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International Equity Fund
(The accompanying notes are an integral part of these financial statements)
1
Semi-Annual Report (unaudited)
FortheperiodendedJune30,2020
Statements of Financial Position
AS AT JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
(inthousandsofdollarsexceptperunitdata)
2020
2019
x
x
ASSETS
x
CurrentAssets
x
Investments(non-derivativefinancialassets)
$ 700,093
$ 744,508
x
Cashincludingforeigncurrencyholdings
23,376
15,906
x
Accrueddividendsreceivable
3,516
2,816
x
Marginreceivableonfutures
1,555
3,078
x
Receivableforportfoliosecuritiessold
1,075
240
x
Receivableforunitsubscriptions
339
4,082
x
Prepaidexpenses
111
76
x
Receivablefrommanager
1
1
x
Derivativeassets
17
1
x
x
x
730,083
770,708
x
x
x
LIABILITIES
x
CurrentLiabilities
x
Accruedliabilities
291
299
x
Payableforportfoliosecuritiespurchased
539
560
x
Payableforunitredemptions
457
1,402
x
Derivativeliabilities
4
10
x
x
x
1,291
2,271
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITS $ 728,792
$ 768,437
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOFREDEEMABLEUNITSPERCLASS(note5)
x
(ClassE) $ 8,039
$ 8,934
x
(ClassF) $ 5,620
$ 7,242
x
(ClassI) $ 49
$ 52
x
(ClassO) $ 715,084
$ 752,209
x
(ClassZ)* $ —
$ —
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOFREDEEMABLEUNITSPERUNIT
x
(ClassE) $ 6.46
$ 6.92
x
(ClassF) $ 7.11
$ 7.58
x
(ClassI) $ 7.06
$ 7.54
x
(ClassO) $ 6.88
$ 7.30
x
(ClassZ)* $ —
$ —
x
x
x
* ClassZunitswereterminatedasofendofdayJuly2,2019,seeNote5.
Statements of Comprehensive Income (Loss)
FOR THE PERIODS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
(inthousandsofdollarsexceptperunitdata)
2020
2019
INCOME
NET GAIN (LOSS) ON INVESTMENTS AND DERIVATIVES
x
Dividends
$ 10,270
$ 15,754
x
Interestfordistributionpurposes
14
82
x
Derivativeincome(loss)
959
1,593
x
Netrealizedgain(loss)onsaleofinvestments
319
14,415
x
Foreignexchangegain(loss)onforeigncurrency
translation
(91)
185
x
Netchangeinunrealizedappreciation(depreciation)
onforeignexchange
223
(544)
x
Netchangeinunrealizedappreciation(depreciation)of
investmentsandderivatives
(48,430)
37,931
x
x
x
(36,736)
69,416
x
Foreignexchangegain(loss)oncash
403
(429)
x
x
x
TOTALINCOME(NET) (36,333)
68,987
x
x
EXPENSES
x
Custodianandadministrationfees
398
434
x
Legalfees
28
32
x
Auditfees
15
13
x
Interestexpense
23
—
x
Managementfees(note7)
105
135
x
Trusteefees
12
13
x
Independentreviewcommitteefees(note7)
2
2
x
Transactioncosts
762
409
x
Securityholderreportingcosts
23
24
x
Foreignwithholdingtaxes
867
2,245
x
x
x
TOTALEXPENSES 2,235
3,307
x
Waivedexpenses(note7)
(4)
(6)
x
x
x
NETEXPENSES 2,231
3,301
x
x
x
INCREASE(DECREASE)INNETASSETS
ATTRIBUTABLETOHOLDERSOFREDEEMABLE
UNITS $ (38,564)
$ 65,686
x
x
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF
REDEEMABLE UNITS PER CLASS
x
(ClassE) $ (531)
$ 753
x
(ClassF) $ (449)
$ 740
x
(ClassI) $ (3)
$ 4
x
(ClassO) $ (37,581)
$ 64,188
x
(ClassZ)* $ —
$ 1
x
x
AVERAGE NUMBER OF UNITS OUTSTANDING FOR THE PERIOD PER CLASS
x
(ClassE) 1,264
1,506
x
(ClassF) 882
1,249
x
(ClassI) 7
7
x
(ClassO) 104,482
107,424
x
(ClassZ)* —
2
x
x
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF
REDEEMABLE UNITS PER UNIT^
x
(ClassE) $ (0.42)
$ 0.50
x
(ClassF) $ (0.51)
$ 0.59
x
(ClassI) $ (0.48)
$ 0.55
x
(ClassO) $ (0.36)
$ 0.60
x
(ClassZ)* $ —
$ 0.58
x
x
x
^ Basedontheweightedaveragenumberofunitsoutstandingduringtheperiod.
x
* ClassZunitswereterminatedasofendofdayJuly2,2019,seeNote5.
International Equity Fund
(The accompanying notes are an integral part of these financial statements)
2
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units
FOR THE PERIODS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
(inthousandsofdollarsexceptperunitdata)
x
Fund Total
2020 2019
x
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITSATBEGINNINGOFPERIOD $ 768,437 $ 753,434
x
x
x
INCREASE(DECREASE)INNETASSETS
ATTRIBUTABLETOHOLDERSOFREDEEMABLE
UNITS (38,564) 65,686
x
x
x
DISTRIBUTIONSTOHOLDERSOFREDEEMABLE
UNITS
x
Outofnet investment income — (2,727)
x
x
x
— (2,727)
x
x
x
CAPITALUNITTRANSACTIONS
x
Proceeds fromissueofunits 62,913 36,943
x
Paymentsonredemptionofunits (63,994) (116,569)
x
Reinvestmentsofdistributions — 2,701
x
x
x
(1,081) (76,925)
x
x
x
CHANGESINNETASSETATTRIBUTABLETO
HOLDERSOFREDEEMABLEUNITS (39,645) (13,966)
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITS ATENDOFPERIOD $ 728,792 $ 739,468
x
xx
Class E Class F
2020 2019 2020 2019
x
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITSATBEGINNINGOFPERIOD $ 8,934 $ 9,718 $ 7,242 $ 8,898
x
x
x
INCREASE(DECREASE)INNETASSETS
ATTRIBUTABLETOHOLDERSOFREDEEMABLE
UNITS (531) 753 (449) 740
x
x
x
DISTRIBUTIONSTOHOLDERSOFREDEEMABLE
UNITS
x
Outofnet investment income — (1) — (16)
x
x
x
— (1) — (16)
x
x
x
CAPITALUNITTRANSACTIONS
x
Proceeds fromissueofunits 651 149 475 463
x
Paymentsonredemptionofunits (1,015) (1,167) (1,648) (1,930)
x
Reinvestmentofdistributions — 1 — 9
x
x
x
(364) (1,017) (1,173) (1,458)
x
x
x
CHANGESINNETASSETATTRIBUTABLETO
HOLDERSOFREDEEMABLEUNITS (895) (265) (1,622) (734)
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITS ATENDOFPERIOD $ 8,039 $ 9,453 $ 5,620 $ 8,164
x
x
International Equity Fund
(The accompanying notes are an integral part of these financial statements)
3
Statements of Changes in Net Assets Attributable to Holders of Redeemable Units
FOR THE PERIODS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
(inthousandsofdollarsexceptperunitdata)
x
Class I Class O
2020 2019 2020 2019
x
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITSATBEGINNINGOFPERIOD $ 52 $ 45 $ 752,209 $ 734,762
x
x
x
INCREASE(DECREASE)INNETASSETS
ATTRIBUTABLETOHOLDERSOFREDEEMABLE
UNITS (3) 4 (37,581) 64,188
x
x
x
DISTRIBUTIONSTOHOLDERSOFREDEEMABLE
UNITS
x
Outofnet investment income — — — (2,710)
x
x
x
— — — (2,710)
x
x
x
CAPITALUNITTRANSACTIONS
x
Proceeds fromissueofunits — — 61,787 36,331
x
Paymentsonredemptionofunits — — (61,331) (113,472)
x
Reinvestmentofdistributions — — — 2,691
x
x
x
— — 456 (74,450)
x
x
x
CHANGESINNETASSETATTRIBUTABLETO
HOLDERSOFREDEEMABLEUNITS (3) 4 (37,125) (12,972)
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITS ATENDOFPERIOD $ 49 $ 49 $ 715,084 $ 721,790
x
xx
Class Z*
2020 2019
x
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITSATBEGINNINGOFPERIOD $ — $ 11
x
x
x
INCREASE(DECREASE)INNETASSETS
ATTRIBUTABLETOHOLDERSOFREDEEMABLE
UNITS — 1
x
x
x
DISTRIBUTIONSTOHOLDERSOFREDEEMABLE
UNITS
x
x
x
— —
x
x
x
CAPITALUNITTRANSACTIONS
x
x
x
— —
x
x
x
CHANGESINNETASSETATTRIBUTABLETO
HOLDERSOFREDEEMABLEUNITS — 1
x
x
x
NETASSETSATTRIBUTABLETOHOLDERSOF
REDEEMABLEUNITS ATENDOFPERIOD $ — $ 12
x
x
x
* ClassZunitswereterminatedasofendofdayJuly2,2019,seeNote5.
International Equity Fund
(The accompanying notes are an integral part of these financial statements)
4
Statements of Cash Flows
FOR THE PERIODS ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
(inthousandsofdollarsexceptperunitdata)
2020 2019
x
x
CASHFLOWSFROMOPERATINGACTIVITIES
x
Increase (Decrease) inNetAssetsAttributable toHolderofRedeemableUnits $ (38,564) $ 65,686
x
Adjustments for:
x
Foreignexchange (gain) lossoncash (60) 227
x
Netrealized(gain) lossonsaleof investments (319) (14,415)
x
Netchange inunrealized(appreciation)depreciationof investmentsandderivatives 48,430 (37,931)
x
Purchasesof investments (309,376) (120,755)
x
Proceeds fromthesaleof investments 304,802 188,932
x
Marginreceivableonfutures 1,523 (2)
x
Interest receivable — 16
x
Dividends receivable (700) (114)
x
Otherassets (35) 47
x
Other liabilities (8) (98)
x
x
x
5,693 81,593
x
x
x
CASHFLOWSUSEDINFINANCINGACTIVITIES
x
Amountreceivedfromthe issuanceofunits* 66,561 25,663
x
Amountpaidonredemptionsofunits* (64,844) (105,765)
x
Distributionspaidtounitholders — (26)
x
x
x
1,717 (80,128)
x
x
x
Increase (decrease) incashduring theperiod 7,410 1,465
x
Foreignexchangegain(loss)oncash 60 (227)
x
CashatBeginningofPeriod 15,906 27,472
x
x
x
CashatEndofPeriod 23,376 28,710
x
x
x
CASHFLOWSINCLUDEDINOPERATINGACTIVITIES
x
Interest received 14 98
x
Dividends received,netofwithholding taxes 8,703 13,395
x
Interestpaid 23 —
x
* Non-cashtransfersof$94,639wereexcludedfromproceedsfromissue/paymentonredemptionsfortheperiodendedJune30,2020.
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
EQUITIES-96.1%
x
Australia -3.1%
x
AristocratLeisureLtd. 84,566 1,342,248 2,057,670
x
ASXLtd. 4,262 197,652 344,230
x
AvitaMedicalLtd. 104,318 813,182 888,557
x
BGPHoldingsPLC 73,834 – –
x
BHPGroupLtd. 44,660 1,227,286 1,510,951
x
BHPGroupPLC 71,770 1,628,517 1,994,630
x
BluescopeSteelLtd. 92,567 1,258,677 1,036,189
x
Coca-ColaAmatilLtd. 11,936 117,030 97,696
x
CochlearLtd. 4,562 666,330 813,866
x
ColesGroupLtd. 38,178 551,711 616,692
x
CSLLtd. 12,256 1,322,487 3,312,291
x
CSRLtd. 128,565 438,417 449,646
x
EvolutionMiningLtd. 149,169 719,191 805,212
x
FortescueMetalsGroupLtd. 214,545 1,402,596 2,834,187
x
GoodmanGroup 3,719 35,814 52,144
x
IGOLtd. 45,159 210,091 209,378
x
InsuranceAustraliaGroupLtd. 7,275 38,966 39,674
x
LendLeaseGroup 14,826 210,935 174,129
x
MacquarieGroupLtd. 1,904 186,271 214,720
x
MagellanFinancialGroupLtd. 3,049 136,368 169,186
x
NewcrestMiningLtd. 45,600 1,387,938 1,373,977
x
OricaLtd. 49,795 838,661 782,503
x
OroraLtd. 155,996 442,589 374,784
x
OZMineralsLtd. 31,104 246,089 324,749
x
QantasAirwaysLtd. 153,803 430,999 553,812
x
REAGroupLtd. 667 63,138 68,297
x
SeekLtd. 3,036 52,439 63,115
x
SonicHealthcareLtd. 2,864 77,031 82,181
x
South32Ltd. 594,280 1,420,191 1,143,244
x
SydneyAirport 1,897 14,897 10,173
x
TechnologyOneLtd. 16,491 141,806 137,328
x
WesfarmersLtd. 2,014 70,488 85,090
x
WoolworthsGroupLtd. 3,777 131,672 132,295
x
x
x
17,821,707 22,752,596
x
x
Austria -0.4%
x
AndritzAG 718 37,278 35,645
x
BAWAGGroupAG 49,764 2,817,941 2,344,548
x
ErsteGroupBankAG 2,195 97,592 70,585
x
ImmofinanzAG 476 – 11,078
x
RaiffeisenBank InternationalAG 7,607 167,198 185,123
x
VoestalpineAG 1,231 33,610 36,196
x
x
x
3,153,619 2,683,175
x
x
Belgium-1.3%
x
AgeasSA/NV 72,647 3,389,417 3,505,501
x
bpostSA 15,594 141,848 143,512
x
ColruytNV 4,432 340,241 331,653
x
GalapagosNV 4,388 1,294,245 1,179,252
x
GroupeBruxellesLambertSA 14,627 1,387,561 1,668,147
x
KBCGroupNV 11,180 1,094,238 874,547
x
ProximusSA 1,687 46,778 46,806
Numberof
Shares AverageCost$ FairValue$
x
UCBSA 9,640 1,061,429 1,523,178
x
x
x
8,755,757 9,272,596
x
x
Bermuda-0.3%
x
AxisCapitalHoldingsLtd. 40,859 2,363,679 2,257,162
x
x
x
2,363,679 2,257,162
x
x
Canada -1.8%
x
