Canadian Scholarship Trust Individual Savings PlanCST Financl_Semi-Stmnt_Cvr_ENG_Final pv_01_12_15.indd 5 2016-06-14 9:23 AM F.P.O. Contents Statements of Financial Position 1 Statements

Canadian Scholarship Trust Plan

Sponsor Canadian Scholarship Trust Foundation 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 1.877.333.RESP (7377)

Investment Fund Manager and Distributor C.S.T. Consultants Inc. 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8

Trustee RBC Investor Services Trust 155 Wellington Street West, 2nd Floor Toronto, Ontario M5V 3L3

Auditor Deloitte LLP Bay Adelaide East 22 Adelaide Street West, Suite 200 Toronto, Ontario M5H 0A9

Bank Royal Bank of Canada Royal Bank Plaza South Tower 200 Bay Street, 10th Floor Toronto, Ontario M5J 2J5

For updates on your Plan account, login to Online Services at www.cst.org In Quebec, Canadian Scholarship Trust Plan is distributed by C.S.T. Consultants Inc. Scholarship Plan Brokerage Firm.

April 30, 2016

C.S.T. Consultants Inc.

Canadian Scholarship Trust

Individual Savings Plan Semi-Annual Financial StatementsUnaudited

2002 M2-E (2016-05)

CST Financl_Semi-Stmnt_Cvr_ENG_Final pv_01_12_15.indd 5 2016-06-14 9:23 AM

F.P.O

Contents

Statements of Financial Position 1Statements of Comprehensive Income 2Statements of Changes in Net Assets Attributable to Subscribers and Beneficiaries 2Statements of Cash Flows 3Schedule I – Statement of Investment Portfolio 4Notes to the Financial Statements 5Government Grants (Appendix I to Schedule I) 9

Unaudited semi-annual financial statementsThe accompanying semi-annual financial statements have not been reviewed by the external auditors of the Plan in accordance withassurance standards applicable to a review of interim financial statement.

Canadian Scholarship Trust Individual Savings Plan

Cash and cash equivalents $ 163

Receivables for securities sold 42

Investments, at fair value (Note 4 and Schedule I) 8,547

Accrued interest and other receivables 3,407

Government grants receivable 33

12,192

Payables for securities purchased 22

Accounts payable, accrued liabilities and unclaimed subscribers’ funds 32

54

12,138

Accumulated income held for future education assistance payments 1,825

Subscribers’ deposits (Note 6) 7,624

Government grants 2,227

Income on Government grants 453

9

$ 12,138

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

Canadian Scholarship Trust Individual Savings PlanUnaudited Semi-Annual Financial Statements

Statements of Financial PositionAs at April 30, 2016 and October 31, 2015 (in thousands of Canadian dollars)

Apr 30, 2016 Oct 31, 2015

(Audited)Assets

$ 2434

8,9653,461

18

12,691

Liabilities8

76

84

Net Assets Attributable to Subscribers and Beneficiaries 12,607

Represented by:Non-Discretionary Funds

1,7228,1002,260

502

Unrealized Gains (Losses) 23

$ 12,607

1 Individual Savings Plan

Apr 30, 2015

Interest for allocation to subscriber accounts $ 134Realized gains (losses) on sale of investments (8)Change in unrealized gains (losses) 104Dividends 5

235

Administration and account maintenance fees (Note 3(a)) 68Portfolio management fees 6Custodian and trustee fees 3

77

$ 158

Apr 30, 2015

$ 12,070

Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries 158Transfers from internal and external plans 354

512

Net increase in Subscribers’ deposits (Note 6) 438Government grants received (net of repayments) 120

Payments to beneficiariesEducation assistance payments (278)Government grants (151)Return of interest (6)

(435)

123

635

$ 12,705



Statements of Comprehensive IncomeFor the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars)

Apr 30, 2016

Income$ 126

(19)147

128

Expenses6863

77

Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries $ 51

Statements of Changes in Net Assets Attributable toSubscribers and BeneficiariesFor the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars)

Apr 30, 2016

Net Assets Attributable to Subscribers and Beneficiaries, Beginning of Period $ 12,138

51447

498

Receipts47616

Disbursements

(341)(154)(26)

Total payments to beneficiaries (521)

Receipts less Disbursements (29)

Change in Net Assets Attributable to Subscribers and Beneficiaries 469

Net Assets Attributable to Subscribers and Beneficiaries, End of Period $ 12,607

Individual Savings Plan 2

Apr 30, 2015

Increase in Net Assets from Operations Attributable to Subscribers and Beneficiaries $ 158

Net disbursements from investment transactions (52)

Items not affecting cash

Realized (gains) losses on sale of investments 8

Change in unrealized (gains) losses (104)

Change in non-cash operating working capital

Increase in Accrued interest and other receivables (124)

Increase (decrease) in Government grants receivable (8)

(Decrease) increase in Accounts payable, accrued liabilities and unclaimed subscribers’ funds (79)

(201)

Transfers from internal and external plans 354

Government grants received (net of repayments) 120

Net increase in Subscribers’ deposits (Note 6) 438

Payments to beneficiaries (435)

477

276

Cash 160

Cash equivalents 196

356

Cash 241

Cash equivalents 391

$ 632

Withholding Taxes $ –

Interest Income Received 127



Statements of Cash FlowsFor the six months ended April 30, 2016 and 2015 (in thousands of Canadian dollars)

Apr 30, 2016

Operating Activities$ 51

(399)

19(14)

(54)1544

Cash flow used in Operating Activities (338)

Financing Activities44716

476(521)

Cash flow from Financing Activities 418

Net decrease in Cash and cash equivalents 80Cash and cash equivalents, Beginning of Period

9172

163

Cash and cash equivalents, End of Period17865

Cash and cash equivalents, End of Period $ 243

Supplemental cash flow information:$ 1

96


(continued)HSBC Bank Canada 3.56 4 Oct 2017 30 31 31Canada Housing Trust 2.05 15 Jun 2017 200 202 203HSBC Bank Canada 2.08 26 Nov 2018 30 30 30Canada Housing Trust 1.70 15 Dec 2017 315 320 321HSBC Bank Canada 2.49 13 May 2019 50 51 50Canada Housing Trust 1.75 15 Jun 2018 645 657 652HSBC Bank Canada 2.91 29 Sep 2021 25 26 26Canada Housing Trust 2.00 15 Dec 2019 320 330 325Mercedes Benz Canada Inc. 1.78 19 Aug 2019 20 20 20Canada Housing Trust 3.75 15 Mar 2020 100 110 111National Bank of Canada 2.79 9 Aug 2018 10 10 10Canada Housing Trust 1.20 15 Jun 2020 100 100 100National Bank of Canada 1.74 3 Mar 2020 20 20 20Canada Housing Trust 1.25 15 Dec 2020 70 70 71Omers Realty Corporation 2.47 12 Nov 2019 10 10 10

