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JUNE 30, 2020

SEMI-ANNUAL REPORT

Conservative Portfolio

Conservative Balanced Portfolio

Balanced Portfolio

Balanced Growth Portfolio

Growth Portfolio

Maximum Growth Portfolio

UNAUDITED FINANCIAL STATEMENTS

Table of Contents

1

x

Financial Statements

Management’s Responsibility for Financial Reporting 2

x

Compass Conservative Portfolio

Statements of Financial Position 3

Statements of Comprehensive Income 4

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 5

Statements of Cash Flows 6

Schedule of Investments 7

x

Compass Conservative Balanced Portfolio






x

Compass Balanced Portfolio






x

Compass Balanced Growth Portfolio






x

Compass Growth Portfolio






x

Compass Maximum Growth Portfolio






x

Notes to the Financial Statements 86

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Management’s Responsibility for Financial Reporting

The accompanying financial statements of Compass Conservative Portfolio, Compass Conservative

Balanced Portfolio, Compass Balanced Portfolio, Compass Balanced Growth Portfolio, Compass

Growth Portfolio, Compass Maximum Growth Portfolio (the Portfolios) have been prepared by ATB

Investment Management Inc. in its capacity as manager (the Manager) of the Portfolios. The Manager

of the Portfolios is responsible for the information and representations contained in these financial

statements. The Board of Directors of the Manager, in its capacity as trustee of the Portfolios, has

approved these financial statements.

The Manager maintains appropriate processes to ensure that relevant and reliable financial

information is produced. The financial statements have been prepared in accordance with

International Financial Reporting Standards and include certain amounts that are based on estimates

and judgments. The significant accounting policies which management believes are appropriate for the

Portfolios are described in Note 2 to these financial statements.

.

.

(signed) "Ursula Holmsten"

Ursula Holmsten,

President and Chief Executive Officer

August 11, 2020

(signed) "Nick Mawhinney"

Nick Mawhinney,

Chief Financial Officer

August 11, 2020

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2

COMPASS CONSERVATIVE PORTFOLIO

STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

AS AT

June 30, 2020 December 31, 2019

x

x

Assets

x

x

Current assets

x

Investments (Note 11) $ 1,856,666,750 $ 1,796,672,364

x

Cash 10,824,487 15,424,933

x

Amount receivable for units issued 4,547,981 1,054,636

x

Amount receivable for securities sold 8,037 2,226

x

Dividends and distributions receivable 443,834 340,309

x

Interest receivable 10,755,101 7,513,746

x

Other assets 247 -

x

Amount receivable on open forward contracts (Note 10) 4,387,199 3,617,354

x

x

x

Total Assets 1,887,633,636 1,824,625,568

x

x

x

x

Liabilities

x

x

Current liabilities

x

Amount payable for securities purchased 6,338,352 3,521,768

x

Amount payable on open forward contracts (Note 10) 6,513,467 164,642

x

Amount payable for units redeemed 1,401,164 2,035,191

x

Accrued expenses 1,241,378 602,602

x

Distribution payable 533 422,316

x

x

x

Total liabilities excluding net assets attributable to holders of

redeemable units

15,494,894 6,746,519

x

x

x

Net assets attributable to holders of redeemable units $ 1,872,138,742 $ 1,817,879,049

x

x

x

Net assets attributable to holders of redeemable units, Series A $ 965,591,384 $ 941,515,369

x

Redeemable units outstanding, Series A 67,628,195 68,627,828

x

Net assets attributable to holders of redeemable units per unit, Series A $ 14.28 $ 13.72

x

x

x

Net assets attributable to holders of redeemable units, Series O $ 379,428,735 $ 345,631,451

x

Redeemable units outstanding, Series O 26,121,049 24,921,126

x

Net assets attributable to holders of redeemable units per unit, Series O $ 14.53 $ 13.87

x

x

x

Net assets attributable to holders of redeemable units, Series F1 $ 527,118,623 $ 530,732,229

x

Redeemable units outstanding, Series F1 35,419,777 37,260,923

x

Net assets attributable to holders of redeemable units per unit, Series F1 $ 14.88 $ 14.24

x

x

x

See accompanying notes to financial statements

On Behalf of the Board of Directors of ATB Investment Management Inc.

( s i gned) " Ur sul a Hol mst en" ( s i gned) " Ni ck Mawhi nney"

Ursula Holmsten, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer

3


STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)

2020 2019

x

x

Income

x

Net gain (loss) on investments

x

Dividend Income $ 2,873,661 $ 3,542,985

x

Income distribution from underlying funds 1,473,523 1,641,991

x

Interest for distribution purposes 23,509,154 22,031,770

x

Management fee distribution from underlying funds 246 -

x

Net realized gain on sale of investments 21,056,511 4,546,353

x

Net change in unrealized appreciation on investments 32,451,220 63,661,438

x

x

x

Net gain (loss) on investments 81,364,315 95,424,537

x

x

x

Net gain (loss) on derivatives

x

Net realized gain (loss) on forward contracts 3,565,645 (3,145,639)

x

Net change in unrealized appreciation (depreciation) on forward contracts (5,578,980) 13,864,547

x

x

x

Net gain (loss) on derivatives (2,013,335) 10,718,908

x

x

x

Other Income

x

Net realized gain (loss) on foreign currency transactions 499,555 (199,721)

x

Net change in unrealized appreciation (depreciation) on foreign currency translations 80,343 (75,875)

x

x

x

Other Income 579,898 (275,596)

x

x

x

Total Income (net) 79,930,878 105,867,849

x

x

x

Expenses

x

Management fees (Note 5) 6,899,352 6,714,698

x

Administration expense (Note 8) 44,036 35,776

x

Independent review committee fees (Note 8) 1,204 1,208

x

Transfer agent expense 274,012 245,642

x

Audit fees 19,176 20,624

x

Legal fees 2,909 2,443

x

Custodian fees 94,678 144,991

x

Securityholder reporting fees 46,687 60,335

x

Bank charges 4,395 2,027

x

Withholding taxes 144,239 121,256

x

Transaction costs (Note 7) 130,864 25,395

x

x

x

Total Expenses 7,661,552 7,374,395

x

x

x

Increase in net assets attributable to holders of redeemable units 72,269,326 98,493,454

x

x

x

Increase in net assets attributable to holders of redeemable units per Series

x

Series A $ 36,253,131 $ 50,199,331

x

Series O 15,434,007 19,764,331

x

Series F1 20,582,188 28,529,792

x

x

x

Total increase in net assets attributable to holders of redeemable units 72,269,326 98,493,454

x

x

x

Weighted average number of redeemable units per Series

x

Series A 68,337,074 68,604,387

x

Series O 25,867,331 23,724,537

x

Series F1 35,766,353 35,102,012

x

Increase in net assets attributable to holders of redeemable units per unit per Series

x

Series A $ 0.53 $ 0.73

x

Series O $ 0.60 $ 0.83

x

Series F1 $ 0.58 $ 0.81

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x

x


4


STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS


2020 2019

x

x

Net assets attributable to holders of redeemable units, beginning of period

x

Series A $ 941,515,369 $ 891,986,091

x

Series O $ 345,631,451 $ 314,235,205

x

Series F1 $ 530,732,229 $ 469,978,176

x

Increase in net assets attributable to holders of redeemable units

x

Series A 36,253,131 50,199,331

x

Series O 15,434,007 19,764,331

x

Series F1 20,582,188 28,529,792

x

Redeemable unit transactions:

x

Proceeds for redeemable units issued

x

Series A 119,321,554 89,007,459

x

Series O 61,030,840 30,515,509

x

Series F1 102,657,633 60,557,544

x

Payments for redeemable units redeemed

x

Series A (131,498,670) (100,233,072)

x

Series O (42,667,563) (43,495,809)

x

Series F1 (126,853,427) (55,437,253)

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Net assets attributable to holders of redeemable units, end of period

x

Series A $ 965,591,384 $ 930,959,809

x

Series O $ 379,428,735 $ 321,019,236

x

Series F1 $ 527,118,623 $ 503,628,259

x

x

x

x

Redeemable units outstanding, beginning of period

x

Series A 68,627,828 68,979,331

x

Series O 24,921,126 24,044,922

x

Series F1 37,260,923 35,030,444

x

Redeemable units issued

x

Series A 8,692,973 6,655,220

x

Series O 4,355,802 2,250,808

x

Series F1 7,228,368 4,347,890

x

Redeemable units redeemed

x

Series A (9,692,606) (7,492,463)

x

Series O (3,155,879) (3,191,249)

x

Series F1 (9,069,514) (3,986,393)

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x

x

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Redeemable units outstanding, end of period

x

Series A 67,628,195 68,142,088

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Series O 26,121,049 23,104,481

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Series F1 35,419,777 35,391,941

x

x

x


5


STATEMENTS OF CASH FLOWS


2020 2019

x

x

Cash flows from (used in) operating activities

x

Increase in net assets attributable to holders of redeemable units $ 72,269,326 $ 98,493,454

x

Adjustments for:

x

Net unrealized foreign exchange gain on cash (2,955) (525)

x

Non-cash distributions from underlying funds (1,473,523) (1,641,991)

x

Proceeds from sale of investments 1,077,160,236 339,092,754

x

Purchase of investments (1,079,210,447) (329,707,451)

x

Net realized gain on sale of investments (21,056,511) (4,546,353)

x

Net change in unrealized appreciation on investments (32,451,220) (63,661,438)

x

Net change in unrealized (appreciation) depreciation on forward contracts 5,578,980 (13,864,547)

x

Dividend income, net of withholding taxes (2,729,422) (3,421,729)

x

Dividend received, net of withholding taxes 2,625,897 2,179,559

x

Interest for distribution purposes (23,504,759) (22,029,743)

x

Interest received (paid) 20,263,404 21,472,179

x

Amortization income (152,148) (50,576)

x

x

x

17,316,858 22,313,593

x

x

x

Net change in non-cash working capital 638,529 643,699

x

x

x

Net Cash from operating activities 17,955,387 22,957,292

x

x

x

Cash flows from (used in) financing activities

x

Proceeds from sale of redeemable units* 187,794,895 115,935,127

x

Distributions to holders of redeemable units, net of reinvested distributions (421,783) (645,564)

x

Payment on redemption of redeemable units* (209,931,900) (137,281,826)

x

x

x

Net Cash used in financing activities (22,558,788) (21,992,263)

x

x

x

Unrealized foreign exchange gain on cash 2,955 525

x

Net increase (decrease) in cash during the period (4,600,446) 965,554

x

x

x

Cash, beginning of period 15,424,933 6,245,056

x

x

x

Cash, end of period $ 10,824,487 $ 7,210,610

x

x

x

* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the periods ended June 30, 2020

and 2019 exclude non-cash switches of $91,721,787 (2019 - $65,097,578) and $(91,721,787) (2019 - $(65,097,578)), respectively.

x


6


SCHEDULE OF INVESTMENTS

AS AT JUNE 30, 2020 (UNAUDITED)