AlimentationCouche-TardInc.,
Class 'B' 10,982 212,992 467,504
x
CanadianNaturalResourcesLtd. 32,558 749,604 766,741
x
CanadianPacificRailwayLtd. 6,947 1,360,636 2,398,938
x
ManulifeFinancialCorp. 62,954 1,650,069 1,162,760
x
NutrienLtd. 45,160 2,463,404 1,969,879
x
PowerCorp.ofCanada 8,000 266,556 191,040
x
Shopify Inc.,Class 'A' 3,185 485,170 4,107,918
x
Stantec Inc. 15,400 637,642 645,414
x
SunLifeFinancial Inc. 20,700 1,199,825 1,032,723
x
x
x
9,025,898 12,742,917
x
x
Chile -0.0%
x
AntofagastaPLC 2,086 31,989 32,791
x
x
x
31,989 32,791
x
x
China -2.0%
x
AlibabaGroupHoldingLtd.,ADR 4,377 552,523 1,285,890
x
BaiduInc.,ADR 39,452 6,960,107 6,442,124
x
BeiGeneLtd.,ADR 256 58,699 65,690
x
BeijingCapital InternationalAirport
Co.Ltd.,Class 'H' 690,000 698,387 588,155
x
ChinaCommunicationsServices
Corp.Ltd.,Class 'H' 272,416 274,691 232,521
x
ChinaLessoGroupHoldingsLtd. 112,000 150,013 200,228
x
ChinaRailwayGroupLtd.,Class 'H' 238,000 190,258 167,327
x
CountryGardenServicesHoldings
Co.Ltd. 84,952 394,845 540,154
x
IndustrialandCommercialBankof
China,Class 'H' 1,150,000 1,093,184 946,941
x
ShuiOnLandLtd. 447,500 105,869 102,767
x
TencentHoldingsLtd. 30,012 967,026 2,619,288
x
VipshopHoldingsLtd.,ADR 40,374 545,550 1,094,839
x
WestChinaCementLtd. 822,000 209,500 205,219
x
ZoomlionHeavy IndustryScience
andTechnologyCo.Ltd. 190,800 175,460 201,204
x
x
x
12,376,112 14,692,347
x
x
Denmark -2.2%
x
CarlsbergAS,Series 'B' 9,465 1,620,849 1,708,607
x
ColoplastAS,Class 'B' 4,217 822,741 894,771
x
DemantAS 12,792 443,986 461,481
x
DSVPanalpinaAS 14,680 1,854,971 2,454,705
x
GenmabAS,Bearer 1,797 594,558 824,856
x
H.LundbeckAS 24,458 1,402,397 1,258,012
x
NovoNordiskAS,Series 'B' 49,214 4,206,767 4,364,548
x
NovozymesAS,Class 'B' 5,434 397,803 428,863
x
OrstedAS 4,594 413,096 722,866
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
x
PandoraAS 4,365 328,140 324,521
x
Rockwool InternationalAS,Class
'B' 1,711 584,138 633,894
x
ScandinavianTobaccoGroupAS 85,730 1,687,391 1,723,322
x
TrygAS 817 31,217 32,314
x
x
x
14,388,054 15,832,760
x
x
Finland-0.5%
x
ElisaOYJ 3,745 227,162 310,288
x
FortumOYJ 11,467 352,439 297,871
x
KoneOYJ,Class 'B' 1,292 114,909 121,328
x
MetsoOYJ 2,588 129,568 115,803
x
NesteOilOYJ 1,582 25,888 84,601
x
NokiaOYJ 153,328 695,046 912,287
x
OrionOYJ,Class 'B' 20,298 1,035,858 1,340,252
x
UPM-KymmeneCorp.OYJ 7,026 234,204 277,089
x
WartsilaOYJAbp 18,751 184,414 211,781
x
x
x
2,999,488 3,671,300
x
x
France -8.3%
x
AirFrance-KLM 115,976 1,473,789 717,241
x
AirLiquideSA 4,924 712,215 969,368
x
AirbusSE 15,763 1,351,327 1,537,871
x
AlstomSA 2,438 157,869 154,693
x
AmundiSA 1,487 149,562 159,166
x
Arkema 3,326 297,293 435,307
x
BioMerieux 196 34,716 36,650
x
BNPParibasSA 81,938 5,048,883 4,457,461
x
BolloreSA 354,272 1,712,406 1,522,050
x
BouyguesSA 665 32,009 31,016
x
CapgeminiSE 4,752 714,841 746,672
x
CarrefourSA 157,866 3,504,338 3,333,403
x
CasinoGuichardPerrachonSA 632 30,344 31,881
x
Covivio 1,068 145,811 105,476
x
CreditAgricoleSA 145,760 1,884,329 1,884,546
x
CriteoSA,ADR 7,572 217,355 117,466
x
Danone 18,824 1,978,198 1,779,081
x
Edenred 5,430 310,142 324,259
x
EiffageSA 2,198 322,753 274,335
x
Engie 150,651 2,726,718 2,543,919
x
EssilorLuxottica 7,079 1,166,704 1,239,605
x
GecinaSA 1,190 274,151 200,116
x
HermesInternational 791 495,570 904,263
x
ICADE 761 101,199 72,353
x
IliadSA 124 31,000 32,958
x
IngenicoGroup 1,474 208,848 322,467
x
IpsenSA 4,168 509,206 481,423
x
Ipsos 3,271 102,610 112,278
x
Kering 600 286,570 446,640
x
LaFrancaisedesJeuxSAEM 5,307 182,968 223,339
x
LegrandSA 2,286 231,731 236,500
x
L'OréalSA 1,900 506,148 834,944
x
LVMHMoëtHennessy-Louis
VuittonSA 4,292 1,114,424 2,580,047
x
Pernod-RicardSA 13,080 2,333,473 2,804,384
Numberof
Shares AverageCost$ FairValue$
x
PeugeotSA 61,074 1,282,517 1,363,701
x
PublicisGroupe 50,739 3,521,959 2,244,228
x
RémyCointreauSA 224 35,074 41,609
x
RenaultSA 15,035 372,353 523,935
x
RexelSA 45,617 689,850 711,863
x
SafranSA 5,803 676,921 794,795
x
Sanofi 65,022 7,833,810 9,028,947
x
SartoriusStedimBiotech 3,670 881,092 1,266,923
x
SchneiderElectricSE 12,128 1,321,735 1,836,873
x
SEBSA 255 43,557 57,594
x
SuezSA 8,391 167,519 134,285
x
Teleperformance 7,065 2,243,655 2,449,922
x
ThalesSA 19,377 2,152,729 2,135,341
x
TOTALSA 58,789 3,990,621 3,086,435
x
UbiSoftEntertainmentSA 11,655 1,355,046 1,314,133
x
ValeoSA 1,248 44,537 44,818
x
VeoliaEnvironnementSA 8,474 292,985 260,541
x
VinciSA 4,345 456,582 548,555
x
VivendiSA 18,876 699,197 664,109
x
x
x
58,411,239 60,161,785
x
x
Germany -10.6%
x
AdidasAG 1,868 576,892 670,578
x
AllianzAG,Registered 25,667 6,391,762 7,141,272
x
BASFSE 61,123 6,548,128 4,674,614
x
BayerAG,Registered 70,752 7,457,616 7,140,635
x
BeiersdorfAG 3,557 514,367 550,732
x
BrenntagAG 16,162 862,631 1,166,749
x
CarlZeissMeditecAG 275 44,504 36,459
x
CECONOMYAG 38,166 130,838 181,315
x
ContinentalAG 3,556 377,817 476,000
x
CTSEventimAG&CoKGaA 15,089 771,599 857,870
x
DeliveryHeroSE 1,454 155,793 203,452
x
DeutscheBoerseAG 5,858 725,968 1,443,491
x
DeutschePostAG,Registered 129,694 5,316,971 6,484,298
x
FreseniusMedicalCareAG 29,136 2,522,260 3,412,880
x
FUCHSPETROLUBSE,Preferred 539 28,245 29,498
x
GerresheimerAG 17,053 1,744,141 2,145,791
x
HannoverRueckversicherungsSE 1,482 286,134 348,734
x
HelloFreshSE 12,658 693,643 921,976
x
HenkelAG&Co.KGaA,Preferred 15,820 2,013,969 2,009,559
x
InfineonTechnologiesAG 121,331 3,207,811 3,871,029
x
KIONGroupAG 18,985 1,565,417 1,591,552
x
Knorr-BremseAG 225 30,508 31,091
x
LanxessAG 1,091 96,699 78,555
x
MTUAeroEnginesHoldingAG 1,215 360,773 288,017
x
Muenchener
Rueckversicherungs-Gesellscha
ftAG,Registered 3,549 1,295,337 1,258,289
x
PumaSE 1,878 177,878 198,260
x
RheinmetallAG 4,614 420,762 545,916
x
RWEAG 19,305 712,030 920,169
x
SAPAG 37,140 3,966,470 7,069,005
x
SAPSE,ADR 10,821 1,193,407 2,063,348
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
x
SartoriusAG 498 127,337 223,794
x
Scout24AG 11,653 721,715 1,227,551
x
SiemensAG,Registered 63,996 8,685,090 10,276,507
x
TelefonicaDeutschlandHolding
AG 6,891 27,671 27,671
x
UniperSE 5,362 205,987 235,589
x
UnitedInternetAG,Registered 681 38,829 39,395
x
VolkswagenAG,Preferred 36,712 8,240,903 7,597,905
x
x
x
68,237,902 77,439,546
x
x
HongKong -1.5%
x
AeonCreditService (Asia)Co.Ltd. 90,000 90,713 86,529
x
AIAGroupLtd. 246,100 2,248,016 3,136,579
x
ASMPacificTechnologyLtd. 7,100 114,160 102,195
x
ChaodaModernAgriculture
HoldingsLtd. 900,000 459,705 6,033
x
ChinaMerchantsChinaDirect
InvestmentsLtd. 31,025 73,442 48,322
x
ChinaStarchHoldingsLtd. 1,445,000 74,754 31,102
x
CITICLtd. 168,000 250,575 216,069
x
CKAssetHoldingsLtd. 42,500 325,672 347,127
x
GalaxyEntertainmentGroupLtd. 62,000 559,890 579,269
x
HangLungPropertiesLtd. 9,000 27,024 29,141
x
HendersonLandDevelopmentCo.
Ltd. 6,000 30,432 31,166
x
HKElectric Investments&HK
Electric InvestmentsLtd. 74,500 89,090 105,396
x
HKTTrustandHKTLtd. 99,000 170,126 197,872
x
HongKong&ChinaGasCo.Ltd. 120,980 275,181 256,089
x
HongkongLandHoldingsLtd. 50,500 284,258 286,096
x
KingboardHoldingsLtd. 35,500 122,910 126,207
x
MTRCorp.Ltd. 5,000 33,902 35,417
x
NineDragonsPaperHoldingsLtd. 260,000 387,400 323,774
x
OrientalWatchHoldingsLtd. 158,000 60,240 55,133
x
PowerAssetsHoldingsLtd. 41,000 366,636 305,126
x
SJMHoldingsLtd. 1,177,643 1,807,135 1,798,257
x
SwirePacificLtd.,Class 'A' 43,500 395,017 314,887
x
Techtronic IndustriesCo.Ltd. 180,900 1,249,073 2,437,894
x
WingTaiPropertiesLtd. 64,000 55,821 44,047
x
x
x
9,551,172 10,899,727
x
x
India -0.3%
x
HDFCBankLtd.,ADR 23,292 1,015,821 1,442,159
x
InfosysTechnologiesLtd.,ADR 78,758 984,556 1,036,213
x
x
x
2,000,377 2,478,372
x
x
Indonesia -0.0%
x
PTBankMandiri (Persero)TBK 442,100 200,877 209,081
x
x
x
200,877 209,081
x
x
Ireland-3.0%
x
AccenturePLC,Class 'A' 8,699 1,310,548 2,544,011
x
AonPLC 6,261 618,382 1,642,393
x
CRHPLC 48,314 2,136,862 2,253,235
x
DCCPLC 19,065 1,823,475 2,160,623
x
ExperianPLC 65,946 1,738,284 3,143,620
Numberof
Shares AverageCost$ FairValue$
x
ICONPLC 13,110 914,870 3,007,991
x
JamesHardie IndustriesSE,ADR 8,777 229,007 229,808
x
KerryGroupPLC,Class 'A' 10,139 1,408,542 1,714,961
x
KeywordsStudiosPLC 9,376 243,175 285,766
x
KingspanGroupPLC 1,554 123,601 136,594
x
RyanairHoldingsPLC,ADR 28,364 2,469,091 2,562,831
x
SmurfitKappaGroupPLC 14,788 664,425 676,651
x
STERISPLC 7,298 1,568,997 1,525,175
x
x
x
15,249,259 21,883,659
x
x
IsleofMan-0.0%
x
GVCHoldingsPLC 2,602 39,188 32,391
x
x
x
39,188 32,391
x
x
Israel -1.5%
x
AzrieliGroupLtd. 862 87,067 53,556
x
BankHapoalimLtd. 64,133 545,271 522,640
x
BankLeumiLe Israel 260,595 1,519,768 1,786,107
x
CheckPointSoftwareTechnologies
Ltd. 28,237 3,388,805 4,131,628
x
ElbitSystemsLtd. 567 120,709 106,217
x
ICLGroupLtd. 14,725 65,572 59,791
x
IsracardLtd. 1 5 4
x
IsraelDiscountBank,Class 'A' 14,101 84,215 58,627
x
MizrahiTefahotBankLtd. 8,181 244,868 209,551
x
NICELtd. 3,576 539,988 918,898
x
NICELtd.,ADR 6,792 1,028,042 1,750,603
x
Wix.comLtd. 3,801 943,061 1,326,441
x
x
x
8,567,371 10,924,063
x
x
Italy -2.2%
x
A2ASPA 153,647 284,275 297,367
x
AssicurazioniGeneraliSPA 77,298 1,774,864 1,598,732
x
BancaMediolanumSpA 34,987 289,616 342,832
x
EnelSPA 120,390 1,291,087 1,417,654
x
ERGSPA 6,687 204,759 196,742
x
FerrariNV 7,097 1,294,917 1,655,245
x
HeraSPA 106,135 473,118 542,602
x
IntesaSanpaoloSPA 377,487 818,818 987,705
x
Leonardo-FinmeccanicaSPA 40,406 388,621 366,755
x
MediobancaSPA 15,254 227,894 149,983
x
NexiSPA 50,065 679,696 1,182,058
x
Poste ItalianeSPA 10,934 130,224 130,046
x
PrysmianSPA 1,026 28,523 32,408
x
RecordatiSPA 25,294 1,022,548 1,723,317
x
SnamSPA 2,988 20,160 19,834
x
TelecomItaliaSPA 60,232 31,717 32,340
x
TelecomItaliaSPA,RSP 61,047 33,327 32,350
x
TernaSPA 10,155 89,139 95,371
x
UniCreditSPA 389,877 6,357,143 4,899,304
x
x
x
15,440,446 15,702,645
x
x
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
Japan-15.6%
x
AdvantestCorp. 4,900 320,604 381,195
x
AirWater Inc. 1,600 32,116 30,816
x
AlfresaHoldingsCorp. 1,000 28,464 28,573
x
AmadaCo.Ltd. 1,800 26,524 20,090
x
AsahiGroupHoldingsLtd. 4,800 287,501 229,807
x
ASAHIINTECCCO.LTD. 800 30,528 31,124
x
AstellasPharmaInc. 15,800 363,042 359,668
x
BridgestoneCorp. 30,500 1,591,201 1,341,873
x
Brother IndustriesLtd. 1,600 41,154 39,405
x
Calbee Inc. 700 27,329 26,374
x
CanonMarketingJapanInc. 21,000 499,247 585,358
x
CapcomCo.Ltd. 26,900 932,366 1,342,197
x
CasioComputerCo.Ltd. 4,600 95,119 109,391
x
ChugaiPharmaceuticalCo.Ltd. 5,400 249,194 394,104
x
ChugokuElectricPowerCo. Inc.
