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Secured Put Writing Fund

Annual Management Report of Fund Performance as of

December 31, 2018

This annual management report of fund performance contains

financial highlights but does not contain the complete annual

financial statements. You can request a copy, at no cost, of the

annual financial statements by calling us at 450-641-8989, by

visiting www.globevestcapital.com or www.sedar.com, by

writing to us at 1005, Lionel-Daunais #104, Boucherville,

Quebec, J4B 0B1 or by e-mailing us at

[email protected].

You may also contact us using one of these methods to request

a copy of the investment fund’s proxy voting policies and

procedures, proxy voting disclosure record, or quarterly

portfolio disclosure.

http://www.globevestcapital.com/


http://www.sedar.com/

http://www.sedar.com/

mailto:[email protected]

mailto:[email protected]

2

Investment Objectives and Strategies Globevest Capital Secured Put Writing Fund (the "Fund") is designed to maximize returns and provide long-term growth by selling cash-covered put options on Canadian, US and global equity securities. The Fund hedges the put options with a cash hedge and, as a result, invests in cash, cash equivalents, money market securities and short-term debt securities. The investment objectives and strategies are described in the simplified prospectus.

Risk The risk determination of the Funds is based on the investment risk classification method of Schedule F of NI 81-102. The Fund was created on January 3, 2014. For the prior period, we used the following benchmark (in accordance with items 4 and 5 of Schedule F of NI 81-102): 50% FTSE Canada Short Term Bond, 30% S&P 500 and 20% S&P TSX Composite. According to this method of calculation, the fund's risk is “medium”.

Results of Operations Its net asset value as of December 31, 2018 is 116 million. The net asset value as of June 30, 2018 was 131 million.

Net returns by series for the year are as follow:

Class A1 -4.59% Class A31 -4.30% Class A51 -4.30% Class F1 -2.75% Class O1 -3.32% Class AH2 -10.72% Class FH2 -11.31% Class F6H2, 3 -11.31% Class OH2, 4 -11.31% Class IH2 -9.52%

1 US currency unhedged. 2 US currency hedged. 3 As there were no outstanding Series F6H units of the fund during part of the calendar year 2018, performance for Series FH units of the fund is presented for the year 2018. 4 As there were no outstanding Series OH units of the fund during part of the calendar year 2018, performance for Series FH units of the fund is presented for the year 2018.

Commentary North American equity markets collapsed in the last quarter of 2018, leaving them with their worst year since 2008. In the last 12 months, the S&P 500 has lost -6.24%, while Toronto S&P / TSX fell 11.8%.

These corrections are explained by the fear of a recession mainly due to: - rate increases, - the trade war between China and the United States (the two largest world economic powers), - slowdown in global growth - the decline in the effect of US tax cuts. More than half of North American companies have lost more than 20% of their stock market value since their recent highs. As a result, volatility tripled during this period. Investors who were too optimistic this summer, panicked this fall. It was at the heart of these panic sales that we took the opportunity to reposition the portfolio. We have made commitments on high quality companies by not only getting much higher premiums than normal, but also keeping a much higher cushion. With the ingredients gathered to optimize the portfolio, we have chosen to lengthen the average maturity of our commitments. The fund is therefore positioned defensively, while offering excellent returns for the coming year. As of December 31, the fund had commitments on 89 different companies for an average horizon of 8.2 months. We reduced portfolio risk by raising the average cushion to 11.4%. The annualized return of 8.1% of the time value of the options remains very interesting. This increase in volatility at the end of the year allows us to start the new year with an optimal portfolio. In recent years, volatility, apart from a few spikes, remained at rather low levels. This is why we have chosen to extend the maturity of our commitments

International Financial Reporting Standards All the financial reports and statements are presented in Canadian dollars and are prepared in compliance with International Financial Reporting Standards (IFRS) as well as the standards governed by Regulation 81-106 respecting Investment Fund Continuous Disclosure. Effective January 1, 2018, the Fund adopted retrospectively IFRS 9. The new standard requires financial assets to be carried at amortized cost or fair value, with changes in fair value recognized in fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) based on the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial assets.

3

Upon transition to IFRS 9, the Fund’s financial assets and financial liabilities that were classified and designated as fair value through profit or loss (FVTPL) under IAS 39 are, from the transition date, classified at fair value through profit or loss. Financial assets that were classified as loans and receivables under IAS 39 are classified as financial assets measured at amortized cost. There were no changes in the measurement attributes for any of the financial assets and financial liabilities upon transition to IFRS 9.

