Frontiers Emerging Markets Equity Pool Interim Financial ... · Gerdau SA, Preferred 16,100 131 110. It auU nib c oHldgS A ,DR 8 30 12. Itau Unibanco Holding SA, Preferred 36,000

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

Frontiers Emerging Markets Equity Pool

Interim Financial Statements (unaudited)for the period ended February 28, 2014

x

Statement of Investment Portfolio (unaudited) As at February 28, 2014

SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets

INTERNATIONAL EQUITIES x

Brazil ..

Ambev SA 101,100 805 804 ..

Banco Bradesco SA, ADR 28,500 445 370 ..

Banco Bradesco SA, Preferred 24,100 369 311 ..

Banco Santander (Brasil) SA 33,400 215 181 ..

BM&F BOVESPA SA 55,500 339 263 ..

Cielo SA 8,100 252 243 ..

Companhia Brasileira de Distribuicao Grupo Pao deAçucar, ADR 6,300 314 291 ..

Gerdau SA, Preferred 16,100 131 110 ..

Itau Unibanco Holding SA, ADR 8,300 131 122 ..

Itau Unibanco Holding SA, Preferred 36,000 569 529 ..

Kroton Educacional SA 10,000 152 206 ..

Petróleo Brasileiro SA, ADR 28,800 487 356 ..

Petróleo Brasileiro SA, Preferred 45,400 392 291 ..

Randon SA Implementos e Participações, Preferred 35,200 209 137 ..

Sao Martinho SA 8,000 119 112 ..

Ser Educacional SA 12,100 108 117 ..

Ultrapar Participações SA, ADR 7,100 186 171 ..

Usinas Siderurgicas de Minas Gerais SA, Preferred, Series 'A' 42,500 228 196 ..

Vale SA, ADR 27,000 455 423 ..

Vale SA, ADR, Preferred 3,900 60 54 ..

Vale SA, Preferred 21,000 438 288 ..

.. ..

6,404 5,575 8.7% . . x

Canada ..

Methanex Corp. 3,175 184 246 ..

.. ..

184 246 0.4% . . x

Chile ..

Banco de Chile 738,327 118 104 ..

Banco Santander Chile SA, ADR 7,800 208 183 ..

Enersis SA, ADR 5,470 82 84 ..

.. ..

408 371 0.6% . . x

China ..

51job Inc., ADR 4,250 339 354 ..

Anhui Conch Cement Co. Ltd., Series 'H' 105,500 407 428 ..

Baidu Inc., ADR 2,460 415 465 ..

Bank of China Ltd., Class 'H' 977,000 471 456 ..

Baoxin Auto Group Ltd. 43,500 46 40 ..

China Coal Energy Co., Class 'H' 108,000 71 61 ..

China Construction Bank Corp., Class 'H' 1,054,000 843 804 ..

China Dongxiang (Group) Co. Ltd. 535,000 90 118 ..

China Modern Dairy Holdings Ltd. 305,000 163 166 ..

China Oilfield Services Ltd., Series 'H' 92,000 272 277 ..

China Petroleum and Chemical Corp. (Sinopec), Series 'H' 510,000 436 500 ..

China Pioneer Pharma Holdings Ltd. 237,000 133 135 ..

China Shineway Pharmaceutical Group Ltd. 109,000 175 188 ..

China Shipping Development Co. Ltd., Class 'H' 182,000 141 132 ..

CNOOC Ltd. 80,000 121 145 ..

Ctrip.com International Ltd., ADR 2,400 145 141 ..

Dongfeng Motor Corp., Class 'H' 58,000 89 88 ..

ENN Energy Holdings Ltd. 36,000 274 283 ..

Huadian Fuxin Energy Corp. Ltd. 288,000 100 168 ..

Huadian Power International Corp. Ltd., Class 'H' 412,000 197 194 ..

Jiangsu Expressway Co. Ltd., Class 'H' 194,885 248 275 ..

Lenovo Group Ltd. 32,000 35 38 ..

New China Life Insurance Co. Ltd. 84,400 301 296 ..

Ping An Insurance (Group) Co. of China Ltd. 35,000 320 316

1



Statement of Investment Portfolio (unaudited) As at February 28, 2014 (cont'd)

SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets ..

SouFun Holdings Ltd. 2,100 126 183 ..

Tencent Holdings Ltd. 15,400 908 1,368 ..

Weichai Power Co. Ltd., Class 'H' 40,000 172 168 ..

.. ..

7,038 7,787 12.3% . . x

Colombia ..

Ecopetrol SA 4,400 221 164 ..

Pacific Rubiales Energy Corp. 4,880 111 74 ..

.. ..

332 238 0.4% . . x

Czech Republic ..

Komercni Banka AS 1,177 292 316 ..

.. ..

292 316 0.5% . . x

Greece ..

Piraeus Bank SA 54,841 146 167 ..

.. ..

146 167 0.3% . . x

Hong Kong ..

AIA Group Ltd. 99,600 526 540 ..

ASM Pacific Technology Ltd. 15,400 159 155 ..

China Merchants Holdings International Co. Ltd. 118,000 448 465 ..

China Mobile Ltd. 51,000 561 536 ..

China Power International Development Ltd. 600,000 246 221 ..

China Resources Cement Holding Ltd. 248,000 173 204 ..

CNOOC Ltd., ADR 2,500 525 452 ..

Dah Chong Hong Holdings Ltd. 51,000 43 35 ..

Haier Electronics Group Co. Ltd. 47,000 152 154 ..

Ju Teng International Holdings Ltd. 120,000 89 102 ..

Kingboard Laminates Holding Ltd. 373,000 159 157 ..

Pacific Basin Shipping Ltd. 429,000 314 297 ..

REXLot Holdings Ltd. 800,000 150 130 ..

Shenzhen International Holdings Ltd. 176,500 270 255 ..

Shimao Property Holdings 78,500 200 175 ..

Stella International Holdings Ltd. 60,000 159 163 ..

Texwinca Holdings Ltd. 190,000 204 197 ..

Truly International Holdings Ltd. 60,000 39 36 ..

Xinyi Glass Holdings Co. Ltd. 512,000 545 505 ..

.. ..

4,962 4,779 7.6% . . x

Hungary ..

Magyar Telekom Telecommunications PLC, Registered 100,538 142 166 ..

OTP Bank Nyrt. 6,723 145 132 ..

Richter Gedeon Nyrt 12,310 243 242 ..

.. ..

530 540 0.9% . . x

India ..

Ambuja Cements Ltd., Warrants, 2016/11/25 106,030 322 318 ..

Bank of India, Warrants, 2015/02/27 8,850 34 27 ..

Bharti Airtel Ltd., Warrants, 2016/08/01 44,700 250 230 ..

Canara Bank Ltd., Warrants, 2015/02/27 6,775 31 26 ..

Dabur India Ltd., Warrants, 2016/12/05 75,745 216 234 ..

HCL Technologies Ltd. 12,998 225 366 ..

HCL Technologies Ltd., Warrants, 2015/02/27 10,900 204 307 ..

HDFC Bank Ltd., ADR 7,200 261 267 ..

Hindalco Industries Ltd., Warrants, 2015/02/27 46,700 94 88 ..

ICICI Bank Ltd., ADR 12,810 472 506 ..

Indian Bank, Warrants, 2015/02/27 11,675 21 18 ..

Lupin Ltd. 8,314 154 148 ..

Maruti Suzuki India Ltd., Warrants, 2016/12/05 12,600 387 358 ..

NMDC Ltd. 33,284 82 76 ..

Punjab National Bank Ltd., Warrants, 2015/02/27 3,750 39 37 ..

Raymond Ltd. 12,753 66 63 ..

Tata Motors Ltd., ADR 7,500 242 290 ..

Tech Mahindra Ltd. 5,078 135 170 ..

.. ..

3,235 3,529 5.6% . .

2




SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets x

Indonesia ..

PT Astra International TBK 387,500 233 258 ..

PT Bank Rakyat Indonesia (Persero) TBK 739,400 576 657 ..

PT Semen Indonesia (Persero)TBK 213,000 273 306 ..

PT Telekomunikasi Indonesia Persero TBK, Series 'B 1,757,000 363 390 ..

.. ..

1,445 1,611 2.6% . . x

Kuwait ..

Agility Public Warehousing Co. K.S.C., Warrants, 2014/03/17 34,100 90 90 ..

.. ..

90 90 0.1% . . x

Luxembourg ..

Tenaris SA, ADR 4,900 243 226 ..

.. ..

243 226 0.4% . . x

Macau ..

Sands China Ltd. 57,500 438 535 ..

.. ..

438 535 0.8% . . x

Malaysia ..

AMMB Holdings BHD 90,900 222 222 ..

Axiata Group BHD 100,000 165 222 ..

Genting Malaysia BHD 160,900 225 237 ..

Tenaga Nasional BHD 76,500 230 310 ..

.. ..