(The) 1,800 33,522 32,712
x
CONEXIOCorp. 4,900 82,804 88,421
x
DaiNipponPrintingCo.Ltd. 68,400 1,678,589 2,143,588
x
Dai-ichiLifeHoldings Inc. 35,700 593,671 582,508
x
DaiichiSankyoCo.Ltd. 3,500 166,058 390,226
x
DaikinIndustriesLtd. 6,000 693,666 1,323,333
x
DaitoTrustConstructionCo.Ltd. 11,000 1,507,531 1,381,914
x
DaiwaHouse IndustryCo.Ltd. 40,300 1,044,253 1,297,270
x
DaiwaHouseREITInvestment
Corp. 45 165,843 144,311
x
DiscoCorp. 700 203,431 232,717
x
DMGMoriSeikiCo.Ltd. 23,300 314,561 388,091
x
EastJapanRailwayCo. 17,100 1,794,213 1,615,247
x
EisaiCo.Ltd. 6,000 562,001 649,798
x
FANUCCorp. 14,600 3,456,885 3,567,794
x
FastRetailingCo.Ltd. 100 70,420 78,349
x
FujifilmHoldingsCorp. 28,400 1,132,134 1,656,986
x
FujitsuLtd. 16,300 1,259,928 2,601,489
x
GLORYLTD. 9,700 306,779 301,609
x
HakuhodoDYHoldings Inc. 10,500 219,167 170,824
x
HasekoCorp. 74,200 1,271,462 1,277,081
x
HikariTsushinInc. 200 47,701 62,336
x
HiroseElectricCo.Ltd. 600 98,267 89,810
x
HitachiLtd. 57,300 2,678,539 2,482,640
x
HitachiMetalsLtd. 5,300 105,724 86,593
x
HOSHIZAKIELECTRICCO.LTD. 1,400 169,342 163,569
x
HoyaCorp. 12,400 1,121,507 1,618,604
x
HulicCo.Ltd. 7,900 123,040 101,668
x
HurxleyCorp. 4,400 62,083 58,071
x
IdemitsuKosanCo.Ltd. 1,900 59,957 55,275
x
ITOCHUCorp. 26,500 565,443 781,625
x
ITOCHUTechno-SolutionsCorp. 1,600 60,837 82,021
x
JapanAirlinesCo.Ltd. 42,400 1,199,551 1,042,977
x
JapanPostBankCo.Ltd. 2,800 32,505 28,386
x
JapanPostHoldingsCo.Ltd. 31,700 485,550 308,386
x
JapanPrimeRealty Investment
Corp. 6 30,337 23,994
Numberof
Shares AverageCost$ FairValue$
x
JapanRealEstate Investment
Corp. 7 50,397 48,970
x
JFEHoldings Inc. 2,700 30,219 26,608
x
Kakaku.comInc. 1,200 38,941 41,670
x
KansaiPaintCo.Ltd. 3,900 103,506 112,341
x
KaoCorp. 6,800 461,324 735,594
x
KDDICorp. 47,100 1,854,430 1,915,656
x
KeihanHoldingsCo.Ltd. 1,300 73,982 79,140
x
KeikyuCorp. 1,800 42,438 37,546
x
KeiseiElectricRailwayCo.Ltd. 400 20,852 17,089
x
KeyenceCorp. 3,600 599,732 2,056,457
x
KintetsuGroupHoldingsCo.Ltd. 2,700 195,283 165,141
x
KobayashiPharmaceuticalCo.Ltd. 500 61,678 59,927
x
KokuyoCo.Ltd. 18,700 333,653 309,065
x
KomatsuLtd. 86,400 2,570,805 2,412,094
x
KonamiHoldingsCorp. 20,100 856,574 914,275
x
KOSECorp. 100 18,619 16,500
x
KurarayCo.Ltd. 1,900 29,972 27,103
x
KuritaWater IndustriesLtd. 800 29,701 30,336
x
KyowaKirinCo.Ltd. 1,300 41,011 46,649
x
KyushuElectricPowerCo. Inc. 3,300 37,821 37,701
x
LawsonInc. 500 38,369 34,283
x
LINECorp. 600 40,003 41,163
x
LionCorp. 1,300 38,899 42,621
x
LixilGroupCorp. 6,500 159,644 124,438
x
M3Inc. 9,600 346,095 555,913
x
MabuchiMotorCo.Ltd. 51,700 2,179,295 2,248,943
x
MarubeniCorp. 4,000 37,917 24,768
x
MaruiGroupCo.Ltd. 4,900 139,114 120,825
x
MeitecCorp. 1,800 104,990 118,710
x
MinebeaMitsumiInc. 7,400 179,510 183,866
x
MitsubishiElectricCorp. 33,100 580,472 589,322
x
MitsubishiMaterialsCorp. 1,000 31,167 28,783
x
Mitsui&Co.Ltd. 6,800 145,499 137,340
x
MitsuiChemicals Inc. 900 27,895 25,660
x
mixi Inc. 16,700 735,635 402,634
x
MS&ADInsuranceGroupHoldings
Inc. 84,300 2,406,114 3,164,538
x
MurataManufacturingCo.Ltd. 25,700 1,831,089 2,065,119
x
NagoyaRailroadLtd. 1,900 78,516 72,999
x
NexonCo.Ltd. 41,900 1,290,021 1,288,320
x
NGKInsulatorsLtd. 1,700 39,178 32,108
x
NHFoodsLtd. 900 49,886 49,368
x
NihonM&ACenter Inc. 4,127 155,864 255,844
x
NihonUnisysLtd. 23,500 840,104 1,007,179
x
NikonCorp. 29,700 570,995 340,007
x
NintendoCo.Ltd. 4,300 2,422,679 2,620,488
x
NipponBuildingFundInc. 11 87,092 85,396
x
NipponPaintHoldingsCo.Ltd. 3,600 260,480 357,922
x
NipponPrologisREITInc. 45 152,127 186,393
x
NipponShinyakuCo.Ltd. 400 45,956 44,505
x
NipponTelegraph&Telephone
Corp. 62,100 1,623,665 1,972,316
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
x
NipponTelegraphandTelephone
Corp.,ADR 111,616 2,150,206 3,532,968
x
NitoriHoldingsCo.Ltd. 400 83,432 106,908
x
NJSCo.Ltd. 3,700 70,335 81,565
x
NomuraRealEstateHoldings Inc. 800 23,600 20,302
x
NomuraRealEstateMasterFund
Inc. 100 227,531 163,263
x
NomuraResearchInstituteLtd. 7,500 217,309 279,232
x
NTTDOCOMOINC. 53,900 1,942,124 1,950,564
x
ObicCo.Ltd. 1,000 117,950 240,238
x
OdakyuElectricRailwayCo.Ltd. 800 26,348 26,781
x
OjiHoldingsCorp. 4,700 31,315 29,890
x
OmronCorp. 2,900 227,781 264,771
x
OracleCorp.Japan 400 48,642 64,674
x
OrientalLandCo.Ltd. 3,100 425,546 558,413
x
ORIXJREITInc. 17 47,018 30,546
x
OsakaGasCo.Ltd. 1,100 30,046 29,640
x
OTSUKACORP. 21,100 1,214,440 1,519,094
x
PanPacific InternationalHoldings
Corp. 1,200 33,165 36,014
x
PanasonicCorp. 132,200 1,523,181 1,580,241
x
PersolHoldingsCo.Ltd. 17,200 237,376 323,246
x
PigeonCorp. 600 32,154 31,656
x
RecruitHoldingsCo.Ltd. 11,400 372,593 534,415
x
RinnaiCorp. 200 22,823 22,831
x
RohmCo.Ltd. 26,800 1,641,098 2,429,067
x
SankyoCo.Ltd. 9,600 341,850 316,755
x
SantenPharmaceuticalCo.Ltd. 1,500 36,655 37,642
x
SanwaShutterCorp. 110,400 1,576,460 1,352,394
x
SCSKCorp. 7,000 469,035 466,838
x
SECOMCo.Ltd. 5,800 687,422 693,710
x
SeikoCorp. 5,000 112,635 108,671
x
SekisuiHouseLtd. 129,100 2,880,404 3,359,856
x
Seven&IHoldingsCo.Ltd. 51,900 2,080,903 2,314,376
x
SGHoldingsCo.Ltd. 1,400 60,196 62,278
x
ShimadzuCorp. 1,600 61,594 58,227
x
Shin-EtsuChemicalsCo.Ltd. 11,600 1,735,621 1,855,765
x
ShinseiBankLtd. 5,100 102,256 84,086
x
Shionogi&Co. 12,400 842,036 1,060,375
x
ShizuokaBankLtd. (The) 3,200 29,348 28,061
x
SMCCorp. 400 237,150 280,218
x
SoftBankCorp. 9,900 172,218 172,011
x
SompoHoldings Inc. 19,600 933,206 919,759
x
SonyCorp.,ADR 10,765 880,901 1,013,579
x
SonyFinancialHoldings Inc. 4,500 118,733 148,108
x
SUMCOCorp. 6,500 117,837 136,221
x
SumitomoCorp. 20,700 366,910 324,535
x
SumitomoMitsuiFinancialGroup
Inc. 70,500 3,181,027 2,712,146
x
SumitomoMitsuiTrustHoldings
Inc. 48,462 1,974,193 1,861,604
x
SUNDRUGCO.LTD. 1,500 67,331 67,671
x
SuzukiMotorCorp. 31,850 1,682,395 1,482,484
x
T&DHoldings Inc. 20,400 235,141 238,849
Numberof
Shares AverageCost$ FairValue$
x
TaiyoNipponSansoCorp. 1,500 39,757 34,193
x
TakedaPharmaceuticalCo.Ltd. 119,000 6,848,543 5,827,991
x
TeijinLtd. 2,500 63,808 54,258
x
TerumoCorp. 16,700 654,443 866,475
x
THKCo.Ltd. 1,700 61,143 57,696
x
TISInc. 36,100 514,469 1,041,888
x
TobuRailwayCo. 3,500 166,358 157,630
x
TOHOGASCo.Ltd. 500 33,627 34,067
x
TohokuElectricPowerCo. Inc. 2,200 30,560 28,488
x
TokioMarineHoldings Inc. 18,000 1,083,577 1,074,035
x
TokyoElectricPowerCo.Holdings
Inc. 154,100 907,262 646,182
x
TokyoElectronLtd. 6,200 1,714,473 2,085,341
x
TokyoGasCo.Ltd. 1,000 32,286 32,640
x
TokyuFudosanHoldingsCorp. 5,700 49,470 36,553
x
TomyCo.Ltd. 16,200 183,930 174,587
x
ToppanPrintingCo.Ltd. 21,800 530,675 496,826
x
ToshibaCorp. 20,700 702,137 905,192
x
ToyoSuisanKaishaLtd. 400 28,120 30,466
x
Toyota IndustriesCorp. 2,200 169,303 159,400
x
ToyotaMotorCorp. 16,900 1,057,770 1,448,661
x
ToyotaMotorCorp.,ADR 15,307 1,901,780 2,619,151
x
TsuruhaHoldings Inc. 900 148,817 169,440
x
UniversalEntertainmentCorp. 44,028 1,384,671 1,171,729
x
WelciaHoldingsCo.Ltd. 1,000 90,567 110,124
x
YakultHonshaCo.Ltd. 500 41,125 40,099
x
YamadaDenkiCo.Ltd. 4,300 27,799 29,075
x
YamazakiBakingCo.Ltd. 2,100 50,707 49,171
x
YASKAWAElectricCorp. 4,200 200,354 199,024
x
ZHoldingsCorp. 8,700 42,940 58,202
x
x
x
102,500,839 113,792,953
x
x
Luxembourg -0.2%
x
ArcelorMittalSA 43,582 646,426 628,523
x
EurofinsScientificSE 112 76,324 96,185
x
SESSA 2,892 31,258 26,548
x
TenarisSA 117,895 1,946,679 1,043,178
x
x
x
2,700,687 1,794,434
x
x
Malaysia -0.0%
x
Magni-TechIndustriesBHD 124,500 75,501 83,596
x
x
x
75,501 83,596
x
x
Mexico -0.5%
x
ArcaContinentalSABdeCV 275,687 1,897,297 1,639,612
x
BecleSABdeCV 188,265 384,120 490,263
x
GrupoFinancieroBanorteSABde
CV 156,800 990,582 735,039
x
Wal-MartdeMexicoSABdeCV,
Series 'V' 324,261 929,613 1,050,640
x
x
x
4,201,612 3,915,554
x
x
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
Netherlands -5.5%
x
Aalberts IndustriesNV 4,432 150,372 197,876
x
AegonNV 111,035 364,316 446,891
x
AerCapHoldingsNV 10,706 606,246 449,112
x
AkzoNobelNV 44,690 4,411,832 5,466,697
x
AlticeEuropeNV 17,225 153,475 90,706
x
ArcadisNV 4,046 87,980 99,859
x
ASMLHoldingNV 5,655 807,228 2,816,656
x
ASMLHoldingNV,Registered 4,535 1,136,683 2,273,200
x
ASRNederlandNV 28,118 1,471,896 1,177,922
x
EXORNV 12,703 646,117 992,749
x
HeinekenHoldingNV 5,046 564,795 561,941
x
HeinekenNV 12,830 1,565,195 1,610,780
x
INGGroepNV 677,772 7,643,057 6,433,020
x
KoninklijkeAholdDelhaizeNV 71,892 2,180,267 2,667,803
x
KoninklijkeDSMNV 12,717 1,690,844 2,403,656
x
KoninklijkePhilipsNV 58,139 3,257,901 3,698,223
x
KoninklijkeVopakNV 423 30,744 30,486
x
NNGroupNV 15,029 600,890 687,720
x
NXPSemiconductorsNV 7,220 859,531 1,121,428
x
PostNLNV 109,082 219,240 320,304
x
QIAGENNV 12,573 446,040 737,985
x
RandstadNV 19,363 1,154,511 1,178,876
x
WoltersKluwerNV 40,824 2,557,475 4,344,754
x
x
x
32,606,635 39,808,644
x
x
NewZealand-0.3%
x
a2MilkCo.Ltd. 86,048 1,360,367 1,515,809
x
Fisher&PaykelHealthcareCorp.
Ltd. 19,926 356,145 623,699
x
MeridianEnergyLtd. 5,217 19,841 22,097
x
x
x
1,736,353 2,161,605
x
x
Norway -1.0%
x
AdevintaASA,Class 'B' 36,490 521,848 501,895
x
EquinorASA 77,661 1,460,476 1,520,314
x
GjensidigeForsikringASA 2,619 68,925 65,757
x
Kahoot!AS 633,907 1,762,226 2,870,561
x
KaleraAS 770,620 814,390 1,816,944
x
MowiASA 6,369 177,849 164,979
x
OrklaASA 2,568 30,726 30,639
x
VaccibodyAS 28,848 399,798 596,276
x
x
x
5,236,238 7,567,365
x
x
Portugal -0.1%
x
EnergiasdePortugalSA 35,790 200,057 232,605
x
JeronimoMartinsSGPSSA 21,326 504,379 508,145
x
x
x
704,436 740,750
x
x
Russia -0.1%
x
EvrazPLC 153,260 949,648 737,495
x
NovolipetskSteelPJSC,GDR 6,739 159,297 182,687
x
x
x
1,108,945 920,182
x
x
Numberof
Shares AverageCost$ FairValue$
Singapore -1.0%
x
CityDevelopmentsLtd. 248,600 2,146,919 2,067,018
x
DBSGroupHoldingsLtd. 72,900 1,665,923 1,492,444
x
Flextronics InternationalLtd. 135,838 1,719,433 1,896,366
x
MapletreeCommercialTrust 39,700 85,855 75,579
x
Oversea-ChineseBankingCorp.
Ltd. 136,782 1,146,607 1,212,984
x
PECLtd. 83,300 55,394 39,055
x
SingaporeExchangeLtd. 13,100 106,089 107,257
x
UOLGroupLtd. 11,800 90,643 78,937
x
VentureCorp.Ltd. 17,900 282,608 284,623
x
WilmarInternationalLtd. 24,700 95,287 99,400
x
x
x
7,394,758 7,353,663
x
x
SouthAfrica -0.1%
x
InvestecPLC 146,385 705,808 398,800
x
x
x
705,808 398,800
x
x
SouthKorea -2.3%
x
BNKFinancialGroupInc. 52,320 331,218 299,324
x
ChosunRefractoriesCo.Ltd. 550 53,094 44,813
x
HyundaiMotorCo.Ltd.,Preferred 17,605 2,012,663 1,110,069
x
KangwonLandInc. 49,424 1,464,001 1,213,127
x
KTCorp.,ADR 48,294 959,507 640,662
x
KUMHOPETROCHEMICALCo.
