cibcbalancedindexfund interimfinancialreports(unaudited) · metroinc. 47 ,3 209 651. n or t hw esc...

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

CIBC Balanced Index Fund

Interim Financial Reports (unaudited)

for the period ended June 30, 2020

† Securities Lending

The tables that follow indicate the Fund had assets involved in securities lending transactions

outstanding as at June 30, 2020 and December 31, 2019.

Aggregate Value

of Securities

on Loan

($000s)

Aggregate

Value

of Collateral

for Loan

($000s)

x

x

June 30, 2020 291,467 304,295

x

December 31, 2019 219,065 226,723

x

Collateral Type* ($000s)

i ii iii iv

x

x

June 30, 2020 145,972 158,323 – –

x

December 31, 2019 122,818 103,905 – –

x

x

* See note 2j for Collateral Type definitions.

Organization of the Fund (note 1)

The Fund was established on November 20, 1998 (Date Established).

Inception Date

x

x

Class A December 4, 1998

x

Premium Class November 23, 2011

x

Institutional Class November 27, 2014

x

x

Statements of Financial Position (unaudited)

(in 000s, except per unit amounts)

As at June 30, 2020 and December 31, 2019 (note 1)

June 30, 2020 December 31, 2019

x

x

x

x

Assets

x

x

x

Current assets

x

Investments (non-derivative financial assets) † (notes

2 and 3) $ 1,328,055 $ 1,203,173

x

Cash including foreign currency holdings, at fair value 25 35

x

Margin 25,385 34,200

x

Cash collateral received for securities on loan (note 2j) 145,972 122,818

x

Interest receivable 2,009 1,890

x

Dividends receivable 1,041 1,110

x

Receivable for portfolio securities sold 201 123

x

Receivable for units issued 1,561 4,966

x

Other receivables 1 –

x

Derivative assets 4,878 3,184

x

x

x

Total Assets 1,509,128 1,371,499

x

x

x

Liabilities

x

x

x

Current liabilities

x

Obligation to repay cash collateral under securities

lending (note 2j) 145,972 122,818

x

Payable for portfolio securities purchased 5,927 5,467

x

Payable for units redeemed 1,149 844

x

Derivative liabilities 5,621 3,417

x

x

x

Total Liabilities 158,669 132,546

x

x

x

Net Assets Attributable to Holders of

Redeemable Units (note 5) $ 1,350,459 $ 1,238,953

x

x

x


Redeemable Units per Class

x

Class A $ 251,532 $ 234,839

x

Premium Class $ 1,089,676 $ 1,003,362

x

Institutional Class $ 9,251 $ 752

x

x

x


Redeemable Units per Unit (note 5)

x

Class A $ 16.69 $ 16.79

x

Premium Class $ 12.68 $ 12.70

x

Institutional Class $ 10.71 $ 10.72

x

1



Statements of Comprehensive Income (unaudited)

(in 000s, except per unit amounts)

For the periods ended June 30, 2020 and 2019 (note 1)

June 30, 2020 June 30, 2019

x

x

Net Gain (loss) on Financial Instruments

x

Interest for distribution purposes

$ 8,479

$ 6,561

x

Dividend revenue

7,556

5,720

x

Derivative income (loss)

(1,414)

13,809

x

Other changes in fair value of investments and

derivatives

x

Net realized gain (loss) on sale of investments and

derivatives

(9,077)

1,090

x

Net realized gain (loss) on foreign currency (notes 2f

and g)

(2,716)

304

x

Net change in unrealized appreciation (depreciation)

of investments and derivatives

(11,975)

53,659

x

x

x

Net Gain (loss) on Financial Instruments (9,147)

81,143

xx

x

Other Income

x

Foreign exchange gain (loss) on cash

3,893

(578)

x

Securities lending revenue ±

422

228

x

x

x

4,315

(350)

xx

x

Expenses (note 6)

x

Management fees ±±

5,584

3,768

x

Audit fees

5

4

x

Custodial fees

41

39

x

Independent review committee fees

1

1

x

Legal fees

5

3

x

Regulatory fees

35

23

x

Transaction costs ±±±

282

78

x

Unitholder reporting costs

379

273

x

Withholding taxes (note 7)

196

213

x

Other expenses

10

8

x

x

x

6,538

4,410

xx

x

Expenses waived/absorbed by the Manager

(2,472)

(1,726)

xx

x

4,066

2,684

xx

x

Increase (Decrease) in Net Assets Attributable to

Holders of Redeemable Units (excluding

distributions) (8,898)

78,109

xx

x


Holders of Redeemable Units per Class

(excluding distributions)

x

Class A

$ (1,618)

$ 17,106

x

Premium Class

$ (7,796)

$ 60,997

x

Institutional Class

$ 516

$ 6

x

x

x

Average Number of Units Outstanding for the

period per Class

x

Class A

14,650

11,534

x

Premium Class

84,128

53,870

x

Institutional Class

572

10

x

x

x


Holders of Redeemable Units per Unit

(excluding distributions)

x

Class A

$ (0.11)

$ 1.49

x

Premium Class

$ (0.10)

$ 1.13

x

Institutional Class

$ 0.90

$ 0.65

x

x

x

..

± Securities Lending Revenue (note 2j)

June 30, 2020 June 30, 2019

(in 000s)

% of Gross

securities

lending revenue (in 000s)

% of Gross

securities

lending revenue

x

x

Gross securities lending revenue $ 1,288 100.0 $ 1,126 100.0

x

Interest paid on collateral (723) (56.1) (818) (72.7)

x

Withholding taxes (2) (0.2) (4) (0.4)

x

Agent fees - Bank of New York

Mellon Corp. (The) (141) (10.9) (76) (6.7)

x

x

x

Securities lending revenue $ 422 32.8 $ 228 20.2

x

x

±± Maximum Chargeable Annual Management Fee Rates (note 6)

x

x

Class A 1.00%

x

Premium Class 0.75%

x

Institutional Class 0.60%

x

x

±±± Brokerage Commissions and Fees (notes 8 and 9)

2020 2019

x

x

Brokerage commissions and other fees ($000s)

x

Total Paid

264

68

x

Paid to CIBC World Markets Inc.

129

19

x

Paid to CIBC World Markets Corp.

–

–

x

Soft dollars ($000s)

x

Total Paid

–

–

x

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

–

–

x

x

Administrative and Other Fund Operating Expenses (note 9)

2020 2019

x

x

($000s)

345

264

x

x

Service Provider (note 9)

The amounts paid by the Fund (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 June 30, 2020 and 2019 were as follows:

2020 2019

x

x

($000s)

221

137

x

x

2



x

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units (unaudited)

(in 000s)


Class A Units Premium Class Units Institutional Class Units

June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019

xx.


Holders of Redeemable Units (excluding

distributions)

$ (1,618) $ 17,106 $ (7,796) $ 60,997 $ 516 $ 6

xxx.

Distributions Paid or Payable to Holders of

Redeemable Units ‡

x.

From net investment income

(1) (1) – – – –

x.xx

(1) (1) – – – –

xxx.

Redeemable Unit Transactions

x.

Amount received from the issuance of units

69,747 67,934 213,222 243,751 8,136 230

x.

Amount received from reinvestment of distributions

– 1 – – – –

x.

Amount paid on redemptions of units

(51,435) (41,407) (119,112) (55,210) (153) –

x.xx

18,312 26,528 94,110 188,541 7,983 230

xxx.


Holders of Redeemable Units

16,693 43,633 86,314 249,538 8,499 236

x.

Net Assets Attributable to Holders of Redeemable Units

at Beginning of Period

234,839 163,310 1,003,362 536,874 752 40

x.xx

Net Assets Attributable to Holders of Redeemable Units

at End of Period

$ 251,532 $ 206,943 $ 1,089,676 $ 786,412 $ 9,251 $ 276

xxx.

Redeemable Units Issued and Outstanding (note 5)

x.

As at June 30, 2020 and 2019

x.

Balance - beginning of period

13,990 10,693 79,011 46,495 70 4

x.

Redeemable units issued

4,202 4,155 16,846 19,635 809 22

x.

Redeemable units issued on reinvestments

– – 1 – – –

x.xx

18,192 14,848 95,858 66,130 879 26

x.

Redeemable units redeemed

(3,121) (2,530) (9,892) (4,463) (15) –

x.xx

Balance - end of period

15,071 12,318 85,966 61,667 864 26

xx

x

‡ Net Capital and Non-Capital Losses (note 7)

As at December 2019, the Fund had net capital and non-capital losses (in $000s) for income tax purposes available to be carried forward as follows:

Total Net Capital Losses

Total Non-Capital Losses

that Expire in:

2029 to 2039

x

..

1,304 –

.

.

3



x

x

Statements of Cash Flows (unaudited)

(in 000s)


June 30, 2020 June 30, 2019

xx.

