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DECEMBER 31, 2019
ANNUAL REPORT
Conservative PortfolioConservative Balanced PortfolioBalanced PortfolioBalanced Growth PortfolioGrowth PortfolioMaximum Growth Portfolio
AUDITED FINANCIAL STATEMENTSFor the years ended December 31, 2019 and December 31, 2018
Table of Contents
1
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Financial StatementsIndependent auditor's report 2
x
Compass Conservative PortfolioStatements of Financial Position 5Statements of Comprehensive Income 6Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 7Statements of Cash Flows 8Schedule of Investments 9
x
Compass Conservative Balanced PortfolioStatements of Financial Position 17Statements of Comprehensive Income 18Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 19Statements of Cash Flows 20Schedule of Investments 21
x
Compass Balanced PortfolioStatements of Financial Position 31Statements of Comprehensive Income 32Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 33Statements of Cash Flows 34Schedule of Investments 35
x
Compass Balanced Growth PortfolioStatements of Financial Position 45Statements of Comprehensive Income 46Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 47Statements of Cash Flows 48Schedule of Investments 49
x
Compass Growth PortfolioStatements of Financial Position 59Statements of Comprehensive Income 60Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 61Statements of Cash Flows 62Schedule of Investments 63
x
Compass Maximum Growth PortfolioStatements of Financial Position 70Statements of Comprehensive Income 71Statements of Changes in Net Assets Attributable to Holders of Redeemable Units 72Statements of Cash Flows 73Schedule of Investments 74
x
Notes to the Financial Statements 80
PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215
“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.
Independent auditor’s report
To the Unitholders and Trustee of
Compass Conservative Portfolio Compass Conservative Balanced Portfolio Compass Balanced Portfolio Compass Balanced Growth Portfolio Compass Growth Portfolio Compass Maximum Growth Portfolio
(individually, a Portfolio)
Our opinion
In our opinion, the accompanying financial statements of each Portfolio present fairly, in all material respects, the financial position of each Portfolio as at December 31, 2019 and 2018, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards, as published by the International Accounting Standards Board (IFRS).
What we have audited The financial statements of each Portfolio comprise:
the statements of financial position as at December 31, 2019 and 2018;
the statements of comprehensive income for the years then ended;
the statements of changes in net assets attributable to holders of redeemable units for the years then ended;
the statements of cash flows for the years then ended; and
the notes to the financial statements, which include a summary of significant accounting policies.
Basis for opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
2
Independence We are independent of each Portfolio in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.
Other information
Management is responsible for the other information of each Portfolio. The other information comprises the Annual Management Report of Portfolio Performance of each Portfolio.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of each Portfolio, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of each Portfolio or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements of each Portfolio in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the ability of each Portfolio to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate any Portfolio or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the financial reporting process of each Portfolio.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Portfolio are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each Portfolio.
3
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements of each Portfolio, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each Portfolio.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each Portfolio to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each Portfolio or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any Portfolio to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements of each Portfolio, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Chartered Professional Accountants, Licensed Public Accountants
Toronto, Ontario March 19, 2020
4
COMPASS CONSERVATIVE PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 1,796,672,364 $ 1,671,433,286x
Cash 15,424,933 6,245,056x
Amount receivable for units issued 1,054,636 879,920x
Amount receivable for securities sold 2,226 957,020x
Dividends and distributions receivable 340,309 441,239x
Interest receivable 7,513,746 7,180,167x
Amount receivable on open forward contracts (Note 10) 3,617,354 -xxx
Total Assets 1,824,625,568 1,687,136,688xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 3,521,768 9,981x
Amount payable on open forward contracts (Note 10) 164,642 6,495,520x
Amount payable for units redeemed 2,035,191 3,213,270x
Accrued expenses 602,602 572,881x
Distribution payable 422,316 645,564xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
6,746,519 10,937,216
xxx
Net assets attributable to holders of redeemable units $ 1,817,879,049 $ 1,676,199,472xxx
Net assets attributable to holders of redeemable units, Series A $ 941,515,369 $ 891,986,091x
Redeemable units outstanding, Series A 68,627,828 68,979,331x
Net assets attributable to holders of redeemable units per unit, Series A $ 13.72 $ 12.93xxx
Net assets attributable to holders of redeemable units, Series O $ 345,631,451 $ 314,235,205x
Redeemable units outstanding, Series O 24,921,126 24,044,922x
Net assets attributable to holders of redeemable units per unit, Series O $ 13.87 $ 13.07xxx
Net assets attributable to holders of redeemable units, Series F1 $ 530,732,229 $ 469,978,176x
Redeemable units outstanding, Series F1 37,260,923 35,030,444x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 14.24 $ 13.42xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
5
COMPASS CONSERVATIVE PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 4,275,187 $ 5,013,503x
Income distribution from underlying funds 7,240,950 7,526,489x
Interest for distribution purposes 42,927,458 35,023,125x
Net realized gain on sale of investments 8,252,003 35,677,944x
Net change in unrealized appreciation (depreciation) on investments 80,623,746 (56,372,965)x
Capital gain distribution from underlying funds - 3,935,008xxx
Net gain (loss) on investments 143,319,344 30,803,104xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts 3,151,753 (6,768,380)x
Net change in unrealized appreciation (depreciation) on forward contracts 9,948,232 (8,741,417)xxx
Net gain (loss) on derivatives 13,099,985 (15,509,797)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions (261,206) 690,517x
Net change in unrealized appreciation (depreciation) on foreign currency translations (57,969) 42,836xxx
Other Income (319,175) 733,353xxx
Total Income (net) 156,100,154 16,026,660xxx
Expensesx
Management fees (Note 5) 13,711,030 13,830,481x
Administration expense (Note 8) 77,673 72,140x
Independent review committee fees (Note 8) 2,414 2,367x
Transfer agent expense 518,505 501,248x
Audit fees 43,255 35,248x
Legal fees 4,751 6,371x
Custodian fees 276,200 286,570x
Securityholder reporting fees 123,061 97,438x
Bank charges 2,774 3,786x
Withholding taxes 209,446 197,540x
Transaction costs (Note 7) 72,047 98,832xxx
Total Expenses 15,041,156 15,132,021xxx
Increase in net assets attributable to holders of redeemable units 141,058,998 894,639xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 70,409,457 $ (3,516,378)x
Series O 29,095,922 2,414,742x
Series F1 41,553,619 1,996,275xxx
Total increase in net assets attributable to holders of redeemable units 141,058,998 894,639xxx
Weighted average number of redeemable units per Seriesx
Series A 68,620,404 70,681,603x
Series O 23,879,119 22,685,984x
Series F1 35,517,179 34,652,078x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 1.03 $ (0.05)x
Series O $ 1.22 $ 0.11x
Series F1 $ 1.17 $ 0.06xxx
See accompanying notes to financial statements
6
COMPASS CONSERVATIVE PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 891,986,091 $ 983,056,412x
Series O $ 314,235,205 $ 313,644,948x
Series F1 $ 469,978,176 $ 460,824,379x
Increase in net assets attributable to holders of redeemable unitsx
Series A 70,409,457 (3,516,378)x
Series O 29,095,922 2,414,742x
Series F1 41,553,619 1,996,275x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (16,150,661) (13,819,450)x
Series O (9,807,864) (8,366,696)x
Series F1 (12,576,670) (10,794,646)x
Capital gainsx
Series A - (12,585,526)x
Series O - (3,981,354)x
Series F1 - (6,470,320)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 187,503,512 177,930,512x
Series O 62,834,782 68,554,791x
Series F1 124,023,549 132,524,236x
Reinvestment of distributions to holders of redeemable unitsx
Series A 16,007,615 26,166,208x
Series O 9,399,220 11,795,826x
Series F1 12,367,132 17,118,102x
Payments for redeemable units redeemedx
Series A (208,240,645) (265,245,687)x
Series O (60,125,814) (69,827,052)x
Series F1 (104,613,577) (125,219,850)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 941,515,369 $ 891,986,091x
Series O $ 345,631,451 $ 314,235,205x
Series F1 $ 530,732,229 $ 469,978,176x
xxx
Redeemable units outstanding, beginning of yearx
Series A 68,979,331 73,514,695x
Series O 24,044,922 23,254,894x
Series F1 35,030,444 33,233,472x
Redeemable units issuedx
Series A 13,861,962 13,310,887x
Series O 4,587,034 5,063,347x
Series F1 8,809,839 9,551,725x
Reinvested from distributions to holders of redeemable unitsx
Series A 1,173,703 2,005,751x
Series O 681,831 893,190x
Series F1 873,851 1,262,691x
Redeemable units redeemedx
Series A (15,387,168) (19,852,002)x
Series O (4,392,661) (5,166,509)x
Series F1 (7,453,211) (9,017,444)x
xxx
Redeemable units outstanding, end of yearx
Series A 68,627,828 68,979,331x
Series O 24,921,126 24,044,922x
Series F1 37,260,923 35,030,444xxx
See accompanying notes to financial statements
7
COMPASS CONSERVATIVE PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase in net assets attributable to holders of redeemable units $ 141,058,998 $ 894,639x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 709 (6,909)x
Non-cash distributions from underlying funds (3,230,571) (4,230,001)x
Proceeds from sale of investments 811,749,701 957,980,177x
Purchase of investments (840,215,256) (905,979,305)x
Net realized gain on sale of investments (8,252,003) (35,677,944)x
Net change in unrealized (appreciation) depreciation on investments (80,623,746) 56,372,965x
Net change in unrealized (appreciation) depreciation on forward contracts (9,948,232) 8,741,417x
Dividend income, net of withholding taxes (4,065,741) (4,815,963)x
Dividend received, net of withholding taxes 4,166,671 5,043,049x
Interest for distribution purposes (42,924,684) (35,019,339)x
Interest received (paid) 42,591,105 34,468,262x
Amortization income (200,622) (72,770)xxx
10,106,329 77,698,278xxx
Net change in non-cash working capital 29,721 (56,138)x
Net Cash from operating activities 10,136,050 77,642,140xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 232,082,535 218,834,863x
Distributions to holders of redeemable units, net of reinvested distributions (984,476) (292,292)x
Payment on redemption of redeemable units* (232,053,523) (297,361,802)x
Net Cash used in financing activities (955,464) (78,819,231)xxx
Unrealized foreign exchange gain (loss) on cash (709) 6,909x
Net increase (decrease) in cash during the year 9,179,877 (1,170,182)xxx
Cash, beginning of year 6,245,056 7,415,238xxx
Cash, end of year $ 15,424,933 $ 6,245,056xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $142,104,592 (2018 - $159,829,721) and $(142,104,592) (2018 - $(159,829,721)),respectively.