1,789 1,783Royal Bank of Canada 2.82 12 Jul 2018 20 21 21

Royal Bank of Canada 2.77 11 Dec 2018 50 52 51

Royal Bank of Canada 2.03 15 Mar 2021 30 30 30Province of Alberta 1.70 15 Dec 2017 130 132 129Royal Bank of Canada 2.48 4 Jun 2025 30 29 30Province of British Columbia 4.70 1 Dec 2017 400 424 442Royal Bank of Canada 3.31 20 Jan 2026 30 30 30Province of Manitoba 1.85 5 Sep 2018 75 76 76Toronto Dominion Bank 1.69 2 Apr 2020 30 30 30Province of Manitoba 1.60 5 Sep 2020 20 20 20Toronto Dominion Bank 2.69 24 Jun 2025 30 30 30Province of New Brunswick 4.40 3 Jun 2019 70 77 78Toronto Dominion Bank 2.98 30 Sep 2025 20 20 20Province of Ontario 4.30 8 Mar 2017 50 51 53Toronto Dominion Bank 4.78 14 Dec 2105 20 20 21Province of Ontario 4.20 8 Mar 2018 270 286 292Toronto Dominion Bank 5.76 18 Dec 2106 20 21 22Province of Ontario 4.40 2 Jun 2019 235 258 261Toyota Credit Canada Inc. 2.75 18 Jul 2018 20 21 20Province of Ontario 4.20 2 Jun 2020 330 367 369Toyota Credit Canada Inc. 2.48 19 Nov 2019 30 31 30Province of Quebec 4.50 1 Dec 2016 60 61 62Toyota Credit Canada Inc. 1.80 19 Feb 2020 40 40 40Province of Quebec 4.50 1 Dec 2017 409 431 446VW Credit Canada Inc. 2.45 14 Nov 2017 30 30 30Province of Quebec 4.50 1 Dec 2018 80 87 88VW Credit Canada Inc. 2.80 20 Aug 2018 30 30 31Province of Quebec 4.50 1 Dec 2019 210 234 241VW Credit Canada Inc. 2.50 1 Oct 2019 20 20 20Province of Quebec 4.50 1 Dec 2020 50 57 57VW Credit Canada Inc. 2.15 24 Jun 2020 30 31 31Province of Saskatchewan 1.95 1 Mar 2019 130 133 130Wells Fargo Financial

2,694 2,744 Corporation Canada 2.78 15 Nov 2018 40 41 41

Wells Fargo FinancialCorporation Canada 2.94 25 Jul 2019 40 44 43

Bank of Montreal 1.88 31 Mar 2021 10 10 10

Bank of Montreal 3.12 19 Sep 2024 40 40 41 1,511 1,512

Bank of Montreal 3.34 8 Dec 2025 20 20 20231 231

Bank of Nova Scotia 2.75 13 Aug 2018 10 10 10

Bank of Nova Scotia 2.46 14 Mar 2019 40 41 40 6,225 6,270Bank of Nova Scotia 2.13 15 Jun 2020 10 10 10

Bank of Nova Scotia 2.09 9 Sep 2020 30 30 302,972 2,904

Bank of Nova Scotia 2.90 3 Aug 2022 10 10 1011 11

Bank of Nova Scotia 3.37 8 Dec 2025 30 30 30

bcIMC Realty Corporation 2.79 2 Aug 2018 90 92 93 9,208 9,185Bell Canada 3.35 18 Jun 2019 90 94 94

BMW Canada Inc. 2.33 26 Sep 2018 40 41 40243

BMW Canada Inc. 2.27 26 Nov 2018 10 10 108,965

Caisse Centrale Desjardins 2.80 19 Nov 2018 40 41 41

Caisse Centrale Desjardins 2.44 17 Jul 2019 40 41 40 9,208Canadian Imperial Bank ofCommerce 3.42 26 Jan 2026 20 20 20

Caterpillar Financial ServiceLimited 1.75 3 Jun 2019 10 10 10

CIBC Capital Trust 9.98 30 Jun 2108 50 60 65

Ford Credit Canada Limited 3.14 14 Jun 2019 20 21 20

Ford Credit Canada Limited 2.92 16 Sep 2020 20 20 20

Health Care REIT Inc. 3.35 25 Nov 2020 10 10 10

Honda Canada Finance Inc. 2.35 4 Jun 2018 50 51 51

Honda Canada Finance Inc. 1.63 12 Aug 2019 10 10 10

Honda Canada Finance Inc. 2.16 18 Feb 2021 20 20 20



Schedule I – Statement of Investment PortfolioAs at April 30, 2016 (in thousands of Canadian dollars)

Interest Maturity Par Fair Average Interest Maturity Par Fair AverageSecurity Rate Date Value ($) Value ($) Cost ($) Security Rate Date Value ($) Value ($) Cost ($)

Bonds Bonds (continued)Federal – 28.8% Corporate – 24.2%

Municipal and Provincial – 43.3%

Corporate – 24.2%

Cash and cash equivalents – 3.7%

Total Fixed Income Investments – 100.0%

Investments Allocation (Note 4)

Government Grants (Appendix I)

Cash and cash equivalents (Appendix I)

Total Investment Fund

Represented by:

Cash and cash equivalents

Investments, at fair value


prepared in accordance with International Accounting Standard(‘‘IAS’’) 34, Interim Financial Reporting.

These financial statements were approved by the Board ofThe Canadian Scholarship Trust Individual Savings Planthe Foundation on June 9, 2016.(the ‘‘Individual Savings Plan’’ or the ‘‘Plan’’) is a self-determined

Education Savings Plan that was established on October 1, 1999.The objective of the Plan is to assist parents and others to save for the These financial statements have been prepared on the historicalpost-secondary education of children. The Plan is managed and cost basis except for financial instruments classified as ‘‘at fairdistributed by C.S.T. Consultants Inc. (‘‘C.S.T.C.’’), a wholly-owned value through profit or loss’’ (‘‘FVTPL’’), which are measured atsubsidiary of the Canadian Scholarship Trust Foundation fair value.(the ‘‘Foundation’’). The Plan’s registered place of business is1600-2235 Sheppard Avenue East, Toronto, Ontario, Canada.

The following new accounting standard has been issued by thePayments are made by a subscriber to an account maintained byInternational Accounting Standards Board (‘‘IASB’’). This newthe Plan’s trustee on behalf of a beneficiary. Payments of sales chargesstandard is not yet effective and the Plan has not completed itsare made from the subscriber’s initial contribution. The principalassessment of the impact on its financial statements.accumulated over the term of the subscriber’s education savings planIFRS 9 Financial Instruments (‘‘IFRS 9’’)agreement (the ‘‘Agreement’’) is returned in whole or in part at any

IFRS 9 was issued in November 2009 to replace IAS 39time at the request of the subscriber. A beneficiary is deemed to be aFinancial Instruments: Recognition and Measurement (‘‘IAS 39’’).qualified student upon receipt by the Foundation of evidence ofIFRS 9 will be effective for the Plan’s financial statementsenrolment in a qualifying educational program at an eligibleduring its fiscal 2019 year.institution. Education assistance payments (‘‘EAPs’’) paid to a

