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Text of BELLWETHER CANADIAN STOCK FUND FINANCIAL › wp-content › uploads › 2017 ›...

  • BELLWETHER CANADIAN STOCK FUND

    FINANCIAL STATEMENTS

    For the six months ended June 30, 2017

    (Unaudited)

    (in Canadian dollars)

  • BELLWETHER CANADIAN STOCK FUND Statements of Financial Position As at June 30, 2017 (Unaudited)

    June 30, 2017 December 31, 2016

    ASSETS Current assets

    Cash and cash equivalents $ 798,410 $ 456,791 Interest receivable 393 134 Dividends receivable 56,464 43,863

    Investments owned, at fair value (Note 3) (Cost:$10,396,084 - 2016:$8,207,675) 11,792,392 9,848,617

    12,647,659 10,349,405

    LIABILITIES Current liabilities

    Accrued expenses 8,284 6,919 Redemptions payable 60,625 – Management fees payable 249 259 Payable for investments purchased – 113,495

    69,158 120,673

    Net Assets Attributable to Holders of Redeemable Units $ 12,578,501 $ 10,228,732

    Net Assets Attributable to Holders of Redeemable Units per Series Series F $ 302,406 $ 305,776 Series O 12,276,095 9,922,956

    $ 12,578,501 $ 10,228,732

    Number of Redeemable Units Outstanding (Note 5) Series F 24,753 24,753 Series O 965,554 776,224

    Net Assets Attributable to Holders of Redeemable Units per Unit Series F $ 12.22 $ 12.35 Series O 12.71 12.78

    Approved:

    ..................................................... Trustee:

    The accompanying notes form an integral part of these financial statements

    ..................................................... Trustee:

    1

  • BELLWETHER CANADIAN STOCK FUND Statements of Comprehensive Income For the six-months ended June 30, 2017 (Unaudited)

    2017 2016

    Income Dividends $ 160,264 $ 81,622 Realized gain on sale of investments and foreign currency 45,004 22,823 Interest income for distribution purposes 20,198 5,657 Change in unrealized (loss) gain on investments and foreign currency (243,408) 159,168

    (17,942) 269,270

    Expenses Operating costs 50,835 24,561 Commissions and other portfolio transaction costs (Note 3) 7,262 2,765 Withholding tax 2,219 – Management fees (Note 6) 1,714 1,878

    62,030 29,204

    (Decrease) Increase in Net Assets Attributable to Holders of Redeemable Units $ (79,972) $ 240,066

    (Decrease) increase in Net Assets Attributable to Holders of Redeemable Units per Series

    Series F $ (3,370) $ 11,666 Series O (76,602) 228,400

    $ (79,972) $ 240,066

    (Decrease) increase in Net Assets Attributable to Holders of Redeemable Units per Unit

    Series F $ (0.14) $ 0.38 Series O (0.09) 0.50

    The accompanying notes are an integral part of these financial statements. 2

  • BELLWETHER CANADIAN STOCK FUND Statements of Changes in Net Assets Attributable to Holders of Redeemable Units For the six-months ended June 30, 2017 (Unaudited)

    Net assets attributable to

    holders of redeemable units,

    beginning of period

    Proceeds from redeemable units issued

    Redemption of redeemable units

    Decrease in net assets attributable

    to holders of redeemable units

    Net assets attributable to

    holders of redeemable units,

    end of period June 30, 2017 Series F $ 305,776 $ – $ – $ (3,370) $ 302,406 Series O 9,922,956 3,629,940 (1,200,199) (76,602) 12,276,095

    $ 10,228,732 $ 3,629,940 $ (1,200,199) $ (79,972) $ 12,578,501

    Net assets attributable to

    holders of redeemable units,

    beginning of period

    Proceeds from redeemable units issued

    Redemption of redeemable units

    Increase in net assets attributable

    to holders of redeemable units

    Net assets attributable to

    holders of redeemable units,

    end of period June 30, 2016 Series F $ 350,683 $ 1,600 $ (51,602) $ 11,666 $ 312,347 Series O 4,288,952 2,013,333 (331,250) 228,400 6,199,435