x
See accompanying notes to financial statements
8
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (9.59%)x
3M Co. 3,560 $ 795,469 $ 815,561x
A.O. Smith Corporation 14,504 877,466 897,260x
Accenture PLC Cl. A 980 249,544 267,967x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 32,045 1,123,310 1,320,574x
Allegion PLC 7,757 880,200 1,254,473x
Allergan PLC 2,000 563,288 496,488x
Alphabet Inc. Cl. C 2,650 3,158,375 4,600,896x
Amazon.com, Inc. 580 892,209 1,391,717x
AmerisourceBergen Corporation 4,800 491,872 529,933x
AMETEK, Inc. 23,100 1,860,291 2,991,851x
Amphenol Corp. Cl. A 14,049 1,472,197 1,974,475x
Ansys Inc. 9,345 1,475,508 3,123,657x
AptarGroup, Inc. 15,551 1,866,701 2,334,801x
ATS Automation Tooling Systems Inc. 41,180 639,378 882,487x
Bank of Montreal 21,554 1,921,008 2,169,195x
Baxter International Inc. 15,700 1,310,334 1,704,781x
BCE Inc. 14,435 826,294 868,410x
Becton, Dickinson and Company 9,740 2,468,222 3,439,843x
BlackRock, Inc. 1,411 770,710 921,074x
Booking Holdings Inc. 560 1,331,360 1,493,448x
Brookfield Asset Management Inc. Cl. A Limited Voting 34,459 1,801,527 2,585,459x
CAE Inc. 14,254 504,821 490,053x
Canadian Imperial Bank of Commerce 7,696 796,820 831,630x
Canadian National Railway Company 16,403 1,417,177 1,926,860x
Canadian Natural Resources Ltd. 49,301 1,853,672 2,070,642x
Canadian Pacific Railway Company 5,650 1,166,968 1,870,319x
Canadian Tire Corporation, Limited Cl. A 3,450 448,885 482,138x
CCL Industries Inc. Cl. B 21,329 967,037 1,179,920x
Cerner Corporation 3,800 300,284 362,142x
CGI Inc. 8,840 916,667 960,643x
Cinemark Holdings, Inc. 9,400 446,672 413,186x
ClearStream Energy Services Inc. 320,219 147,301 14,410x
ClearStream Energy Services Inc. Preferred 5,802 5,803,797 5,802,000x
CME Group Inc. Cl. A 12,000 1,931,588 3,127,739x
Comcast Corporation Cl. A 55,797 2,876,272 3,258,310x
Constellation Software Inc. 773 408,776 974,877x
Cott Corporation 28,174 482,111 499,807x
CSX Corporation 7,818 521,870 734,603x
Danaher Corporation 1,410 265,932 281,015x
DENTSPLY SIRONA, Inc. 7,700 506,919 565,834x
Ecolab Inc. 4,100 809,062 1,027,489x
Enbridge Inc. 13,167 663,551 679,812x
Enghouse Systems Limited 20,837 844,900 1,003,927x
FactSet Research Systems Inc. 1,461 393,252 509,014x
Fairfax India Holdings Corporation 29,380 548,449 488,338x
Fastenal Company 17,700 862,943 849,271x
Finning International Inc. 57,978 1,526,989 1,466,843x
Fortis Inc. 16,276 778,995 876,951x
Gilead Sciences, Inc. 16,569 1,549,308 1,398,089x
Great-West Lifeco Inc. 17,716 586,679 589,234x
Hologic, Inc. 16,400 916,644 1,111,876
9
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Hydro One Limited 27,512 623,223 690,001x
iA Financial Corporation Inc. 5,709 252,206 407,223x
IAA, Inc. 34,878 1,482,365 2,131,386x
Intact Financial Corporation 4,548 616,492 638,630x
Intercontinental Exchange, Inc. 17,390 1,659,951 2,089,944x
Intuit Inc. 5,177 897,520 1,760,849x
Johnson & Johnson 13,500 2,168,314 2,557,163x
JPMorgan Chase & Co. 15,150 753,075 2,742,421x
KAR Auction Services, Inc. 24,140 564,623 683,051x
Linde Public Limited Company 5,500 953,589 1,520,537x
LKQ Corporation 11,653 508,519 540,213x
Loblaw Companies Limited 24,198 1,329,795 1,621,266x
Manulife Financial Corporation 43,599 1,029,644 1,149,270x
Marsh & McLennan Companies, Inc. 33,870 3,345,143 4,900,022x
MasterCard Incorporated Cl. A 5,780 949,510 2,241,103x
Metro Inc. 11,085 603,498 594,045x
Microsoft Corporation 18,230 2,821,125 3,733,164x
National Bank of Canada 13,515 953,974 974,161x
NFI Group Inc. 19,210 541,911 511,947x
Nielsen Holdings PLC 10,300 453,386 271,514x
Nike Inc. Cl. B 18,400 1,358,017 2,420,632x
Nutrien Ltd. 24,166 1,575,853 1,502,400x
Onex Corporation 4,890 351,220 401,811x
Open Text Corporation 10,769 396,183 616,202x
Oracle Corporation 3,000 185,918 206,392x
Parkland Fuel Corporation 15,054 703,812 718,226x
Paychex, Inc. 16,100 1,134,478 1,778,320x
PayPal Holdings, Inc. 3,460 259,343 486,006x
PepsiCo, Inc. 7,800 814,300 1,384,288x
Power Corporation of Canada 16,126 516,373 539,415x
PPG Industries Inc. 1,400 187,120 242,681x
PrairieSky Royalty Ltd. 14,900 406,954 226,927x
Quebecor Inc. Cl. B 14,789 495,931 490,107x
Restaurant Brands International Inc. 6,473 564,514 535,835x
Richelieu Hardware Ltd. 24,120 548,582 654,376x
Rogers Communications Inc. Cl. B 21,020 1,096,923 1,355,370x
Royal Bank of Canada 27,624 2,490,669 2,838,366x
RPM International, Inc. 11,779 930,303 1,174,092x
S&P Global, Inc. 6,260 1,196,491 2,219,602x
Saputo Inc. 28,896 1,064,520 1,161,619x
Shaw Communications Inc. Cl. B Non-Voting 37,188 992,741 979,904x
Shenandoah Telecommunications Company 9,334 424,015 504,341x
Shopify Inc. Cl. A 1,590 232,044 820,917x
Stantec Inc. 13,637 475,619 500,478x
State Street Corporation 23,700 1,848,221 2,434,353x
Stella-Jones Inc. 12,134 463,149 455,268x
Suncor Energy Inc. 48,634 1,957,381 2,069,863x
TC Energy Corporation 10,582 695,282 731,851x
TELUS Corporation 41,065 1,879,983 2,064,748x
Texas Instruments Incorporated 3,761 489,314 626,549x
The Bank of Nova Scotia 29,633 1,987,227 2,173,581
10
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
The Descartes Systems Group Inc. 7,800 238,692 432,900x
The Hershey Company 9,260 1,119,959 1,767,372x
The Procter & Gamble Company 18,930 1,891,693 3,070,236x
The Sherwin-Williams Company 1,200 544,809 909,307x
The Toronto-Dominion Bank 24,301 1,383,737 1,769,842x
Thomson Reuters Corporation 19,363 1,270,403 1,798,629x
TMX Group Limited 10,870 691,941 1,222,332x
Toromont Industries Ltd. 24,648 1,141,367 1,739,902x
TriMas Corporation 23,137 894,808 943,699x
Union Pacific Corporation 4,430 622,793 1,040,008x
United Technologies Corporation 6,688 1,016,456 1,300,621x
Verisk Analytics, Inc. Cl. A 19,820 2,058,468 3,843,603x
Verizon Communications Inc. 34,300 2,391,823 2,734,772x
Visa Inc. Cl. A 18,270 2,401,983 4,457,835x
Wabtec Corporation 2,880 377,977 290,958x
Waters Corporation 9,100 2,072,588 2,760,996x
Wells Fargo & Company 26,830 1,205,422 1,874,397x
West Pharmaceutical Services, Inc. 3,456 386,763 674,649x
Willis Towers Watson PLC 9,170 1,734,364 2,404,642x
Yellow Pages Limited 147,512 1,327,608 1,336,459xxx
133,023,601 174,356,911xx
Mutual Funds: (15.47%)x
BlackRock Canada Universe Bond Index Fund 3,975,696 $ 117,613,739 $ 117,667,311x
Mawer Canadian Equity Fund 991,500 41,970,893 71,745,015x
Mawer International Equity Fund 1,503,708 58,493,674 91,834,763xxx
218,078,306 281,247,089xx
Private Equities: (0.00%)x
Canadian Commercial Mortgage Origination Trust 3 Preferred 10,912 $ 10,912 $ 109x
Canadian Commercial Mortgage Origination Trust 4 Preferred 9,604 9,604 0x
Canadian Commercial Mortgage Origination Trust 5 Preferred 3,028 3,028 3,028xxx
23,544 3,137xx
Real Estate Investment Trust (REITs): (1.31%)x
Allied Properties Real Estate Investment Trust 43,000 $ 1,465,539 $ 2,239,010x
Artis Real Estate Investment Trust 43,600 484,490 518,840x
Boardwalk Real Estate Investment Trust 13,400 606,346 615,462x
Canadian Apartment Properties Real Estate Investment Trust 59,037 2,248,347 3,129,551x
Choice Properties Real Estate Investment Trust 145,644 1,630,548 2,025,908x
Cominar Real Estate Investment Trust 64,900 860,219 918,984x
Crombie Real Estate Investment Trust 32,100 403,202 511,674x
CT Real Estate Investment Trust 24,300 387,085 392,202x
Dream Industrial Real Estate I 40,900 470,167 537,426x
Dream Office Real Estate Investment Trust 16,618 363,937 517,318x
First Capital Real Estate Investment Trust 50,400 1,031,184 1,041,768x
Granite Real Estate Investment Trust 19,319 1,052,781 1,274,668x
H&R Real Estate Investment Trust 127,725 2,594,601 2,694,998x
InterRent Real Estate Investment Trust 43,300 542,197 677,212x
Killam Apartment Real Estate Investment Trust 34,849 499,234 660,040x
Northview Apartment Real Estate Investment Trust 21,576 441,287 639,513x
NorthWest Healthcare Properties Real Estate Investment Trust 43,400 489,462 517,762
11
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
RioCan Real Estate Investment Trust 112,600 2,656,623 3,013,176x
SmartCentres Real Estate Investment Trust 45,600 1,247,172 1,423,176x
Summit Industrial Income Real Estate Investment Trust 41,000 476,990 494,460xxx
19,951,411 23,843,148xx
Fixed Income: (71.77%)x
407 International Inc. 6.75% Jul 27/39 1,802,132 $ 2,425,006 $ 2,454,301x
407 International Inc. 7.13% Jul 26/40 2,864,000 4,319,483 4,530,733x
Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 2,154,000 2,025,200 2,154,163x
Apple Inc. 2.51% Aug 19/24 42,805,000 42,865,344 43,239,121x
Arrow Lakes Power 5.52% Apr 05/41 299,613 343,788 364,160x
AT&T Inc. 3.07% Jun 12/24** 16,969,000 22,332,901 22,431,843x
AT&T Inc. 4.85% May 25/47 9,375,000 9,355,642 9,968,085x
AT&T Inc. 5.10% Nov 25/48 5,079,000 5,372,278 5,615,116x
Bank of Montreal 2.16% Feb 01/24 80,595,000 80,499,696 80,847,521x
Bankers Hall LP 4.38% Nov 20/23 1,832,503 1,914,453 1,870,894x
BCE Coupon Strip 0.00% May 15/28 570,000 429,371 421,962x
BCE Coupon Strip 0.00% May 15/29 1,131,000 816,016 801,332x
BCE Coupon Strip 0.00% May 15/31 2,353,000 1,548,482 1,500,485x
Bell Canada 7.30% Feb 23/32 703,000 926,174 956,689x
Bell Canada 6.17% Feb 26/37 555,000 720,989 720,567x
Black Press Group Ltd. 0.00% Mar 29/24 4,024,333 4,024,333 3,560,126x
BNG Bank NV 5.15% Mar 07/25 789,000 938,448 897,467x
Bombardier Inc. 6.13% Jan 15/23** 141,000 180,685 188,146x
British Columbia Ferry Services Inc. 5.02% Mar 20/37 2,490,000 3,299,355 3,191,259x
BZ Holdings 3.00% May 22/22** 2,346,000 2,865,874 3,046,398x
Canadian Commercial Mortgage Origination Trust 3 2.19% Jun 12/20 18,650,596 18,650,331 18,623,552x
Canadian Commercial Mortgage Origination Trust 3 0.29% Aug 12/20 49,245,037 1,109,077 34,472x
Canadian Commercial Mortgage Origination Trust 3 2.45% Aug 12/20 6,168,102 6,167,990 6,158,233x
Canadian Commercial Mortgage Origination Trust 3 2.69% Aug 12/20 3,218,116 3,218,098 3,211,583x
Canadian Commercial Mortgage Origination Trust 3 2.66% Sep 12/20 6,838,331 6,626,981 6,786,347x
Canadian Commercial Mortgage Origination Trust 3 2.66% Mar 12/21 5,128,114 3,151,730 4,668,672x
Canadian Commercial Mortgage Origination Trust 4 0.32% May 12/50 80,735,839 1,458,339 1,207,808x
Canadian Commercial Mortgage Origination Trust 4 3.14% May 12/50 30,997,225 30,996,103 31,428,397x
Canadian Commercial Mortgage Origination Trust 4 3.55% May 12/50 34,567,100 33,529,951 34,997,077x
Canadian Commercial Mortgage Origination Trust 4 3.63% May 12/50 7,147,507 4,776,774 5,283,632x
Canadian Commercial Mortgage Origination Trust 5 1.00% Jun 24/41 30,277,420 30,277,420 30,142,670x