IFRS 9 introduces new requirements for the classificationbeneficiary from the Plan are determined by the subscriber and areand measurement of financial assets, reducing the number ofpaid from the income earned on the subscriber’s principal.classifications from those in IAS 39. The approach in IFRS 9 isThere are a number of government grants that may be availablebased on how an entity manages its financial instruments in theto beneficiaries including the Canada Education Savings Grantcontext of its business model and the contractual cash flowProgram (‘‘CESG’’), the Canada Learning Bond (‘‘CLB’’), thecharacteristics of the financial assets.Alberta Centennial Education Savings Grant (‘‘ACES’’), the Quebec

Education Savings Incentive (‘‘QESI’’), the Saskatchewan AdvantageGrant for Education Savings (‘‘SAGES’’) and the British Columbia The Plan recognizes financial assets and financial liabilities whenTraining and Education Savings Grant (‘‘BCTESG’’) (collectively, it becomes a party to a contract. Financial assets and financial‘‘Government Grants’’). The Alberta government announced that no liabilities, with the exception of those classified as FVTPL, arenew grants will be made under the ACES program after measured at fair value plus transaction costs on initialJuly 31, 2015. recognition. Financial assets and financial liabilities classified as

The Plan collects Government Grants, which are credited FVTPL are measured at fair value on initial recognition anddirectly into subscribers’ Agreements and invests these funds in transaction costs are expensed when incurred. Investments, ataccordance with the Plan’s investment policies. The Government fair value have been designated as FVTPL.Grants, along with investment income earned thereon, are paid to Measurement in subsequent periods depends on thequalified students. classification of the financial instrument. The financial assets

Agreements are registered with appropriate governmentand financial liabilities of the Plan are classified as follows:

authorities if all required information is provided, and onceregistered are subject to the rules for Registered Education Savings Financial asset or financial liability ClassificationPlans (‘‘RESP’’) under the Income Tax Act (Canada). The current taxlegislation provides that income credited on subscribers’ principal is Investments, at fair value FVTPL(i)

not taxable income of the subscriber unless withdrawn as an Cash and cash equivalents Loans and receivables(ii)

Accumulated Income Payment subject to certain eligibility Accrued interest and other receivables Loans and receivables(ii)

requirements. The deposits are not deductible for income tax Receivables for securities sold Loans and receivables(ii)

purposes and are not taxable when returned to the subscriber. Accounts payable, accrued liabilities andPayments made to a beneficiary, including EAPs, Government unclaimed subscriber funds Other financial liabilities(iii)

Grants and investment income earned on Government Grants will Payables for securities purchased Other financial liabilities(iii)

constitute taxable income of that beneficiary in the year that thepayments are made. (i)Financial assets are designated as FVTPL when acquired principally for the purpose of

trading. Financial assets classified as FVTPL are measured at fair value, with changesrecognized in Net Income and Comprehensive Income Attributable to Subscribers andBeneficiaries.

(ii)Loans and receivables are non-derivative financial assets that have fixed or determinablepayments and are not quoted in an active market. Subsequent to initial recognition, loansand receivables are carried at amortized cost using the effective interest method. LoansThese financial statements have been prepared in accordanceand receivables are considered for impairment when they are past due or when otherwith International Financial Reporting Standards (‘‘IFRS’’) on aobjective evidence is received that a specific counterparty will default.basis consistent with accounting policies as described in Note 2 (iii)Other financial liabilities are liabilities that are not derivative liabilities or classified as

of the audited annual financial statements for the year ended FVTPL. Subsequent to initial recognition, other financial liabilities are carried atOctober 31, 2015. These interim financial statements were amortized cost using the effective interest method.


Notes to the Financial StatementsSix months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars)

Note 1. Nature of Operations

(b) Basis of measurement

(c) Future accounting standard

(d) Financial instruments

Note 2. Significant Accounting Policies(a) Statement of Compliance


The functional and presentation currency of the Plan is theCanadian Dollar.

To the extent applicable in any period, foreign currency(d) Financial instruments (continued) purchases and sales of investments and foreign currency

dividend and interest income are translated into CanadianThe effective interest method is a method of calculating thedollars at the rate of exchange prevailing at the time of theamortized cost of a financial instrument and allocating interesttransactions. Realized and unrealized foreign currency gains orover the relevant period. The effective interest rate is the ratelosses on investments are included in the Statements ofthat discounts estimated future cash flows (including allComprehensive Income in Realized gains (losses) on sale oftransaction costs and other premiums or discounts) through theinvestments and Change in unrealized gains (losses),expected life of the financial instrument to the net carryingrespectively.amount on initial recognition.

When preparing the financial statements, C.S.T.C managementInvestments, at fair value include the following types ofmakes estimates and judgments that affect the reported amountssecurities: bonds, money market securities, and exchange-recognized and disclosed in the financial statements. Thesetraded funds (‘‘ETF’’).estimates and judgments have a direct effect on theThe fair value of fixed income securities that are notmeasurement of transactions and balances recognized in thepublicly traded is measured by using either the average bid pricefinancial statements. By their nature, these estimates andfrom multiple dealers, or by the present value of contractualjudgments are subject to measurement uncertainty and actualcash flows, discounted at current market rates. Interest accruedresults could differ.at the reporting date is included in Accrued interest and other

receivables.The fair value of securities that are publicly traded in an

active market is measured using bid prices at the reporting date.Related party transactions are measured at the exchange amount,Note 7 provides further guidance on fair valuewhich is the amount agreed between the parties.measurements.

The Foundation, as the Plan sponsor, has appointed C.S.T.C. asInvestment transactions are accounted for on a trade-date basis.the Investment Fund Manager and Scholarship Plan Dealer toInterest for allocation to subscriber accounts represents theadminister and distribute, respectively, the Plan. The agreementscoupon interest received by the Plan accounted for on anare renewable annually on November 1. Administration andaccrual basis. The Plan does not amortize premiums paid oraccount maintenance fees are paid to the Foundation.discounts received on the purchase of fixed income securities.Administration fees are annual fees of 1% of the total amount ofDividends and distributions are accrued as of the ex-dividendprincipal, Government Grants and income earned thereon.date and ex-distribution date, respectively. Realized gains

During the six months ended April 30, 2016, $68 was(losses) on the sale of investments and Change in unrealizedrecognized as an expense for Administration and accountgains (losses) are calculated with reference to the average cost ofmaintenance fees (2015 – $68). Administration and accountthe related investments and are recognized in the period thatmaintenance fees included in Accounts payable, accruedsuch gains (losses) occur.liabilities and unclaimed subscribers’ funds at April 30, 2016was $5 (October 31, 2015 – $5).

Subscribers’ deposits reflect amounts received from subscribers Sales charges paid by subscribers from their initialand do not include future amounts receivable on outstanding contributions are paid to C.S.T.C. as compensation for the saleAgreements. A sales charge is required as part of the initial and distribution of savings plans.contribution under each Agreement. Sales charges collected During the six months ended April 30, 2016, $7 was paidduring the reporting period are paid to C.S.T.C. to C.S.T.C. from sales charges collected (2015 – $8). Related

amounts included in Accounts payable, at April 30, 2016 were$12 (October 31, 2015 – $12).The Plan is exempt from income taxes under Section 146.1 of

the Income Tax Act (Canada).