Issuer/Description Shares/Units/Par Value Cost Carrying Value

Equities: (11.39%)

x

3M Co. 3,750 $ 824,147 $ 794,145

x

A.O. Smith Corporation 20,314 1,211,257 1,299,489

x

Accenture PLC Cl. A 3,395 814,848 989,656

x

Adobe Inc. 580 318,321 342,767

x

Adyen NV 105 121,047 207,478

x

Agnico-Eagle Mines Limited 16,025 1,350,417 1,393,053

x

AIA Group Limited 14,040 173,619 177,806

x

Air Liquide SA 2,505 432,133 490,589

x

Alcon Inc. 764 56,329 59,510

x

ALD SA 8,073 115,304 108,358

x

Alibaba Group Holding Limited ADR 720 196,905 210,841

x

Alimentation Couche-Tard Inc. Cl. B Sub. Voting 54,111 1,982,321 2,303,505

x

Allegion PLC 8,537 1,023,946 1,184,713

x

Alphabet Inc. Cl. C 2,880 3,717,663 5,527,057

x

Amadeus IT Group, SA 1,661 127,955 117,502

x

Amazon.com, Inc. 920 1,883,330 3,445,744

x

AmerisourceBergen Corporation 5,730 602,962 783,895

x

AMETEK, Inc. 25,460 2,181,104 3,089,029

x

Amphenol Corp. Cl. A 16,409 1,759,373 2,134,346

x

Anheuser-Busch InBev SA 1,358 93,061 90,858

x

Ansys Inc. 8,315 1,485,975 3,293,178

x

Aon PLC Cl. A 2,324 547,852 607,665

x

AptarGroup, Inc. 18,871 2,345,957 2,868,846

x

Arthur J. Gallagher & Co. 6,570 853,103 869,555

x

ASSA ABLOY AB Series B 13,102 360,742 361,636

x

ATS Automation Tooling Systems Inc. 27,569 428,048 527,119

x

Bank of Montreal 29,699 2,335,797 2,146,050

x

Baxter International Inc. 15,580 1,381,665 1,821,136

x

BCE Inc. 13,403 766,444 758,878

x

Becton, Dickinson and Company 9,950 2,636,318 3,232,088

x

BlackRock, Inc. 1,361 757,475 1,005,312

x

Booking Holdings Inc. 425 992,664 918,748

x

Boyd Group Services Inc. 1,910 397,482 385,954

x

Brookfield Asset Management Inc. Cl. A Limited Voting 62,585 2,347,446 2,796,298

x

Bunzl PLC 11,955 348,950 435,599

x

Canadian Imperial Bank of Commerce 16,568 1,440,314 1,503,380

x

Canadian National Railway Company 24,275 2,281,765 2,915,670

x

Canadian Natural Resources Ltd. 42,270 1,504,792 995,458

x

Canadian Pacific Railway Company 7,924 1,850,186 2,736,316

x

Canadian Tire Corporation, Limited Cl. A 7,454 814,563 876,889

x

Carrier Global Corp. 18,168 413,736 548,054

x

Cboe Global Markets, Inc. 5,550 833,851 702,835

x

CCL Industries Inc. Cl. B 9,630 304,330 422,564

x

CGI Inc. 9,410 958,632 804,837

x

Cinemark Holdings, Inc. 10,700 451,713 167,779

x

ClearStream Energy Services Inc. 320,219 147,301 9,607

x

ClearStream Energy Services Inc. Preferred 5,802 5,803,797 4,061,400

x

CME Group Inc. Cl. A 12,140 2,139,194 2,678,865

x

Cognizant Technology Solutions Corp. Cl. A 31,535 2,504,079 2,432,573

x

Comcast Corporation Cl. A 59,477 3,076,994 3,147,478

x

Compass Group PLC 10,572 247,085 197,761

7



AS AT JUNE 30, 2020 (UNAUDITED) (CONTINUED)


x

Constellation Software Inc. 1,451 1,384,646 2,224,223

x

Croda International PLC 2,765 210,967 244,472

x

CSX Corporation 8,718 612,494 825,412

x

Danaher Corporation 3,540 753,237 849,828

x

DBS Group Holdings Limited 9,300 187,619 188,443

x

DENTSPLY SIRONA, Inc. 3,257 209,675 194,820

x

Deutsche Boerse AG 1,311 252,902 322,039

x

Diageo PLC 4,518 202,080 203,799

x

Ecolab Inc. 4,960 1,046,568 1,339,669

x

Enbridge Inc. 14,067 695,902 580,686

x

Enghouse Systems Limited 38,756 1,779,314 2,809,810

x

Fairfax India Holdings Corporation 31,480 571,452 358,993

x

Fastenal Company 21,270 1,025,175 1,237,054

x

Finning International Inc. 87,941 1,903,226 1,627,788

x

Fortis Inc. 21,687 1,072,747 1,119,700

x

FUCHS PETROLUB SE 3,361 148,672 153,792

x

FUCHS PETROLUB SE Preferred 2,268 115,513 123,635

x

Fuyao Glass Industry Group Co., Ltd. Cl. H 22,000 76,247 71,137

x

Gilead Sciences, Inc. 12,369 1,173,042 1,291,988

x

Glanbia PLC 11,339 170,656 174,333

x

Great-West Lifeco Inc. 39,208 1,069,394 933,150

x

Halma PLC 6,421 215,850 248,757

x

Hologic, Inc. 22,300 1,287,173 1,725,645

x

Hydro One Limited 29,144 662,442 744,046

x

iA Financial Corporation Inc. 5,035 219,886 228,891

x

IAA, Inc. 35,703 1,579,925 1,869,503

x

IHS Markit, Ltd. 1,290 108,030 132,223

x

Intact Financial Corporation 9,443 1,227,339 1,220,130

x

Intercontinental Exchange, Inc. 21,910 2,254,835 2,724,643

x

InterContinental Hotels Group PLC 3,908 237,303 234,496

x

Intertek Group PLC 4,529 374,481 414,457

x

Intuit Inc. 5,857 1,217,770 2,355,144

x

Japan Exchange Group, Inc. 9,100 207,353 285,127

x

Johnson & Johnson 15,750 2,618,653 3,006,979

x

JPMorgan Chase & Co. 12,820 819,931 1,637,061

x

Kerry Group PLC Cl. A 913 153,066 153,600

x

Kinaxis Inc. 2,940 384,385 570,536

x

Kone OYJ Series B 710 52,882 66,297

x

Legrand SA 2,119 192,216 218,550

x

LG Household & Health Care, Ltd. Preferred 209 172,378 171,019

x

Linde Public Limited Company 5,020 936,665 1,445,562

x

Loblaw Companies Limited 31,800 1,864,716 2,102,298

x

LVMH Moet Hennessy Louis Vuitton SA 758 385,867 451,476

x

Manulife Financial Corporation 29,101 670,824 537,495

x

Marsh & McLennan Companies, Inc. 36,430 3,844,978 5,310,238

x

MasterCard Incorporated Cl. A 6,070 1,235,324 2,436,755

x

Metro Inc. 18,942 1,030,448 1,060,752

x

Microsoft Corporation 20,690 3,475,409 5,716,340

x

National Bank of Canada 13,695 783,581 842,516

x

Nestlé SA 1,728 243,343 259,341

x

NetEase, Inc. ADR 285 128,341 166,134

8





x

NFI Group Inc. 49,154 1,114,298 818,414

x

Nike Inc. Cl. B 17,960 1,465,868 2,390,704

x

Nomura Research Institute, Ltd. 6,500 179,908 239,213

x

Novartis AG ADR 2,500 278,910 296,432

x

Novozymes A/S Series B 2,556 166,482 200,642

x

Nutrien Ltd. 31,687 1,722,592 1,382,187

x

Onex Corporation 3,590 257,849 220,175

x

Open Text Corporation 22,374 1,011,054 1,289,861

x

Oracle Corporation 3,350 210,249 251,366

x

Otis Worldwide Corp. 3,384 259,860 261,222

x

Parkland Corp. 33,469 1,183,700 1,128,240

x

Paychex, Inc. 21,832 1,724,423 2,245,164

x

PayPal Holdings, Inc. 3,700 335,811 875,178

x

Pembina Pipeline Corporation 29,429 801,629 998,820

x

PepsiCo, Inc. 8,390 987,886 1,506,476

x

Power Corporation of Canada 37,685 966,421 899,918

x

Primo Water Corporation 55,757 905,327 1,038,753

x

Quebecor Inc. Cl. B 30,898 946,181 901,295

x

Rathbone Brothers PLC 3,337 84,138 79,712

x

Raytheon Technologies Corp. 3,368 301,593 281,751

x

Recordati SPA 4,822 264,705 326,922

x

RELX PLC 12,359 357,535 388,779

x

Restaurant Brands International Inc. 14,871 1,012,941 1,098,818

x

Richelieu Hardware Ltd. 25,020 569,650 722,578

x

Ritchie Bros. Auctioneers Incorporated 10,220 582,700 564,859

x

Roche Holding AG 747 331,741 351,458

x

Rogers Communications Inc. Cl. B 28,750 1,542,783 1,568,312

x

Royal Bank of Canada 40,248 3,516,762 3,707,243

x

RPM International, Inc. 13,849 1,120,640 1,411,233

x

S&P Global, Inc. 5,880 1,286,313 2,630,136

x

Sampo OYJ Series A 4,958 231,016 231,556

x

Samsung Electronics Co., Ltd. GDR Preferred 159 199,440 208,735

x

SAP SE 1,587 242,327 300,928

x

Saputo Inc. 19,248 651,203 623,058

x

Sekisui Chemical Co., Ltd. 10,100 177,470 195,819

x

Seven & I Holdings Co., Ltd. 5,200 232,149 230,141

x

SGS SA 52 170,652 172,492

x

Shaw Communications Inc. Cl. B Non-Voting 38,535 1,007,248 853,165

x

Shenandoah Telecommunications Company 3,760 178,490 251,605

x

Shopify Inc. Cl. A 1,410 263,460 1,818,576

x

Sika AG 966 218,025 252,405

x

SimCorp A/S 743 92,430 108,740

x

Spirax-Sarco Engineering PLC 1,138 166,894 190,975

x

Stantec Inc. 28,959 1,040,484 1,213,672

x

State Street Corporation 12,680 989,299 1,093,973

x

Stella-Jones Inc. 26,214 861,214 894,946

x

Suncor Energy Inc. 74,002 2,454,207 1,693,906

x

Taiwan Semiconductor Manufacturing Company, Ltd. ADR 3,990 283,192 307,513

x

TC Energy Corporation 23,843 1,408,933 1,382,894

x

TELUS Corporation 101,978 2,311,204 2,322,039

x

Tencent Holdings Limited 4,100 270,978 358,078

9





x

Texas Instruments Incorporated 4,171 560,343 718,974

x

The Bank of Nova Scotia 37,467 2,287,058 2,104,896

x

The Descartes Systems Group Inc. 7,370 229,541 528,208

x

The Hershey Company 10,310 1,381,660 1,814,272

x

The Procter & Gamble Company 23,080 2,646,456 3,746,536

x

The Sherwin-Williams Company 1,280 634,547 1,004,146

x

The Toronto-Dominion Bank 27,328 1,565,455 1,655,804

x

Thomson Reuters Corporation 25,682 1,834,427 2,368,908

x

TMX Group Limited 8,790 571,147 1,179,882

x

Topdanmark A/S 3,256 174,942 182,612

x

Toromont Industries Ltd. 31,798 1,634,267 2,142,231

x

TriMas Corporation 25,897 971,899 842,029

x

Tsuruha Holdings, Inc. 2,350 362,646 438,776

x

Union Pacific Corporation 4,370 666,520 1,003,044

x

UnitedHealth Group Incorporated 2,360 935,399 945,001

x

VeriSign, Inc. 1,200 333,068 336,951

x

Verisk Analytics, Inc. Cl. A 21,360 2,624,752 4,935,517

x

Verizon Communications Inc. 39,210 2,783,225 2,934,652

x

Visa Inc. Cl. A 19,620 2,982,466 5,145,298

x

Waters Corporation 10,170 2,371,890 2,490,745

x

Wells Fargo & Company 29,900 1,331,220 1,039,161

x

West Pharmaceutical Services, Inc. 2,806 344,780 865,387

x

Willis Towers Watson PLC 8,030 1,583,778 2,147,056

x

Wolters Kluwer NV 4,373 419,415 463,697

x

Yellow Pages Limited 147,512 1,327,608 1,327,608

x

x

x

176,489,987 213,333,119

x

x

Mutual Funds: (14.43%)