Related Party Transactions Globevest Capital ltd is the Fund’s Manager pursuant to the administrative agreement. The Manager ensures the daily administration of the Fund and makes sure the Fund is provided with all services (accounting, custody, portfolio management, record maintenance, transfer agent) required to function properly.

Management Fees In compensation for the continuous advice, recommendations and services provided to the Fund, the Fund pays management fees to the Manager, which are calculated on a daily basis according to the net asset value of the Fund and paid monthly. For the twelve months ended December 31, 2018, the Fund paid a total of $296k in management fees to the Manager, inclusive of sales tax.

Independent Review Committee In accordance with National Instrument 81-107 - Independent Review Committee for Investment Funds, the Manager has appointed an Independent Review Committee ("IRC") to review and evaluate:

a) The relevance and effectiveness of the management company's written policies and procedures relating to conflict of interest matters;

b) The relevance and effectiveness of any standing instruction that it provides to the management;

c) The independence of its members and their remuneration;

d) Its own effectiveness as a committee, as well as the efficiency and contribution of each of its members;

e) Its structural effectiveness.

For the period from January 1, 2018 to December 31, 2018, the IRC concluded that:

1) To the best of his knowledge, there have been no breaches of any of the Manager's

policies or procedures or grounds for believing that a breach has occurred;

2) That the policies and procedures in place are adequate.

Fund expenses The expenses of the Fund include:

1) Management fees. This is the total of the Manager's fee, the trailing commission if applicable and the operating expenses of the Fund.

2) The transaction costs. These are the Fund's transaction fees.

Series Management

expense ratio (MER)

Trading expense ratio

(TER)

Fund expenses

Série A 2.49% 0.25% 2.74% Série A3 2.83% 0.25% 3.08% Série A5 2.83% 0.25% 3.08% Série F 1.17% 0.25% 1.42% Série O 1.74% 0.25% 1.99% Série AH 2.49% 0.25% 2.74% Série FH 1.17% 0.25% 1.42% Série F6H 1.17% 0.25% 1.42% Série OH 1.74% 0.25% 1.99% Série I* 0.19% 0.25% 0.44% Série IH* 0.19% 0.25% 0.44% * Series I and IH units are only available to individuals or institutional clients who have an arrangement with Globevest. There is no management fee payable by the Fund in respect of the Series I and IH Units. Series I and Series I unitholders pay a negotiated fee directly to Globevest.

Past performance The performance information assumes that all distributions made by the investment fund during the periods presented were reinvested in additional securities of the investment fund. Past performance of the investment fund is not necessarily indicative of future performance.

4

Annual returns

The following bar graphs indicate the Fund’s annual returns for each year. They show the year-to-year variation in the Fund’s return. The graphs present, in percentage form, what would have been the upward or downward, on the last day of the year, of an investment made on the first day of the year.

11.57%

-1.42% -0.15%

-4.59%-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

2015 2016 2017 2018

%

Serie A

11.16%

-1.13% -0.26%

-4.30%-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

2015 2016 2017 2018

%

Serie A3

11.09%

-1.14% -0.26%

-4.30%-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

2015 2016 2017 2018

%

Serie A5

12.96%

0.45% 1.30%

-2.75%-5.00%

0.00%

5.00%

10.00%

15.00%

2015 2016 2017 2018

%

Serie F

12.30%

-0.13%

0.67%

-3.32%-5.00%

0.00%

5.00%

10.00%

15.00%

2015 2016 2017 2018

%

Serie O

-5.80%

1.47%

6.52%

-10.72%-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018

%

Serie AH

-4.03%

2.35%

7.59%

-11.31%-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018

%

Serie FH

-4.95%

2.62%

7.48%

-11.31%-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018

%

Serie FH6

5

-4.03%-1.42%

7.59%

-11.31%-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018

%

Serie OH

-4.03%

3.57%

7.61%

-9.52%-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

2015 2016 2017 2018

%

Serie IH

6

Annual Compound Returns The following graph indicates the Fund’s annual composite returns and highlights Fund performance fluctuations from one fiscal year to the next, ending on December 31, for each period, as well as those of the Fund’s benchmark.

