WINDWISE FUNDS

Financial Statements as at December 31, 2020 WINDWISE FUNDS Financial Statements as at December 31, 2020

Independent Auditor’s Report ...... 1 WindWise Canadian 20+ Strip Bond Index Non-Lending Fund ...... 4 WindWise Canadian Equity Enhanced Non-Lending Fund ...... 13 WindWise Canadian Long Term Bond Index Non-Lending Fund ...... 24 WindWise Canadian Long Term Government Bond Index Non-Lending Fund ...... 44 WindWise Canadian Managed Volatility Non-Lending Fund ...... 56 WindWise Canadian Real Return Bond Index Non-Lending Fund ...... 64 WindWise Canadian Short Term Bond Index Non-Lending Fund...... 72 WindWise Canadian Universe Bond Index Non-Lending Fund ...... 89 WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations ...... 124 WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations ...... 153 WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations ...... 173 WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations ...... 182 WindWise S&P/TSX Composite Index Non-Lending Fund ...... 201 WindWise U.S. Managed Volatility Non-Lending Fund ...... 214 Notes to Financial Statements ...... 226 Independent auditor’s report

To the Unitholders and Trustee of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund WindWise Canadian Equity Enhanced Non-Lending Fund WindWise Canadian Long Term Bond Index Non-Lending Fund WindWise Canadian Long Term Government Bond Index Non-Lending Fund WindWise Canadian Managed Volatility Non-Lending Fund WindWise Canadian Real Return Bond Index Non-Lending Fund WindWise Canadian Short Term Bond Index Non-Lending Fund WindWise Canadian Universe Bond Index Non-Lending Fund WindWise MSCI EAFE Index Non-Lending Fund for Exempt Organizations WindWise S&P 500 Index Non-Lending Fund for Exempt Organizations WindWise S&P 500 Index Non-Lending Fund Hedged to Canadian Dollars for Exempt Organizations WindWise S&P 500 Index Securities Lending Fund for Exempt Organizations WindWise S&P/TSX Composite Index Non-Lending Fund WindWise U.S. Managed Volatility Non-Lending Fund (individually, a Fund)

Our opinion

In our opinion, the accompanying financial statements of each Fund present fairly, in all material respects, the financial position of each Fund as at December 31, 2020 and 2019 and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).

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

● the statements of financial position as at December 31, 2020 and 2019;

● the statements of comprehensive income for the years then ended;

● the statements of changes in net assets attributable to holders of redeemable units for the years then ended;

● the statements of cash flows for the years then ended; and

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

PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. 1250 René-Lévesque Boulevard West, Suite 2500, Montréal, Quebec, Canada H3B 4Y1 T: +1 514 205 5000, F: +1 514 876 1502

“PwC” refers to PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership. 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.

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 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.

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.

Montréal, Quebec March 26, 2021

1 CPA auditor, CA, public accountancy permit No. A127947 WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of financial position As at December 31,

2020 2019 $ $ Assets Current assets Investments* 96,898,184 88,598,831 Cash 114,629 1,494 Receivable for investments sold - 81,722

Total assets 97,012,813 88,682,047 Liabilities Current liabilities Payable for units redeemed 111,671 81,511 Accrued expenses 4,439 4,503

Total liabilities 116,110 86,014

Net assets attributable to holders of redeemable units 96,896,703 88,596,033

Number of redeemable units outstanding 7,428,571 7,192,068

Net assets attributable to holders of redeemable units per unit 13.04 12.32

* Investments – at cost 79,458,116 76,340,868

Approved by the Manager, State Street Global Advisors Ltd.

______Ellen Needham, Senior Managing Director Matthew DeWolfe, Managing Director

The accompanying notes are an integral part of these financial statements.

(4) WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31,

2020 2019 $ $ Investment income Interest for distribution purposes 3,419,766 3,721,551 Other changes in fair value of investments Net realized gain (loss) 2,903,239 2,485,911 Net change in unrealized appreciation (depreciation) 5,182,105 10,601,228

Total income (loss) 11,505,110 16,808,690

Expenses Audit fees 24,155 24,155 Custodial fees 34,576 33,627 Interest expense 4 6 Other fees 60 66 Regulatory fees 500 500 Trustee fees 5,289 5,158

Total expenses 64,584 63,512

Increase (decrease) in net assets attributable to holders of redeemable units 11,440,526 16,745,178

Average redeemable units outstanding during the year 7,065,564 6,994,843

Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.62 2.39

The accompanying notes are an integral part of these financial statements.

(5) WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31,

2020 2019 $ $ Increase (decrease) in net assets attributable to holders of redeemable units 11,440,526 16,745,178

Distributions to holders of redeemable units From net investment income (3,355,182) (3,658,039) From capital gains (2,913,858) (2,476,703)

Total distributions to holders of redeemable units (6,269,040) (6,134,742)

Redeemable unit transactions Proceeds from redeemable units issued 3,739,031 426,190 Reinvestment of distributions to holders of redeemable units 6,269,040 6,134,742 Redemption of redeemable units (6,878,887) (7,716,100)

Increase (decrease) from redeemable unit transactions 3,129,184 (1,155,168)

Net increase (decrease) in net assets attributable to holders of redeemable units 8,300,670 9,455,268 Net assets attributable to holders of redeemable units – Beginning of year 88,596,033 79,140,765

Net assets attributable to holders of redeemable units – End of year 96,896,703 88,596,033

Number of redeemable units outstanding – Beginning of year 7,192,068 7,254,110

Issued 280,277 34,311 Reinvested 480,615 498,007 Redeemed (524,389) (594,360)

Number of redeemable units outstanding – End of year 7,428,571 7,192,068

The accompanying notes are an integral part of these financial statements.

(6) WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31,

2020 2019 $ $ Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 11,440,526 16,745,178

Adjustments for: Accretion income (3,419,766) (3,721,551) Net realized (gain) loss on investments (2,903,239) (2,485,911) Net change in unrealized (appreciation) depreciation on investments (5,182,105) (10,601,228) Proceeds from sale of investments 15,343,990 17,643,010 Purchases of investments (12,056,511) (10,379,960) Accrued expenses (64) (266)

Net cash from (used in) operating activities 3,222,831 7,199,272

Cash flows from (used in) financing activities Proceeds from redeemable units issued 3,739,031 426,190 Redemption of redeemable units (6,848,727) (7,728,369)

Net cash from (used in) financing activities (3,109,696) (7,302,179)

Net increase (decrease) in cash during the year 113,135 (102,907)

Cash – Beginning of year 1,494 104,401

Cash – End of year 114,629 1,494

Interest paid* (4) (6)

* Included as part of cash flows from operating activities

The accompanying notes are an integral part of these financial statements.

(7) WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments – 100.0%

Federal government bonds – 9.1%

1,495,000 Government of Canada 0.00 Dec. 1, 2045 862,526 1,115,223 1,530,000 Government of Canada 0.00 Dec. 1, 2048 882,149 1,090,189 1,405,000 Government of Canada 0.00 Dec. 1, 2051 802,292 960,451 9,445,000 Government of Canada 0.00 Dec. 1, 2064 4,985,731 5,603,963

7,532,698 8,769,826

Provincial government bonds – 90.7%

25,000 Hydro-Quebec 0.00 Feb. 15, 2040 13,324 16,867 1,400,000 Hydro-Quebec 0.00 Aug. 15, 2040 813,038 920,750 665,000 Hydro-Quebec 0.00 Feb. 15, 2041 431,519 432,835 945,000 Hydro-Quebec 0.00 Aug. 15, 2041 501,242 606,065 1,000,000 Hydro-Quebec 0.00 Feb. 15, 2042 522,905 633,372 730,000 Hydro-Quebec 0.00 Aug. 15, 2042 342,863 457,194 1,500,000 Hydro-Quebec 0.00 Feb. 15, 2043 761,284 927,091 800,000 Hydro-Quebec 0.00 Aug. 15, 2043 384,778 487,680 800,000 Hydro-Quebec 0.00 Feb. 15, 2044 378,970 482,680 1,100,000 Hydro-Quebec 0.00 Aug. 15, 2044 544,923 656,380 13,660,000 Hydro-Quebec 0.00 Feb. 15, 2045 6,602,778 8,069,683 1,325,000 Hydro-Quebec 0.00 Feb. 15, 2045 580,083 778,646 500,000 Hydro-Quebec 0.00 Aug. 15, 2045 227,547 291,023 790,000 Hydro-Quebec 0.00 Feb. 15, 2046 398,665 453,758 600,000 Hydro-Quebec 0.00 Feb. 15, 2047 262,961 338,353 600,000 Hydro-Quebec 0.00 Aug. 15, 2047 261,939 335,231 550,000 Hydro-Quebec 0.00 Feb. 15, 2048 235,622 304,449 1,025,000 Hydro-Quebec 0.00 Aug. 15, 2048 495,737 561,532 850,000 Hydro-Quebec 0.00 Aug. 15, 2049 412,658 455,945 20,170,000 Hydro-Quebec 0.00 Feb. 15, 2050 8,460,982 10,752,256 3,265,000 Hydro-Quebec 0.00 Feb. 15, 2050 1,422,819 1,729,080 120,000 Hydro-Quebec 0.00 Aug. 15, 2050 50,167 63,061 475,000 Hydro-Quebec 0.00 Aug. 15, 2051 185,903 245,219 350,000 Hydro-Quebec 0.00 Aug. 15, 2052 193,208 177,284 500,000 Hydro-Quebec 0.00 Feb. 15, 2053 214,983 250,619 600,000 Hydro-Quebec 0.00 Aug. 15, 2053 244,560 298,246 545,000 Hydro-Quebec 0.00 Feb. 15, 2054 269,703 268,093 400,000 Hydro-Quebec 0.00 Aug. 15, 2054 185,788 194,937 7,545,000 Hydro-Quebec 0.00 Feb. 15, 2055 3,132,116 3,673,098 560,000 Hydro-Quebec 0.00 Feb. 15, 2055 226,455 271,305 350,000 Hydro-Quebec 0.00 Feb. 15, 2056 132,887 165,969 1,350,000 Hydro-Quebec 0.00 Aug. 15, 2056 511,279 632,038 200,000 Hydro-Quebec 0.00 Aug. 15, 2058 99,933 89,160 300,000 Hydro-Quebec 0.00 Aug. 15, 2059 88,093 131,397 1,400,000 Hydro-Quebec 0.00 Feb. 15, 2060 468,743 623,922 1,480,000 Province of British Columbia 0.00 Jun. 18, 2040 772,146 1,003,216 2,785,000 Province of British Columbia 0.00 Jun. 18, 2042 1,445,787 1,806,456 300,000 Province of British Columbia 0.00 Jun. 18, 2045 142,760 174,199 1,050,000 Province of Manitoba 0.00 Mar. 5, 2040 563,750 692,766 1,595,000 Province of Manitoba 0.00 Mar. 5, 2042 803,499 1,013,501 500,000 Province of Manitoba 0.00 Sep. 5, 2044 255,974 290,154 125,000 Province of Manitoba 0.00 Sep. 5, 2052 45,810 63,145 2,725,000 Province of Manitoba 0.00 Mar. 5, 2063 896,619 1,085,024

The accompanying notes are an integral part of these financial statements.

(8) WindWise Funds WindWise Canadian 20+ Strip Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments. . . continued

Provincial government bonds. . . continued

2,700,000 Province of Manitoba 0.00 Mar. 5, 2068 1,167,127 979,685 500,000 Province of New Brunswick 0.00 Sep. 26, 2039 274,191 336,078 900,000 Province of Nova Scotia 0.00 Jun. 1, 2041 459,263 585,262 885,000 Province of Ontario 0.00 Jan. 10, 2040 503,085 578,764 210,000 Province of Ontario 0.00 Dec. 2, 2040 117,045 138,925 11,825,000 Province of Ontario 0.00 Jun. 2, 2041 6,238,320 7,805,490 150,000 Province of Ontario 0.00 Jun. 2, 2041 83,345 97,849 2,710,000 Province of Ontario 0.00 Dec. 2, 2041 1,289,244 1,750,228 700,000 Province of Ontario 0.00 Dec. 2, 2041 344,421 452,433 250,000 Province of Ontario 0.00 Jun. 2, 2042 121,735 158,759 265,000 Province of Ontario 0.00 Dec. 2, 2042 124,942 166,391 4,440,000 Province of Ontario 0.00 Jun. 2, 2043 2,239,437 2,787,967 800,000 Province of Ontario 0.00 Jun. 2, 2043 375,196 495,383 75,000 Province of Ontario 0.00 Dec. 2, 2043 37,500 46,012 135,000 Province of Ontario 0.00 Jun. 2, 2044 66,565 81,749 235,000 Province of Ontario 0.00 Dec. 2, 2044 111,813 140,849 1,450,000 Province of Ontario 0.00 Jan. 10, 2045 725,204 835,115 14,375,000 Province of Ontario 0.00 Jun. 2, 2045 7,015,558 8,579,198 385,000 Province of Ontario 0.00 Jun. 2, 2045 187,558 228,128 1,015,000 Province of Ontario 0.00 Jun. 2, 2046 467,483 566,404 2,550,000 Province of Ontario 0.00 Dec. 2, 2046 1,287,138 1,479,939 800,000 Province of Ontario 0.00 Jun. 2, 2047 368,333 441,290 7,570,000 Province of Ontario 0.00 Jun. 2, 2048 3,802,114 4,276,378 725,000 Province of Ontario 0.00 Jun. 2, 2062 227,444 314,395 175,000 Province of Quebec 0.00 Apr. 1, 2040 98,787 114,431 1,420,000 Province of Quebec 0.00 Jun. 1, 2041 691,023 921,970 3,860,000 Province of Quebec 0.00 Dec. 1, 2041 2,074,138 2,513,877 175,000 Province of Quebec 0.00 Dec. 1, 2042 90,707 109,640 325,000 Province of Quebec 0.00 Jun. 1, 2043 161,951 201,220 2,125,000 Province of Quebec 0.00 Dec. 1, 2043 1,089,653 1,323,236 3,060,000 Province of Quebec 0.00 Dec. 1, 2045 1,619,266 1,814,656 1,890,000 Province of Quebec 0.00 Dec. 1, 2045 798,548 1,101,712 1,850,000 Province of Quebec 0.00 Sep. 21, 2051 722,107 944,922 1,000,000 Province of Quebec 0.00 Dec. 1, 2056 329,838 454,733 225,000 Province of Quebec 0.00 Jun. 1, 2065 68,908 89,266 5,325,000 Province of Quebec 0.00 Sep. 21, 2065 1,370,783 2,080,996

71,736,570 87,897,009

Municipal government bonds – 0.2%

400,000 City of Montreal 0.00 Jun. 1, 2043 188,848 231,349

Total investments – 100.0% 79,458,116 96,898,184

The accompanying notes are an integral part of these financial statements.