Canadian Imperial Bank of Commerce 2.23% Dec 08/20 2,399,000 2,406,149 2,404,018x
Canadian Mortgage Pools 2.27% Jul 01/20 754,281 751,377 755,146x
Canadian Mortgage Pools 2.32% Sep 01/21 1,653,108 1,645,454 1,658,370x
Canadian Mortgage Pools 1.70% Feb 01/22 2,547,290 2,540,285 2,534,151x
Canadian Mortgage Pools 1.97% Sep 01/22 9,973,639 9,961,671 9,959,476x
Canadian Mortgage Pools 1.92% Jul 01/23 1,316,436 1,308,498 1,312,324x
Canadian Mortgage Pools 2.02% Aug 01/23 3,078,206 3,073,373 3,074,546x
Canadian Mortgage Pools 2.02% Nov 01/23 1,073,726 1,073,135 1,071,975x
Canadian Mortgage Pools 1.90% Jul 01/24 21,115,317 21,096,313 20,962,674x
Canadian Mortgage Pools 1.93% Jul 01/24 4,571,163 4,548,490 4,550,876x
Canadian Mortgage Pools 1.94% Jul 01/24 3,385,682 3,368,686 3,371,259x
Canadian Mortgage Pools 1.95% Jul 01/24 2,217,038 2,226,283 2,201,268x
Canadian Mortgage Pools 1.95% Aug 01/24 2,286,500 2,274,084 2,277,855x
Canadian Mortgage Pools 2.04% Aug 01/24 6,159,679 6,148,283 6,141,070x
Canadian Mortgage Pools 1.93% Sep 01/24 11,368,699 11,312,651 11,318,023
12
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Canadian Pacific Railway Company 6.91% Oct 01/24 1,052,358 1,241,247 1,173,021x
CBC Monetization Trust 4.69% May 15/27 956,612 1,064,742 1,039,074x
Cigna Corporation 2.89% Jul 15/23** 1,971,000 2,547,736 2,574,802x
ClearStream Energy Services Inc. 8.00% Mar 23/26 4,851,200 4,851,200 4,366,080x
Cogeco Cable Inc. 5.15% Nov 16/20 817,000 864,193 836,202x
Cogeco Communications Inc. 4.93% Feb 14/22 4,420,000 4,758,464 4,627,876x
Cogeco Communications Inc. 4.18% May 26/23 22,077,000 22,728,471 23,000,081x
CSS FSCC Partnership 6.92% Jul 31/42 2,381,723 3,168,683 3,213,954x
Element Fleet Management Corp. 4.25% Jun 30/20 4,512,000 4,367,941 4,533,206x
Element Fleet Management Corp. 4.25% Jun 30/24 907,000 907,000 1,042,279x
Enbridge Gas Inc. 8.65% Nov 10/25 597,000 795,998 791,841x
Enbridge Gas Inc. 6.65% Nov 03/27 454,000 563,546 578,679x
Enbridge Gas Inc. 6.10% May 19/28 188,000 227,209 233,877x
Enbridge Gas Inc. 4.50% Nov 23/43 999,000 1,226,103 1,240,100x
Enbridge Gas Inc. 4.00% Aug 22/44 931,000 1,068,080 1,079,371x
Enbridge Gas Inc. 3.59% Nov 22/47 929,000 1,007,194 1,021,414x
Enbridge Gas Inc. 3.51% Nov 29/47 931,000 995,667 1,011,810x
Enbridge Inc. 4.53% Mar 09/20 259,000 273,711 260,087x
Enbridge Inc. 3.50% Jun 10/24** 432,000 522,224 585,373x
Enbridge Inc. 7.20% Jun 18/32 286,000 384,647 381,905x
Enbridge Inc. 4.24% Aug 27/42 4,839,000 4,975,263 5,049,811x
Enbridge Inc. 4.57% Mar 11/44 1,039,000 1,117,352 1,138,489x
Enbridge Inc. 4.87% Nov 21/44 7,634,000 8,680,401 8,717,988x
Enbridge Pipelines Inc. 8.20% Feb 15/24 497,000 656,010 601,106x
EUROFIMA 4.55% Mar 30/27 4,347,000 4,867,604 4,998,878x
First National Canadian Mortgage Pools 2.40% Feb 01/24 3,043,858 3,076,884 3,071,862x
First National Canadian Mortgage Pools 2.65% Oct 01/27 528,300 520,751 536,945x
Ford Credit Canada Company 5.00% Jan 10/22 10,344,000 10,352,506 10,668,252x
Ford Credit Canada Company 5.19% Mar 21/24 21,159,000 21,159,086 21,769,226x
Ford Motor Credit Company LLC 5.18% Jan 07/22** 10,557,000 14,232,947 14,170,396x
GE Capital Canada Funding Company 4.60% Jan 26/22 19,000,000 19,015,556 19,654,527x
GE Capital Canada Funding Company 2.32% Feb 15/22 12,849,000 12,183,643 12,680,748x
GE Capital Canada Funding Company 3.17% Feb 06/23 15,891,000 15,982,600 15,982,691x
GE Capital Canada Funding Company 5.73% Oct 22/37 517,000 494,405 583,397x
General Electric Company 2.80% Apr 15/20** 518,000 670,674 673,538x
General Electric Company 2.89% Mar 15/23** 2,086,000 2,629,537 2,720,160x
General Electric Company 3.00% Apr 15/23** 1,439,000 1,817,289 1,870,147x
General Electric Company 2.27% May 05/26** 5,997,000 6,937,794 7,401,630x
General Electric Company 5.88% Jan 14/38** 1,936,000 2,435,733 3,060,412x
General Electric Company Jan 10/39** 1,099,000 1,489,997 1,910,423x
Greater Toronto Airports Authority 2.73% Apr 03/29 3,600,000 3,762,457 3,673,482x
Greater Toronto Airports Authority 6.45% Jul 30/29 3,706,025 4,590,753 4,447,789x
Greater Toronto Airports Authority 2.75% Oct 17/39 17,850,000 17,825,367 17,717,230x
Heathrow Funding Limited 3.00% Jun 17/23 7,548,000 7,584,756 7,625,695x
Honda Canada Finance Inc. 2.50% Apr 17/20 8,787,000 8,799,358 8,798,537x
Honda Canada Finance Inc. 2.35% Aug 28/20 6,055,000 6,079,498 6,067,640x
Honda Canada Finance Inc. 2.30% Dec 18/20 12,706,000 12,727,516 12,727,264x
Honda Canada Finance Inc. 2.38% Sep 13/21 5,339,000 5,339,000 5,354,970x
Hydro One Inc. 1.62% Apr 30/20 2,534,000 2,521,127 2,531,496x
Hydro One Inc. 7.35% Jun 03/30 1,487,000 2,148,879 2,091,591x
Hydro One Inc. 6.93% Jun 01/32 743,000 1,082,774 1,056,263
13
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
InPower BC General Partnership 4.47% Mar 31/33 2,906,823 3,056,549 3,117,258x
Kaupthing ehf. 0.00% Jan 18/31* 145 0 280x
KfW 1.38% Jan 28/20 2,418,000 2,410,281 2,417,104x
KfW 5.05% Feb 04/25 4,437,000 5,313,902 5,064,508x
Kraft Canada Inc. 3.02% Jul 06/20 30,222,000 30,233,433 30,346,817x
Lehman Brothers Holdings Inc. 4.85% Dec 31/99** 117,000 0 2,279x
Lloyds Bank PLC 2.38% May 07/21** 1,173,000 1,520,233 1,528,531x
Lloyds Bank PLC 2.53% Jul 11/23 43,920,000 43,917,556 43,722,799x
Lloyds Banking Group PLC 3.50% Feb 03/25 4,916,000 4,874,857 5,037,596x
Loblaw Companies Limited 0.00% Jun 07/25 720,000 594,523 603,109x
Loblaw Companies Limited 0.00% Jun 07/26 892,000 706,059 717,188x
Loblaw Companies Limited 0.00% May 23/27 2,124,000 1,611,407 1,577,306x
Loblaw Companies Limited 4.49% Dec 11/28 1,735,000 1,735,000 1,911,919x
Loblaw Companies Limited 6.50% Jan 22/29 1,026,000 1,288,164 1,275,608x
Loblaw Companies Limited 6.85% Mar 01/32 1,401,000 1,744,445 1,839,858x
Loblaw Companies Limited 6.54% Feb 17/33 3,146,000 3,870,526 4,085,394x
Loblaw Companies Limited 6.05% Jun 09/34 2,091,000 2,532,053 2,643,800x
Loblaw Companies Limited 5.90% Jan 18/36 5,248,000 6,716,907 6,653,036x
Magna International, Inc. 3.10% Dec 15/22 4,945,000 5,006,052 5,019,121x
Maple Leaf Sports & Entertainment, Ltd. 4.94% Jun 30/23 2,000,000 1,999,520 2,079,164x
Maxar Technologies Ltd. Term Loan B 0.00% Oct 04/24** 6,403,396 6,873,307 8,020,649x
MCAP Service 2.45% Apr 01/21 680,944 680,787 684,163x
MCAP Service 2.19% Mar 01/23 1,780,185 1,783,105 1,786,113x
MCAP Service 1.90% Dec 01/23 4,568,606 4,539,616 4,542,409x
MCAP Service 2.05% May 01/24 8,779,769 8,758,697 8,779,057x
Merrill Lynch 2.27% Aug 01/20 988,047 979,105 989,499x
Merrill Lynch 2.17% May 01/22 7,043,310 7,018,869 7,062,538x
Merrill Lynch 2.17% Jun 01/22 4,786,731 4,771,462 4,800,287x
Merrill Lynch Canadian Mortgage Pools 2.36% Oct 01/20 2,418,212 2,403,823 2,423,515x
Merrill Lynch Canadian Mortgage Pools 1.80% Jan 01/24 10,310,589 10,205,421 10,238,827x
Merrill Lynch Financial Asset Inc. 6.67% May 07/21 327,878 361,846 334,526x
Merrill Lynch Inc. 2.07% Jun 01/20 3,354,989 3,345,092 3,354,872x
Merrill Lynch Mortgage Investors Trust 2.32% Jun 01/21 1,533,905 1,526,497 1,533,758x
Metro Inc. 2.54% Feb 27/20 1,366,000 1,374,108 1,366,602x
Metro Inc. 5.03% Dec 01/44 255,000 304,631 308,034x
Metro Inc. 4.27% Dec 04/47 2,278,000 2,481,269 2,489,208x
Metropolitan Life Global Funding I 3.11% Apr 16/21 7,642,000 7,744,047 7,729,129x
Metropolitan Life Global Funding I 2.56% Sep 27/22 6,100,000 6,100,000 6,142,639x
National Bank of Canada 2.03% Jun 12/20 1,100,000 1,100,110 1,100,022x
NAV Canada 7.56% Mar 01/27 1,303,200 1,627,200 1,532,620x
NAV Canada 7.40% Jun 01/27 5,592,000 7,679,483 7,477,185x
NAV Canada 3.29% Mar 30/48 1,581,000 1,782,103 1,734,092x
Navient Corporation 5.63% Aug 01/33** 2,341,000 2,635,331 2,621,379x
Nederlandse Waterschapsbank NV 5.20% Mar 31/25 579,000 672,929 659,258x
Nederlandse Waterschapsbank NV 4.55% Mar 16/29 953,000 1,040,708 1,122,929x
New Brunswick FM Project Inc. 6.47% Nov 30/27 1,602,397 1,972,511 1,859,724x
North Battleford Power LP 4.96% Dec 31/32 3,633,533 4,007,186 4,050,000x
NOVA Gas Transmission Ltd. 9.90% Dec 16/24 1,531,000 2,092,341 2,016,369x
Ornge Issuer Trust 5.73% Jun 11/34 2,279,171 2,639,587 2,649,600x
Pembina Pipeline Corporation 3.71% Aug 11/26 250,000 245,004 259,853x
Pembina Pipeline Corporation 3.31% Feb 01/30 7,533,000 7,540,520 7,506,579
14
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Pembina Pipeline Corporation 4.75% Mar 26/48 989,000 1,075,013 1,090,630x
Pembina Pipeline Corporation 4.54% Apr 03/49 4,528,000 4,796,613 4,846,904x
PepsiCo, Inc. 2.15% May 06/24 13,299,000 13,214,057 13,256,084x
Plenary Properties LTAP LP 6.29% Jan 31/44 554,452 709,357 734,732x
Postmedia Network Inc. 8.25% Jul 15/23 4,081,614 4,130,117 4,063,369x
PSPIB-RE Summit Inc. 3.27% Jun 12/43 3,786,848 3,817,774 3,789,499x
Republic of Austria 5.38% Dec 01/34 6,975,000 8,939,439 9,313,198x
Royal Bank of Canada 2.41% Mar 23/20 9,521,000 9,521,459 9,529,905x
Royal Bank of Canada 2.20% Jun 27/23 43,425,000 43,425,000 43,534,736x
Royal Bank of Canada 2.16% Jun 29/85** 2,360,000 1,532,446 2,413,355x
Royal Bank of Scotland Group PLC 5.13% May 28/24** 647,000 701,830 910,894x
Scotia Capital Canadian Mortgage Pools 2.05% Feb 01/24 11,776,774 11,734,261 11,760,899x
Shaw Communications Inc. 6.75% Nov 09/39 16,353,000 20,149,827 22,059,112x
SNC-Lavalin Group Inc. 2.69% Nov 24/20 4,969,000 4,971,401 4,962,500x
SNC-Lavalin Group Inc. 2.51% Mar 02/21 3,550,000 3,551,363 3,523,162x
SNC-Lavalin Group Inc. 3.24% Mar 02/23 215,000 210,653 211,450x
Sobeys Inc. 4.70% Aug 08/23 7,261,000 7,460,042 7,684,538x
Sobeys Inc. 6.06% Oct 29/35 2,224,000 2,251,227 2,623,730x
Sobeys Inc. 5.79% Oct 06/36 2,221,000 2,203,386 2,551,905x
Sobeys Inc. 6.64% Jun 07/40 1,350,000 1,411,003 1,719,348x
Spy Hill Power LP 4.14% Mar 31/36 265,558 291,190 281,113x
SSL Robotics LLC 9.75% Dec 31/23** 25,058,000 32,480,104 35,467,582x
Strait Crossing Development Inc. 6.17% Sep 15/31 2,287,046 2,477,885 2,492,436x
Stuart Olson Inc. 7.00% Sep 20/24 2,585,000 2,585,000 2,346,922x
Sun Life Assurance Company of Canada 6.30% May 15/28 2,335,000 2,897,724 2,938,024x
TELUS Communications Inc. 8.80% Sep 22/25 2,312,000 3,307,607 2,978,495x
TELUS Corporation 4.85% Apr 05/44 3,842,000 4,426,368 4,375,495x
TELUS Corporation 4.70% Mar 06/48 2,729,000 3,121,921 3,069,482x
The Bank of Nova Scotia 2.15% Apr 02/20 6,400,000 6,400,192 6,403,924x
The Bank of Nova Scotia 2.16% Aug 31/85** 3,790,000 3,128,165 4,121,760x
The Manufacturers Life Insurance Company 2.64% Jan 15/25 10,181,000 10,193,215 10,182,586x
The Manufacturers Life Insurance Company 2.10% Jun 01/25 13,562,000 13,496,200 13,556,799x