842 991 1.6% . . x

Mexico ..

Alsea SAB de CV 24,400 86 83 ..

America Movil SA de CV, Series 'L', ADR 9,300 221 199 ..

Cemex SAB de CV 140,400 155 203 ..

Coca-Cola FEMSA SAB de CV, ADR, Series 'L' 1,400 180 150 ..

Fomento Economico Mexicano SAB de CV, ADR, Class 'B' 3,800 366 360 ..

GRUMA SAB de CV, Class 'B' 35,400 228 310 ..

Grupo Aeroportuario del Sureste SA de CV, ADR, Series 'B' 3,000 387 359 ..

Grupo Financiero Banorte SAB de CV 32,800 180 235 ..

Grupo Financiero Inbursa SAB de CV, Class 'O' 38,700 111 103 ..

Grupo México SAB de CV, Series 'B' 63,400 234 215 ..

.. ..

2,148 2,217 3.5% . . x

Netherlands ..

Nostrum Oil & Gas L.P. 10,906 85 130 ..

Yandex NV, Class 'A' 5,600 239 232 ..

.. ..

324 362 0.6% . . x

Nigeria ..

Zenith Bank PLC 1,600,000 229 221 ..

.. ..

229 221 0.4% . . x

Panama ..

Copa Holdings SA, Class 'A' 2,890 461 434 ..

.. ..

461 434 0.7% . . x

Peru ..

Credicorp Ltd. 3,865 553 556 ..

Grana y Montero SA, ADR 4,600 99 96 ..

.. ..

652 652 1.0% . . x

Philippines ..

BDO Unibank Inc. 89,730 168 187 ..

Emperador Inc. 466,500 131 136 ..

Universal Robina Corp. 48,460 90 169 ..

.. ..

389 492 0.8% . . x

Poland ..

Bank Pekao SA 3,758 256 266 ..

Bank Zachodni WBK SA 941 143 145 ..

Cyfrowy Polsat SA 28,244 229 210 ..

LPP SA 34 107 125 ..

Powszechna Kasa Oszczednosci Bank Polski SA 9,383 128 152 ..

.. ..

863 898 1.4% . .

3




SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets x

Qatar ..

Industries Qatar Q.S.C., Warrants, 2015/02/23 4,000 187 238 ..

Industries Qatar Q.S.C., Warrants, 2016/03/31 3,450 157 206 ..

Qatar National Bank, Warrants, 2016/09/12 4,700 228 279 ..

.. ..

572 723 1.1% . . x

Russia ..

Aeroflot - Russian Airlines 54,570 98 120 ..

ALROSA AO 201,000 229 240 ..

Etalon Group Ltd. GDR, Registered 19,269 114 103 ..

Gazprom OAO, ADR 59,314 586 506 ..

Moscow Exchange (The) 126,500 266 246 ..

Novolipetsk Steel (NLMK), GDR, Registered 7,800 145 116 ..

OAO Gazprom, ADR 37,125 370 316 ..

OAO LUKOIL, ADR 11,801 759 713 ..

OJSC Magnit, GDR 4,115 274 255 ..

OJSC Rosneft Oil Co., GDR 24,226 201 181 ..

Sberbank of Russia 36,700 498 413 ..

Sberbank of Russia, ADR 39,916 537 451 ..

Sistema, GDR, Registered 14,642 389 401 ..

Transneft, Preferred 137 239 342 ..

.. ..

4,705 4,403 7.0% . . x

Saudi Arabia ..

Etihad Etisalat Co., Warrants, 2014/12/05 14,500 342 394 ..

Jarir Marketing Co., Warrants, 2015/05/04 5,400 249 288 ..

.. ..

591 682 1.1% . . x

Singapore ..

Flextronics International Ltd. 14,950 135 148 ..

.. ..

135 148 0.2% . . x

Thailand ..

African Rainbow Minerals Ltd. 8,358 171 188 ..

Aspen Pharmacare Holdings Ltd. 12,273 345 344 ..

Aveng Ltd. 47,231 144 107 ..

Discovery Holdings Ltd. 31,986 281 261 ..

MMI Holdings Ltd. 32,567 85 77 ..

Naspers Ltd., Series 'N' 8,070 550 1,073 ..

Sasol Ltd. 10,568 572 594 ..

Standard Bank Group Ltd. 20,000 268 253 ..

Steinhoff International Holdings Ltd. 47,158 212 251 ..

.. ..

2,628 3,148 5.0% . . x

South Korea ..

BS Financial Group Inc. 12,360 203 204 ..

Dongbu Insurance Co. Ltd. 2,840 136 151 ..

Hana Financial Group Inc. 5,540 221 240 ..

Hankook Tire Co. Ltd. 8,000 503 517 ..

Hyundai Mipo Dockyard Co. Ltd. 1,700 280 279 ..

Hyundai Motor Co. Ltd. 2,635 546 670 ..

Hyundai Steel Co. 1,890 157 134 ..

KB Financial Group Inc. 8,670 355 359 ..

KCC Corp. 545 254 292 ..

Korea Electric Power Corp. 8,860 296 340 ..

LG Electronics Inc. 2,675 181 169 ..

LG Hausys Ltd. 1,844 227 328 ..

LOTTE CHEMICAL CORP. 480 102 101 ..

Medy-Tox Inc. 1,069 170 176 ..

Meritz Fire & Marine Insurance Co. Ltd. 8,650 133 135 ..

NHN Corp. 275 191 233 ..

Samkee Automotive Co. Ltd. 10,173 89 77 ..

Samsung C&T Corp. 2,408 159 157 ..

Samsung Electronics Co. Ltd. 1,105 1,066 1,549 ..

Samsung Electronics Co. Ltd., GDR 238 168 166 ..

Samsung Electronics Co. Ltd., GDR, Preferred 1,750 830 949 ..

Samsung Engineering Co. Ltd. 2,050 148 160 ..

Samsung Fire & Marine Insurance 1,200 291 294 ..

Seoul Semiconductor Co. Ltd. 4,975 233 238

4




SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets ..

Shinhan Financial Group Co. Ltd. 9,990 462 462 ..

SK Hynix Inc. 6,500 138 262 ..

SK Telecom Co. Ltd., ADR 13,700 349 340 ..

.. ..

7,888 8,982 14.2% . . x

Spain ..

Cemex Latam Holdings SA 12,580 100 109 ..

.. ..

100 109 0.2% . . x

Taiwan ..

Advanced Semiconductor Engineering Inc., ADR 42,950 218 235 ..

Asustek Computer Inc. 17,000 179 181 ..

Catcher Technology Co. Ltd. 44,000 269 355 ..

Cathay Financial Holding Co. Ltd. 263,685 405 433 ..

Compal Electronics Inc., GDR 17,450 72 65 ..

Compal Electronics Inc., Warrants, 2017/01/17 113,800 88 85 ..

CTBC Financial Holding Co. Ltd. 326,000 226 234 ..

E.Sun Financial Holding Co. Ltd. 263,000 181 184 ..

E-Lead Electronic Co. Ltd. 67,000 127 176 ..

GeoVision Inc. 18,000 127 129 ..

Hon Hai Precision Industry Co. Ltd. 202,616 1,067 1,199 ..

Hon Hai Precision Industry Co. Ltd., GDR, Registered 59,592 312 369 ..

Huaku Development Co. Ltd. 39,000 111 108 ..

Largan Precision Co. Ltd. 3,000 105 149 ..

MediaTek Inc. 14,000 181 229 ..

Merry Electronics Co. Ltd. 34,000 117 210 ..

Nan Ya Plastics Corp. 62,000 145 148 ..

Taiwan Cement Corp. 94,000 156 166 ..

Taiwan Semiconductor Manufacturing Co. Ltd. 160,000 420 639 ..

Taiwan Semiconductor Manufacturing Co. Ltd., ADR 77,400 1,517 1,547 ..

Tong Hsing Electronic Industries Ltd. 30,000 164 175 ..

Toung Loong Textile Manufacturing Co. Ltd. 53,000 194 211 ..

.. ..

6,381 7,227 11.5% . . x

Thailand ..

Bangkok Bank Public Co. Ltd., NVDR 26,500 167 155 ..

GFPT Public Co. Ltd. 244,000 105 114 ..

Krung Thai Bank Public Co. Ltd. 137,100 92 81 ..

PTT Global Chemical PCL 58,300 152 149 ..

Siam Cement Public Co. Ltd. (The) 8,100 120 117 ..

Siam Commercial Bank Public Co. Ltd. 79,300 416 409 ..

.. ..

1,052 1,025 1.6% . . x

Turkey ..

Akbank T.A.S. 18,491 78 53 ..

Arcelik AS 64,000 442 379 ..

Eregli Demir ve Celik Fabrikalari TAS 79,700 112 96 ..

Turkiye Garanti Bankasi AS 67,864 274 205 ..

Turkiye Vakiflar Bankasi T.A.O., Class 'D' 58,772 158 97 ..

