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DFS GIF Annual Report

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DFS GIF Annual Report DFS GUARANTEED INVESTMENT FUNDS MAY 2017 2016 Annual Report Financial Information as of December 31, 2016 DFS Guaranteed Investment Funds are established by Desjardins Financial Security Life Assurance Company. Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company. TABLE OF CONTENTS DFS GUARANTEED INVESTMENT FUNDS Investment Solutions What’s a DFS GIF? DFS GIF – Conservative . 4 DFS GIF – Moderate . 12 DFS stands for Desjardins Financial DFS GIF – Balanced . 20 Security. DFS GIF – Growth . 28 GIF stands for Guaranteed DFS GIF – Maximum Growth . 36 Investment Fund. Individual Funds Income A Guaranteed Investment Fund (GIF), DFS GIF – Money Market . 46 commonly known as “segregated DFS GIF – Income – Fiera Capital . 53 fund“ is an investment fund created and issued exclusively by life insurance DFS GIF – Canadian Bond . 65 companies. It is offered through Balanced and Asset Allocation Contracts which provide maturity DFS GIF – Diversified Income – Franklin Quotential . 72 and death benefit guarantees. DFS GIF – Balanced Income – Franklin Quotential . 79 DFS GIF – Canadian Balanced – Fidelity . 86 DFS GIF – U S. Monthly Income – Fidelity . 93 Is this document DFS GIF – Balanced – Desjardins Societerra . 100 available online? DFS GIF – Global Balanced – Jarislowsky Fraser . 107 DFS GIF – Canadian Balanced – Fiera Capital . 114 Yes, at DFS GIF – Canadian Balanced – Franklin Bissett . 129 desjardinslifeinsurance.com/ DFS GIF – Balanced Growth – Franklin Quotential . 136 GIFreports. DFS GIF – Canadian Balanced – CI Signature . 143 DFS GIF – Income And Growth – CI Signature . 150 DFS GIF – Growth And Income – NEI Northwest . 157 Is it possible to opt out DFS GIF – Global Growth – NEI Select . 164 of receiving paper copies DFS GIF – Canadian Asset Allocation – CI Cambridge . 171 of this financial report? DFS GIF – Growth – Franklin Quotential . 178 Yes. Please send a letter to: Canadian Equity DFS GIF – Dividend Income – Franklin Bissett . 185 Desjardins Financial Security DFS GIF – Canadian Dividend – NEI Northwest . 192 GIF Administration DFS GIF – Canadian Equity – Jarislowsky Fraser . 199 1 Complexe Desjardins P.O. Box 9000 DFS GIF – Canadian Equity – Fidelity True North® . 206 Montreal, QC H5B 1H5 DFS GIF – Canadian Equity – Franklin Bissett . 213 DFS GIF – Specialty Equity – NEI Northwest . 220 Or send an email to: DFS GIF – Small Cap – Franklin Bissett . 227 Foreign Equity [email protected]. DFS GIF – American Equity – MFS . 234 Please include your name, mailing DFS GIF – American Equity Value – Desjardins . 241 address, telephone number, email DFS GIF – Global Dividend – Desjardins . 248 address and client number in your DFS GIF – Global Equity – MFS . 255 request, and indicate whether DFS GIF – International Equity – MFS . 262 your request applies to the annual DFS GIF – International Equity Growth – Desjardins . 269 financial report and/or the semi- NOTES TO THE FINANCIAL STATEMENTS . 276 annual financial report. INDEPENDENT AUDITOR’S REPORT . 294 MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING IN THE AUDITED ANNUAL FINANCIAL STATEMENTS . 