(9) WindWise Funds Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2020 and 2019

Investment strategy

As indicated in the Fund Declaration, the Fund seeks to match the FTSE Canada 20+ Strip Bond Index (the “Index”) while minimizing transaction costs.

Fair value hierarchy

The following tables illustrate the classification of the Fund’s financial assets and financial liabilities measured at fair value within the fair value hierarchy as at December 31, 2020 and 2019:

As at December 31, 2020

Level 1 Level 2 Level 3 Total $ $ $ $

Bonds 8,769,826 88,128,358 - 96,898,184

As at December 31, 2019

Level 1 Level 2 Level 3 Total $ $ $ $

Bonds 6,769,806 81,829,025 - 88,598,831

There were no significant transfers between fair value levels during the years ended December 31, 2020 and 2019.

Currency risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk.

Interest rate risk

The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond’s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund’s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

The accompanying notes are an integral part of these financial statements.

(10) WindWise Funds Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2020 and 2019

Total exposure

2020 2019 $ $

Term to maturity 10+ years 96,898,184 88,598,831

Total 96,898,184 88,598,831

Impact on net assets attributable to holders of redeemable units 26,902,000 23,566,000

Impact on net assets attributable to holders of redeemable units 28% 27%

Price risk

The Fund’s significant price risk exposures have been discussed in previous sections. As at December 31, 2020 and 2019, the Fund did not have any other significant price risk.

Credit risk

The Fund’s main credit risk concentration is in debt securities. The fair value of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund.

The Fund’s percentage of fixed income securities by rating category as at December 31, 2020 and 2019:

Rating 2020 2019 % %

AAA 12 11 AA+/AA/AA– 83 86 A+/A/A– 5 3

Total 100 100

Liquidity risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

The accompanying notes are an integral part of these financial statements.

(11) WindWise Funds Notes to financial statements of WindWise Canadian 20+ Strip Bond Index Non-Lending Fund December 31, 2020 and 2019

Concentration risk

The following is a summary of the Fund’s concentration risk as a percentage of investments:

December 31, December 31, Sector 2020 2019 % %

Federal government bonds 9.1 7.7 Municipal government bonds 0.2 0.2 Provincial government bonds 90.7 92.1

100.0 100.0

The accompanying notes are an integral part of these financial statements.

(12) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Statements of financial position As at December 31,

2020 2019 $ $ Assets Current assets Investments* 25,084,329 33,586,672 Cash 90,408 173,002 Dividends receivable 77,785 87,864 Forward foreign currency contracts, at fair value 12 -

Total assets 25,252,534 33,847,538 Liabilities Current liabilities Payable for units redeemed 22,600 16,920 Accrued expenses 5,097 7,516

Total liabilities 27,697 24,436

Net assets attributable to holders of redeemable units 25,224,837 33,823,102

Number of redeemable units outstanding 7,258,925 9,702,559

Net assets attributable to holders of redeemable units per unit 3.48 3.49

* Investments – at cost 20,764,655 28,592,828

Approved by the Manager, State Street Global Advisors Ltd.

______Ellen Needham, Senior Managing Director Matthew DeWolfe, Managing Director

The accompanying notes are an integral part of these financial statements.

(13) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Statements of comprehensive income For the years ended December 31,

2020 2019 $ $ Investment income Interest for distribution purposes 8,942 28,468 Dividends 904,659 938,449 Other changes in fair value of investments Net realized gain (loss) (345,949) 1,781,771 Net change in unrealized appreciation (depreciation) (674,170) 2,788,084 Other changes in fair value of derivative financial instruments Net realized gain (loss) (7) 64 Net change in unrealized appreciation (depreciation) 12 - Other income Net realized gain (loss) on foreign currency transactions (1,282) 12 Net change in unrealized appreciation (depreciation) on foreign currency translation 114 (480)

Total income (loss) (107,681) 5,536,368

Expenses Audit fees 24,155 24,155 Custodial fees 41,206 41,473 Other fees 146 220 Proxy fees - 419 Regulatory fees 500 2,773 Transaction costs 12,685 16,005 Trustee fees 5,285 5,187

Total expenses 83,977 90,232

Increase (decrease) in net assets attributable to holders of redeemable units (191,658) 5,446,136

Average redeemable units outstanding during the year 8,133,690 8,426,182

Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year (0.02) 0.65

The accompanying notes are an integral part of these financial statements.

(14) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31,

2020 2019 $ $ Increase (decrease) in net assets attributable to holders of redeemable units (191,658) 5,446,136

Distributions to holders of redeemable units From net investment income (849,174) (884,106) From capital gains - (1,258,950)

Total distributions to holders of redeemable units (849,174) (2,143,056)

Redeemable unit transactions Proceeds from redeemable units issued 1,464,357 10,239,001 Reinvestment of distributions to holders of redeemable units 849,174 2,143,056 Redemption of redeemable units (9,870,964) (7,407,735)

Increase (decrease) from redeemable unit transactions (7,557,433) 4,974,322

Net increase (decrease) in net assets attributable to holders of redeemable units (8,598,265) 8,277,402 Net assets attributable to holders of redeemable units – Beginning of year 33,823,102 25,545,700

Net assets attributable to holders of redeemable units – End of year 25,224,837 33,823,102

Number of redeemable units outstanding – Beginning of year 9,702,559 8,306,012

Issued 536,012 2,914,123 Reinvested 244,366 614,761 Redeemed (3,224,012) (2,132,337)

Number of redeemable units outstanding – End of year 7,258,925 9,702,559

The accompanying notes are an integral part of these financial statements.

(15) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Statements of cash flows For the years ended December 31,

2020 2019 $ $ Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units (191,658) 5,446,136

Adjustments for: Net realized (gain) loss on investments 345,949 (1,781,771) Net change in unrealized (appreciation) depreciation on investments and derivatives 674,158 (2,788,084) Net change in unrealized (appreciation) depreciation on foreign currency (102) 427 Proceeds from sale of investments 22,627,636 21,109,743 Purchases of investments (15,145,412) (24,842,928) Dividends receivable 10,079 (7,786) Accrued expenses (2,419) 1,945

Net cash from (used in) operating activities 8,318,231 (2,862,318)

Cash flows from (used in) financing activities Proceeds from redeemable units issued 1,464,357 10,239,001 Redemption of redeemable units (9,865,284) (7,403,815)

Net cash from (used in) financing activities (8,400,927) 2,835,186

Net increase (decrease) in cash during the year (82,696) (27,132)

Cash – Beginning of year 173,002 200,561

Foreign exchange gain (loss) on cash 102 (427)

Cash – End of year 90,408 173,002

Interest received* 8,942 28,468 Dividends received, net of foreign withholding taxes* 851,655 890,006

* Included as part of cash flows from operating activities

The accompanying notes are an integral part of these financial statements.

(16) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio As at December 31, 2020

(showing percentage of total fair value of investments)

Number Average Fair of shares Description cost value $ $

Equities – 100.0% Common stock – 100.0%

Communication services – 5.2%

9,242 BCE Inc. 512,966 503,042 795 Cogeco Communications Inc. 75,091 77,799 5,504 Quebecor Inc. Cl. B 177,684 180,311 4,714 Rogers Communications Inc. Cl. B 286,755 279,351 271 Shaw Communications Inc. Cl. B 6,196 6,054 10,065 TELUS Corporation 212,414 253,739

1,271,106 1,300,296

Consumer discretionary – 4.2%

949 BRP Inc. 40,316 79,801 1,324 Canadian Tire Corporation Limited Cl. A 196,504 221,545 1,245 Dollarama Inc. 56,731 64,591 758 Gildan Activewear Inc. 24,195 26,977 1,692 Linamar Corporation 78,474 114,075 2,776 Magna International Inc. 152,794 250,145 2,415 Restaurant Brands International Inc. 175,361 187,960 3,939 Sleep Country Canada Holdings Inc. 74,667 104,265

799,042 1,049,359

Consumer staples – 3.6%

11,376 Alimentation Couche-Tard Inc. Cl. B 408,308 493,491 5,401 Empire Company Limited Cl. A 188,339 187,901 2,591 Maple Leaf Foods Inc. 67,360 73,118 443 Metro Inc. 24,658 25,162 4,180 North West Company Inc. (The) 135,290 135,599

823,955 915,271

Energy – 10.9%

16,031 Canadian Natural Resources Limited 527,903 490,388 17,525 Enbridge Inc. 816,553 713,443 6,810 Gibson Energy Inc. 136,893 140,014 8,318 Parex Resources Inc. 149,480 145,731 4,436 Parkland Corporation 181,092 179,170 1,813 Pembina Pipeline Corporation 69,178 54,571 14,532 PrairieSky Royalty Limited 123,349 146,628 9,792 Suncor Energy Inc. 299,645 209,059 8,384 TC Energy Corporation 488,836 433,872 9,130 Tourmaline Oil Corporation 121,357 156,671 11,922 Whitecap Resources Inc. 57,786 57,941

2,972,072 2,727,488

The accompanying notes are an integral part of these financial statements.

(17) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Number Average Fair of shares Description cost value $ $

Common stock…continued

Financials – 30.8%

6,998 Bank of Montreal 589,687 677,267 11,518 Bank of Nova Scotia (The) 738,399 792,438 11,768 Brookfield Asset Management Inc. Cl. A 371,931 619,232 4,052 Canadian Imperial Bank of Commerce 388,906 440,533 9,778 CI Financial Corporation 188,823 154,297 22,469 ECN Capital Corporation 110,142 145,374 583 Equitable Group Inc. 56,147 58,883 1,847 Great-West Lifeco Inc. 56,484 56,057 584 iA Financial Corporation Inc. 29,715 32,225 4,401 IGM Financial Inc. 166,007 151,879 643 Intact Financial Corporation 75,919 96,913 3,400 iShares S&P/TSX 60 Index ETF 80,166 88,638 25,310 Manulife Financial Corporation 539,934 573,272 3,833 National Bank of Canada 222,506 274,596 9,872 Power Corporation of Canada 246,653 288,559 15,597 Royal Bank of Canada 1,238,369 1,631,290 8,074 Sun Life Financial Inc. 377,502 456,988 16,651 Toronto-Dominion Bank (The) 951,900 1,197,540

6,429,190 7,735,981

Health care – 0.9%

483 Aurinia Pharmaceuticals Inc. 10,539 8,482 1,164 Aurora Cannabis Inc. 14,325 12,339 3,474 Bausch Health Companies Inc. 148,721 91,748 1,798 Canopy Growth Corporation 67,867 56,313 2,768 Chartwell Retirement Residences 31,402 30,974 1,061 Cronos Group Inc. 10,397 9,379 233 Trillium Therapeutics Inc. 4,869 4,364

288,120 213,599

Industrials – 12.4%

7,978 Aecon Group Inc. 129,337 130,520 3,271 Badger Daylighting Limited 124,839 124,396 533 CAE Inc. 17,393 18,799 6,516 Canadian National Railway Company 565,358 911,849 1,487 Canadian Pacific Railway Limited 401,737 656,555 198 Exchange Income Corporation 7,120 7,255 6,171 Finning International Inc. 120,091 166,802 708 Mullen Group Limited 6,830 7,717 1,368 Richelieu Hardware Limited 31,242 45,199 1,299 Ritchie Bros. Auctioneers Inc. 91,021 114,935 427 Russel Metals Inc. 9,448 9,706 2,717 TFI International Inc. 96,183 178,045 2,919 Thomson Reuters Corporation 244,686 304,101 6,564 Transcontinental Inc. Cl. A 110,070 134,628 1,693 Waste Connections Inc. 162,741 220,970 5,252 Westshore Terminals Investment Corporation 103,720 81,879

2,221,816 3,113,356

The accompanying notes are an integral part of these financial statements.

(18) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Number Average Fair of shares Description cost value $ $

Common stock…continued

Information technology – 10.0%

8,238 Celestica Inc. 86,624 84,604 1,824 CGI Inc. 124,940 184,206 204 Constellation Software Inc. 249,437 337,195 826 Descartes Systems Group Inc. (The) 38,431 61,496 4,544 Open Text Corporation 230,972 262,825 1,099 Shopify Inc. Cl. A 478,349 1,579,615 379 Topicus.com Inc. 1,826 1,826

1,210,579 2,511,767

Materials – 14.0%

2,100 Agnico Eagle Mines Limited 172,196 188,139 27,823 B2Gold Corporation 132,744 198,378 21,089 Barrick Gold Corporation 498,898 611,581 2,107 Canfor Corporation 47,422 48,419 5,753 Cascades Inc. 66,157 83,706 10,641 Centerra Gold Inc. 97,127 156,848 15,703 Dundee Precious Metals Inc. 145,302 143,682 9,133 Eldorado Gold Corporation 110,199 154,074 1,416 First Quantum Minerals Limited 30,666 32,356 1,257 Franco-Nevada Corporation 149,240 200,617 4,644 Intertape Polymer Group Inc. 81,270 112,106 25,976 Kinross Gold Corporation 209,865 242,616 436 Kirkland Lake Gold Limited 21,974 22,934 4,304 Labrador Iron Ore Royalty Corporation 98,576 140,353 18,256 Lundin Mining Corporation 150,688 206,293 6,253 Nutrien Limited 369,770 382,934 2,289 Pretium Resources Inc. 38,631 33,396 2,383 Silvercorp Metals Inc. 19,676 20,279 3,406 Stella-Jones Inc. 154,868 157,630 620 Teck Resources Limited Cl. B 12,421 14,322 1,319 Torex Gold Resources Inc. 25,281 25,180 2,940 Wheaton Precious Metals Corporation 116,815 156,290 24,402 Yamana Gold Inc. 134,413 177,403

2,884,199 3,509,536

Real estate – 3.0%

12,579 Artis Real Estate Investment Trust 128,075 134,092 1,930 Boardwalk Real Estate Investment Trust 63,153 65,118 4,554 Dream Office Real Estate Investment Trust 96,638 90,169 237 Granite Real Estate Investment Trust 16,020 18,462 11,967 H&R Real Estate Investment Trust 163,912 159,042 10,578 Summit Industrial Income REIT 139,528 144,390 12,463 Tricon Residential Inc. 137,831 142,452

745,157 753,725

The accompanying notes are an integral part of these financial statements.