The Manufacturers Life Insurance Company 2.39% Jan 05/26 3,652,000 3,633,191 3,656,898x
The Manufacturers Life Insurance Company 3.18% Nov 22/27 3,908,000 3,998,426 3,995,393x
The Toronto-Dominion Bank 2.50% Feb 18/20 2,208,000 2,216,871 2,209,369x
The Toronto-Dominion Bank 1.68% Jun 08/21 21,777,000 21,554,072 21,681,917x
The Toronto-Dominion Bank 2.38% Jun 28/23 28,207,000 28,255,497 28,443,199x
TransCanada PipeLines Limited 8.29% Feb 05/26 250,000 325,670 322,267x
TransCanada PipeLines Limited 6.89% Aug 07/28 1,098,000 1,399,571 1,391,651x
TransCanada PipeLines Limited 4.55% Nov 15/41 1,115,000 1,234,082 1,236,942x
TransCanada PipeLines Limited 4.18% Jul 03/48 9,034,000 9,346,868 9,584,168x
TransCanada PipeLines Limited 4.12% May 15/67** 10,907,000 12,882,162 11,871,380x
TWDC Enterprises 18 Corp. 2.76% Oct 07/24 19,139,000 19,027,340 19,568,805x
UniCredit SPA 5.90% Jan 14/22** 7,990,000 10,608,323 10,879,892x
UniCredit SPA 3.75% Apr 12/22** 7,851,000 9,868,532 10,451,143x
UniCredit SPA 4.63% Apr 12/27** 4,985,000 6,487,232 6,865,987x
University Health Network 5.64% Dec 08/22 964,282 1,081,827 1,010,719x
University of Ontario Institute of Technology 6.35% Oct 15/34 1,301,496 1,529,167 1,553,875x
Videotron, Ltd. 5.63% Jun 15/25 3,239,000 3,388,186 3,491,035x
Videotron, Ltd. 5.75% Jan 15/26 4,231,000 4,458,389 4,450,483x
Videotron, Ltd. 4.50% Jan 15/30 5,418,000 5,418,000 5,490,466
15
COMPASS CONSERVATIVE PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
VW Credit Canada, Inc. 2.57% Mar 30/20 7,750,000 7,757,564 7,755,829x
VW Credit Canada, Inc. 2.74% Sep 27/21 6,069,000 6,069,246 6,088,433x
Westcoast Energy Inc. 8.85% Jul 21/25 731,000 966,440 955,355x
WTH Car Rental, ULC 1.91% Jul 20/20 947,000 933,051 946,148x
WTH Car Rental, ULC 2.78% Jan 20/25 4,647,000 4,672,978 4,674,075x
Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 2,619,611 2,180,235 2,672,003xxx
1,285,545,538 1,304,699,567xx
Short Term Investments: (0.69%)x
Government of Canada 1.62% Feb 06/20 69,000 $ 68,887 $ 68,887x
Government of Canada 1.62% Mar 05/20 4,664,000 4,650,566 4,650,566x
Government of Canada 1.57% Jan 23/20 6,326,000 6,319,788 6,319,788x
Government of Canada 1.63% Mar 19/20 55,000 54,807 54,807x
Province of Saskatchewan 1.72% Feb 11/20 125,000 124,753 124,753x
United States Treasury Bill 1.53% Mar 12/20 1,007,000 1,323,710 1,303,711xxx
12,542,511 12,522,512xxx
Total Investments: 98.83% $ 1,669,164,911 $ 1,796,672,364xxx
Forward currency contracts: 0.19% (Note 10) 3,452,712x
Other Net Assets (Liabilities): 0.98% 17,753,973xxx
Net Assets: 100% $ 1,817,879,049xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
16
COMPASS CONSERVATIVE BALANCED PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 5,353,455,297 $ 4,750,776,680x
Cash 16,605,561 16,285,550x
Amount receivable for units issued 7,142,561 4,357,626x
Amount receivable for securities sold - 1,705,118x
Dividends and distributions receivable 2,255,810 2,575,722x
Interest receivable 18,782,170 16,543,967x
Amount receivable on open forward contracts (Note 10) 10,360,333 30,825xxx
Total Assets 5,408,601,732 4,792,275,488xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 9,083,070 2,917,146x
Amount payable on open forward contracts (Note 10) 33,300 13,217,037x
Amount payable for units redeemed 4,589,534 3,373,639x
Accrued expenses 1,737,048 1,597,418x
Distribution payable 1,755,783 1,081,241xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
17,198,735 22,186,481
xxx
Net assets attributable to holders of redeemable units $ 5,391,402,997 $ 4,770,089,007xxx
Net assets attributable to holders of redeemable units, Series A $ 2,271,827,068 $ 2,079,170,069x
Redeemable units outstanding, Series A 131,291,157 128,307,195x
Net assets attributable to holders of redeemable units per unit, Series A $ 17.30 $ 16.21xxx
Net assets attributable to holders of redeemable units, Series O $ 1,331,212,852 $ 1,122,649,136x
Redeemable units outstanding, Series O 74,260,472 66,938,489x
Net assets attributable to holders of redeemable units per unit, Series O $ 17.93 $ 16.77xxx
Net assets attributable to holders of redeemable units, Series F1 $ 1,788,363,077 $ 1,568,269,802x
Redeemable units outstanding, Series F1 101,750,446 95,315,845x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 17.58 $ 16.45xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
17
COMPASS CONSERVATIVE BALANCED PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 25,575,625 $ 25,731,140x
Income distribution from underlying funds 30,924,117 29,972,162x
Interest for distribution purposes 99,658,616 76,585,766x
Management fee distribution from underlying funds 38,077 -x
Net realized gain (loss) on sale of investments 109,836,407 114,585,989x
Net change in unrealized appreciation (depreciation) on investments 234,926,712 (260,917,925)x
Capital gain distribution from underlying funds 16,264,335 28,059,648xxx
Net gain (loss) on investments 517,223,889 14,016,780xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts 3,061,249 (16,992,686)x
Net change in unrealized appreciation (depreciation) on forward contracts 23,513,245 (19,564,075)xxx
Net gain (loss) on derivatives 26,574,494 (36,556,761)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions (568,598) 2,014,696x
Net change in unrealized appreciation (depreciation) on foreign currency translations (147,865) 106,074xxx
Other Income (716,463) 2,120,770xxx
Total Income (net) 543,081,920 (20,419,211)xxx
Expensesx
Management fees (Note 5) 44,514,870 42,602,344x
Administration expense (Note 8) 228,038 201,311x
Independent review committee fees (Note 8) 7,083 6,596x
Transfer agent expense 1,341,886 1,226,580x
Audit fees 126,997 98,248x
Legal fees 13,934 17,728x
Custodian fees 811,676 792,784x
Securityholder reporting fees 361,234 272,046x
Bank charges 3,257 4,750x
Withholding taxes 1,184,655 1,045,824x
Transaction costs (Note 7) 1,027,325 1,310,951xxx
Total Expenses 49,620,955 47,579,162xxx
Increase (decrease) in net assets attributable to holders of redeemable units 493,460,965 (67,998,373)xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 197,218,041 $ (43,400,364)x
Series O 128,531,013 (5,807,161)x
Series F1 167,711,911 (18,790,848)xxx
Total increase (decrease) in net assets attributable to holders of redeemable units 493,460,965 (67,998,373)xxx
Weighted average number of redeemable units per Seriesx
Series A 128,808,736 125,447,700x
Series O 69,353,196 63,020,328x
Series F1 98,273,262 90,154,800x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 1.53 $ (0.35)x
Series O $ 1.85 $ (0.09)x
Series F1 $ 1.71 $ (0.21)xxx
See accompanying notes to financial statements
18
COMPASS CONSERVATIVE BALANCED PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 2,079,170,069 $ 2,151,101,845x
Series O $ 1,122,649,136 $ 1,056,269,557x
Series F1 $ 1,568,269,802 $ 1,426,205,707x
Increase (decrease) in net assets attributable to holders of redeemable unitsx
Series A 197,218,041 (43,400,364)x
Series O 128,531,013 (5,807,161)x
Series F1 167,711,911 (18,790,848)x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (27,932,959) (26,881,375)x
Series O (34,778,895) (31,429,304)x
Series F1 (37,581,431) (34,057,682)x
Capital gainsx
Series A (28,022,522) (40,647,258)x
Series O (16,051,776) (21,209,544)x
Series F1 (21,900,046) (29,720,602)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 438,041,374 486,749,107x
Series O 200,980,635 211,857,911x
Series F1 416,180,009 472,974,511x
Reinvestment of distributions to holders of redeemable unitsx
Series A 55,723,859 67,207,694x
Series O 49,810,964 52,168,204x
Series F1 58,550,894 63,176,672x
Payments for redeemable units redeemedx
Series A (442,370,794) (514,959,580)x
Series O (119,928,225) (139,200,527)x
Series F1 (362,868,062) (311,517,956)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 2,271,827,068 $ 2,079,170,069x
Series O $ 1,331,212,852 $ 1,122,649,136x
Series F1 $ 1,788,363,077 $ 1,568,269,802x
xxx
Redeemable units outstanding, beginning of yearx
Series A 128,307,195 125,867,409x
Series O 66,938,489 59,770,884x
Series F1 95,315,845 82,276,102x
Redeemable units issuedx
Series A 25,636,461 28,531,340x
Series O 11,296,943 11,989,982x
Series F1 23,904,199 27,252,063x
Reinvested from distributions to holders of redeemable unitsx
Series A 3,221,317 4,106,658x
Series O 2,782,595 3,064,040x
Series F1 3,335,450 3,788,375x
Redeemable units redeemedx
Series A (25,873,816) (30,198,212)x
Series O (6,757,555) (7,886,417)x
Series F1 (20,805,048) (18,000,695)x
xxx
Redeemable units outstanding, end of yearx
Series A 131,291,157 128,307,195x
Series O 74,260,472 66,938,489x
Series F1 101,750,446 95,315,845xxx
See accompanying notes to financial statements
19
COMPASS CONSERVATIVE BALANCED PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase (decrease) in net assets attributable to holders of redeemable units $ 493,460,965 $ (67,998,373)x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 943 (9,705)x
Non-cash distributions from underlying funds (29,425,022) (27,490,172)x
Proceeds from sale of investments 2,341,882,565 2,517,898,691x
Purchase of investments (2,562,032,189) (2,792,083,470)x
Net realized gain on sale of investments (109,836,407) (114,585,989)x
Net change in unrealized (appreciation) depreciation on investments (234,926,712) 260,917,925x
Net change in unrealized (appreciation) depreciation on forward contracts (23,513,245) 19,564,075x
Dividend income, net of withholding taxes (24,390,970) (24,685,316)x
Dividend received, net of withholding taxes 24,710,882 25,366,347x
Interest for distribution purposes (99,655,359) (76,581,016)x
Interest received (paid) 97,417,156 73,817,524x
Amortization income (469,810) (187,824)xxx
(126,777,203) (206,057,303)xxx
Net change in non-cash working capital 139,630 (53,721)x
Net Cash used in operating activities (126,637,573) (206,111,024)xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 611,083,977 716,392,372x
Distributions to holders of redeemable units, net of reinvested distributions (1,507,370) (311,954)x
Payment on redemption of redeemable units* (482,618,080) (508,072,145)x
Net Cash from financing activities 126,958,527 208,008,273xxx
Unrealized foreign exchange gain (loss) on cash (943) 9,705x
Net increase in cash during the year 320,011 1,906,954xxx
Cash, beginning of year 16,285,550 14,378,596xxx
Cash, end of year $ 16,605,561 $ 16,285,550xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $441,333,106 (2018 - $454,232,279) and $(441,333,106) (2018 - $(454,232,279)),respectively.