Cash Flows from Operating Activities

x.

Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units from Operations (excluding distributions) $ (8,898) $ 78,109

x.

Adjustments for:

x.

Foreign exchange loss (gain) on cash (3,893) 578

x.

Net realized (gain) loss on sale of investments and derivatives 9,077 (1,090)

x.

Net change in unrealized (appreciation) depreciation of investments and derivatives 11,975 (53,659)

x.

Purchase of investments (3,320,735) (1,021,848)

x.

Proceeds from the sale of investments 3,175,693 795,370

x.

Margin 8,815 (9,234)

x.

Interest receivable (119) (288)

x.

Dividends receivable 69 (160)

x.

Other receivables (1) (14)

x.

Other accrued expenses and liabilities – (1)

x.xx

(128,017) (212,237)

xxx.

Cash Flows from Financing Activities

x.

Amount received from the issuance of units 294,510 311,317

x.

Amount paid on redemptions of units (170,395) (96,847)

x.

Distributions paid to unitholders (1) –

x.xx

124,114 214,470

xxx.

Increase (Decrease) in Cash during the Period (3,903) 2,233

xxx.

Foreign exchange loss (gain) on cash 3,893 (578)

xxx.

Cash (Bank Overdraft) at Beginning of Period 35 273

xxx.

Cash (Bank Overdraft) at End of Period $ 25 $ 1,928

x

x.

Interest received $ 8,360 $ 6,273

x.

Dividends received, net of withholding taxes $ 7,429 $ 5,347

4



x

Schedule of Investment Portfolio (unaudited) As at June 30, 2020

Security

Number

of Shares

Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

x

CANADIAN EQUITIES

..

Communication Services

..

BCE Inc. 167,894 9,581 9,506

..

Cineplex Inc. 11,750 401 94

..

Cogeco Communications Inc. 4,253 345 416

..

Corus Entertainment Inc., Class 'B' 38,412 198 110

..

Quebecor Inc., Class 'B', Subordinate Voting Shares 33,049 832 964

..

Rogers Communications Inc., Class 'B' 65,097 3,926 3,551

..

Shaw Communications Inc., Class 'B' 84,693 2,174 1,875

..

TELUS Corp. 236,533 5,365 5,386

..

..

..

22,822 21,902 1.6%

.

.x

Consumer Discretionary

..

Aritzia Inc. 15,651 276 298

..

BRP Inc., Subordinate Voting Shares 7,965 351 461

..

Canada Goose Holdings Inc. 11,015 576 347

..

Canadian Tire Corp. Ltd., Class 'A' 10,862 1,506 1,278

..

Dollarama Inc. 54,183 2,031 2,447

..

Gildan Activewear Inc. 37,597 1,465 791

..

Great Canadian Gaming Corp. 10,484 362 283

..

Linamar Corp. 8,403 433 309

..

Magna International Inc. 52,847 3,284 3,195

..

Martinrea International Inc. 15,481 179 159

..

Restaurant Brands International Inc. 55,424 4,354 4,095

..

Sleep Country Canada Holdings Inc. 6,977 176 112

..

Spin Master Corp. 5,457 224 134

..

..

..

15,217 13,909 1.0%

.

.x

Consumer Staples

..

Alimentation Couche-Tard Inc., Class 'B' 159,536 5,297 6,791

..

Empire Co. Ltd., Class 'A' 32,331 903 1,051

..

George Weston Ltd. 13,223 1,327 1,315

..

Jamieson Wellness Inc. 7,226 187 257

..

Loblaw Cos. Ltd. 32,431 1,931 2,144

..

Maple Leaf Foods Inc. 13,955 378 398

..

Metro Inc. 47,332 2,092 2,651

..

North West Co. Inc. (The) 9,134 253 271

..

Premium Brands Holdings Corp. 5,399 456 468

..

Saputo Inc. 44,063 1,726 1,426

..

..

..

14,550 16,772 1.3%

.

.x

Energy

..

ARC Resources Ltd. 65,748 860 300

..

Cameco Corp. 74,093 1,041 1,031

..

Canadian Natural Resources Ltd. 219,679 7,967 5,173

..

Cenovus Energy Inc. 189,762 2,574 1,205

..

Crescent Point Energy Corp. 101,876 1,124 224

..

Enbridge Inc. 375,638 17,806 15,506

..

Enerplus Corp. 40,572 489 155

..

Gibson Energy Inc. 26,874 576 568

..

Husky Energy Inc. 56,020 832 250

..

Imperial Oil Ltd. 42,835 1,589 935

..

Inter Pipeline Ltd. 76,761 1,832 970

..

Keyera Corp. 39,412 1,317 815

..

MEG Energy Corp. 50,213 432 189

..

Parex Resources Inc. 26,723 448 437

..

Parkland Corp. 27,431 948 925

..

Pason Systems Inc. 13,689 244 102

..

Pembina Pipeline Corp. 97,011 4,197 3,293

..

PrairieSky Royalty Ltd. 38,636 863 331

..

Seven Generations Energy Ltd., Class 'A' 53,637 713 163

..

Suncor Energy Inc. 283,292 11,253 6,485

..

TC Energy Corp. 174,580 10,415 10,126

..

Tourmaline Oil Corp. 46,680 1,038 554

..

Vermilion Energy Inc. 28,936 998 175

..

Whitecap Resources Inc. 75,962 545 169

..

..

..

70,101 50,081 3.7%

.

.x

Financials

..

Bank of Montreal 118,542 10,810 8,566

..

Bank of Nova Scotia 225,224 15,937 12,653

..

Brookfield Asset Management Inc., Class 'A' 260,019 10,025 11,618

..

Canadian Imperial Bank of Commerce 82,863 8,628 7,519

..

Canadian Western Bank 16,135 477 382

..

CI Financial Corp. 39,262 959 678

..

ECN Capital Corp. 41,547 169 160

..

Element Fleet Management Corp. 81,516 829 826

..

Equitable Group Inc. 2,075 203 148

..

Fairfax Financial Holdings Ltd. 5,090 3,046 2,135

..

Genworth MI Canada Inc. 7,227 304 240

..

Great-West Lifeco Inc. 49,501 1,576 1,178

..

Home Capital Group Inc. 9,881 223 199

..

Horizons S&P/TSX Capped Composite Index ETF 2,285,100 48,292 50,752

..

iA Financial Corp. Inc. 19,934 1,048 906

5



Schedule of Investment Portfolio (unaudited) As at June 30, 2020 (cont'd)

Security

Number

of Shares

Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

IGM Financial Inc. 15,017 573 495

..

Intact Financial Corp. 26,447 2,860 3,417

..

Laurentian Bank of Canada 7,795 359 223

..

Manulife Financial Corp. 359,686 8,236 6,643

..

National Bank of Canada 62,385 3,641 3,838

..

Onex Corp. 15,880 1,251 974

..

Power Corp. of Canada 107,199 3,182 2,560

..

Royal Bank of Canada 264,386 24,753 24,353

..

Sun Life Financial Inc. 108,765 5,410 5,426

..

TMX Group Ltd. 9,407 871 1,263

..

Toronto-Dominion Bank (The) 334,799 22,466 20,286

..

..

..

176,128 167,438 12.4%

.

.x

Health Care

..

Aphria Inc. 49,519 502 288

..

Aurinia Pharmaceuticals Inc. 17,560 396 387

..

Aurora Cannabis Inc. 18,106 1,544 304

..

Canopy Growth Corp. 41,345 1,294 909

..

Chartwell Retirement Residences 39,760 511 372

..

Cronos Group Inc. 33,122 464 271

..

Knight Therapeutics Inc. 21,323 177 150

..

Sienna Senior Living Inc. 12,319 220 114

..

..

..

5,108 2,795 0.2%

.

.x

Industrials

..

Aecon Group Inc. 11,292 189 167

..

Air Canada 55,095 1,376 934

..

ATS Automation Tooling Systems Inc. 13,714 228 262

..

Badger Daylighting Ltd. 6,591 212 196

..

Ballard Power Systems Inc. 30,688 250 641

..

Boyd Group Services Inc. 3,988 807 806

..

Brookfield Business Partners L.P. 10,199 472 426

..

CAE Inc. 49,547 1,284 1,091

..

Canadian National Railway Co. 132,091 13,273 15,866

..

Canadian Pacific Railway Ltd. 25,194 6,318 8,700

..

Cargojet Inc. 2,537 224 406

..

Exchange Income Corp. 5,957 226 159

..

Finning International Inc. 30,656 743 567

..

Morneau Shepell Inc. 12,573 333 398

..

Mullen Group Ltd. 18,641 259 136

..

NFI Group Inc. 10,195 373 170

..

Richelieu Hardware Ltd. 9,747 268 282

..