(19) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Number Average Fair of shares Description cost value $ $

Common stock…continued

Utilities – 5.0%

755 Algonquin Power & Utilities Corporation 15,626 15,817 4,184 ATCO Limited Cl. I 180,362 152,674 1,243 Brookfield Infrastructure Partners Limited Partnership 74,038 78,284 1,863 Canadian Utilities Limited Cl. A 57,971 57,921 4,665 Capital Power Corporation 151,247 163,182 214 Emera Inc. 11,468 11,577 3,286 Fortis Inc. 149,440 170,872 7,510 Hydro One Limited 180,284 215,162 2,114 Northland Power Inc. 56,194 96,546 11,033 Superior Plus Corporation 117,083 134,382 16,291 TransAlta Corporation 137,154 157,534

1,130,867 1,253,951

20,776,103 25,084,329

Adjustment for transaction costs (11,448) -

Total investments – 100.0% 20,764,655 25,084,329

The accompanying notes are an integral part of these financial statements.

(20) WindWise Funds WindWise Canadian Equity Enhanced Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

Forward foreign currency contracts

The following forward foreign currency contracts was open as at December 31, 2020:

Credit rating for Settlement Currency Par Currency Par Forward Current Unrealized Counterparty counterparty date buys value sells value rate rate gain (loss) $

Royal Bank of Canada AA- Jan. 04, 2021 CAD 7,356 USD (5,765) 0.784 0.785 12

12

Legend

CAD = Canadian dollar USD = United States dollar

The accompanying notes are an integral part of these financial statements.

(21) WindWise Funds Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2020 and 2019

Investment strategy

As indicated in the Fund Declaration, the Fund seeks to outperform the S&P®/TSX® Composite Index (the “Index”) over the long term in a risk controlled manner.

Fair value hierarchy

The following tables illustrate the classification of the Fund’s financial assets and financial liabilities measured at fair value within the fair value hierarchy as at December 31, 2020 and 2019:

As at December 31, 2020

Level 1 Level 2 Level 3 Total $ $ $ $

Equities 25,082,503 1,826 - 25,084,329 Forward foreign currency contracts - 12 - 12

25,082,503 1,838 - 25,084,341

As at December 31, 2019

Level 1 Level 2 Level 3 Total $ $ $ $

Equities 33,586,672 - - 33,586,672

There were no significant transfers between fair value levels during the years ended December 31, 2020 and 2019.

Currency risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk.

Interest rate risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are non- interest bearing. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

The accompanying notes are an integral part of these financial statements.

(22) WindWise Funds Notes to financial statements of WindWise Canadian Equity Enhanced Non-Lending Fund December 31, 2020 and 2019

Price risk

The most significant exposure to price risk arises from the Fund’s investment in equity securities. As at December 31, 2020, had the prices of the securities on the Fund’s benchmark increased or decreased by 10%, with all other variables held constant using a predicted tracking method, net assets attributable to holders of redeemable units would have increased or decreased by approximately $2,533,000 or $2,534,000 (2019 – $3,711,000 or $3,006,000), respectively. In practice, actual trading results may differ from this sensitivity analysis, and the difference could be significant.

Credit risk

As at December 31, 2020, the counterparties to the derivative financial instruments had a credit rating of at least AA-.

As at December 31, 2019, the Fund had no significant investments in either debt securities or derivative financial instruments. As a result, the Fund was not significantly exposed to credit risk.

Liquidity risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Concentration risk

The following is a summary of the Fund’s concentration risk as a percentage of investments:

December 31, December 31, Sector 2020 2019 % %

Communication services 5.2 5.6 Consumer discretionary 4.2 4.3 Consumer staples 3.6 4.1 Energy 10.9 16.6 Financials 30.8 32.8 Health care 0.9 1.2 Industrials 12.4 11.1 Information technology 10.0 5.3 Materials 14.0 11.2 Real estate 3.0 3.4 Utilities 5.0 4.4

100.0 100.0

The accompanying notes are an integral part of these financial statements.

(23) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Statements of financial position As at December 31,

2020 2019 $ $ Assets Current assets Investments* 1,349,982,412 1,075,462,788 Cash 6,081 890,646 Receivable for investments sold 1,565,805 - Interest receivable 6,064,926 5,320,789

Total assets 1,357,619,224 1,081,674,223 Liabilities Current liabilities Payable for units redeemed 1,293,611 56,349 Payable for investments purchased 438,393 1,408,075 Accrued expenses 9,163 14,641

Total liabilities 1,741,167 1,479,065

Net assets attributable to holders of redeemable units 1,355,878,057 1,080,195,158

Number of redeemable units outstanding 126,676,685 109,778,458

Net assets attributable to holders of redeemable units per unit 10.70 9.84

* Investments – at cost 1,255,656,821 1,049,503,000

Approved by the Manager, State Street Global Advisors Ltd.

______Ellen Needham, Senior Managing Director Matthew DeWolfe, Managing Director

The accompanying notes are an integral part of these financial statements.

(24) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31,

2020 2019 $ $ Investment income Interest for distribution purposes 36,622,331 34,234,209 Other changes in fair value of investments Net realized gain (loss) 21,521,950 4,949,177 Net change in unrealized appreciation (depreciation) 68,365,803 74,452,680

Total income (loss) 126,510,084 113,636,066

Expenses Audit fees 24,155 24,155 Custodial fees 80,132 78,549 Interest expense 9 22 Other fees 60 58 Proxy fees - 23 Regulatory fees 1,014 6,638 Trustee fees 5,235 5,050

Total expenses 110,605 114,495

Increase (decrease) in net assets attributable to holders of redeemable units 126,399,479 113,521,571

Average redeemable units outstanding during the year 111,841,495 101,784,416

Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.13 1.12

The accompanying notes are an integral part of these financial statements.

(25) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31,

2020 2019 $ $ Increase (decrease) in net assets attributable to holders of redeemable units 126,399,479 113,521,571

Distributions to holders of redeemable units From net investment income (36,511,767) (34,119,708)

Total distributions to holders of redeemable units (36,511,767) (34,119,708)

Redeemable unit transactions Proceeds from redeemable units issued 388,277,990 185,574,049 Reinvestment of distributions to holders of redeemable units 36,511,767 34,119,708 Redemption of redeemable units (238,994,570) (65,100,046)

Increase (decrease) from redeemable unit transactions 185,795,187 154,593,711

Net increase (decrease) in net assets attributable to holders of redeemable units 275,682,899 233,995,574

Net assets attributable to holders of redeemable units – Beginning of year 1,080,195,158 846,199,584

Net assets attributable to holders of redeemable units – End of year 1,355,878,057 1,080,195,158

Number of redeemable units outstanding – Beginning of year 109,778,458 93,822,677

Issued 35,834,234 19,042,229 Reinvested 3,411,212 3,467,526 Redeemed (22,347,219) (6,553,974)

Number of redeemable units outstanding – End of year 126,676,685 109,778,458

The accompanying notes are an integral part of these financial statements.

(26) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31,

2020 2019 $ $ Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 126,399,479 113,521,571

Adjustments for: Net realized (gain) loss on investments (21,521,950) (4,949,177) Net change in unrealized (appreciation) depreciation on investments (68,365,803) (74,452,680) Proceeds from sale of investments 632,699,327 572,597,936 Purchases of investments (819,866,685) (726,411,450) Interest receivable (744,137) (584,799) Accrued expenses (5,478) 5,839

Net cash from (used in) operating activities (151,405,247) (120,272,760)

Cash flows from (used in) financing activities Proceeds from redeemable units issued 388,277,990 185,574,049 Redemption of redeemable units (237,757,308) (65,161,827)

Net cash from (used in) financing activities 150,520,682 120,412,222

Net increase (decrease) in cash during the year (884,565) 139,462

Cash – Beginning of year 890,646 751,184

Cash – End of year 6,081 890,646

Interest received* 35,878,194 33,649,410 Interest paid* (9) (22)

* Included as part of cash flows from operating activities

The accompanying notes are an integral part of these financial statements.

(27) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments – 22.6%

Corporate bonds – 22.6%

134,537 407 East Development Group General Partnership 4.47 Jun. 23, 2045 143,855 163,806 780,000 407 International Inc. 2.59 May. 25, 2032 835,702 840,756 1,472,000 407 International Inc. 2.84 Mar. 7, 2050 1,494,548 1,556,257 319,000 407 International Inc. 3.30 Mar. 27, 2045 320,494 361,456 478,000 407 International Inc. 3.43 Jun. 1, 2033 480,615 554,465 1,133,000 407 International Inc. 3.60 May. 21, 2047 1,208,217 1,357,544 942,000 407 International Inc. 3.65 Sep. 8, 2044 977,081 1,122,225 1,005,000 407 International Inc. 3.67 Mar. 8, 2049 1,032,838 1,226,975 923,000 407 International Inc. 3.72 May. 11, 2048 928,395 1,130,777 916,000 407 International Inc. 3.83 May. 11, 2046 988,563 1,130,443 786,000 407 International Inc. 3.98 Sep. 11, 2052 898,032 1,017,749 831,000 407 International Inc. 4.19 Apr. 25, 2042 969,252 1,051,405 628,000 407 International Inc. 4.45 Nov. 15, 2041 741,492 818,157 353,000 407 International Inc. 4.68 Oct. 7, 2053 447,254 510,729 947,000 407 International Inc. 5.75 Feb. 14, 2036 1,253,769 1,257,420 642,000 407 International Inc. 5.96 Dec. 3, 2035 897,459 926,681 203,401 407 International Inc. 6.75 Jul. 27, 2039 291,791 292,269 256,527 Access Prairies Partnership 4.23 Mar. 1, 2048 276,293 301,211 490,842 Access Search Montreal SEC 7.07 Dec. 31, 2042 720,417 742,462 1,072,000 Aeroports de Montreal 3.03 Apr. 21, 2050 1,120,673 1,182,776 489,000 Aeroports de Montreal 3.36 Apr. 24, 2047 513,601 567,192 522,000 Aeroports de Montreal 3.92 Sep. 26, 2042 599,725 643,755 358,000 Aeroports de Montreal 3.92 Jun. 12, 2045 411,567 447,359 574,000 Aeroports de Montreal 5.17 Sep. 17, 2035 749,050 775,753 281,000 Aeroports de Montreal 5.47 Apr. 16, 2040 392,913 406,809 535,000 Aeroports de Montreal 5.67 Oct. 16, 2037 739,466 774,893 394,000 Aeroports de Montreal 6.55 Oct. 11, 2033 563,569 581,061 186,191 Aeroports de Montreal 6.61 Oct. 11, 2033 244,217 247,651 452,482 Aeroports de Montreal 6.95 Apr. 16, 2032 616,688 596,263 936,712 Alberta PowerLine Limited Partnership 4.07 Dec. 1, 2053 954,632 1,147,841 1,086,037 Alberta PowerLine Limited Partnership 4.07 Mar. 1, 2054 1,139,482 1,331,077 321,000 Alectra Inc. 3.46 Apr. 12, 2049 324,421 383,561 396,000 Alectra Inc. 3.96 Jul. 30, 2042 429,180 493,028 392,000 Alectra Inc. 5.30 Apr. 29, 2041 506,375 567,427 41,840 Alliance Pipeline Limited Partnership 6.77 Dec. 31, 2025 47,443 49,352 75,186 Alliance Pipeline Limited Partnership 7.22 Dec. 31, 2025 85,847 90,390 548,000 AltaGas Limited 4.50 Aug. 15, 2044 525,528 621,201 515,000 AltaGas Limited 4.99 Oct. 4, 2047 540,730 638,537 150,000 AltaGas Limited 5.16 Jan. 13, 2044 159,840 185,208 943,000 AltaLink Limited Partnership 3.72 Dec. 3, 2046 1,035,293 1,159,291 1,022,000 AltaLink Limited Partnership 3.99 Jun. 30, 2042 1,147,651 1,275,426 630,000 AltaLink Limited Partnership 4.05 Nov. 21, 2044 725,768 803,386 664,000 AltaLink Limited Partnership 4.09 Jun. 30, 2045 750,402 854,738 218,000 AltaLink Limited Partnership 4.27 Jun. 6, 2064 259,540 316,479 439,000 AltaLink Limited Partnership 4.45 Jul. 11, 2053 530,358 624,204 504,000 AltaLink Limited Partnership 4.46 Nov. 8, 2041 600,897 664,586 255,000 AltaLink Limited Partnership 4.87 Nov. 15, 2040 320,643 348,932 730,000 AltaLink Limited Partnership 4.92 Sep. 17, 2043 947,536 1,034,952 331,000 AltaLink Limited Partnership 5.25 Sep. 22, 2036 433,048 455,230 238,000 AltaLink Limited Partnership 5.38 Mar. 26, 2040 314,800 342,282 364,412 Arrow Lakes Power Corporation 5.52 Apr. 5, 2041 442,331 476,388 2,618,000 Bell Canada Inc. 3.50 Sep. 30, 2050 2,598,236 2,763,688 977,000 Bell Canada Inc. 4.35 Dec. 18, 2045 1,031,091 1,165,333 917,000 Bell Canada Inc. 4.45 Feb. 27, 2047 930,875 1,114,227 917,000 Bell Canada Inc. 4.75 Sep. 29, 2044 1,013,515 1,148,031 759,000 Bell Canada Inc. 6.10 Mar. 16, 2035 969,444 1,032,574 The accompanying notes are an integral part of these financial statements.