Included in Portfolio management fees on the Statements ofComprehensive Income is $1 (2015 – $1) charged by C.S.T.C.Cash and cash equivalents include deposit balances with banksfor expenses incurred to monitor and manage the portfolioand securities with a purchase date to maturity of 90 days or lessmanagers. No amount is included in Accounts payable, accruedand includes term deposits, treasury bills and bankersliabilities and unclaimed subscribers’ funds owing to C.S.T.C. atacceptances.April 30, 2016 and October 31, 2015 relating to these expenses.


Notes to the Financial Statements (continued)

Six months ended April 30, 2016 and 2015 (Unaudited, in thousands of Canadian dollars)

(j) Foreign currencyNote 2. Significant Accounting Policies(continued)

(k) Critical accounting estimates and judgments(e) Investment valuation

Note 3. Related Party Transactions

(a) Distribution and Administration of the Plan(f) Investment transactions and income recognition

(g) Subscribers’ deposits and sales charges

(h) Income taxes

(b) Fees paid to monitor and manage the portfolio managers(i) Cash and cash equivalents


interest rates had decreased by 1%, the fair value of the TotalInvestment Fund would have increased by $500 (October 31,2015 – $400). This 1% change assumes a parallel shift in theThe investment holdings are disclosed in Schedule I – Statement ofyield curve with all other variables held constant. In practice,Investment Portfolio and the related Appendix I to the schedule,actual results may differ materially.which is explained below.

The Government Grants are invested collectively in a separatefund with Government Grants of other RESP plans administered by Other price risk is the risk that the value of a financialC.S.T.C. The Government Grant principal received and income instrument will fluctuate as a result of changes in marketearned thereon are separately tracked for each subscriber’s prices, other than those arising from interest rate risk.Agreement. The portfolio holdings are allocated across all plans Factors specific to an individual investment, its issuer orbased on the proportion of principal and income attributable to other factors affecting all instruments traded in a market orAgreements within each plan (see Appendix I to Schedule I). market segment affect other price risk. The asset class that is

most impacted by other price risk is the ETFs of theGovernment Grant asset pool, which represents 6%(October 31, 2015 – 6%) of the Total Investment Fund as atApril 30, 2016.

As at April 30, 2016, if equity and underlying indicesIn the normal course of business, the Plan may be exposed to aprices had increased or decreased by 1%, with all othervariety of risks arising from financial instruments. The Plan’svariables held constant, the fair value of the Total Investmentexposures to such risks are concentrated in its investment holdingsFund as per Schedule I – Statement of Investment Portfolioand are related to interest rate risk, credit risk and liquidity risk.would have increased or decreased by approximately $6The Plan’s risk management process includes monitoring(October 31, 2015 – $5). In practice, actual results may differcompliance with the Plan’s investment policy. The Plan manages thematerially.effects of these financial risks to the Plan portfolio performance by

retaining and overseeing professional external investment managers.The investment managers regularly monitor the Plan’s positions, Credit risk refers to the ability of the issuer of debt securities tomarket events and manage the investment portfolio within the make interest payments and repay principal. The Plan’s portfolioconstraints of the investment policy and mandate. is comprised of bonds issued or guaranteed by federal or

provincial governments along with corporate debt instrumentswith a minimum approved credit rating as set by CanadianSecurities Administrators. The Plan has a concentration of

Interest rate risk is the risk of a change in the fair value orinvestments in government and government guaranteed bonds,

cash flows of the Plan’s investments in interest-bearingwhich are considered to be high credit quality investments

financial instruments as a result of fluctuations in marketthereby moderating credit risk.

interest rates. There is an inverse relationship betweenThe Plan’s credit risk exposure is summarized below.

changes in interest rates and changes in the fair value ofOctober 31, 2015bonds. This risk is actively managed using duration, yield

curve analysis, sector and credit selection. There is reduced % of TotalInvestment Amountrisk to interest rate changes for cash and cash equivalents due

Fund (in thousands)to their short-term nature.The Plan’s holdings of debt instruments by maturity are AAA 28% $ 2,581 29% $ 2,536

as follows: AA/AAH/AAL 35% 3,236 39% 3,314

A/AH/AL 26% 2,364 22% 1,950

BBB 2% 203 0% 43Oct 31,R-1 1% 70 1% 722015Short-term unrated 2% 178 3% 281

Less than 1 year 2%1-3 years 48% 94% $ 8,1963-5 years 24%Greater than 5 years 20% The Dominion Bond Rating Service (‘‘DBRS’’) was the

primary source for obtaining credit ratings. Secondary sourcesTotal debt instruments 94% 94%used include Standard & Poor’s Financial Services LLC andMoody’s Investors Service, Inc.As at April 30, 2016, if prevailing interest rates had

increased by 1%, the fair value of the Total Investment Fundof $9,208 (October 31, 2015 – $8,710) as per the Liquidity risk is the risk that the Plan may not be able to meetSchedule I – Statement of Investment Portfolio would have its financial obligations as they come due. The Plan’s exposuredecreased by $400 (October 31, 2015 – $300). If prevailing to liquidity risk is concentrated in principal repayments to




Note 4. Investment Holdings

ii. Other price risk

Note 5. Risks Associated with FinancialInstruments

(b) Credit risk

(a) Market riski. Interest rate risk

April 30, 2016% of Total

Investment AmountCredit rating Fund (in thousands)

Debt Instruments by Maturity Date % of Total Investment Fund

Apr 30,2016

4%41% Total debt instruments 94% $ 8,63227%22%

(c) Liquidity risk


Assets Measured at Fair Value as of April 30, 2016

Level 1 Level 2 Level 3 Total

Fixed income securities $ – $ 8,389 $ – $ 8,389(c) Liquidity risk (continued) Equity Securities 576 – – 576

subscribers and EAPs to beneficiaries. The Plan primarilyTotal Investment Fund $ 576 $ 8,389 $ – $ 8,965invests in securities that are traded in active markets and can be

readily sold. The Plan retains sufficient cash and cash equivalentsAssets Measured at Fair Value as of October 31, 2015positions to meet liquidity requirements by utilizing cash

forecasting models that reflect the maturity distribution of Level 1 Level 2 Level 3 Totalsubscribers’ deposits and accumulated income. All other

Fixed income securities $ – $ 8,033 $ – $ 8,033financial liabilities are short term and due within one year.Equity Securities 514 – – 514

Total Investment Fund $ 514 $ 8,033 $ – $ 8,547Currency risk is the risk that the value of a financial instrumentwill fluctuate due to changes in foreign exchange rates. ThePlan holds ETFs that invest in U.S. equities and are hedged to For the six-month period ended April 30, 2016 and year endedCanadian dollars by the ETF provider. October 31, 2015, there were no transfers between Levels 1 or 2.

The changes in Subscribers’ deposits for the six-month period endedApril 30, 2016 and 2015 are as follows:

Apr 30, 2016 Apr 30, 2015

Payments from subscribers $ 888 $ 934

Inter-plan principal transfers 659 406

Return of principal (1,071) (902)

Net increase in Subscribers’ deposits 476 438

Balance, Beginning of Period 7,624 7,610

Balance, End of Period $ 8,100 $ 8,048

Estimates of fair value used for measurement and disclosure aredesigned to approximate amounts that would be received to sell anasset, or paid to discharge a liability, in an orderly transactionbetween market participants.