Ritchie Bros. Auctioneers Inc. 19,945 852 1,102

..

Russel Metals Inc. 11,501 268 187

..

SNC-Lavalin Group Inc. 32,483 1,308 744

..

Stantec Inc. 20,478 675 858

..

TFI International Inc. 15,376 539 741

..

Thomson Reuters Corp. 31,638 2,194 2,918

..

Toromont Industries Ltd. 15,149 816 1,021

..

Transcontinental Inc., Class 'A' 13,719 268 207

..

Waste Connections Inc. 48,982 4,749 6,230

..

Westshore Terminals Investment Corp. 8,212 187 137

..

WSP Global Inc. 12,683 802 1,056

..

..

..

39,493 46,408 3.4%

.

.x

Information Technology

..

BlackBerry Ltd. 91,845 1,103 608

..

Celestica Inc. 20,614 276 192

..

CGI Inc. 42,755 3,261 3,657

..

Constellation Software Inc. 3,661 3,382 5,612

..

Descartes Systems Group Inc. (The) 15,637 624 1,121

..

Enghouse Systems Ltd. 7,422 262 538

..

Kinaxis Inc. 4,931 390 957

..

Lightspeed POS Inc. 7,321 263 237

..

Open Text Corp. 50,171 2,240 2,892

..

Shopify Inc., Class 'A' 19,959 6,674 25,743

..

..

..

18,475 41,557 3.1%

.

.x

Materials

..

Agnico Eagle Mines Ltd. 45,177 2,559 3,927

..

Alacer Gold Corp. 54,659 206 510

..

Alamos Gold Inc., Class 'A' 73,028 567 925

..

B2Gold Corp. 192,807 742 1,488

..

Barrick Gold Corp. 330,250 6,761 12,064

..

Canfor Corp. 11,590 203 136

..

Cascades Inc. 12,565 165 186

..

CCL Industries Inc., Class 'B' 27,308 1,339 1,198

..

Centerra Gold Inc. 40,350 317 611

..

Dundee Precious Metals Inc. 26,545 214 237

..

Eldorado Gold Corp. 29,334 429 384

..

Endeavour Mining Corp. 14,134 318 464

..

Equinox Gold Corp. 27,332 383 415

..

ERO Copper Corp. 11,184 185 220

..

First Majestic Silver Corp. 33,091 313 447

..

First Quantum Minerals Ltd. 128,144 1,676 1,387

6




Security

Number

of Shares

Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

Franco-Nevada Corp. 35,281 3,585 6,691

..

Hudbay Minerals Inc. 41,410 337 170

..

IAMGOLD Corp. 88,266 421 476

..

Interfor Corp. 12,902 203 148

..

Intertape Polymer Group Inc. 10,991 199 132

..

Ivanhoe Mines Ltd., Class 'A' 102,704 316 395

..

Kinross Gold Corp. 234,614 1,311 2,299

..

Kirkland Lake Gold Ltd. 47,893 1,507 2,677

..

Labrador Iron Ore Royalty Corp. 11,845 272 288

..

Lundin Gold Inc. 14,467 170 184

..

Lundin Mining Corp. 119,510 796 870

..

MAG Silver Corp. 14,231 199 273

..

Methanex Corp. 14,156 811 347

..

Norbord Inc. 8,777 318 272

..

NovaGold Resources Inc. 44,805 318 558

..

Nutrien Ltd. 105,848 6,792 4,617

..

Osisko Gold Royalties Ltd. 27,144 361 368

..

Pan American Silver Corp. 38,864 786 1,602

..

Pretium Resources Inc. 34,780 389 395

..

Sandstorm Gold Ltd. 32,872 226 428

..

Seabridge Gold Inc. 9,380 168 224

..

SEMAFO Inc. 61,805 217 286

..

Silvercorp Metals Inc. 32,033 176 233

..

SilverCrest Metals Inc. 16,072 177 200

..

SSR Mining Inc. 23,201 366 671

..

Stella-Jones Inc. 11,256 463 384

..

Teck Resources Ltd., Class 'B' 86,502 2,034 1,230

..

Teranga Gold Corp. 20,538 215 253

..

Torex Gold Resources Inc. 16,294 253 349

..

Wesdome Gold Mines Ltd. 25,833 169 303

..

West Fraser Timber Co. Ltd. 9,520 575 454

..

Wheaton Precious Metals Corp. 83,011 2,410 4,957

..

Winpak Ltd. 5,688 267 237

..

Yamana Gold Inc. 176,290 789 1,301

..

..

..

43,973 58,871 4.4%

.

.x

Real Estate

..

Allied Properties REIT 22,950 1,000 940

..

Altus Group Ltd. 7,489 253 306

..

Artis REIT 22,729 262 172

..

Boardwalk REIT 6,982 303 207

..

Canadian Apartment Properties REIT 31,640 1,314 1,537

..

Choice Properties REIT 48,265 621 615

..

Colliers International Group Inc. 5,357 425 417

..

Cominar REIT 33,964 440 278

..

Crombie REIT 16,726 228 214

..

CT REIT 12,766 202 173

..

Dream Industrial REIT 25,983 314 278

..

Dream Office REIT 8,735 193 179

..

First Capital REIT 32,057 656 445

..

FirstService Corp. 6,451 637 882

..

Granite REIT 10,727 607 752

..

H&R REIT 53,444 1,123 522

..

InterRent REIT 22,546 305 323

..

Killam Apartment REIT 18,292 313 320

..

Northview Apartment REIT 11,193 288 389

..

NorthWest Healthcare Properties REIT 25,852 289 279

..

Real Matters Inc. 14,430 186 382

..

RioCan REIT 58,807 1,485 903

..

SmartCentres REIT 23,731 702 496

..

Summit Industrial Income REIT 21,451 255 246

..

Tricon Capital Group Inc. 26,869 287 246

..

WPT Industrial REIT 15,464 289 271

..

..

..

12,977 11,772 0.9%

.

.x

Utilities

..

Algonquin Power & Utilities Corp. 96,787 1,465 1,699

..

AltaGas Ltd. 52,727 1,249 825

..

ATCO Ltd., Class 'I' 13,758 610 554

..

Boralex Inc., Class 'A' 13,942 311 431

..

Brookfield Infrastructure Partners L.P. 54,700 2,774 3,056

..

Brookfield Renewable Partners L.P. 24,916 1,121 1,620

..

Canadian Utilities Ltd., Class 'A' 22,232 802 752

..

Capital Power Corp. 19,779 554 553

..

Emera Inc. 45,456 2,198 2,428

..

Fortis Inc. 85,998 4,085 4,440

..

Hydro One Ltd. 56,627 1,326 1,446

..

Innergex Renewable Energy Inc. 24,673 372 471

..

Northland Power Inc. 31,848 779 1,082

..

Superior Plus Corp. 32,836 390 365

..

TransAlta Corp. 52,989 489 427

..

TransAlta Renewables Inc. 19,210 260 280

..

..

..

18,785 20,429 1.5%

.

.

..

TOTAL CANADIAN EQUITIES 437,629 451,934 33.5%

.

.

7




Security

Number

of Shares

Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

x

INTERNATIONAL EQUITIES

..

Australia

..

OceanaGold Corp. 117,666 382 372

..

..

..

382 372 0.0%

.

.x

United States

..

Bausch Health Cos. Inc. 57,640 3,011 1,432

..

Brookfield Property Partners L.P. 65,238 1,604 877

..

iShares MSCI EAFE ETF 1,123,632 92,895 92,854

..

Primo Water Corp. 28,799 510 536

..

..

..

98,020 95,699 7.1%

.

.

..

TOTAL INTERNATIONAL EQUITIES 98,402 96,071 7.1%

.

.

..

TOTAL EQUITIES 536,031 548,005 40.6%

.

.

Security

Coupon

Rate (%)

Maturity

Date Additional Details Par Value

Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

x

CANADIAN BONDS

..

Government of Canada & Guaranteed

..

Canada Housing Trust No. 1 1.15% 2021/12/15 1,775,000 1,746 1,796

..


..


..


..


..


..


..

Canada Housing Trust No. 1 3.15% 2023/09/15 Series '55' 625,000 649 678

..

Canada Housing Trust No. 1 2.55% 2023/12/15 Series 'SEPT' 9,950,000 10,523 10,636

..


..


..


..

Canada Housing Trust No. 1 2.25% 2025/12/15 Series '70' 900,000 893 974

..

Canada Housing Trust No. 1 1.90% 2026/09/15 500,000 504 535

..


..

Canada Housing Trust No. 1 2.65% 2028/03/15 Series 'FEB' 600,000 623 680

..


..


..

Canada Housing Trust No. 1 1.75% 2030/06/15 Series '92' 1,000,000 998 1,074

..