x

BlackRock Canada Universe Bond Index Fund 3,412,683 $ 102,431,554 $ 108,483,421

x

BMO Government Bond Index ETF 72,064 3,998,760 4,006,758

x

Mawer Canadian Equity Fund 991,500 41,970,893 65,860,067

x

Mawer International Equity Fund 1,503,708 58,493,674 91,818,674

x

x

x

206,894,881 270,168,920

x

x

Private Equities: (0.00%)

x

Canadian Commercial Mortgage Origination Trust 3 Preferred 10,912 $ 10,912 $ 109

x

Canadian Commercial Mortgage Origination Trust 4 Preferred 9,604 9,604 0

x

Canadian Commercial Mortgage Origination Trust 5 Preferred 4,593 4,594 4,594

x

x

x

25,110 4,703

x

x

Real Estate Investment Trust (REITs): (1.14%)

x

Allied Properties Real Estate Investment Trust 42,100 $ 1,475,364 $ 1,724,416

x

Artis Real Estate Investment Trust 41,600 459,039 314,080

x

Boardwalk Real Estate Investment Trust 12,800 561,957 380,288

x

Canadian Apartment Properties Real Estate Investment Trust 58,537 2,270,324 2,844,313

x

Choice Properties Real Estate Investment Trust 168,466 2,000,805 2,146,257

x

Cominar Real Estate Investment Trust 63,000 847,637 515,340

x

Crombie Real Estate Investment Trust 32,100 412,881 410,880

x

CT Real Estate Investment Trust 23,600 365,693 320,488

x

Dream Industrial Real Estate I 48,400 544,310 516,912

x

Dream Office Real Estate Investment Trust 15,718 339,868 322,533

x

First Capital Real Estate Investment Trust 106,200 1,795,644 1,474,056

x

Granite Real Estate Investment Trust 46,076 2,796,340 3,228,085

10





x

H&R Real Estate Investment Trust 97,700 1,937,823 953,552

x

InterRent Real Estate Investment Trust 46,400 593,503 664,912

x

Killam Apartment Real Estate Investment Trust 33,649 496,233 589,531

x

Northview Apartment Real Estate Investment Trust 20,676 434,809 719,111

x

NorthWest Healthcare Properties Real Estate Investment Trust 50,900 547,608 549,720

x

RioCan Real Estate Investment Trust 109,500 2,548,855 1,681,920

x

SmartCentres Real Estate Investment Trust 44,300 1,181,669 926,313

x

Summit Industrial Income Real Estate Investment Trust 39,900 466,955 456,855

x

WPT Industrial Real Estate Investment Trust 29,800 549,369 522,096

x

x

x

22,626,686 21,261,658

x

x

Fixed Income: (72.12%)

x

407 International Inc. 1.80% May 22/25 12,518,000 $ 12,513,869 $ 12,838,418

x

407 International Inc. 3.43% Jun 01/33 178,000 160,147 201,726

x

407 International Inc. 6.75% Jul 27/39 1,780,194 2,395,484 2,691,572

x


x

Air Canada 9.00% Jun 22/24 38,681,000 37,907,381 38,524,342

x

Air Canada 4.00% Jul 01/25* 3,249,000 4,475,335 4,686,520

x

AMC Entertainment Holdings Inc. 10.50% Apr 15/25* 6,846,000 9,238,811 7,575,413

x

American Airlines Inc. 11.75% Jul 15/25* 17,743,000 23,931,333 22,876,035

x

Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 2,154,000 2,025,200 2,219,719

x

Apple Inc. 2.51% Aug 19/24 19,911,000 19,930,050 21,048,612

x

Arrow Lakes Power 5.52% Apr 05/41 295,894 339,521 395,529

x

AT&T Inc. 1.50% Jun 12/24* 2,822,000 3,708,676 3,840,202

x

AT&T Inc. 4.85% May 25/47 9,375,000 9,355,642 10,690,735

x

AT&T Inc. 5.10% Nov 25/48 5,211,000 5,495,022 6,170,848

x

Avis Budget Car Rental LLC / Avis Budget Finance Inc. 10.50% May 15/25* 10,695,000 14,578,274 16,180,203

x

Avis Budget Rental Car Funding AESOP LLC Series 2019-3A Cl. C 3.15% Mar

20/26* 474,000 509,848 561,705

x

Bank of America Corporation 2.02% Apr 24/23* 2,777,000 3,815,570 3,790,565

x

Bank of Montreal 1.61% Oct 28/21 4,438,000 4,422,866 4,486,712

x

Bank of Montreal 2.12% Mar 16/22 6,580,000 6,712,803 6,719,519

x

Bank of Montreal 2.27% Jul 11/22 3,869,000 3,961,286 3,972,286

x

Bank of Montreal 0.85% Feb 01/24 8,788,000 8,761,217 8,733,030

x

Bankers Hall LP 4.38% Nov 20/23 2,197,772 2,303,340 2,332,382

x

BCE Coupon Strip 0.00% May 15/28 570,000 436,688 466,511

x

BCE Coupon Strip 0.00% May 15/29 1,131,000 830,331 898,135

x

BCE Coupon Strip 0.00% May 15/31 2,353,000 1,577,192 1,614,017

x

Bell Canada 7.30% Feb 23/32 703,000 926,174 1,006,872

x

Black Press Group Ltd. 0.00% Mar 29/24 3,987,656 3,987,656 3,724,650

x

BMO Nesbitt Burns Canadian Mortgage Pools 0.53% Dec 01/24 7,116,583 7,029,760 7,105,125

x

Bombardier Inc. 8.75% Dec 01/21* 3,989,000 4,208,333 4,425,979

x

Bombardier Inc. 5.75% Mar 15/22* 764,000 774,272 767,818

x

Bombardier Inc. 6.00% Oct 15/22* 1,415,000 1,418,278 1,359,014

x

Bombardier Inc. 6.13% Jan 15/23* 4,473,000 4,426,221 4,182,769

x

Bombardier Inc. 7.50% Dec 01/24* 3,480,000 3,509,925 3,106,821

x

Bombardier Inc. 7.50% Mar 15/25* 5,757,000 5,567,349 5,124,952

x

Bombardier Inc. 7.35% Dec 22/26 102,000 100,470 71,846

x

Bombardier Inc. 7.88% Apr 15/27* 13,791,000 13,126,084 12,294,891

x

Bombardier Recreational Products Inc. Term Loan B2 0.00% May 24/27* 9,148,000 12,555,200 12,553,826

x

British Columbia Ferry Services Inc. 5.02% Mar 20/37 2,490,000 3,299,355 3,334,658

x

Broadcom Inc. 5.00% Apr 15/30* 3,858,000 5,420,182 6,031,616

11





x

BZ Holdings 3.00% May 22/22* 2,346,000 2,865,874 2,229,451

x

BZ Holdings LLC 1.00% Dec 31/2028* 605,319 0 0

x

Canadian Commercial Mortgage Origination Trust 3 2.19% Jun 12/20 1,729,338 1,729,313 1,728,940

x

Canadian Commercial Mortgage Origination Trust 3 0.14% Aug 12/20 24,031,456 541,227 0

x

Canadian Commercial Mortgage Origination Trust 3 2.45% Aug 12/20 6,168,102 6,167,990 6,166,437

x


x

Canadian Commercial Mortgage Origination Trust 3 2.74% Sep 12/20 6,838,331 6,626,981 6,839,313

x

Canadian Commercial Mortgage Origination Trust 3 2.74% Mar 12/21 5,128,114 3,151,730 4,835,386

x


x

Canadian Commercial Mortgage Origination Trust 4 0.35% May 12/50 75,444,999 1,362,771 1,143,746

x


x


x


x

Canadian Pacific Railway Company 6.91% Oct 01/24 962,466 1,135,221 1,088,903

x

CBC Monetization Trust 4.69% May 15/27 902,657 1,004,688 1,004,334

x

Cenovus Energy Inc. 3.80% Sep 15/23* 259,000 313,672 330,837

x

Cenovus Energy Inc. 4.25% Apr 15/27* 6,864,000 5,244,859 8,447,003

x

Cenovus Energy Inc. 5.25% Jun 15/37* 3,138,000 2,239,305 3,687,958

x

Cenovus Energy Inc. 6.75% Nov 15/39* 4,304,000 3,974,847 5,695,254

x

Cenovus Energy Inc. 5.40% Jun 15/47* 473,000 367,420 551,989

x

Choice Properties REIT 2.85% May 21/27 5,112,000 5,112,000 5,245,136

x

CIT Group, Inc. 5.00% Aug 01/23* 269,000 332,208 373,413

x

ClearStream Energy Services Inc. 8.00% Mar 23/26 5,045,200 5,045,248 3,531,640

x

Cogeco Communications Inc. 4.18% May 26/23 18,577,000 19,131,828 19,562,057

x

Continental Resources, Inc. 5.00% Sep 15/22* 2,442,000 2,380,741 3,261,801

x

Continental Resources, Inc. 4.50% Apr 15/23* 207,000 189,758 269,510

x

Continental Resources, Inc. 3.80% Jun 01/24* 1,564,000 1,598,536 1,990,984

x

Continental Resources, Inc. 4.38% Jan 15/28* 7,540,000 7,164,697 9,028,522

x

Continental Resources, Inc. 4.90% Jun 01/44* 1,650,000 1,065,892 1,788,482

x

CSS FSCC Partnership 6.92% Jul 31/42 2,359,914 3,139,667 3,474,511

x

Dell International LLC / EMC Corp. 5.85% Jul 15/25* 2,301,000 3,250,420 3,594,612

x

Dell International LLC / EMC Corp. 6.20% Jul 15/30* 2,222,000 3,137,378 3,543,713