1 year % 3 years % 5 years % 10 years % Since inception

Serie A1 -4.59% -2.07% - - 1.40% Serie A31 -4.30% -1.91% - - 1.35% Serie A51 -4.30% -1.91% - - 1.52% Serie F1 -2.75% -0.35% - - 2.91% Serie O1 -3.32% -0.94% - - 2.35% Serie AH2 -10.72% -1.18% - - -3.62% Serie FH2 -11.31% -0.78% - - -2.96% Serie F6H2,3 -11.31% -0.73% - - -3.13%

Serie OH2,4 -11.31% -2.02% - - -3.79%

Serie IH2 -9.52% 0.28% - - -2.26%

Benchmark -3.12% 3.39% - - 3.08%

1 US currency unhedged, inception date: January 3, 2014. 2 US currency hedged, inception date: August 11, 2014. 3 As there were no outstanding Series F6H units of the fund during part of the calendar year 2018, performance for Series FH units of the fund is presented for the year 2018. 4 As there were no outstanding Series OH units of the fund during part of the calendar year 2015, 2017 and 2018, performance for Series FH units of the fund is used for these years.

The benchmark is weighted as follows: 50% FTSE Canada Short term bond, 30% S&P 500 and 20% S&P TSX Composite. The Fund invests in bonds with a maturity of less than one year classified as a money market to hedge the Fund's put options. While the Fund may not hold S&P 500 and S&P TSX securities, it is comprised primarily of put options on the S&P 500 and to a lesser extent of put options on the S&P TSX. The performance of the two indices have a direct impact on the value of the put options of the Fund but to a lesser extent than the variation of the indices. This is explained by the fact that put options are sold at a strike price lower than the market price of 5% to 20% on average. The Fund in 2018, excluding the impact of the US currency, performed weaker than the benchmark. The value of the options in the portfolio is related to their level of volatility. Thus, despite a rebound in markets at the end of the year, the level of volatility was still high. Also, during turbulent periods last October and December, the manager chose to buy back put options in order to reduce the risk of the portfolio and also to take advantage of better premiums to extend the average maturity of the options. The fund is therefore positioned defensively, while offering excellent returns for the coming year.

7

Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund’s financial performance for the past year.

Series A

For the periods ended December 31

Fund’s Net Assets per Unit(1) 2018 2017 2016 2015 2014

$ $ $ $ $

Net assets, beginning of period 10.64 11.25 11.41 10.23 -

Increase (decrease) from operations

Total revenue 0.24 0.17 0.12 0.09 0.13

Total expenses (excluding distributions) (0.28) (0.27) (0.27) (0.29) (0.26)

Realized gains (losses) for the period (0.49) 1.00 0.20 (0.19) (0.50)

Unrealized gains (losses) for the period 0.51 (0.85) (0.73) 1.48 1.01

Total increase (decrease) from operations(2) (0.02) 0.05 (0.68) 1.09 0.38

Distributions

Net investment income (except dividends) - - - - -

Dividends - - - - -

Capital gains 0.33 (0.60) - - -

Return of capital - - - - -

Total Annual Distributions(3) 0.33 (0.60) - - -

Net assets at the end of the period 9.85 10.64 11.25 11.41 10.23

(1) This information is derived from the fund’s audited annual financial statements. The net assets per security presented in the financial statements differs from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements.

(2) Net assets and distributions are based on the actual number of [units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period.

(3) Distributions were paid in cash, reinvested in additional units of the Fund, or both.


Ratio and Supplemental Data 2018 2017 2016 2015 2014

Total net asset value (000’s) 585 1 531 3 084 8 835 7 056

Number of units outstanding 59 350 143 895 274 025 774 164 689 855

Management Expense Ratio (%)(1) 2.49% 2.33% 2.35% 2.50% 2.32% Management expense ratio before waivers or absorptions (%) 2.49% 2.33% 2.35% 2.50% 2.83%

Portfolio turnover (%)(2) 108.41% 70.50% 68.16% 63.52% 84.12%

Trading expense ratio(3) 0.25% 0.12% 0.22% 0.19% 0.34%

Net asset value per unit ($) 9.85 10.64 11.25 11.41 10.23 (1) Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) before income

taxes for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (2) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover

rate of 100%is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

(3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period.