The carrying values of other financial instruments such as Cashand cash equivalents, Accrued interest and other receivables,Receivables for securities sold, Government grants receivable,Accounts payable, accrued liabilities and unclaimed subscribers’funds and Payables for securities purchased approximate their fairvalues as these financial instruments are short term in nature.

The following table presents the level in the fair value hierarchyinto which the Plan’s financial instruments that are carried at fairvalue in the Statements of Financial Position are categorized:

i. Level 1 financial instruments are valued using quoted marketprices.

ii. Level 2 financial instruments are valued using directly orindirectly observable inputs.

iii. Level 3 financial instruments are valued using unobservableinputs (including the use of assumptions based on the bestinformation available).




Note 5. Risks Associated with FinancialInstruments (continued)

(d) Currency risk

Note 6. Subscribers’ Deposits

Note 7. Fair Value Measurements andDisclosures


Canada Housing Trust 2.05 15 Jun 2017 3,700 3,754 3,788 Province of British Columbia 6.35 18 Jun 2031 2,800 4,048 3,990Canada Housing Trust 1.75 15 Jun 2018 1,220 1,242 1,227 Province of British Columbia 4.70 18 Jun 2037 4,920 6,274 6,017Canada Housing Trust 2.05 15 Jun 2018 10,079 10,326 10,321 Province of British Columbia 4.95 18 Jun 2040 3,700 4,953 4,777Canada Housing Trust 2.05 1 Nov 2018 251 186 187 Province of British Columbia 4.30 18 Jun 2042 9,030 11,184 10,388Canada Housing Trust 1.95 15 Jun 2019 5,500 5,654 5,646 Province of British Columbia 3.20 18 Jun 2044 1,000 1,043 956Canada Housing Trust 1.75 1 Aug 2019 280 246 247 Province of Manitoba 5.50 15 Nov 2018 1,000 1,108 1,154Canada Housing Trust 1.26 1 Dec 2019 1,475 1,272 1,277 Province of Manitoba 3.85 1 Dec 2021 1,000 1,115 1,088Canada Housing Trust 1.29 1 Feb 2020 3,776 3,216 3,243 Province of Manitoba 4.40 5 Sep 2025 2,800 3,248 3,148Canada Housing Trust 3.75 15 Mar 2020 3,685 4,049 4,090 Province of Manitoba 4.10 5 Mar 2041 5,400 6,196 6,101Canada Housing Trust 1.46 1 Apr 2021 204 202 202 Province of Manitoba 3.35 5 Mar 2043 1,300 1,324 1,298Canada Housing Trust 3.80 15 Jun 2021 130 146 144 Province of Manitoba 4.05 5 Sep 2045 8,325 9,611 9,903Canada Housing Trust 2.40 15 Dec 2022 9,103 9,594 9,512 Province of Manitoba 4.30 15 Nov 2051 450 522 512Canada Housing Trust 2.90 15 Jun 2024 7,860 8,517 8,440 Province of New Brunswick 4.45 26 Mar 2018 400 425 435Canada Housing Trust 1.95 15 Dec 2025 8,000 7,983 7,895 Province of New Brunswick 4.40 3 Jun 2019 1,400 1,533 1,556Canada Post Corporation 4.36 16 Jul 2040 375 484 472 Province of New Brunswick 2.85 2 Jun 2023 200 209 196Government of Canada 0.00 8 Sep 2016 110 110 110 Province of New Brunswick 3.65 3 Jun 2024 900 985 944Government of Canada 0.00 22 Sep 2016 1,660 1,655 1,655 Province of New Brunswick 6.47 30 Nov 2027 5,569 6,959 6,908Government of Canada 0.25 1 May 2017 1,025 1,021 1,022 Province of New Brunswick 5.65 27 Dec 2028 1,195 1,534 1,466Government of Canada 1.25 1 Aug 2017 750 755 760 Province of New Brunswick 6.55 17 Oct 2030 600 819 839Government of Canada 1.50 1 Sep 2017 5,091 5,146 5,134 Province of New Brunswick 5.50 27 Jan 2034 2,075 2,698 2,441Government of Canada 1.25 1 Feb 2018 3,975 4,014 4,035 Province of New Brunswick 4.65 26 Sep 2035 710 844 739Government of Canada 4.25 1 Jun 2018 450 483 485 Province of New Brunswick 4.55 26 Mar 2037 1,700 2,000 1,986Government of Canada 1.25 1 Sep 2018 400 405 408 Province of New Brunswick 4.80 26 Sep 2039 1,200 1,468 1,494Government of Canada 1.75 1 Sep 2019 2,150 2,222 2,230 Province of New Brunswick 3.55 3 Jun 2043 2,000 2,047 2,016Government of Canada 1.50 1 Mar 2020 2,050 2,106 2,113 Province of Newfoundland andGovernment of Canada 3.50 1 Jun 2020 5,775 6,399 6,479 Labrador 2.30 2 Jun 2025 1,100 1,059 1,095Government of Canada 0.75 1 Sep 2020 3,200 3,191 3,179 Province of Newfoundland andGovernment of Canada 0.75 1 Mar 2021 3,950 3,928 3,900 Labrador 3.00 2 Jun 2026 1,200 1,214 1,199Government of Canada 3.25 1 Jun 2021 4,150 4,634 4,666 Province of Newfoundland and

Labrador 6.15 17 Apr 2028 600 779 799Government of Canada 2.75 1 Jun 2022 1,500 1,650 1,649Province of Newfoundland andGovernment of Canada 1.50 1 Jun 2023 2,925 2,983 2,822Labrador 4.65 17 Oct 2040 1,350 1,571 1,593Government of Canada 2.50 1 Jun 2024 1,000 1,090 1,091Province of Nova Scotia 5.80 1 Jun 2033 2,775 3,745 3,481Government of Canada 2.25 1 Jun 2025 5,844 6,256 6,276Province of Nova Scotia 4.40 1 Jun 2042 1,600 1,910 1,813Government of Canada 1.50 1 Jun 2026 5,619 5,616 5,600Province of Nova Scotia 3.45 1 Jun 2045 1,700 1,754 1,708Government of Canada 8.00 1 Jun 2027 3,925 6,466 6,547Province of Nova Scotia 3.50 2 Jun 2062 600 633 599Government of Canada 5.75 1 Jun 2029 8,775 12,831 12,910Province of Ontario 1.90 8 Sep 2017 950 963 958Government of Canada 5.75 1 Jun 2033 7,700 11,890 11,841Province of Ontario 4.20 8 Mar 2018 4,099 4,340 4,479Government of Canada 5.00 1 Jun 2037 16,922 25,377 23,489Province of Ontario 2.10 8 Sep 2018 2,460 2,519 2,546Government of Canada 4.00 1 Jun 2041 13,995 19,177 18,287Province of Ontario 4.40 2 Jun 2019 4,000 4,388 4,386Government of Canada 3.50 1 Dec 2045 16,900 22,202 21,706Province of Ontario 4.20 2 Jun 2020 2,000 2,225 2,155Government of Canada 2.75 1 Dec 2048 8,200 9,469 9,118Province of Ontario 4.00 2 Jun 2021 6,315 7,077 6,824Government of Canada 2.75 1 Dec 2064 3,800 4,614 4,386Province of Ontario 3.15 2 Jun 2022 1,675 1,812 1,734Kreditanstalt FurProvince of Ontario 8.90 18 Aug 2022 1,000 1,417 1,422Wiederaufbau Global 5.05 4 Feb 2025 1,211 1,463 1,493Province of Ontario 2.85 2 Jun 2023 4,700 4,979 4,580Muskrat Falls Funding Trust 3.83 1 Jun 2037 4,500 5,193 5,005Province of Ontario 3.50 2 Jun 2024 4,690 5,162 4,847Muskrat Falls Funding Trust 3.86 1 Dec 2048 900 1,082 1,116Province of Ontario 2.60 2 Jun 2025 3,650 3,748 3,707