(28) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

409,000 Bell Canada Inc. 6.17 Feb. 26, 2037 529,631 571,685 299,000 Bell Canada Inc. 6.55 May. 1, 2029 380,782 403,464 484,000 Bell Canada Inc. 7.30 Feb. 23, 2032 671,673 692,710 281,000 Bell Canada Inc. 7.65 Dec. 30, 2031 376,839 404,626 530,000 Bell Canada Inc. 7.85 Apr. 2, 2031 763,321 776,645 295,951 Blackbird Infrastructure 407 General Partnership 3.76 Jun. 30, 2047 305,121 336,572 277,000 Bridging North America General Partnership 4.02 May. 31, 2038 280,191 308,725 206,000 Bridging North America General Partnership 4.34 Aug. 31, 2053 213,261 240,440 459,000 British Columbia Ferry Services Inc. 2.79 Oct. 15, 2049 448,499 488,530 397,000 British Columbia Ferry Services Inc. 4.29 Apr. 28, 2044 476,359 520,952 361,000 British Columbia Ferry Services Inc. 4.70 Oct. 23, 2043 455,911 497,201 470,000 British Columbia Ferry Services Inc. 5.02 Mar. 20, 2037 595,792 629,050 372,000 British Columbia Ferry Services Inc. 5.58 Jan. 11, 2038 507,978 531,564 518,000 British Columbia Ferry Services Inc. 6.25 Oct. 13, 2034 742,369 757,071 139,000 Brock University 3.03 May. 17, 2060 139,000 143,620 731,000 Brookfield Asset Management Inc. 5.95 Jun. 14, 2035 859,870 980,237 976,000 Brookfield Infrastructure Finance ULC 2.86 Sep. 1, 2032 998,921 1,007,265 747,000 Brookfield Renewable Partners ULC 3.33 Aug. 13, 2050 751,406 773,086 554,000 Brookfield Renewable Partners ULC 4.25 Jan. 15, 2029 553,662 657,685 528,000 Brookfield Renewable Partners ULC 4.29 Nov. 5, 2049 527,139 642,429 202,000 Brookfield Renewable Partners ULC 5.84 Nov. 5, 2036 232,780 274,086 988,000 Bruce Power Limited Partnership 4.13 Jun. 21, 2033 991,024 1,163,320 1,038,000 Bruce Power Limited Partnership 4.75 Jun. 21, 2049 1,109,949 1,346,672 264,000 Cameco Corporation 5.09 Nov. 14, 2042 268,094 295,483 218,000 Canada Life Capital Trust 7.53 Jun. 30, 2032 300,190 324,160 855,000 Canadian National Railway Company 3.05 Feb. 8, 2050 858,662 943,152 1,034,000 Canadian National Railway Company 3.60 Aug. 1, 2047 1,067,955 1,242,182 907,000 Canadian National Railway Company 3.60 Jul. 31, 2048 925,866 1,094,139 961,000 Canadian National Railway Company 3.60 Feb. 8, 2049 995,402 1,161,765 694,000 Canadian National Railway Company 3.95 Sep. 22, 2045 775,817 870,087 552,000 Canadian Natural Resources Limited 4.85 May. 30, 2047 568,173 661,268 585,000 Canadian Pacific Railway Company 3.05 Mar. 9, 2050 621,552 623,035 688,000 Canadian Pacific Railway Company 6.45 Nov. 17, 2039 927,066 1,071,544 317,000 Canadian Tire Corporation Limited 5.61 Sep. 4, 2035 388,047 380,532 340,000 Canadian Tire Corporation Limited 6.45 Feb. 24, 2034 448,282 433,713 814,322 Capital City Link General Partnership 4.39 Mar. 31, 2046 895,084 978,292 767,000 Capital Power Corporation 3.15 Oct. 1, 2032 769,883 790,042 172,000 Centre Hospitalier de l'Universite de Montreal 4.45 Oct. 1, 2049 214,616 242,699 46,000 Choice Properties Real Estate Investment Trust 3.83 Mar. 4, 2050 46,000 48,555 241,000 Choice Properties Real Estate Investment Trust 5.27 Mar. 7, 2046 280,001 306,102 523,000 CIBC Capital Trust 10.25 Jun. 30, 2108 734,760 573,638 252,999 Clover Limited Partnership 4.22 Mar. 31, 2034 252,999 281,907 314,747 Clover Limited Partnership 4.22 Jun. 30, 2034 314,747 350,978 742,870 Comber Wind Financial Corporation 5.13 Nov. 15, 2030 816,644 861,559 60,000 Concordia University 6.55 Sep. 2, 2042 92,803 102,048 714,000 Cordelio Amalco General Partnership I 4.09 Jun. 30, 2034 714,000 810,131 709,197 Cordelio Amalco General Partnership I 4.09 Sep. 30, 2034 709,197 802,829 279,000 Crosslinx Transit Solutions General Partnership 4.56 Jun. 30, 2051 286,719 328,109 837,000 Crosslinx Transit Solutions General Partnership 4.65 Sep. 30, 2046 892,015 994,817 27,945 CSS (FSCC) Partnership 6.92 Jul. 31, 2042 39,296 40,765 237,000 CU Inc. 2.61 Sep. 28, 2050 237,000 239,775 1,323,000 CU Inc. 2.96 Sep. 7, 2049 1,345,288 1,434,437 847,000 CU Inc. 3.55 Nov. 22, 2047 864,658 1,009,595 756,000 CU Inc. 3.76 Nov. 19, 2046 832,538 927,259 1,030,000 CU Inc. 3.81 Sep. 10, 2042 1,121,883 1,246,281 318,000 CU Inc. 3.83 Sep. 11, 2062 345,972 412,793 The accompanying notes are an integral part of these financial statements.

(29) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

339,000 CU Inc. 3.86 Nov. 14, 2052 363,578 432,717 824,000 CU Inc. 3.95 Nov. 23, 2048 895,599 1,050,615 837,000 CU Inc. 3.96 Jul. 27, 2045 953,817 1,050,900 1,960,000 CU Inc. 4.09 Sep. 2, 2044 2,239,514 2,490,132 443,000 CU Inc. 4.21 Oct. 29, 2055 515,987 604,195 983,000 CU Inc. 4.54 Oct. 24, 2041 1,189,108 1,299,744 471,000 CU Inc. 4.56 Nov. 7, 2053 589,016 670,581 323,000 CU Inc. 4.59 Oct. 24, 2061 395,174 479,095 1,347,000 CU Inc. 4.72 Sep. 9, 2043 1,714,452 1,844,329 256,000 CU Inc. 4.95 Nov. 18, 2050 336,208 382,445 304,000 CU Inc. 5.03 Nov. 20, 2036 379,590 408,583 284,000 CU Inc. 5.18 Nov. 21, 2035 359,652 383,677 389,000 CU Inc. 5.56 Oct. 30, 2037 508,132 555,526 334,000 CU Inc. 5.58 May. 26, 2038 450,389 479,679 303,000 CU Inc. 5.90 Nov. 20, 2034 410,762 429,450 300,000 CU Inc. 6.50 Mar. 7, 2039 457,839 471,607 29,330 Edmonton Regional Airports Authority 7.21 Nov. 1, 2030 39,396 37,628 285,000 Empire Life Insurance Company (The) 4.00 Jun. 22, 2050 283,518 304,972 625,000 Enbridge Gas Inc. 3.01 Aug. 9, 2049 627,772 685,111 552,000 Enbridge Gas Inc. 3.51 Nov. 29, 2047 556,076 655,134 455,000 Enbridge Gas Inc. 3.59 Nov. 22, 2047 453,618 546,804 1,264,000 Enbridge Gas Inc. 3.65 Apr. 1, 2050 1,437,434 1,548,132 466,000 Enbridge Gas Inc. 3.80 Jun. 1, 2046 497,909 573,668 798,000 Enbridge Gas Inc. 4.00 Aug. 22, 2044 911,741 1,001,486 1,018,000 Enbridge Gas Inc. 4.20 Jun. 2, 2044 1,162,957 1,310,548 350,000 Enbridge Gas Inc. 4.50 Nov. 23, 2043 411,422 466,931 610,000 Enbridge Gas Inc. 4.88 Jun. 21, 2041 764,678 832,276 615,000 Enbridge Gas Inc. 4.95 Nov. 22, 2050 792,683 921,351 506,000 Enbridge Gas Inc. 5.20 Jul. 23, 2040 660,589 712,413 596,000 Enbridge Gas Inc. 5.21 Feb. 25, 2036 753,015 802,026 258,000 Enbridge Gas Inc. 5.46 Sep. 11, 2036 335,102 357,815 554,000 Enbridge Gas Inc. 6.05 Sep. 2, 2038 771,488 831,712 282,000 Enbridge Gas Inc. 6.16 Dec. 16, 2033 382,666 400,829 182,000 Enbridge Gas Inc. 6.90 Nov. 15, 2032 260,098 272,325 1,239,000 Enbridge Inc. 4.24 Aug. 27, 2042 1,212,925 1,372,941 270,000 Enbridge Inc. 4.56 Mar. 28, 2064 247,446 320,687 1,579,000 Enbridge Inc. 4.57 Mar. 11, 2044 1,618,015 1,837,677 461,000 Enbridge Inc. 4.87 Nov. 21, 2044 477,261 558,387 200,000 Enbridge Inc. 5.12 Sep. 28, 2040 222,182 245,382 308,000 Enbridge Inc. 5.57 Nov. 14, 2035 350,805 385,817 372,000 Enbridge Inc. 5.75 Sep. 2, 2039 431,964 484,684 310,000 Enbridge Inc. 7.20 Jun. 18, 2032 402,750 428,323 150,000 Enbridge Inc. 7.22 Jul. 24, 2030 192,158 205,743 793,000 Enbridge Pipelines Inc. 4.13 Aug. 9, 2046 818,105 903,641 1,204,000 Enbridge Pipelines Inc. 4.33 Feb. 22, 2049 1,266,522 1,424,508 641,000 Enbridge Pipelines Inc. 4.55 Aug. 17, 2043 705,850 765,264 777,000 Enbridge Pipelines Inc. 4.55 Sep. 29, 2045 869,704 937,089 252,000 Enbridge Pipelines Inc. 5.08 Dec. 19, 2036 287,668 312,535 551,000 Enbridge Pipelines Inc. 5.33 Apr. 6, 2040 661,765 708,185 372,000 Enbridge Pipelines Inc. 5.35 Nov. 10, 2039 445,756 476,782 45,000 Enbridge Pipelines Inc. 6.05 Feb. 12, 2029 55,182 56,896 195,000 Energir Inc. 3.28 Oct. 9, 2046 193,166 223,733 180,000 Energir Inc. 3.30 Mar. 31, 2045 175,798 205,363 406,000 Energir Inc. 3.53 May. 16, 2047 416,977 485,224 291,000 Energir Inc. 5.70 Jul. 10, 2036 395,344 414,514 199,000 Energir Inc. 6.30 Oct. 31, 2033 274,442 292,506 The accompanying notes are an integral part of these financial statements.

(30) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

163,000 Energir Inc. 7.05 Oct. 30, 2030 237,546 238,501 6,000 Energir Inc. 7.20 Nov. 19, 2027 8,508 8,211 572,000 EPCOR Utilities Inc. 2.90 May. 19, 2050 594,728 612,252 694,000 EPCOR Utilities Inc. 3.11 Jul. 8, 2049 704,437 773,516 827,000 EPCOR Utilities Inc. 3.55 Nov. 27, 2047 846,827 988,459 348,000 EPCOR Utilities Inc. 3.95 Nov. 26, 2048 360,233 445,297 536,000 EPCOR Utilities Inc. 4.55 Feb. 28, 2042 640,944 712,607 411,000 EPCOR Utilities Inc. 5.65 Nov. 16, 2035 554,497 575,485 365,000 EPCOR Utilities Inc. 5.75 Nov. 24, 2039 504,944 540,902 371,000 EPCOR Utilities Inc. 6.65 Apr. 15, 2038 554,982 585,182 209,000 EPCOR Utilities Inc. 6.80 Jun. 28, 2029 295,300 295,936 937,000 Fair Hydro Trust 3.36 May. 15, 2035 937,028 1,089,252 745,000 Fair Hydro Trust 3.52 May. 15, 2038 745,015 893,044 267,000 Finning International Inc. 5.08 Jun. 13, 2042 300,254 333,934 712,943 First Nations ETF Limited Partnership 4.14 Dec. 31, 2041 712,943 801,542 323,000 Fortis Inc. 6.51 Jul. 4, 2039 434,206 489,734 351,000 FortisAlberta Inc. 2.63 Jun. 8, 2051 350,715 356,879 358,000 FortisAlberta Inc. 3.34 Sep. 21, 2046 369,429 410,543 372,000 FortisAlberta Inc. 3.67 Sep. 9, 2047 372,000 452,095 287,000 FortisAlberta Inc. 3.73 Sep. 18, 2048 295,900 353,868 221,000 FortisAlberta Inc. 3.98 Oct. 23, 2052 239,208 286,000 258,000 FortisAlberta Inc. 4.11 Sep. 29, 2044 285,697 328,837 257,000 FortisAlberta Inc. 4.27 Sep. 22, 2045 297,668 336,946 247,000 FortisAlberta Inc. 4.54 Oct. 18, 2041 296,319 326,317 242,000 FortisAlberta Inc. 4.80 Oct. 27, 2050 305,131 354,162 308,000 FortisAlberta Inc. 4.85 Sep. 11, 2043 385,780 428,271 230,000 FortisAlberta Inc. 4.99 Jan. 3, 2047 289,894 336,517 300,000 FortisAlberta Inc. 5.37 Oct. 30, 2039 407,475 426,522 228,000 FortisAlberta Inc. 5.40 Apr. 21, 2036 305,778 311,736 175,000 FortisAlberta Inc. 5.85 Apr. 15, 2038 241,600 256,081 394,000 FortisAlberta Inc. 6.22 Oct. 31, 2034 547,128 570,169 130,000 FortisAlberta Inc. 7.06 Feb. 14, 2039 200,033 214,655 354,000 FortisBC Energy Inc. 2.54 Jul. 13, 2050 354,765 356,936 440,000 FortisBC Energy Inc. 2.82 Aug. 9, 2049 445,828 468,992 267,000 FortisBC Energy Inc. 3.38 Apr. 13, 2045 264,909 308,426 281,000 FortisBC Energy Inc. 3.67 Apr. 9, 2046 295,137 341,338 314,000 FortisBC Energy Inc. 3.69 Oct. 30, 2047 321,894 385,862 281,000 FortisBC Energy Inc. 3.78 Mar. 6, 2047 298,007 349,167 399,000 FortisBC Energy Inc. 3.85 Dec. 7, 2048 435,370 505,533 192,000 FortisBC Energy Inc. 4.25 Dec. 9, 2041 220,863 246,827 197,000 FortisBC Energy Inc. 5.20 Dec. 6, 2040 259,419 278,715 229,000 FortisBC Energy Inc. 5.55 Sep. 25, 2036 300,587 322,240 448,000 FortisBC Energy Inc. 5.80 May. 13, 2038 618,204 654,861 271,000 FortisBC Energy Inc. 5.90 Feb. 26, 2035 370,010 384,520 554,000 FortisBC Energy Inc. 6.00 Oct. 2, 2037 790,966 822,247 491,000 FortisBC Energy Inc. 6.05 Feb. 15, 2038 692,808 734,448 218,000 FortisBC Energy Inc. 6.50 May. 1, 2034 307,192 320,391 178,000 FortisBC Energy Inc. 6.55 Feb. 24, 2039 268,533 283,064 379,000 FortisBC Inc. 4.00 Oct. 28, 2044 420,101 465,672 216,000 FortisBC Inc. 5.00 Nov. 24, 2050 286,509 318,510 157,000 FortisBC Inc. 5.60 Nov. 9, 2035 207,096 219,113 220,000 FortisBC Inc. 5.90 Jul. 4, 2047 329,904 355,402 149,000 FortisBC Inc. 6.10 Jun. 2, 2039 213,340 224,683 165,000 George Weston Limited 6.69 Mar. 1, 2033 214,974 223,964 207,000 George Weston Limited 7.10 Feb. 5, 2032 275,491 282,533 201,165 Grand Renewable Solar Limited Partnership 3.93 Jan. 31, 2035 208,434 224,896 The accompanying notes are an integral part of these financial statements.