Canada Post Corp. 4.08% 2025/07/16 Series '2' 100,000 118 116

..

CPPIB Capital Inc. 3.00% 2028/06/15 350,000 350 397

..

CPPIB Capital Inc. 1.95% 2029/09/30 300,000 299 318

..

Government of Canada 0.50% 2022/03/01 700,000 663 703

..

Government of Canada 1.00% 2022/09/01 5,000,000 5,043 5,079

..


..


..


..


..


..


..


..


..


..


..


..


..


..


..


..

Maritime Link Financing Trust 3.50% 2052/12/01 Series 'A', Sinkable, Callable 25,000 25 31

..

PSP Capital Inc. 1.73% 2022/06/21 Callable 125,000 125 128

..

PSP Capital Inc. 2.09% 2023/11/22 Series '9' 150,000 150 157

..

PSP Capital Inc. 3.00% 2025/11/05 Series '11' 200,000 200 222

..

PSP Capital Inc. 2.05% 2030/01/15 Series '12' 1,225,000 1,228 1,306

..

..

..

137,762 147,693 10.9%

.

.x

Provincial Government & Guaranteed

..

55 School Board Trust 5.90% 2033/06/02 Series 'A', Callable 75,000 82 109

..

Financement-Québec 5.25% 2034/06/01 300,000 399 429

..

Hydro-Québec 6.00% 2031/08/15 Series 'JG' 500,000 685 734

..

Hydro-Québec 6.50% 2035/02/15 Series '19' 1,400,000 2,089 2,261

..

Hydro-Québec 6.00% 2040/02/15 425,000 638 707

..

Hydro-Québec 5.00% 2045/02/15 Series 'JM' 525,000 714 833

..

Hydro-Québec 5.00% 2050/02/15 Series 'JN' 25,000 26 42

..

Hydro-Québec 4.00% 2055/02/15 1,350,000 1,794 2,056

..

Labrador-Island Link Funding Trust 3.86% 2045/12/01 Series 'B', Callable 25,000 26 35

..

Labrador-Island Link Funding Trust 3.85% 2053/12/01 Series 'C', Callable 25,000 25 38

..

Newfoundland & Labrador Hydro 3.60% 2045/12/01 350,000 341 412

..

Ontario Electricity Financial Corp. 8.25% 2026/06/22 75,000 97 106

..

Ontario School Boards Financing Corp. 6.55% 2026/10/19 21,554 22 26

..

Ontario School Boards Financing Corp. 5.90% 2027/10/11 Series '02A2', Sinkable,

Callable 23,060 23 27

..

Ontario School Boards Financing Corp. 5.80% 2028/11/07 Series '03A2', Sinkable,

Callable 12,646 13 15

..

OPB Finance Trust 2.98% 2027/01/25 Series 'F', Callable 75,000 75 82

8




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

Province of Alberta 1.35% 2021/09/01 25,000 25 25

..


..


..


..

Province of Alberta 2.35% 2025/06/01 3,225,000 3,210 3,442

..

Province of Alberta 2.55% 2027/06/01 975,000 956 1,059

..


..


..


..


..


..


..


..


..


..

Province of British Columbia 3.25% 2021/12/18 125,000 137 130

..


..

Province of British Columbia 3.30% 2023/12/18 Series 'BCCD' 50,000 50 55

..


..


..

Province of British Columbia 2.55% 2027/06/18 1,925,000 1,965 2,121

..


..


..


..


..


..


..


..


..


..


..

Province of British Columbia 2.80% 2048/06/18 Series 'BCCD-35' 250,000 242 300

..


..

Province of Manitoba 1.55% 2021/09/05 300,000 299 304

..


..


..


..

Province of Manitoba 2.45% 2025/06/02 1,050,000 1,084 1,130

..


..


..


..


..


..


..


..


..


..


..


..


..


..

Province of New Brunswick 3.35% 2021/12/03 100,000 111 104

..


..

Province of New Brunswick 3.65% 2024/06/03 1,100,000 1,178 1,223

..


..


..

Province of New Brunswick 5.50% 2034/01/27 Series 'GJ' 25,000 30 36

..

Province of New Brunswick 4.80% 2039/09/26 Sinkable 350,000 444 499

..


..


..


..


..


..

Province of Newfoundland and Labrador 2.30% 2025/06/02 1,375,000 1,382 1,452

..

Province of Newfoundland and Labrador 6.15% 2028/04/17 50,000 68 66

..


..


..

Province of Newfoundland and Labrador 5.60% 2033/10/17 Series '6R' 25,000 30 35

..


..

Province of Newfoundland and Labrador 3.30% 2046/10/17 Series '6X' 150,000 141 169

..


..

Province of Newfoundland and Labrador 2.65% 2050/10/17 Series '7H' 250,000 246 254

..

Province of Nova Scotia 2.10% 2027/06/01 625,000 599 665

..

Province of Nova Scotia 2.00% 2030/09/01 Series 'E2' 625,000 632 659

..


..

Province of Nova Scotia 4.50% 2037/06/01 1,000,000 1,279 1,369

..


..


..

Province of Ontario 1.35% 2022/03/08 1,200,000 1,186 1,219

..


..

Province of Ontario 1.95% 2023/01/27 350,000 350 363

..


..

Province of Ontario 2.60% 2023/09/08 950,000 947 1,010

..


..


9




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..


..


..


..


..


..


..

Province of Ontario 7.60% 2027/06/02 Series 'KJ' 230,000 342 330

..


..


..


..


..

Province of Ontario 6.20% 2031/06/02 825,000 1,164 1,229

..


..


..


..


..


..


..


..


..


..


..

Province of Prince Edward Island 3.60% 2053/01/17 50,000 46 67

..

Province of Quebec 9.38% 2023/01/16 100,000 133 122

..


..


..

Province of Quebec 2.25% 2024/02/22 Series 'QV' 100,000 100 106

..

Province of Quebec 3.75% 2024/09/01 2,825,000 3,089 3,178

..


..


..


..


..


..


..

Province of Quebec 6.00% 2029/10/01 Series 'OS' 1,050,000 1,327 1,480

..


..


..


..


..


..


..


..


..

Province of Saskatchewan 3.20% 2024/06/03 200,000 212 219

..


..


..

Province of Saskatchewan 3.05% 2028/12/02 900,000 941 1,024

..


..


..

Province of Saskatchewan 4.75% 2040/06/01 Series 'GC' 200,000 246 285

..


..


..


..


..


..

..

..

160,977 176,097 13.0%

.

.x

Municipal Government & Guaranteed

..

Aéroports de Montréal 6.55% 2033/10/11 Callable 25,000 28 37

..

Aéroports de Montréal 5.67% 2037/10/16 Series 'H', Callable 250,000 333 356

..

Aéroports de Montréal 3.92% 2042/09/26 Series 'K', Callable 800,000 984 975

..

City of Greater Sudbury 2.42% 2050/03/12 325,000 325 332

..

City of Montreal 4.50% 2021/12/01 400,000 431 423

..

City of Montreal 3.50% 2023/09/01 150,000 158 163

..

City of Montreal 3.50% 2024/09/01 50,000 50 55

..

City of Montreal 3.00% 2025/09/01 50,000 50 55

..

City of Montreal 3.00% 2027/09/01 125,000 124 139

..

City of Montreal 3.15% 2028/09/01 175,000 176 198

..

City of Montreal 2.30% 2029/09/01 1,050,000 1,037 1,121

..

City of Montreal 3.15% 2036/12/01 75,000 75 86

..

City of Montreal 3.50% 2038/12/01 600,000 645 720

..

City of Montreal 6.00% 2043/06/01 25,000 25 42

..

City of Ottawa 3.10% 2048/07/27 225,000 218 263

..

City of Ottawa 2.50% 2051/05/11 700,000 696 739

..

City of Toronto 2.45% 2025/02/06 50,000 50 53

..

City of Toronto 2.40% 2026/06/24 400,000 398 430

..

City of Toronto 2.40% 2027/06/07 50,000 48 54

..

City of Toronto 2.65% 2029/11/09 500,000 513 552

..

City of Toronto 3.50% 2036/06/02 125,000 126 149

..

City of Toronto 2.60% 2039/09/24 75,000 74 79

..

City of Toronto 5.20% 2040/06/01 50,000 56 73

..

City of Toronto 3.25% 2046/06/24 125,000 119 147

..

City of Toronto 3.20% 2048/08/01 150,000 150 178

..

City of Vancouver 2.85% 2027/11/03 50,000 50 56

..

First Nations Finance Authority 3.05% 2028/06/01 Series '2017-1' 125,000 132 140

10




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

Greater Toronto Airports Authority 3.04% 2022/09/21 Callable 200,000 210 207

..

Greater Toronto Airports Authority 6.45% 2029/07/30 289,352 347 353

..