x

Delta Air Lines Inc. 7.00% May 01/25* 4,693,000 6,600,150 6,583,498

x

Embraer Netherlands Finance BV 5.05% Jun 15/25* 60,000 68,631 72,426

x

Embraer Netherlands Finance BV 5.40% Feb 01/27* 488,000 554,775 588,679

x

Embraer Overseas Ltd. 5.70% Sep 16/2023* 625,000 797,608 811,298

x

Enbridge Energy Partners, LP 5.50% Sep 15/40* 122,000 144,711 201,191

x

Enbridge Gas Inc. 8.65% Nov 10/2025 597,000 795,998 802,339

x

Enbridge Gas Inc. 6.65% Nov 03/27 454,000 563,546 600,655

x

Enbridge Gas Inc. 6.10% May 19/28 188,000 227,209 241,865

x

Enbridge Gas Inc. 4.00% Aug 22/44 931,000 1,068,080 1,163,961

x

Enbridge Gas Inc. 3.51% Nov 29/47 931,000 995,667 1,096,742

x

Enbridge Inc. 0.88% Feb 18/22* 3,200,000 4,333,235 4,321,465

x

Enbridge Inc. 3.50% Jun 10/24* 432,000 522,224 637,066

x

Enbridge Inc. 7.20% Jun 18/32 286,000 384,648 392,296

x

Enbridge Inc. 4.24% Aug 27/42 4,964,000 5,068,201 5,408,596

x

Enbridge Inc. 4.57% Mar 11/44 1,039,000 1,117,352 1,183,661

x

Enbridge Inc. 4.87% Nov 21/44 7,634,000 8,680,401 9,054,378

x

Enbridge Pipelines Inc. 8.20% Feb 15/24 497,000 656,010 606,953

x

EUROFIMA 4.55% Mar 30/27 4,347,000 4,867,604 5,229,426

x

Ford Credit Canada Company 3.73% Jan 10/22 9,585,000 9,592,882 9,059,429

12





x

Ford Credit Canada Company 3.70% Mar 21/24 21,918,000 21,950,966 19,897,160

x

Ford Motor Company 4.75% Jan 15/43* 29,000 24,874 31,191

x

Ford Motor Credit Company LLC 4.53% Jan 07/22* 10,557,000 14,232,947 13,764,096

x

Ford Motor Credit Company LLC 1.63% Feb 15/23* 350,000 366,528 425,483

x

GE Capital Canada Funding Company 4.60% Jan 26/22 25,184,000 25,396,063 26,028,944

x

GE Capital Canada Funding Company 0.95% Feb 15/22 12,849,000 12,183,643 12,557,959

x

GE Capital Canada Funding Company 1.84% Feb 06/23 15,891,000 15,982,600 15,496,109

x

GE Capital Canada Funding Company 5.73% Oct 22/37 517,000 494,405 537,128

x

GE Capital International Funding Company Unlimited Company 4.42% Nov

15/35* 467,000 715,677 645,338

x

General Electric Company 1.31% Mar 15/23* 1,100,000 1,386,621 1,458,695

x

General Electric Company 0.92% May 05/26* 5,074,000 5,865,577 5,979,041

x

General Electric Co. 4.25% May 01/40* 5,649,000 7,808,280 7,646,571

x

General Motors Financial Company, Inc. 2.86% Jan 14/22* 662,000 847,342 893,026

x

General Motors Financial Company, Inc. 2.36% Jan 05/23* 326,000 406,882 426,756

x

General Motors Financial of Canada Ltd. 5.95% May 14/24 7,945,000 7,927,680 8,561,264

x

Greater Toronto Airports Authority 2.73% Apr 03/29 3,600,000 3,762,457 3,865,957

x

Greater Toronto Airports Authority 6.45% Jul 30/29 3,706,025 4,590,753 4,521,056

x

Greater Toronto Airports Authority 2.75% Oct 17/39 17,850,000 17,825,367 18,405,739

x

Heathrow Funding Limited 3.00% Jun 17/23 7,548,000 7,584,756 7,623,581

x

Hertz Corp/The 6.00% Jan 15/28* 3,913,000 1,778,453 1,675,549

x

Hertz Vehicle Financing II LP Series 2019-1A Cl. C 4.99% Mar 25/23* 799,000 832,272 984,724

x

Hertz Vehicle Financing II LP Series 2019-1A Cl. A 3.71% Mar 25/23* 3,055,671 4,008,775 4,111,705

x

Hertz Vehicle Financing II LP Series 2017-2A Cl. C 5.31% Oct 25/23* 880,000 890,873 1,083,486

x

Hertz Vehicle Financing II LP Series 2017-2A Cl. B 4.20% Oct 25/23* 31,000 35,818 40,406

x

Hertz Vehicle Financing II LP Series 2018-1A Cl. C 4.39% Feb 25/24* 325,000 350,150 398,639

x

Hertz Vehicle Financing II LP Series 2018-1A Cl. B 3.60% Feb 25/24* 1,402,000 1,571,245 1,843,697

x

Hertz Vehicle Financing II LP Series 2018-1A Cl. A 3.29% Feb 25/24* 2,658,398 3,460,217 3,581,725

x

Hertz Vehicle Financing II LP Series 2019-2A Cl. C 4.26% May 25/25* 644,000 619,613 792,220

x

Hertz Vehicle Financing II LP Series 2019-2A Cl. A 3.42% May 25/25* 2,491,521 3,222,947 3,350,359

x

Honda Canada Finance Inc. 0.95% Aug 28/20 549,000 549,637 548,943

x

Honda Canada Finance Inc. 0.84% Dec 18/20 852,000 851,850 851,013

x

Honda Canada Finance Inc. 0.95% Sep 13/21 5,339,000 5,339,000 5,311,348

x

Howmet Aerospace Inc. 6.88% May 01/25* 5,953,000 8,479,127 8,776,531

x

Husky Energy Inc. 3.55% Mar 12/25 774,000 655,439 772,215

x

Husky Energy Inc. 3.60% Mar 10/27 66,000 54,384 64,022

x

Husky Energy Inc. 4.40% Apr 15/29* 805,000 786,625 1,094,006

x

Hydro One Inc. 7.35% Jun 03/30 1,487,000 2,148,879 2,184,880

x

Hydro One Inc. 6.93% Jun 01/32 743,000 1,082,774 1,108,215

x

InPower BC General Partnership 4.47% Mar 31/33 2,827,226 2,972,853 3,215,919

x

JPMorgan Chase & Co. 2.25% Oct 24/23* 2,573,000 3,506,903 3,533,820

x

Kaupthing ehf. 0.00% Jan 18/2031** 90 0 171

x

Kraft Canada Inc. 1.90% Jul 06/20 6,718,000 6,719,222 6,717,798

x

Kruger Packaging Holdings LP 6.00% Jun 01/26 306,000 306,765 307,147

x

Lehman Brothers Holdings Inc. 4.85% Dec 31/99* 117,000 0 1,588

x

Lloyds Banking Group PLC 3.50% Feb 03/2025 4,916,000 4,874,857 5,200,675

x

Loblaw Companies Limited 0.00% Jun 07/25 720,000 605,057 658,521

x

Loblaw Companies Limited 0.00% Jun 07/26 892,000 718,960 752,515

x

Loblaw Companies Limited 0.00% May 23/27 2,124,000 1,641,762 1,758,692

x

Loblaw Companies Limited 6.50% Jan 22/29 1,026,000 1,288,164 1,366,256

x

Loblaw Companies Limited 6.85% Mar 01/32 1,401,000 1,744,445 1,945,378

x

Loblaw Companies Limited 6.54% Feb 17/33 3,146,000 3,870,526 4,292,875

13





x

Loblaw Companies Limited 6.05% Jun 09/34 2,091,000 2,532,053 2,792,334

x

Loblaw Companies Limited 5.90% Jan 18/36 5,248,000 6,716,907 6,994,657

x

Magna International, Inc. 3.10% Dec 15/22 4,620,000 4,685,456 4,773,172

x

Maple Leaf Sports & Entertainment, Ltd. 4.94% Jun 30/23 2,000,000 1,999,520 2,099,682

x

Maxar Technologies Inc. 7.54% Dec 31/27* 6,289,000 8,374,939 8,431,222

x

Maxar Technologies Ltd. Term Loan B 0.00% Oct 05/2024* 4,844,946 5,200,491 6,184,920