Ltd. 13,520 1,190,357 1,151,611
x
LGElectronics Inc. 5,366 473,322 387,319
x
NCsoftCorp. 264 178,295 267,493
x
SamsungElectronicsCo.Ltd. 67,795 2,595,369 4,087,531
x
SamsungElectronicsCo.Ltd.,
Preferred 50,666 1,175,895 2,688,123
x
SKTelecomCo.Ltd. 8,003 1,917,955 1,919,705
x
SKTelecomCo.Ltd.,ADR 104,483 2,747,948 2,749,349
x
YoungoneCorp. 1,145 46,811 50,329
x
x
x
15,146,435 16,609,455
x
x
Spain-1.5%
x
AenaSMESA 4,355 736,670 793,043
x
Amadeus ITGroupSA 34,064 2,729,016 2,435,088
x
BancoBilbaoVizcayaArgentaria
SA 332,219 2,143,613 1,557,396
x
BancoSantanderSA 532,539 1,881,544 1,773,910
x
CaixaBankSA 479,243 2,082,887 1,395,941
x
CellnexTelecomSAU 6,996 406,135 581,801
x
EndesaSA 18,143 551,737 612,790
x
FerrovialSA 11,538 446,184 419,925
x
GrifolsSA 2,495 109,552 103,300
x
UnicajaBancoSA 1,443,720 2,609,307 1,005,012
x
x
x
13,696,645 10,678,206
x
x
Sweden-1.9%
x
AssaAbloyAB,Class 'B' 56,310 1,517,750 1,570,000
x
AtlasCopcoAB,Class 'A' 33,636 1,592,264 1,951,259
x
AtlasCopcoAB,Class 'B' 2,320 99,009 117,433
x
AxfoodAB 5,334 155,313 158,852
x
BetssonAB 21,058 199,455 199,991
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
x
CibusNordicRealEstateAB 14,799 299,493 302,045
x
EpirocAktiebolagAB,Class 'A' 14,678 217,365 250,542
x
EpirocAktiebolagAB,Class 'B' 8,143 109,516 136,230
x
EssityAB,Class 'B' 13,360 571,559 590,048
x
FastighetsABBalder,Class 'B' 1,735 87,933 90,429
x
GetingeAB,Series 'B' 15,655 384,395 397,390
x
Hennes&MauritzAB,Series 'B' 24,366 485,861 484,481
x
ICAGruppenAB 15,977 799,211 1,034,556
x
IndustrivardenAB,Series 'C' 1,351 43,229 41,949
x
InvestorAB,Series 'B' 3,046 219,829 220,114
x
LELundbergforetagenAB,Series
'B' 1,835 102,293 113,945
x
NCCAB,Series 'B' 20,920 477,110 463,262
x
SandvikAB 25,846 625,466 662,819
x
SkanskaAB,Series 'B' 7,773 215,719 216,169
x
SKFAB,Series 'B' 23,558 582,046 599,900
x
SwedbankAB,Series 'A' 25,912 544,357 453,258
x
SwedishMatchAB 24,528 1,668,978 2,357,454
x
Tele2AB,Class 'B' 2,947 56,071 53,440
x
TelefonaktiebolagetLMEricsson,
Series 'B' 61,991 703,870 782,775
x
VolvoAB,Series 'B' 41,476 707,843 889,017
x
x
x
12,465,935 14,137,358
x
x
Switzerland-9.8%
x
ABBLtd.,Registered 142,321 4,130,053 4,396,424
x
AdeccoSA,Registered 46,918 3,421,377 3,011,756
x
AlconInc. 24,083 1,849,211 1,884,524
x
BaloiseHoldingAG,Registered 1,295 262,917 265,688
x
BarryCallebautAG 79 189,098 205,365
x
ChocoladefabrikenLindt&Sprüngli
AG 28 255,361 314,945
x
ChocoladefabrikenLindt&Sprüngli
AG,Registered 2 217,921 234,939
x
Coca-ColaHBCAG 63,040 2,399,608 2,143,283
x
CompagnieFinanciereRichemont
SA,Registered 46,506 4,112,474 4,085,095
x
CreditSuisseGroupAG,Registered 82,461 928,511 1,168,467
x
dormakabaHoldingAG 420 329,491 312,362
x
Ems-ChemieHoldingAG,
Registered 29 28,921 30,683
x
FerrexpoPLC 62,553 238,905 182,453
x
ForboHoldingAG,Registered 40 72,083 79,080
x
GeberitAG,Registered 225 153,523 153,741
x
GivaudanSA,Registered 96 332,894 488,696
x
JuliusBaerGroupLtd. 20,654 1,166,565 1,181,299
x
Kuehne+Nagel InternationalAG,
Registered 445 87,758 100,945
x
LogitechInternationalSA,
Registered 3,470 269,057 309,668
x
LonzaGroupAG,Registered 2,233 807,993 1,610,824
x
NestléSA,Registered 33,835 4,406,160 5,108,742
x
NovartisAG,Registered 88,791 9,501,477 10,534,730
x
PartnersGroupHoldingAG 1,444 450,878 1,790,896
x
RocheHoldingAGGenusscheine 23,787 7,402,009 11,223,051
Numberof
Shares AverageCost$ FairValue$
x
SchindlerHoldingAG 2,547 802,557 820,886
x
SchindlerHoldingAG,Registered 101 31,864 32,609
x
SGSSA,Registered 352 673,374 1,174,295
x
SIGCombiblocGroupAG 65,710 995,182 1,456,113
x
SikaAG,Registered 9,198 1,433,192 2,414,736
x
SonovaHoldingAG,Registered 8,992 1,792,638 2,451,309
x
STMicroelectronicsNV 15,319 543,309 568,553
x
StraumannAG,Registered 144 136,567 169,532
x
SwatchGroupAG(The) 4,970 1,350,173 1,358,503
x
SwissLifeHoldingAG,Registered 3,448 1,164,136 1,746,881
x
SwissPrimeSiteAG,Registered 5,124 710,293 647,331
x
SwissReAG 7,695 834,082 812,522
x
SwisscomAG 355 241,733 253,526
x
TemenosGroupAG,Registered 3,680 674,359 778,927
x
UBSGroupAG 146,046 2,668,181 2,295,475
x
UBSGroupAG,Registered 162,912 2,641,490 2,562,307
x
ZurichInsuranceGroupAG 2,171 917,904 1,047,610
x
x
x
60,625,279 71,408,771
x
x
Taiwan-1.1%
x
ASEIndustrialHoldingCo.Ltd.,
ADR 111,627 637,315 690,243
x
ChipMOSTECHNOLOGIESINC.,
ADR 6,628 174,000 204,650
x
ChunghwaTelecomCo.Ltd.,ADR 14,980 764,344 803,257
x
HonHaiPrecisionIndustryCo.
Ltd.,GDR 15,766 115,443 125,728
x
MediaTek Inc. 99,000 1,242,255 2,665,832
x
SiliconMotionTechnologyCorp.,
ADR 3,667 227,567 243,579
x
TaiwanSemiconductor
ManufacturingCo.Ltd.,ADR 40,478 1,802,983 3,129,789
x
x
x
4,963,907 7,863,078
x
x
UnitedArabEmirates -0.0%
x
AbuDhabiIslamicBankPJSC 45,888 81,687 63,167
x
x
x
81,687 63,167
x
x
UnitedKingdom-13.1%
x
3iGroupPLC 23,706 280,780 331,526
x
AdmiralGroupPLC 2,344 90,335 90,281
x
AggrekoPLC 25,474 202,704 190,268
x
AngloAmericanPLC 33,575 842,366 1,051,226
x
AshteadGroupPLC 8,858 308,153 405,826
x
AssociatedBritishFoodsPLC 4,494 138,468 144,313
x
AstraZenecaPLC 12,187 948,186 1,722,619
x
AtlassianCorp.PLC 5,577 1,143,908 1,369,308
x
AvevaGroupPLC 1,665 140,266 114,656
x
AvivaPLC 548,712 3,321,121 2,525,881
x
B&MEuropeanValueRetailSA 192,623 1,166,790 1,287,758
x
BAESystemsPLC 19,020 193,356 154,462
x
BalfourBeattyPLC 306,761 1,363,121 1,341,314
x
BarclaysPLC 2,124,350 5,501,322 4,070,424
x
BarrattDevelopmentsPLC 172,508 2,049,115 1,439,992
x
BPPLC 319,547 2,092,439 1,662,649
x
BritishAmericanTobaccoPLC 64,433 4,021,889 3,356,249
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
Numberof
Shares AverageCost$ FairValue$
x
BTGroupPLC 236,427 635,618 454,122
x
BunzlPLC 68,542 1,790,064 2,496,976
x
Coca-ColaEuropeanPartnersPLC 20,422 1,128,694 1,050,285
x
CompassGroupPLC 93,759 1,834,373 1,751,989
x
ComputacenterPLC 8,997 209,600 247,655
x
Croda InternationalPLC 2,231 180,112 196,804
x
DartGroupPLC 8,847 85,921 124,845
x
DiageoPLC 18,099 1,000,334 817,014
x
DialogSemiconductorPLC 4,989 293,178 310,494
x
easyJetPLC 65,241 772,298 748,050
x
ElectrocomponentsPLC 136,644 1,394,332 1,544,865
x
FergusonPLC 24,485 2,370,758 2,719,095
x
FevertreeDrinksPLC 44,813 1,641,309 1,542,842
x
FiatChryslerAutomobilesNV 71,782 1,062,381 988,910
x
GlaxoSmithKlinePLC 89,033 2,347,726 2,442,555
x
HalmaPLC 8,725 308,460 337,606
x
HaysPLC 211,199 610,343 424,751
x
HowdenJoineryGroupPLC 53,469 502,122 497,163
x
HSBCHoldingsPLC 8,976 58,683 56,658
x
ImperialBrandsPLC 12,983 350,778 335,671
x
InchcapePLC 37,615 383,333 310,466
x
InterContinentalHotelsGroupPLC 553 43,119 33,156
x
InternationalConsolidatedAirlines
GroupSA 104,414 357,445 391,136
x
IntertekGroupPLC 3,575 302,366 327,016
x
JSainsburyPLC 159,467 539,851 560,501
x
JDSportsFashionPLC 1,962 28,360 20,509
x
JohnsonMattheyPLC 22,983 1,222,319 812,946
x
KingfisherPLC 576,939 2,747,645 2,155,752
x
Legal&GeneralGroupPLC 371,270 1,794,842 1,374,686
x
LindePLC 8,104 1,306,834 2,336,986
x
LondonStockExchangeGroup
PLC 19,752 1,671,150 2,789,800
x
M&GPLC 112,097 435,902 316,128
x
Melrose IndustriesPLC 106,567 407,348 204,009
x
MicroFocus InternationalPLC 55,648 1,769,047 403,215
x
NationalGridPLC 129,248 1,801,666 2,141,640
x
NinetyOnePLC 22,454 104,219 78,498
x
NomadFoodsLtd. 44,708 1,075,506 1,306,140
x
OcadoGroupPLC 755 27,956 25,769
x
PageGroupPLC 21,940 178,488 139,925
x
PearsonPLC 3,625 27,839 35,048
x
PrudentialPLC 239,857 6,130,594 4,908,610
x
QinetiqPLC 30,154 140,914 150,851
x
ReckittBenckiserGroupPLC 16,056 1,688,722 2,006,164
x
RELXPLC 156,626 3,962,269 4,923,614
x
Rentokil InitialPLC 126,955 851,307 1,090,268
x
RightmovePLC 113,521 1,024,990 1,042,178
x
RioTintoLtd. 1,500 119,893 139,567
x
RioTintoPLC,ADR 11,449 868,519 876,045
x
Rolls-RoyceHoldingsPLC 480,478 5,576,850 2,303,946
x
RoyalBankofScotlandGroupPLC 997,442 4,384,809 2,033,705
x
RoyalDutchShellPLC,ADR,Class
'B' 57,111 3,651,676 2,368,559
Numberof
Shares AverageCost$ FairValue$
x
RoyalMailPLC 89,371 270,252 273,567
x
RSAInsuranceGroupPLC 7,433 77,190 51,126
x
SageGroupPLC(The) 12,865 157,436 145,039
x
SchrodersPLC 2,902 158,242 143,851
x
SEGROPLC 28,496 254,347 428,042
x
SensataTechnologiesHoldingPLC 9,474 549,734 480,401
x
SevernTrentPLC 3,453 147,018 143,523
x
Smith&NephewPLC 114,161 3,286,127 2,889,110
x
SmithsGroupPLC 4,789 113,086 113,706
x
SpectrisPLC 19,819 743,787 840,695
x
Spirax-SarcoEngineeringPLC 1,395 212,636 233,247
x
St.James'sPlaceCapitalPLC 64,598 1,077,872 1,031,616
x
StandardLifeAberdeenPLC 50,146 266,221 225,683
x
Tate&LylePLC 32,177 391,083 361,267
x
TaylorWimpeyPLC 352,691 1,198,083 845,454
x
TescoPLC 655,651 2,621,490 2,504,605
x
UnileverNV 12,386 850,455 899,176
x
UnileverPLC 5,831 413,415 427,180
x
VodafoneGroupPLC 2,056,711 6,134,047 4,440,722
x
WHSmithPLC 32,958 539,933 609,406
x
WilliamMorrisonSupermarkets
PLC 22,388 70,893 71,629
x
x
x
106,540,528 95,112,980
x
x
UnitedStates -3.0%
x
AtlanticSapphireAS 292,661 3,506,983 5,226,372
x
Autoliv Inc. 1,312 112,045 115,276
x
AvitaTherapeutics Inc. 60,114 2,261,302 2,500,471
x
AxonicsModulationTechnologies
Inc. 30,784 1,144,369 1,472,085
x
BiohavenPharmaceuticalHolding
Co.Ltd. 8,269 472,629 823,392
x
InternationalFlavors&Fragrances
Inc. – 13 12
x
LululemonAthletica Inc. 8,457 2,273,300 3,593,867
x
MercadoLibre Inc. 2,220 1,915,329 2,980,614
x
Mettler-Toledo International Inc. 1,315 1,002,323 1,442,764
x
MicrosoftCorp. 918 110,864 254,452
x
OncoCyteCorp. 241,006 781,441 626,958
x
ResMedInc. 9,904 1,411,247 2,589,936
x
Samsonite InternationalSA 278,614 1,083,855 387,079
x
x
x
16,075,700 22,013,278
x
x
x
TotalEquities 637,182,062 700,092,752
x
x
x
Less:Transactioncost includedin
averagecost (1,067,501)
x
x
x
TotalNon-DerivativeFinancial
Assets -96.1% 636,114,561 700,092,752
x
x
x
DerivativeAssetsandLiabilities (1)
-0.0% 13,906
x
x
x
OtherAssetsandLiabilities,Net -
3.9% 28,685,021
x
x
x
NetAssetsAttributable toHolders
ofRedeemableUnits -100.0% 728,791,679
x
x
International Equity Fund
Schedule of Investment Portfolio
AS AT JUNE 30, 2020 (UNAUDITED)
x
(1)DERIVATIVEASSETSANDLIABILITIES
SCHEDULE OF LONG FUTURES CONTRACTS
Number of
Contracts
Average
Cost per
Contract $
Contracted
Value $
Current
Value $
Unrealized
Appreciation
(Depreciation) $
x
x
x
UnrealizedAppreciation
x
MSCIEAFEIndexexpirationdateSeptember2020 80 USD 1,775.22 9,671,385 9,688,723 17,338
x
x
x
UnrealizedAppreciation(Depreciation)onLongFuturesContracts 17,338
x
x
SCHEDULE OF SPOT CURRENCY EXCHANGE CONTRACTS
Counterparty
Credit
Rating of
Counterparty
1
Settlement
Date
Amount
Sold $
Amount
Bought $
Forward
Rate
Current
Rate
Unrealized
Appreciation
(Depreciation) $
x
x
x
BrownBrothersHarriman&Co. A-1 2020-07-01 DKK 1,433,712 USD 216,124 6.634 6.636 98
x
x
x
98
x
x
x
CitibankN.A.,NewYork A-1 2020-07-02 GBP 20,826 USD 25,768 0.808 0.809 49
x
x
x
49
x
x
x
UBSAG,Zurich A-1 2020-07-01 USD 21,304 ILS 73,741 0.289 0.289 4
x
x
x
4
x
x
x
151
x
x
Counterparty
Credit
Rating of
Counterparty
1
Settlement
Date
Amount
Sold $
Amount
Bought $
Forward
Rate
Current
Rate
Unrealized
Appreciation
(Depreciation) $
x
x
x
BankofNewYorkMellon(The),NewYork A-1+ 2020-07-01 GBP 15,148 USD 18,615 0.814 0.809 (138)
x
BankofNewYorkMellon(The),NewYork A-1+ 2020-07-01 NOK 460,796 USD 47,459 9.709 9.647 (418)
x
BankofNewYorkMellon(The),NewYork A-1+ 2020-07-01 NOK 904,832 USD 93,192 9.709 9.647 (821)
x
BankofNewYorkMellon(The),NewYork A-1+ 2020-07-01 NOK 1,806,613 USD 186,069 9.709 9.647 (1,638)
x
x
x
(3,015)
x
x
x
CitibankN.A.,NewYork A-1 2020-07-02 CAD 135,084 USD 98,832 1.367 1.362 (475)
x
x
x
(475)
x
x
x
StateStreetTrustCo.,Boston A-1+ 2020-07-01 USD 33,044 EUR 29,403 1.124 1.123 (26)
x
x
x
(26)
x
x
x
UBSAG,Stamford A-1 2020-07-02 USD 96,297 EUR 85,694 1.124 1.123 (67)
x
x
x
(67)
x
x
x
(3,583)
x
x
x
1
CommercialPaper ratingperS&PGlobalRating'sCommercialPaperGuide.
International Equity Fund
Fund Specific Notes to Financial Statements
AS AT JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
InvestmentObjective
Toachievecapitalappreciationthroughinvestmentprimarily inequitysecuritiesof issuers indevelopedcountriesother thantheUnitedStates.
CurrencyRisk
The tablebelowindicates thecurrencies towhichtheFundhadexposureJune30,2020andDecember31,2019,onbothits tradingmonetaryandnon-monetaryassetsandliabilities.The table
indicateshownetassetswouldhavedecreasedor increasedhadtheCanadiandollarstrengthenedorweakenedby5%inrelationtoall foreigncurrencies,withallothervariablesheldconstant. In
practice, theactual trading resultsmaydiffer fromthissensitivityanalysisandthedifferencecouldbematerial.