Greater Toronto Airports Authority 7.05% 2030/06/12 Series '2000-1', Callable 30,000 36 43

..

Greater Toronto Airports Authority 6.98% 2032/10/15 Series '2002-3' 25,000 35 37

..

Greater Toronto Airports Authority 3.26% 2037/06/01 Callable 400,000 388 438

..

Greater Toronto Airports Authority 2.75% 2039/10/17 Series '19-2', Callable 1,325,000 1,350 1,366

..

Greater Toronto Airports Authority 5.30% 2041/02/25 Series '2011-1', Callable 150,000 185 215

..

Municipal Finance Authority of British Columbia 2.15% 2022/12/01 75,000 75 78

..


..


..


..

Municipal Finance Authority of British Columbia 4.95% 2027/12/01 1,275,000 1,515 1,608

..


..

Ottawa MacDonald-Cartier International Airport Authority 3.93% 2045/06/09 Series 'E', Sinkable, Callable 50,000 50 58

..

Regional Municipality of Peel 5.10% 2040/06/29 25,000 28 36

..

Regional Municipality of Peel 3.85% 2042/10/30 75,000 84 96

..

Regional Municipality of York 2.35% 2027/06/09 400,000 379 429

..


..


..

South Coast British Columbia Transportation Authority 3.25% 2028/11/23 50,000 50 57

..


..


..

University of Ottawa 2.64% 2060/02/13 Series 'C', Callable 125,000 125 129

..

University of Toronto 6.78% 2031/07/18 Callable 75,000 78 111

..

Winnipeg Airports Authority Inc. 5.21% 2040/09/28 Sinkable, Callable 20,569 18 25

..

..

..

13,220 14,201 1.1%

.

.x

Corporate

..

407 International Inc. 3.35% 2024/05/16 Callable 50,000 55 54

..


..


..

407 International Inc. 5.96% 2035/12/03 525,000 690 762

..


..


..


..


..


..

AIMCo Realty Investors L.P. 2.71% 2029/06/01 Series '4', Callable 300,000 300 321

..

Alberta PowerLine L.P. 4.07% 2053/12/01 Sinkable 99,000 99 118

..

Alectra Inc. 2.49% 2027/05/17 Series 'A', Callable 375,000 357 401

..

Algonquin Power Co. 4.65% 2022/02/15 Callable 100,000 108 105

..

Algonquin Power Co. 4.60% 2029/01/29 Callable 225,000 225 255

..

Alimentation Couche-Tard Inc. 3.90% 2022/11/01 Series '3', Callable 50,000 50 53

..

Alimentation Couche-Tard Inc. 3.06% 2024/07/26 Callable 175,000 175 184

..

Alimentation Couche-Tard Inc. 3.60% 2025/06/02 Series '5', Callable 150,000 153 162

..

Allied Properties REIT 3.11% 2027/04/08 Series 'E', Callable 250,000 250 257

..

Allied Properties REIT 3.13% 2028/05/15 Series 'G', Callable 125,000 125 128

..

Allied Properties REIT 3.39% 2029/08/15 Series 'D', Callable 250,000 250 258

..

Allied Properties REIT 3.12% 2030/02/21 Series 'F', Callable 700,000 700 705

..

AltaGas Canada Inc. 4.26% 2028/12/05 Callable 300,000 322 347

..

AltaGas Ltd. 3.72% 2021/09/28 Callable 25,000 25 26

..

AltaGas Ltd. 2.61% 2022/12/16 350,000 350 359

..


..


..


..


..

AltaLink L.P. 2.98% 2022/11/28 200,000 204 210

..

AltaLink L.P. 3.67% 2023/11/06 225,000 246 245

..

AltaLink L.P. 3.99% 2042/06/30 Callable 500,000 579 627

..

AltaLink L.P. 4.05% 2044/11/21 Series '2014-3', Callable 50,000 50 64

..

AltaLink L.P. 3.72% 2046/12/03 Callable 50,000 50 62

..

AltaLink L.P. 4.27% 2064/06/06 Series '2014-2', Callable 50,000 50 73

..

Bank of Montreal 2.12% 2022/03/16 1,150,000 1,150 1,174

..

Bank of Montreal 2.27% 2022/07/11 140,000 140 144

..

Bank of Montreal 2.89% 2023/06/20 650,000 654 685

..

Bank of Montreal 2.85% 2024/03/06 225,000 225 237

..

Bank of Montreal 2.28% 2024/07/29 500,000 500 517

..

Bank of Montreal 2.70% 2024/09/11 125,000 125 133

..

Bank of Montreal 2.37% 2025/01/17 Callable 275,000 275 286

..

Bank of Montreal 2.70% 2026/12/09 100,000 100 109

..

Bank of Montreal 2.57% 2027/06/01 Variable Rate, Callable 275,000 269 281

..

Bank of Montreal 3.19% 2028/03/01 400,000 400 452

..

Bank of Montreal 2.88% 2029/09/17 Variable Rate, Callable 1,025,000 1,023 1,063

..

Bank of Montreal 2.08% 2030/06/17 Variable Rate, Callable 400,000 400 401

..

Bank of Nova Scotia 1.90% 2021/12/02 100,000 100 102

..

Bank of Nova Scotia 1.83% 2022/04/27 1,325,000 1,290 1,347

..


..


..


..


..


..


..

Bank of Nova Scotia 2.58% 2027/03/30 Variable Rate, Callable 225,000 220 229

..


..


11




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

bcIMC Realty Corp. 2.15% 2022/08/11 Series 'A', Callable 200,000 195 204

..

bcIMC Realty Corp. 2.84% 2025/06/03 Callable 100,000 100 107

..

bcIMC Realty Corp. 3.00% 2027/03/31 Callable 50,000 50 55

..

Bell Canada 2.00% 2021/10/01 50,000 50 51

..

Bell Canada 3.35% 2023/03/22 Series 'M-26', Callable 675,000 683 709

..

Bell Canada 4.70% 2023/09/11 Callable 100,000 109 110

..

Bell Canada 2.70% 2024/02/27 Callable 1,075,000 1,081 1,121

..


..

Bell Canada 3.55% 2026/03/02 Callable 1,025,000 1,054 1,122

..

Bell Canada 8.88% 2026/04/17 75,000 99 101

..


..


..


..

Bell Canada 2.50% 2030/05/14 275,000 274 282

..


..


..


..


..

Bridging North America G.P. 4.34% 2053/08/31 Series 'B', Sinkable 50,000 52 60

..

British Columbia Ferry Services Inc. 6.25% 2034/10/13 50,000 61 72

..

British Columbia Ferry Services Inc. 4.70% 2043/10/23 Series '13-1', Callable 800,000 1,087 1,095

..

Brookfield Asset Management Inc. 4.54% 2023/03/31 Callable 325,000 354 349

..

Brookfield Asset Management Inc. 4.82% 2026/01/28 Callable 425,000 443 478

..

Brookfield Infrastructure Finance ULC 3.32% 2024/02/22 Callable 1,075,000 1,093 1,120

..

Brookfield Infrastructure Finance ULC 3.41% 2029/10/09 Callable 300,000 300 310

..

Brookfield Property Finance ULC 4.12% 2021/10/19 50,000 50 50

..

Brookfield Property Finance ULC 4.30% 2024/03/01 Callable 150,000 150 151

..

Brookfield Property Finance ULC 3.93% 2027/01/15 Callable 200,000 200 196

..

Brookfield Renewable Partners ULC 3.63% 2027/01/15 Callable 500,000 497 543

..

Brookfield Renewable Partners ULC 3.38% 2030/01/15 Series '12', Callable 600,000 600 642

..

Bruce Power L.P. 3.97% 2026/06/23 Callable 1,000,000 1,054 1,107

..

Bruce Power L.P. 4.01% 2029/06/21 Series '17-2', Callable 75,000 75 85

..

Bruce Power L.P. 4.13% 2033/06/21 Series '18-1', Callable 125,000 125 142

..

Bruce Power L.P. 4.75% 2049/06/21 Series '2019', Callable 75,000 75 95

..

Cameco Corp. 4.19% 2024/06/24 Callable 300,000 311 314

..

Canadian Imperial Bank of Commerce 1.64% 2021/07/12 300,000 297 303

..


..


..


..


..


..


..

Canadian Imperial Bank of Commerce 3.45% 2028/04/04 Variable Rate, Callable 250,000 255 261

..

Canadian Imperial Bank of Commerce 2.95% 2029/06/19 Variable Rate, Callable 275,000 275 286

..

Canadian National Railway Co. 2.80% 2025/09/22 Callable 25,000 25 27

..


..


..


..

Canadian Natural Resources Ltd. 3.31% 2022/02/11 350,000 359 359

..