x
See accompanying notes to financial statements
20
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (14.40%)x
3M Co. 9,070 $ 2,046,429 $ 2,077,848x
A.O. Smith Corporation 36,963 2,370,677 2,286,639x
Absolute Software Corporation 8,480 64,808 73,776x
Accenture PLC Cl. A 2,600 665,504 710,933x
Adyen NV 590 585,939 628,210x
AIA Group Limited 115,200 1,365,152 1,570,358x
Air Liquide SA 19,488 2,850,726 3,582,300x
Alaris Royalty Corp. 6,488 164,331 142,282x
Alcon Inc. 5,732 440,779 421,463x
ALD SA 61,702 1,207,703 1,243,858x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 295,751 9,661,371 12,187,899x
Allegion PLC 19,465 2,793,894 3,147,907x
Allergan PLC 5,010 1,071,727 1,243,701x
Alphabet Inc. Cl. C 6,660 10,935,563 11,563,008x
AltaGas Canada Inc. 4,390 115,338 146,494x
Altus Group, Ltd. 10,090 259,657 383,016x
Amadeus IT Group, SA 12,386 1,313,119 1,313,402x
Amazon.com, Inc. 1,460 3,482,515 3,503,288x
AmerisourceBergen Corporation 12,239 1,359,260 1,351,219x
AMETEK, Inc. 58,530 7,109,003 7,580,652x
Amphenol Corp. Cl. A 35,978 4,633,711 5,056,422x
Andlauer Healthcare Group Inc. 3,883 65,831 77,854x
Andrew Peller Limited Cl. A 10,283 139,415 121,442x
Anheuser-Busch InBev SA 13,106 1,341,553 1,388,033x
Ansys Inc. 23,540 6,569,667 7,868,475x
Aon PLC Cl. A 19,350 3,855,204 5,233,691x
AptarGroup, Inc. 39,700 5,927,898 5,960,493x
ASSA ABLOY AB Series B 100,007 2,520,928 3,036,427x
ATS Automation Tooling Systems Inc. 106,670 1,672,198 2,285,938x
Badger Daylighting, Ltd. 3,253 110,905 114,310x
Bank of Montreal 168,018 16,374,613 16,909,332x
Baxter International Inc. 39,740 4,166,262 4,315,158x
BCE Inc. 37,440 2,150,782 2,252,390x
Becton, Dickinson and Company 24,520 7,847,453 8,659,646x
BlackRock, Inc. 3,620 2,247,940 2,363,068x
Booking Holdings Inc. 1,400 3,394,819 3,733,620x
Brookfield Asset Management Inc. Cl. A Limited Voting 115,700 6,769,298 8,680,971x
Bunzl PLC 80,743 3,106,484 2,867,928x
CAE Inc. 90,854 3,217,598 3,123,561x
Calian Group, Ltd. 3,673 125,974 141,410x
Canadian Imperial Bank of Commerce 117,256 12,596,931 12,670,683x
Canadian National Railway Company 128,574 12,546,471 15,103,588x
Canadian Natural Resources Ltd. 344,574 12,759,622 14,472,108x
Canadian Pacific Railway Company 31,625 7,079,378 10,468,824x
Canadian Tire Corporation, Limited Cl. A 62,744 8,528,387 8,768,474x
Canadian Western Bank 5,307 143,089 169,240x
CCL Industries Inc. Cl. B 100,233 5,116,821 5,544,890x
Cerner Corporation 9,470 863,301 902,497x
CES Energy Solutions Corp. 66,898 293,260 155,872x
CGI Inc. 23,000 2,392,561 2,499,410x
China Mobile Limited 93,000 1,153,038 1,015,120
21
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Cinemark Holdings, Inc. 23,950 1,187,033 1,052,744x
ClearStream Energy Services Inc. 506,165 232,836 22,777x
ClearStream Energy Services Inc. Preferred 11,985 11,987,999 11,985,000x
CME Group Inc. Cl. A 30,440 7,973,206 7,934,032x
Cogeco Inc. 3,720 291,501 387,215x
Colliers International Group Inc. 3,380 236,822 341,718x
Comcast Corporation Cl. A 140,480 8,216,492 8,203,441x
Compass Group PLC 67,406 2,087,490 2,191,310x
Constellation Software Inc. 2,055 1,186,616 2,591,684x
Cott Corporation 179,103 3,061,473 3,177,287x
Croda International PLC 23,129 1,902,386 2,036,902x
CSX Corporation 19,750 1,931,349 1,855,771x
Currency Exchange International, Corp. 1,101 28,612 19,818x
Danaher Corporation 3,470 643,897 691,576x
DBS Group Holdings Limited 80,500 1,825,120 2,011,466x
DENTSPLY SIRONA, Inc. 19,270 1,429,595 1,416,055x
Deutsche Boerse AG 10,513 1,754,114 2,146,126x
Diageo PLC 23,719 1,276,680 1,305,743x
Ecolab Inc. 10,320 2,577,730 2,586,266x
Element Fleet Management Corp. 31,461 290,984 348,902x
Enbridge Inc. 176,232 8,387,205 9,098,858x
Enghouse Systems Limited 120,162 4,719,737 5,789,405x
Equitable Group Inc. 4,533 293,553 495,684x
FactSet Research Systems Inc. 3,750 1,323,966 1,306,504x
Fairfax India Holdings Corporation 78,530 1,462,996 1,305,282x
Fastenal Company 44,500 2,169,548 2,135,173x
Finning International Inc. 224,773 5,809,469 5,686,757x
First National Financial Corporation 1,882 60,834 71,667x
FirstService Corporation 1,815 160,952 219,415x
Fortis Inc. 228,925 11,185,173 12,334,479x
FUCHS PETROLUB SE 19,722 1,103,448 1,147,633x
FUCHS PETROLUB SE Preferred 23,488 1,391,217 1,510,812x
Fuyao Glass Industry Group Co., Ltd. Cl. H 154,800 644,630 615,251x
GDI Integrated Facility Services Inc., Sub. Voting 5,703 87,809 192,932x
Gildan Activewear Inc. Cl. A 166,175 6,077,918 6,379,458x
Gilead Sciences, Inc. 41,580 3,593,141 3,508,511x
Glanbia PLC 84,048 1,906,624 1,256,059x
Great-West Lifeco Inc. 112,464 3,726,425 3,740,553x
Halma PLC 54,914 1,215,373 1,998,675x
HLS Therapeutics Inc. 11,898 207,308 303,399x
Hologic, Inc. 41,500 2,583,956 2,813,588x
Hydro One Limited 70,832 1,608,187 1,776,467x
iA Financial Corporation Inc. 15,109 698,423 1,077,725x
IAA, Inc. 87,823 4,583,005 5,366,843x
IHS Markit, Ltd. 9,700 643,002 949,104x
Intact Financial Corporation 85,298 11,637,073 11,977,545x
Intercontinental Exchange, Inc. 43,850 5,122,499 5,269,928x
InterContinental Hotels Group PLC 30,673 2,278,846 2,747,708x
Intertape Polymer Group Inc. 7,401 153,111 123,005x
Intertek Group PLC 31,582 2,424,592 3,178,976x
Intuit Inc. 13,100 4,474,830 4,455,693
22
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Jamieson Wellness, Inc. 12,603 255,993 324,527x
Japan Exchange Group, Inc. 79,700 1,759,366 1,838,335x
Johnson & Johnson 33,950 6,081,050 6,430,792x
JPMorgan Chase & Co. 38,130 6,094,293 6,902,211x
KAR Auction Services, Inc. 61,110 1,774,841 1,729,132x
Kerry Group PLC Cl. A 6,899 934,495 1,116,440x
Kinaxis Inc. 1,630 109,249 163,033x
Knight Therapeutics Inc. 532 4,318 4,033x
Kone OYJ Series B 14,610 915,107 1,240,238x
Legrand SA 16,178 1,537,781 1,711,733x
LG Household & Health Care, Ltd. Preferred 1,655 1,293,606 1,432,795x
Linde Public Limited Company 13,720 3,563,036 3,793,049x
LKQ Corporation 23,970 995,897 1,111,207x
Loblaw Companies Limited 89,563 4,901,068 6,000,721x
LVMH Moet Hennessy Louis Vuitton SA 5,033 2,725,007 3,036,494x
Magna International Inc. 86,225 5,976,234 6,139,220x
Mainstreet Equity Corp. 5,839 236,102 461,281x
Manulife Financial Corporation 114,786 2,729,913 3,025,759x
Marsh & McLennan Companies, Inc. 85,390 11,390,190 12,353,496x
MasterCard Incorporated Cl. A 14,560 5,156,288 5,645,408x
Metro Inc. 70,458 3,841,431 3,775,844x
Microsoft Corporation 45,720 8,391,393 9,362,603x
Morguard Corporation 275 54,455 55,275x
Morneau Shepell, Inc. 10,440 205,228 352,768x
MTY Food Group Inc. 8,694 423,193 482,430x
National Bank of Canada 195,870 13,830,205 14,118,310x
Neo Performance Materials Inc. 13,820 158,310 170,677x
Nestlé SA 13,186 1,853,753 1,853,807x
New Look Vision Group Inc. Cl. A 7,533 243,275 244,069x
NFI Group Inc. 128,124 3,679,716 3,414,505x
Nielsen Holdings PLC 26,610 776,213 701,455x
Nike Inc. Cl. B 46,820 5,422,565 6,159,457x
Nomura Research Institute, Ltd. 50,300 1,382,606 1,405,470x
Novartis AG ADR 18,970 2,182,390 2,332,545x
Novozymes A/S Series B 20,760 1,323,708 1,319,194x
Nutrien Ltd. 91,399 5,812,731 5,682,276x
Onex Corporation 12,830 931,920 1,054,241x
Open Text Corporation 68,500 2,617,716 3,919,570x
Oracle Corporation 7,610 557,304 523,547x
Parkland Fuel Corporation 103,164 4,230,824 4,921,954x
Paychex, Inc. 40,950 4,604,014 4,523,118x
PayPal Holdings, Inc. 8,810 1,250,824 1,237,489x
People Corporation 23,531 186,381 236,016x
PepsiCo, Inc. 18,800 3,283,817 3,336,489x
Photon Control Inc. 44,388 91,931 61,255x
Power Corporation of Canada 102,513 3,285,061 3,429,060x
PPG Industries Inc. 3,580 572,503 620,570x
PrairieSky Royalty Ltd. 38,840 1,048,065 591,533x
Quebecor Inc. Cl. B 93,874 3,148,030 3,110,984x
Rathbone Brothers PLC 30,027 1,166,167 1,100,107x
Recipe Unlimited Corp. 5,740 146,744 111,815
23
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Recordati SPA 33,633 1,828,121 1,840,527x
RELX PLC 94,338 2,499,986 3,091,996x
Restaurant Brands International Inc. 41,257 3,600,163 3,415,254x
Richards Packaging Income Fund 5,900 196,207 268,981x
Richelieu Hardware Ltd. 75,492 1,802,362 2,048,098x
Roche Holding AG 5,724 1,860,745 2,411,584x
Rogers Communications Inc. Cl. B 80,480 4,542,136 5,189,350x
Royal Bank of Canada 177,760 17,784,984 18,264,840x
RPM International, Inc. 30,142 2,748,500 3,004,455x
S&P Global, Inc. 15,778 5,034,027 5,594,391x
Sampo OYJ Series A 37,228 2,219,839 2,109,922x
Samsung Electronics Co., Ltd. GDR Preferred 1,088 1,093,039 1,370,438x
Sangoma Technologies Corporation 29,694 39,326 73,938x
SAP SE 11,306 1,937,600 1,981,446x
Saputo Inc. 259,633 10,433,436 10,437,247x
Savaria Corporation 21,660 318,745 302,157x
Sekisui Chemical Co., Ltd. 77,800 1,592,987 1,770,335x
Seven & I Holdings Co., Ltd. 40,700 2,301,112 1,947,103x
SGS SA 391 1,325,489 1,390,784x
Shaw Communications Inc. Cl. B Non-Voting 95,811 2,558,985 2,524,620x
ShawCor Ltd. 12,779 256,947 160,121x
Shenandoah Telecommunications Company 21,930 1,134,432 1,184,936x
Shopify Inc. Cl. A 4,190 672,794 2,163,297x
Sika AG 8,416 1,365,929 2,053,488x
Sleep Country Canada Holdings Inc. 15,122 391,860 305,616x
Spirax-Sarco Engineering PLC 10,850 1,178,524 1,659,109x
Stantec Inc. 90,493 3,085,805 3,321,093x
State Street Corporation 59,630 5,156,249 6,124,914x
Stella-Jones Inc. 87,245 3,400,961 3,273,432x
Stingray Group Inc. 16,610 148,574 118,595x
StorageVault Canada Inc. 64,771 221,623 240,300x
Sun Life Financial Inc. 130,125 7,887,036 7,704,701x
Suncor Energy Inc. 335,697 13,816,588 14,287,264x
Sylogist, Ltd. Cl. A 12,982 135,241 127,873x
Taiwan Semiconductor Manufacturing Company, Ltd. ADR 30,260 1,529,249 2,282,989x
TC Energy Corporation 169,449 11,208,636 11,719,093x
TELUS Corporation 254,452 12,219,644 12,793,847x
Tencent Holdings Limited 31,800 1,492,008 1,990,425x
Texas Instruments Incorporated 9,400 1,427,607 1,565,955x
The Bank of Nova Scotia 226,159 15,635,456 16,588,763x
The Descartes Systems Group Inc. 28,311 930,396 1,571,260x
The Hershey Company 23,280 4,279,760 4,443,241x
The Procter & Gamble Company 47,570 7,222,660 7,715,326x
The Sherwin-Williams Company 3,120 2,153,426 2,364,198x
The Toronto-Dominion Bank 163,753 10,998,404 11,926,131x
Thomson Reuters Corporation 71,799 5,411,867 6,669,409x
TMX Group Limited 28,220 1,862,460 3,173,339x
Topdanmark A/S 24,884 1,527,571 1,592,895x
Toromont Industries Ltd. 96,544 5,058,559 6,815,041x
TriMas Corporation 58,420 2,364,350 2,382,803x
Tsuruha Holdings, Inc. 17,700 2,348,808 2,965,721
24
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Union Pacific Corporation 11,140 2,588,432 2,615,280x
United Technologies Corporation 16,890 3,178,274 3,284,613x
Verisk Analytics, Inc. Cl. A 50,260 9,453,961 9,746,693x
Verizon Communications Inc. 86,420 6,732,408 6,890,350x
Visa Inc. Cl. A 46,050 10,540,643 11,236,087x
Wabtec Corporation 7,120 697,443 719,314x
Waters Corporation 22,920 6,459,242 6,954,070x
Wells Fargo & Company 67,420 4,489,914 4,710,095x
West Pharmaceutical Services, Inc. 8,616 1,535,805 1,681,938x
Willis Towers Watson PLC 23,140 5,634,401 6,067,983x
Winpak, Ltd. 7,200 332,883 338,256x
Wolters Kluwer NV 31,664 2,449,284 2,998,804x
Yellow Pages Limited 235,047 2,115,423 2,129,526xxx
