotia Private Global Infrastructure Pool 530,447 558,771 11,985 5,136 17,121 Scotia Private Global Real Estate Pool 4,856,624 5,108,440 4,898 2,099 6,997 Scotia Private High Yield Income Pool 140,725 146,284 866 371 1,237 Scotia Private Income Pool 67,481,307 69,913,538 51,058 21,882 72,940 Scotia Private International Equity Pool – – 75,073 32,174 107,247 Scotia Private International Small to Mid Cap Value Pool 749,684 790,153 5,675 2,432 8,107 Scotia Private Strategic Balanced Pool 1,434,881 1,494,197 2,048 878 2,926 Scotia Private U.S. Large Cap Growth Pool 40,797,000 42,735,124 35,207 15,089 50,296 Scotia Private U.S. Mid Cap Value Pool 2,781,321 2,893,011 4,806 2,060 6,866 Scotia Private U.S. Value Pool – – 2,134 915 3,049

As at December 31, 2019 For the period ended December 31, 2019 Market value of Market value of Net amount received Amount earned by Gross securities lending securities on loan collateral on loan by the Fund lending agent revenue earned ($) ($) ($) ($) ($) Scotia Private American Core-Plus Bond Pool 741,464 774,272 14,289 6,124 20,413 Scotia Private Canadian Growth Pool 4,303,250 4,568,426 5,649 2,421 8,070 Scotia Private Canadian Mid Cap Pool 8,343,348 8,839,245 10,191 4,368 14,559 Scotia Private Canadian Small Cap Pool 46,449,294 49,441,170 92,691 39,725 132,416 Scotia Private Canadian Value Pool 4,256,978 4,475,978 14,221 6,095 20,316 Scotia Private Emerging Markets Pool – – 5,554 2,380 7,934 Scotia Private Global Equity Pool 4,393,479 4,620,113 243,448 104,335 347,783 Scotia Private Global Real Estate Pool 6,189,398 6,469,731 8,684 3,722 12,406 Scotia Private High Yield Income Pool 899,478 1,016,937 26,993 11,568 38,561 Scotia Private Income Pool 153,606,769 159,668,302 29,754 12,752 42,506 Scotia Private International Equity Pool 13,680,646 14,392,136 185,724 79,596 265,320 Scotia Private International Small to Mid Cap Value Pool 541,575 603,295 13,939 5,974 19,913 Scotia Private Strategic Balanced Pool 3,359,262 3,505,529 3,254 1,395 4,649 Scotia Private U.S. Large Cap Growth Pool 46,609,128 48,720,366 33,254 14,252 47,506 Scotia Private U.S. Mid Cap Value Pool 5,609,606 6,030,127 4,199 1,800 5,999 Scotia Private U.S. Value Pool 701,332 732,738 8,445 3,619 12,064 12. Currency Legend The following is a list of abbreviations that may be used in the Financial Statements:

AUD Australian dollar MXN Mexican peso BMD Bermuda dollar MYR Malaysian ringgit BRL Brazilian real NOK Norwegian krone CAD Canadian dollar NZD New Zealand dollar CHF Swiss franc PEN Peruvian new sol DKK Danish krone PHP Philippine peso EUR Euro PKR Pakistani rupee GBP Pound sterling PLN Polish zloty HKD Hong Kong dollar SEK Swedish krona IDR Indonesian rupiah SGD Singapore dollar ILS Israeli shekel THB Thailand baht INR Indian rupee TWD New Taiwan dollar JPY Japanese yen USD US dollar KRW South Korean won ZAR South African rand 128 The accompanying financial statements of the Funds (as defined in Note 1) have been Management prepared by 1832 Asset Management L.P., in its capacity as manager (the “Manager”) of the Funds, and have been approved by the Board of Directors of 1832 Asset Management Responsibility G.P. Inc., as general partner for and on behalf of 1832 Asset Management L.P., in its capacity as trustee (the “Trustee”) of the Funds. The Board of Directors of 1832 Asset For Management G.P. Inc., as general partner for and on behalf of 1832 Asset Management L.P., is responsible for the information and representations contained in these financial Financial statements and the management report of fund performance. The Manager maintains appropriate processes to ensure that relevant and reliable Reporting financial information is produced. The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and include certain amounts that are based on estimates and judgments made by the Manager. The significant accounting policies which the Manager believes are appropriate for the Funds are described in Note 2 to the financial statements. The Board of Directors of 1832 Asset Management G.P. Inc. has delegated responsibility for oversight of the financial reporting process to the Finance Committee of the Board of Directors of 1832 Asset Management G.P. Inc. (the “Finance Committee”). The Finance Committee is responsible for reviewing the financial statements and the management report of fund performance and recommending them to the Board of Directors of 1832 Asset Management G.P. Inc. for approval, in addition to meeting with management, internal auditors and external auditors to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues. PricewaterhouseCoopers LLP is the external auditor of the Funds, appointed by the Trustee of the Funds. The auditor of the Funds has audited the financial statements in accordance with Canadian generally accepted auditing standards to enable it to express to the securityholders its opinion on the financial statements. The auditor’s report is set out herein.