Canadian Natural Resources Ltd. 3.55% 2024/06/03 Callable 50,000 50 52

..


..


..

Canadian Pacific Railway Co. 3.15% 2029/03/13 Callable 200,000 200 220

..

Canadian Pacific Railway Co. 6.45% 2039/11/17 Callable 25,000 25 39

..

Canadian Tire Corp. Ltd. 3.17% 2023/07/06 Series 'F', Callable 50,000 50 52

..

Canadian Tire Corp. Ltd. 5.61% 2035/09/04 Callable 50,000 43 58

..

Canadian Western Bank 2.79% 2021/09/13 100,000 99 101

..


..


..


..

Canadian Western Bank 2.60% 2024/09/06 Callable 150,000 150 151

..

Canadian Western Bank 2.61% 2025/01/30 Callable 200,000 200 201

..

Capital Desjardins Inc. 4.95% 2026/12/15 Variable Rate, Callable 200,000 224 210

..

Capital Power Corp. 4.28% 2024/09/18 Callable 100,000 100 106

..

Capital Power Corp. 4.42% 2030/02/08 Callable 400,000 400 427

..

Cards II Trust 2.43% 2024/11/15 Series 'A' 300,000 300 312

..

Caterpillar Financial Services Ltd. 2.09% 2022/09/12 Restricted 200,000 200 204

..

CCL Industries Inc. 3.86% 2028/04/13 Series '1', Callable 50,000 50 55

..

Central 1 Credit Union 2.60% 2022/11/07 425,000 420 430

..

Central 1 Credit Union 2.58% 2023/12/06 150,000 150 152

..

Chartwell Retirement Residences 3.79% 2023/12/11 Callable 125,000 125 127

..

Chartwell Retirement Residences 4.21% 2025/04/28 Series 'B', Callable 75,000 75 77

..

Choice Properties L.P. 3.60% 2022/09/20 Series '10', Callable 325,000 341 337

..

Choice Properties REIT 3.56% 2024/09/09 Series 'K', Callable 200,000 199 212

..

Choice Properties REIT 3.55% 2025/01/10 Series 'J', Callable 775,000 771 822

..

Choice Properties REIT 2.85% 2027/05/21 Series 'P', Restricted, Callable 200,000 200 205

..

Choice Properties REIT 4.18% 2028/03/08 Series 'L', Callable 100,000 100 111

..

Choice Properties REIT 2.98% 2030/03/04 Series 'N', Callable 800,000 800 815

..

CI Financial Corp. 2.78% 2021/11/25 Callable 25,000 25 25

..

Clover L.P. 4.22% 2034/06/30 Series '1B', Sinkable 73,834 74 82

..

Coast Capital Savings Federal Credit Union 5.00% 2028/05/03 Variable Rate, Callable 50,000 50 52

..

Cordelio Amalco GP I 4.09% 2034/09/30 Series 'A', Sinkable 45,458 45 51

..

Crosslinx Transit Solutions G.P. 4.65% 2046/09/30 Sinkable 25,000 25 30

..

CT REIT 3.53% 2025/06/09 Series 'B', Callable 50,000 50 52

..

CT REIT 3.29% 2026/06/01 Series 'D', Callable 50,000 50 51

12




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

CT REIT 3.87% 2027/12/07 Series 'F', Callable 150,000 150 157

..

CU Inc. 4.80% 2021/11/22 Callable 300,000 342 316

..

CU Inc. 3.81% 2042/09/10 150,000 155 181

..

CU Inc. 4.72% 2043/09/09 Callable 50,000 55 68

..

CU Inc. 4.09% 2044/09/02 Callable 1,800,000 1,991 2,274

..

CU Inc. 3.96% 2045/07/27 Callable 25,000 25 31

..

Daimler Canada Finance Inc. 1.91% 2021/07/08 100,000 100 100

..


..


..


..

Dollarama Inc. 2.34% 2021/07/22 125,000 125 127

..

Dollarama Inc. 3.55% 2023/11/06 Callable 1,050,000 1,085 1,121

..

Eagle Credit Card Trust 2.22% 2024/07/17 Series 'A' 100,000 100 103

..

Emera Inc. 2.90% 2023/06/16 200,000 202 207

..

Enbridge Gas Distribution Inc. 5.21% 2036/02/25 Callable 50,000 55 67

..

Enbridge Gas Inc. 2.81% 2026/06/01 Callable 50,000 50 54

..


..


..

Enbridge Inc. 3.19% 2022/12/05 50,000 52 52

..

Enbridge Inc. 3.95% 2024/11/19 Callable 50,000 50 54

..


..

Enbridge Inc. 3.20% 2027/06/08 Callable 1,500,000 1,486 1,600

..


..


..

Enbridge Inc. 4.57% 2044/03/11 Callable 1,000,000 1,110 1,139

..


..

Enbridge Inc. 5.38% 2077/09/27 Variable Rate, Callable 900,000 904 908

..

Enbridge Inc. 6.63% 2078/04/12 Series 'C', Variable Rate,

Callable 150,000 150 163

..

Enbridge Pipelines Inc. 3.45% 2025/09/29 Callable 150,000 150 162

..


..


..

Energir Inc. 3.53% 2047/05/16 Series 'U', Callable 100,000 96 120

..

ENMAX Corp. 2.92% 2022/10/18 Series '5' 175,000 175 179

..

EPCOR Utilities Inc. 6.65% 2038/04/15 Callable 1,025,000 1,573 1,611

..

EPCOR Utilities Inc. 3.55% 2047/11/27 Callable 25,000 25 30

..

Fair Hydro Trust 3.36% 2033/05/15 Callable 350,000 350 408

..

Fairfax Financial Holdings Ltd. 5.84% 2022/10/14 Callable 125,000 137 134

..


..


..

Federated Co-operatives Ltd. 3.92% 2025/06/17 Callable 150,000 149 160

..

Federation des Caisses Desjardins du Québec 2.09% 2022/01/17 500,000 494 509

..


..


..

Federation des Caisses Desjardins du Québec 2.86% 2030/05/26 Floating Rate, Callable 200,000 200 207

..

First Capital Realty Inc. 3.90% 2023/10/30 Series 'Q', Callable 375,000 377 382

..

First Capital Realty Inc. 4.32% 2025/07/31 Series 'S', Callable 75,000 75 78

..

First Capital Realty Inc. 3.60% 2026/05/06 Series 'T', Callable 50,000 50 50

..

First Capital Realty Inc. 3.46% 2027/01/22 Series 'V', Callable 300,000 300 294

..

Fortified Trust 2.56% 2024/03/23 Series 'A' 100,000 100 104

..

Fortis Inc. 2.85% 2023/12/12 Callable 375,000 374 394

..

Fortis Inc. 6.51% 2039/07/04 25,000 25 38

..

FortisAlberta Inc. 5.85% 2038/04/15 Callable 400,000 539 584

..

FortisBC Energy Inc. 6.00% 2037/10/02 400,000 530 592

..

FortisBC Energy Inc. 5.80% 2038/05/13 150,000 200 219

..

Gaz Métro inc. 5.45% 2021/07/12 Callable 75,000 89 78

..

GE Capital Canada Funding Co. 4.60% 2022/01/26 350,000 366 362

..

General Motors Financial of Canada Ltd. 3.25% 2023/11/07 Series '5' 200,000 200 198

..

Genworth MI Canada Inc. 4.24% 2024/04/01 Callable 100,000 106 105

..

Genworth MI Canada Inc. 2.96% 2027/03/01 Callable 100,000 100 96

..

George Weston Ltd. 6.69% 2033/03/01 25,000 25 33

..

Gibson Energy Inc. 3.60% 2029/09/17 Callable 400,000 399 416

..

Glacier Credit Card Trust 3.14% 2023/09/20 75,000 75 79

..

Glacier Credit Card Trust 2.28% 2024/06/06 Series '2019' 300,000 300 306

..

Granite REIT Holdings L.P. 3.06% 2027/06/04 Series '4', Callable 300,000 300 308

..

Great-West Lifeco Inc. 3.34% 2028/02/28 Callable 75,000 75 84

..


..


..

Great-West Lifeco Inc. 6.00% 2039/11/16 325,000 428 464

..

H&R REIT 3.42% 2023/01/23 Series 'O', Callable 700,000 713 701

..

HCN Canadian Holdings-1 L.P. 2.95% 2027/01/15 Callable 100,000 100 99

..

Health Montreal Collective L.P. 6.72% 2049/09/30 Sinkable, Callable 25,000 30 37

..

Honda Canada Finance Inc. 2.27% 2022/07/15 725,000 723 739

..


..


..


..


..

Hospital for Sick Children (The) 3.42% 2057/12/07 Series 'B', Callable 25,000 25 31

..

HSBC Bank Canada 2.91% 2021/09/29 475,000 495 486

..