.. ..

1,064 830 1.3% . . x

Ukraine ..

MHP SA, GDR 6,800 114 105 ..

.. ..

114 105 0.2% . . x

United Arab Emirates ..

Abu Dhabi Commercial Bank PJSC 42,975 61 95 ..

Air Arabia 237,188 101 112 ..

Dragon Oil PLC 16,900 156 190 ..

Emaar Properties PJSC 91,107 157 251 ..

Union National Bank PJSC 97,350 137 203 ..

.. ..

612 851 1.4% . . x

United Kingdom ..

Bank of Georgia Holdings PLC 5,825 194 251 ..

Hikma Pharmaceuticals PLC 23,600 454 629 ..

Mondi PLC 11,194 205 227 ..

SABMiller PLC 8,850 415 473 ..

.. ..

1,268 1,580 2.5% . .

5




SecurityNumber

of Shares

Average Cost

($000s)

Current Value

($000s)

% of Net

Assets x

United States ..

Gran Tierra Energy Inc. 14,700 119 115 ..

Southern Copper Corp. 3,900 139 132 ..

.. ..

258 247 0.4% . .

..

TOTAL INTERNATIONAL EQUITIES 59,023 62,337 98.9% . .

..

TOTAL INVESTMENTS 59,023 62,337 98.9% . .

..

Less: Transaction costs included in average cost (103) .

.. ..

TOTAL INVESTMENTS 58,920 62,337 98.9% . .

..

Other Assets, less Liabilities 689 1.1% ..

.. ..

TOTAL NET ASSETS 63,026 100.0% . .

x

6



Supplemental Schedule to Statement of Investment Portfolio

Risk ManagementInvestment Objective: Frontiers Emerging Markets Equity Pool (the Pool) seeks to achieve long-term capital growth by investing in a diversified portfolio consisting primarily of equity securities of companies located in, or conducting a significant amount of their business in, a developing country. Developing countries generally include every country other than the United States, Canada, Japan, Australia, and some countries of Western Europe.

Investment Strategies: The Pool invests primarily in common shares, and may also buy securities that are convertible into common shares and exchange-traded funds.

The Statement of Investment Portfolio presents the securities held by the Pool as at February 28, 2014 and groups the securities by asset type, industry sector, geographic region, or currency exposure. Significant risks that are relevant to the Fund are discussed here. General information on risk management and specific discussion on credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements.

Summary of Investment Portfolio as at August 31, 2013The following chart presents the investment sectors held by the Pool as at August 31, 2013 and groups the securities by asset type, industry sector, geographic region, or currency exposure:

.

Portfolio Breakdown% of

Net Assetsx

x

International Equitiesx

Austria 0.5x

Brazil 9.9x

Cambodia 0.7x

China 13.2x

Hong Kong 6.3x

India 4.6x

Indonesia 2.1x

Luxembourg 0.6x

Malaysia 2.3x

Mexico 4.5x

Philippines 1.8x

Poland 1.5x

Russia 10.7x

South Africa 5.0x

South Korea 16.4x

Taiwan 11.9x

Thailand 1.8x

Turkey 0.4x

United Arab Emirates 0.8x

United Kingdom 1.4x

Other Assets, less Liabilities 3.6xxx

Total 100.0xx

Credit RiskCredit ratings represent a consolidation of the ratings provided by various outside service providers and are subject to change, which could be material.

See the Statement of Investment Portfolio for counterparty from over-the-counter derivative contracts, where applicable.

As at February 28, 2014 and August 31, 2013, the Pool had no significant investments in debt securities.

Currency RiskThe tables that follow indicate the currencies to which the Pool had material exposure as at February 28, 2014 and August 31, 2013, based on the market value of the Pool's financial instruments (including cash and cash equivalents) and the underlying principal amounts of forward foreign currency contracts, as applicable.

As at February 28, 2014

Currency (note 2l)Total Currency

Exposure* ($000s) % of Net Assetsx

x

USD 21,597 34.3x

HKD 11,507 18.3x

KRW 7,635 12.1x

TWD 3,863 6.1x

ZAR 3,622 5.7x

BRL 3,091 4.9x

IDR 1,611 2.6x

GBP 1,297 2.1x

MXN 1,149 1.8x

THB 1,026 1.6x

MYR 991 1.6x

PLN 899 1.4x

TRY 830 1.3x

INR 740 1.2x

AED 661 1.0x

HUF 540 0.9x

PHP 498 0.8x

CZK 316 0.5xxx

* Amounts reflect the carrying value of monetary and non-monetary items (including the notional amount of forward foreign currency contracts, if any).

As at August 31, 2013

Currency (note 2l)Total Currency

Exposure* ($000s) % of Net Assetsx

x

HKD 12,280 20.1x

KRW 9,901 16.2x

USD 9,477 15.5x

TWD 7,790 12.8x

BRL 5,175 8.5x

ZAR 3,525 5.8x

INR 2,494 4.1x

MXN 1,522 2.5x

MYR 1,415 2.3x

THB 1,115 1.8x

PHP 1,105 1.8x

PLN 981 1.6x

IDR 671 1.1x

GBP 510 0.8x

RUB 385 0.6x

CZK 306 0.5xxx

* Amounts reflect the carrying value of monetary and non-monetary items (including the notional amount of forward foreign currency contracts, if any).

The table that follows indicates how net assets as at February 28, 2014 and August 31, 2013 would have decreased or increased had the Canadian dollar strengthened or weakened by 1% in relation to all foreign currencies. This analysis assumes that all other variables remain unchanged. In practice, the actual results may differ from this analysis and the difference could be material.

February 28, 2014x August 31, 2013x

x

Impact on Net Assets ($000s) 625 589xx

Interest Rate RiskAs at February 28, 2014 and August 31, 2013, the majority of the Pool’s financial assets and liabilities are non-interest bearing and short-term in nature; accordingly, the Pool is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Liquidity RiskThe Pool is exposed to daily cash redemptions of redeemable units. As at February 28, 2014 and August 31, 2013, the Pool retained sufficient cash and cash equivalent positions to maintain adequate liquidity.

7



Other Price/Market RiskThe table that follows indicates how net assets as at February 28, 2014 and August 31, 2013 would have increased or decreased had the value of the Pool’s benchmark(s) increased or decreased by 1%. This change is estimated based on the historical correlation between the return of Class A units of the Pool as compared to the return of the Pool’s benchmark(s), using 36 monthly data points, as available, based on the monthly net returns of the Pool. This analysis assumes that all other variables remain unchanged. The historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different..

Impact on Net Assets ($000s)Benchmark(s) February 28, 2014x August 31, 2013

xx

MSCI Emerging Markets Index 638 623x

Fair Value of Financial InstrumentsThe following is a summary of the inputs used as at February 28, 2014 and August 31, 2013 in valuing the Pool’s financial assets and financial liabilities, carried at fair value:

As at February 28, 2014Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Classification ($000s) ($000s) ($000s) ($000s)xx

Financial Assetsx

Equities 20,975 41,362 – 62,337xxx

Total Financial Assets 20,975 41,362 – 62,337xx

x

(i) Quoted prices in active markets for identical assetsx

(ii) Significant other observable inputsx

(iii) Significant unobservable inputs

As at August 31, 2013Level 1 (i) Level 2 (ii) Level 3 (iii) Total

Classification ($000s) ($000s) ($000s) ($000s)xx

Financial Assetsx

Equities 16,091 42,782 – 58,873xxx

Total Financial Assets 16,091 42,782 – 58,873xx

x

(i) Quoted prices in active markets for identical assetsx

(ii) Significant other observable inputsx

(iii) Significant unobservable inputs

Transfer of assets between Level 1 and Level 2Financial assets and liabilities transferred from Level 1 to Level 2 are the result of securities no longer being traded in an active market..

February 28, 2014x August 31, 2013x

x

Fair value of assets transferred from Level 1 to Level 2 during the period ($000s) 371 –

xx

Financial assets and liabilities transferred from Level 2 to Level 1 are the result of securities now being traded in an active market.

For the periods ended February 28, 2014 and August 31, 2013, there were no transfers of financial assets and liabilities from Level 2 to Level 1.

Reconciliation of financial asset and liability movement – Level 3The Pool did not hold any significant positions of Level 3 investments at the beginning of, during, or at the end of either reporting period.

