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Group Savings Plan Canadian Scholarship Trust Plan C.S.T. Consultants Inc. Sponsor Canadian Scholarship Trust Foundation 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 1.877.333.RESP (7377) Investment Fund Manager and Distributor C.S.T. Consultants Inc. 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 Trustee RBC Investor Services Trust 155 Wellington Street West, 2nd Floor Toronto, Ontario M5V 3L3 Auditor Deloitte LLP Bay Adelaide East 8 Adelaide Street West, Suite 200 Toronto, Ontario M5H 0A9 Bank Royal Bank of Canada Royal Bank Plaza South Tower 200 Bay Street, 10th Floor Canadian Scholarship Trust Toronto, Ontario M5J 2J5 Group Savings Plan For updates on your Plan account, login to Online Services at www.cst.org Semi-Annual Financial Statements In Quebec, Canadian Scholarship Trust Plan is distributed by C.S.T. Consultants Inc. Scholarship Plan Brokerage Firm. Unaudited April 30, 2019 F.P.O 2002 P4-E (2019-05) Canadian Scholarship Trust Group Savings Plan Contents Page Statements of Financial Position 1 Statements of Comprehensive Income 2 Statements of Changes in Net Assets Attributable to Subscribers and Beneficiaries 2 Statements of Cash Flows 3 Schedule I – Statement of Investment Portfolio 4 Notes to the Financial Statements 6 Government Grants (Appendix I to Schedule I) 12 Sales Charge Refund Entitlements (Appendix II to Schedule I) 16 Unaudited semi-annual financial statements The accompanying semi-annual financial statements have not been reviewed by the external auditors of the Plan in accordance with assurance standards applicable to a review of interim financial statements. Canadian Scholarship Trust Group Savings Plan Unaudited Semi-Annual Financial Statements Statements of Financial Position As at April 30, 2019 and October 31, 2018 (in thousands of Canadian dollars) Apr 30, 2019 Oct 31, 2018 (Audited) Assets Cash and cash equivalents $ 2,544 $ 939 Receivables for securities sold 917 2,814 Investments, at fair value (Note 4 and Schedule I) 235,620 252,266 Accrued income and other receivables 4,493 5,421 Government grants receivable 3 — 243,577 261,440 Liabilities Payables for securities purchased 3 2,826 Accounts payable and accrued liabilities 2,324 2,048 2,327 4,874 Net Assets Attributable to Subscribers and Beneficiaries 241,250 256,566 Represented by: Non-Discretionary Funds Accumulated income held for future education assistance payments 73,110 79,723 Subscribers’ deposits (Note 7) 54,269 65,002 Government grants 51,341 54,584 Income on Government grants 44,128 37,728 Sales charge refund entitlements (Note 9) 16,939 17,111 General Fund (Note 8) 434 — Unrealized Gains 581 1,970 Discretionary Funds Donations from the Foundation (Note 8) 448 448 $ 241,250 $ 256,566 Approved on behalf of the Board of Canadian Scholarship Trust Foundation. 13JUN201918161609 13JUN201919352924 Douglas P. McPhie, FCPA, FCA, CPA (Illinois) Sherry J. MacDonald, CPA, CA Director Director The accompanying notes are an integral part of these financial statements. 1 Group Savings Plan Canadian Scholarship Trust Group Savings Plan Unaudited Semi-Annual Financial Statements Statements of Comprehensive Income For the six months ended April 30, 2019 and 2018 (in thousands of Canadian dollars) 2019 2018 Income Interest $ 2,531 $ 3,903 Realized losses on sale of investments (150) (663) Change in unrealized gains (losses) 7,648 (4,560) Dividends 1,473 2,464 11,502 1,144 Expenses Administration and account maintenance fees (Note 3(a)) 654 1,027 Portfolio management fees 115 191 Custodian and trustee fees 44 65 Independent Review Committee fees 2 3 815 1,286 Increase (decrease) in Net Assets from Operations Attributable to Subscribers and Beneficiaries $ 10,687 $ (142) Statements of Changes in Net Assets Attributable to Subscribers and Beneficiaries For the six months ended April 30, 2019 and 2018 (in thousands of Canadian dollars) 2019 2018 Net Assets Attributable to Subscribers and Beneficiaries, Beginning of Period $ 256,566 $ 406,053 Increase (decrease) in Net Assets from Operations Attributable to Subscribers and Beneficiaries10,687 (142) Transfers to internal and external plans (3,204) (4,523) 7,483 (4,665) Receipts Government grants received (net of repayments) — 15 Disbursements Net decrease in Subscribers’ deposits (Note 7) (10,733) (14,947) Government grants repaid (net of receipts) (15) — Payments to beneficiaries Education assistance payments (6,592) (7,140) Government grants (4,017) (2,551) Refund of Sales Charge (1,163) (1,421) Return of income (279) (2,038) Total payments to beneficiaries (12,051) (13,150) Receipts less Disbursements (22,799) (28,082) Change in Net Assets Attributable to Subscribers and Beneficiaries (15,316) (32,747) Net Assets Attributable to Subscribers and Beneficiaries, End of Period $ 241,250 $ 373,306 The accompanying notes are an integral part of these financial statements. Group Savings Plan 2 Canadian Scholarship Trust Group Savings Plan Unaudited Semi-Annual Financial Statements Statements of Cash Flows For the six months ended April 30, 2019 and 2018 (in thousands of Canadian dollars) 2019 2018 Operating Activities Increase (decrease) in Net Assets from Operations Attributable to Subscribers and Beneficiaries$ 10,687 $ (142) Net receipts from investment transactions 23,218 23,612 Items not affecting cash Realized losses on sale of investments 150 663 Change in unrealized (gains) losses (7,648) 4,560 Change in non-cash operating working capital Decrease in Accrued income and other receivables 928 1,158 (Increase) decrease in Government grants receivable (3) 4 Increase in Accounts payable and accrued liabilities 276 648 Cash flow from Operating Activities 27,608 30,503 Financing Activities Transfers to internal and external plans (3,204) (4,523) Government grants (repaid) received (net of receipts/repayments) (15) 15 Net decrease in Subscribers’ deposits (Note 7) (10,733) (14,947) Payments to beneficiaries (12,051) (13,150) Cash flow used in Financing Activities (26,003) (32,605) Net increase in Cash and cash equivalents 1,605 (2,102) Cash and cash equivalents, Beginning of Period Cash (318) 1,603 Cash equivalents 1,257 1,362 939 2,965 Cash and cash equivalents, End of Period Cash 2,308 508 Cash equivalents 236 355 $ 2,544 $ 863 Supplemental cash flow information: Withholding Taxes $78$70 Interest Income Received 2,664 4,575 The accompanying notes are an integral part of these financial statements. 3 Group Savings Plan Canadian Scholarship Trust Group Savings Plan Unaudited Semi-Annual Financial Statements Schedule I – Statement of Investment Portfolio As at April 30, 2019 (in thousands of Canadian dollars) Interest Maturity Par Fair Average Interest Maturity Par Fair Average Security Rate (%) Date Value ($) Value ($) Cost ($) Security Rate (%) Date Value ($) Value ($) Cost ($) Bonds Bonds (continued) Federal – 38.2% Provincial – 9.8% (continued) Canada Housing Trust 1.20 15 Jun 2020 2,450 2,435 2,442 Province of New Brunswick 2.85 2 Jun 2023 200 207 201 Canada Housing Trust 1.45 15 Jun 2020 400 399 403 Province of Newfoundland Canada Housing Trust 1.25 15 Dec 2020 1,975 1,960 1,983 and Labrador 1.95 2 Jun 2022 200 200 197 Canada Housing Trust 1.25 15 Jun 2021 773 765 780 Province of Nova Scotia 4.10 1 Jun 2021 325 340 357 Canada Housing Trust 3.80 15 Jun 2021 2,160 2,253 2,352 Province of Ontario 4.20 2 Jun 2020 525 539 572 Canada Housing Trust 1.50 15 Dec 2021 536 533 531 Province of Ontario 4.00 2 Jun 2021 1,100 1,150 1,177 Canada Housing Trust 2.65 15 Mar 2022 900 923 945 Province of Ontario 1.35 8 Mar 2022 659 650 644 Canada Housing Trust 1.75 15 Jun 2022 2,116 2,115 2,107 Province of Ontario 3.15 2 Jun 2022 1,500 1,558 1,574 Canada Housing Trust 2.40 15 Dec 2022 2,269 2,318 2,310 Province of Ontario 1.95 27 Jan 2023 100 100 98 Canada Housing Trust 2.35 15 Jun 2023 2,244 2,292 2,246 Province of Ontario 2.85 2 Jun 2023 1,425 1,475 1,439 Canada Housing Trust 3.15 15 Sep 2023 450 475 462 Province of Ontario 2.60 8 Sep 2023 699 717 706 Canada Housing Trust 2.55 15 Dec 2023 1,741 1,795 1,754 Province of Quebec´ 4.50 1 Dec 2020 475 495 536 Government of Canada – 2 May 2019 2,285 2,272 2,272 Province of Quebec´ 4.25 1 Dec 2021 1,125 1,195 1,226 Government of Canada – 16 May 2019 1,880 1,868 1,868 Province of Quebec´ 3.50 1 Dec 2022 575 608 610 Government of Canada – 30 May 2019 675 669 669 Province of Quebec´ 3.00 1 Sep 2023 600 627 611 Government of Canada – 13 Jun 2019 875 868 868 12,126 12,242 Government of Canada – 27 Jun 2019 800 793 793 Government of Canada – 11 Jul 2019 2,375 2,364 2,364 Municipal – 1.5% Government of Canada – 25 Jul 2019 995 987 987 City of Montreal 4.50 1 Dec 2021 400 426 449 Government of Canada – 8 Aug 2019 625 620 620 City of Toronto 3.50 6 Dec 2021 275 286 297 Government of Canada – 22 Aug 2019 645 640 640 Municipal Finance Authority of British Columbia 4.45 1 Jun 2020 100 103 112 Government of Canada – 5 Sep 2019 675 670 670 Municipal Finance Authority Government of Canada – 19 Sep 2019 675 670 670 of British Columbia 4.15 1 Jun 2021 200 209 225 Government of Canada 3.50 1 Jun 2020 1,475 1,503 1,555 Municipal Finance Authority Government of Canada 0.75 1 Sep 2020 2,975 2,940 2,924 of British Columbia 2.15 1 Dec 2022 831 837 813 Government of Canada 2.00 1 Nov 2020 650 654 652 Municipal Finance Authority Government of Canada 0.75 1 Mar 2021 2,102 2,071 2,052 of British Columbia 2.60 23 Apr 2023 29 30 29 Government of Canada 3.25 1 Jun 2021 1,810 1,872 1,941 1,891 1,925 Government of Canada 0.75 1 Sep 2021 1,020 1,001 987 Government of Canada 0.50 1 Mar 2022
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