Neal Kerr Anil Mohan President Chief Financial Officer 1832 Asset Management L.P. 1832 Asset Management L.P. March 11, 2021 129

Independent auditor’s report

To the Unitholders and Trustee of

Scotia Private Income Pool Scotia Private High Yield Income Pool Scotia Private American Core-Plus Bond Pool Scotia Private Global High Yield Pool Scotia Private Strategic Balanced Pool Scotia Private Canadian Value Pool Scotia Private Canadian Mid Cap Pool Scotia Private Canadian Growth Pool Scotia Private Canadian Small Cap Pool Scotia Private U.S. Value Pool Scotia Private U.S. Mid Cap Value Pool Scotia Private U.S. Large Cap Growth Pool Scotia Private International Equity Pool Scotia Private International Small to Mid Cap Value Pool Scotia Private Emerging Markets Pool Scotia Private Global Equity Pool Scotia Private Global Infrastructure Pool Scotia Private Global Real Estate Pool Pinnacle Balanced Portfolio Scotia Private Canadian Core Bond Pool

(individually, a Fund)

Our opinion

In our opinion, the accompanying December 31, 2020 financial statements of each Fund present fairly, in all material respects, the financial position of each Fund, its financial performance and its cash flows as at and for the periods indicated in note 1 in accordance with International Financial Reporting Standards (IFRS).

What we have audited The financial statements of each Fund comprise:

● the statements of financial position as at the period-end dates indicated in note 1;

● the statements of comprehensive income for the periods indicated in note 1;

PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215 “PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. 130

● the statements of changes in net assets attributable to holders of redeemable units for the periods indicated in note 1;

● The statements of cash flows for the periods indicated in note 1; and

● the notes to the financial statements, which include significant accounting policies and other explanatory information.

Basis for opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence We are independent of each Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Other information

Management is responsible for the other information of each Fund. The other information comprises the Management Report of Fund Performance of each Fund.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of each Fund, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of each Fund or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of each Fund in accordance with IFRS, 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.

In preparing the financial statements, management is responsible for assessing the ability of each Fund to continue as a going concern, disclosing, as applicable, matters related to going concern and using the 131

going concern basis of accounting unless management either intends to liquidate any Fund or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each Fund.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each Fund.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

● Identify and assess the risks of material misstatement of the financial statements of each Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit 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 internal control of each Fund.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each Fund to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each Fund or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any Fund to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the financial statements of each Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 132

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario March 15, 2021 For more information about Scotia Private Pools® and Pinnacle Portfolios:

Visit: www.scotiabank.com/scotiaprivatepools www.scotiabank.com/pinnacleportfolios

Call: 1-800-268-9269 (English) 1-800-387-5004 (French)

Write: 1832 Asset Management L.P. 1 Adelaide Street East 28th Floor Toronto, Ontario M5C 2V9

® Registered trademarks of The Bank of Nova Scotia, used under licence. SM54D 9098E-1 (12/20)