x

Merrill Lynch Financial Asset Inc. 6.67% May 07/21 215,705 238,052 221,113

x

Metropolitan Life Global Funding I 1.06% Sep 27/22 6,100,000 6,100,000 6,099,634

x

Molson Coors International LP 3.44% Jul 15/2026 3,353,000 3,151,585 3,457,295

x

Morgan Stanley 1.67% May 08/24* 2,079,000 2,768,896 2,844,096

x

MPLX LP 6.38% May 01/24* 3,171,000 4,131,229 4,445,855

x

NAV Canada 7.56% Mar 01/27 2,285,200 2,808,643 2,778,413

x

NAV Canada 7.40% Jun 01/27 5,592,000 7,679,483 7,728,370

x

NAV Canada 3.29% Mar 30/48 1,581,000 1,782,103 1,832,297

x

NAV Canada 2.92% Sep 29/51 4,951,000 4,951,000 5,387,366

x

Navient Corporation 5.63% Aug 01/33* 2,341,000 2,635,331 2,456,402

x

Neptune Acquisition Inc. 10.00% Apr 08/27 8,690,000 8,494,475 8,766,037

x

New Brunswick FM Project Inc. 6.47% Nov 30/27 1,524,363 1,876,452 1,833,967

x

Newfield Exploration Company 5.63% Jul 01/24* 2,800,000 2,831,351 3,635,490

x

Newfield Exploration Company 5.38% Jan 01/26* 387,000 294,941 492,566

x

North Battleford Power LP 4.96% Dec 31/32 3,524,909 3,887,391 4,249,619

x

NOVA Gas Transmission Ltd. 9.90% Dec 16/24 1,531,000 2,092,341 2,076,493

x

Occidental Petroleum Corp. 7.13% Oct 15/27* 177,000 190,454 194,038

x

Occidental Petroleum Corp. 7.50% May 01/31* 460,000 512,403 583,332

x

Occidental Petroleum Corp. 4.63% Jun 15/45* 302,000 179,377 289,047

x

Occidental Petroleum Corp. 4.40% Apr 15/46* 1,746,000 1,160,344 1,657,422

x

Occidental Petroleum Corporation 3.20% Aug 15/26* 1,167,000 843,777 1,294,191

x

Occidental Petroleum Corporation 3.50% Aug 15/29* 4,005,000 2,792,701 3,986,546

x

Occidental Petroleum Corporation 7.95% Jun 15/39* 958,000 713,425 1,176,213

x

Occidental Petroleum Corporation 4.30% Aug 15/39* 1,487,000 856,318 1,401,185

x

Occidental Petroleum Corporation 6.20% Mar 15/40* 1,687,000 1,159,974 1,928,122

x

Occidental Petroleum Corporation 4.50% Jul 15/44* 3,936,000 2,554,538 3,710,402

x

Occidental Petroleum Corporation 6.60% Mar 15/46* 530,000 368,839 629,475

x

Occidental Petroleum Corporation 4.10% Feb 15/47* 2,153,000 1,325,386 1,983,927

x

Occidental Petroleum Corporation 4.20% Mar 15/48* 1,579,000 1,011,609 1,454,360

x

Occidental Petroleum Corporation 4.40% Aug 15/49* 559,000 355,742 526,269

x

Ornge Issuer Trust 5.73% Jun 11/34 2,227,687 2,579,961 2,756,102

x

Ovintiv Inc. 6.50% Aug 15/34* 25,000 25,759 30,349

x

Ovintiv Inc. 6.63% Aug 15/37* 568,000 486,912 672,554

x

Pembina Pipeline Corporation 3.71% Aug 11/26 250,000 245,003 270,566

x

Pembina Pipeline Corporation 4.02% Mar 27/28 2,458,000 2,341,073 2,713,329

x

Pembina Pipeline Corporation 3.62% Apr 03/29 2,230,000 2,039,067 2,394,051

x

Pembina Pipeline Corporation 3.31% Feb 01/30 7,533,000 7,540,520 7,903,157

x

Pembina Pipeline Corporation 4.75% Mar 26/48 7,106,000 7,792,642 7,972,020

x

Pembina Pipeline Corporation 4.54% Apr 03/49 4,528,000 4,796,613 4,922,129

x

PepsiCo, Inc. 2.15% May 06/24 9,695,000 9,633,076 10,105,847

x

Plenary Properties LTAP LP 6.29% Jan 31/44 550,044 703,717 808,867

x

Postmedia Network Inc. 8.25% Jul 15/23 4,249,980 4,298,483 3,276,926

x

PSPIB-RE Summit Inc. 3.27% Jun 12/20 3,786,848 3,817,774 3,786,848

x

Rogers Communications Inc. 3.65% Mar 31/27 7,506,000 7,491,813 8,340,578

x

Royal Bank of Canada 0.55% Feb 08/21 1,050,000 1,050,000 1,049,617

14





x

Royal Bank of Canada 1.65% Jul 15/21 8,159,000 8,233,790 8,243,042

x

Royal Bank of Canada 2.00% Mar 21/22 801,000 813,528 816,434

x

Royal Bank of Canada 0.70% Jun 27/23 10,168,000 10,034,702 10,102,234

x

Royal Bank of Canada 0.56% Jun 29/85* 2,360,000 1,532,446 2,415,768

x

Royal Bank of Scotland Group PLC 1.86% May 15/23* 3,623,000 4,840,337 4,922,538

x

Ryder System Inc. 4.63% Jun 01/25* 6,526,000 9,252,762 9,883,831

x

Shaw Communications Inc. 6.75% Nov 09/39 14,357,000 17,690,398 20,408,675

x

SNC-Lavalin Group Inc. 2.69% Nov 24/20 4,969,000 4,971,401 4,965,834

x

SNC-Lavalin Group Inc. 1.11% Mar 02/21 3,550,000 3,551,363 3,488,265

x

SNC-Lavalin Group Inc. 3.24% Mar 02/23 215,000 210,653 210,740

x

Sobeys Inc. 4.70% Aug 08/23 7,261,000 7,460,042 7,713,645

x

Sobeys Inc. 6.06% Oct 29/35 2,224,000 2,251,227 2,603,189

x

Sobeys Inc. 5.79% Oct 06/36 2,221,000 2,203,386 2,546,116

x

Sobeys Inc. 6.64% Jun 07/40 1,350,000 1,411,003 1,685,417

x

Southwest Airlines Co. 5.25% May 04/25* 1,975,000 2,735,844 2,833,445

x

Spectra Energy Partners LP 5.95% Sep 25/43* 715,000 1,129,053 1,220,232

x

Spirit AeroSystems, Inc. 3.95% Jun 15/23* 699,000 865,898 806,618

x

Spirit AeroSystems Inc. 7.50% Apr 15/25* 9,253,000 12,917,058 12,444,105

x

Spirit AeroSystems, Inc. 3.85% Jun 15/26* 1,004,000 1,295,297 1,247,173

x

Spirit AeroSystems, Inc. 4.60% Jun 15/28* 6,788,000 7,833,346 7,476,675

x

Spy Hill Power LP 4.14% Mar 31/36 261,305 286,526 302,670

x

SSL Robotics LLC 9.75% Dec 31/23* 18,769,000 24,328,322 27,328,152

x

Strait Crossing Development Inc. 6.17% Sep 15/31 2,229,515 2,415,554 2,527,724

x

Stuart Olson Inc. 7.00% Sep 20/24 2,585,000 2,585,000 1,082,598

x

Sun Life Assurance Company of Canada 6.30% May 15/28 3,225,000 4,027,294 4,220,145

x

Sun Life Financial Inc. 2.58% May 10/32 5,564,000 5,561,887 5,759,013

x

Suncor Energy Inc. 7.88% Jun 15/26* 875,000 1,362,294 1,432,942

x

Suncor Energy Inc. 5.00% Apr 09/30 23,334,000 23,324,050 27,625,712

x

Sysco Canada, Inc. 3.65% Apr 25/25 2,249,000 2,096,315 2,310,777

x

Teck Resources, Ltd. 6.00% Aug 15/40* 257,000 301,565 370,121

x

Teck Resources, Ltd. 6.25% Jul 15/41* 678,000 969,666 1,007,605

x

Teck Resources, Ltd. 5.20% Mar 01/42* 54,000 52,407 72,574

x

TELUS Communications Inc. 8.80% Sep 22/25 2,312,000 3,307,607 3,103,643

x

TELUS Corporation 4.70% Mar 06/48 2,729,000 3,121,921 3,373,958

x

The Bank of Nova Scotia 1.90% Dec 02/21 5,780,000 5,871,035 5,871,217

x

The Bank of Nova Scotia 1.72% Aug 31/2085* 3,790,000 3,128,165 4,084,085

x

The Bank of Nova Scotia 0.57% Jan 13/21 3,850,000 3,850,000 3,851,116

x

The Boeing Company 2.13% Mar 01/22* 1,471,000 1,940,943 2,006,673

x

The Boeing Company 2.70% May 01/22* 262,000 349,638 360,236

x

The Boeing Company 2.80% Mar 01/23* 60,000 79,080 83,008

x

The Boeing Company 1.88% Jun 15/23* 97,000 127,092 131,695

x


x

The Boeing Company 3.10% May 01/26* 2,716,000 3,576,812 3,760,153

x


x


x

The Boeing Company 3.45% Nov 01/28* 882,000 1,186,810 1,171,568

x

The Boeing Company 2.95% Feb 01/30* 1,175,000 1,509,310 1,573,443

x

The Boeing Company 6.13% Feb 15/33* 1,152,000 1,581,751 1,849,850

x

The Boeing Company 3.60% May 01/34* 396,000 493,122 508,712

x


x


15





x


x


x


x


x


x

The Goldman Sachs Group, Inc. 1.96% Nov 29/23* 20,000 27,550 27,586

x

The Hertz Corporation 7.63% Jun 01/22* 2,487,000 2,484,591 2,542,814

x

The Hertz Corporation 5.50% Oct 15/24* 3,179,000 1,122,124 1,363,472

x

The Hertz Corporation 7.13% Aug 01/26* 1,275,000 664,682 546,536

x

The Hertz Corporation Cl. A Term Loan B1 0.00% Jun 30/23* 15,070,000 14,230,214 18,265,210

x

The Manufacturers Life Insurance Company 3.18% Nov 22/27 1,722,000 1,766,634 1,792,853

x

The Royal Bank of Scotland Group PLC 1.85% Jun 25/24* 844,000 1,109,621 1,146,813

x

The Toronto-Dominion Bank 1.99% Mar 23/22 8,567,000 8,714,266 8,732,759

x

The Toronto-Dominion Bank 0.87% Jun 28/23 7,961,000 7,943,996 7,930,753

x

The Walt Disney Company 3.06% Mar 30/27 30,496,000 30,762,962 32,724,895

x

Toyota Credit Canada Inc. 2.31% Oct 23/24 9,655,000 9,652,104 9,969,471

x

TransCanada PipeLines Limited 8.29% Feb 05/26 250,000 325,670 328,527

x

TransCanada PipeLines Limited 3.80% Apr 05/27 16,006,000 15,980,550 17,704,451

x

TransCanada PipeLines Limited 6.28% May 26/28 700,000 875,994 885,623

x

TransCanada PipeLines Limited 6.89% Aug 07/28 1,098,000 1,399,571 1,435,389

x

TransCanada PipeLines Limited 4.55% Nov 15/41 1,115,000 1,234,082 1,282,904

x

TransCanada PipeLines Limited 4.18% Jul 03/48 9,034,000 9,346,868 10,010,091

x

TransCanada PipeLines Limited 2.60% May 15/67* 13,304,000 15,258,302 12,266,350

x

TWDC Enterprises 18 Corp. 2.76% Oct 07/24 19,139,000 19,027,340 20,166,036

x

UniCredit SPA 5.21% Jan 14/22* 7,990,000 10,608,323 10,958,197

x

UniCredit SPA 3.75% Apr 12/22* 9,066,000 11,581,271 12,631,779

x

UniCredit SPA 4.63% Apr 12/27* 5,407,000 7,098,545 7,918,591

x

University Health Network 5.64% Dec 08/22 814,531 913,822 850,355

x

University of Ontario Institute of Technology 6.35% Oct 15/34 1,274,909 1,497,929 1,651,856

x

Verizon Communications Inc. 1.49% May 15/25* 750,000 1,012,235 1,031,304

x

Videotron, Ltd. 5.63% Jun 15/25 3,239,000 3,388,186 3,421,194

x

Videotron, Ltd. 5.75% Jan 15/26 4,231,000 4,458,389 4,386,389

x

Videotron, Ltd. 4.50% Jan 15/30 5,418,000 5,418,000 5,441,704

x

VW Credit Canada, Inc. 1.24% Sep 27/21 7,659,000 7,643,043 7,619,995

x

Westcoast Energy Inc. 8.85% Jul 21/25 731,000 966,440 972,317

x

WTH Car Rental, ULC 2.78% Jan 20/25 4,647,000 4,672,978 4,734,998

x

Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 2,619,611 2,180,236 2,619,873

x

x

x

1,289,052,616 1,350,267,853

x

x

Short Term Investments: (0.09%)

x

Government of Canada 0.17% Sep 03/20 82,000 $ 81,975 $ 81,975

x

Government of Canada 0.17% Sep 10/20 133,000 132,955 132,955

x

Government of Canada 0.18% Sep 24/20 31,000 30,987 30,986

x

United States Treasury Bill 0.10% Jul 23/20 689,000 923,850 935,321

x

United States Treasury Bill 0.14% Sep 03/20 331,000 449,030 449,260

x

x

x

1,618,797 1,630,497

x

x

x

Total Investments: 99.17% $ 1,696,708,077 $ 1,856,666,750

x

x

16





x

Forward currency contracts: (0.11%) (Note 10) (2,126,268)