715,017,305 776,622,037xx
Mutual Funds: (26.05%)x
BlackRock Canada Universe Bond Index Fund 11,427,447 $ 335,697,748 $ 338,214,241x
BlackRock CDN US Equity Index Fund 12,147,002 212,822,510 348,634,610x
Boyd Group Income Fund 3,600 335,636 727,200x
iShares Core MSCI EAFE ETF 1,042,394 84,935,529 88,308,912x
Mawer Canadian Equity Fund 2,403,458 98,176,005 173,914,452x
Mawer International Equity Fund 6,462,078 273,325,716 394,653,333x
Mawer New Canada Fund 731,652 36,118,254 59,606,502xxx
1,041,411,398 1,404,059,250xx
Private Equities: (0.00%)x
Canadian Commercial Mortgage Origination Trust 3 Preferred 27,616 $ 27,615 $ 276x
Canadian Commercial Mortgage Origination Trust 4 Preferred 25,058 25,058 -x
Canadian Commercial Mortgage Origination Trust 5 Preferred 13,856 13,856 13,856xxx
66,529 14,132xx
Real Estate Investment Trust (REITs): (1.59%)x
Allied Properties Real Estate Investment Trust 146,800 $ 4,980,348 $ 7,643,876x
Artis Real Estate Investment Trust 149,400 1,694,867 1,777,860x
Boardwalk Real Estate Investment Trust 77,150 3,584,706 3,543,499x
Canadian Apartment Properties Real Estate Investment Trust 201,600 7,673,643 10,686,816x
Choice Properties Real Estate Investment Trust 448,254 4,863,044 6,235,213x
Cominar Real Estate Investment Trust 222,100 2,821,717 3,144,936x
Crombie Real Estate Investment Trust 109,600 1,363,840 1,747,024x
CT Real Estate Investment Trust 241,150 3,589,873 3,892,161x
Dream Industrial Real Estate I 139,300 1,601,033 1,830,402x
Dream Office Real Estate Investment Trust 56,900 1,244,784 1,771,297x
First Capital Real Estate Investment Trust 130,480 2,669,621 2,697,022x
Granite Real Estate Investment Trust 65,925 3,599,923 4,349,732x
H&R Real Estate Investment Trust 511,930 10,507,713 10,801,723x
InterRent Real Estate Investment Trust 158,317 1,935,553 2,476,078x
Killam Apartment Real Estate Investment Trust 118,928 1,699,242 2,252,496x
Northview Apartment Real Estate Investment Trust 73,464 1,459,770 2,177,473x
NorthWest Healthcare Properties Real Estate Investment Trust 148,200 1,671,068 1,768,026x
RioCan Real Estate Investment Trust 384,000 9,035,299 10,275,840x
SmartCentres Real Estate Investment Trust 155,600 4,242,233 4,856,276x
Summit Industrial Income Real Estate Investment Trust 139,800 1,625,783 1,685,988xxx
71,864,060 85,613,738xx
25
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Fixed Income: (56.65%)x
407 International Inc. 6.75% Jul 27/39 3,583,822 $ 4,823,070 $ 4,880,762x
407 International Inc. 7.13% Jul 26/40 5,678,000 8,562,721 8,982,369x
407 International Inc. 4.19% Apr 25/42 2,400,000 2,906,328 2,833,755x
Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 4,326,000 4,068,524 4,326,328x
Apple Inc. 2.51% Aug 19/24 98,491,000 97,622,300 99,489,880x
Arrow Lakes Power 5.52% Apr 05/41 559,340 641,809 679,840x
AT&T Inc. 3.07% Jun 12/24** 43,142,000 56,779,186 57,030,736x
AT&T Inc. 4.85% May 25/47 19,838,000 19,784,526 21,093,000x
AT&T Inc. 5.10% Nov 25/48 13,089,000 13,675,184 14,470,615x
Bank of Montreal 2.16% Feb 01/24 164,501,000 164,297,394 165,016,416x
Bankers Hall LP 4.38% Nov 20/23 3,526,753 3,684,458 3,600,638x
BCE Coupon Strip 0.00% May 15/28 1,222,750 921,077 905,182x
BCE Coupon Strip 0.00% May 15/29 2,561,000 1,847,760 1,814,510x
BCE Coupon Strip 0.00% May 15/31 5,338,000 3,512,876 3,403,989x
Bell Canada 7.30% Feb 23/32 2,113,000 2,815,454 2,875,512x
Bell Canada 6.17% Feb 26/37 1,577,000 2,048,649 2,047,450x
Black Press Group Ltd. 0.00% Mar 29/24 10,259,800 10,259,800 9,076,332x
BNG Bank NV 5.15% Mar 07/25 1,543,000 1,835,562 1,755,123x
Bombardier Inc. 6.13% Jan 15/23** 305,000 390,844 406,983x
British Columbia Ferry Services Inc. 5.02% Mar 20/37 5,721,000 7,577,670 7,332,205x
BZ Holdings 3.00% May 22/22** 4,548,000 5,555,837 5,905,805x
Canadian Commercial Mortgage Origination Trust 3 2.19% Jun 12/20 47,200,406 47,199,735 47,131,965x
Canadian Commercial Mortgage Origination Trust 3 0.29% Aug 12/20 124,627,958 2,806,821 87,240x
Canadian Commercial Mortgage Origination Trust 3 2.45% Aug 12/20 15,610,060 15,609,777 15,585,084x
Canadian Commercial Mortgage Origination Trust 3 2.69% Aug 12/20 8,144,317 8,144,272 8,127,784x
Canadian Commercial Mortgage Origination Trust 3 2.66% Sep 12/20 17,306,257 16,771,379 17,174,695x
Canadian Commercial Mortgage Origination Trust 3 2.91% Sep 12/20 12,978,087 7,976,311 11,815,345x
Canadian Commercial Mortgage Origination Trust 4 0.32% May 12/50 210,648,887 3,804,972 3,151,307x
Canadian Commercial Mortgage Origination Trust 4 3.14% May 12/50 80,875,246 80,872,319 82,000,220x
Canadian Commercial Mortgage Origination Trust 4 3.55% May 12/50 90,189,452 87,483,413 91,311,310x
Canadian Commercial Mortgage Origination Trust 4 3.63% May 12/50 18,648,651 12,463,140 13,785,591x
Canadian Commercial Mortgage Origination Trust 5 1.00% Jun 24/41 138,542,133 138,542,132 137,925,551x
Canadian Mortgage Pools 2.27% Jul 01/20 1,642,678 1,636,353 1,644,560x
Canadian Mortgage Pools 2.32% Sep 01/21 8,258,494 8,220,257 8,284,781x
Canadian Mortgage Pools 2.22% Oct 01/21 11,596,121 11,548,345 11,587,308x
Canadian Mortgage Pools 1.70% Feb 01/22 9,392,476 9,366,646 9,344,029x
Canadian Mortgage Pools 1.97% Sep 01/22 25,563,012 25,532,337 25,526,713x
Canadian Mortgage Pools 1.92% Jul 01/23 13,250,403 13,170,503 13,209,008x
Canadian Mortgage Pools 2.02% Aug 01/23 6,995,996 6,985,012 6,987,678x
Canadian Mortgage Pools 2.02% Nov 01/23 2,453,237 2,451,888 2,449,238x
Canadian Mortgage Pools 1.90% Jul 01/24 51,333,239 51,287,039 50,962,151x
Canadian Mortgage Pools 1.93% Jul 01/24 11,109,686 11,054,582 11,060,381x
Canadian Mortgage Pools 1.94% Jul 01/24 8,626,387 8,583,083 8,589,639x
Canadian Mortgage Pools 1.95% Jul 01/24 5,649,458 5,673,016 5,609,273x
Canadian Mortgage Pools 1.95% Aug 01/24 6,515,693 6,480,313 6,491,059x
Canadian Mortgage Pools 2.04% Aug 01/24 14,343,156 14,316,621 14,299,825x
Canadian Mortgage Pools 1.93% Sep 01/24 15,226,349 15,151,283 15,158,477x
Canadian Pacific Railway Company 6.91% Oct 01/24 2,334,567 2,743,059 2,602,248x
CBC Monetization Trust 4.69% May 15/27 1,977,640 2,200,709 2,148,117x
Cigna Corporation 2.89% Jul 15/23** 4,967,000 6,420,397 6,488,605
26
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
ClearStream Energy Services Inc. 8.00% Mar 23/26 9,967,100 9,967,100 8,970,390x
CMLS Issuer Corp Series 2014-1 Cl. A2 3.42% Dec 12/47 10,000,000 9,865,700 10,050,974x
Cogeco Cable Inc. 5.15% Nov 16/20 12,328,000 12,976,533 12,617,740x
Cogeco Communications Inc. 4.93% Feb 14/22 21,076,000 22,246,454 22,067,222x
Cogeco Communications Inc. 4.18% May 26/23 30,043,000 30,681,584 31,299,155x
CSS FSCC Partnership 6.92% Jul 31/42 9,115,395 12,132,311 12,300,530x
Element Fleet Management Corp. 4.25% Jun 30/20 11,436,000 11,071,679 11,489,749x
Element Fleet Management Corp. 4.25% Jun 30/24 2,378,000 2,378,000 2,732,679x
Enbridge Gas Inc. 8.65% Nov 10/25 1,394,000 1,858,662 1,848,956x
Enbridge Gas Inc. 6.65% Nov 03/27 1,257,000 1,560,302 1,602,200x
Enbridge Gas Inc. 6.10% May 19/28 441,000 532,975 548,617x
Enbridge Gas Inc. 4.50% Nov 23/43 2,002,000 2,457,115 2,485,165x
Enbridge Gas Inc. 4.00% Aug 22/44 2,134,000 2,448,210 2,474,091x
Enbridge Gas Inc. 3.51% Nov 29/47 2,136,000 2,284,367 2,321,402x
Enbridge Gas Inc. 3.59% Nov 22/47 2,137,000 2,316,871 2,349,583x
Enbridge Inc. 4.53% Mar 09/20 1,741,000 1,839,889 1,748,304x
Enbridge Inc. 3.50% Jun 10/24** 891,000 1,077,088 1,207,332x
Enbridge Inc. 7.20% Jun 18/32 690,000 927,995 921,379x
Enbridge Inc. 4.24% Aug 27/42 12,733,000 13,185,392 13,287,714x
Enbridge Inc. 4.57% Mar 11/44 2,964,000 3,142,714 3,247,815x
Enbridge Inc. 4.87% Nov 21/44 13,934,000 15,848,074 15,912,555x
EUROFIMA 4.55% Mar 30/27 9,982,000 11,258,782 11,478,906x
First National Canadian Mortgage Pools 2.40% Feb 01/24 9,072,563 9,171,000 9,156,031x
First National Canadian Mortgage Pools 2.65% Oct 01/27 1,375,360 1,383,227 1,397,865x
Ford Credit Canada Company 5.00% Jan 10/22 23,573,000 23,594,740 24,311,940x
Ford Credit Canada Company 5.19% Mar 21/24 54,557,000 54,557,518 56,130,424x
Ford Motor Credit Company LLC 5.18% Jan 07/22** 28,508,000 38,434,486 38,265,573x
GE Capital Canada Funding Company 4.60% Jan 26/22 47,257,000 47,297,376 48,884,946x
GE Capital Canada Funding Company 2.32% Feb 15/22 18,422,000 18,080,126 18,180,772x
GE Capital Canada Funding Company 3.17% Feb 06/23 38,931,000 39,569,915 39,155,632x
GE Capital Canada Funding Company 5.73% Oct 22/37 1,005,000 961,293 1,134,070x
General Electric Company 2.80% Apr 15/20** 964,000 1,248,127 1,253,457x
General Electric Company 2.89% Mar 15/23** 5,942,000 7,465,525 7,748,414x
General Electric Company 3.00% Apr 15/23** 1,676,000 2,158,544 2,178,156x
General Electric Company 2.27% May 05/26** 11,223,000 12,935,720 13,851,675x
General Electric Company 5.88% Jan 14/38** 4,704,000 5,895,963 7,436,042x
General Electric Company Jan 10/39** 2,237,000 3,032,725 3,888,641x
Greater Toronto Airports Authority 2.73% Apr 03/29 7,250,000 7,568,456 7,397,985x
Greater Toronto Airports Authority 6.45% Jul 30/29 8,067,591 9,776,933 9,682,326x
Greater Toronto Airports Authority 2.75% Oct 17/39 34,000,000 33,953,080 33,747,104x
Heathrow Funding Limited 3.00% Jun 17/23 17,016,000 17,010,081 17,191,154x
Honda Canada Finance Inc. 2.50% Apr 17/20 19,456,000 19,480,145 19,481,545x
Honda Canada Finance Inc. 2.35% Aug 28/20 15,083,000 15,145,629 15,114,485x
Honda Canada Finance Inc. 2.30% Dec 18/20 29,204,000 29,254,501 29,252,874x
Honda Canada Finance Inc. 2.38% Sep 13/21 7,739,000 7,739,426 7,762,148x
Hydro One Inc. 1.62% Apr 30/20 6,459,000 6,426,188 6,452,618x
Hydro One Inc. 7.35% Jun 03/30 3,415,000 4,935,051 4,803,487x
Hydro One Inc. 6.93% Jun 01/32 1,708,000 2,489,068 2,428,124x
InPower BC General Partnership 4.47% Mar 31/33 6,673,747 7,065,809 7,156,882x
Kaupthing ehf. 0.00% Jan 18/31* 7,154 - 13,843x
KfW 1.38% Jan 28/20 6,048,000 6,022,623 6,045,758
27
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
KfW 5.05% Feb 04/25 6,774,000 8,195,709 7,732,021x
Kraft Canada Inc. 3.02% Jul 06/20 58,077,000 58,205,024 58,316,858x
Lehman Brothers Holdings Inc. 4.85% Dec 31/99** 634,000 - 12,349x
Lloyds Bank PLC 2.38% May 07/21** 2,788,000 3,613,306 3,633,030x
Lloyds Bank PLC 2.53% Jul 11/23 97,250,000 97,250,000 96,813,348x
Lloyds Banking Group PLC 3.50% Feb 03/25 12,663,000 12,589,494 12,976,216x
Loblaw Companies Limited 0.00% Jun 07/25 2,007,000 1,657,232 1,681,166x
Loblaw Companies Limited 0.00% Jun 07/26 2,037,000 1,612,380 1,637,794x
Loblaw Companies Limited 0.00% May 23/27 4,825,000 3,660,542 3,583,099x
Loblaw Companies Limited 4.49% Dec 11/28 4,041,000 4,041,000 4,453,062x
Loblaw Companies Limited 6.50% Jan 22/29 2,350,000 2,950,510 2,921,714x
Loblaw Companies Limited 6.85% Mar 01/32 2,590,000 3,225,020 3,401,307x
Loblaw Companies Limited 6.54% Feb 17/33 6,130,000 7,564,819 7,960,415x
Loblaw Companies Limited 6.05% Jun 09/34 4,335,000 5,273,356 5,481,049x
Loblaw Companies Limited 6.15% Jan 29/35 300,000 347,673 384,303x
Loblaw Companies Limited 5.90% Jan 18/36 13,511,000 17,208,431 17,128,271x
Magna International, Inc. 3.10% Dec 15/22 12,201,000 12,422,737 12,383,881x