(31) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

185,348 GrandLinq GP 4.77 Mar. 31, 2047 202,355 224,827 1,749,000 Greater Toronto Airports Authority 2.75 Oct. 17, 2039 1,759,079 1,838,564 1,133,000 Greater Toronto Airports Authority 3.26 Jun. 1, 2037 1,157,622 1,269,248 718,000 Greater Toronto Airports Authority 4.53 Dec. 2, 2041 892,619 954,553 1,213,000 Greater Toronto Airports Authority 5.30 Feb. 25, 2041 1,666,089 1,750,350 792,000 Greater Toronto Airports Authority 5.63 Jun. 7, 2040 1,124,680 1,173,437 940,000 Greater Toronto Airports Authority 6.47 Feb. 2, 2034 1,359,024 1,381,015 1,064,000 Greater Toronto Airports Authority 6.98 Oct. 15, 2032 1,586,647 1,589,403 871,000 Greater Toronto Airports Authority 7.10 Jun. 4, 2031 1,292,301 1,282,524 966,000 Great-West Lifeco Inc. 2.98 Jul. 8, 2050 1,010,908 993,974 626,000 Great-West Lifeco Inc. 6.00 Nov. 16, 2039 842,916 913,966 705,000 Great-West Lifeco Inc. 6.67 Mar. 21, 2033 967,002 1,012,902 380,000 Great-West Lifeco Inc. 6.74 Nov. 24, 2031 520,164 544,628 269,000 Halifax International Airport Authority 4.89 Nov. 15, 2050 365,200 399,996 171,000 Halifax International Airport Authority 5.50 Jul. 19, 2041 244,265 252,806 221,000 Hamilton Health Sciences Corporation 3.68 Jan. 17, 2059 221,000 284,392 2,359,235 Health Montreal Collective Limited Partnership 6.72 Sep. 30, 2049 3,300,109 3,464,099 424,000 Hospital for Sick Children (The) 3.42 Dec. 7, 2057 424,000 518,090 352,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 491,954 553,056 878,474 Hospital Infrastructure Partners (NOH) Partnership 5.44 Jan. 31, 2045 1,050,268 1,166,694 546,000 Hydro One Inc. 1.69 Jan. 16, 2031 547,695 553,990 1,024,000 Hydro One Inc. 2.71 Feb. 28, 2050 1,023,491 1,067,573 1,552,000 Hydro One Inc. 3.63 Jun. 25, 2049 1,604,659 1,899,453 487,000 Hydro One Inc. 3.64 Apr. 5, 2050 511,082 597,878 946,000 Hydro One Inc. 3.72 Nov. 18, 2047 1,026,399 1,166,438 587,000 Hydro One Inc. 3.79 Jul. 31, 2062 631,073 763,274 646,000 Hydro One Inc. 3.91 Feb. 23, 2046 710,366 811,367 529,000 Hydro One Inc. 4.00 Dec. 22, 2051 617,261 693,073 618,000 Hydro One Inc. 4.17 Jun. 6, 2044 705,830 795,670 542,000 Hydro One Inc. 4.39 Sep. 26, 2041 625,145 705,691 836,000 Hydro One Inc. 4.59 Oct. 9, 2043 1,038,332 1,129,838 688,000 Hydro One Inc. 4.89 Mar. 13, 2037 843,746 920,069 626,000 Hydro One Inc. 5.00 Oct. 19, 2046 825,782 917,700 1,164,000 Hydro One Inc. 5.36 May. 20, 2036 1,508,683 1,621,710 1,029,000 Hydro One Inc. 5.49 Jul. 16, 2040 1,394,487 1,501,414 505,000 Hydro One Inc. 6.03 Mar. 3, 2039 708,334 766,947 615,000 Hydro One Inc. 6.35 Jan. 31, 2034 854,540 903,381 763,000 Hydro One Inc. 6.93 Jun. 1, 2032 1,099,943 1,151,464 688,000 Hydro One Inc. 7.35 Jun. 3, 2030 1,024,159 1,016,593 329,000 IGM Financial Inc. 4.12 Dec. 9, 2047 329,000 386,380 379,000 IGM Financial Inc. 4.17 Jul. 13, 2048 379,000 451,753 833,000 IGM Financial Inc. 4.21 Mar. 21, 2050 833,000 1,005,630 342,000 IGM Financial Inc. 4.56 Jan. 25, 2047 362,922 424,745 302,000 IGM Financial Inc. 6.00 Dec. 10, 2040 396,448 422,157 192,000 IGM Financial Inc. 7.00 Dec. 31, 2032 266,285 275,836 312,000 IGM Financial Inc. 7.11 Mar. 7, 2033 431,702 449,523 200,678 IGM Financial Inc. 7.45 May. 9, 2031 284,464 288,278 454,191 InPower BC General Partnership 4.47 Mar. 31, 2033 507,670 521,977 648,000 Intact Financial Corporation 2.95 Dec. 16, 2050 650,328 661,522 451,000 Intact Financial Corporation 5.16 Jun. 16, 2042 533,147 613,815 438,000 Intact Financial Corporation 6.40 Nov. 23, 2039 604,430 661,006 163,693 Integrated Team Solutions PCH Partnership 4.88 May. 31, 2046 192,133 206,789 435,218 Integrated Team Solutions SJHC Partnership 5.95 Nov. 30, 2042 561,165 586,884 1,029,000 Inter Pipeline Limited 4.64 May. 30, 2044 1,082,824 1,104,817 806,405 Kingston Solar Limited Partnership 3.57 Jul. 31, 2035 806,404 884,559 381,000 Liberty Utilities Limited Partnership 3.32 Feb. 14, 2050 390,676 391,059 The accompanying notes are an integral part of these financial statements.

(32) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

548,000 Loblaw Companies Limited 5.90 Jan. 18, 2036 691,633 735,511 361,000 Loblaw Companies Limited 6.05 Jun. 9, 2034 461,045 483,830 400,000 Loblaw Companies Limited 6.15 Jan. 29, 2035 522,303 544,047 226,000 Loblaw Companies Limited 6.45 Mar. 1, 2039 302,730 327,508 300,000 Loblaw Companies Limited 6.54 Feb. 17, 2033 395,502 410,622 350,000 Loblaw Companies Limited 6.85 Mar. 1, 2032 475,970 484,526 513,000 Lower Mattagami Energy Limited Partnership 4.18 Feb. 23, 2046 592,266 674,936 459,000 Lower Mattagami Energy Limited Partnership 4.18 Apr. 23, 2052 546,833 625,172 461,000 Lower Mattagami Energy Limited Partnership 4.94 Sep. 21, 2043 611,731 657,523 517,000 Lower Mattagami Energy Limited Partnership 5.14 May. 18, 2041 684,082 735,383 1,360,000 Manulife Finance (Delaware) Limited Partnership 5.06 Dec. 15, 2041 1,519,074 1,722,444 17,638 MaRS Development Trust (The) 6.40 Feb. 4, 2035 24,164 23,337 85,000 McGill University 3.98 Jan. 29, 2056 94,387 108,911 345,000 McGill University 6.15 Sep. 22, 2042 525,559 562,460 508,000 McGill University Health Centre 5.36 Dec. 31, 2043 704,439 770,180 160,000 McMaster University 4.11 Nov. 26, 2065 196,887 220,915 756,000 Metro Inc. 3.41 Feb. 28, 2050 766,480 794,765 944,000 Metro Inc. 4.27 Dec. 4, 2047 970,255 1,133,019 534,000 Metro Inc. 5.03 Dec. 1, 2044 609,731 699,529 584,000 Metro Inc. 5.97 Oct. 15, 2035 727,407 790,818 1,175,000 NAV Canada 2.92 Sep. 29, 2051 1,221,300 1,288,483 527,000 NAV Canada 3.21 Sep. 29, 2050 550,344 610,353 505,000 NAV Canada 3.29 Mar. 30, 2048 503,769 588,751 457,000 NAV Canada 3.53 Feb. 23, 2046 503,859 549,605 1,101,505 North Battleford Power Limited Partnership 4.96 Dec. 31, 2032 1,290,517 1,319,759 1,478,000 North West Redwater Partnership/NWR Financing Company Limited 3.65 Jun. 1, 2035 1,512,816 1,649,101 1,024,000 North West Redwater Partnership/NWR Financing Company Limited 3.70 Feb. 23, 2043 1,017,502 1,127,812 1,672,000 North West Redwater Partnership/NWR Financing Company Limited 4.05 Jul. 22, 2044 1,766,949 1,941,239 981,000 North West Redwater Partnership/NWR Financing Company Limited 4.15 Jun. 1, 2033 1,056,841 1,147,662 952,000 North West Redwater Partnership/NWR Financing Company Limited 4.35 Jan. 10, 2039 1,023,521 1,120,153 924,000 North West Redwater Partnership/NWR Financing Company Limited 4.75 Jun. 1, 2037 1,057,432 1,148,403 1,250,632 Northern Courier Pipeline Limited Partnership 3.37 Jun. 30, 2042 1,250,632 1,349,150 247,463 Northland Power Solar Finance One Limited Partnership 4.40 Jun. 30, 2032 271,874 283,065 493,764 Northwestconnect Group Partnership 5.95 Apr. 30, 2041 647,565 661,712 58,678 Nouvelle Autoroute 30 Financement Inc. 3.74 Dec. 31, 2032 58,678 64,826 72,899 Nouvelle Autoroute 30 Financement Inc. 3.75 Mar. 31, 2033 72,899 81,122 250,803 Nouvelle Autoroute 30 Financement Inc. 4.11 Mar. 31, 2042 250,803 298,754 209,584 Nouvelle Autoroute 30 Financement Inc. 4.12 Jun. 30, 2042 209,584 249,883 125,000 NOVA Gas Transmission Limited 6.30 May. 27, 2030 156,460 159,435 16,000 NOVA Gas Transmission Limited 8.90 May. 27, 2025 22,715 20,618 579,000 Nova Scotia Power Inc. 3.31 Apr. 25, 2050 610,599 648,662 781,000 Nova Scotia Power Inc. 3.57 Apr. 5, 2049 781,000 915,573 313,000 Nova Scotia Power Inc. 3.61 May. 1, 2045 316,427 363,578 475,000 Nova Scotia Power Inc. 4.15 Mar. 6, 2042 538,408 586,914 682,000 Nova Scotia Power Inc. 4.50 Jul. 20, 2043 822,230 886,532 528,000 Nova Scotia Power Inc. 5.61 Jun. 15, 2040 706,501 761,138 285,000 Nova Scotia Power Inc. 5.67 Nov. 14, 2035 373,731 394,243 398,000 Nova Scotia Power Inc. 5.95 Jul. 27, 2039 558,596 587,746 363,000 Nova Scotia Power Inc. 6.95 Aug. 25, 2033 528,291 540,764 The accompanying notes are an integral part of these financial statements.