295 DFS GUARANTEED INVESTMENT FUNDS 1 DFS GUARANTEED INVESTMENT FUNDS Investment Solutions DFS GIF – CONSERVATIVE* SUMMARY FACTS STATEMENT — unaudited The following unaudited section shows the Top holdings of the Fund and performance data for the year ending December 31, 2016 . The current objective and strategy of the Fund can be found in the audited Financial Instruments Disclosures as at December 31, 2016 section of this document under the section heading “Strategy in using Financial Instruments” . For a detailed description of each Fund’s investment policy and where applicable, the investment policy and/or prospectus and financial statements of the underlying fund(s) is available upon request by writing to the Company at 1 Complexe Desjardins, P O. Box 9000, Montreal, Quebec, H5B 1H5 . TOP MAJOR HOLDINGS AS OF DECEMBER 31, 2016 Percentage Security Name of Portfolio DGIA Canadian Bond Fund 55% 5. Desjardins Enhanced Bond Fund 23 7%. BlackRock CDN US Equity Index Fund 6 4%. Desjardins Overseas Equity Value Fund 3 0%. Desjardins Overseas Equity Growth Fund 2 9%. Franklin Bissett Canadian Equity Fund 2 9%. BlackRock Active Canadian Equity DC Fund 2% 8. Fidelity True North® Fund 2% 8. PERFORMANCE INFORMATION FOR THE YEAR ENDING DECEMBER 31, 2016 Series 5Series** 5**Series 5** Series Series6 6Series 6 Series Series7 7Series 7 $10,000 $10,000 $10,000 Lump Total Gain Lump Total Gain Lump Total Gain Sum (Annualized) Sum (Annualized) Sum (Annualized) Value Value Value 1 Year 10,102 1% 0. 10,113 1 1%. 10,176 1% 8. Since Inception 10,185 1% 5. 10,577 2% 0. 10,713 2% 4. * This Fund is composed of units of the corresponding underlying investment funds. ** Beginning of operations in October 2015. 4 DFS GUARANTEED INVESTMENT FUNDS STATEMENT OF FINANCIAL POSITION STATEMENT OF COMPREHENSIVE INCOME As at December 31 Years Ended December 31 2016 2015 2016 2015 $ $ $ $ ASSETS INCOME Current Assets Interest for attribution purposes 267,322 160,624 Cash 75,146 70,175 Dividends 66,274 33,044 Investments at fair value through profit Changes in fair value: or loss (FVTPL) 14,278,214 8,395,967 Net realized gain (loss) on Premiums receivable 85,122 — investments 149,650 (13,233) Receivable for securities sold 108 31,167 Net unrealized gain (loss) on 14,438,590 8,497,309 investments (112,885) (31,061) 370,361 149,374 LIABILITIES Current Liabilities EXPENSES Accrued expenses 27,947 16,359 Management fees and guarantee charge 248,244 130,439 Withdrawals payable 125,416 32,351 Operating expenses 25,645 13,417 Payable for securities purchased 1,298 399 273,889 143,856 154,661 49,109 Withholding taxes 3,077 1,599 276,966 145,455 NET ASSETS ATTRIBUTABLE TO CONTRACT OWNERS 14,283,929 8,448,200 INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ATTRIBUTABLE TO NET ASSETS PER UNIT CONTRACT OWNERS 93,395 3,919 Series 5 5.09 5 04. Series 6 5.29 5 23. DATA PER SERIES Series 7 5.36 5 26. SERIES 5* Increase (Decrease) in Net Assets from Operations (3,440) 349 - per unit (0.03) 0 07. Average Number of Units 105,251 4,845 SERIES 6 Increase (Decrease) in Net Assets from Operations 65,918 (4,339) - per unit 0.04 — Average Number of Units 1,776,661 987,539 SERIES 7 Increase (Decrease) in Net Assets from Operations 30,917 7,909 - per unit 0.11 0 06. Average Number of Units 283,127 136,776 * Beginning of operations in October 2015. The accompanying Notes are an integral part of these financial statements. DFS GUARANTEED INVESTMENT FUNDS 5 DFS GIF – CONSERVATIVE (cont.) STATEMENT OF CHANGES IN NET ASSETS STATEMENT OF CASH FLOWS ATTRIBUTABLE TO CONTRACT OWNERS Years Ended December 31 Years Ended December 31 2016 2015 2016 2015 $ $ $ $ CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES NET ASSETS ATTRIBUTABLE Increase (Decrease) in Net Assets TO CONTRACT OWNERS, from operations attributable BEGINNING OF YEAR 8,448,200 2,870,803 to contract owners 93,395 3,919 Increase (Decrease) in Net Assets from operations attributable Adjustments for: to contract owners 93,395 3,919 Net realized gain (loss) (149,650) 13,233 Net unrealized gain (loss) 112,885 31,061 Premiums Non-cash distribution from Series 5* 1,098,525 82,376 investments (330,519) (192,069) Series 6 7,496,140 5,123,094 Proceeds from sale/maturity Series 7 1,973,253 1,252,778 of investments 2,874,806 3,502,457 10,567,918 6,458,248 Investments purchased (8,389,769) (8,882,795) Withdrawals Receivable for securities sold 31,059 (31,167) Series 5* (229,161) (15,189) Accrued expenses 11,588 11,162 Series 6 (2,917,657) (843,441) Payable for securities purchased 899 (272) Series 7 (1,678,766) (26,140) NET CASH FLOWS FROM (USED IN) (4,825,584) (884,770) OPERATING ACTIVITIES (5,745,306) (5,544,471) NET ASSETS ATTRIBUTABLE TO CONTRACT OWNERS, CASH FLOWS FROM (USED IN) END OF YEAR 14,283,929 8,448,200 FINANCING ACTIVITIES Premium payments 10,482,796 6,467,716 Amounts paid on withdrawals (4,732,519) (853,597) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES 5,750,277 5,614,119 Increase (Decrease) in cash/bank overdraft 4,971 69,648 Cash (bank overdraft), beginning of year 70,175 527 CASH (BANK OVERDRAFT), END OF YEAR 75,146 70,175 * Beginning of operations in October 2015. The accompanying Notes are an integral part of these financial statements. 6 DFS GUARANTEED INVESTMENT FUNDS SCHEDULE OF INVESTMENT PORTFOLIO as at December 31, 2016 Number Fair of Units Cost Value $ $ INVESTMENT FUNDS (100.0%) BlackRock Active Canadian Equity DC Fund 12,432 408,586 406,896 BlackRock CDN US Equity Index Fund, Class D 47,059 843,423 920,809 Desjardins Enhanced Bond Fund, I-Class 307,341 3,471,569 3,382,594 Desjardins Overseas Equity Growth Fund, I-Class 22,928 428,345 414,951 Desjardins Overseas Equity Value Fund, I-Class 30,240 429,841 431,337 DGIA Canadian Bond Fund 785,085 8,094,712 7,918,147 Fidelity True North® Fund, Series O 8,301 378,705 396,370 Franklin Bissett Canadian Equity Fund, Series O 2,747 367,923 407,110 TOTAL INVESTMENTS 14,423,104 14,278,214 OTHER NET ASSETS (0.0%) 5,715 NET ASSETS (100%) 14,283,929 The accompanying Notes are an integral part of these financial statements. TOP FIVE HOLDINGS OF THE UNDERLYING FUNDS – unaudited Percentage Security Name of Portfolio DGIA CANADIAN BOND FUND 55.5% Canada Housing Trust, 1 .25%, June 15, 2021 6 8%. Province of Ontario, 2 60%,. June 2, 2025 4 .1% Province of Ontario, 2 10%,. September 8, 2019 4 .0% Canada Housing Trust, 2 00%,. December 15, 2019 3 8%. NHA MBS Merrill Lynch, 1 35%,. May 1, 2020 3 .1% DESJARDINS ENHANCED BOND FUND 23.7% Government of Canada, 1 50%,.
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