Maple Leaf Sports & Entertainment, Ltd. 4.94% Jun 30/23 2,000,000 1,999,520 2,079,164x
Maxar Technologies Ltd. Term Loan B 0.00% Oct 04/24** 16,312,508 17,511,472 20,432,425x
MCAP Service 2.45% Apr 01/21 1,474,588 1,474,249 1,481,560x
MCAP Service 2.19% Mar 01/23 4,539,428 4,546,874 4,554,544x
MCAP Service 1.90% Dec 01/23 10,670,536 10,604,474 10,609,351x
MCAP Service 2.05% May 01/24 12,437,295 12,407,446 12,436,288x
Merrill Lynch 2.27% Aug 01/20 1,940,506 1,922,945 1,943,359x
Merrill Lynch 2.17% May 01/22 15,777,629 15,722,880 15,820,702x
Merrill Lynch 2.17% Jun 01/22 9,239,236 9,209,763 9,265,401x
Merrill Lynch Canadian Mortgage Pools 2.36% Oct 01/20 4,679,537 4,651,694 4,689,800x
Merrill Lynch Canadian Mortgage Pools 1.80% Jan 01/24 21,851,346 21,628,462 21,699,260x
Merrill Lynch Financial Asset Inc. 6.67% May 07/21 545,250 600,411 556,305x
Merrill Lynch Inc. 2.07% Jun 01/20 6,502,962 6,483,254 6,502,734x
Merrill Lynch Mortgage Investors Trust 2.32% Jun 01/21 3,321,069 3,305,028 3,320,750x
Metro Inc. 5.03% Dec 01/44 586,000 700,053 707,874x
Metro Inc. 4.27% Dec 04/47 5,198,000 5,662,249 5,679,941x
Metropolitan Life Global Funding I 3.03% Jun 11/20 13,840,000 14,284,061 13,900,625x
Metropolitan Life Global Funding I 3.11% Apr 16/21 16,358,000 16,627,986 16,544,503x
NAV Canada 7.56% Mar 01/27 1,742,800 2,182,217 2,049,609x
NAV Canada 7.40% Jun 01/27 12,330,000 16,906,892 16,486,711x
NAV Canada 3.29% Mar 30/48 5,260,000 5,929,072 5,769,340x
Navient Corporation 5.63% Jan 25/25** 990,000 932,793 1,222,337x
Navient Corporation 5.63% Aug 01/33** 5,735,000 6,456,054 6,421,875x
Nederlandse Waterschapsbank NV 5.20% Mar 31/25 1,040,000 1,206,818 1,184,159x
Nederlandse Waterschapsbank NV 4.55% Mar 16/29 3,547,000 4,025,071 4,179,465x
New Brunswick FM Project Inc. 6.47% Nov 30/27 3,843,382 4,686,985 4,460,585x
North Battleford Power LP 4.96% Dec 31/32 7,471,525 8,249,462 8,327,894x
Ornge Issuer Trust 5.73% Jun 11/34 4,535,669 5,254,376 5,272,843x
Pembina Pipeline Corporation 3.31% Feb 01/30 15,498,000 15,490,637 15,443,643x
Pembina Pipeline Corporation 4.75% Apr 30/43 1,200,000 1,334,220 1,316,253x
Pembina Pipeline Corporation 4.74% Jan 21/47 1,545,000 1,729,906 1,697,572x
Pembina Pipeline Corporation 4.75% Mar 26/48 2,271,000 2,468,509 2,504,370x
Pembina Pipeline Corporation 4.54% Apr 03/49 9,644,000 10,319,909 10,323,220x
PepsiCo, Inc. 2.15% May 06/24 32,899,000 32,487,019 32,792,836
28
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Plenary Properties LTAP LP 6.29% Jan 31/44 1,292,621 1,654,452 1,712,916x
Postmedia Network Inc. 8.25% Jul 15/23 7,971,932 8,076,170 7,936,297x
PSPIB-RE Summit Inc. 3.27% Jun 12/43 5,944,761 6,001,327 5,948,922x
Republic of Austria 5.38% Dec 01/34 14,105,000 18,077,532 18,833,357x
Royal Bank of Canada 1.59% Mar 23/20 3,281,000 3,238,970 3,278,760x
Royal Bank of Canada 2.41% Mar 23/20 31,824,000 31,806,753 31,853,763x
Royal Bank of Canada 2.20% Jun 27/23 75,478,000 75,478,000 75,668,734x
Royal Bank of Canada 2.16% Jun 29/85** 4,500,000 3,072,751 4,601,737x
Royal Bank of Scotland Group PLC 5.13% May 28/24** 2,100,000 2,309,361 2,956,535x
Scotia Capital Canadian Mortgage Pools 2.05% Feb 01/24 19,127,441 19,058,391 19,101,657x
Shaw Communications Inc. 6.75% Nov 09/39 37,150,000 45,873,150 50,112,884x
SNC-Lavalin Group Inc. 2.69% Nov 24/20 8,233,000 8,238,444 8,222,231x
SNC-Lavalin Group Inc. 2.51% Mar 02/21 2,459,000 2,462,239 2,440,410x
SNC-Lavalin Group Inc. 3.24% Mar 02/23 4,976,000 4,897,605 4,893,835x
Sobeys Inc. 4.70% Aug 08/23 20,252,000 20,839,757 21,433,310x
Sobeys Inc. 6.06% Oct 29/35 5,030,000 5,092,716 5,934,066x
Sobeys Inc. 5.79% Oct 06/36 4,968,000 4,928,086 5,708,179x
Sobeys Inc. 6.64% Jun 07/40 3,142,000 3,295,118 4,001,624x
Spy Hill Power LP 4.14% Mar 31/36 601,181 659,207 636,395x
SSL Robotics LLC 9.75% Dec 31/23** 63,822,000 82,725,885 90,334,903x
Strait Crossing Development Inc. 6.17% Sep 15/31 4,397,611 4,758,702 4,792,543x
Stuart Olson Inc. 7.00% Sep 20/24 6,587,000 6,587,000 5,980,337x
Sun Life Assurance Company of Canada 6.30% May 15/28 5,411,000 6,706,572 6,808,414x
TELUS Communications Inc. 8.80% Sep 22/25 5,788,000 8,280,209 7,456,544x
TELUS Corporation 4.85% Apr 05/44 8,600,000 9,908,060 9,794,185x
TELUS Corporation 4.70% Mar 06/48 5,506,000 6,298,754 6,192,952x
The Bank of Nova Scotia 2.16% Aug 31/85** 7,190,000 5,932,593 7,819,381x
The Manufacturers Life Insurance Company 2.64% Jan 15/25 30,963,000 30,992,666 30,967,825x
The Manufacturers Life Insurance Company 2.10% Jun 01/25 37,716,000 37,451,449 37,701,535x
The Manufacturers Life Insurance Company 2.39% Jan 05/26 4,128,000 4,096,622 4,133,536x
The Manufacturers Life Insurance Company 3.18% Nov 22/27 6,243,000 6,417,366 6,382,609x
The Toronto-Dominion Bank 1.68% Jun 08/21 56,106,000 55,678,012 55,861,031x
The Toronto-Dominion Bank 2.38% Jun 28/23 57,515,000 57,582,976 57,996,618x
TransCanada PipeLines Limited 8.29% Feb 05/26 605,000 788,121 779,886x
TransCanada PipeLines Limited 7.90% Apr 15/27 4,182,000 5,535,781 5,453,977x
TransCanada PipeLines Limited 6.28% May 26/28 986,000 1,192,035 1,202,338x
TransCanada PipeLines Limited 6.89% Aug 07/28 3,823,000 4,878,087 4,845,429x
TransCanada PipeLines Limited 8.21% Apr 25/30 554,000 741,174 751,884x
TransCanada PipeLines Limited 4.55% Nov 15/41 2,562,000 2,835,622 2,842,194x
TransCanada PipeLines Limited 4.18% Jul 03/48 16,341,000 16,921,051 17,336,162x
TransCanada PipeLines Limited 4.12% May 15/67** 27,786,000 32,579,450 30,242,794x
TWDC Enterprises 18 Corp. 2.76% Oct 07/24 48,947,000 48,718,112 50,046,203x
UniCredit SPA 5.90% Jan 14/22** 20,139,000 26,738,550 27,423,048x
UniCredit SPA 3.75% Apr 12/22** 19,307,000 24,201,401 25,701,213x
UniCredit SPA 4.63% Apr 12/27** 11,581,000 15,045,258 15,950,852x
University Health Network 5.64% Dec 08/22 2,197,087 2,445,977 2,302,893x
University of Ontario Institute of Technology 6.35% Oct 15/34 2,440,924 2,868,119 2,914,253x
Videotron, Ltd. 5.63% Jun 15/25 8,896,000 9,162,722 9,588,220x
Videotron, Ltd. 5.75% Jan 15/26 10,146,000 10,696,335 10,672,324x
Videotron, Ltd. 4.50% Jan 15/30 13,765,000 13,765,000 13,949,107x
VW Credit Canada, Inc. 2.57% Mar 30/20 17,604,000 17,621,475 17,617,240
29
COMPASS CONSERVATIVE BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
VW Credit Canada, Inc. 2.60% Nov 13/20 1,288,000 1,288,064 1,289,475x
VW Credit Canada, Inc. 2.74% Sep 27/21 10,623,000 10,629,614 10,657,014x
Westcoast Energy Inc. 8.85% Jul 21/25 1,707,000 2,256,791 2,230,904x
WTH Car Rental ULC Series 2018-1 Cl. A 3.28% Jul 20/23 494,000 492,394 505,592x
WTH Car Rental, ULC 1.91% Jul 20/20 2,080,000 2,049,362 2,078,128x
WTH Car Rental, ULC 2.78% Jan 20/25 10,963,000 11,022,238 11,026,874x
Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 6,231,199 5,572,341 6,355,823xxx
3,010,159,778 3,054,372,074xx
Short Term Investments: (0.61%)x
Government of Canada 1.56% Jan 23/20 15,855,000 $ 15,839,431 $ 15,839,431x
Government of Canada 1.62% Mar 05/20 11,224,000 11,191,676 11,191,676x
Government of Canada 1.63% Mar 19/20 166,000 165,416 165,416x
Government of Canada 1.65% Apr 02/20 1,576,000 1,569,411 1,569,411x
Province of Ontario Treasury Bill 1.74% Jan 22/20 100,000 99,895 99,895x
Province of Saskatchewan 1.72% Feb 11/20 900,000 898,226 898,226x
United States Treasury Bill 1.46% Jan 23/20** 930,000 1,233,107 1,206,542x
United States Treasury Bill 1.52% Mar 12/20** 1,393,000 1,830,988 1,803,469xxx
32,828,150 32,774,066xxx
Total Investments: 99.30% $ 4,871,347,220 $ 5,353,455,297xxx
Forward currency contracts: 0.19% (Note 10) 10,327,033x
Other Net Assets (Liabilities): 0.51% 27,620,667xxx
Net Assets: 100% $ 5,391,402,997xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
30
COMPASS BALANCED PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 5,449,155,571 $ 4,653,840,521x
Cash 16,476,616 14,668,153x
Amount receivable for units issued 3,802,224 4,883,913x
Amount receivable for securities sold - 4,750,826x
Dividends and distributions receivable 3,054,836 3,440,979x
Interest receivable 12,171,028 11,189,320x
Amount receivable on open forward contracts (Note 10) 12,522,217 26,138xxx
Total Assets 5,497,182,492 4,692,799,850xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 6,541,242 2,385,969x
Amount payable on open forward contracts (Note 10) 22,658 16,388,504x
Amount payable for units redeemed 5,197,925 4,264,099x
Accrued expenses 1,731,420 1,546,613x
Distribution payable 1,339,225 1,372,271xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
14,832,470 25,957,456
xxx
Net assets attributable to holders of redeemable units $ 5,482,350,022 $ 4,666,842,394xxx
Net assets attributable to holders of redeemable units, Series A $ 2,041,386,592 $ 1,810,538,419x
Redeemable units outstanding, Series A 96,300,230 93,973,631x
Net assets attributable to holders of redeemable units per unit, Series A $ 21.20 $ 19.27xxx
Net assets attributable to holders of redeemable units, Series O $ 1,605,663,932 $ 1,301,537,232x
Redeemable units outstanding, Series O 72,605,008 64,843,018x
Net assets attributable to holders of redeemable units per unit, Series O $ 22.12 $ 20.07xxx
Net assets attributable to holders of redeemable units, Series F1 $ 1,835,299,498 $ 1,554,766,743x
Redeemable units outstanding, Series F1 84,956,220 79,224,578x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 21.60 $ 19.63xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
31
COMPASS BALANCED PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 39,370,419 $ 35,437,344x
Income distribution from underlying funds 37,847,376 34,472,684x
Interest for distribution purposes 69,538,841 50,560,919x
Management fee distribution from underlying funds 194,752 229,968x
Net realized gain on sale of investments 95,399,533 146,606,486x
Net change in unrealized appreciation (depreciation) on investments 362,750,866 (349,701,201)x
Capital gain distribution from underlying funds 25,236,090 44,199,228xxx
Net gain (loss) on investments 630,337,877 (38,194,572)xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts (81,088) (21,051,703)x
Net change in unrealized appreciation (depreciation) on forward contracts 28,861,925 (23,260,607)xxx
Net gain (loss) on derivatives 28,780,837 (44,312,310)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions (182,905) 1,969,880x
Net change in unrealized appreciation (depreciation) on foreign currency translations (116,783) 87,872xxx
Other Income (299,688) 2,057,752xxx
Total Income (net) 658,819,026 (80,449,130)xxx
Expensesx
Management fees (Note 5) 46,792,102 43,677,503x
Administration expense (Note 8) 228,802 195,516x
Independent review committee fees (Note 8) 7,102 6,402x
Transfer agent expense 1,575,714 1,408,011x
Audit fees 127,397 95,367x
Legal fees 13,967 17,198x
Custodian fees 809,951 774,062x
Securityholder reporting fees 362,273 264,388x
Bank charges 5,356 7,544x
Withholding taxes 2,112,851 1,636,964x
Transaction costs (Note 7) 1,582,415 1,567,544xxx
Total Expenses 53,617,930 49,650,499xxx
Increase (decrease) in net assets attributable to holders of redeemable units 605,201,096 (130,099,629)xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 214,102,653 $ (64,948,624)x
Series O 184,539,975 (24,017,676)x