8



Statements of Net Assets (unaudited)(in 000s, except per unit amounts)As at February 28, 2014 and August 31, 2013 (note 1)

2014x 2013x

x

Assets x

Investments at current value † (notes 2 and 3) $ 62,337 $ 58,873 x

Cash including foreign currency holdings, at current value 916 1,926 x

Accrued interest and dividends receivable 92 179 x

Receivable for portfolio securities sold 1,189 1,006 x

Receivable for units issued 37 19 xxx

Total Assets 64,571 62,003 xxx

Liabilities x

Payable for portfolio securities purchased 1,152 897 x

Payable for units redeemed 393 8 x

Unrealized currency loss on receivables and payables - 2 x

xx

Total Liabilities 1,545 907 xxx

Total Net Assets $ 63,026 $ 61,096 xxx

Net Assets per Class (note 11) x

Class A $ 13,617 $ 13,359 x

Class C $ 604 $ 620 x

Class I $ 62 $ 71 x

Class O $ 48,743 $ 47,046 xxx

Net Assets per Unit †† (notes 4 and 11) x

Class A $ 15.36 $ 13.82 x

Class C $ 10.04 $ 9.05 x

Class I $ 10.34 $ 9.35 x

Class O $ 13.28 $ 12.13 x

† Securities LendingThe Pool had assets involved in securities lending transactions outstanding as at February 28, 2014:

Aggregate Valueof Securities

on Loan($000s)

Aggregate Valueof Securities

on Loan($000s)

xx

19,893 21,132xx

Collateral Type* ($000s)i ii iii iv v

xx

– 21,132 – – –xx

x

* See note 2h for Collateral Type definitions.

†† Reconciliation of Net Assets per Unit (note 11)As at February 28, 2014

Net Assets per

Unit

Adjustment for CICA 3855 Valuation

Difference per Unit

Net Asset Value

per Unit xx

Class A $ 15.36 $ 0.01 $ 15.37 x

Class C $ 10.04 $ 0.01 $ 10.05 x

Class I $ 10.34 $ 0.01 $ 10.35 x

Class O $ 13.28 $ 0.01 $ 13.29 xx

As at August 31, 2013

Net Assets per

Unit

Adjustment for CICA 3855 Valuation

Difference per Unit

Net Asset Value

per Unit xx

Class A $ 13.82 $ 0.03 $ 13.85 x

Class C $ 9.05 $ 0.02 $ 9.07 x

Class I $ 9.35 $ 0.02 $ 9.37 x

Class O $ 12.13 $ 0.02 $ 12.15 xx

Organization of the Pool (note 1)The Pool was established on November 19, 1999 (Date Established).

Inception Datexx

Class A November 24, 1999x

Class C February 16, 2006x

Class I February 17, 2006x

Class O March 15, 2005xx

9



Statements of Operations (unaudited)(in 000s, except per unit amounts)For the periods ended February 28, 2014 and 2013 (note 1)

2014x 2013x

x

Income x

Dividend revenue $ 557 $ 519 x

Securities lending revenue 2 - x

xx

559 519 xxx

Expenses (notes 5 and 8) x

Management fees ± 177 196 x

Audit fees 5 1 x

Custodial fees 32 40 x

Independent review committee fees - - x

Legal fees - - x

Regulatory fees 10 9 x

Unitholder reporting costs 78 97 x

Other expenses 1 1 x

xx

303 344 xxx

Expenses waived/absorbed by the Manager (103) (123)xxx

200 221 xxx

Net Investment Income (Loss) 359 298 xxx

Realized and Unrealized Gain (Loss) on Investments x

Net realized gain (loss) on sale of investments 6,074 1,449 x

Net realized gain (loss) on foreign currency (notes 2d and e) 143 (53)x

Transaction costs ±± (340) (186)x

Increase (decrease) in unrealized appreciation (depreciation) of investments 1,146 11,085

xxx

Net Gain (Loss) on Investments 7,023 12,295 xxx

Increase (Decrease) in Net Assets from Operations $ 7,382 $ 12,593 xxx

Increase (Decrease) in Net Assets from Operations per Class x

Class A $ 1,474 $ 2,678 x

Class C $ 70 $ 111 x

Class I $ 8 $ 13 x

Class O $ 5,830 $ 9,791 x

xx

Increase (Decrease) in Net Assets from Operations per Unit x

Class A $ 1.59 $ 2.44 x

Class C $ 1.04 $ 1.61 x

Class I $ 1.23 $ 1.70 x

Class O $ 1.59 $ 2.30 x

± Maximum Chargeable Management Fee Rates (note 5)xx

Class A 2.25%x

Class C 2.05%x

Class I 1.05%x

Class O 0.00%xx

±± Brokerage Commissions and Fees (notes 7 and 8)2014x 2013

xx

Brokerage commissions and other fees ($000s)x

Total Paid 213 125x

Paid to CIBC World Markets Inc. – –x

Paid to CIBC World Markets Corp. – –x

Soft dollars ($000s)x

Total Paid 24 –x

Paid to CIBC World Markets Inc. and CIBC World Markets Corp. – –xx

Administrative and Other Fund Operating Expenses (note 8)2014x 2013

xx

($000s) 10 13xx

Service Provider (note 8)The amounts paid by the Pool (including all applicable taxes) to CIBC Mellon Trust Company for custodial fees, and to CIBC Mellon Global Securities Services Company (CIBC GSS) for securities lending, fund accounting and reporting, and portfolio valuation (all net of absorptions) for the periods ended February 28, 2014 and 2013 were as follows:

2014x 2013x

x

($000s) 7 7xx

10


Frontiers Emerging Markets Equity Poolx

x

Statements of Changes in Net Assets (unaudited)(in 000s)For the periods ended February 28, 2014 and 2013 (note 1)

Class A Units Class C Units Class I Units Class O Units2014 2013 2014 2013 2014 2013 2014 2013

xx.

Increase (Decrease) in Net Assets from Operations $ 1,474 $ 2,678 $ 70 $ 111 $ 8 $ 13 $ 5,830 $ 9,791 xxx.

Distributions Paid or Payable to Unitholders ‡ x.

From net investment income (17) - (4) (1) (1) (1) (1,428) (1,328)x.

xx

(17) - (4) (1) (1) (1) (1,428) (1,328)xxx.

Changes Due to Unitholder Transactions x.

Amount received from the issuance of units 360 492 47 166 - - 1,011 863 x.

Amount received from reinvestment of distributions 17 - 4 1 1 1 1,428 1,328 x.

Amount paid on redemptions of units (1,576) (3,250) (133) (173) (17) - (5,144) (11,156)x.xx

(1,199) (2,758) (82) (6) (16) 1 (2,705) (8,965)xxx.

Increase (Decrease) in Net Assets for the Period 258 (80) (16) 104 (9) 13 1,697 (502)x.

Net Assets at Beginning of Period 13,359 15,254 620 610 71 64 47,046 51,345 x.

xx

Net Assets at End of Period $ 13,617 $ 15,174 $ 604 $ 714 $ 62 $ 77 $ 48,743 $ 50,843 xxx.

Units Issued and Outstanding (note 4) x.

As at February 28, 2014 and August 31, 2013 x.

Balance - beginning of period 967 1,204 68 74 8 8 3,879 4,627 x.

Units issued for cash 23 122 6 20 - - 77 243 x.

Units issued on reinvestment of distributions 1 - - - - - 111 108 x.

xx

991 1,326 74 94 8 8 4,067 4,978 x.

Units redeemed (105) (359) (14) (26) (2) - (396) (1,099)x.

xx

Balance - end of period 886 967 60 68 6 8 3,671 3,879 x

x

‡ Capital and Non-Capital Losses (note 6)As at December 2013, the Pool had non-capital and capital losses (in $000s) for income tax purposes available to be carried forward as follows:

Non-Capital Losses that Expire in:Total Capital Losses Total Non-Capital Losses 2014 2015 to 2017 2018 to 2022 2023 to 2033

x ..

2,303 – – – – – . .

11

Notes to Financial Statements (unaudited)

x

February 28, 2014, and 2013 and August 31, 2013

1. Frontiers Pools — Organization of the Pools and Financial Reporting Periods

The Frontiers Pools consist of Frontiers Canadian Short Term Income Pool, Frontiers Canadian Fixed Income Pool, Frontiers Equity Income Pool (formerly Frontiers Canadian Monthly Income Pool), Frontiers Canadian Equity Pool, Frontiers U.S. Equity Pool, Frontiers U.S. Equity Currency Neutral Pool, Frontiers International Equity Pool, Frontiers Emerging Markets Equity Pool, and Frontiers Global Bond Pool.

Each of the Frontiers Pools (individually, a Pool, and collectively, the Pools) is an open-ended investment trust organized under the laws of Ontario and governed by a declaration of trust (Declaration of Trust).

The Pools are managed by CIBC Asset Management Inc. (the Manager). The Manager is also the trustee, registrar, and transfer agent of the Pools.

Each Pool may issue an unlimited number of classes of units and an unlimited number of units of each class. Class A, C, I, and O units of each of the Pools are available for sale, except Frontiers Canadian Short Term Income Pool which only offers Class A units, and Frontiers U.S. Equity Currency Neutral Pool, which only offers Class O units. In the future, the offering of any classes of a Pool may be terminated or additional classes may be offered.

Each class of units may charge a different management fee. Operating expenses can either be common or class-specific. Class-specific expenses are allocated on a class-by-class basis. As a result, a separate net asset value per unit is calculated for each class of units.