x

Other Net Assets (Liabilities): 0.94% 17,598,260

x

x

x

Net Assets: 100% $ 1,872,138,742

x

x

x


*Indicates Par value denominated in GBP

**Indicates Par value denominated in USD

17

COMPASS CONSERVATIVE BALANCED PORTFOLIO

STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

AS AT

June 30, 2020 December 31, 2019

x

x

Assets

x

x

Current assets

x

Investments (Note 11) $ 5,395,425,539 $ 5,353,455,297

x

Cash 23,485,797 16,605,561

x

Amount receivable for units issued 5,098,542 7,142,561

x

Amount receivable for securities sold 564,177 -

x

Dividends and distributions receivable 3,775,773 2,255,810

x

Interest receivable 25,309,956 18,782,170

x

Other assets 22,603 -

x

Amount receivable on open forward contracts (Note 10) 27,537,057 10,360,333

x

x

x

Total Assets 5,481,219,444 5,408,601,732

x

x

x

x

Liabilities

x

x

Current liabilities

x

Amount payable for securities purchased 8,646,673 9,083,070

x

Amount payable on open forward contracts (Note 10) 27,850,177 33,300

x

Amount payable for units redeemed 4,986,593 4,589,534

x

Accrued expenses 3,945,399 1,737,048

x

Distribution payable 341 1,755,783

x

x

x

Total liabilities excluding net assets attributable to holders of

redeemable units

45,429,183 17,198,735

x

x

x

Net assets attributable to holders of redeemable units $ 5,435,790,261 $ 5,391,402,997

x

x

x

Net assets attributable to holders of redeemable units, Series A $ 2,227,603,147 $ 2,271,827,068

x

Redeemable units outstanding, Series A 125,992,616 131,291,157

x

Net assets attributable to holders of redeemable units per unit, Series A $ 17.68 $ 17.30

x

x

x

Net assets attributable to holders of redeemable units, Series O $ 1,374,076,666 $ 1,331,212,852

x

Redeemable units outstanding, Series O 74,433,920 74,260,472

x

Net assets attributable to holders of redeemable units per unit, Series O $ 18.46 $ 17.93

x

x

x

Net assets attributable to holders of redeemable units, Series F1 $ 1,834,110,448 $ 1,788,363,077

x

Redeemable units outstanding, Series F1 101,656,597 101,750,446

x

Net assets attributable to holders of redeemable units per unit, Series F1 $ 18.04 $ 17.58

x

x

x


On Behalf of the Board of Directors of ATB Investment Management Inc.

( s i gned) " Ur sul a Hol mst en" ( s i gned) " Ni ck Mawhi nney"

Ursula Holmsten, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer

18


STATEMENTS OF COMPREHENSIVE INCOME


2020 2019

x

x

Income

x

Net gain (loss) on investments

x

Dividend Income $ 14,758,010 $ 16,477,451

x

Income distribution from underlying funds 6,924,473 9,344,055

x

Interest for distribution purposes 54,286,911 50,465,080

x

Management fee distribution from underlying funds 70,059 4,994

x

Net realized gain on sale of investments 39,401,440 27,084,284

x

Net change in unrealized appreciation on investments 37,999,596 221,540,122

x

x

x

Net gain (loss) on investments 153,440,489 324,915,986

x

x

x

Net gain (loss) on derivatives

x

Net realized gain (loss) on forward contracts 3,402,959 (7,680,255)

x

Net change in unrealized appreciation (depreciation) on forward contracts (10,640,152) 29,773,094

x

x

x

Net gain (loss) on derivatives (7,237,193) 22,092,839

x

x

x

Other Income

x

Net realized gain (loss) on foreign currency transactions 570,567 (461,045)

x

Net change in unrealized appreciation (depreciation) on foreign currency translations 110,600 (190,925)

x

x

x

Other Income 681,167 (651,970)

x

x

x

Total Income (net) 146,884,463 346,356,855

x

x

x

Expenses

x

Management fees (Note 5) 22,289,232 21,695,369

x

Administration expense (Note 8) 128,628 104,311

x

Independent review committee fees (Note 8) 3,517 3,522

x

Transfer agent expense 710,092 625,006

x

Audit fees 56,051 60,159

x

Legal fees 8,491 7,118

x

Custodian fees 284,790 420,909

x

Securityholder reporting fees 136,527 175,978

x

Bank charges 18,096 2,102

x

Withholding taxes 546,871 808,787

x

Transaction costs (Note 7) 556,455 524,367

x

x

x

Total Expenses 24,738,750 24,427,628

x

x

x

Increase in net assets attributable to holders of redeemable units 122,145,713 321,929,227

x

x

x

Increase in net assets attributable to holders of redeemable units per Series

x

Series A $ 42,297,732 $ 132,235,602

x

Series O 37,456,372 81,106,906

x

Series F1 42,391,609 108,586,719

x

x

x

Total increase in net assets attributable to holders of redeemable units 122,145,713 321,929,227

x

x

x

Weighted average number of redeemable units per Series

x

Series A 128,618,096 128,357,789

x

Series O 74,316,761 67,586,671

x

Series F1 102,062,741 97,039,317

x

Increase in net assets attributable to holders of redeemable units per unit per Series

x

Series A $ 0.33 $ 1.03

x

Series O $ 0.50 $ 1.20

x

Series F1 $ 0.42 $ 1.12

x

x

x


19


STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS


2020 2019

x

x

Net assets attributable to holders of redeemable units, beginning of period

x

Series A $ 2,271,827,068 $ 2,079,170,069

x

Series O $ 1,331,212,852 $ 1,122,649,136

x

Series F1 $ 1,788,363,077 $ 1,568,269,802

x

Increase in net assets attributable to holders of redeemable units

x

Series A 42,297,732 132,235,602

x

Series O 37,456,372 81,106,906

x

Series F1 42,391,609 108,586,719

x

Redeemable unit transactions:

x

Proceeds for redeemable units issued

x

Series A 198,477,191 231,157,609

x

Series O 107,696,912 76,570,195

x

Series F1 227,845,079 213,264,805

x

Payments for redeemable units redeemed

x

Series A (284,998,844) (228,360,098)

x

Series O (102,289,470) (57,984,253)

x

Series F1 (224,489,317) (154,313,696)

x

Net assets attributable to holders of redeemable units, end of period

x

Series A $ 2,227,603,147 $ 2,214,203,182

x

Series O $ 1,374,076,666 $ 1,222,341,984

x

Series F1 $ 1,834,110,448 $ 1,735,807,630

x

x

x

x

Redeemable units outstanding, beginning of period

x

Series A 131,291,157 128,307,195

x

Series O 74,260,472 66,938,489

x

Series F1 101,750,446 95,315,845

x

Redeemable units issued

x

Series A 11,515,588 13,684,659

x

Series O 6,068,212 4,366,635

x

Series F1 12,985,781 12,372,935

x

Redeemable units redeemed

x

Series A (16,814,129) (13,513,275)

x

Series O (5,894,764) (3,307,770)

x

Series F1 (13,079,630) (8,949,559)

x

x

x

x

Redeemable units outstanding, end of period

x

Series A 125,992,616 128,478,579

x

Series O 74,433,920 67,997,354

x

Series F1 101,656,597 98,739,221

x

x

x


20


STATEMENTS OF CASH FLOWS


2020 2019

x

x

Cash flows from (used in) operating activities

x

Increase in net assets attributable to holders of redeemable units $ 122,145,713 $ 321,929,227

x

Adjustments for:

x

Net unrealized foreign exchange loss on cash 38,797 1,930

x

Non-cash distributions from underlying funds (6,924,307) (9,344,055)

x

Proceeds from sale of investments 2,948,394,296 1,010,841,079

x

Purchase of investments (2,906,702,664) (1,107,467,644)

x

Net realized gain on sale of investments (39,401,440) (27,084,284)

x

Net change in unrealized appreciation on investments (37,999,596) (221,540,122)

x

Net change in unrealized (appreciation) depreciation on forward contracts 10,640,152 (29,773,094)

x

Dividend income, net of withholding taxes (14,211,139) (15,668,664)

x

Dividend received, net of withholding taxes 12,691,176 14,136,754

x

Interest for distribution purposes (54,268,815) (50,462,978)

x

Interest received (paid) 47,741,029 48,974,112

x

Amortization income (337,104) (138,430)

x

x

x

81,806,098 (65,596,169)

x

x

x

Net change in non-cash working capital 2,185,748 2,305,461

x

x

x

Net Cash from (used in) operating activities 83,991,846 (63,290,708)

x

x

x

Cash flows from (used in) financing activities

x

Proceeds from sale of redeemable units* 316,879,581 346,526,201

x

Distributions to holders of redeemable units, net of reinvested distributions (1,755,442) (1,081,241)

x

Payment on redemption of redeemable units* (392,196,952) (265,089,788)

x

x

x

Net Cash from (used in) financing activities (77,072,813) 80,355,172

x

x

x

Unrealized foreign exchange loss on cash (38,797) (1,930)

x

x

x

Net increase in cash during the period 6,880,236 17,062,534

x

x

x

Cash, beginning of period 16,605,561 16,285,550

x

x

x

Cash, end of period $ 23,485,797 $ 33,348,084

x

x

x

* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the periods ended June 30, 2020

and 2019 exclude non-cash switches of $219,183,620 (2019 - $178,941,898) and $(219,183,620) (2019 - $(178,941,898)),

respectively.

x


21



AS AT JUNE 30, 2020 (UNAUDITED)


Equities: (15.23%)

x

3M Co. 9,590 $ 2,140,289 $ 2,030,894

x

A.O. Smith Corporation 52,020 3,234,834 3,327,725

x

Absolute Software Corporation 10,853 84,092 149,880

x

Accenture PLC Cl. A 8,310 1,984,125 2,422,397

x

Adobe Inc. 1,500 823,244 886,465

x

Adyen NV 835 896,492 1,649,942

x

Agnico-Eagle Mines Limited 55,731 4,723,426 4,844,696

x

AIA Group Limited 112,800 1,360,821 1,428,530

x

Air Liquide SA 20,378 3,169,383 3,990,904

x

Alaris Royalty Corp. 15,148 238,356 196,167

x

Alcon Inc. 6,145 472,121 478,649

x

ALD SA 65,461 1,186,431 878,638

x

Alibaba Group Holding Limited ADR 5,890 1,608,331 1,724,794

x

Alimentation Couche-Tard Inc. Cl. B Sub. Voting 344,330 11,841,087 14,658,128

x

Allegion PLC 22,065 3,201,494 3,062,045

x

Alphabet Inc. Cl. C 7,500 12,363,168 14,393,377

x

Altus Group, Ltd. 8,890 242,064 362,623

x

Amadeus IT Group, SA 13,276 1,310,624 939,167

x

Amazon.com, Inc. 2,350 5,787,113 8,801,629

x

AmerisourceBergen Corporation 14,900 1,664,022 2,038,400

x

AMETEK, Inc. 65,470 7,832,425 7,943,391

x

Amphenol Corp. Cl. A 42,050 5,326,499 5,469,513

x

Andlauer Healthcare Group Inc. 5,848 113,896 214,680

x

Andrew Peller Limited Cl. A 6,849 75,904 60,271

x

Anheuser-Busch InBev SA 11,021 1,016,360 737,367

x

Ansys Inc. 21,670 6,123,998 8,582,461

x

Aon PLC Cl. A 18,809 4,433,974 4,918,060

x

AptarGroup, Inc. 48,700 7,149,069 7,403,571

x

Arthur J. Gallagher & Co. 17,130 2,233,308 2,267,197

x

ASSA ABLOY AB Series B 106,536 2,780,972 2,940,565

x

ATS Automation Tooling Systems Inc. 71,912 1,127,319 1,374,957

x

Badger Daylighting, Ltd. 9,137 274,801 271,552

x

Bank of Montreal 214,171 18,526,897 15,475,996

x

Baxter International Inc. 40,680 4,293,193 4,755,059

x

BCE Inc. 35,006 2,008,732 1,982,040

x

Becton, Dickinson and Company 25,960 8,305,896 8,432,663

x

BlackRock, Inc. 3,600 2,223,460 2,659,164

x

Booking Holdings Inc. 1,110 2,647,370 2,399,554

x

Boyd Group Services Inc. 8,510 1,738,582 1,719,616

x

Brookfield Asset Management Inc. Cl. A Limited Voting 193,978 7,788,169 8,666,937