(33) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

682,000 OMERS Finance Trust 2.60 May. 14, 2029 681,284 750,469 972,000 OMERS Realty Corporation 3.63 Jun. 5, 2030 972,000 1,146,454 573,000 Ontario Power Generation Inc. 3.65 Sep. 13, 2050 578,799 679,323 951,000 Ontario Power Generation Inc. 3.84 Jun. 22, 2048 981,305 1,152,739 995,000 Ontario Power Generation Inc. 4.25 Jan. 18, 2049 1,069,977 1,286,405 521,699 Ottawa Macdonald-Cartier International Airport Authority 3.93 Jun. 9, 2045 568,381 582,060 131,654 Ottawa Macdonald-Cartier International Airport Authority 6.97 May. 25, 2032 180,620 170,314 2,710 Pearson International Fuel Facilities Corporation 5.09 Mar. 9, 2032 3,090 3,127 1,389,000 Pembina Pipeline Corporation 4.54 Apr. 3, 2049 1,438,180 1,560,032 785,000 Pembina Pipeline Corporation 4.67 May. 28, 2050 809,905 898,462 1,040,000 Pembina Pipeline Corporation 4.74 Jan. 21, 2047 1,026,375 1,195,552 867,000 Pembina Pipeline Corporation 4.75 Apr. 30, 2043 859,160 987,469 1,718,000 Pembina Pipeline Corporation 4.75 Mar. 26, 2048 1,862,210 1,982,844 1,125,000 Pembina Pipeline Corporation 4.81 Mar. 25, 2044 1,166,591 1,293,148 308,079 Plenary Health Bridgepoint Limited Partnership 7.25 Aug. 31, 2042 451,362 470,805 274,000 Plenary Health Care Partnerships Humber Limited Partnership 4.82 Nov. 30, 2044 338,464 354,394 455,949 Plenary Health Care Partnerships Humber Limited Partnership 4.90 May. 31, 2039 531,924 571,938 421,587 Plenary Health Hamilton Limited Partnership 5.80 May. 31, 2043 540,448 575,546 1,129,814 Plenary Properties LTAP Limited Partnership 6.29 Jan. 31, 2044 1,566,313 1,633,634 486,000 Power Corporation of Canada 4.46 Jul. 27, 2048 488,583 614,598 428,000 Power Corporation of Canada 4.81 Jan. 31, 2047 455,728 551,453 271,000 Power Corporation of Canada 8.57 Apr. 22, 2039 447,085 478,982 417,000 Power Financial Corporation 6.90 Mar. 11, 2033 577,587 584,420 269,000 PSS Generating Station Limited Partnership 4.80 Oct. 24, 2067 309,126 354,594 29,000 Queen's University 6.10 Nov. 19, 2032 40,535 40,968 1,531,000 Rogers Communications Inc. 6.11 Aug. 25, 2040 1,972,130 2,171,924 738,000 Rogers Communications Inc. 6.56 Mar. 22, 2041 991,338 1,101,256 938,000 Rogers Communications Inc. 6.68 Nov. 4, 2039 1,279,634 1,399,160 199,000 Ryerson University 3.77 Oct. 11, 2057 199,000 251,364 1,299,000 Scotiabank Capital Trust 5.65 Dec. 31, 2056 1,550,750 1,576,509 465,043 Sea To Sky Highway Investment Limited Partnership 2.63 Oct. 31, 2030 471,875 481,966 604,677 SEC Limited Partnership and Arci Limited 5.19 Aug. 29, 2033 669,863 656,352 360,818 SGTP Highway Bypass Limited Partnership 4.11 Jan. 31, 2045 388,763 421,608 189,000 SGTP Highway Bypass Limited Partnership 4.16 Jul. 31, 2049 206,237 225,843 900,000 Shaw Communications Inc. 2.90 Dec. 9, 2030 924,282 958,021 544,000 Shaw Communications Inc. 4.25 Dec. 9, 2049 542,840 618,769 2,663,000 Shaw Communications Inc. 6.75 Nov. 9, 2039 3,411,290 3,844,094 34,000 Simon Fraser University 5.61 Jun. 10, 2043 49,598 51,926 292,000 Sinai Health System 3.53 Jun. 9, 2056 312,543 346,439 427,000 SmartCentres Real Estate Investment Trust 3.65 Dec. 11, 2030 427,000 463,657 1,196,419 SNC-Lavalin Innisfree McGill Finance Inc. 6.63 Jun. 30, 2044 1,628,485 1,724,755 275,214 Societe en commandite CE Sebastopol 4.14 Jul. 31, 2047 282,700 315,698 128,946 Spy Hill Power Limited Partnership 4.14 Mar. 31, 2036 142,978 148,698 822,738 SSL Finance Inc. 4.10 Oct. 31, 2045 879,618 975,195 395,000 SSL Finance Inc. 4.18 Apr. 30, 2049 421,600 469,901 369,000 Sun Life Capital Trust 7.09 Jun. 30, 2052 484,353 517,175 708,000 Sun Life Financial Inc. 5.40 May. 29, 2042 825,620 940,551 518,000 Suncor Energy Inc. 4.34 Sep. 13, 2046 544,761 586,957 1,164,000 Suncor Energy Inc. 5.39 Mar. 26, 2037 1,359,767 1,444,198 798,000 TD Capital Trust IV 10.00 Jun. 30, 2108 1,092,982 870,818 1,653,000 TELUS Corporation 3.95 Feb. 16, 2050 1,691,075 1,846,591 1,303,000 TELUS Corporation 4.40 Apr. 1, 2043 1,346,403 1,522,348 The accompanying notes are an integral part of these financial statements.

(34) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

915,000 TELUS Corporation 4.40 Jan. 29, 2046 923,645 1,079,358 829,000 TELUS Corporation 4.70 Mar. 6, 2048 882,695 1,029,635 863,000 TELUS Corporation 4.75 Jan. 17, 2045 948,456 1,063,417 1,761,000 TELUS Corporation 4.85 Apr. 5, 2044 1,952,993 2,188,008 787,000 TELUS Corporation 5.15 Nov. 26, 2043 902,393 1,013,357 824,000 Teranet Holdings Limited Partnership 5.75 Dec. 17, 2040 983,754 1,003,469 491,000 Teranet Holdings Limited Partnership 6.10 Jun. 17, 2041 612,277 625,343 334,426 THP Partnership 4.39 Oct. 31, 2046 371,856 414,705 465,000 Toronto Hydro Corporation 2.99 Dec. 10, 2049 479,416 513,316 447,000 Toronto Hydro Corporation 3.49 Feb. 28, 2048 468,617 534,327 391,000 Toronto Hydro Corporation 3.55 Jul. 28, 2045 406,481 466,133 349,000 Toronto Hydro Corporation 3.96 Apr. 9, 2063 391,895 476,553 381,000 Toronto Hydro Corporation 4.08 Sep. 16, 2044 431,275 488,282 360,000 Toronto Hydro Corporation 5.54 May. 21, 2040 487,552 528,378 169,000 TransAlta Corporation 6.90 Nov. 15, 2030 134,810 198,487 250,000 TransAlta Corporation 7.30 Oct. 22, 2029 208,190 297,726 2,296,000 TransCanada PipeLines Limited 4.18 Jul. 3, 2048 2,374,121 2,565,345 1,353,000 TransCanada PipeLines Limited 4.33 Sep. 16, 2047 1,382,006 1,544,941 1,919,000 TransCanada PipeLines Limited 4.34 Oct. 15, 2049 1,944,958 2,205,873 1,342,000 TransCanada PipeLines Limited 4.35 Jun. 6, 2046 1,448,835 1,530,766 1,810,000 TransCanada PipeLines Limited 4.55 Nov. 15, 2041 2,010,410 2,087,759 300,000 TransCanada PipeLines Limited 6.50 Dec. 9, 2030 380,738 386,161 29,000 TransCanada PipeLines Limited 7.34 Jul. 18, 2028 38,970 38,994 664,000 TransCanada PipeLines Limited 8.05 Feb. 17, 2039 1,049,275 1,064,177 3,000 TransCanada PipeLines Limited 8.21 Apr. 25, 2030 4,351 4,328 98,000 TransCanada PipeLines Limited 8.23 Jan. 16, 2031 141,359 144,069 751,000 TransEd Partners General Partnership 3.95 Sep. 30, 2050 727,613 841,277 274,690 Trillium Windpower Limited Partnership 5.80 Feb. 15, 2033 313,907 338,062 32,704 UMH Energy Partnership 7.59 May. 8, 2041 50,368 54,274 64,000 University of British Columbia (The) 4.82 Jul. 26, 2035 81,232 84,873 241,000 University of British Columbia (The) 6.65 Dec. 1, 2031 354,187 351,881 27,000 University of Guelph 6.24 Oct. 10, 2042 41,346 43,522 123,648 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 155,567 157,112 246,000 University of Ottawa 2.64 Feb. 13, 2060 246,000 246,415 182,000 University of Ottawa 3.26 Oct. 12, 2056 181,640 209,864 96,000 University of Ottawa 6.28 Apr. 15, 2043 149,281 156,642 406,000 University of Toronto 4.25 Dec. 7, 2051 500,490 556,136 88,753 University of Toronto 6.78 Jul. 18, 2031 129,656 127,028 127,000 University of Western Ontario (The) 3.39 Dec. 4, 2057 127,000 145,939 589,000 University of Western Ontario (The) 4.80 May. 24, 2047 775,737 828,913 411,000 University of Windsor 5.37 Jun. 29, 2046 568,771 602,497 192,000 Vancouver Airport Authority 1.76 Sep. 20, 2030 192,000 196,349 615,000 Vancouver Airport Authority 2.80 Sep. 21, 2050 614,493 651,514 538,000 Vancouver Airport Authority 2.87 Oct. 18, 2049 539,906 576,900 472,000 Vancouver Airport Authority 3.66 Nov. 23, 2048 487,805 578,039 377,000 Vancouver Airport Authority 3.86 Nov. 10, 2045 437,517 467,946 384,000 Westcoast Energy Inc. 4.79 Oct. 28, 2041 423,594 469,744 357,000 Westcoast Energy Inc. 7.15 Mar. 20, 2031 470,688 502,157 55,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 76,374 81,247 77,000 Windsor Canada Utilities Limited 4.13 Nov. 6, 2042 85,248 89,590 292,000 Windsor Regional Hospital 2.71 Nov. 18, 2060 292,000 306,132 336,000 Winnipeg Airport Authority Inc. 3.66 Sep. 30, 2047 336,000 395,463 259,665 Winnipeg Airport Authority Inc. 5.21 Sep. 28, 2040 313,227 321,352 279,492 Winnipeg Airport Authority Inc. 6.10 Nov. 20, 2040 365,873 367,224

The accompanying notes are an integral part of these financial statements.

(35) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments . . . continued

Corporate bonds . . . continued

218,000 York University 4.46 Feb. 26, 2054 276,257 305,300 337,000 York University 6.48 Mar. 7, 2042 533,710 550,570

279,836,841 305,944,704

Government debt instruments – 77.3%

Federal government bonds – 17.2%

8,664,000 Canada Housing Trust No. 1 1.10 Mar. 15, 2031 8,644,535 8,686,147 337,000 Canada Housing Trust No. 1 1.75 Jun. 15, 2030 349,136 359,140 862,000 Canada Post Corporation 4.36 Jul. 16, 2040 1,202,678 1,229,752 2,531,000 Government of Canada 0.50 Dec. 1, 2030 2,470,262 2,476,677 5,000 Government of Canada 1.25 Jun. 1, 2030 5,248 5,262 49,505,000 Government of Canada 2.00 Dec. 1, 2051 59,385,631 59,550,604 19,463,000 Government of Canada 2.75 Dec. 1, 2048 25,460,250 26,705,391 7,218,000 Government of Canada 2.75 Dec. 1, 2064 9,822,107 11,036,803 19,749,000 Government of Canada 3.50 Dec. 1, 2045 27,779,746 29,836,506 19,896,000 Government of Canada 4.00 Jun. 1, 2041 29,632,129 30,668,053 16,490,000 Government of Canada 5.00 Jun. 1, 2037 25,505,136 26,685,600 19,019,000 Government of Canada 5.75 Jun. 1, 2033 29,768,975 30,069,302 2,152,369 Maritime Link Financing Trust 3.50 Dec. 1, 2052 2,491,940 2,666,458 1,686,482 Royal Office Finance Limited Partnership 5.21 Nov. 12, 2037 2,145,364 2,206,296

224,663,137 232,181,991

Provincial government bonds – 57.1%

246,000 Government of the Northwest Territories 2.20 Sep. 29, 2051 244,192 241,506 2,714,000 Hydro-Quebec 2.10 Feb. 15, 2060 2,675,012 2,757,015 10,577,000 Hydro-Quebec 4.00 Feb. 15, 2055 14,140,905 15,642,466 2,997,000 Hydro-Quebec 5.00 Feb. 15, 2045 4,311,963 4,679,569 3,113,000 Hydro-Quebec 5.00 Feb. 15, 2050 4,718,182 5,118,436 1,283,000 Hydro-Quebec 6.00 Aug. 15, 2031 1,816,852 1,866,928 3,447,000 Hydro-Quebec 6.00 Feb. 15, 2040 5,381,106 5,697,697 260,000 Hydro-Quebec 6.50 Jan. 16, 2035 407,728 412,185 5,478,000 Hydro-Quebec 6.50 Feb. 15, 2035 8,443,094 8,772,739 1,126,000 Labrador-Island Link Funding Trust 3.76 Jun. 1, 2033 1,366,859 1,426,789 1,781,000 Labrador-Island Link Funding Trust 3.85 Dec. 1, 2053 2,368,075 2,635,470 969,000 Labrador-Island Link Funding Trust 3.86 Dec. 1, 2045 1,250,375 1,344,046 1,056,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.63 Jun. 1, 2029 1,237,514 1,272,547 1,075,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.83 Jun. 1, 2037 1,320,389 1,414,176 2,241,000 Muskrat Falls/Labrador Transmission Assets Funding Trust 3.86 Dec. 1, 2048 2,911,455 3,177,189 848,000 Newfoundland and Labrador Hydro 3.60 Dec. 1, 2045 869,017 1,032,460 50,000 Newfoundland and Labrador Hydro 5.70 Jul. 14, 2033 67,418 70,405 295,000 Newfoundland and Labrador Hydro 6.65 Aug. 27, 2031 428,242 435,763 193,000 Ontario Infrastructure and Lands Corporation 4.70 Jun. 1, 2037 245,823 263,799 46,197 Ontario School Boards Financing Corporation 4.79 Aug. 8, 2030 50,897 54,283 36,078 Ontario School Boards Financing Corporation 5.07 Apr. 18, 2031 42,783 43,322 287,246 Ontario School Boards Financing Corporation 5.38 Jun. 25, 2032 351,385 352,324 300,499 Ontario School Boards Financing Corporation 5.48 Nov. 26, 2029 372,788 361,092 97,466 Ontario School Boards Financing Corporation 5.80 Nov. 7, 2028 120,752 116,725 The accompanying notes are an integral part of these financial statements.