Currency riskexposed
holdings*
Forwardforeignexchange
contracts Net Exposure Asa%ofNetAssets ImpactonNetAssets
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
EuroCurrencyUnit
225,207,271
217,098,568
–
–
225,207,271
217,098,568
30.90%
28.25%
11,260,364
10,854,928
x
JapaneseYen
106,960,079
112,201,211
–
–
106,960,079
112,201,211
14.68%
14.60%
5,348,004
5,610,061
x
U.S.Dollar
104,742,564
113,456,945
–
–
104,742,564
113,456,945
14.37%
14.76%
5,237,128
5,672,847
x
BritishPound
96,212,843
115,437,090
–
–
96,212,843
115,437,090
13.20%
15.02%
4,810,642
5,771,855
x
SwissFranc
67,167,825
53,349,327
–
–
67,167,825
53,349,327
9.22%
6.94%
3,358,391
2,667,466
x
AustralianDollar
22,898,979
23,726,783
–
–
22,898,979
23,726,783
3.14%
3.09%
1,144,949
1,186,339
x
HongKongDollar
16,862,544
25,213,274
–
–
16,862,544
25,213,274
2.31%
3.28%
843,127
1,260,664
x
DanishKrone
15,992,874
17,169,264
–
–
15,992,874
17,169,264
2.19%
2.23%
799,644
858,463
x
SwedishKrona
14,160,195
8,802,629
–
–
14,160,195
8,802,629
1.94%
1.15%
708,010
440,131
x
SouthKoreanWon
13,370,369
15,800,555
–
–
13,370,369
15,800,555
1.83%
2.06%
668,518
790,028
x
NorwegianKrone
12,855,580
19,909,328
–
–
12,855,580
19,909,328
1.76%
2.59%
642,779
995,466
x
SingaporeDollar
5,459,312
8,598,870
–
–
5,459,312
8,598,870
0.75%
1.12%
272,966
429,944
x
MexicanPeso
3,918,640
5,625,474
–
–
3,918,640
5,625,474
0.54%
0.73%
195,932
281,274
x
IsraeliShekel
3,716,195
6,401,020
–
–
3,716,195
6,401,020
0.51%
0.83%
185,810
320,051
x
NewTaiwanDollar
2,667,477
1,900,856
–
–
2,667,477
1,900,856
0.37%
0.25%
133,374
95,043
x
NewZealandDollar
754,156
497,093
–
–
754,156
497,093
0.10%
0.06%
37,708
24,855
x
SouthAfricanRand
231,975
609,874
–
–
231,975
609,874
0.03%
0.08%
11,599
30,494
x
IndonesianRupiah
216,768
67,783
–
–
216,768
67,783
0.03%
0.01%
10,838
3,389
x
TurkishLira
105,011
318,920
–
–
105,011
318,920
0.01%
0.04%
5,251
15,946
x
ChinaRenminbi
91,438
–
–
–
91,438
–
0.01%
–%
4,572
–
x
MalaysianRinggit
90,060
67,047
–
–
90,060
67,047
0.01%
0.01%
4,503
3,352
x
UnitedArabEmiratesDirham
68,887
88,329
–
–
68,887
88,329
0.01%
0.01%
3,444
4,416
x
HungarianForint
57,569
428,179
–
–
57,569
428,179
0.01%
0.06%
2,878
21,409
x
PolishZloty
44,320
139,194
–
–
44,320
139,194
0.01%
0.02%
2,216
6,960
x
BrazilianReal
43,217
240,781
–
–
43,217
240,781
0.01%
0.03%
2,161
12,039
x
QatariRial
5,735
58,972
–
–
5,735
58,972
0.00%
0.01%
287
2,949
x
IndianRupee
3,900
3,928
–
–
3,900
3,928
0.00%
0.00%
195
196
x
PhilippinePeso
1,109
1,039
–
–
1,109
1,039
0.00%
0.00%
55
52
x
x
x
Total
713,906,892
747,212,333
–
–
713,906,892
747,212,333
97.94%
97.23%
35,695,345
37,360,617
*Amounts includemonetaryandnon-monetary items
InterestRateRisk
AsatJune30,2020andDecember31,2019,the interest rate risk isminimalgiventhat themajorityof theFunds financial instrumentsarenon-interestbearing.
OtherPriceRisk
AsatJune30,2020,a10%(December31,2019-10%)increaseordecrease inequitypriceswouldhave increasedordecreasedtheFund'sNetAssetsby$70,978,148(December31,2019
-$74,820,539). Inpractice, theactual resultsmaydiffer fromthissensitivityanalysisandthedifferencecouldbematerial.
CreditRisk
AsatJune30,2020andDecember31,2019,thecredit risk isminimalgiventhat theFundhadnosignificant investments indebt instruments.AsatJune30,2020,please refer to the
Scheduleof InvestmentPortfolio for thecredit ratingofcounterparties toderivativesheldby theFund.AsatJune30,2020,allcounterparties toderivativeshada ratingofA-1orhigher.
International Equity Fund
Fund Specific Notes to Financial Statements
AS AT JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
ConcentrationRisks
The following isasummaryof theFund'sconcentrationriskasatJune30,2020andDecember31,2019.
PortfoliobyCategory PercentageofNetAssets (%)
2020 2019
x
x
Australia 3.1 3.7
x
Austria 0.4 0.6
x
Belgium 1.3 1.2
x
Bermuda 0.3 0.4
x
Canada 1.8 3.2
x
Chile — —
x
China 2.0 1.6
x
Denmark 2.2 2.2
x
Finland 0.5 0.5
x
France 8.3 7.8
x
Germany 10.6 9.3
x
HongKong 1.5 2.0
x
Hungary — 0.1
x
India 0.3 0.3
x
Indonesia — —
x
Ireland 3.0 3.0
x
IsleofMan — —
x
Israel 1.5 1.7
x
Italy 2.2 1.9
x
Japan 15.6 15.7
x
Luxembourg 0.2 0.6
x
Malaysia — —
x
Mexico 0.5 0.7
x
Netherlands 5.5 5.4
x
NewZealand 0.3 0.1
x
Norway 1.0 2.6
x
Portugal 0.1 0.2
x
Russia 0.1 0.1
x
Singapore 1.0 1.4
x
SouthAfrica 0.1 0.1
x
SouthKorea 2.3 2.5
x
Spain 1.5 1.1
x
Sweden 1.9 1.0
x
Switzerland 9.8 7.7
x
Taiwan 1.1 0.7
x
UnitedArabEmirates — —
x
UnitedKingdom 13.1 15.3
x
UnitedStates 3.0 2.2
x
DerivativeAssetsandLiabilities — —
x
OtherAssetsandLiabilities,Net 3.9 3.1
x
x
x
100.0 100.0
x
x
International Equity Fund
Fund Specific Notes to Financial Statements
AS AT JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
Offsettingof financial instruments
Inthenormalcourseofbusiness, theFundmayenter intovariousmasternettingarrangementsorothersimilaragreements thatdonotmeet thecriteria foroffsetting intheStatementsof
FinancialPositionbutstillallowfor the relatedamounts tobesetoff incertaincircumstances,suchasbankruptcyor terminationof thecontracts.AsatJune30,2020andDecember31,2019,
theamountseligible foroffsettingwereminimal.
FairValueMeasurements
The following tablesummarizes the inputsusedasatJune30,2020andDecember31,2019, invaluing theFund's investmentsandderivativescarriedat fairvalues:
June30,2020
Quotedprices inactivemarkets
for identicalassets (Level1)
Significantotherobservable
inputs (Level2)
Significantunobservable inputs
(Level3) Total
x
x
Commonshares $ 690,485,288 $ – $ – $ 690,485,288
x
Preferredshares 9,607,464 – – 9,607,464
x
Derivativeassets 17,338 151 – 17,489
x
Derivative liabilities – (3,583) – (3,583)
x
x
December31,2019
Quotedprices inactivemarkets
for identicalassets (Level1)
Significantotherobservable
inputs (Level2)
Significantunobservable inputs
(Level3) Total
x
x
Commonshares $ 735,166,415 $ 21,313 $ – $ 735,187,728
x
Preferredshares 9,320,496 – – 9,320,496
x
Derivativeassets – 668 – 668
x
Derivative liabilities (9,531) (486) – (10,017)
During theperiodsendedJune30,2020andDecember31,2019,no investmentsandderivativeswere transferredbetweenLevel1,Level2andLevel3.
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
1. ESTABLISHMENT OF FUNDS
The SEI Investments Group of Funds consists of the following open-ended mutual fund and unit trusts (each a Fund or
collectively referred to as the Funds) constituted under the laws of the Province of Ontario by Declaration of Trust. The address of
the Funds’ registered office is Suite 2810, 130 King Street West, Toronto, Ontario, M5X 1E3. SEI Investments Canada Company
(the “Manager”) is the Funds’ Manager. CIBC Mellon Trust Company is the Trustee of the Funds. The Manager is responsible for
the management of the overall business and operations of the Funds. The financial statements are presented in Canadian dollars
(CAD), which is also the functional currency for all Funds. These financial statements were authorized for issue by the Manager
on August 26, 2020. Class E, Class E hedged, Class F, Class F hedged, Class FC, Class I, Class O, Class O hedged, Class R, and
Class S units, as applicable, commenced as follows:
Fund Status of Fund
Date of
Declaration
of Trust
Agreement
Date Class E
Commenced
Date Class E
hedged
Commenced
Date Class F
Commenced
Date Class F
hedged
Commenced
Date Class
FC
Commenced
Date Class I
Commenced
x
Canadian Equity Fund Mutual Fund
September
20, 1996
November 1,
2010 N/A May 4, 2006 N/A N/A
February 1,
2002
x
Canadian Small Company Equity
Fund Mutual Fund
March 24,
2000
August 30,
2013 N/A April 18, 2006 N/A N/A N/A
x
U.S. Large Company Equity Fund Mutual Fund
August 31,
1999
November 1,
2010
November 1,
2010 April 17, 2006
March 6,
2010 N/A
February 1,
2002
x
U.S. Small Company Equity Fund Mutual Fund
August 31,
1999
November 1,
2010
November 1,
2010 April 17, 2006
March 6,
2010 N/A
February 1,
2002
x
International Equity Fund (formerly
EAFE Equity Fund) Mutual Fund
December 20,
1996
November 1,
2010 N/A April 17, 2006 N/A N/A
September
25, 2001
x
Emerging Markets Equity Fund Mutual Fund
December 20,
1996
November 1,
2010 N/A April 17, 2006 N/A N/A
February 1,
2002
x
Global Managed Volatility Fund Mutual Fund
January 27,
2012
August 30,
2013 N/A June 29, 2012 N/A July 2, 2019 N/A
x
Canadian Fixed Income Fund Mutual Fund July 18, 1996
November 1,
2010 N/A May 2, 2006 N/A N/A
February 1,
2002
x
Long Duration Bond Fund Unit Trust
November 18,
1997
August 30,
2013 N/A April 19, 2006 N/A N/A
March 29,
2004
x
Long Duration Credit Bond Fund Unit Trust
February 19,
2013 N/A N/A N/A N/A N/A N/A
x
Real Return Bond Fund Mutual Fund
March 17,
1995
August 30,
2013 N/A May 11, 2006 N/A N/A N/A
x
Money Market Fund Unit Trust April 4, 1996
August 30,
2013 N/A
December 19,
2006 N/A N/A
February 1,
2002
x
U.S. Large Cap Index Fund Unit Trust
June 21,
1996
November 1,
2010 N/A July 15, 2013
December 17,
2006 N/A N/A
x
Short Term Bond Fund Mutual Fund
January 18,
2006
November 1,
2010 N/A May 11, 2006 N/A N/A N/A
x
U.S. High Yield Bond Fund Mutual Fund May 29, 2009
November 1,
2010
November 1,
2010
September 11,
2009
March 6,
2010 N/A N/A
x
Conservative Monthly Income Fund* Mutual Fund June 9, 2006
August 30,
2013 N/A
December 8,
2006 N/A July 2, 2019 N/A
x
Balanced Monthly Income Fund* Mutual Fund June 9, 2006
August 30,
2013 N/A
September 28,
2006 N/A July 2, 2019 N/A
x
Short Term Investment Fund* Mutual Fund May 25, 2012
August 30,
2013 N/A July 12, 2012 N/A N/A N/A
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
x
Fund Status of Fund
Date of
Declaration
of Trust
Agreement
Date Class E
Commenced
Date Class E
hedged
Commenced
Date Class F
Commenced
Date Class F
hedged
Commenced
Date Class
FC
Commenced
Date Class I
Commenced
x
Income 100 Fund* Mutual Fund
April 16,
2003
August 30,
2013 N/A August 11, 2006 N/A N/A
June 11,
2003
x
Income 20/80 Fund* Mutual Fund
April 16,
2003
August 30,
2013 N/A July 17, 2006 N/A July 2, 2019
June 11,
2003
x
Moderate Fund* Mutual Fund
April 16,
2003
August 30,
2013 N/A June 7, 2006 N/A N/A
June 11,
2003
x
Income 40/60 Fund* Mutual Fund
January 21,
2000
August 30,
2013 N/A
September 1,
2006 N/A July 2, 2019 June 2, 2003
x
Balanced Fund* Mutual Fund
April 16,
2003
August 30,
2013 N/A June 15, 2006 N/A N/A
June 11,
2003
x
Balanced 60/40 Fund* Mutual Fund
December 20,
1996
August 30,
2013 N/A April 20, 2006 N/A July 2, 2019
February 1,
2002
x
Growth Fund* Mutual Fund
January 21,
2000
August 30,
2013 N/A
September 15,
2006 N/A N/A June 2, 2003
x
Growth 80/20 Fund* Mutual Fund
April 11,
2001
August 30,
2013 N/A
October 27,
2006 N/A July 2, 2019
February 28,
2005
x
Growth 100 Fund* Mutual Fund
April 11,
2001
August 30,
2013 N/A April 27, 2006 N/A July 2, 2019 June 4, 2003
x
All Equity Fund* Mutual Fund
April 11,
2001
August 30,
2013 N/A
December 8,
2006 N/A N/A N/A
x
Conservative Fund* Unit Trust
June 18,
2014
October 31,
2014 N/A
October 31,
2014 N/A N/A N/A
x
Fund Status of Fund
Date of
Declaration
of Trust
Agreement
Date Class O
Commenced
Date Class O
hedged
Commenced
Date Class R
Commenced
Date Class S
Commenced
Date Class Z
Commenced
Date Class Z
hedged
Commenced
x
Canadian Equity Fund Mutual Fund
September
20, 1996
August 21,
1997** N/A N/A N/A
August 14,
2015 N/A
x
Canadian Small Company Equity
Fund Mutual Fund
March 24,
2000 May 07, 2001 N/A N/A N/A N/A N/A
x
U.S. Large Company Equity Fund Mutual Fund
August 31,
1999
November 24,
1999
March 6,
2010 N/A N/A
August 14,
2015
August 21,
2015
x
U.S. Small Company Equity Fund Mutual Fund
August 31,
1999
November 24,
1999
March 6,
2010 N/A N/A N/A N/A
x
International Equity Fund (formerly
EAFE Equity Fund) Mutual Fund
December 20,
1996
August 31,
1997** N/A N/A N/A
August 14,
2015 N/A
x
Emerging Markets Equity Fund Mutual Fund
December 20,
1996
August 31,
1997** N/A N/A N/A
August 14,
2015 N/A
x
Global Managed Volatility Fund Mutual Fund
January 27,
2012 Mar 30,2012 N/A N/A
August 14,
2015
August 14,
2015 N/A
x
Canadian Fixed Income fund Mutual Fund July 18, 1996
August 21,
1997** N/A N/A N/A
August 14,
2015 N/A
x
Long Duration Bond Fund Unit Trust
November 18,
1997
May 30,
2003** N/A N/A N/A N/A N/A
x
Long Duration Credit Bond Fund Unit Trust
February 19,
2013
June 28,
2013 N/A N/A N/A N/A N/A
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
x
Fund Status of Fund
Date of
Declaration
of Trust
Agreement
Date Class O
Commenced
Date Class O
hedged
Commenced
Date Class R
Commenced
Date Class S
Commenced
Date Class Z
Commenced
Date Class Z
hedged
Commenced
x
Real Return Bond Fund Mutual Fund
March 17,
1995 May 30, 2003 N/A N/A N/A
August 14,
2015 N/A
x
Money Market Fund Unit Trust April 4, 1996
August 31,
1997** N/A N/A N/A N/A N/A
x
U.S. Large Cap Index Fund Unit Trust
June 21,
1996
July 15,
2013**
January 14,
1999** N/A N/A N/A N/A
x
Short Term Bond Fund Mutual Fund
January 18,
2006
March 27,
2006 N/A N/A N/A
August 14,
2015 N/A
x
U.S. High Yield Bond Fund Mutual Fund May 29, 2009
September
11, 2009
March 6,
2010 N/A N/A
August 14,
2015
August 21,
2015
x
Conservative Monthly Income Fund* Mutual Fund June 9, 2006 July 31, 2006 N/A N/A
February 23,
2009
August 14,
2015 N/A
x
Balanced Monthly Income Fund* Mutual Fund June 9, 2006 July 31, 2006 N/A N/A July 2, 2019
August 14,
2015 N/A
x
Short Term Investment Fund* Mututal Fund May 25, 2012 July 12, 2012 N/A N/A N/A
August 14,
2015 N/A
x
Income 100 Fund* Mutual Fund
April 16,
2003
June 11,
2003 N/A June 30, 2008
January 16,
2012 N/A N/A
x
Income 20/80 Fund* Mutual Fund
April 16,
2003
June 11,
2003 N/A June 30, 2008
February 23,
2009 N/A N/A
x
Moderate Fund* Mutual Fund
April 16,
2003
June 11,
2003 N/A June 30, 2008 N/A
August 14,
2015 N/A
x
Income 40/60 Fund* Mutual Fund
January 21,
2000
August 21,
2002** N/A June 30, 2008
February 23,
2009 N/A N/A
x
Balanced Fund* Mutual Fund
April 16,
2003
June 11,
2003 N/A June 30, 2008 N/A
August 14,
2015 N/A
x
Balanced 60/40 Fund* Mutual Fund
December 20,
1996
May 7,
2001** N/A June 30, 2008
February 23,
2009 N/A N/A
x
Growth Fund* Mutual Fund
January 21,
2000
September
12, 2002** N/A June 30, 2008 N/A
August 14,
2015 N/A
x
Growth 80/20 Fund* Mutual Fund
April 11,
2001
August 21,
2002 N/A June 30, 2008
February 23,
2009 N/A N/A
x
Growth 100 Fund* Mutual Fund
April 11,
2001
August 21,
2002 N/A June 30, 2008
February 23,
2009 N/A N/A
x
All Equity Fund* Mutual Fund
April 11,
2001
December 28,
2005 N/A July 31, 2008 N/A
August 14,
2015 N/A
x
Conservative Fund* Unit Trust
June 18,
2014
October 31,
2014 N/A N/A N/A
August 14,
2015 N/A
x
* Collectively, the “SEI Asset Allocation Funds”
**The following Funds were, prior to being offered by prospectus, previously exclusively offered by private placement pursuant to
prospectus exemptions from the date appearing after the name of the relevant Fund: Money Market Fund – April 23, 1996;
Canadian Fixed Income Fund – July 25, 1996; Canadian Equity Fund – September 23, 1996; International Equity Fund and
Emerging Markets Equity Fund, both January 7, 1997; U.S. Large Cap Index Fund – June 25, 1996; Long Duration Bond Fund –
March 17, 1995; Balanced 60/40 Fund – September 20, 1996; Income 40/60 Fund and Balanced Growth Fund (formerly
Growth Fund) – January 21, 2000.