Class A units are available only to investors participating in the Frontiers Program. This program will invest in a number of Pools, which will form a Frontiers Portfolio. Class A units are available on a no-load basis. Investors do not pay a sales commission when purchasing Class A units, nor are they charged a redemption fee if they redeem their Class A units. They may have to pay a short-term trading fee, if applicable.

Class C units are available to all investors on a no-load basis. Investors do not pay a sales commission when purchasing Class C units, nor are they charged a redemption fee if they redeem their Class C units. They may have to pay a short-term trading fee, if applicable.

Class I units are available to investors participating in programs that do not require the payment of sales charges by investors and do not require the payment of service or trailing commissions to dealers. For these investors, the Manager “unbundles” the typical distribution costs and charges a lower management fee. Potential investors include clients of “fee-for-service” investment advisors, dealer-sponsored “wrap accounts”, and others who pay an annual fee to their dealer instead of transactional sales charges and where the dealer does not receive service fees or trailing commissions from the Manager.

Class O units are only available to selected investors who have been approved by and have entered into a Class O account agreement with the Manager or whose dealer or discretionary manager offers separately managed accounts or similar programs and has entered into a Class O unit account agreement with the Manager. These investors are typically financial services companies, including the Manager, that will use Class O units of the Pools to facilitate offering other products to investors. No management fees or operating expenses are charged to the Pools in respect of Class O units held; instead, a negotiated management fee is charged by the Manager directly to, or as directed by, Class O unitholders or dealers or discretionary managers on behalf of unitholders.

The date upon which each Pool was established by Declaration of Trust (Date Established) and the date upon which each class of units of each Pool was first sold to the public (Inception Date) are reported in footnote Organization of the Pool on the Statements of Net Assets.

The Statement of Investment Portfolio of each Pool is as at February 28, 2014. The Statements of Net Assets are as at February 28, 2014 and August 31, 2013 and the Statements of Operations and Statements of Changes in Net Assets are for the periods ended February 28, 2014 and 2013 except for Pools or classes established during either period, in which case the information presented is from the Date Established or the Inception Date to February 28, 2014 or 2013.xx

2. Summary of Significant Accounting Policies

These financial statements, prepared in accordance with Canadian generally accepted accounting principles (GAAP), include estimates and assumptions made by management that affect the reported amounts of assets, liabilities, income, and expenses during the reporting periods. Actual results may differ from such estimates.

a) Risk Management

The Pools’ overall risk management approach includes formal guidelines that govern the extent of exposure to various types of risk, including diversification within asset classes and limits on the exposure to individual investments and counterparties. In addition, derivative financial instruments may be used to manage certain risk exposures. The Manager also has various internal controls to oversee the Pools’ investment activities, including monitoring compliance with the investment objectives and strategies, internal guidelines, and securities regulations. Please refer to each Pool’s Supplemental Schedule to Statement of Investment Portfolio for specific risk disclosures.

Fair value of financial instruments by using valuation techniques

The process of valuing investments for which no quoted market exists is inevitably based on inherent uncertainties and the resulting values may differ from values that would have been used had an active market existed for these investments. The valuation of such securities can be based on various valuation techniques that could include mathematical models, comparable valuation models, fundamental valuation models, or other techniques that would reflect the specific business situation or market the security operates within. The models would use observable market data as inputs where possible. However, in some instances, certain investments are fair valued based on assumptions that may not be supported by observable inputs. Securities without observable market value inputs in their valuation require judgement in establishing their fair value. Changes in any of these assumptions could affect the reported fair value of financial assets or financial liabilities. For Pools that hold Level 3 investments, a reconciliation from the beginning balances to ending balances is included in the Supplemental Schedule to Statement of Investment Portfolio. In addition, the impact of using reasonable alternative assumptions for valuing Level 3 investments is disclosed.

Credit risk

Credit risk is the risk that a counterparty to a financial instrument, such as a fixed income security or a derivative contract, will fail to discharge an obligation or commitment that it has entered into with the Pools. The value of fixed income securities and derivatives as presented on the Statement of Investment Portfolio includes consideration of the creditworthiness of the issuer and, accordingly, represents the maximum credit risk exposure of the Pools. Certain Pools may invest in short-term fixed income securities issued or guaranteed primarily by the Government of Canada or any Canadian provincial government, obligations of Canadian chartered banks or trust companies, and commercial paper with approved credit ratings. The risk of default on these short-term fixed income securities is considered low and these securities primarily have credit ratings of ‘A-1 (Low)’ or higher (as rated by Standard & Poor’s, a division of McGraw-Hill Financial Inc. or equivalent rating from another rating service).

Currency risk

Currency risk is the risk that the value of an investment will fluctuate due to changes in foreign exchange rates. This is because the Pools may invest in securities denominated or traded in currencies other than a Pool’s reporting currency.

Interest rate risk

Prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixed income securities will generally fluctuate more in response to interest rate changes than would shorter-term securities. Due to the nature of short-term fixed income securities with a remaining term-to-maturity of less than one year, these investments are not generally exposed to a significant risk that their value will fluctuate in response to changes in the prevailing levels of market interest rates.

Liquidity risk

The Pools are exposed to daily cash redemptions of redeemable units. Generally, the Pools retain sufficient cash and cash equivalent positions to maintain adequate liquidity. However, liquidity risk also involves the ability to sell an asset for cash easily and at a fair price. Some securities are illiquid due to legal restrictions on their resale, the nature of the investment, or simply a lack of interested buyers for a particular security or security type. Certain securities may become less liquid due to changes in market conditions, such as interest rate changes or market volatility, which could impair the ability of a Pool to sell such securities quickly or at a fair price. Difficulty in selling securities could result in a loss or lower return for a Pool.

Other price/market risk

Other price/market risk is the risk that the value of investments will fluctuate as a result of changes in market conditions. Several factors can influence market trends, such as economic developments, changes in interest rates, political changes, and catastrophic events. All investments are exposed to other price/market risk.

b) Investment Transactions, Income Recognition, and Recognition of Realized and Unrealized Gains and Losses

12

p / 2 Notes to Financial Statements (unaudited)

i) Each transaction of purchase or sale of a portfolio asset by a Pool is reflected in the net assets no later than the first computation of net assets made after the date on which the transaction becomes binding upon the Pool.

ii) Interest income is recorded on the accrual basis.

iii) Dividend income is recorded on the ex-dividend date.

iv) Securities that are exchange-traded are recorded at fair value, established by the closing bid price.

v) Realized gains and losses on investments and unrealized appreciation or depreciation of investments are calculated using the average cost, excluding transaction costs, of the related investments.

vi) Other income is the sum of income other than that which is separately classified on the Statements of Operations.

c) Portfolio Securities

The cost of securities of the Pools is determined in the following manner. Securities are purchased and sold at a market-traded price to arrive at a value for the position traded. The total purchased value represents the total cost of the security to the Pool. When additional units of the same security are purchased, the cost of those additional units is added to the total security cost. When units of the same security are sold, the proportionate cost of the units of the security sold is deducted from the total security cost. If there is a return of capital paid by a security, the amount of this return of capital is deducted from the total security cost. This method of tracking security cost is known as “average cost” and the current total for any one security is referred to as the adjusted cost base or “ACB” of the security. Transaction costs incurred in portfolio transactions are excluded from the average cost of investments and are recognized immediately in net income and are presented as a separate expense item in the financial statements.

The difference between the current value of securities and their average cost, excluding transaction costs, represents the unrealized appreciation (depreciation) in value of the portfolio investments. The applicable period change in unrealized appreciation (depreciation) of investments is included on the Statements of Operations.

Short-term investments on the Statement of Investment Portfolio are presented at their fair value. Accrued interest for bonds is disclosed separately on the Statements of Net Assets.

d) Foreign Exchange

The value of investments and other assets and liabilities denominated in foreign currencies is translated into Canadian dollars at the current rates prevailing on each Valuation Date (as defined in note 3).

Purchases and sales of investments, income, and expenses are translated into Canadian dollars at the foreign exchange rates prevailing on the dates of such transactions. Foreign currency translation gains (losses) on investments and on income transactions are included in Net realized gain (loss) on foreign currency and in Income, respectively, on the Statements of Operations.

e) Forward Foreign Currency Contracts

The Pools may enter into forward foreign currency contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities.

Changes in the value of forward foreign currency contracts are recorded as Unrealized gain or loss on forward foreign currency contracts on the Statements of Net Assets and are recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments during the applicable period on the Statements of Operations.

The gain or loss arising from the difference between the value of the original forward foreign currency contract and the value of such contract at close or delivery is realized and recorded on the Statements of Operations as Net realized gain (loss) on foreign currency for Pools that use the forward foreign currency contracts for hedging, or as Income (loss) from forward foreign currency contracts for Pools that do not use the forward foreign currency contracts for hedging.

f) Futures Contracts

The margin deposits with brokers relating to futures contracts are included in Margin on the Statements of Net Assets. Any change in the margin requirement is settled daily and included in Receivable for portfolio securities sold or Payable for portfolio securities purchased on the Statements of Net Assets.

