Ravensource Fund : Interim Financial Statements - June 30, 2023

Financial Statements of

RAVENSOURCE FUND

Six-months ended June 30, 2023 (Unaudited)

RAVENSOURCE FUND

Table of Contents

	Page
 Management Responsibility for Financial Reporting
 Financial Statements of Ravensource Fund
 Statements of Financial Position	1
 Statements of Comprehensive Income	2
 Statements of Changes in Net Assets Attributable to Holders of Redeemable Units	3
 Statements of Cash Flows	4
 Schedule of Investment Portfolio	5 - 6
 Notes to Financial Statements	7 - 29

MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying unaudited interim financial statements have been prepared by Stornoway Portfolio Management Inc. in its capacity as the Investment Manager of Ravensource Fund (the "Trust"). The Trust's Investment Manager is responsible for the information and representations contained in these financial statements.

The Investment Manager maintains appropriate processes to ensure that relevant and reliable financial information is produced. The unaudited interim financial statements have been prepared in accordance with International Financial Reporting Standards and include certain amounts that are based on estimates and judgements made by the Investment Manager. The significant accounting policies which the Investment Manager believes are appropriate for the Trust are described in Note 3 to the unaudited interim financial statements.

On behalf of the Investment Manager

______________________	August 11, 2023
Scott Reid	Date

NOTICE TO UNITHOLDERS

The Auditors of the Partnership have not reviewed these financial statements.

Computershare Trust Company of Canada, the Trustee of the Trust, appointed an independent auditor, who was confirmed by the unitholders, to audit the Trust's annual financial statements. Applicable securities laws require that if an auditor has not reviewed the Trust's interim financial statements, this must be disclosed in an accompanying notice.

RAVENSOURCE FUND

Statements of Financial Position

June 30, 2023, with comparative information for December 31, 2022 (Unaudited)

		June 30, 2023	December 31, 2022
ASSETS
Current assets
Cash and cash equivalents	$	10,698	$	1,807,887
Financial assets at fair value through profit or loss (note 10)
(Cost:$15,724,923 - 2022:$18,821,173)		16,283,172		20,192,557
Prepaid expenses		1,513		4,422
Foreign exchange contract (note 10)		-		117,472
Interest and dividends receivable		-		84,620
		16,295,383		22,206,958
LIABILITIES
Current liabilities
Margin loan		279,070		6,347,045
Foreign exchange contract (note 10)		32,487		-
Accounts payable and accrued liabilities		62,522		140,060
Management and administrative fees payable (note 4(a) and (b))		14,966		29,707
		389,045		6,516,812
Net Assets Attributable to Holders of Redeemable Units	$	15,906,338	$	15,690,146
Number of Redeemable Units Outstanding		1,050,695		1,050,695
Net Assets Attributable to Holders of Redeemable Units per Unit	$	15.14	$	14.93

See accompanying notes to financial statements.

Approved on behalf of the Trust:

_________________________________

Stornoway Portfolio Management Inc., as Investment Manager

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

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RAVENSOURCE FUND

Statements of Comprehensive Income

Six months ended June 30, 2023, with comparative information for June 30, 2022 (Unaudited)

		2023		2022
Income
Dividends and income trust distributions	$	123,454	$	146,281
Interest income for distribution purposes		17,625		7,072
Net unrealized loss on financial assets		(825,587)		(2,249,118)
Net realized gain (loss) on financial assets, including foreign exchange translations on cash		929,126		(42,538)
Net unrealized (loss) gain on foreign exchange contracts		(149,959)		26,334
Net realized gain (loss) on foreign exchange contracts		384,870		(300,028)
		479,529		(2,411,997)
Expenses
Interest		66,588		48,502
Management fees (note 4(a))		58,085		75,599
Administrative fees (note 4(b))		31,277		40,707
Audit fees		20,650		16,310
Accounting fees		19,491		17,517
Independent review committee fees		19,273		18,825
Listing fees		11,653		11,750
Legal fees		9,919		43,111
Trust administration and transfer agency fees		9,917		11,901
Investor relations fees (note 4(d))		6,780		6,724
Transaction costs		5,465		1,849
Other		4,239		4,133
		263,337		296,928
Increase (decrease) in net assets attributable to holders of redeemable units	$	216,192	$	(2,708,925)
Weighted average of redeemable units outstanding during the period		1,050,695		1,197,334
Increase (decrease) in net assets attributable to holders of redeemable units per
weighted average unit outstanding during the period	$	0.21	$	(2.26)

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

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