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
The Schedule of Investment Portfolio is as at June 30, 2020. The Statements of Financial Position are as at June 30, 2020 and
December 31, 2019. The Statements of Comprehensive Income (Loss), Statements of Changes in Net Assets Attributable to
Holders of Redeemable Units and Statements of Cash Flows are for the periods ended June 30, 2020 and 2019.
2. BASIS OF PRESENTATION
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), including
IAS 34, Interim Financial Reporting as issued by the International Accounting Standards Board (IASB). The financial statements
have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial
liabilities (including derivative financial instruments) at fair value through profit and loss (FVTPL).
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
(a) Upon initial recognition, financial instruments are measured at fair value. Investments (non-derivative financial assets)
based on the business model under IFRS 9 and derivatives assets and liabilities are classified and measured at FVTPL.
The Funds’ obligation for net assets attributable to holders of redeemable units is presented at the redemption amount.
All other financial assets and liabilities are classified and measured at amortized cost which approximates fair value due
to their short term nature. Financial assets and liabilities are shown at the amount required to be received or paid,
discounted, when appropriate, at the contract’s effective interest rate.
(b) Units of each class are issued and redeemed at their net asset value per unit, which is determined at the close of each
business day. The net asset value per unit for each class is determined by dividing the total net asset value of each class
by the total number of units outstanding of that class. Management fees directly attributable to a class are charged to
that class. Fund operating expenses, income, and realized and unrealized gains and losses are allocated proportionately
to each class based upon the relative net asset value of each class. The hedged classes, as applicable, will generally
minimize their exposure to foreign currency risk by utilizing forward foreign currency contracts. The realized and
unrealized forward foreign currency contract gains and losses attributed to the hedged classes are allocated solely to the
hedged classes.
(c) Investments held include equities, listed warrants, short-term notes, treasury bills, bonds, asset backed securities, other
debt instruments and mutual funds units. Investments held that are traded in an active market through recognized
public stock exchanges, over-the-counter markets, or through recognized investment dealers, are valued at their last
traded market price where the last traded market price falls within the bid-ask spread. In circumstances where the last
traded price is not within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most
representative of fair value based on specific facts and circumstances.
Investments held that are not traded in an active market are valued based on the results of valuation techniques using
observable market inputs, if available, on such basis and in such manner established by the Manager. The fair value of
certain securities may be estimated using valuation techniques based on assumptions that are not supported by
observable market inputs.
The Funds utilize a three-tier hierarchy as a framework for disclosing fair value based on inputs used to value the Funds’
investments. The hierarchy of inputs is summarized below:
l quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
l inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.,
as prices) or indirectly (i.e., derived from prices) (Level 2);
l inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Changes in valuation methods may result in transfers into or out of an investment’s assigned level. Please refer to the
Fund specific notes to the financial statements for fund-specific disclosure.
The Funds’ policy is to recognize transfer into and out of the fair value hierarchy levels as of the date of the event or
change in circumstances giving rise to the transfer.
(d) The Funds’ subscriptions and redemptions are denominated in Canadian dollars. The fair value of foreign investments
and other assets and liabilities are translated into Canadian dollars at the exchange rate prevailing on the valuation date.
Purchases and sales of foreign securities and the related income are translated into Canadian dollars at the exchange
rate prevailing on the respective dates of such transactions. Realized gains and losses on foreign currency translation are
included in the Statements of Comprehensive Income (Loss) as Foreign exchange gain (loss) on foreign currency
translation. Unrealized gains and losses on foreign currency translation are included in the Statements of Comprehensive
Income (Loss) as Net change in unrealized appreciation (depreciation) on foreign exchange.
(e) The cost of investments represents the amount paid for each security and is determined on an average cost basis
excluding commissions and other transaction costs.
(f) Income and expenses are recorded on an accrual basis. Dividends are recorded on the ex-dividend date. Distributions
from investments are recorded as income, capital gains, or a return of capital, based on the nature of these distributions.
Actual allocations could vary from this information. Distributions that are treated as a return of capital for income tax
purposes reduce the average cost of the underlying investment. Distributions from underlying funds are recognized on
the distribution date. Regular way security transactions are recorded on the trade date for financial reporting purposes.
The unrealized appreciation (depreciation) in the value of a security represents the difference between its fair value and
its average cost and it is included in the Net change in unrealized appreciation (depreciation) of investments or Net
change in unrealized appreciation (depreciation) of investments and derivatives, as applicable, in the Statements of
Comprehensive Income (Loss). A realized gain (loss) is recognized when a security is sold. The realized gain (loss) is the
difference between the proceeds received and the average cost of the security and is included on the Net realized gain
(loss) on sale of investments on the Statements of Comprehensive Income (Loss). The interest for distribution purposes
shown on the Statements of Comprehensive Income (Loss) represents the coupon interest received by the Funds,
accounted for on an accrual basis. Zero coupon bonds are purchased at a discount and are amortized over the term of
the bond.
(g) Increase (decrease) in net assets attributable to holders of redeemable units per unit of a class in the Statements of
Comprehensive Income (Loss) represents the increase (decrease) in net assets attributable to holders of redeemable
units per class, divided by the weighted average number of units of that class outstanding during the reporting period.
(h) For each mutual fund unit sold, the Funds receive an amount equal to the net asset value per unit on the date of sale.
Units are redeemable at the option of the unitholders at their net asset value on the redemption date. For each unit
redeemed, the number of issued and outstanding units is reduced and the net asset value of the Fund is reduced as of
the date of redemption.
(i) Futures contracts entered into by the Funds are financial agreements to purchase or sell a financial instrument at a
contracted price on a specific date. However, the Funds do not intend to purchase or sell the financial instruments on
settlement date; rather, they intend to close out each futures contract before settlement date by entering into equal, but
offsetting, futures contracts. Futures are valued at the gain or loss that would arise as a result of closing the position at
the valuation date. Gains or losses arising from futures contracts at the close of business of each valuation date is
recorded as Net change in unrealized appreciation (depreciation) of investments and derivatives on the Statements of
Comprehensive Income (Loss) until the contracts are closed out or expire, at which time the gains or losses are realized
and are recorded as Derivative income (loss) on the Statements of Comprehensive Income (Loss). The margins on deposit
with brokers relating to futures contracts are included in Margin receivable or Margin payable on the Statements of
Financial Position.
(j) Forward currency contracts entered into by the Funds are financial agreements to buy or sell a specific amount of an
underlying currency for an agreed upon price at a future date. The fair value of these contracts is the gain or loss that
would be recognized if the position was closed out on the valuation date, and is recorded as Net change in unrealized
appreciation (depreciation) of investments and derivatives on the Statements of Comprehensive Income (Loss). When the
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
forward currency contracts are closed out or expire, the gains or losses are reported as Derivative income (loss) on the
Statements of Comprehensive Income (Loss).
(k) Options contracts entered into by the Funds are financial agreements that gives the purchaser the right, but not the
obligation, to buy or sell an underlying asset at a strike price prior to or on a specified date. Option premiums paid or
received by the Fund are, so long as the options are outstanding, reflected as an asset or liability, respectively, in the
Statements of Financial Position and are valued at an amount equal to the current market value of an option that would
have the effect of closing the position. Gains or losses arising from options contracts at the close of business of each
valuation date is recorded as Net change in unrealized appreciation (depreciation) of investments and derivatives on the
Statements of Comprehensive Income (Loss) until the contracts are expired, repurchased or exercised, at which time the
gains or losses are realized and are recorded as Derivative income (loss) on the Statements of Comprehensive Income
(Loss).
(l) Interest rate and total return swaps are financial agreements to exchange or swap investment cash flows at specified,
future intervals. In an interest rate swap, the Funds and their counterparties agree to exchange a fixed payment for a
floating payment that is based on an interest rate and an agreed upon notional amount. The periodic payments received
or paid are included in Derivative income (loss) on the Statements of Comprehensive Income (Loss). In a total return
swap, a single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a
variable interest rate and may involve commitments to pay interest in exchange for a market-linked return. As a receiver
at maturity date, the Funds would receive payments based on any net positive return and would owe payments in the
event of a net negative return. As a payer at maturity date, the Funds would owe payments on any net positive return,
and would receive payments in the event of a net negative total return. Interest rate and total return swap contracts are
fair valued on each valuation day using indicative close prices from the counterparty. The change in fair value is
included in Net change in unrealized appreciation (depreciation) on investments and derivatives and upon closing or
expiry of a contract, the gain or loss is included in Derivative income (loss) on the Statements of Comprehensive Income
(Loss).
(m) The Funds are required to distribute any taxable net income and taxable capital gains that they had earned in the year.
Income earned by the Funds is distributed to unitholders and these distributions are either paid in cash or reinvested by
unitholders into additional units of the Funds. Distributions to holders of redeemable units are recognized in the
Statements of Changes in Net assets Attributable to Holders of Redeemable Units. The units of the Funds are classified
as financial liabilities in accordance with IAS 32 as there is a contractual obligation to distribute net income and capital
gains in cash (at the request of the unitholder).
(n) The Funds have determined that the definition of an ‘investment entity’ has been met for all Funds and as a result, it
measures subsidiaries, if any, at FVTPL. The following conditions exist that allow for this conclusion:
l The Funds primary purpose is to obtain funds from investors to provide them with investment management services.
l The Funds’ business purpose, which was communicated directly to investors, is investing solely for returns from
capital appreciation, investment income, or both.
l The performance of substantially all investments is measured on a fair value basis.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of financial statements requires management to use judgement in applying its accounting policies and to make
estimates and assumptions about the future. The following discusses the most significant accounting judgements and estimates
that the Funds have made in preparing the financial statements:
Fair value measurement of derivatives and securities not quoted in an active market
The Funds may hold financial instruments that are not quoted in active markets, including derivatives. Fair values of such
instruments are determined using valuation techniques and may be determined using reputable pricing sources. Broker quotes
as obtained from the pricing sources may be indicative and not executable. Where no market data is available, the Funds may
value positions using its own models, which are usually based on valuation methods and techniques generally recognized as
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
standard within the industry. The models used to determine fair values are validated and periodically reviewed by the Manager,
independent of the party that created them. The models used for private equity securities are based mainly on earnings multiples
adjusted for a lack of marketability as appropriate.
Models use observable data, to the extent practicable. However, areas such as credit risk, volatilities and correlations require the
Manager to make estimates. Changes in assumptions about these factors could affect the reported fair values of financial
instruments. The Funds consider observable data to be market data that is readily available, regularly distributed and updated,
reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
Please refer to the Fund specific notes to the financial statements for fund-specific disclosure.
Classification and measurement of investments and application of the fair value option
In classifying and measuring financial instruments held by the Funds, the Manager is required to make significant judgments
about whether or not the business of the Funds is to invest on a total return basis for the purpose of applying the fair value option
for financial assets under IFRS 9. The Manager has assessed the Funds’ business model, the manner in which all financial
instruments are managed and performance evaluated as a group on a fair value basis, and concluded that FVTPL in accordance
with IFRS 9 provides the most appropriate classification and measurement of the Funds’ financial instruments.
The Fund's portfolio of investments is managed, and performance is evaluated, on a fair value basis. The Fund is primarily
focused on fair value information and uses that information to assess the asset's performance and to make decisions. The Fund
has not taken the option to irrevocably designate any equity securities as fair value through other comprehensive income
("FVOCI"). The contractual cash flows of the Fund's debt securities that are solely principal and interest are neither held for the
purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. The collection of
contractual cash flows is only incidental to achieving the Fund's business model's objective. Consequently, all investments are
measured at fair value through profit or loss ("FVTPL"). Derivative assets and liabilities are also measured at FVTPL.
5. REDEEMABLE UNITS
The capital of the Funds is represented by issued redeemable units with no par value. Unitholders are entitled to distributions, if
any, and to payment of a proportionate share of the Funds’ net assets attributable to holder's redeemable units based on the
Funds’ net asset value per unit upon redemption. The Funds have no restrictions or specific capital requirements on the
subscription and redemption of units other than the minimum subscriptions for an initial and subsequent investments. Capital
movements are shown on the Statements of Changes in Net Assets Attributable to Holders of Redeemable Units. In accordance
with their investment strategies and risk management policies, the Funds endeavour to invest their subscriptions received in
appropriate investments while maintaining sufficient liquidity to meet redemptions.