(36) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments . . . continued

Provincial government bonds . . . continued

65,017 Ontario School Boards Financing Corporation 5.90 Oct. 11, 2027 80,042 76,552 9,000 OPB Finance Trust 2.95 Feb. 2, 2026 9,196 9,931 30,000 OPB Finance Trust 2.98 Jan. 25, 2027 30,489 33,258 606,000 OPB Finance Trust 3.89 Jul. 4, 2042 691,622 769,499 386,217 Ornge Issuer Trust 5.73 Jun. 11, 2034 475,742 486,435 13,794,000 Province of Alberta 3.05 Dec. 1, 2048 14,462,901 16,084,067 13,835,000 Province of Alberta 3.10 Jun. 1, 2050 15,385,863 16,389,466 9,666,000 Province of Alberta 3.30 Dec. 1, 2046 10,614,542 11,645,049 5,047,000 Province of Alberta 3.45 Dec. 1, 2043 5,738,573 6,170,786 2,317,000 Province of Alberta 3.50 Jun. 1, 2031 2,571,442 2,762,148 2,325,000 Province of Alberta 3.90 Dec. 1, 2033 2,691,488 2,910,320 1,101,000 Province of Alberta 4.50 Dec. 1, 2040 1,409,829 1,525,138 8,000 Province of British Columbia 2.20 Jun. 18, 2030 8,413 8,698 10,066,000 Province of British Columbia 2.80 Jun. 18, 2048 10,470,536 11,835,104 11,843,000 Province of British Columbia 2.95 Jun. 18, 2050 13,558,675 14,457,958 8,196,000 Province of British Columbia 3.20 Jun. 18, 2044 9,339,599 10,102,869 6,125,000 Province of British Columbia 4.30 Jun. 18, 2042 8,137,073 8,704,020 2,640,000 Province of British Columbia 4.70 Jun. 18, 2037 3,497,266 3,761,343 3,766,000 Province of British Columbia 4.95 Jun. 18, 2040 5,308,905 5,673,228 968,000 Province of British Columbia 5.40 Jun. 18, 2035 1,385,378 1,438,412 3,473,000 Province of British Columbia 6.35 Jun. 18, 2031 5,083,982 5,177,005 1,488,000 Province of Manitoba 2.05 Sep. 5, 2052 1,447,470 1,448,660 3,526,000 Province of Manitoba 2.85 Sep. 5, 2046 3,537,415 3,976,486 286,000 Province of Manitoba 3.15 Sep. 5, 2052 307,393 350,221 4,861,000 Province of Manitoba 3.20 Mar. 5, 2050 5,512,542 5,923,356 1,010,000 Province of Manitoba 3.35 Mar. 5, 2043 1,084,118 1,224,361 4,158,000 Province of Manitoba 3.40 Sep. 5, 2048 4,598,906 5,201,081 3,204,000 Province of Manitoba 4.05 Sep. 5, 2045 4,034,301 4,337,061 2,689,000 Province of Manitoba 4.10 Mar. 5, 2041 3,352,648 3,581,819 691,000 Province of Manitoba 4.40 Mar. 5, 2042 886,880 963,478 1,535,000 Province of Manitoba 4.60 Mar. 5, 2038 1,961,130 2,123,063 1,497,000 Province of Manitoba 4.65 Mar. 5, 2040 1,976,055 2,114,738 323,000 Province of Manitoba 4.70 Mar. 5, 2050 445,794 496,889 1,457,000 Province of Manitoba 5.70 Mar. 5, 2037 2,097,272 2,218,031 1,026,000 Province of Manitoba 6.30 Mar. 5, 2031 1,453,173 1,494,970 132,166 Province of Manitoba 10.50 Mar. 5, 2031 259,929 244,302 3,096,000 Province of New Brunswick 3.05 Aug. 14, 2050 3,467,330 3,661,159 2,350,000 Province of New Brunswick 3.10 Aug. 14, 2048 2,441,363 2,775,493 2,182,000 Province of New Brunswick 3.55 Jun. 3, 2043 2,495,871 2,712,211 327,000 Province of New Brunswick 3.55 Jun. 3, 2055 367,135 428,548 2,610,000 Province of New Brunswick 3.80 Aug. 14, 2045 3,041,023 3,392,788 1,764,000 Province of New Brunswick 4.55 Mar. 26, 2037 2,245,234 2,398,115 1,270,000 Province of New Brunswick 4.65 Sep. 26, 2035 1,612,216 1,726,334 1,763,000 Province of New Brunswick 4.80 Sep. 26, 2039 2,285,271 2,513,052 1,972,000 Province of New Brunswick 4.80 Jun. 3, 2041 2,634,186 2,848,375 972,000 Province of New Brunswick 5.50 Jan. 27, 2034 1,308,209 1,403,497 3,038,000 Province of Newfoundland and Labrador 2.65 Oct. 17, 2050 2,973,188 3,185,838 2,972,000 Province of Newfoundland and Labrador 3.30 Oct. 17, 2046 3,145,762 3,462,091 2,455,000 Province of Newfoundland and Labrador 3.70 Oct. 17, 2048 2,666,101 3,086,412 741,000 Province of Newfoundland and Labrador 4.50 Apr. 17, 2037 891,512 978,233 1,084,000 Province of Newfoundland and Labrador 4.65 Oct. 17, 2040 1,374,443 1,493,299 577,000 Province of Newfoundland and Labrador 5.60 Oct. 17, 2033 779,425 822,312 630,000 Province of Newfoundland and Labrador 5.70 Oct. 17, 2035 877,157 923,026 2,912,000 Province of Nova Scotia 3.15 Dec. 1, 2051 3,383,086 3,596,853 685,000 Province of Nova Scotia 3.45 Jun. 1, 2045 784,885 855,945 2,441,000 Province of Nova Scotia 3.50 Jun. 2, 2062 2,940,677 3,375,625 The accompanying notes are an integral part of these financial statements.

(37) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments . . . continued

Provincial government bonds . . . continued

1,736,000 Province of Nova Scotia 4.40 Jun. 1, 2042 2,232,112 2,440,742 1,557,000 Province of Nova Scotia 4.50 Jun. 1, 2037 1,973,424 2,133,528 1,263,000 Province of Nova Scotia 4.70 Jun. 1, 2041 1,707,641 1,825,303 678,000 Province of Nova Scotia 4.90 Jun. 1, 2035 901,620 947,323 739,000 Province of Nova Scotia 5.80 Jun. 1, 2033 1,036,386 1,088,585 19,000 Province of Nova Scotia 6.60 Jun. 1, 2027 25,439 25,674 515,000 Province of Nova Scotia 6.60 Dec. 1, 2031 774,339 781,580 392,000 Province of Ontario 1.35 Dec. 2, 2030 389,075 392,414 8,506,000 Province of Ontario 1.90 Dec. 2, 2051 8,341,984 8,317,017 28,583,000 Province of Ontario 2.65 Dec. 2, 2050 31,250,835 32,665,988 21,330,000 Province of Ontario 2.80 Jun. 2, 2048 21,282,735 24,817,267 27,979,000 Province of Ontario 2.90 Dec. 2, 2046 29,689,349 32,871,365 26,126,000 Province of Ontario 2.90 Jun. 2, 2049 27,190,663 31,061,608 24,996,000 Province of Ontario 3.45 Jun. 2, 2045 29,250,806 31,853,666 20,233,000 Province of Ontario 3.50 Jun. 2, 2043 23,752,672 25,779,473 14,319,000 Province of Ontario 4.60 Jun. 2, 2039 18,968,177 20,422,220 16,922,000 Province of Ontario 4.65 Jun. 2, 2041 23,189,279 24,702,744 15,949,000 Province of Ontario 4.70 Jun. 2, 2037 21,224,945 22,574,482 12,300,000 Province of Ontario 5.60 Jun. 2, 2035 17,526,070 18,472,120 489,000 Province of Ontario 5.65 Jul. 13, 2039 723,817 768,302 8,555,000 Province of Ontario 5.85 Mar. 8, 2033 12,298,401 12,662,688 4,779,000 Province of Ontario 6.20 Jun. 2, 2031 6,873,100 7,016,123 9,000 Province of Prince Edward Island 2.35 Aug. 25, 2025 8,776 9,604 405,000 Province of Prince Edward Island 2.65 Dec. 1, 2051 432,640 441,660 237,000 Province of Prince Edward Island 3.60 Jan. 17, 2053 261,903 308,052 374,000 Province of Prince Edward Island 3.65 Jun. 27, 2042 404,828 466,432 133,000 Province of Prince Edward Island 3.85 Jul. 17, 2054 159,424 182,579 373,000 Province of Prince Edward Island 4.60 May. 19, 2041 470,155 520,478 416,000 Province of Prince Edward Island 4.65 Nov. 19, 2037 531,790 570,694 128,000 Province of Prince Edward Island 5.30 May. 19, 2036 172,210 183,952 163,000 Province of Prince Edward Island 5.60 Feb. 21, 2034 224,780 232,478 239,000 Province of Prince Edward Island 5.70 Jun. 15, 2035 345,271 352,283 6,000 Province of Prince Edward Island 6.10 Jul. 29, 2027 8,259 7,867 75,000 Province of Prince Edward Island 6.25 Jan. 29, 2032 108,795 109,761 165,000 Province of Prince Edward Island 6.80 Feb. 21, 2030 244,277 239,871 30,000 Province of Quebec 1.90 Sep. 1, 2030 31,445 31,731 22,103,000 Province of Quebec 3.10 Dec. 1, 2051 26,719,442 27,784,404 19,482,000 Province of Quebec 3.50 Dec. 1, 2045 22,985,319 25,169,760 23,269,000 Province of Quebec 3.50 Dec. 1, 2048 27,491,263 30,663,241 14,049,000 Province of Quebec 4.25 Dec. 1, 2043 18,436,986 19,945,496 8,769,000 Province of Quebec 5.00 Dec. 1, 2038 12,224,887 13,018,045 16,512,000 Province of Quebec 5.00 Dec. 1, 2041 23,717,005 25,272,384 2,898,000 Province of Quebec 5.25 Jun. 1, 2034 3,889,939 4,123,991 7,631,000 Province of Quebec 5.75 Dec. 1, 2036 11,225,786 11,897,119 8,232,000 Province of Quebec 6.25 Jun. 1, 2032 12,000,572 12,366,968 4,420,000 Province of Saskatchewan 2.75 Dec. 2, 2046 4,422,440 4,920,047 950,000 Province of Saskatchewan 2.95 Jun. 2, 2058 1,125,538 1,142,667 4,889,000 Province of Saskatchewan 3.10 Jun. 2, 2050 5,451,844 5,882,305 4,292,000 Province of Saskatchewan 3.30 Jun. 2, 2048 4,658,532 5,291,736 1,531,000 Province of Saskatchewan 3.40 Feb. 3, 2042 1,698,641 1,876,873 1,185,000 Province of Saskatchewan 3.75 Mar. 5, 2054 1,450,110 1,627,369 2,830,000 Province of Saskatchewan 3.90 Jun. 2, 2045 3,441,101 3,754,605 2,130,000 Province of Saskatchewan 4.75 Jun. 1, 2040 2,883,290 3,057,203 749,000 Province of Saskatchewan 5.00 Mar. 5, 2037 987,761 1,070,479 735,000 Province of Saskatchewan 5.60 Sep. 5, 2035 1,027,617 1,092,138 991,000 Province of Saskatchewan 5.80 Sep. 5, 2033 1,387,360 1,459,811 The accompanying notes are an integral part of these financial statements.

(38) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments . . . continued

Provincial government bonds . . . continued

1,041,000 Province of Saskatchewan 6.40 Sep. 5, 2031 1,532,498 1,547,763 133,000 Yukon Development Corporation 5.00 Jun. 29, 2040 180,463 190,721

713,709,278 770,980,718

Municipal government bonds – 3.0%

1,466,000 55 Ontario School Board Trust (The) 5.90 Jun. 2, 2033 2,118,599 2,121,998 350,000 City of Greater Sudbury 2.42 Mar. 12, 2050 341,280 352,837 1,000,000 City of Montreal 3.15 Dec. 1, 2036 992,388 1,157,375 1,981,000 City of Montreal 3.50 Dec. 1, 2038 2,139,874 2,390,236 1,052,000 City of Montreal 4.10 Dec. 1, 2034 1,216,925 1,334,061 995,000 City of Montreal 4.25 Dec. 1, 2032 1,164,617 1,269,419 1,026,000 City of Montreal 6.00 Jun. 1, 2043 1,588,763 1,702,328 515,000 City of Ottawa 2.50 May. 11, 2051 519,770 540,151 206,000 City of Ottawa 3.05 May. 10, 2039 204,931 234,899 181,000 City of Ottawa 3.05 Apr. 23, 2046 184,518 207,231 915,000 City of Ottawa 3.10 Jul. 27, 2048 895,926 1,067,316 581,000 City of Ottawa 3.25 Nov. 10, 2047 620,807 692,843 467,000 City of Ottawa 4.20 Jul. 30, 2053 620,531 670,728 253,000 City of Ottawa 4.40 Oct. 22, 2033 307,737 328,737 662,000 City of Ottawa 4.60 Jul. 14, 2042 867,252 932,551 212,000 City of St John's Newfoundland 2.92 Sep. 3, 2040 212,000 225,245 594,000 City of Toronto 2.15 Aug. 25, 2040 592,939 598,221 624,000 City of Toronto 2.60 Sep. 24, 2039 636,937 677,204 1,058,000 City of Toronto 2.80 Nov. 22, 2049 1,099,047 1,172,655 702,000 City of Toronto 2.95 Apr. 28, 2035 701,916 796,952 515,000 City of Toronto 3.20 Aug. 1, 2048 513,718 614,452 1,011,000 City of Toronto 3.25 Jun. 24, 2046 1,027,440 1,198,727 1,475,000 City of Toronto 3.50 Jun. 2, 2036 1,535,147 1,782,654 573,000 City of Toronto 3.80 Dec. 13, 2042 651,320 730,609 529,000 City of Toronto 4.15 Mar. 10, 2044 637,992 707,803 913,000 City of Toronto 4.70 Jun. 10, 2041 1,187,616 1,292,525 1,070,000 City of Toronto 5.20 Jun. 1, 2040 1,469,164 1,595,372 22,260 City of Toronto 5.34 Jul. 18, 2027 26,512 25,531 388,000 City of Vancouver 3.70 Oct. 18, 2052 469,987 514,347 441,000 City of Winnipeg 4.10 Jun. 1, 2045 558,223 583,762 937,000 City of Winnipeg 4.30 Nov. 15, 2051 1,249,479 1,340,689 227,000 City of Winnipeg 5.20 Jul. 17, 2036 305,675 321,420 161,000 City of Winnipeg 5.90 Feb. 2, 2029 218,222 216,632 292,000 Hydro Ottawa Holding Inc. 3.64 Feb. 2, 2045 299,514 338,112 304,000 Hydro Ottawa Holding Inc. 3.99 May. 14, 2043 336,820 368,054 1 Municipal Finance Authority of British Columbia 4.98 Apr. 6, 2025 1 1 170,000 Regional Municipality of Halton (The) 3.15 Apr. 6, 2045 176,152 194,705 186,000 Regional Municipality of Halton (The) 4.05 Oct. 11, 2041 222,172 242,938 16,000 Regional Municipality of Niagara (The) 5.20 Jun. 30, 2040 22,150 23,369 386,000 Regional Municipality of Peel (The) 2.50 Jun. 16, 2051 386,693 401,879 585,000 Regional Municipality of Peel (The) 3.85 Oct. 30, 2042 672,829 748,897 430,000 Regional Municipality of Peel (The) 4.25 Dec. 2, 2033 508,549 550,119 1,001,000 Regional Municipality of Peel (The) 5.10 Jun. 29, 2040 1,361,625 1,470,864 616,000 Regional Municipality of York (The) 3.65 May. 13, 2033 685,037 746,007 149,000 Regional Municipality of York (The) 3.75 May. 13, 2043 170,870 188,198 756,000 Regional Municipality of York (The) 4.00 May. 31, 2032 884,008 942,275 856,000 Regional Municipality of York (The) 4.05 May. 1, 2034 986,234 1,084,220 147,000 Regional Municipality of York (The) 4.15 Nov. 18, 2041 179,148 195,087 354,000 South Coast British Columbia Transportation Authority 2.65 Oct. 29, 2050 353,257 381,425 The accompanying notes are an integral part of these financial statements.

