Notes & Disclosures

General Disclosures

Portfolio holdings and transaction information is available on a daily basis as of January 01, 2014. For accounts initialized after this date, holdings and transaction information is available as of the portfolio start date.

Portfolio transactions and holdings may be reflecting preliminary figures and are subject to change upon final reconciliation. Please note the reconciliation date detailed on the main report page.

Pending pooled fund transactions may take up to two business days to be reflected in the Portfolio Holdings and Transaction History reports. Also, certain transactions relating to corporate actions, large cash movements and dividend payments may reflect preliminary information. Final records are dependent on the disclosure of event details and posting reconciliation. Please contact your account representative at QV Investors should you have any questions or require any further information.

Portfolio Holdings Report

This report is based on trade date.

Market Value & Book Cost are expressed in Canadian dollars ($Cdn).

Book Cost is defined as the total amount paid to purchase a security, including any transaction charges related to the purchase, adjusted for reinvested distributions, returns of capital and corporate reorganizations.

Transaction History Report

All transactions are reported in Local Currency.

Realized gains/losses can be found under the “Portfolio Transactions - Sales” section of the report.

Private clients requesting a contribution or withdrawal from your investment account:

Contributions – We will accept contributions to your account by cheque or wire transfer. Please make all cheques payable to the custodian for your investment account. For clients directly invested in the QV Pooled Funds, the cheques should be made payable to “RBC Investor and Treasury Services”. Cheques may be sent by mail or courier to the attention of your account representative at QV’s mailing address. You may also contact QV to arrange for delivery of your cheque. Please contact your account representative for instructions if you wish to send funds by wire.

Withdrawals – Please contact your account representative if you would like to request funds from your investment account(s). All requests sent by email will be verified by phone. All withdrawal requests must be submitted and verified by 1:00pm Mountain Time for transactions to occur same day. However, for large withdrawals we require up to 48 hours notice. As a rule of thumb, any amount over $50,000 would be considered large. Funds will be deposited into the bank account we have on file by electronic funds transfer (EFT), so please make sure you inform us if you change your financial institution. It could take up to two businesses days for the EFT to be processed by your financial institution.

Transfers - Please contact your QV representative to arrange for transfers between QV investment accounts, or from another financial institution.

Investor Protection

In the event that the custodian who holds your assets becomes insolvent, your assets will be protected in the following manner:

Trust Company: A Trust company is governed by the Trust and Loan Companies Act (Canada)(TLCA). Pursuant to section 422 of the TLCA, the Trust company is required to segregate its own assets from those held by its clients.

The custodian for the QV Pooled Funds is the Trust company, RBC Investor and Treasury Services (RBCITS). In the event of an insolvency at RBCITS, under the TLCA, a liquidator would be appointed by a court of competent jurisdiction. Under section 358 of the TLCA, the liquidator would make arrangements as are necessary to transfer client securities held by RBCITS to another trust company. Therefore, in the unlikely event of an insolvency of RBC Investor Services, securities RBCITS holds in custody for the client will therefore not form part of the estate of the trust company to satisfy the insolvent company's creditors.

Investment Dealer: An investment dealer, who is a member of Investment Industry Regulatory Organization of Canada (IIROC), will also be a member of the Canadian Investor Protection Fund (CIPF). Client account assets are protected, within defined limits, if an IIROC investment dealer becomes insolvent. For more details on investor protections provided by the CIPF, please visit their website at

QV Investors: In the event that QV Investors Inc. ceases operations, we may appoint another Investment Manager of the QV Pooled Funds, subject to Unitholder approval. In the case of an insolvency, or lack of unitholder approval for an investment management change, the Trust agreement between RBCITS and QV Investors will terminate.

RBCITS, as Trustee of the QV Pooled Funds, will distribute all the Fund property, net of any liabilities, to registered Unitholders as of the Fund Termination date, based on his or her proportionate share of the value of that Fund in accordance with the number of units which he or she holds.

For clients who hold segregated accounts, the client will resume trading authority over their accounts at the respective custodians in the event QV Investors ceases operations or becomes insolvent.