x

Bunzl PLC 97,536 3,493,823 3,553,872

x

Calian Group, Ltd. 5,413 194,588 296,795

x

Canadian Imperial Bank of Commerce 160,114 15,442,395 14,528,744

x

Canadian National Railway Company 144,571 14,419,144 17,364,423

x

Canadian Natural Resources Ltd. 181,765 6,315,845 4,280,566

x

Canadian Pacific Railway Company 46,469 11,855,069 16,046,675

x

Canadian Tire Corporation, Limited Cl. A 110,728 12,827,178 13,026,042

x

Carrier Global Corp. 49,560 1,202,791 1,495,021

x

Cboe Global Markets, Inc. 14,300 2,169,533 1,810,908

x

CCL Industries Inc. Cl. B 25,120 845,084 1,102,266

x

CGI Inc. 24,500 2,503,003 2,095,485

22





x

Cinemark Holdings, Inc. 26,150 1,252,228 410,039

x

ClearStream Energy Services Inc. 506,165 232,836 15,185

x

ClearStream Energy Services Inc. Preferred 11,985 11,987,999 8,389,500

x

CME Group Inc. Cl. A 31,540 8,308,175 6,959,752

x

Cogeco Inc. 4,760 376,535 385,655

x

Cognizant Technology Solutions Corp. Cl. A 80,502 6,438,943 6,209,830

x

Colliers International Group Inc. 5,659 390,243 440,836

x

Comcast Corporation Cl. A 155,020 8,952,274 8,203,542

x

Compass Group PLC 85,779 2,442,593 1,604,590

x

Constellation Software Inc. 4,558 4,809,241 6,986,913

x

Croda International PLC 22,432 1,813,829 1,983,361

x

CSX Corporation 22,180 2,138,604 2,099,981

x

Currency Exchange International, Corp. 926 24,064 11,251

x

Danaher Corporation 9,120 1,923,926 2,189,387

x

DBS Group Holdings Limited 75,500 1,672,656 1,529,833

x

DENTSPLY SIRONA, Inc. 8,554 622,346 511,665

x

Deutsche Boerse AG 10,636 1,917,948 2,612,665

x

Diageo PLC 36,590 1,893,099 1,650,512

x

Ecolab Inc. 13,050 3,263,822 3,524,733

x

Element Fleet Management, Corp. 40,532 366,158 410,589

x

Empire Company Limited Cl. A 117,775 3,389,414 3,828,865

x

Enbridge Inc. 212,682 9,567,841 8,779,513

x

Enghouse Systems Limited 142,245 6,121,670 10,312,762

x

Equitable Group Inc. 4,123 260,483 294,341

x

Fairfax India Holdings Corporation 81,930 1,500,239 934,317

x

Fastenal Company 54,600 2,614,877 3,175,513

x

Finning International Inc. 287,720 6,467,705 5,325,697

x

First National Financial Corporation 3,581 103,842 101,127

x

FirstService Corporation 2,095 192,001 286,491

x

Fortis Inc. 221,088 10,978,132 11,414,773

x

FUCHS PETROLUB SE 27,238 1,400,427 1,246,353

x

FUCHS PETROLUB SE Preferred 18,354 1,043,172 1,000,530

x

Fuyao Glass Industry Group Co., Ltd. Cl. H 178,400 707,921 576,858

x

GDI Integrated Facility Services 747 22,783 23,321

x

GDI Integrated Facility Services Inc., Sub. Voting 5,823 96,992 189,189

x

Gildan Activewear Inc. Cl. A 183,875 6,182,673 3,866,891

x

Gilead Sciences, Inc. 32,180 2,832,538 3,361,321

x

Glanbia PLC 91,941 1,897,052 1,413,561

x

Great-West Lifeco Inc. 150,305 4,469,921 3,577,259

x

Halma PLC 52,098 1,351,449 2,018,336

x

HLS Therapeutics Inc. 18,090 328,870 329,057

x

Hologic, Inc. 56,780 3,531,317 4,393,818

x

Hydro One Limited 75,998 1,730,834 1,940,229

x

iA Financial Corporation Inc. 13,243 601,860 602,027

x

IAA, Inc. 93,733 4,888,037 4,908,107

x

IHS Markit, Ltd. 10,500 757,739 1,076,237

x

Intact Financial Corporation 83,200 11,122,851 10,750,272

x

Intercontinental Exchange, Inc. 56,980 6,742,894 7,085,814

x

InterContinental Hotels Group PLC 31,711 2,286,527 1,902,792

x

Intertape Polymer Group Inc. 6,451 122,804 77,283

x

Intertek Group PLC 36,953 2,993,685 3,381,637

23





x

Intuit Inc. 14,980 5,147,991 6,023,571

x

Jamieson Wellness, Inc. 10,636 222,993 378,429

x

Japan Exchange Group, Inc. 73,800 1,632,147 2,312,347

x

Johnson & Johnson 40,560 7,291,356 7,743,686

x

JPMorgan Chase & Co. 33,770 5,310,188 4,312,289

x

Kerry Group PLC Cl. A 7,395 1,072,520 1,244,109

x

Kinaxis Inc. 9,703 1,154,074 1,882,964

x

Knight Therapeutics Inc. 20,980 138,214 147,280

x

Kone OYJ Series B 5,753 382,962 537,196

x

Legrand SA 17,187 1,632,825 1,772,638

x

LG Household & Health Care, Ltd. Preferred 1,690 1,368,591 1,382,882

x

Linde Public Limited Company 13,200 3,410,280 3,801,079

x

Loblaw Companies Limited 100,742 5,790,563 6,660,054

x

LVMH Moet Hennessy Louis Vuitton SA 6,179 3,339,134 3,680,306

x

Mainstreet Equity Corp. 6,419 265,634 432,705

x

Manulife Financial Corporation 75,957 1,762,602 1,402,926

x

Marsh & McLennan Companies, Inc. 93,880 12,570,814 13,684,466

x

MasterCard Incorporated Cl. A 15,610 5,556,420 6,266,515

x

Metro Inc. 72,614 3,969,685 4,066,384

x

Microsoft Corporation 53,450 10,020,657 14,767,443

x

Morguard Corporation 370 69,965 47,071

x

Morneau Shepell, Inc. 11,360 235,095 359,998

x

MTY Food Group Inc. 5,644 277,709 137,375

x

National Bank of Canada 198,052 12,367,667 12,184,159

x

Neo Performance Materials Inc. 16,821 179,006 151,894

x

Nestlé SA 14,010 1,972,192 2,102,646

x

NetEase, Inc. ADR 2,300 1,042,629 1,340,730

x

New Look Vision Group Inc. Cl. A 6,227 200,428 163,770

x

NFI Group Inc. 188,431 4,493,567 3,137,376

x

Nike Inc. Cl. B 46,840 5,420,362 6,234,998

x

Nomura Research Institute, Ltd. 53,100 1,449,613 1,954,186

x

North American Construction Group, Ltd. 4,988 47,357 42,448

x

Novartis AG ADR 20,170 2,310,180 2,391,613

x

Novozymes A/S Series B 20,737 1,333,510 1,627,818

x

Nutrien Ltd. 107,395 5,990,736 4,684,570

x

Onex Corporation 9,430 684,957 578,342

x

Open Text Corporation 85,773 3,614,037 4,944,813

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Oracle Corporation 8,310 602,454 623,537

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Otis Worldwide Corp. 8,680 812,211 670,036

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Parkland Corp. 134,967 4,922,810 4,549,738

x

Pason Systems Inc. 8,090 82,080 60,028

x

Paychex, Inc. 56,320 6,103,459 5,791,847

x

PayPal Holdings, Inc. 9,510 1,350,589 2,249,444

x

Pembina Pipeline Corporation 291,915 7,974,002 9,907,595

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People Corporation 31,225 246,498 281,962

x

PepsiCo, Inc. 21,550 3,769,108 3,869,436

x

Photon Control Inc. 61,233 106,422 108,995

x

Points International, Ltd. 6,206 98,751 76,272

x

Power Corporation of Canada 144,464 4,070,257 3,449,800

x

Primo Water Corporation 213,743 3,522,961 3,982,032

x

Quebecor Inc. Cl. B 118,446 3,776,269 3,455,070

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Rathbone Brothers PLC 26,998 946,241 644,909

x

Raytheon Technologies Corp. 8,560 933,717 716,089

x

Recordati SPA 39,335 2,157,904 2,666,832

x

RELX PLC 100,832 2,774,925 3,171,892

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Restaurant Brands International Inc. 57,010 4,313,111 4,212,469

x

Richards Packaging Income Fund 7,584 296,227 467,099

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Richelieu Hardware Ltd. 77,862 1,849,303 2,248,655

x

Ritchie Bros. Auctioneers Incorporated 26,640 1,518,939 1,472,393

x

Roche Holding AG 6,069 2,176,788 2,855,418

x

Rogers Communications Inc. Cl. B 94,421 5,335,751 5,150,666

x

Royal Bank of Canada 225,028 21,354,538 20,727,329

x

RPM International, Inc. 36,530 3,294,081 3,722,460

x

S&P Global, Inc. 15,308 4,931,127 6,847,300

x

Sampo OYJ Series A 40,206 2,275,284 1,877,763

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Samsung Electronics Co., Ltd. GDR Preferred 1,291 1,447,800 1,694,824

x

Sangoma Technologies Corporation 52,263 87,158 124,909

x

SAP SE 12,857 2,153,181 2,437,953

x

Saputo Inc. 197,181 7,386,773 6,382,749

x

Savaria Corporation 26,290 359,270 327,573

x

Sekisui Chemical Co., Ltd. 82,000 1,607,430 1,589,816

x

Seven & I Holdings Co., Ltd. 42,400 2,256,783 1,876,537

x

SGS SA 416 1,399,200 1,379,939

x

Shaw Communications Inc. Cl. B Non-Voting 100,496 2,629,160 2,224,981

x

Shenandoah Telecommunications Company 10,030 524,946 671,169

x

Shopify Inc. Cl. A 3,670 737,554 4,733,456

x

Sika AG 7,819 1,441,801 2,043,019

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SimCorp A/S 5,758 725,884 842,699

x

Sleep Country Canada Holdings Inc. 15,471 367,694 248,619

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Spirax-Sarco Engineering PLC 9,234 1,116,788 1,549,618