(39) WindWise Funds WindWise Canadian Long Term Bond Index Non-Lending Fund Schedule of investment portfolio . . . continued As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Government debt instruments . . . continued

Municipal government bonds . . . continued

336,000 South Coast British Columbia Transportation Authority 3.15 Nov. 16, 2048 328,026 394,356 500,000 South Coast British Columbia Transportation Authority 3.85 Feb. 9, 2052 609,211 672,557 621,000 South Coast British Columbia Transportation Authority 4.45 Jun. 9, 2044 767,182 860,492 334,000 South Coast British Columbia Transportation Authority 4.65 Jun. 20, 2041 428,923 467,388 98,000 TCHC Issuer Trust 4.88 May. 11, 2037 126,409 134,820 75,000 TCHC Issuer Trust 5.40 Feb. 22, 2040 105,503 111,726

36,487,565 39,914,999

Short-term investments – 0.1%

Term deposits – 0.1%

960,000 Royal Bank of Canada 0.20 Jan. 4, 2021 960,000 960,000

960,000 960,000

Total investments – 100.0% 1,255,656,821 1,349,982,412

The accompanying notes are an integral part of these financial statements.

(40) WindWise Funds Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2020 and 2019

Investment strategy

As indicated in the Fund Declaration, the Fund seeks to match as closely as possible, the performance of the FTSE Canada Long Term Overall Bond Index (the “Index”) while minimizing transaction costs.

Fair value hierarchy

The following table illustrates the classification of the Fund’s financial assets and financial liabilities measured at fair value within the fair value hierarchy as at December 31, 2020 and 2019:

As at December 31, 2020

Level 1 Level 2 Level 3 Total $ $ $ $

Bonds 217,034,198 1,131,988,214 - 1,349,022,412 Short-term investments - 960,000 - 960,000

217,034,198 1,132,948,214 - 1,349,982,412

As at December 31, 2019

Level 1 Level 2 Level 3 Total $ $ $ $

Bonds 191,303,390 883,269,398 - 1,074,572,788 Short-term investments - 890,000 - 890,000

191,303,390 884,159,398 - 1,075,462,788

There were no significant transfers between fair value levels during the years ended December 31, 2020 and 2019.

Currency risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are denominated in Canadian dollars. As a result, the Fund is not significantly exposed to currency risk.

The accompanying notes are an integral part of these financial statements.

(41) WindWise Funds Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2020 and 2019

Interest rate risk

The Manager uses the effective maturity date to monitor interest rate risk. The effective maturity date, which may differ from the contractual maturity date as disclosed on the schedule of investment portfolio, is the measure of a bond’s maturity that takes into consideration that the issuer may call the bond prior to its contractual maturity date. The following table summarizes the Fund’s exposure to interest rate risk categorized by the effective maturity dates. The table also illustrates the potential impact on net assets attributable to holders of redeemable units if the prevailing levels of market interest rates changed by 1%, assuming a parallel shift in the yield curve with all other variables held constant. In practice, actual trading results may differ from these sensitivity analyses, and the differences could be significant.

Total exposure

2020 2019 $ $

Term to maturity Less than 1 year 960,000 890,000 1-5 years 30,223 386,850 5-10 years 16,738,362 23,397,650 10+ years 1,332,253,827 1,050,788,288

Total 1,349,982,412 1,075,462,788

Impact on net assets attributable to holders of redeemable units 222,038,000 166,994,000

Impact on net assets attributable to holders of redeemable units 16% 16%

Price risk

The Fund’s significant price risk exposures have been discussed in previous sections. As at December 31, 2020 and 2019, the Fund did not have any other significant price risk.

Credit risk

The Fund’s main credit risk concentration is in debt securities. The fair value of debt securities includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Fund.

The accompanying notes are an integral part of these financial statements.

(42) WindWise Funds Notes to financial statements of WindWise Canadian Long Term Bond Index Non-Lending Fund December 31, 2020 and 2019

The Fund’s percentage of fixed income securities by rating category as at December 31, 2020 and 2019:

2020 2019 Rating % %

AAA 23 24 AA+/AA/AA– 50 47 A+/A/A– 18 19 BBB+/BBB/BBB– 9 10

Total 100 100

Liquidity risk

As at December 31, 2020 and 2019, the majority of the Fund’s financial assets and financial liabilities are considered realizable and highly liquid. As a result, the Fund is not significantly exposed to liquidity risk.

Concentration risk

The following is a summary of the Fund’s concentration risk as a percentage of investments:

December 31, December 31, 2020 2019 Sector % %

Corporate bonds 22.6 24.0 Federal government bonds 17.2 18.3 Municipal government bonds 3.0 2.8 Provincial government bonds 57.1 54.8 Term deposits 0.1 0.1

100.0 100.0

The accompanying notes are an integral part of these financial statements.

(43) WindWise Funds WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of financial position As at December 31,

2020 2019 $ $ Assets Current assets Investments* 258,010,963 269,365,223 Cash 33,155 72,321 Receivable for investments sold 61,427 65,041 Interest receivable 911,616 1,038,621

Total assets 259,017,161 270,541,206 Liabilities Current liabilities Payable for units redeemed 66,500 66,500 Payable for investments purchased - 59,588 Accrued expenses 5,370 5,951

Total liabilities 71,870 132,039

Net assets attributable to holders of redeemable units 258,945,291 270,409,167

Number of redeemable units outstanding 25,012,156 26,789,119

Net assets attributable to holders of redeemable units per unit 10.35 10.09

* Investments – at cost 223,083,039 245,011,925

Approved by the Manager, State Street Global Advisors Ltd.

______Ellen Needham, Senior Managing Director Matthew DeWolfe, Managing Director

The accompanying notes are an integral part of these financial statements.

(44) WindWise Funds WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of comprehensive income For the years ended December 31,

2020 2019 $ $ Investment income Interest for distribution purposes 7,490,609 8,638,472 Other changes in fair value of investments Net realized gain (loss) 14,584,628 4,635,318 Net change in unrealized appreciation (depreciation) 10,574,626 17,072,314

Total income (loss) 32,649,863 30,346,104

Expenses Audit fees 24,155 24,155 Custodial fees 43,817 44,414 Interest expense - 191 Other fees 59 58 Regulatory fees 500 553 Trustee fees 5,072 5,035

Total expenses 73,603 74,406

Increase (decrease) in net assets attributable to holders of redeemable units 32,576,260 30,271,698

Average redeemable units outstanding during the year 23,759,018 26,177,099

Increase (decrease) in net assets attributable to holders of redeemable units per unit for the year 1.37 1.16

The accompanying notes are an integral part of these financial statements.

(45) WindWise Funds WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of changes in net assets attributable to holders of redeemable units For the years ended December 31,

2020 2019 $ $ Increase (decrease) in net assets attributable to holders of redeemable units 32,576,260 30,271,698

Distributions to holders of redeemable units From net investment income (7,417,007) (8,564,066) From capital gains (14,610,438) (3,967,696)

Total distributions to holders of redeemable units (22,027,445) (12,531,762)

Redeemable unit transactions Proceeds from redeemable units issued 2,654,545 4,709,932 Reinvestment of distributions to holders of redeemable units 22,027,445 12,531,762 Redemption of redeemable units (46,694,681) (12,025,301)

Increase (decrease) from redeemable unit transactions (22,012,691) 5,216,393

Net increase (decrease) in net assets attributable to holders of redeemable units (11,463,876) 22,956,329

Net assets attributable to holders of redeemable units – Beginning of year 270,409,167 247,452,838

Net assets attributable to holders of redeemable units – End of year 258,945,291 270,409,167

Number of redeemable units outstanding – Beginning of year 26,789,119 26,217,078

Issued 233,035 469,591 Reinvested 2,127,684 1,241,507 Redeemed (4,137,682) (1,139,057)

Number of redeemable units outstanding – End of year 25,012,156 26,789,119

The accompanying notes are an integral part of these financial statements.

(46) WindWise Funds WindWise Canadian Long Term Government Bond Index Non-Lending Fund Statements of cash flows For the years ended December 31,

2020 2019 $ $ Cash flows from (used in) operating activities Increase (decrease) in net assets attributable to holders of redeemable units 32,576,260 30,271,698

Adjustments for: Net realized (gain) loss on investments (14,584,628) (4,635,318) Net change in unrealized (appreciation) depreciation on investments (10,574,626) (17,072,314) Proceeds from sale of investments 148,350,121 111,285,766 Purchases of investments (111,892,581) (112,541,563) Interest receivable 127,005 60,582 Accrued expenses (581) (540)

Net cash from (used in) operating activities 44,000,970 7,368,311

Cash flows from (used in) financing activities Proceeds from redeemable units issued 2,654,545 4,709,932 Redemption of redeemable units (46,694,681) (12,052,301)

Net cash from (used in) financing activities (44,040,136) (7,342,369)

Net increase (decrease) in cash during the year (39,166) 25,942

Cash – Beginning of year 72,321 46,379

Cash – End of year 33,155 72,321

Interest received* 7,617,614 8,699,054 Interest paid* - (191)

* Included as part of cash flows from operating activities

The accompanying notes are an integral part of these financial statements.

(47) WindWise Funds WindWise Canadian Long Term Government Bond Index Non-Lending Fund Schedule of investment portfolio As at December 31, 2020

(showing percentage of total fair value of investments)

Par Coupon Maturity Average Fair value Description rate/Yield date cost value $ % $ $

Corporate debt instruments – 1.4%

Corporate bonds – 1.4%

41,000 Brock University 3.03 May. 17, 2060 41,000 42,363 62,000 Centre Hospitalier de l'Universite de Montreal 4.45 Oct. 1, 2049 62,002 87,485 55,000 Concordia University 6.55 Sep. 2, 2042 55,816 93,544 84,000 Hamilton Health Sciences Corporation 3.68 Jan. 17, 2059 84,000 108,095 149,000 Hospital for Sick Children (The) 3.42 Dec. 7, 2057 149,000 182,064 141,000 Hospital for Sick Children (The) 5.22 Dec. 16, 2049 141,437 221,536 26,000 McGill University 3.98 Jan. 29, 2056 26,000 33,314 127,000 McGill University 6.15 Sep. 22, 2042 130,213 207,051 219,000 McGill University Health Centre 5.36 Dec. 31, 2043 218,904 332,027 55,000 McMaster University 4.11 Nov. 26, 2065 55,000 75,939 30,000 McMaster University 6.15 Oct. 7, 2052 30,168 53,098 35,000 Queen's University 6.10 Nov. 19, 2032 35,021 49,444 71,000 Ryerson University 3.77 Oct. 11, 2057 71,000 89,683 75,000 Simon Fraser University 5.61 Jun. 10, 2043 75,000 114,542 116,000 Sinai Health System 3.53 Jun. 9, 2056 116,000 137,627 74,000 University of British Columbia (The) 4.82 Jul. 26, 2035 74,000 98,135 58,000 University of British Columbia (The) 6.65 Dec. 1, 2031 67,163 84,685 49,000 University of Guelph 6.24 Oct. 10, 2042 50,918 78,985 100,573 University of Ontario Institute of Technology 6.35 Oct. 15, 2034 100,572 127,793 81,000 University of Ottawa 2.64 Feb. 13, 2060 81,000 81,136 73,000 University of Ottawa 3.26 Oct. 12, 2056 73,000 84,176 74,000 University of Ottawa 6.28 Apr. 15, 2043 75,838 120,745 127,000 University of Toronto 4.25 Dec. 7, 2051 128,685 173,964 58,000 University of Toronto 6.78 Jul. 18, 2031 63,585 83,013 45,000 University of Western Ontario (The) 3.39 Dec. 4, 2057 45,000 51,711 133,000 University of Western Ontario (The) 4.80 May. 24, 2047 133,000 187,174 98,000 University of Windsor 5.37 Jun. 29, 2046 98,000 143,661 77,000 Wilfrid Laurier University 5.43 Feb. 1, 2045 77,000 113,746 79,000 Windsor Regional Hospital 2.71 Nov. 18, 2060 79,000 82,823 64,000 York University 4.46 Feb. 26, 2054 64,000 89,629 97,000 York University 6.48 Mar. 7, 2042 102,847 158,473

2,604,169 3,587,661

Government debt instruments – 98.6%

Federal government bonds – 20.0%

136 Broadcast Centre Trust 7.53 May. 1, 2027 164 162 1,512,000 Canada Housing Trust No. 1 1.10 Mar. 15, 2031 1,509,369 1,515,865 305,000 Canada Post Corporation 4.36 Jul. 16, 2040 305,450 435,121 125,000 Government of Canada 0.50 Dec. 1, 2030 122,432 122,317 1,000 Government of Canada 1.25 Jun. 1, 2030 1,050 1,052 11,624,000 Government of Canada 2.00 Dec. 1, 2051 13,886,165 13