Any difference between the settlement value at the close of business on each Valuation Date and the settlement value at the close of business on the previous Valuation Date is recorded as Income (loss) from futures contracts on the Statements of Operations.

g) Options

Premiums paid for purchased call and put options are included in Investments at current value on the Statements of Net Assets. When a purchased option expires, the Pool will realize a loss in the amount of the cost of the option. For a closing transaction, the Pool will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase. When a purchased call option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase. Premiums received from writing options are included in Investments at current value on the Statements of Net Assets as initial reductions in the value of investments. Premiums received from writing options that expire unexercised are recorded as realized gains on the Statements of Operations. For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Pool will record a realized loss or, if the premium received at the time the option was written is greater than the amount paid, the Pool will record a realized gain. If a written put option is exercised, the cost for the security delivered is reduced by the premiums received at the time the option was written.

h) Securities Lending

The Pools may lend portfolio securities in order to earn additional revenue, which is disclosed on the Statements of Operations. The loaned assets of any one Pool are not permitted to exceed 50% of the current value of the assets of that Pool (excluding collateral debt for the loaned securities). The minimum allowable collateral is 102% of the current value of the loaned securities as per the requirements of National Instrument 81-102 Mutual Funds. Collateral can consist of the following:

i) Cash.

ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as to the principal and interest by: a) the Government of Canada or the government of a province or territory of Canada; b) the government of the United States of America or the government of one of the states of the United States of America; c) the government of another sovereign state, or a permitted supranational agency, if, in each case, the evidence of indebtedness has an approved credit rating; or d) a Canadian financial institution or a financial institution that is not incorporated or organized under the laws of Canada or of a province or territory of Canada, if, in either case, evidences of indebtedness of that issuer or guarantor that are rated as short-term debt by an approved credit rating organization have an approved credit rating.

iii) Irrevocable letters of credit issued by a Canadian financial institution if evidences of indebtedness of the Canadian financial institution that are rated as short-term debt by an approved credit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, or type and the same term as the securities loaned.

v) Commercial paper with a term-to-maturity of 365 days or less with an approved credit rating and that was issued by a company other than a government or permitted supranational agency.

The market value of the loaned securities is determined on the close of any Valuation Date and any additional required collateral is delivered to the Pools on the next business day. The securities on loan continue to be included on the Statement of Investment Portfolio and are included in the total value on the Statements of Net Assets in Investments at current value. Where applicable, a Pool’s securities lending transactions are reported in footnote Securities Lending on the Statements of Net Assets.

i) Multi-Class Structured Pools

Each Pool may issue an unlimited number of classes of units. The realized and unrealized capital gains or capital losses, income, and common expenses (other than class-specific operating expenses and management fees) of the Pool are allocated on each Valuation Date to the unitholders in proportion to the respective prior day’s net asset value, which includes unitholder trade(s) dated for that day, of each class of units at the date on which the allocation is made. Class-specific operating expenses and management fees do not require allocation. All class-specific operating expenses are paid by the Manager and are collected from the Pools on a recoverable basis.

j) Swap Contracts and Swap Options

Swap Contracts

The Pools may enter into swap contracts for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities.

13

Notes to Financial Statements (unaudited) p / 3

The Pools can enter into swap contracts either through exchanges that provide clearing and settlement, or with financial institutions referred to as counterparties. The swap contracts with counterparties result in the Pools having credit exposure to the counterparties or guarantors. The Pools will only enter into swap contracts with counterparties having an approved credit rating.

The amount to be received (or paid) on the swap contracts is recognized as unrealized gain or loss on swap contracts on the Statements of Net Assets over the life of the contracts. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Net Assets. A realized gain or loss is recorded upon early or partial termination and upon maturity of the swap contracts and is recorded as Income (loss) from swap contracts. Changes in the amount to be received (or paid) on the swap contract are recorded as Increase (decrease) in unrealized appreciation (depreciation) on swap contracts on the Statements of Operations. Details of swap contracts open at period end are included with the applicable Pools’ Statement of Investment Portfolio under the caption Swap Contracts Schedule.

Swap Options

The Pools may enter into swap options for either hedging or non-hedging purposes where such activity is consistent with their investment objectives and as permitted by the Canadian securities regulatory authorities.

The Pools can enter into swap options either through exchanges that provide clearing and settlement, or with financial institutions referred to as counterparties. The swap options with counterparties result in the Pools having credit exposure to the counterparties or guarantors. The Pools will only enter into swap options with counterparties having an approved credit rating.

Premiums paid for purchased call and put swap options are included in Investments at current value on the Statements of Net Assets. When a purchased swap option expires, the Pool will realize a loss in the amount of the cost of the swap option. For a closing transaction, the Pool will realize a gain or loss depending on whether the proceeds are greater or less than the premium paid at the time of purchase. When a purchased call swap option is exercised, the cost of the security purchased is increased by the premium paid at the time of purchase.

Premiums received from writing swap options are included in Investments at current value on the Statements of Net Assets as initial reductions in the value of investments. Premiums received from writing swap options that expire unexercised are recorded as Income on the Statements of Operations. For a closing transaction, if the cost of closing the transaction exceeds the premium received, the Pools will record a realized loss, or if the premium received at the time the swap option was written is greater than the amount paid, the Pools will record a realized gain. If a written put swap option is exercised, the cost for the security delivered is reduced by the premiums received at the time the swap option was written.

k) Other Assets and Liabilities

Other assets and liabilities are recorded at cost, which approximates their fair value.

l) Legend for Abbreviations

The following is a list of abbreviations (foreign currency translation and others) that may be used in the Statements of Investment Portfolio:x

x .. .. .. .. ..x

x

Currency Abbreviations

x ..

AUD – Australian Dollar KRW – South Korean Won ..

BRL – Brazilian Real MXN – Mexican Peso ..

CAD – Canadian Dollar MYR – Malaysian Ringgit ..

CHF – Swiss Franc NOK – Norwegian Krone ..

CLP – Chilean Peso NZD – New Zealand Dollar ..

CZK – Czech Koruna PHP – Philippine Peso ..

DKK – Danish Krone PLN – Polish Zloty ..

EUR – Euro RUB – Russian Ruble ..

GBP – British Pound SEK – Swedish Krona ..

HKD – Hong Kong Dollar SGD – Singapore Dollar ..

HUF – Hungarian Forint THB – Thai Baht ..

IDR – Indonesian Rupiah TRY – New Turkish Lira ..

ILS – Israeli Shekel TWD – Taiwan Dollar ..

INR – Indian Rupee USD – United States Dollar ..

JPY – Japanese Yen ZAR – South African Rand ..

Other Abbreviations

..

ADR – American Depositary Receipt iUnits – Index Units Securities ..

ADC – Austrian Depositary Certificates LEPOs – Low Exercise Price Options ..

CVO – Contingent Value Obligations International MSCI – Morgan Stanley Capital Index ..

ETF – Exchange-Traded Fund OPALS – Optimized Portfolios as Listed ..

GDR – Global Depositary Receipt Securities PERLES – Performance Linked to Equity ..

IPN – International Participation Note REIT – Real Estate Investment Trust ..

iShares – Index Shares SDR – Swedish Depositary Receiptx

m) International Financial Reporting Standards (IFRS)

Investment companies that are publicly accountable enterprises or investment funds to which National Instrument 81- 106 Investment Fund Continuous Disclosure is applicable, are required to adopt IFRS for the first time for interim and annual financial statements relating to annual periods beginning on or after January 1, 2014. As a result, the Pools will adopt IFRS beginning September 1, 2014 and publish their first financial statements, prepared in accordance with IFRS, for the semi-annual period ending February 28, 2015. The 2015 semi-annual and annual financial statements will include 2014 comparative financial information and an opening Statement of Financial Position as at September 1, 2014, also prepared in accordance with IFRS.