230,299 226,203 Province of Ontario 8.25 22 Jun 2026 450 681 689Province of Ontario 7.60 2 Jun 2027 2,095 3,128 3,009Province of Ontario 6.50 8 Mar 2029 3,250 4,590 4,536Province of Alberta 4.00 1 Dec 2019 155 169 171Province of Ontario 6.20 2 Jun 2031 1,500 2,115 2,090Province of Alberta 1.25 1 Jun 2020 1,902 1,890 1,883Province of Ontario 5.85 8 Mar 2033 6,425 8,914 8,767Province of Alberta 2.35 1 Jun 2025 1,000 995 992Province of Ontario 6.35 15 Oct 2034 200 240 230Province of Alberta 4.45 15 Dec 2025 1,785 2,079 2,052Province of Ontario 5.60 2 Jun 2035 3,200 4,410 3,855Province of Alberta 3.90 1 Dec 2033 1,972 2,179 2,120Province of Ontario 4.70 2 Jun 2037 7,145 8,983 8,190Province of Alberta 3.45 1 Dec 2043 1,895 1,959 1,962Province of Ontario 4.60 2 Jun 2039 6,340 7,936 7,415Province of British Columbia 4.70 1 Dec 2017 3,975 4,213 4,379Province of Ontario 4.65 2 Jun 2041 14,515 18,502 17,519Province of British Columbia 1.65 19 Apr 2021 1,500 1,495 1,498Province of Ontario 3.50 2 Jun 2043 5,700 6,132 6,064Province of British Columbia 3.30 18 Dec 2023 2,275 2,495 2,358Province of Ontario 3.45 2 Jun 2045 23,100 24,789 23,727Province of British Columbia 5.70 18 Jun 2029 2,000 2,684 2,675



Government GrantsAppendix I to Schedule IStatement of Investment PortfolioAs at April 30, 2016 (in thousands of Canadian dollars)


Bonds Bonds (continued)Federal – 19.8% Provincial – 29.9% (continued)

Provincial – 29.9%


Province of Ontario 2.90 2 Dec 2046 6,500 6,301 5,962 Municipal Finance Authority ofBritish Columbia 2.50 19 Apr 2026 760 753 758Province of Quebec 4.50 1 Dec 2017 2,550 2,694 2,808Region of Peel 5.10 29 Jun 2040 350 445 439Province of Quebec 4.50 1 Dec 2018 1,000 1,087 1,116Region of Peel 3.85 30 Oct 2042 300 321 317Province of Quebec 4.50 1 Dec 2019 1,550 1,725 1,711

Province of Quebec 11.00 15 Aug 2020 3,000 4,195 4,33213,806 13,706

Province of Quebec 4.50 1 Dec 2020 1,000 1,136 1,057Province of Quebec 3.00 1 Sep 2023 3,000 3,210 3,201Province of Quebec 3.50 1 Sep 2023 225 241 241 407 East Development Group 2.81 18 Dec 2016 375 376 380Province of Quebec 3.75 1 Sep 2024 6,775 7,599 7,193 407 East Development Group 6.75 27 Jul 2039 1,272 1,699 1,549Province of Quebec 2.50 1 Sep 2026 171 173 173 Arrow Lakes Power

Corporation 5.52 5 Apr 2041 847 973 847Province of Quebec 6.00 1 Oct 2029 2,000 2,728 2,693Bank of Montreal 1.12 12 Jun 2017 253 253 253Province of Quebec 6.25 1 Jun 2032 3,575 5,097 5,002Bank of Montreal 1.48 29 Mar 2018 7,662 7,705 7,662Province of Quebec 4.25 1 Dec 2032 350 386 384Bank of Montreal 2.10 6 Oct 2020 2,462 2,497 2,462Province of Quebec 5.25 1 Jun 2034 3,000 3,897 3,800Bank of Montreal 1.88 31 Mar 2021 1,781 1,784 1,783Province of Quebec 6.50 15 Feb 2035 1,000 1,496 1,463Bank of Montreal 4.61 10 Sep 2025 8,650 10,199 10,011Province of Quebec 5.75 1 Dec 2036 2,690 3,790 3,348Bank of Nova Scotia 1.84 30 Jun 2016 165 165 165Province of Quebec 5.00 1 Dec 2038 2,940 3,848 3,045Bank of Nova Scotia 4.10 8 Jun 2017 5,870 6,051 6,129Province of Quebec 6.00 15 Feb 2040 8,000 11,897 11,489Bank of Nova Scotia 2.24 22 Mar 2018 9,090 9,229 9,236Province of Quebec 5.00 1 Dec 2041 11,400 15,194 14,524Bank of Nova Scotia 1.33 1 May 2018 1,035 1,032 1,028Province of Quebec 4.25 1 Dec 2043 4,500 5,445 5,175Bank of Nova Scotia 2.46 14 Mar 2019 17,303 17,741 17,721Province of Quebec 5.00 15 Feb 2045 1,450 1,974 1,901Bank of Nova Scotia 2.40 28 Oct 2019 8,593 8,807 8,793Province of Quebec 3.50 1 Dec 2045 10,000 10,786 10,111Bank of Nova Scotia 2.09 9 Sep 2020 2,723 2,754 2,753Province of Quebec 3.50 1 Dec 2048 2,000 2,176 2,043Bank of Nova Scotia 3.27 11 Jan 2021 6,968 7,404 7,407Province of Quebec 5.00 15 Feb 2050 1,500 2,103 2,014Bankers Hall L.P. 4.38 20 Nov 2023 2,507 2,681 2,507Province of Saskatchewan 3.20 3 Jun 2024 80 86 83Caisse Centrale Desjardins 2.80 19 Nov 2018 5,893 6,078 6,097Province of Saskatchewan 6.40 5 Sep 2031 4,037 5,723 5,700Canadian Imperial Bank ofProvince of Saskatchewan 4.75 1 Jun 2040 1,400 1,757 1,727Commerce 1.13 8 Jun 2017 721 722 721Province of Saskatchewan 3.90 2 Jun 2045 3,700 4,171 4,093Canadian Imperial Bank ofProvince of Saskatchewan 2.75 2 Dec 2046 2,000 1,824 1,753Commerce 2.35 18 Oct 2017 6,680 6,780 6,800