On July 2, 2019, certain Funds launched new Class FC and Class S units and terminated their Class Z and Class Z(H) units. On
June 17, 2020 certain Funds terminated their Class E, F, F(H), O(H) and S units. The following table summarizes the changes in
the number of units for the periods ended June 30, 2020 and 2019:
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
CANADIAN EQUITY FUND
x
Class E 592,807 759,365 38,474 6,731 (79,858) (108,374) - - 551,423 657,722
x
Class F 237,602 309,654 13,410 18,726 (41,668) (81,016) - - 209,344 247,364
x
Class O 64,710,115 78,021,586 5,303,804 2,144,128 (9,097,285) (9,243,878) 11 - 60,916,645 70,921,836
x
Class Z - 633 - - - - - - - 633
x
CANADIAN SMALL COMPANY EQUITY FUND
x
Class E 88,566 109,045 10,449 1,150 (7,983) (13,645) - - 91,032 96,550
x
Class F 93,320 125,844 9,128 24,974 (28,290) (35,135) - - 74,158 115,683
x
Class O 16,865,770 18,458,832 1,553,467 771,012 (2,000,334) (2,275,507) - - 16,418,903 16,954,337
x
U.S. LARGE COMPANY EQUITY FUND
x
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
Class E 1,663,390 2,056,406 69,597 74,393 (246,163) (293,131) - - 1,486,824 1,837,668
x
Class E hedged 30,322 65,113 27 7 (11,518) (25,858) - - 18,831 39,262
x
Class F 1,082,678 1,195,509 32,650 105,926 (196,585) (181,605) - - 918,743 1,119,830
x
Class F hedged 243,044 490,589 3,043 30,704 (166,849) (71,021) - - 79,238 450,272
x
Class I 17 16 - - - - - - 17 16
x
Class O 88,043,836 96,956,631 5,134,757 4,291,325 (15,578,396) (11,130,580) 41 - 77,600,238 90,117,376
x
Class O hedged 1,512,999 1,555,410 447 505 (16,897) (1,845) - - 1,496,549 1,554,070
x
Class Z - 1,411 - - - - - - - 1,411
x
Class Z hedged - 1,455 - - - - - - - 1,455
x
U.S. SMALL COMPANY EQUITY FUND
x
Class E 240,414 289,104 50,640 3,173 (40,242) (28,896) - - 250,812 263,381
x
Class E hedged 6,832 7,268 - - - - - - 6,832 7,268
x
Class F 131,840 141,799 24,558 16,233 (43,132) (31,712) - - 113,266 126,320
x
Class F hedged 11,380 56,106 25,100 1,561 (13) (38,892) - - 36,467 18,775
x
Class I 231 230 - - - - - - 231 230
x
Class O 16,882,462 17,656,665 2,548,749 1,076,486 (1,771,188) (1,634,083) 4 - 17,660,027 17,099,068
x
Class O hedged 4,285 32,899 - - (4,285) - - - - 32,899
x
INTERNATIONAL EQUITY FUND
x
Class E 1,291,291 1,594,700 114,253 22,758 (160,485) (179,928) - 126 1,245,059 1,437,656
x
Class F 955,118 1,335,317 70,549 63,732 (235,462) (269,929) - 1,302 790,205 1,130,422
x
Class I 6,891 6,759 - - - - - 9 6,891 6,768
x
Class O 103,005,524 114,174,609 9,956,211 5,319,823 (9,011,924) (16,557,940) 35 394,494 103,949,846 103,330,986
x
Class Z - 1,668 - - - - - 7 - 1,675
x
EMERGING MARKETS EQUITY FUND
x
Class E 497,100 589,754 59,341 8,019 (51,558) (73,339) - - 504,883 524,434
x
Class F 968,625 539,751 214,444 217,991 (181,719) (73,862) - - 1,001,350 683,880
x
Class I 908 896 - - - - - - 908 896
x
Class O 41,380,906 42,997,269 2,544,278 7,485,677 (4,253,058) (4,937,669) - - 39,672,126 45,545,277
x
Class Z - 2,712 - - - - - - - 2,712
x
GLOBAL MANAGED VOLATILITY FUND
x
Class E 588,704 723,011 76,026 17,490 (80,569) (152,606) - - 584,161 587,895
x
Class F 149,794 496,585 57,259 339,602 (32,663) (51,539) - - 174,390 784,648
x
Class FC 826,173 - 138,337 - (73,093) - - - 891,417 -
x
Class O 34,127,686 34,146,425 2,468,676 1,883,796 (1,746,032) (2,342,063) 4 - 34,850,334 33,688,158
x
Class S 687 680 - - (687) - - - - 680
x
Class Z - 688 - - - - - - - 688
x
CANADIAN FIXED INCOME FUND
x
Class E 1,143,572 1,418,257 43,175 56,494 (177,478) (266,081) 7,194 9,386 1,016,463 1,218,056
x
Class F 1,149,688 1,141,427 333,267 187,336 (236,727) (235,407) 11,338 11,229 1,257,566 1,104,585
x
Class O 158,298,727 175,563,128 11,948,133 6,843,564 (24,492,888) (20,916,643) 1,988,028 2,257,010 147,742,000 163,747,059
x
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
Class Z - 924 - - - - - 14 - 938
x
LONG DURATION BOND FUND
x
Class E 598 569 - - (82) - - - 516 569
x
Class F 20,706 12,074 15,540 2,126 (217) (262) - - 36,029 13,938
x
Class O 29,190,394 27,503,376 6,636,202 1,309,392 (9,070,071) (2,480,730) - - 26,756,525 26,332,038
x
LONG DURATION CREDIT BOND FUND
x
Class O 24,518,293 24,312,513 2,972,049 1,317,640 (5,042,589) (2,614,914) - - 22,447,753 23,015,239
x
REAL RETURN BOND FUND
x
Class E 144,561 193,389 12,075 2,458 (30,202) (35,673) - - 126,434 160,174
x
Class F 95,304 116,141 2,585 4,597 (19,154) (22,267) - - 78,735 98,471
x
Class O 23,760,975 26,602,147 1,399,515 1,100,991 (4,600,085) (2,957,960) 9 - 20,560,414 24,745,178
x
Class Z - 646 - - - - - - - 646
x
MONEY MARKET FUND
x
Class E 310,583 290,073 1,025,581 201,563 (392,440) (263,176) 3,964 1,919 947,688 230,379
x
Class F 10,253 19,139 33,870 16,459 (12,826) (17,817) 126 150 31,423 17,931
x
Class I 75,048 144,576 39,737 11,368 (13,256) (68,493) 654 908 102,183 88,359
x
Class O 7,530,436 5,754,095 3,387,865 3,194,116 (3,964,254) (1,775,554) 69,585 63,939 7,023,632 7,236,596
x
U.S. LARGE CAP INDEX FUND
x
Class F 1,068 981 - - (1,068) - - - - 981
x
Class F hedged - 89,165 - - - (89,165) - - - -
x
Class O 2,546,985 1,797,070 989,258 25,034 (766,265) (421,489) - - 2,769,978 1,400,615
x
Class O hedged 7,068,039 7,578,106 356,412 240,589 (346,420) (301,605) - - 7,078,031 7,517,090
x
SHORT TERM BOND FUND
x
Class E 265,568 401,229 19,590 1,350 (34,092) (99,123) 1,823 1,802 252,889 305,258
x
Class F 215,902 279,454 1,951 5,854 (41,756) (52,393) 1,626 1,908 177,723 234,823
x
Class O 36,701,824 38,755,812 1,705,731 1,865,858 (2,977,156) (3,591,085) 446,637 442,795 35,877,036 37,473,380
x
Class Z - 1,086 - - - - - 13 - 1,099
x
U.S. HIGH YIELD BOND FUND
x
Class E 154,026 130,293 23,616 14,703 (22,663) (15,544) 3,695 3,359 158,674 132,811
x
Class E hedged 288,385 360,530 33,355 5,566 (47,353) (57,896) 1,088 7,678 275,475 315,878
x
Class F 467,996 91,091 99,209 188,641 (87,146) (15,348) 12,975 5,313 493,034 269,697
x
Class F hedged 513,651 519,641 461,214 93,760 (182,095) (135,066) 10,561 13,193 803,331 491,528
x
Class O 2,656,233 1,473,421 9,564 1,147,936 (1,210,415) (192,553) 41,289 65,073 1,496,671 2,493,877
x
Class O hedged 45,764,015 47,123,653 2,556,211 2,263,259 (3,325,835) (5,360,267) 340,002 1,441,466 45,334,393 45,468,111
x
Class Z - 887 - - - - - 33 - 920
x
Class Z hedged - 856 - - - - - 27 - 883
x
CONSERVATIVE MONTHLY INCOME FUND
x
Class E 1,794,870 2,075,468 144,571 159,774 (131,208) (391,947) 27,124 25,320 1,835,357 1,868,615
x
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
Class F 46,161 217,678 38,146 5,297 (5,272) (16,285) 964 3,362 79,999 210,052
x
Class FC 129,125 - 172,304 - (11,301) - 3,136 - 293,264 -
x
Class O 281,474 293,213 22,776 62,963 (24,213) (87,069) 5,470 4,242 285,507 273,349
x
Class S 49,399,018 54,924,432 1,663,903 2,046,432 (4,379,431) (7,173,623) 876,419 879,882 47,559,909 50,677,123
x
Class Z - 1,204 - - - - - 23 - 1,227
x
BALANCED MONTHLY INCOME FUND
x
Class E 6,259,406 6,737,052 279,628 251,183 (660,999) (726,112) 89,889 79,635 5,967,924 6,341,758
x
Class F 124,623 3,422,508 2,405 288,081 (2,468) (404,324) 2,106 40,814 126,666 3,347,079
x
Class FC 3,355,890 - 126,311 - (275,808) - 58,360 - 3,264,753 -
x
Class O 153,296 108,589 28,774 63,080 (8,337) (16,187) 2,535 2,375 176,268 157,857
x
Class S 4,130 - - - - - 113 - 4,243 -
x
Class Z - 1,434 - - - - - 35 - 1,469
x
SHORT TERM INVESTMENT FUND
x
Class E 51,487 60,935 - - - (90) 325 374 51,812 61,219
x
Class F 48,098 47,445 - - - - 326 343 48,424 47,788
x
Class O 443,165 469,880 9,447 23,168 (65,229) (56,751) 3,730 4,336 391,113 440,633
x
Class Z - 1,087 - - - - - 11 - 1,098
x
INCOME 100 FUND
x
Class E 475,410 890,322 39,824 19,474 (59,619) (323,823) - - 455,615 585,973
x
Class F 77,035 98,226 - - (4,127) (15,439) - - 72,908 82,787
x
Class O 671,818 616,786 28,961 54,274 (68,560) (16,206) - - 632,219 654,854
x
Class R 122,576 72,673 87,527 57,733 (103,049) (831) - - 107,054 129,575
x
Class S 707,208 707,339 267,295 36,164 (119,793) (117,808) - - 854,710 625,695
x
INCOME 20/80 FUND
x
Class E 1,690,259 2,624,213 23,236 150,274 (284,782) (336,825) - - 1,428,713 2,437,662
x
Class F 383,797 432,602 15,508 77,061 (88,798) (11,781) - - 310,507 497,882
x
Class FC 89,525 - 9,604 - (5,469) - - - 93,660 -
x
Class I 1,052,851 1,461,923 87,955 108,426 (91,353) (541,800) 2,007 3,802 1,051,460 1,032,351
x
Class O 947,233 825,322 337,667 40,559 (194,691) (85,846) - - 1,090,209 780,035
x
Class R 302,394 146,890 100,544 95,281 (119,619) (59,658) - - 283,319 182,513
x
Class S 23,390,487 25,457,246 1,835,364 1,033,723 (2,014,880) (2,758,261) 37 11 23,211,008 23,732,719
x
INCOME BALANCED FUND (FORMERLY MODERATE
FUND)
x
Class E 3,109,222 3,976,029 36,918 91,171 (314,161) (619,113) - - 2,831,979 3,448,087
x
Class F 606,644 747,619 104,614 49,682 (99,985) (220,970) - - 611,273 576,331
x
Class I 79,891 81,300 - 116 (79,891) (2,880) - - - 78,536
x
Class O 1,388,895 1,539,068 104,932 211,763 (404,346) (265,388) - - 1,089,481 1,485,443
x
Class R 547,251 484,310 50,567 111,414 (75,376) (27,905) - - 522,442 567,819
x
Class Z - 2,015 - - - - - - - 2,015
x
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
INCOME 40/60 FUND
x
Class E 6,369,024 7,555,216 170,193 179,984 (750,813) (817,996) 257 - 5,788,661 6,917,204
x
Class F 755,814 1,310,124 105,787 665,962 (76,990) (109,545) - - 784,611 1,866,541
x
Class FC 1,477,034 - 806,365 - (257,906) - - - 2,025,493 -
x
Class I 534,334 502,039 49,730 55,136 (31,518) (96,895) 1,025 1,409 553,571 461,689
x
Class O 2,241,758 1,778,603 260,244 330,457 (218,035) (168,556) - - 2,283,967 1,940,504
x
Class R 943,533 877,587 131,803 50,693 (60,293) (41,147) - - 1,015,043 887,133
x
Class S 105,873,510 94,832,472 7,714,123 13,509,238 (7,355,917) (6,641,751) 32 - 106,231,748 101,699,959
x
NEUTRAL BALANCED FUND (FORMERLY BALANCED
FUND)
x
Class E 6,205,844 8,204,526 73,747 246,274 (707,469) (1,372,548) - - 5,572,122 7,078,252
x
Class F 1,196,330 2,214,398 34,850 193,900 (117,186) (1,062,343) - - 1,113,994 1,345,955
x
Class O 1,557,812 1,812,369 104,256 53,342 (80,706) (293,892) - - 1,581,362 1,571,819
x
Class R 869,902 791,765 188,729 146,410 (132,671) (64,642) - - 925,960 873,533
x
Class Z - 1,844 - - - - - - - 1,844
x
BALANCED 60/40 FUND
x
Class E 17,135,559 19,099,766 555,494 1,230,847 (1,508,873) (1,992,923) - - 16,182,180 18,337,690
x
Class F 1,720,224 2,479,248 127,312 297,232 (313,553) (238,438) - - 1,533,983 2,538,042
x
Class FC 950,129 - 475,115 - (128,728) - - 1,296,516 -
x
Class I 996,709 1,280,068 79,434 80,367 (91,804) (340,353) 1,978 3,401 986,317 1,023,483
x
Class O 4,536,409 4,917,088 283,810 419,052 (705,609) (599,872) 9 1 4,114,619 4,736,269
x
Class R 7,867,319 7,498,280 866,322 741,779 (505,730) (424,521) - - 8,227,911 7,815,538
x
Class S 83,134,448 82,874,336 5,437,344 6,915,159 (6,060,902) (6,606,954) 133 1,195 82,511,023 83,183,736
x
BALANCED GROWTH FUND (FORMERLY GROWTH FUND)
x
Class E 10,136,694 11,536,688 349,391 439,693 (1,148,434) (1,149,183) - - 9,337,651 10,827,198
x
Class F 1,079,503 1,171,578 55,824 29,109 (187,974) (179,177) - - 947,353 1,021,510
x
Class O 1,529,447 1,921,606 42,676 77,625 (86,381) (157,646) - - 1,485,742 1,841,585
x
Class R 1,263,139 1,328,647 68,859 55,631 (81,467) (181,753) - - 1,250,531 1,202,525
x
Class Z - 2,028 - - - - - - - 2,028
x
GROWTH 80/20 FUND
x
Class E 4,515,775 5,012,442 134,810 281,718 (425,938) (565,173) - - 4,224,647 4,728,987
x
Class F 666,500 935,905 6,050 83,280 (85,140) (59,594) - - 587,410 959,591
x
Class FC 294,715 - 92,772 - (71,517) - - 315,970 -
x
Class I 1,293,622 1,525,672 108,237 113,201 (84,852) (304,789) 2,954 4,744 1,319,961 1,338,828
x
Class O 2,354,280 2,515,739 252,945 259,756 (239,689) (274,576) - - 2,367,536 2,500,919
x
Class R 3,832,273 3,484,806 624,163 443,410 (368,239) (178,214) - - 4,088,197 3,750,002
x
Class S 26,208,678 24,758,450 2,994,477 3,014,802 (2,108,278) (2,021,072) 67 36 27,094,944 25,752,216
x
GROWTH 100 FUND
x
Class E 2,564,218 3,071,191 121,013 174,902 (338,001) (517,210) - - 2,347,230 2,728,883
x
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Balance - beginning of the
period
Units issued during the
period
Units redeemed during
the period
Units reinvested during
the period Balance - end of the period
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
x
Class F 173,862 235,071 2,409 15,397 (9,753) (17,077) - - 166,518 233,391
x
Class FC 61,633 - 1,724 - (24,072) - - - 39,285 -
x
Class I 732,645 955,395 77,121 68,147 (41,336) (280,597) 2,104 3,602 770,534 746,547
x
Class O 936,351 858,093 110,057 124,181 (109,670) (80,622) - - 936,738 901,652
x
Class R 2,213,427 2,118,476 596,119 309,776 (253,320) (175,650) - - 2,556,226 2,252,602
x
Class S 6,760,765 6,352,544 880,894 774,351 (500,885) (597,014) - 25 7,140,774 6,529,906
x
ALL EQUITY FUND
x
Class E 822,392 1,152,436 36,495 33,628 (130,978) (240,695) - - 727,909 945,369
x
Class F 256,705 293,937 13,052 16,727 (69,085) (47,396) - - 200,672 263,268
x
Class O 359,211 309,521 82,459 46,474 (16,718) (18,983) - - 424,952 337,012
x
Class R 130,669 136,165 7,149 9,171 (14,490) (8,969) - - 123,328 136,367
x
Class Z - 1,492 - - - - - - 1,492
x
CONSERVATIVE FUND
x
Class E 7,346 2,349 5,736 129 (119) - - - 12,963 2,478
x
Class F 26,431 2,414 - - (1,965) - - - 24,466 2,414
x
Class O 12,643 31,422 12,238 2,528 (3,051) (5,028) - - 21,830 28,922
x
Class Z - 2,438 - - - - - - - 2,438
x
A unitholder of a Fund is entitled by giving written notice to the Manager to require payment of the net asset value per unit of
that Fund for all or any of the units of such unitholder. Such notice must be received no later than 4:00 p.m., EST, on any
valuation day upon which the units are to be redeemed. The notice must be irrevocable and the signature thereon must be
guaranteed by a Canadian chartered bank, a trust company or an investment dealer acceptable to the Manager.