The Manager continues to execute its transition plan to complete the changeover to IFRS for the Pools in 2014 and comply with the required timetable for continuous disclosure. As at February 28, 2014, the impact to the financial statements based on the Manager’s assessment of the differences between current Canadian GAAP and IFRS are as follows:

l IFRS 13 Fair Value Measurement permits the use of mid-market prices or other pricing conventions that are used by market participants as a practical expedient for fair value measurements within a bid-ask spread. The Pools will adopt accounting policies for the valuation of investments to utilize mid-market prices that align more closely with the calculation of net asset value (NAV) used to price unitholder transactions (Transaction NAV). As a result, net assets for current financial reporting purposes (GAAP NAV) will be impacted and is expected to align with Transaction NAV, eliminating the need for a NAV per unit reconciliation. The impact to the Statements of Financial Position as at September 1, 2013 and February 28, 2014 is disclosed in these financial statements in the reconciliation of net assets per unit as at February 28, 2014.

l IFRS 10 Consolidated Financial Statements provides an exception to the consolidation requirements and requires an investment entity to account for its subsidiaries at fair value through profit or loss. The Manager has concluded that each of the Pools meet the definition of an investment entity as at September 1, 2013 and throughout the period ended February 28, 2014.

l Units of the Pools are puttable instruments and are required to be presented as equity or liability depending on certain criteria. As at September 1, 2013 and throughout the period ended February 28, 2014, units of the Pools did not meet the criteria to be classified as equity. As a result, unitholders' equity will be presented as a liability in the Statements of Financial Position.

l IFRS requires the presentation of a Statement of Cash Flows, including comparatives for 2014. The Pools have not previously presented this statement as permitted by current Canadian GAAP. In addition, other statements presented will be renamed as follows:

14


x

x ..

Canadian GAAP IFRS ..

Statements of Net Assets Statements of Financial Position ..

Statements of Operations Statements of Comprehensive Income ..

Statements of Changes in Net Assets Statements of Changes in Financial Position ..

Statement of Investment Portfolio Schedule of Investment Portfolio

xxxxxxx

l Other reclassifications, presentation differences and additional disclosures will also be required in the financial statements to comply with the new requirements under IFRS.

3. Valuation of Investments

The valuation date for a Pool is any day when the Manager’s head office is open for business (Valuation Date). The Trustee may, at its discretion, establish other Valuation Dates. The value of the investments or assets of a Pool is determined as follows:

a) Cash and Other Assets

Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interest are valued at fair value or at their recorded cost, plus or minus any foreign exchange between recognition of the asset by the Pool and the current Valuation Date, which approximates fair value.

Short-term investments (money market instruments) are valued at fair value.

b) Bonds, Debentures, and Other Debt Obligations

Bonds, debentures, and other debt obligations are valued at current value using the bid price provided by a recognized vendor upon the close of trading on a Valuation Date.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities

Any security that is listed or traded on a securities exchange is valued at fair value using the closing bid price or, if there is no closing bid price on that exchange and in the case of securities traded on an “over-the-counter” market, at the fair value as determined by the Manager as an appropriate basis for valuation. In such situations, a fair value will be determined by the Manager to establish current value. If any securities are inter-listed, or traded on more than one exchange or market, the Manager will use the principal exchange or market for the fair value of such securities.

Units of each mutual fund in which a Pool invests will be valued at fair value using the most recent net asset value quoted by the trustee or Manager of the mutual fund on the Valuation Date.

Unlisted securities are valued at fair value using the bid price quoted by a recognized dealer, however, if the Manager feels the bid price does not reflect fair value, the Manager may determine a price that more accurately reflects the fair value of these securities.

Fair value pricing is designed to avoid stale prices and provide a more accurate current value, and may assist in the deterrence of harmful short-term or excessive trading in the Pools. When securities listed or traded on markets or exchanges that close prior to North or South American markets or exchanges are valued by the Manager at their fair market value, instead of using quoted or published prices, the prices of such securities used to calculate the Pool’s net assets or net asset value may differ from quoted or published prices of such securities.

d) Derivatives

Long positions in options, debt-like securities, and listed warrants are valued at fair value using the closing bid price as established on either their principal trading exchange or by a recognized dealer in such securities. The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) meets or exceeds the minimum approved credit rating.

Futures contracts, forward contracts, or swaps will be valued at fair value of the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts, forward contracts, or swaps were to be closed out.

Margin paid or deposited in respect of futures contracts and forward contracts will be reflected as an account receivable and margin consisting of assets other than cash will be noted as held as collateral.

Other derivatives and margin are valued at current value in a manner that the Manager determines to represent their fair value.

e) Restricted Securities

Restricted securities purchased by any Pool will be valued at fair value in a manner that the Manager determines to represent their current value.

f) Other Securities

All other investments of the Pools will be valued at fair value in accordance with the laws of the Canadian securities regulatory authorities where applicable.

The value of any security or other property of a Pool for which a market quotation is not readily available or where the market quotations do not properly reflect the current value of such securities will be determined by the Manager by valuing the securities at their fair value. In such situations, current value will be determined using fair valuation techniques that most accurately reflect their fair value as established by the Manager.

4. Units Issued and Outstanding

Each Pool has an unlimited number of classes of units and may issue an unlimited number of units of each class. The outstanding units represent the capital of the Pools. Each unit has no par value and the value of each unit is the net asset value next determined. Settlement of the cost for units issued is completed as per laws of the Canadian securities regulatory authorities in place at the time of issue. Distributions made by the Pools and reinvested by unitholders in additional units also constitute issued capital of the Pools.

Units are redeemed at the net asset value per unit of each class of units of the Pool. A right to redeem units of a Pool may be suspended with the approval of the Canadian securities regulatory authorities or when normal trading is suspended on a stock, options, or futures exchange within Canada or outside of Canada on which securities or derivatives that make up more than 50% of the value or underlying exposure of the total assets of the Pool, not including any liabilities of the Pool, are traded and when those securities or derivatives are not traded on any other exchange that represents a reasonably practical alternative for the Pool. The Pools are not subject to any externally imposed capital requirements.

The capital received by a Pool is utilized within the respective investment mandate of a Pool. For all Pools, this includes the ability to make liquidity available to satisfy unitholder unit redemption requirements upon the unitholder’s request.

Changes in issued and outstanding units for the periods ended February 28, 2014 and August 31, 2013 can be found on the Statements of Changes in Net Assets.

5. Management Fees and Operating Expenses

Management fees are based on the net asset value of the Pools and are calculated daily and paid monthly. Management fees are paid to the Manager in consideration for providing, or arranging for the provision of, management, distribution, and portfolio advisory services. Advertising and promotional expenses, office overhead expenses related to the Manager’s activities, trailing commissions and the fees of the portfolio sub-advisors are paid by the Manager out of the management fees received from the Pools. The maximum annual management fee expressed as a percentage of the average net asset value for each class of units of the Pool is reported in footnote Maximum Chargeable Management Fee Rates on the Statements of Operations. For Class O units, management fees are negotiated with and paid by, or as directed by, unitholders, or dealers and discretionary managers on behalf of unitholders.

In addition to the management fees, the Pools are responsible for all expenses relating to the operation and conduct of the business of the Pools, including interest, operating, and administrative costs (other than advertising and promotional expenses, which are the responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees (including the portion of the regulatory fees paid by the Manager that are attributable to the Pools), Independent Review Committee fees, taxes, audit and legal fees and expenses, trustee fees, safekeeping fees, custodial fees, any agency fees, securities lending, repurchase, and reverse repurchase fees, investor servicing costs, and costs of unitholder reports, prospectuses, fund facts, and other reports. All class-specific operating expenses are paid by the Manager and recovered from the Pools. The Pools do not pay a fee to the trustee.

The Manager may recover from a Pool less than the actual class-specific operating expenses paid by the Manager, resulting in the Manager absorbing class-specific expenses. The Manager may also charge to a Pool less than the maximum management fee noted in footnote Maximum Chargeable Management Fee Rates on the Statements of Operations, resulting in the Manager waiving management fees.

15

Notes to Financial Statements (unaudited) p / 5

At its sole discretion, the Manager may stop absorbing class-specific operating expenses and/or waiving management fees at any time. Class-specific operating expenses absorbed and/or management fees waived by the Manager are disclosed on the Statements of Operations.

In some cases, the Manager may charge management fees to a Pool that are less than the management fees the Manager is entitled to charge in respect of certain investors in a Pool. The difference in the amount of the management fees will be paid out by the Pool to the applicable investors as a distribution of additional units of the Pool (Management Fee Distributions).

Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Pool. Management Fee Distributions paid to qualified investors do not adversely impact the Pool or any of the Pool’s other investors. The Manager may increase or decrease the amount of Management Fee Distributions to certain investors from time to time.x

6. Income Taxes

All of the Pools (except Frontiers U.S. Equity Currency Neutral Pool) qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is payable by the Pools on net income and/or net realized capital gains that are distributed to unitholders. In addition, for all of the Pools (except Frontiers U.S. Equity Currency Neutral Pool) income taxes payable on undistributed net realized capital gains are refundable on a formula basis when units of the Pools are redeemed. Sufficient net income and realized capital gains of the Pools have been, or will be, distributed to the unitholders such that no tax is payable by the Pools and accordingly, no provision for income taxes has been made in the financial statements. Occasionally, a Pool may pay distributions in excess of net income and net realized capital gains of the Pool. This excess distribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the average cost of the unitholder’s units for tax purposes.

Non-capital losses that arose in 2004 and 2005 are available to be carried forward for 10 years. Non-capital losses that arose in 2006 and after are available to be carried forward for 20 years.

Capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in future years. Where applicable, a Pool’s net capital and non-capital losses are reported in footnote Capital and Non-Capital Losses on the Statements of Changes in Net Assets.