346,759 334,600 Canadian Imperial Bank ofCommerce 1.70 9 Oct 2018 2,394 2,410 2,393Canadian Imperial Bank of

City of Montreal 5.45 1 Dec 2019 200 226 227 Commerce 1.90 26 Apr 2021 60 60 60City of Montreal 3.00 1 Sep 2025 831 846 837 Canadian Pacific RailwayCity of Montreal 4.10 1 Dec 2034 375 405 399 Company 6.91 1 Oct 2024 510 359 375City of Montreal 6.00 1 Jun 2043 375 538 530 Capital Desjardins Inc. 5.19 5 May 2020 7,790 8,696 8,711City of Ottawa 4.60 14 Jul 2042 500 597 590 Capital Desjardins Inc. 4.95 15 Dec 2026 3,333 3,759 3,731City of Toronto 4.50 2 Dec 2019 225 248 250 CBC Monetization Trust 4.69 15 May 2027 2,527 2,934 2,729City of Toronto 3.50 6 Dec 2021 200 217 219 Central 1 Credit Union 1.31 24 Nov 2016 1,352 1,353 1,353City of Toronto 3.90 29 Sep 2023 1,200 1,333 1,329 Cogeco Cable Inc. 4.18 26 May 2023 1,469 1,536 1,528City of Toronto 2.95 28 Apr 2035 300 282 277 CSS Partnership 6.92 31 Jul 2042 2,173 2,949 2,782City of Toronto 3.50 2 Jun 2036 1,309 1,323 1,304 Dutch Municipal Bank, BNG 5.15 7 Mar 2025 143 169 170City of Toronto 5.20 1 Jun 2040 350 449 446 Enbridge Inc. 1.73 13 Mar 2017 792 787 787City of Toronto 4.70 10 Jun 2041 325 391 383 Enbridge Inc. 4.57 11 Mar 2044 431 405 400City of Toronto 3.80 13 Dec 2042 225 237 232 EUROFIMA Maple Bond 4.55 30 Mar 2027 913 1,039 1,022City of Toronto 4.15 10 Mar 2044 225 252 246 GE Capital Canada FundingCity of York 2.60 15 Dec 2025 1,900 1,894 1,853 Company 1.62 15 Feb 2022 1,966 1,915 1,803City of York 4.00 31 May 2032 300 328 329 GE Capital Canada FundingCity of York 4.05 1 May 2034 525 577 578 Company 2.18 6 Feb 2023 3,071 3,120 3,071Municipal Finance Authority of Greater Toronto AirportBritish Columbia 4.80 1 Dec 2017 100 106 107 Authority 6.45 30 Jul 2029 1,632 2,067 2,006Municipal Finance Authority of Heathrow Funding Limited 3.25 21 May 2027 414 418 410British Columbia 5.10 20 Nov 2018 350 383 389 HSBC Bank Canada 2.08 26 Nov 2018 11,025 11,080 11,091Municipal Finance Authority of HSBC Bank Canada 2.45 29 Jan 2021 1,266 1,277 1,265British Columbia 2.05 2 Jun 2019 1,000 1,020 1,024 HSBC Bank Canada 2.91 29 Sep 2021 12,220 12,570 12,429Municipal Finance Authority of Kraft Canada Inc. 1.98 6 Jul 2020 3,800 3,792 3,800British Columbia 4.88 3 Jun 2019 350 387 392 Labrador Island Link FundingMunicipal Finance Authority of Trust 3.76 1 Jun 2033 500 569 586British Columbia 3.75 26 Sep 2023 225 248 251



Government Grants (continued)

Appendix I to Schedule IStatement of Investment PortfolioAs at April 30, 2016 (in thousands of Canadian dollars)


Bonds (continued) Bonds (continued)Provincial – 29.9% (continued) Municipal – 1.1% (continued)

Corporate – 29.5%

Municipal – 1.1%


Labrador Island Link Funding Wells Fargo FinancialTrust 3.86 1 Dec 2045 2,600 3,106 3,131 Corporation Canada 3.04 29 Jan 2021 808 853 843Labrador Island Link Funding Wells Fargo FinancialTrust 3.85 1 Dec 2053 800 973 1,008 Corporation Canada 3.46 24 Jan 2023 839 902 889Loblaw Companies Limited 6.50 22 Jan 2029 1,827 2,281 2,268 WTH Car Rental 2.54 20 Aug 2019 2,960 2,977 2,960Loblaw Companies Limited 6.54 17 Feb 2033 595 750 737

340,978 340,141Manufacturers Life InsuranceCompany 2.81 21 Feb 2024 1,569 1,585 1,605Manufacturers Life InsuranceCompany 2.64 15 Jan 2025 1,569 1,578 1,592Manufacturers Life InsuranceCompany 2.10 1 Jun 2025 1,589 1,557 1,570Manufacturers Life Insurance Agrium Inc. 15 1,570 1,716Company 2.39 5 Jan 2026 4,728 4,655 4,696

Aimia Inc. 59 508 619Manufacturers Life Insurance

ATCO Ltd. 30 1,214 1,124Company 3.18 22 Nov 2027 4,253 4,277 4,256AutoCanada Inc. 22 452 510Manulife Financial Corporation 4.45 15 Dec 2026 8,146 8,243 8,423Bank of Nova Scotia 69 4,568 3,966Maritimes and Northeast

Pipelines Limited Partnership 4.34 30 Nov 2019 2,099 2,134 2,169 Birchcliff Energy Ltd. 109 568 623Maritimes and Northeast Boardwalk Real Estate Investment Trust 1 61 56Pipelines Limited Partnership 6.90 30 Nov 2019 662 723 747

Brookfield Asset Management Inc. 30 1,259 1,232Master Asset Vehicle 0.78 15 Jul 2056 5 5 5

CAE Inc. 125 1,856 1,771Master Asset Vehicle 0.78 15 Jul 2056 31 31 31

Canadian National Railway Company 28 2,149 2,074Milit-Air Inc. 5.75 30 Jun 2019 1,953 2,088 2,140Canadian Natural Resources Ltd. 41 1,542 1,081National Bank of Canada 2.69 21 Aug 2017 12,060 12,271 12,334Canadian Pacific Railway Company 9 1,566 1,555NAV Canada 7.56 1 Mar 2027 3,157 4,084 3,974Canadian Western Bank 39 1,067 871North Battleford Power L.P. 4.96 31 Dec 2032 997 1,111 1,015

Ontrea Inc. 4.62 9 Apr 2018 1,969 2,073 2,018 Celestica Inc. 26 344 385Ornge Issuer Trust 5.73 11 Jun 2034 3,365 3,943 3,821 Colliers International Group Inc. 4 219 248Pearson International Fuel Dollarama Inc. 7 674 549Facilities Corporation 5.09 9 Mar 2032 2,160 2,345 2,315

Dream Unlimited Corporation 41 317 306Public Sector Pension

Empire Company Ltd. 33 680 866Investment Board 3.27 12 Jun 2020 2,804 2,890 2,804Enbridge Inc. 25 1,315 1,219Rogers Communications Inc. 6.68 4 Nov 2039 550 724 677Enerflex Ltd. 116 1,392 1,431Royal Bank of Canada 0.95 17 Jun 2016 798 798 799