6. INCOME TAXES
Each Fund qualifies or intends to qualify (see note 1) as a mutual fund trust under the provisions of the Income Tax Act (Canada)
(the “Act”). All income and capital gains of the Funds for the year are distributed to the unitholders to the extent necessary to
reduce taxes payable under Part I of the Income Tax Act (Canada) to nil. Taxes payable on capital gains retained in a Fund that is
a mutual fund trust are generally refundable on a formula basis to the extent the units of the Fund are redeemed during the year.
The Funds made the following provision for income taxes in the Statements of Comprehensive Income (Loss) for the periods
ended June 30, 2020 and 2019:
2020 2019
(in thousands of dollars)
$ $
U.S. Large Cap Index Fund - 28
There are capital loss carry-forwards available in the following Funds as at December 31, 2019, the benefit of which has not
been recognized:
x
Short Term Bond Fund $ 9,472,515
International Equity Fund 120,324,868
Real Return Bond Fund 3,639,277
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
x
Canadian Fixed Income Fund 6,782,325
Income 100 Fund 310,208
U.S. Small Company Equity Fund 341,631
These capital losses for income tax purposes may be carried forward indefinitely and applied against capital gains realized in
future years.
There are no non-capital loss carry-forwards (the benefit of which has not been recognized) as at December 31, 2019 which may
be applied against future taxable income.
7. MANAGEMENT FEES AND EXPENSES
(a) Under the terms of the trust agreement governing the Funds, all expenses of the Funds other than any compensation to the
Manager of the Funds relating to Class O, Class O hedged and Class R units, are payable by the Funds except for Class F
units where operating expenses are paid outside the Funds. In the case of the Class R units, each Fund is responsible for five
basis points of operating expenses that are attributable to such units and the Manager is responsible for the balance of these
operating expenses.
(b) The Manager may agree to a reduced management fees for certain Class I unitholders. This is achieved by the Funds making
individual distribution payments, referred to as “Management Fee Distributions” to these unitholders. The amount of such
Management Fee Distribution to a unitholder is negotiable between the Manager and the unitholder and depends primarily on
the amount invested. Management fee rebates are recorded as distributions to unitholders and as a credit to the Management
Fee expense.
(c) For Class O and Class O hedged units, compensation paid to the Manager for management of the Funds is payable directly by
investors outside the Funds. The Manager’s compensation for management services is subject to separate agreements with
unitholders and varies based upon such factors as the particular Fund and the amount invested. In the case of Class R units,
all compensation for the Manager’s services are paid pursuant to a separate management agreement entered into with the
corporate sponsor of the group retirement and savings plans in which holders of Class R units participate. For all other
Classes, management fees are calculated based on the daily net asset value of the Class and the following percentages:
Class E/ Class E
hedged
Class F*/ Class
F hedged* Class FC Class I Class S
Canadian Equity Fund 1.63% 0.90% NA 0.85% NA
Canadian Small Company Equity Fund 1.63% 0.95% NA 0.90% NA
U.S. Large Company Equity Fund 1.63% 0.90% NA 0.85% NA
U.S. Small Company Equity Fund 1.63% 1.00% NA 0.90% NA
International Equity Fund 1.72% 1.00% NA 1.00% NA
Emerging Markets Equity Fund 1.99% 1.15% NA 1.25% NA
Global Managed Volatility Fund 1.68% 0.95% 0.65% NA 1.68%
Canadian Fixed Income Fund 1.14% 0.75% NA 0.65% NA
Long Duration Bond Fund 1.14% 0.75% NA 0.65% NA
Long Duration Credit Bond Fund NA NA NA NA NA
Real Return Bond Fund 1.14% 0.75% NA 0.65% NA
Money Market Fund 0.50% 0.60% NA 0.50% NA
U.S. Large Cap Index Fund 1.30% 0.60% NA 0.50% NA
Short Term Bond Fund 1.14% 0.75% NA 0.65% NA
U.S. High Yield Bond Fund 1.23% 0.85% NA 0.85% NA
Conservative Monthly Income Fund 1.16% 0.85% 0.45% 0.70% 1.41%
Balanced Monthly Income Fund 1.54% 0.95% 0.60% 0.70% 1.50%
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
Class E/ Class E
hedged
Class F*/ Class
F hedged* Class FC Class I Class S
Short Term Investment Fund 0.50% 0.60% NA NA NA
Income 100 Fund 1.01% 0.85% NA 0.70% 1.10%
Income 20/80 Fund 1.01% 0.85% 0.40% 0.70% 1.15%
Moderate Fund 1.16% 0.90% NA 0.70% 1.35%
Income 40/60 Fund 1.41% 0.90% 0.45% 0.70% 1.35%
Balanced Fund 1.54% 0.90% NA 0.70% 1.50%
Balanced 60/40 Fund 1.54% 0.95% 0.60% 0.70% 1.50%
Growth Fund 1.63% 1.00% NA 0.70% 1.56%
Growth 80/20 Fund 1.63% 1.00% 0.65% 0.75% 1.56%
Growth 100 Fund 1.63% 1.00% 0.65% 0.85% 1.56%
All Equity Fund 1.63% 1.00% NA 0.90% 1.56%
Conservative Fund 1.20% 0.85% NA NA NA
*
Inclusive of applicable goods and services tax (GST)/ harmonized sales tax (HST).
During the year ended June 30, 2020 and 2019, the Manager voluntarily waived or absorbed certain expenses otherwise payable
by the Funds. The Manager may, at its discretion terminate the waiver or absorption at any time. The amount waived, if any, for
each Fund is shown in the Statements of Comprehensive Income (Loss).
The Management fee payable for the period ended June 30, 2020 and year ended December 31, 2019 are listed below, these
amounts have been included in accrued liabilities on the Statements of Financial Position.
June 30, 2020 December 31, 2019
Canadian Equity Fund 19,001 23,289
Canadian Small Company Equity Fund 2,482 2,894
U.S. Large Company Equity Fund 32,366 39,902
U.S. Small Company Equity Fund 3,850 4,327
International Equity Fund 18,459 21,396
Emerging Markets Equity Fund 11,379 11,611
Global Managed Volatility Fund 29,510 30,432
Canadian Fixed Income Fund 25,038 24,672
Long Duration Bond Fund 292 155
Real Return Bond Fund 3,377 3,785
Money Market Fund 5,115 2,100
U.S. Large Cap Index Fund 4 7
Short Term Bond Fund 3,777 4,020
U.S. High Yield Bond Fund 17,330 15,498
Conservative Monthly Income Fund 528,391 567,297
Balanced Monthly Income Fund 64,637 73,300
Short Term Investment Fund 465 464
Income 100 Fund 7,743 6,754
Income 20/80 Fund 157,767 159,285
Income Balanced Fund (Moderate Fund) 20,593 23,205
Income 40/60 Fund 863,690 886,821
Neutral Balanced Fund (formerly Balanced Fund) 61,372 70,216
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
June 30, 2020 December 31, 2019
Balanced 60/40 Fund 1,195,721 1,265,221
Balanced Growth Fund (formerly Growth Fund) 101,672 114,472
Growth 80/20 Fund 333,737 350,287
Growth 100 Fund 115,564 123,110
All Equity Fund 9,407 11,674
Conservative Fund 259 268
(d) Fees and expenses payable in connection with the Independent Review Committee ("IRC") include compensation paid to
members of the committee in the form of a US$17,000 annual retainer paid to each member of the committee, insurance
coverage for members, reimbursement of reasonable expenses and travel time and costs of outside advisers retained by the
committee (if any). The Chair of the IRC is paid an additional annual retainer of US$2,500. These fees and expenses are
allocated among the Funds in a manner that the Manager believes is fair and reasonable to the Funds.
8. SOFT DOLLAR COMMISSIONS
The brokerage commissions paid on securities transactions may include "soft dollar" amounts, such as the value of research and
other services provided by the broker. Although the Manager uses best efforts to determine the soft dollar portion of commissions
paid on portfolio transactions of the Funds, the soft dollar portion, in some instances, is not ascertainable. The soft dollar
amounts for the year ended June 30, 2020 and 2019 are listed below:
Soft Dollar Commissions
2020 2019
$ $
Canadian Equity Fund 198,760 114,751
Canadian Small Company Equity Fund 38,294 32,639
U.S. Large Company Equity Fund 38,015 26,226
U.S. Small Company Equity Fund 73,729 42,487
International Equity Fund 197,721 1,605,340
Emerging Markets Equity Fund 24,765 36,175
9. FINANCIAL RISKS
The Funds are exposed to a variety of financial risks: credit risk, liquidity risk, and market risk (including interest rate risk, other
price risk, and currency risk), in the normal course of business. The value of investments held within the Funds will fluctuate on
a daily basis as a result of changes in interest rates, economic conditions, market, and company specific news. The level of risk
depends on the Funds’ investment objectives and the type of securities in which they invest.
The Funds’ overall risk management program seeks to minimize the potentially adverse effect of risk on the Funds’ financial
performance in a manner consistent with the Funds’ investment objectives. The risk management practices include monitoring
compliance with investment guidelines. The Manager manages the potential effects of these financial risks on the Funds’
performance by employing and overseeing professional and experienced portfolio advisors that regularly monitor the Funds’
positions and market events, and diversify investment portfolios within the constraints of the investment guidelines.
Fund of Funds
A Fund of Fund’s exposure to financial risks is dependent on its asset mix of the underlying funds. The Manager focuses
primarily on the overall asset allocation of the Fund. A long-term strategic asset allocation is set for the Fund that the Manager
believes best optimizes long-term risks and volatility with the long-term potential returns. To help achieve consistent results over
a typical market cycle, each underlying fund is diversified by asset class, region and/or market capitalization.
The asset allocation process utilizes proprietary portfolio management optimization techniques based on an asset/liability
framework, combining an optimal portfolio with expected risks and correlations to derive an estimated return expectation for each
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
asset class. The Funds’ risk management practices include a daily review of risk analytic reports which monitor holdings to
ensure compliance with each Fund’s rebalancing policy. The objective of the rebalancing policy is to maintain each Fund’s
strategic asset mix during periods of market fluctuation. When an individual underlying fund holding has drifted by more than
2.5% from its long-term strategic asset mix, the Fund’s holdings are rebalanced to return relative over or underweight positions
within the rebalancing policy allowance.
Currency Risk
Currency risk is the risk that the value of investments will fluctuate due to changes in foreign exchange rates. This risk arises
when financial instruments (including cash and cash equivalents) are denominated in a currency other than Canadian dollars,
which represents the Funds’ functional currency. For Funds with hedged and unhedged classes, hedged classes of the Funds will
generally hedge their exposure to currency risk, while unhedged classes generally do not.
Interest Rate Risk
Interest rate risk is the risk that changes in interest rates will affect future cash flows or fair values of financial instruments.
Interest rate risk arises when the Funds invest in interest bearing financial instruments. The Funds are exposed to the risk that
the value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates.
Other Price Risk
Other price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate as a result of changes in
market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to and
individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. The maximum risk
resulting from financial instruments held long is determined by the fair value of the instrument. The maximum risk resulting from
financial instruments sold short is unlimited.
Credit Risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has
entered into with the Funds. The main concentration of credit risk would be where a fund invests in debt instruments and
derivatives. The fair value includes consideration of the credit worthiness of the issuer and therefore represents the maximum
credit exposure of the Funds.
All transactions executed by a fund in listed securities are settled upon delivery using approved brokers. The risk of default is
minimal as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once
the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.
Liquidity Risk
Liquidity risk is the risk that the Funds may not be able to settle or meet their obligations on time or at a reasonable price. This is
concentrated in the daily cash redemptions of units. For all the Funds, units are issued and redeemed on demand at the then
current net asset value per unit at the option of the unitholder. The Funds invest primarily in securities that are actively traded
and can be readily liquidated. In addition, the Funds retain sufficient cash and cash equivalent positions to maintain liquidity. In
accordance with securities regulations, the Funds must maintain at least 90% of their assets in liquid investments. This also
helps the Manager manage the Funds’ exposure to daily cash redemptions of redeemable units. All liabilities of the Fund will
mature in one year or less.
Concentration Risk
Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical
location, product type, industry sector or counterparty type.
Please refer to the Fund specific notes to the financial statements for fund-specific risk disclosures. Where a Fund only holds one
underlying fund, a look through is performed.
10. RELATED PARTY TRANSACTIONS
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
An affiliate of the Manager that is a U.S. registered broker-dealer, SEI Investments Distribution Company (“SIDCO”), provided
brokerage services to certain of the Funds, which during the periods ended June 30, 2020 and 2019, resulted in commissions
being paid directly or indirectly by the Funds to SIDCO.
The amounts are as follows:
2020 2019
$ $
Emerging Markets Equity Fund 24,844 -
11. INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES
INVESTMENTS IN UNDERLYING FUNDS
A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are by means of
contractual arrangements. All of the underlying funds in which the Funds invests are unconsolidated structured entities.
As mentioned in the prospectus of the Funds, each of the Asset Allocation Funds (collectively the “Top Funds”), as described in
Note 1, invests in mutual funds managed by the Manager. Investors of a Top Fund have no rights of ownership in the securities of
the underlying funds. Where the Manager is the manager of both the Top Fund and the underlying funds in which the Top Fund
invests, it will not vote the securities of the underlying funds. The Manager may arrange for these securities to be voted by the
beneficial investors of the applicable Top Fund. However, given the complexity and costs associated with implementing a
flow-through voting structure, it is unlikely that arrangements will be made for a flow-through of voting rights.
Since the Manager manages both the Asset Allocation Funds and the underlying funds, no sales or redemption fees are paid by
the Asset Allocation Funds when they purchase or redeem units of the underlying funds. The Funds do not provide financial
support to unconsolidated structured entities and has no intention of providing financial or other support. The underlying funds
finance their operations by issuing redeemable units which are puttable at the holder’s option and entitles the holder to
proportionate stake in the respective Fund’s net assets. Each Fund holds redeemable shares in each of its underlying funds. Each
Fund’s interest in each of its underlying funds, held in the form of redeemable units, are included at its fair value in the
Statement of Financial Position as Investments (non-derivative financial assets), which represents the maximum exposure on
these underlying funds. The change in fair value of each of the underlying funds is reported in the Statements of Comprehensive
Income as net change in unrealized appreciation (depreciation) of investments.
Additional information on the Funds’ interest in underlying funds, where applicable, is provided in the Fund specific notes to the
financial statements.
MORTGAGE RELATED SECURITIES
Certain Funds invest in mortgage-related and/or other asset-backed securities. The securities include, but not limited to,
commercial mortgage backed securities, asset-backed securities, and residential mortgage-backed securities. The debt and
equity securities issued by these securities may include tranches of varying levels of subordination. These securities may provide
a monthly payment which consists of both interest and principal payments.
Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made
by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many
types of assets, including auto loans, credit card receivables, home equity loans, and student loans.
Canadian Fixed Income Fund
As at June 30, 2020, the carrying value of mortgage related and other asset-backed securities included in Investments
(non-derivative financial assets) in the Statement of Financial Position is $11,984,254 (December 31, 2019 – $14,433,140).
This amount also represents the maximum exposure to losses at that date.
Notes to Financial Statements
FOR THE PERIOD ENDED JUNE 30, 2020 AND 2019 (UNAUDITED)
The change in fair value of mortgage related and other asset-backed securities are included in the Statements of Comprehensive
Income (Loss) in Net change in unrealized appreciation (depreciation) of investments and derivatives.
12. NET ASSETS PER UNIT AND NET ASSET VALUE PER UNIT
As at June 30, 2020 and December 31, 2019 there were no differences between the trading net assets per unit and the net
asset value per unit calculated in accordance with IFRS for any Fund.
13. MARKET RISK
Global health events and pandemics, such as COVID-19, have the ability to affect—quickly, drastically and substantially the
economies of many nations and can cause disruptions that cannot necessarily be foreseen. The spread of COVID-19 around the
world in 2020 resulted in a substantial number of nations implementing social distancing measures, quarantines, and the
shutdown of non-essential businesses and governmental services. Further, it has caused significant volatility in Canadian and
international markets which may adversely impact the financial performance of the Funds. The impact of COVID-19 may be short
term or may last for an extended period of time.
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