Frontiers U.S. Equity Currency Neutral Pool has a taxation year-end of December 31. All other Pools have a taxation year-end of December 15.

7. Brokerage Commissions and Fees

The total commissions paid by the Pools to brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Operations of each Pool. In allocating brokerage business to a dealer, consideration may be given by the portfolio advisor and the portfolio sub-advisors of the Pools to the provision of goods and services by the dealer or a third party, other than order execution (referred to in the industry as “soft dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio advisor and the portfolio sub-advisors with their investment decision-making services to the Pools or relate directly to the execution of portfolio transactions on behalf of the Pools. The services are supplied by the dealer executing the trade or by a third party and paid for by that dealer. The total soft dollar payments paid by the Pools to brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Operations of each Pool. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Pool. Any commission recaptured will be paid to the applicable Pool.

Fixed income, other securities, and certain derivative products (including forwards) are transacted in an over-the-counter market, where participants are dealing as principals. Such securities are generally traded on a net basis and do not normally involve brokerage commissions, but will typically include a “spread” (being the difference between the bid and the offer prices on the security of the applicable marketplace).

Spreads associated with fixed income securities trading and certain derivative products (including forwards) are not ascertainable and, for that reason, are not included in the dollar amounts. In addition, the soft dollar amounts only include the value of research and other services supplied by a third party to the portfolio sub-advisors, as the value of the services supplied to the portfolio sub-advisors by the dealer is not ascertainable. When these services benefit more than one Pool, the costs are allocated among the Pools based on transaction activity or some other fair basis as determined by the portfolio sub-advisors.

8. Related Party Transactions

Canadian Imperial Bank of Commerce (CIBC) and its affiliates have the following roles and responsibilities with respect to the Pools and receive the fees described below in connection with their roles and responsibilities. The Pools may hold securities of CIBC. CIBC and its affiliates may also be involved in underwriting or lending to issuers that may be held by the Pools, have purchased or sold securities from or to the Pools while acting as principal, have purchased or sold securities from or to the Pools on behalf of another investment fund managed by CIBC or an affiliate, or have been involved as a counterparty to derivative transactions. Management fees payable and other accrued expenses on the Statements of Net Assets are amounts generally payable to a related party of the Pool.

Manager, Trustee, Portfolio Advisor, and Portfolio Sub-Advisor of the Pools

CIBC Asset Management Inc., a wholly owned subsidiary of CIBC, is the Manager, trustee, and portfolio advisor of each of the Pools.

The Manager also arranges for fund administrative services (other than advertising and promotional services, which are the responsibility of the Manager), legal, investor servicing, and costs of unitholder reports, prospectuses, and other reports. The Manager is the registrar and transfer agent for the Pools and provides, or arranges for the provision of, all other administrative services required by the Pools. The dollar amount (including all applicable taxes) of all fund administrative expenses (net of absorptions) that the Manager recovers from the Pool is reported in footnote Administrative and Other Fund Operating Expenses on the Statements of Operations.

Prior to January 1, 2014, CIBC Global Asset Management Inc. (CGAM), a wholly owned subsidiary of CIBC, was a portfolio sub-advisor to certain of the Pools.

Effective January 1, 2014, CIBC Asset Management Inc., CIBC Asset Management Holdings Inc., CIBC Private Investment Counsel Inc. and CIBC Global Asset Management Inc. were amalgamated to form one legal entity, CIBC Asset Management Inc. (CAMI). CAMI will continue to act as portfolio advisor of the Pools. CAMI will directly provide investment management services to the Pools for which CGAM previously acted as portfolio sub-advisor and retain portfolio sub-advisors for the other Pools.

Brokerage Arrangements and Soft Dollars

The portfolio advisor and the portfolio sub-advisors make decisions, including the selection of markets and dealers and the negotiation of commissions, with respect to the purchase and sale of portfolio securities, certain derivative products (including futures), and the execution of portfolio transactions. Brokerage business may be allocated by the Portfolio Advisor and the portfolio sub-advisors to CIBC World Markets Inc. and CIBC World Markets Corp., each a subsidiary of CIBC. The total commissions paid to related brokers in connection with portfolio transactions are reported in footnote Brokerage Commissions and Fees on the Statements of Operations of each Pool. CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale of fixed income, other securities, and certain derivative products (including forwards) to the Pools. Dealers, including CIBC World Markets Inc. and CIBC World Markets Corp., may furnish goods and services, other than order execution, to the Portfolio Advisor and portfolio sub-advisors that process trades through them (referred to in the industry as “soft-dollar” arrangements). These goods and services are paid for with a portion of brokerage commissions and assist the portfolio sub-advisors with their investment decision-making services to the Pools or relate directly to executing portfolio transactions on behalf the Pools. They are supplied by the dealer executing the trade or by a third party and paid for by that dealer. As per the terms of the portfolio sub-advisory agreements, such soft dollar arrangements are in compliance with applicable laws. Custodial fees directly related to portfolio transactions incurred by a Pool, or a portion of a Pool, for which CAMI acts as portfolio advisor, shall be paid by CAMI and/or dealer(s) directed by CAMI up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Pool, or portion of the Pool, during the month. The total soft dollar payments paid by the Pool to related brokers are reported in footnote Brokerage Commissions and Fees on the Statements of Operations of each Pool. In addition, the Manager may enter into commission recapture arrangements with certain dealers with respect to the Pools. Any commission recaptured will be paid to the relevant Pool.

Spreads associated with fixed income securities trading and certain derivative products (including forwards) are not ascertainable and, for that reason, are not included in the dollar amounts. In addition, the soft dollar amounts only include the value of research and other services supplied by a third party to the portfolio sub-advisors, as the value of the services supplied to the portfolio sub-advisors by the dealer is not ascertainable. When these services benefit more than one Pool, the costs are allocated among the Pools based on transaction activity or some other fair basis as determined by the portfolio sub-advisors.

Custodian

The custodian holds all cash and securities for the Pools and ensures that those assets are kept separate from any other cash or securities that the custodian might be holding. The custodian also provides other services to the Pool including record keeping and processing of foreign exchange transactions. CIBC Mellon Trust Company is the custodian of the Pools (the Custodian). The fees and spreads for services of the Custodian directly related to the execution of portfolio transactions by a Pool, or a portion of a Pool, for which CAMI acts as portfolio advisor are paid by CAMI and/or dealer(s) directed by CAMI up to the amount of the credits generated under soft dollar arrangements from trading on behalf of the Pool, or portion of the Pool, during that month. All other fees and spreads for the services of the Custodian are borne as an operating expense by the Pools. CIBC owns a 50 percent interest in the Custodian.

Service Provider

CIBC Mellon Global Securities Services Company (CIBC GSS) provides certain services to the Pools, including securities lending, fund accounting and reporting, and portfolio valuation. CIBC indirectly owns a 50 percent interest in CIBC GSS. The dollar amount paid by the Pools (including all applicable taxes) to CIBC Mellon Trust Company for custodian fees (net of absorptions) and to CIBC GSS for securities lending, fund accounting, reporting, and fund valuation (all net of absorptions) for the periods ended February 28, 2014 and August 31, 2013 is reported in footnote Service Provider on the Statements of Operations.x

16


9. Hedging

Certain foreign currency denominated positions have been hedged, or partially hedged, by forward foreign currency contracts as part of the investment strategies of the Pool. These hedges are indicated by a hedging reference number on the Statements of Investment Portfolio and a corresponding hedging reference number on the Forward Foreign Currency Contracts Schedule for the Pools.

10. Collateral on Specified Derivatives

Short-term investments may be used as collateral for futures contracts outstanding with brokers.

11. Reconciliation of Net Assets Per Unit and Net Asset Value Per Unit

The application of CICA Handbook Section 3855 — Financial Instruments — Recognition and Measurement may result in a different value of securities held by a Pool for financial reporting purposes (defined as Net Assets when referring to a Pool or Net Assets per Unit when referring to a unit of a particular class) than the value used for pricing unitholder transactions (defined as Net Asset Value when referring to a Pool or Net Asset Value per Unit when referring to a unit of a particular class). See footnote Reconciliation of Net Assets per Unit reported on the Statements of Net Assets.

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Renaissance Investments

1500 University Street, Suite 800Montreal, Quebec

H3A 3S61-888-888-3863

Websitewww.renaissanceinvestments.ca

CIBC Asset Management Inc., the manager and trustee of the Frontiers Pools, is a wholly-owned subsidiary of Canadian Imperial Bank of Commerce (CIBC). Please read the Frontiers Pools simplified prospectus before investing. To obtain a copy of the simplified prospectus, call 1-888-888-3863, email us at [email protected], or ask your advisor.

®Frontiers and Renaissance Investments are registered trademarks of CIBC Asset Management Inc.Renaissance Investments is offered by CIBC Asset Management Inc.

55-142 (201402)

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