HSBC Bank Canada 2.17% 2022/06/29 850,000 839 864

..

HSBC Bank Canada 2.25% 2022/09/15 300,000 300 306

..

HSBC Bank Canada 2.54% 2023/01/31 400,000 393 411

..

Husky Energy Inc. 3.55% 2025/03/12 Callable 25,000 25 25

..

Husky Energy Inc. 3.60% 2027/03/10 Callable 600,000 594 582

..

Hydro One Inc. 3.20% 2022/01/13 Callable 375,000 396 388

13




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

Hydro One Inc. 2.54% 2024/04/05 Series '42', Callable 475,000 477 500

..


..


..


..


..

Hydro One Inc. 5.36% 2036/05/20 1,100,000 1,380 1,507

..


..


..

iA Financial Corp. Inc. 2.40% 2030/02/21 Variable Rate, Callable 300,000 300 305

..

IGM Financial Inc. 3.44% 2027/01/26 Callable 25,000 25 26

..


..


..

Industrial Alliance Insurance and Financial Services Inc. 3.30% 2028/09/15 Floating Rate, Callable 175,000 179 184

..

Intact Financial Corp. 4.70% 2021/08/18 25,000 27 26

..

Intact Financial Corp. 3.77% 2026/03/02 Callable 25,000 25 28

..

Intact Financial Corp. 2.85% 2027/06/07 Callable 125,000 125 134

..

Intact Financial Corp. 6.40% 2039/11/23 200,000 260 293

..

Inter Pipeline Ltd. 2.73% 2024/04/18 Callable 350,000 336 350

..


..


..

John Deere Canada Funding Inc. 2.63% 2022/09/21 75,000 75 78

..

John Deere Canada Funding Inc. 2.70% 2023/01/17 50,000 50 52

..

John Deere Financial Inc. 2.46% 2024/04/04 750,000 751 783

..

John Deere Financial Inc. 2.41% 2025/01/14 300,000 300 314

..

Keyera Corp. 3.96% 2030/05/29 Callable 75,000 75 79

..

Laurentian Bank of Canada 2.55% 2022/06/20 200,000 200 202

..


..


..

Loblaw Cos. Ltd. 4.86% 2023/09/12 Callable 125,000 138 138

..

Lower Mattagami Energy L.P. 4.94% 2043/09/21 Callable 100,000 128 142

..

Magna International Inc. 3.10% 2022/12/15 Callable 425,000 433 439

..

Manufacturers Life Insurance Co. (The) 3.18% 2027/11/22 Variable Rate, Callable 250,000 256 260

..

Manulife Bank of Canada 2.84% 2023/01/12 475,000 477 495

..

Manulife Bank of Canada 2.38% 2024/11/19 200,000 200 209

..

Manulife Financial Corp. 3.32% 2028/05/09 Variable Rate, Callable 50,000 50 52

..


..


..


..

Metro Inc. 2.68% 2022/12/05 Callable 50,000 50 52

..

Metro Inc. 3.39% 2027/12/06 Callable 950,000 995 1,053

..

Metro Inc. 5.97% 2035/10/15 Callable 50,000 58 68

..

Metro Inc. 5.03% 2044/12/01 Series 'D', Callable 25,000 25 33

..

Metro Inc. 3.41% 2050/02/28 Restricted, Callable 250,000 250 259

..

National Bank of Canada 2.11% 2022/03/18 300,000 302 306

..


..


..


..


..

National Bank of Canada 3.18% 2028/02/01 Variable Rate, Callable 75,000 75 78

..

NAV Canada 3.53% 2046/02/23 Callable 300,000 304 359

..

NAV Canada 2.92% 2051/09/29 Callable 300,000 300 326

..

North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% 2024/07/22 Series 'A', Callable 125,000 128 133

..

North West Redwater Partnership / NWR Financing Co. Ltd. 3.20% 2026/04/24 Callable 50,000 50 54

..

North West Redwater Partnership / NWR Financing Co. Ltd. 2.80% 2027/06/01 Series 'J', Callable 600,000 595 629

..

North West Redwater Partnership / NWR Financing Co. Ltd. 4.15% 2033/06/01 Series 'H', Callable 250,000 258 285

..

North West Redwater Partnership / NWR Financing Co. Ltd. 3.70% 2043/02/23 Series 'D', Callable 50,000 50 53

..

North West Redwater Partnership / NWR Financing Co. Ltd. 4.05% 2044/07/22 Callable 400,000 399 449

..

Northern Courier Pipeline L.P. 3.37% 2042/06/30 Sinkable 390,063 390 420

..

Nouvelle Autoroute 30 Financement Inc. 3.75% 2033/03/31 Series 'C', Sinkable 49,401 49 55

..

Nouvelle Autoroute 30 Financement Inc. 4.12% 2042/06/30 Series 'A', Sinkable 49,947 50 59

..

Nova Scotia Power Inc. 4.15% 2042/03/06 Callable 500,000 570 606

..

Nova Scotia Power Inc. 4.50% 2043/07/20 Callable 25,000 25 32

..

OMERS Realty Corp. 1.82% 2022/05/09 Series '8', Callable 100,000 97 101

..

OMERS Realty Corp. 1.30% 2023/09/22 Series '12' 150,000 150 151

..


..

OMERS Realty Corp. 3.33% 2024/11/12 50,000 50 54

..


..


..

Ontario Power Generation Inc. 3.32% 2027/10/04 Callable 75,000 75 83

..

Ontario Power Generation Inc. 2.98% 2029/09/13 Series '4', Callable 500,000 500 544

..


..


..

Original Wempi Inc. 4.31% 2024/02/13 Series 'B1', Callable 75,000 79 79

..

Pembina Pipeline Corp. 3.77% 2022/10/24 Callable 50,000 50 52

..


..

Pembina Pipeline Corp. 3.54% 2025/02/03 Series '5', Callable 50,000 50 53

..

Pembina Pipeline Corp. 3.71% 2026/08/11 Callable 1,600,000 1,646 1,732

..


..


..


..


..


..


..


..

Penske Truck Leasing Canada Inc. 2.85% 2022/12/07 Callable 25,000 25 25

14




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

Plenary Health Care Partnerships Humber L.P. 4.82% 2044/11/30 Callable 25,000 25 33

..

Plenary Properties LTAP L.P. 6.29% 2044/01/31 Sinkable, Callable 45,962 49 68

..

Power Corp. of Canada 8.57% 2039/04/22 500,000 818 806

..

Prime Structured Mortgage Trust 1.97% 2023/02/15 Class 'A', Series '20-1' 150,000 150 153

..

Reliance L.P. 3.84% 2025/03/15 Callable 75,000 75 78

..

RioCan REIT 3.72% 2021/12/13 Series 'R' 825,000 847 843

..

RioCan REIT 2.83% 2022/10/03 Series 'Y' 25,000 25 25

..

RioCan REIT 3.21% 2023/09/29 Series 'AA', Callable 50,000 50 51

..

RioCan REIT 3.29% 2024/02/12 Series 'W' 200,000 202 205

..

RioCan REIT 2.36% 2027/03/10 Series 'AC', Callable 300,000 300 288

..

Rogers Communications Inc. 4.00% 2022/06/06 Callable 350,000 364 370

..


..


..

Rogers Communications Inc. 6.11% 2040/08/25 200,000 246 283

..

Royal Bank of Canada 1.65% 2021/07/15 200,000 200 202

..


..


..


..


..

Royal Bank of Canada 2.33% 2023/12/05 1,075,000 1,056 1,120

..


..


..

Royal Bank of Canada 1.94% 2025/05/01 1,225,000 1,225 1,252

..

Royal Bank of Canada 3.45% 2026/09/29 Variable Rate, Callable 200,000 203 205

..


..


..


..


..

Saputo Inc. 1.94% 2022/06/13 Callable 150,000 150 152

..


..


..


..

Shaw Communications Inc. 3.80% 2023/11/02 Callable 125,000 125 134

..


..


..

SmartCentres REIT 3.99% 2023/05/30 Series 'I', Callable 50,000 50 52

..

SmartCentres REIT 3.56% 2025/02/06 Series 'N' 50,000 50 52

..

SmartCentres REIT 3.44% 2026/08/28 Series 'P', Callable 50,000 50 52

..

SmartCentres REIT 3.19% 2027/06/11 Series 'V', Restricted, Callable 800,000 800 815

..

SmartCentres REIT 3.83% 2027/12/21 Series 'S', Callable 50,000 50 53

..

SmartCentres REIT 3.53% 2029/12/20 Series 'U', Callable 200,000 200 204

..

SNC-Lavalin Innisfree McGill Finance Inc. 6.63% 2044/06/30 Callable 46,504 46 67

..