Royal Bank of Canada 2.36 21 Sep 2017 5,390 5,468 5,478 Enerplus Corporation 52 360 334Royal Bank of Canada 2.26 12 Mar 2018 2,590 2,630 2,630 Ensign Energy Services Inc. 20 154 169Royal Bank of Canada 2.82 12 Jul 2018 3,029 3,116 3,132 Fairfax Financial Holdings Limited 1 935 838Royal Bank of Canada 2.77 11 Dec 2018 27,570 28,464 28,514 Finning International Inc. 67 1,496 1,275Royal Bank of Canada 1.43 11 Feb 2020 333 332 333

FirstService Corporation 7 394 321Royal Bank of Canada 1.37 23 Mar 2020 5,878 5,844 5,878

Franco-Nevada Corporation 9 811 562Royal Bank of Canada 2.03 15 Mar 2021 2,168 2,185 2,169

Freehold Royalties Ltd. 84 1,051 922Royal Bank of Canada 1.97 2 Mar 2022 710 707 692GMP Capital Inc. 58 295 240Shaw Communications Inc. 6.75 9 Nov 2039 1,894 2,341 2,311Granite REIT 19 701 699SP1 Limited Partnership 3.21 15 Jun 2019 3,026 2,865 2,804Great Canadian Gaming Corporation 31 562 564St. Clair Holding ULC 4.88 31 Aug 2031 463 491 491

Strait Crossing Great-West Lifeco Inc. 17 621 549Development Inc. 6.17 15 Sep 2031 226 202 204 Home Capital Group Inc. 43 1,607 1,320Sun Life Financial Inc. 7.09 30 Jun 2052 3,905 4,862 5,082 IGM Financial Inc. 18 693 613Toronto Dominion Bank 2.45 2 Apr 2019 7,943 8,162 8,171

Imperial Oil Limited 33 1,353 1,341Toronto Dominion Bank 2.05 8 Mar 2021 820 829 820

Intact Financial Corporation 26 2,423 2,392Toronto Dominion Bank 3.23 24 Jul 2024 12,670 13,479 13,251Jean Coutu Group (PJC) Inc. 3 52 48Toronto Dominion Bank 2.98 30 Sep 2025 6,134 6,106 6,134Laurentian Bank of Canada 8 407 399Toronto Dominion Bank 4.86 4 Mar 2031 2,305 2,444 2,305Loblaw Companies Limited 15 1,066 1,046Toronto Dominion Bank 4.78 14 Dec 2105 9,049 9,203 9,393

TransCanada Pipelines Limited 11.80 20 Nov 2020 1,994 2,766 3,033 Magna International Inc. 28 1,497 1,637TransCanada Pipelines Limited 8.05 17 Feb 2039 1,553 2,304 2,492 Metro Inc. 6 247 212UniCredit Group 2.52 29 May 2018 2,401 2,426 2,451 Methanex Corporation 28 1,219 1,208University Health Network 5.64 8 Dec 2022 5,876 6,601 6,740 Morguard Corporation 3 438 399






Bonds (continued) Bonds (continued)Corporate – 29.5% (continued) Corporate – 29.5% (continued)

Total Fixed Income Investments – 80.3% 931,842 914,650

Number of Fair AverageSecurity Securities Value ($) Cost ($)

Equities – 5.8%


Mullen Group Ltd. 54 789 923

Onex Corporation 11 884 910

Open Text Corporation 6 400 352

Pason System Inc. 69 1,259 1,291

Potash Corporation of Saskatchewan Inc. 63 1,399 1,647

Power Corporation of Canada 35 1,074 996

PrairieSky Royalty Ltd. 57 1,509 1,323

Quebecor World Inc. 15 493 437

Ritchie Brothers Auctioneers 22 774 715

ShawCor Ltd. 30 1,032 882

SNC-Lavalin Group Inc. 19 882 717

Suncor Energy Inc. 102 3,758 3,275

Teck Resources Limited 77 1,188 491

TELUS Corporation 67 2,663 2,778

Toronmont Industries Ltd. 28 1,061 883

Toronto Dominion Bank 77 4,293 3,950

Total Energy Services Inc. 35 455 494

Wajax Corporation 22 393 455

West Fraser Timber Co. Ltd. 8 315 351

Westshore Terminals Investment Corporation 84 1,537 1,796

Total Equities 67,861 63,956

BMO S&P 500 Hedged to CAD Index ETF 2,503 79,016 76,431

iShares Core S&P 500 Hedged to CAD Index ETF 3,264 77,355 74,273

156,371 150,704

224,232 214,660

4,394 4,394

1,160,468 1,133,704

Group Savings Plan 2001 881,938 862,103

Family Savings Plan 79,615 77,848

Individual Savings Plan 2,972 2,904

Group Savings Plan 169,076 164,663

Plan II 864 830

Founders’ Plan 21,609 20,962

1,156,074 1,129,310

Group Savings Plan 2001 3,354 3,354

Family Savings Plan 303 303

Individual Savings Plan 11 11

Group Savings Plan 641 641

Plan II 3 3

Founders’ Plan 82 82

4,394 4,394





Number of Fair AverageSecurity Securities Value ($) Cost ($)

Equities – 5.8% (continued)

Exchange-traded Funds – 13.5%

Total Equities and ETFs – 19.3%

Cash and cash equivalents – 0.4%

Total Portfolio Assets – 100.0%

Government Grant Investment Allocation

Cash and Short-term Investments Allocation


Canadian Scholarship Trust Plan

Sponsor Canadian Scholarship Trust Foundation 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8 1.877.333.RESP (7377)

Investment Fund Manager and Distributor C.S.T. Consultants Inc. 2235 Sheppard Avenue East, Suite 1600 Toronto, Ontario M2J 5B8

Trustee RBC Investor Services Trust 155 Wellington Street West, 2nd Floor Toronto, Ontario M5V 3L3

Auditor Deloitte LLP Bay Adelaide East 22 Adelaide Street West, Suite 200 Toronto, Ontario M5H 0A9

Bank Royal Bank of Canada Royal Bank Plaza South Tower 200 Bay Street, 10th Floor Toronto, Ontario M5J 2J5

For updates on your Plan account, login to Online Services at www.cst.org In Quebec, Canadian Scholarship Trust Plan is distributed by C.S.T. Consultants Inc. Scholarship Plan Brokerage Firm.

April 30, 2016

C.S.T. Consultants Inc.

Canadian Scholarship Trust

Individual Savings Plan Semi-Annual Financial StatementsUnaudited

2002 M2-E (2016-05)

CST Financl_Semi-Stmnt_Cvr_ENG_Final pv_01_12_15.indd 5 2016-06-14 9:23 AM

F.P.O

Documents

Canadian Scholarship Trust Individual Savings PlanCST Financl_Semi-Stmnt_Cvr_ENG_Final pv_01_12_15.indd 5 2016-06-14 9:23 AM F.P.O. Contents Statements of Financial Position 1 Statements