8


Series A3



$ $ $ $ $



Total revenue 0.24 0.17 0.12 0.09 0.13




Total increase (decrease) from operations(2) (0.15) (0.02) (0.15) 1.09 0.20

Distributions


Dividends - - - - -

Capital gains 0.32 (0.77) - - (0.12)


Total Annual Distributions(3) 0.32 (0.77) - - (0.12)







Total net asset value (000’s) 371 628 762 806 628









9


Series A5



$ $ $ $ $



Total revenue 0.24 0.17 0.12 0.09 0.12




Total increase (decrease) from operations(2) (0.43) (0.03) (0.55) 0.96 0.24

Distributions


Dividends - - - - -

Capital gains 0.32 (0.78) - - (0.20)









Total net asset value (000’s) 357 501 730 1 144 706







rate of 100%is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The h igher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.


10


Series F



$ $ $ $



Total revenue 0.25 0.18 0.12 0.09 0.13




Total increase (decrease) from operations(2) (0.20) 0.27 (0.04) 1.02 0.39

Distributions


Dividends - - - - -

Capital gains 0.35 (0.70) - - (0.21)

Return of capital 0.07 - - - -








$ $ $ $

Total net asset value (000’s) 9 065 21 894 30 179 41 077 12 500

Number of units outstanding 885 918 2 006 003 2 627 918 3 594 091 1 235 379








11


Series O



$ $ $ $



Total revenue 0.25 0.18 0.13 0.09 0.13




Total increase (decrease) from operations(2) 0.05 0.19 (0.14) 1.37 0.31

Distributions

Net investment income (except dividends) - (0.01) - - -

Dividends - - - - -

Capital gains 0.34 (0.60) - - (0.13)


















12


Series AH



$ $ $ $ $


Increase (decrease) from operations Total revenue 0.19 0.14 0.10 0.08 0.04 Total expenses (excluding distributions) (0.21) (0.21) (0.22) (0.29) (0.13) Realized gains (losses) for the period (1.10) 1.11 0.46 (1.89) (0.81) Unrealized gains (losses) for the period 0.24 (0.47) (0.21) 1.48 0.24

Total increase (decrease) from operations(2) (0.88) 0.57 0.13 (0.62) (0.66)

Distributions Net investment income (except dividends) - (0.38) (0.01) - -

Dividends - - - - -

Capital gains - (0.60) - - (0.25)


Total Annual Distributions(3) - (0.98) (0.01) - (0.25)

Net assets at the end of the period 7.38 8.27 8.69 8.57 9.10 (1) This information is derived from the fund’s audited annual financial statements. The net assets per security presented in the financial statements

differs from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements.







Management Expense Ratio (%)(1) 2.49% 2.33% 2.35% 2.50% n/d Management expense ratio before waivers or absorptions (%) 2.49% 2.33% 2.35% 2.50% n/d







13


Series FH



$ $ $ $ $


Increase (decrease) from operations Total revenue 0.18 0.13 0.09 0.08 0.04 Total expenses (excluding distributions) (0.11) (0.11) (0.15) (0.19) (0.09) Realized gains (losses) for the period (0.89) 1.16 0.82 (1.90) (0.83) Unrealized gains (losses) for the period 0.20 (0.53) (0.68) 1.70 0.34

Total increase (decrease) from operations(2) (0.62) 0.65 0.08 (0.31) (0.54)

Distributions Net investment income (except dividends) - (0.49) (0.63) - -

Dividends - - - - -

Capital gains - (0.51) - - (0.27)


Total Annual Distributions(3) 0.05 (1.00) (0.63) - (0.27)

Net assets at the end of the period 6.98 7.92 8.30 8.71 9.13 (1) This information is derived from the fund’s audited annual financial statements. The net assets per security presented in the financial statements

differs from the net asset value calculated for fund pricing purposes. An explanation of these differences can be found in the notes to the financial statements.






Number of units outstanding 190 355 318 374 401 203 1 022 779 299 077



Trading expense ratio(3) 0.25% 0.12% 0.22% 0.19% 0.34% Net asset value per unit ($) 6.98 7.92 8.30 8.71 9.13

(1) Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) before income taxes for the stated period and is expressed as an annualized percentage of daily average net asset value during the period.

(2) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100%is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.