SSL Finance Inc. / SSL Financement Inc. 4.10% 2045/10/31 Series 'A', Sinkable, Callable 24,979 25 30

..

Sun Life Capital Trust 7.09% 2032/06/30 Series 'B', Callable 50,000 62 67

..

Sun Life Financial Inc. 2.75% 2027/11/23 Variable Rate, Callable 675,000 678 696

..


..

Sun Life Financial Inc. 2.38% 2029/08/13 Floating Rate, Callable 250,000 250 257

..


..

Suncor Energy Inc. 3.10% 2021/11/26 Series '5', Callable 75,000 77 77

..

Suncor Energy Inc. 3.00% 2026/09/14 Callable 600,000 597 627

..

Suncor Energy Inc. 3.10% 2029/05/24 Series '6', Callable 200,000 199 208

..

Suncor Energy Inc. 5.39% 2037/03/26 Callable 100,000 102 119

..

TD Capital Trust IV 10.00% 2039/06/30 Variable Rate, Callable 75,000 106 83

..

TELUS Corp. 3.35% 2023/03/15 Series 'CJ', Callable 575,000 585 604

..

TELUS Corp. 3.75% 2025/01/17 Callable 400,000 427 436

..


..

TELUS Corp. 2.35% 2028/01/27 Series 'CAC', Callable 500,000 499 513

..


..

TELUS Corp. 3.15% 2030/02/19 Series 'CAA', Callable 500,000 498 542

..

TELUS Corp. 4.85% 2044/04/05 Series 'CP', Callable 200,000 206 247

..


..

TELUS Corp. 4.70% 2048/03/06 Series 'CW', Callable 75,000 74 93

..

Teranet Holdings L.P. 3.54% 2025/06/11 Series '2020', Callable 300,000 300 307

..

Teranet Holdings L.P. 5.75% 2040/12/17 Callable 75,000 88 83

..

Terasen Gas (Vancouver Island) Inc. 6.05% 2038/02/15 Callable 500,000 714 745

..

Thomson Reuters Corp. 2.24% 2025/05/14 Callable 200,000 200 204

..

TMX Group Ltd. 3.00% 2024/12/11 Series 'D', Callable 50,000 50 53

..

Toromont Industries Ltd. 3.84% 2027/10/27 Callable 50,000 50 55

..

Toronto Hydro Corp. 5.54% 2040/05/21 Callable 400,000 505 590

..

Toronto-Dominion Bank (The) 2.62% 2021/12/22 850,000 856 873

..

Toronto-Dominion Bank (The) 1.99% 2022/03/23 1,400,000 1,391 1,427

..


..


..


..


..


..

Toronto-Dominion Bank (The) 3.59% 2028/09/14 Variable Rate, Callable 200,000 200 212

..


..

Toronto-Dominion Bank (The) 3.11% 2030/04/22 Variable Rate, Callable 1,025,000 1,025 1,079

..


..

Toronto-Dominion Bank (The) 3.06% 2032/01/26 Floating Rate, Callable 800,000 800 848

..

Toyota Credit Canada Inc. 2.62% 2022/10/11 100,000 100 103

..


..


..


15




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

TransCanada PipeLines Ltd. 3.65% 2021/11/15 Callable 50,000 52 52

..


..


..


..


..


..


..


..

TransCanada Trust 4.65% 2077/05/18 Series '17-B', Variable Rate,

Callable 300,000 280 296

..

Union Gas Ltd. 3.19% 2025/09/17 Callable 525,000 536 573

..


..


..

Ventas Canada Finance Ltd. 3.30% 2022/02/01 Callable 25,000 25 25

..

Ventas Canada Finance Ltd. 2.55% 2023/03/15 Series 'D', Callable 75,000 75 74

..

Ventas Canada Finance Ltd. 2.80% 2024/04/12 Series 'E', Callable 125,000 125 123

..

VW Credit Canada Inc. 2.65% 2022/06/27 350,000 350 355

..


..


..

Wells Fargo Financial Canada Corp. 3.46% 2023/01/24 600,000 628 635

..

Westcoast Energy Inc. 3.43% 2024/09/12 Callable 50,000 50 54

..

..

..

120,734 126,978 9.4%

.

.

..

TOTAL CANADIAN BONDS 432,693 464,969 34.4%

.

.x

INTERNATIONAL BONDS

..

United States

..

Manulife Finance Delaware L.P. 5.06% 2041/12/15 Variable Rate, Callable 25,000 26 30

..

..

..

26 30 0.0%

.

.

..

TOTAL INTERNATIONAL BONDS 26 30 0.0%

.

.x

SUPRANATIONAL BONDS

..

Asian Development Bank 4.65% 2027/02/16 100,000 117 124

..

Inter-American Development Bank 1.70% 2024/10/10 350,000 349 365

..

International Bank for Reconstruction and Development 2.50% 2023/08/03 150,000 149 159

..

International Bank for Reconstruction and Development 1.90% 2025/01/16 275,000 275 290

..

International Finance Corp. 1.38% 2024/09/13 400,000 398 411

..

..

..

1,288 1,349 0.1%

.

.

..

TOTAL SUPRANATIONAL BONDS 1,288 1,349 0.1%

.

.

..

TOTAL BONDS 434,007 466,348 34.5%

.

.

..

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS 970,038 1,014,353 75.1%

.

.x

SHORT-TERM INVESTMENTS (note 11)

..

Bank of Nova Scotia 0.30% 2020/08/27 Bankers' Acceptance 18,750,000 18,738 18,741

..


..


..

Banner Trust 0.72% 2020/07/14 Discount Note 3,500,000 3,493 3,499

..

Bay Street Funding Trust 0.50% 2020/11/18 Discount Note 10,000,000 9,979 9,981

..

Bay Street Funding Trust 0.50% 2020/12/08 Discount Note 7,900,000 7,880 7,883

..

Canadian Master Trust 0.90% 2020/08/10 Discount Note 10,000,000 9,971 9,990

..

Canadian Western Bank 2.00% 2020/07/20 Bearer Deposit Note 4,200,000 4,159 4,196

..

Enbridge Pipelines Inc. 0.47% 2020/07/22 Discount Note 5,000,000 4,998 4,999

..

Firstbank 0.30% 2020/08/24 Bankers' Acceptance 3,600,000 3,598 3,598

..


..


..

Fusion Trust 0.42% 2020/08/20 Series 'A', Discount Note 10,000,000 9,990 9,994

..

Fusion Trust 0.38% 2020/09/02 Series 'A', Discount Note 6,000,000 5,994 5,996

..

Hydro One Inc. 0.40% 2020/07/30 Discount Note 10,000,000 9,991 9,997

..

Hydro One Inc. 0.35% 2020/08/06 Discount Note 5,000,000 4,996 4,998

..

King Street Funding Trust 2.00% 2020/07/08 Discount Note 5,625,000 5,570 5,623

..


..


..

Manulife Bank of Canada 0.40% 2020/08/04 Bearer Deposit Note 1,500,000 1,499 1,499

..

Merit Trust 0.57% 2020/08/04 Senior Discount Note 4,100,000 4,094 4,098

..

PACCAR Financial Ltd. 0.37% 2020/07/27 Discount Note 3,600,000 3,599 3,599

..

Plaza Trust 0.63% 2020/12/01 Discount Note 7,775,000 7,751 7,755

..

Prime Trust 0.47% 2020/12/09 Senior Discount Note 7,000,000 6,984 6,986

..

Ridge Trust 1.91% 2020/08/05 Discount Note 5,000,000 4,953 4,991

..

Ridge Trust 1.51% 2020/08/28 Discount Note 10,000,000 9,939 9,976

..

Royal Bank of Canada 0.20% 2020/07/02 Term Deposit 20,000,000 20,000 20,000

..

Royal Bank of Canada 0.34% 2020/08/12 Bankers' Acceptance 15,500,000 15,487 15,494

..

Royal Bank of Canada 0.30% 2020/09/30 Bankers' Acceptance 28,650,000 28,628 28,628

..

Storm King Funding Trust 1.21% 2020/07/09 Discount Note 9,500,000 9,471 9,497

..


..


..


..


..

Toronto-Dominion Bank (The) 0.28% 2020/09/01 Bankers' Acceptance 10,000,000 9,995 9,995

..

..

..

TOTAL SHORT-TERM INVESTMENTS 313,372 313,702 23.2%

.

.

..

Less: Transaction costs included in average cost (293)

.

..

..

TOTAL INVESTMENTS 1,283,117 1,328,055 98.3%

.

.

..

Margin 25,385 1.9%

16




Security

Coupon

Rate (%)

Maturity


Average

Cost

($000s)

Fair

Value

($000s)

% of

Net

Assets

..

cibcbalancedindexfund interimfinancialreports(unaudited) · metroinc. 47 ,3 209 651. n or t hw esc...

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