    $ 4,639,635 $ 2,014,933 $ (382,852) $ 240,066 $ 6,511,782

    The accompanying notes are an integral part of these financial statements. 3

  • BELLWETHER CANADIAN STOCK FUND Statements of Cash Flows For the six-months ended June 30, 2017 (Unaudited)

    2017 2016 Cash provided by (used in): Operating Activities

    (Decrease) Increase in Net Assets Attributable to Holders of Redeemable Units $ (79,972) $ 240,066 Adjustments for non-cash items Commissions and other portfolio transaction costs 7,262 2,765 Change in unrealized loss (gain) on investments and foreign currency 243,408 (159,168) Realized gain on sale of investments and foreign currency (45,004) (22,823) Change in non-cash balances (Increase) decrease in interest receivable (259) 88 Increase in dividends receivable (12,601) (9,074) Increase in accrued expenses 1,365 762 (Decrease) increase in management fees payable (10) 415 Decrease in payable for investments purchased (113,495) – Proceeds from sale of investments 399,379 8,719 Purchase of investments (2,548,820) (1,783,903)

    Cash used in operating activities (2,148,747) (1,722,153)

    Financing Activities Amount paid on redemption of redeemable units (1,139,574) (370,162) Proceeds from issuances of redeemable units 3,629,940 2,014,933

    Cash provided by financing activities 2,490,366 1,644,771

    Increase (decrease) in cash during the period 341,619 (77,382) Cash, beginning of period 456,791 350,370

    Cash, end of period $ 798,410 $ 272,988

    Supplemental information* Interest paid $ – $ 55 Interest received 19,939 5,745 Dividends received, net of withholding taxes 145,444 72,549

    *Included as a part of cash flows from operating activities

    The accompanying notes are an integral part of these financial statements. 4

  • BELLWETHER CANADIAN STOCK FUND Schedule of Investment Portfolio As at June 30, 2017 (Unaudited)

    % of net Investments owned asset value

    Canadian equities 6,000 Ag Growth International Inc. $ 230,893 $ 346,320 2.75 4,200 Agnico Eagle Mines Ltd. 267,395 245,616 1.95 2,700 Agrium Inc. 342,131 317,331 2.52 4,700 Alimentation Couche-Tard Inc. 116,567 292,152 2.32 8,800 AltaGas Ltd. 296,635 261,184 2.08 3,000 AltaGas Ltd. Subscription Receipts 93,000 88,470 0.70

    38,000 American Hotel Income Properties REIT LP 400,209 378,480 3.01 5,600 BCE Inc. 256,705 327,040 2.60 7,000 Brookfield Asset Management Inc. 206,334 356,230 2.83

    84 Brookfield Business Partners LP 2,916 2,946 0.02 8,500 Brookfield Renewable Energy Partners LP 315,329 351,475 2.79

    14,200 CAE Inc. 216,502 317,512 2.52 3,400 Canadian National Railway Co. 210,442 357,748 2.84 7,200 Canadian Natural Resources Ltd. 280,854 269,424 2.14 5,500 CGI Group Inc. 190,700 364,430 2.90

    20,000 Chemtrade Logistics Income Fund 371,776 363,800 2.89 22,000 Crescent Point Energy Corp. 435,821 218,240 1.74 15,000 Dream Office Real Estate Investment Trust 312,724 293,250 2.33 50,000 ECN Capital Corp. 166,774 200,000 1.59 25,500 Element Fleet Management Corp. 256,664 226,950 1.80 17,000 EnerCare Inc. 268,629 335,240 2.67 11,600 First Asset Morningstar Canada Momentum Index ETF 166,191 172,724 1.37

    9,500 Gildan Activewear Inc. 329,417 378,575 3.01 15,500 Goldcorp Inc. 379,843 259,160 2.06 15,500 Hydro One Ltd. 368,734 360,065 2.86

    8,500 IGM Financial Inc. 327,130 341,870 2.72 15,000 Intertape Polymer Group Inc. 338,952 370,350 2.94

    6,200 Magna International Inc. 252,301 372,434 2.96 15,000 Manulife Financial Corp. 280,536 364,650 2.90

    114 PrairieSky Royalty Ltd. 2,931 3,366 0.03 5,500 Royal Bank of Canada 393,418 517,880 4.12

    14,000 Russel Metals Inc. 368,950 363,440 2.89 8,600 Sun Life Financia

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