14


Series F6H



$ $ $ $ $



Total revenue 0.13 0.12 0.09 0.07 0.04



Unrealized gains (losses) for the period (0.27) (0.37) (0.42) 1.47 0.21

Total increase (decrease) from operations(2) (0.35) 0.57 (0.06) (0.59) (0.72)

Distributions


Dividends - - - - -

Capital gains - (0.54) - - (0.26)

Return of capital 0.36 - (0.47) (0.51) (0.19)

Total Annual Distributions(3) 0.36 (1.55) (0.47) (0.51) (0.45)

Net assets at the end of the period - 7.28 7.69 7.97 8.91






Total net asset value (000’s) - 70 83 236 295

Number of units outstanding - 9 609 10 734 29 676 33 105




Net asset value per unit ($) - 7.28 7.69 7.97 8.91 (1) Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) before income




15


Series OH



$ $ $ $ $

Net assets, beginning of period - 8.47 9.32 - -


Total revenue - - 0.10 0.08 -

Total expenses (excluding distributions) - - (0.16) (0.06) -

Realized gains (losses) for the period - - 0.03 (0.60) -

Unrealized gains (losses) for the period - - (1.69) 2.49 -

Total increase (decrease) from operations(2) - - (1.72) 1.91 -

Distributions

Net investment income (except dividends) - - (0.73) - -

Dividends - - - - -

Capital gains - - - - -


Total Annual Distributions(3) - - (0.73) - -

Net assets at the end of the period - - 8.47 9.32 -






Total net asset value (000’s) - - 30 202 -

Number of units outstanding - - 3 581 21 675 -

Management Expense Ratio (%)(1) 1.74% 1.75% 1.77% 1.92% - Management expense ratio before waivers or absorptions (%) 1.74% 1.75% 1.77% 1.92% -

Portfolio turnover (%)(2) 108.41% 70.50% 68.16% 63.52% -

Trading expense ratio(3) 0.25% 0.25% 0.22% 0.19% -

Net asset value per unit ($) - - 8.47 9.32 - (1) Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) before income




16


Series IH



$ $ $ $ $

Net assets, beginning of period 10.03 10.41 10.05 - -


Total revenue 0.23 0.17 0.12 0.01 -

Total expenses (excluding distributions) (0.04) (0.03) (0.05) (0.02) -

Realized gains (losses) for the period (1.69) 1.19 0.53 (0.45) -

Unrealized gains (losses) for the period 0.49 (0.56) 0.07 0.66 -

Total increase (decrease) from operations(2) (1.01) 0.77 0.67 0.20 -

Distributions


Dividends - - - - -

Capital gains - (0.80) - - -


Total Annual Distributions(3) 0.14 (1.17) - - -

Net assets at the end of the period 8.95 10.03 10.41 10.05 -






Total net asset value (000’s) 102 099 94 911 69 819 23 109 -

Number of units outstanding 11 403

424 9 462 957 6 705 121 2 299 406 -

Management Expense Ratio (%)(1) 0.19% 0.20% 0.22% 0.83% - Management expense ratio before waivers or absorptions (%) 0.19% 0.20% 0.22% 0.83% -

Portfolio turnover (%)(2) 108.41% 70.50% 68.16% 63.52% -

Trading expense ratio(3) 0.25% 0.12% 0.22% 0.19% -

Net asset value per unit ($) 8.95 10.03 10.41 10.05 - (1) Management expense ratio is based on total expenses (excluding distributions, commissions and other portfolio transaction costs) before income




17

SUMMARY OF INVESTMENT PORTFOLIO Globevest Capital Secured Put Writing Fund

As of December 31st 2018

Portfolio Allocation

As of December 31, 2018

% of Net Asset Value

Cash and cash equivalent 110.48%

Cash cover -4.96%

Put option -0.02%

Other financial derivatives -5.50%

Total Net Asset Value 116 258 093$

Holdings

Long Positions as of Dec. 31, 2018 % of Net Asset Value Short Positions as of Dec. 31, 2018 % of Net Asset Value