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Stantec Inc. 116,693 4,064,565 4,890,604

x

State Street Corporation 33,020 2,842,631 2,848,816

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Stella-Jones Inc. 114,756 4,107,637 3,917,770

x

StorageVault Canada Inc. 80,440 266,850 256,604

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Sun Life Financial Inc. 135,800 7,564,089 6,775,062

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Suncor Energy Inc. 300,528 10,763,047 6,879,086

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Sylogist, Ltd. Cl. A 15,264 155,608 170,041

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Taiwan Semiconductor Manufacturing Company, Ltd. ADR 32,060 1,835,592 2,470,895

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TC Energy Corporation 216,077 13,524,142 12,532,466

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TECSYS Inc. 2,088 37,441 50,112

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TELUS Corporation 562,584 13,262,970 12,810,038

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Tencent Holdings Limited 33,800 1,787,782 2,951,964

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TerraVest Industries Inc. 10,919 167,333 165,423

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Texas Instruments Incorporated 10,590 1,602,552 1,825,446

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The Bank of Nova Scotia 274,696 17,555,353 15,432,421

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The Descartes Systems Group Inc. 26,191 875,931 1,877,109

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The Hershey Company 26,480 4,930,724 4,659,742

x

The Procter & Gamble Company 60,030 9,178,478 9,744,564

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The Sherwin-Williams Company 3,250 2,250,937 2,549,590

x

The Toronto-Dominion Bank 212,021 13,578,659 12,846,352

x

Thomson Reuters Corporation 81,683 6,253,351 7,534,440

x

TMX Group Limited 22,920 1,540,301 3,076,552

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Topdanmark A/S 26,402 1,570,165 1,480,751

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Toromont Industries Ltd. 105,019 5,695,724 7,075,130

x

TriMas Corporation 66,520 2,628,830 2,162,866

x

Tsuruha Holdings, Inc. 18,900 2,631,711 3,528,880

x

Union Pacific Corporation 11,080 2,528,737 2,543,186

x

UnitedHealth Group Incorporated 5,955 2,362,272 2,384,526

x

VeriSign, Inc. 2,900 805,188 814,298

x

Verisk Analytics, Inc. Cl. A 54,870 10,436,024 12,678,455

x

Verizon Communications Inc. 101,100 7,838,298 7,566,778

x

Visa Inc. Cl. A 50,890 11,710,669 13,345,780

x

Waters Corporation 26,140 7,291,964 6,401,975

x

Wells Fargo & Company 76,720 4,914,957 2,666,370

x

West Pharmaceutical Services, Inc. 7,266 1,311,378 2,240,878

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Willis Towers Watson PLC 20,770 5,089,991 5,553,468

x

Winpak, Ltd. 7,480 337,823 311,093

x

Wolters Kluwer NV 35,483 2,983,600 3,762,485

x

Yellow Pages Limited 235,047 2,115,423 2,115,423

x

x

x

792,721,479 827,910,013

x

x

Mutual Funds: (25.89%)

x

BlackRock Canada Universe Bond Index Fund 9,649,210 $ 287,625,812 $ 306,732,073

x

BlackRock CDN US Equity Index Fund Cl. D 10,519,945 187,073,518 306,729,921

x

BMO Government Bond Index ETF 180,160 9,996,900 10,016,896

x

BMO MSCI EAFE Index ETF 6,452,766 105,788,584 113,762,265

x

BMO S&P 500 Index ETF 1,288,553 57,897,236 59,608,462

x

Mawer Canadian Equity Fund 2,403,458 98,176,005 159,648,968

x

Mawer International Equity Fund 6,462,078 273,325,716 394,584,189

x

Mawer New Canada Fund Series O 731,652 36,118,254 56,267,536

x

x

x

1,056,002,025 1,407,350,310

x

x

Private Equities: (0.00%)

x

Canadian Commercial Mortgage Origination Trust 3 Preferred 27,616 $ 27,615 $ 276

x

Canadian Commercial Mortgage Origination Trust 4 Preferred 25,058 25,058 -

x

Canadian Commercial Mortgage Origination Trust 5 Preferred 18,694 18,694 18,693

x

x

x

71,367 18,969

x

x

Real Estate Investment Trust (REITs): (1.50%)

x

Allied Properties Real Estate Investment Trust 143,400 $ 4,963,102 $ 5,873,664

x

Artis Real Estate Investment Trust 141,600 1,595,213 1,069,080

x

Boardwalk Real Estate Investment Trust 118,725 4,974,760 3,527,320

x

Canadian Apartment Properties Real Estate Investment Trust 199,300 7,664,009 9,683,987

x

Choice Properties Real Estate Investment Trust 509,689 5,885,278 6,493,438

x

Cominar Real Estate Investment Trust 214,300 2,782,440 1,752,974

x

Crombie Real Estate Investment Trust 109,200 1,393,726 1,397,760

x

CT Real Estate Investment Trust 319,575 4,541,313 4,339,828

x

Dream Industrial Real Estate I 164,600 1,858,535 1,757,928

x

Dream Office Real Estate Investment Trust 53,700 1,157,751 1,101,924

x

First Capital Real Estate Investment Trust 324,560 5,361,383 4,504,893

x

Granite Real Estate Investment Trust 217,116 13,509,019 15,211,147

x

H&R Real Estate Investment Trust 332,300 6,635,773 3,243,248

x

InterRent Real Estate Investment Trust 171,636 2,131,421 2,459,544

x

Killam Apartment Real Estate Investment Trust 114,628 1,670,045 2,008,282

x

Northview Apartment Real Estate Investment Trust 70,564 1,455,490 2,454,216

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x

NorthWest Healthcare Properties Real Estate Investment Trust 173,300 1,872,847 1,871,640

x

RioCan Real Estate Investment Trust 372,400 8,671,531 5,720,064

x

SmartCentres Real Estate Investment Trust 150,800 4,021,787 3,153,228

x

Summit Industrial Income Real Estate Investment Trust 135,700 1,590,856 1,553,765

x

WPT Industrial Real Estate Investment Trust 116,778 2,110,198 2,045,844

x

x

x

85,846,477 81,223,774

x

x

Fixed Income: (56.49%)

x

407 International Inc. 1.80% May 22/25 26,169,000 $ 26,160,364 $ 26,838,837

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x


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407 International Inc. 4.19% Apr 25/42 2,400,000 2,906,328 3,030,004

x

Air Canada 9.00% Jun 22/24 95,040,000 93,139,200 94,655,088

x

Air Canada 4.00% Jul 01/25** 7,982,000 10,994,806 11,513,636

x

AMC Entertainment Holdings Inc. 10.50% Apr 15/25** 16,754,000 22,609,730 18,539,069

x

American Airlines Inc. 11.75% Jul 15/25** 43,599,000 58,805,285 56,212,153

x

Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 4,326,000 4,068,524 4,457,987

x

Apple Inc. 2.51% Aug 19/24 68,884,000 68,186,429 72,819,676

x

Arrow Lakes Power 5.52% Apr 05/41 552,396 633,842 738,403

x

AT&T Inc. 1.50% Jun 12/24** 2,717,000 3,567,287 3,697,317

x

AT&T Inc. 4.85% May 25/47 19,838,000 19,784,526 22,622,165

x

AT&T Inc. 5.10% Nov 25/48 13,089,000 13,675,184 15,499,949

x

Avis Budget Car Rental LLC / Avis Budget Finance Inc. 10.50% May 15/25** 26,164,000 35,663,952 39,582,875

x

Avis Budget Rental Car Funding AESOP LLC Series 2019-3A Cl. C 3.15% Mar

20/26** 1,160,000 1,247,729 1,374,636

x

Bank of Montreal 1.61% Oct 28/21 9,659,000 9,626,063 9,765,019

x

Bank of Montreal 2.12% Mar 16/22 5,562,000 5,674,157 5,679,934

x

Bankers Hall LP 4.38% Nov 20/23 4,777,879 5,015,862 5,070,517

x

BCE Coupon Strip 0.00% May 15/28 1,222,750 936,772 1,000,748

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x


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Bell Canada 7.30% Feb 23/32 2,113,000 2,815,454 3,026,345

x

Black Press Group Ltd. 0.00% Mar 29/24 10,166,292 10,166,293 9,495,775

x

Bombardier Inc. 8.75% Dec 01/21** 10,218,000 10,784,921 11,337,342

x

Bombardier Inc. 5.75% Mar 15/22** 1,867,000 1,891,614 1,876,330

x

Bombardier Inc. 6.00% Oct 15/22** 3,728,000 3,682,983 3,580,498

x

Bombardier Inc. 6.13% Jan 15/23** 10,782,000 10,654,502 10,082,409

x

Bombardier Inc. 7.50% Dec 01/24** 8,338,000 8,397,091 7,443,871

x

Bombardier Inc. 7.50% Mar 15/25** 13,803,000 13,294,782 12,287,600

x

Bombardier Inc. 7.35% Dec 22/26 229,000 225,565 161,302

x

Bombardier Inc. 7.88% Apr 15/27** 33,916,000 32,336,817 30,236,642

x

Bombardier Recreational Products Inc. Term Loan B2 0.00% May 24/27** 22,376,000 30,710,008 30,706,648

x

British Columbia Ferry Services Inc. 5.02% Mar 20/37 5,721,000 7,577,670 7,661,678

x

Broadcom Inc. 5.00% Apr 15/30** 8,397,000 11,797,114 13,127,911

x

BZ Holdings 3.00% May 22/22** 4,548,000 5,555,837 4,322,055

x

BZ Holdings LLC 1.00% Dec 31/2028** 1,173,191 - -

x


x

Canadian Commercial Mortgage Origination Trust 3 0.14% Aug 12/20 60,818,135 1,369,722 -

x


x


x

Canadian Commercial Mortgage Origination Trust 3 2.74% Sep 12/20 17,306,257 16,771,379 17,308,740

x

Canadian Commercial Mortgage Origination Trust 3 2.74% Mar 12/21 12,978,087 7,976,311 12,237,261

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x


x


x


x

Canadian Pacific Railway Company 6.91% Oct 01/24 2,135,151 2,508,751 2,415,641

x

CBC Monetization Trust 4.69% May 15/27 1,866,096 2,076,584 2,076,298

x

Cenovus Energy Inc. 3.80% Sep 15/23** 632,000 765,407 807,294

x

Cenovus Energy Inc. 4.25% Apr 15/27** 16,695,000 12,838,404 20,545,267

x

Cenovus Energy Inc. 5.25% Jun 15/37** 7,943,000 5,679,025 9,335,070

x

Cenovus Energy Inc. 6.75% Nov 15/39** 10,366,000 9,584,676 13,716,776

x

Cenovus Energy Inc. 5.40% Jun 15/47** 1,335,000 1,086,018 1,557,938

x

Choice Properties REIT 2.85% May 21/2

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