INDUSTRY ALLOCATIONS AS AT FEBRUARY 18, 2020

Sector Allocation

Geographic Allocation

United States 59.8%

Canada 40.2%

Financials 37.1%Information Technology 19.7%Industrials 12.4%Communication Services 7.9%Materials 6.5%Real Estate 5.7%Energy 3.4%Consumer Staples 2.8%Health Care 2.7%Cash 1.8%

10.5%

9.6%

7.9%

7.0%

6.5%

6.3%

6.2%

5.8%

5.2%

3.5%

3.4%

3.2%

3.2%

3.0%

3.0%

2.9%

2.8%

2.8%

2.7%

2.7%

1.8%

Information Technology - Data Processing & Outsourced Services

Financials - Asset Management & Custody Banks

Communication Services - Integrated Telecommunication Services

Financials - Financial Exchanges & Data

Materials - Gold

Financials - Property & Casualty Insurance

Industrials - Railroads

Financials - Life & Health Insurance

Financials - Diversif ied Banks

Information Technology - Technology Hardware Storage & Peripherals

Energy - Oil & Gas Storage & Transportation

Financials - Investment Banking & Brokerage

Industrials - Aerospace & Defense

Industrials - Environmental & Facilities Services

Information Technology - Systems Software

Real Estate - Industrial REITs

Consumer Staples - Hypermarkets & Super Centers

Real Estate - Residential REITs

Health Care - Pharmaceuticals

Information Technology - Semiconductors

Cash

5.7% REAL ESTATECA;GRT.UN Granite Real Estate Investment TrustCA;MI.UN Minto Apartment Real Estate Investment Trust

7.9% COMMUNICATION SERVICESCA;BCE BCE IncCA;T TELUS Corp

19.7% INFORMATION TECHNOLOGYUS;AAPL Apple IncUS;FISV Fiserv IncUS;INTC Intel CorpUS;MA Mastercard IncUS;MSFT Microsoft CorpUS;V Visa Inc

37.1% FINANCIALSUS;ALL Allstate CorpUS;AMP Ameriprise Financial IncCA;BAM.A Brookfield Asset Management IncCA;IFC Intact Financial CorpUS;JPM JPMorgan Chase & CoCA;MFC Manulife Financial CorpUS;MCO Moodys CorpUS;MS Morgan StanleyCA;NA National Bank of CanadaUS;SPGI S&P Global IncUS;STT State Street CorpCA;SLF Sun Life Financial IncUS;TROW T. Rowe Price Group Inc

12.4% INDUSTRIALSCA;CP Canadian Pacific Railway LtdUS;KSU Kansas City SouthernUS;TDG TransDigm Group IncCA;WCN Waste Connections Inc

6.5% MATERIALSUS;GOLD Barrick Gold CorpCA;FNV Franco-Nevada Corp

0.0% INDEX HEDGE AS AT FEBRUARY 18, 2020

1.8% CASH AND CASH EQUIVALENTS

3.4% ENERGYCA;ENB Enbridge Inc

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund strategies and current holdings are subject to change. Portfolio holdings do not include short positions. The portfolio holdings information above may not contain all investments held, may differ from Barometer’s marketing materials, and may be different from the Barometer Group of Funds’ annual financial report for the same period. The prospectus and other information about the fund are available at www.barometercapital.ca.

HOLDINGS AS AT FEBRUARY 18, 2020

2.7% HEALTH CAREUS;JNJ Johnson & Johnson

2.8% CONSUMER STAPLESUS;COST Costco Wholesale Corp