1. Johnson & Johnson 1.125% 2019-03-01 5.86%

2. Microsoft Corp. 1.10% 2019-08-08 5.81%

3. Bank of Montreal 1.50% 2019-07-18 4.66%

4. Province of Quebec 2.749% 2019-07-21 4.35%

5. Asian Development Bank 2.838% 2021-03-16 3.52%

6. Jackson National Life Global Funding 2.30% 2019-04-16 3.51%

7. Royal Bank of Canada 1.625% 2019-04-15 3.51%

8. Bank of New York Mellon Corp. (The) 2.30% 2019-09-11 3.50%

9. U.S. Bank National Association 2.125% 2019-10-28 3.50%

10. Toronto-Dominion Bank (The) 1.45% 2019-08-13 3.49%

11. Walt Disney Co. (The) 1.85% 2019-05-30 2.92%

12. Bank of Nova Scotia 3.406% 2022-03-07 2.35%

13. National Bank of Canada 3.336% 2020-06-12 2.35%

14. ABN AMRO Bank NV 3.085% 2019-01-18 2.35%

15. Province of Ontario 1.625% 2019-01-18 2.35%

16. Province of Ontario 2.0% 2019-01-30 2.35%

17. Norddeutsche Landesbank Girozentrale 2.0% 2019-02-05 2.35%

18. Apple Inc. 2.1% 2019-05-06 2.34%

19. Toyota Motor Credit Corp. 2.10% 2019-01-17 2.34%

20. Bank of Nova Scotia 1.65% 2019-06-14 2.34%

21. Chevron Corp. 3.146% 2021-11-15 1.77%

22. Oracle Corp. 3.016% 2019-01-15 1.76%

23. American Honda Finance Corp. 1.20% 2019-07-12 1.75%

24. Wells Fargo & Co. 3.20% 2020-01-30 1.65%

25. Apple Inc. 2.892% 2019-05-06 1.64%

Long Positions as a % of Total Net Asset Value 74.32%

1. Alphabet Inc., Class 'C' PUT JAN 20 940.00$ -0,13%

2. Hess Corp. PUT JAN 20 37.50$ -0.13%

3. NVIDIA Corp. PUT JUNE 19 140.00$ -0.12%

4. JPMorgan Chase & Co. PUT JUNE 19 100.00$ -0.12%

5. Schlumberger Ltd. PUT JAN 20 35.00$ -0.12%

6. Amazon.com Inc. PUT JAN 20 1,150.00$ -0.10%

7. Booking Holdings Inc. PUT JUNE 19 1,680.00$ -0.10%

8. Zscaler Inc. PUT MAY 19 34.00$ -0.10%

9. Exxon Mobil Corp. PUT JAN 20 70.00$ -0.10%

10. Tesla Motors Inc. PUT AUG 19 250.00$ -0.09%

11. Boeing Co. (The) PUT JUNE 19 300.00$ -0.09%

12. Exxon Mobil Corp. PUT JUNE 19 72.50$ -0.09%

13. Align Technology Inc. PUT APRIL 19 200.00 -0.09%

14. Facebook Inc., Class 'A' PUT DEC 19 125.00$ -0.08%

15. Visa Inc., Class 'A' PUT DEC 19 125.00$ -0.08%

16. Apple Inc. PUT JAN 20 150.00$ -0.08%

17. Regeneron Pharmaceuticals Inc. PUT JAN 20 310.00$ -0.08%

18. iShares MSCI Emerging Markets Index Fund PUT DEC 19 35.00$ -0.07%

19. CVS Health Corp. PUT JAN 20 55.00$ -0.07%

20. MasterCard Inc., Class 'A' PUT JUNE 19 180.00$ -0.07%

21. AT&T Inc. PUT JULY 19 29.00$ -0.07%

22. FedEx Corp. PUT JAN 20 145.00$ -0.07%

23. Caterpillar Inc. PUT JUNE 19 110.00$ -0.06%

24. Nike Inc., Class 'B' PUT APR 19 75.00$ -0.06%

25. Intel Corp. PUT JULY 19 43.00$ -0.06%

Short Positions as a % of Total Net Asset Value -2.21%

The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund. A quarterly update is available.

You can request copies of the quarterly update and other information regarding the Globevest Capital Secured Put Writing Fund, at no cost by

contacting your advisor or Globevest Capital Ltd.

Globevest Capital Ltd

1005, Lionel-Daunais #104 Boucherville, Quebec

J4B 0B1

Telephone : 450-641-8989

E-mail : [email protected]

www.globevestcapital.com



18

A note of forward-looking Statements

This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund actions. The words “forecast”, “plan”, “anticipate”, “estimate”, “suspect”, “believe” and “expect” and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made in relation to the Fund. Those factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchange rates, global equity and capital, market, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events.

The above list of important factors that may affect futures results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in the forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

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