Series F1 206,558,468 (41,133,329)xxx
Total increase (decrease) in net assets attributable to holders of redeemable units 605,201,096 (130,099,629)xxx
Weighted average number of redeemable units per Seriesx
Series A 95,025,796 90,433,942x
Series O 67,481,393 59,605,177x
Series F1 82,368,834 71,164,600x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 2.25 $ (0.72)x
Series O $ 2.73 $ (0.40)x
Series F1 $ 2.51 $ (0.58)xxx
See accompanying notes to financial statements
32
COMPASS BALANCED PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 1,810,538,419 $ 1,872,252,040x
Series O $ 1,301,537,232 $ 1,226,753,179x
Series F1 $ 1,554,766,743 $ 1,320,922,618x
Increase (decrease) in net assets attributable to holders of redeemable unitsx
Series A 214,102,653 (64,948,624)x
Series O 184,539,975 (24,017,676)x
Series F1 206,558,468 (41,133,329)x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (16,511,467) (16,662,397)x
Series O (37,901,700) (34,397,455)x
Series F1 (32,570,307) (28,733,202)x
Capital gainsx
Series A (15,035,882) (52,467,536)x
Series O (11,365,498) (35,803,059)x
Series F1 (13,365,585) (41,603,482)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 404,229,211 447,276,538x
Series O 304,178,026 302,001,786x
Series F1 505,184,729 532,750,782x
Reinvestment of distributions to holders of redeemable unitsx
Series A 31,430,168 68,794,909x
Series O 48,241,023 69,328,598x
Series F1 45,360,231 69,913,908x
Payments for redeemable units redeemedx
Series A (387,366,510) (443,706,511)x
Series O (183,565,126) (202,328,141)x
Series F1 (430,634,781) (257,350,552)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 2,041,386,592 $ 1,810,538,419x
Series O $ 1,605,663,932 $ 1,301,537,232x
Series F1 $ 1,835,299,498 $ 1,554,766,743x
xxx
Redeemable units outstanding, beginning of yearx
Series A 93,973,631 90,302,618x
Series O 64,843,018 56,880,853x
Series F1 79,224,578 62,722,074x
Redeemable units issuedx
Series A 19,610,519 21,495,040x
Series O 14,085,316 13,911,633x
Series F1 23,995,546 25,213,265x
Reinvested from distributions to holders of redeemable unitsx
Series A 1,485,173 3,547,518x
Series O 2,193,688 3,396,389x
Series F1 2,112,057 3,515,267x
Redeemable units redeemedx
Series A (18,769,093) (21,371,545)x
Series O (8,517,014) (9,345,857)x
Series F1 (20,375,961) (12,226,028)x
xxx
Redeemable units outstanding, end of yearx
Series A 96,300,230 93,973,631x
Series O 72,605,008 64,843,018x
Series F1 84,956,220 79,224,578xxx
See accompanying notes to financial statements
33
COMPASS BALANCED PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase (decrease) in net assets attributable to holders of redeemable units $ 605,201,096 $ (130,099,629)x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 722 (3,694)x
Non-cash distributions from underlying funds (35,148,758) (27,827,194)x
Proceeds from sale of investments 2,143,386,901 2,065,872,860x
Purchase of investments (2,436,041,629) (2,521,153,856)x
Net realized gain on sale of investments (95,399,533) (146,606,486)x
Net change in unrealized (appreciation) depreciation on investments (362,750,866) 349,701,201x
Net change in unrealized (appreciation) depreciation on forward contracts (28,861,925) 23,260,607x
Dividend income, net of withholding taxes (37,257,568) (33,800,380)x
Dividend received, net of withholding taxes 37,643,711 34,029,866x
Interest for distribution purposes (69,533,485) (50,553,375)x
Interest received (paid) 68,551,777 47,760,193x
Amortization income (455,066) (196,463)xxx
(210,664,623) (389,616,350)xxx
Net change in non-cash working capital 184,807 (42,746)x
Net Cash used in operating activities (210,479,816) (389,659,096)xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 697,806,565 770,597,016x
Distributions to holders of redeemable units, net of reinvested distributions (1,752,063) (257,445)x
Payment on redemption of redeemable units* (483,765,501) (390,499,987)x
Net Cash from financing activities 212,289,001 379,839,584xxx
Unrealized foreign exchange gain (loss) on cash (722) 3,694x
Net increase (decrease) in cash during the year 1,808,463 (9,815,818)xxx
Cash, beginning of year 14,668,153 24,483,971xxx
Cash, end of year $ 16,476,616 $ 14,668,153xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $516,867,090 (2018 - $509,009,586) and $(516,867,090) (2018 - $(509,009,586)),respectively.
x
See accompanying notes to financial statements
34
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (19.99%)x
3M Co. 11,975 $ 2,688,720 $ 2,743,355x
A.O. Smith Corporation 49,162 3,130,499 3,041,305x
Absolute Software Corporation 18,492 142,087 160,880x
Accenture PLC Cl. A 3,440 874,096 940,619x
Adyen NV 948 941,529 1,009,395x
AIA Group Limited 185,200 2,215,850 2,524,569x
Air Liquide SA 31,327 4,669,090 5,758,555x
Alaris Royalty Corp. 14,114 358,241 309,520x
Alcon Inc. 9,245 712,391 679,768x
ALD SA 97,692 1,987,880 1,969,384x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 437,422 14,379,477 18,026,161x
Allegion PLC 25,781 3,629,057 4,169,340x
Allergan PLC 6,700 1,415,143 1,663,233x
Alphabet Inc. Cl. C 8,840 14,350,224 15,347,896x
AltaGas Canada Inc. 9,580 250,353 319,685x
Altus Group, Ltd. 22,020 559,658 835,879x
Amadeus IT Group, SA 19,892 2,170,210 2,109,333x
Amazon.com, Inc. 1,910 4,572,042 4,583,069x
AmerisourceBergen Corporation 16,749 1,857,989 1,849,135x
AMETEK, Inc. 77,190 9,243,656 9,997,446x
Amphenol Corp. Cl. A 47,628 6,107,064 6,693,738x
Andlauer Healthcare Group Inc. 8,627 146,243 172,971x
Andrew Peller Limited Cl. A 22,449 305,302 265,123x
Anheuser-Busch InBev SA 21,068 2,267,799 2,231,274x
Ansys Inc. 31,110 8,604,023 10,398,821x
Aon PLC Cl. A 31,210 6,382,706 8,441,524x
AptarGroup, Inc. 52,730 7,971,896 7,916,795x
ASSA ABLOY AB Series B 160,760 4,125,173 4,881,018x
ATS Automation Tooling Systems Inc. 115,390 1,790,836 2,472,808x
Badger Daylighting, Ltd. 7,078 241,126 248,721x
Bank of Montreal 245,125 24,147,114 24,669,380x
Baxter International Inc. 52,330 5,555,056 5,682,240x
BCE Inc. 40,503 2,325,372 2,436,660x
Becton, Dickinson and Company 32,360 10,383,147 11,428,473x
BlackRock, Inc. 4,760 2,921,395 3,107,238x
Booking Holdings Inc. 1,850 4,544,051 4,933,712x
Brookfield Asset Management Inc. Cl. A Limited Voting 146,210 8,914,592 10,970,136x
Bunzl PLC 129,794 4,942,306 4,610,182x
CAE Inc. 141,044 4,995,208 4,849,093x
Calian Group, Ltd. 8,144 279,242 313,544x
Canadian Imperial Bank of Commerce 181,782 19,792,106 19,643,363x
Canadian National Railway Company 188,699 19,107,064 22,166,472x
Canadian Natural Resources Ltd. 489,155 18,183,508 20,544,510x
Canadian Pacific Railway Company 42,115 9,556,099 13,941,328x
Canadian Tire Corporation, Limited Cl. A 97,270 13,539,658 13,593,482x
Canadian Western Bank 11,592 313,262 369,669x
CCL Industries Inc. Cl. B 143,647 7,563,267 7,946,552x
Cerner Corporation 12,580 1,146,710 1,198,881x
CES Energy Solutions Corp. 145,990 630,015 340,157x
CGI Inc. 24,880 2,587,234 2,703,710x
China Mobile Limited 149,000 1,845,507 1,626,375
35
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Cinemark Holdings, Inc. 31,520 1,575,162 1,385,491x
ClearStream Energy Services Inc. 254,800 117,208 11,466x
ClearStream Energy Services Inc. Preferred 6,898 6,900,434 6,898,000x
CME Group Inc. Cl. A 40,090 10,493,386 10,449,256x
Cogeco Inc. 8,120 624,566 845,211x
Colliers International Group Inc. 7,380 522,758 746,118x
Comcast Corporation Cl. A 185,490 10,853,753 10,831,836x
Compass Group PLC 108,108 3,366,855 3,514,496x
Constellation Software Inc. 2,220 1,285,656 2,799,775x
Cott Corporation 278,045 4,750,248 4,932,518x
Croda International PLC 37,180 3,083,920 3,274,332x
CSX Corporation 26,258 2,555,499 2,467,282x
Currency Exchange International, Corp. 2,447 63,844 44,046x
Danaher Corporation 4,560 845,443 908,815x
DBS Group Holdings Limited 127,500 2,935,077 3,185,862x
DENTSPLY SIRONA, Inc. 25,479 1,880,988 1,872,323x
Deutsche Boerse AG 16,900 2,880,991 3,449,969x
Diageo PLC 38,132 2,052,464 2,099,185x
Ecolab Inc. 13,640 3,410,302 3,418,282x
Element Fleet Management Corp. 68,670 630,646 761,550x
Enbridge Inc. 256,514 12,147,016 13,243,818x
Enghouse Systems Limited 187,965 7,277,582 9,056,154x
Equitable Group Inc. 9,879 635,264 1,080,269x
FactSet Research Systems Inc. 5,020 1,776,762 1,748,973x
Fairfax India Holdings Corporation 84,950 1,582,580 1,411,991x
Fastenal Company 58,700 2,861,851 2,816,509x
Finning International Inc. 302,065 7,743,154 7,642,244x
First National Financial Corporation 4,115 136,023 156,699x
FirstService Corporation 3,959 355,099 478,604x
Fortis Inc. 354,941 17,483,145 19,124,221x
FUCHS PETROLUB SE 31,238 1,759,772 1,817,755x
FUCHS PETROLUB SE Preferred 37,188 2,237,984 2,392,034x
Fuyao Glass Industry Group Co., Ltd. Cl. H 266,400 1,126,456 1,058,804x
GDI Integrated Facility Services Inc., Sub. Voting 12,443 187,386 420,947x
Gildan Activewear Inc. Cl. A 257,350 9,411,717 9,879,666x
Gilead Sciences, Inc. 54,940 4,765,850 4,635,825x
Glanbia PLC 137,206 2,983,755 2,050,481x
Great-West Lifeco Inc. 174,592 5,788,807 5,806,930x
Halma PLC 88,274 2,054,795 3,212,860x
HLS Therapeutics Inc. 26,440 460,665 674,220x
Hologic, Inc. 55,010 3,440,146 3,729,529x
Hydro One Limited 76,897 1,745,518 1,928,577x
iA Financial Corporation Inc. 16,342 760,047 1,165,675x
IAA, Inc. 115,909 6,039,331 7,083,172x
IHS Markit, Ltd. 15,600 1,064,809 1,526,394x
Intact Financial Corporation 132,223 18,039,167 18,566,754x
Intercontinental Exchange, Inc. 57,740 6,741,135 6,939,240x
InterContinental Hotels Group PLC 49,306 3,779,094 4,416,865x
Intertape Polymer Group Inc. 16,156 330,046 268,513x
Intertek Group PLC 51,352 4,018,261 5,168,982x
Intuit Inc. 17,320 5,916,478 5,891,038
36
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Jamieson Wellness, Inc. 27,508 557,500 708,331x
Japan Exchange Group, Inc. 126,200 2,795,870 2,910,889x
Johnson & Johnson 44,810 7,985,268 8,487,887x
JPMorgan Chase & Co. 50,390 7,972,028 9,121,490x
KAR Auction Services, Inc. 80,310 2,393,579 2,272,404x
Kerry Group PLC Cl. A 11,091 1,524,317 1,794,817x
Kinaxis Inc. 3,550 235,792 355,071x
Knight Therapeutics Inc. 1,098 9,069 8,323x
Kone OYJ Series B 23,666 1,514,095 2,008,999x
Legrand SA 26,007 2,447,565 2,751,702x
LG Household & Health Care, Ltd. Preferred 2,660 2,079,148 2,302,862x
Linde Public Limited Company 18,080 4,650,245 4,998,420x
LKQ Corporation 31,570 1,275,706 1,463,529x
Loblaw Companies Limited 118,249 6,536,730 7,922,683x
LVMH Moet Hennessy Louis Vuitton SA 8,092 4,380,927 4,882,040x
Magna International Inc. 133,525 9,251,126 9,506,980x
Mainstreet Equity Corp. 12,736 512,962 1,006,144x
Manulife Financial Corporation 124,184 2,960,032 3,273,490x
Marsh & McLennan Companies, Inc. 112,770 14,906,190 16,314,600x
MasterCard Incorporated Cl. A 19,172 6,743,641 7,433,637x
Metro Inc. 109,381 5,989,864 5,861,728x
Microsoft Corporation 60,500 10,976,210 12,389,271x
Morguard Corporation 616 122,009 123,816x
Morneau Shepell, Inc. 22,790 449,681 770,074x
MTY Food Group Inc. 18,965 931,849 1,052,368x
National Bank of Canada 303,684 21,436,765 21,889,543x
Neo Performance Materials Inc. 30,160 344,950 372,476x
Nestlé SA 21,197 2,990,801 2,980,066x
New Look Vision Group Inc. Cl. A 16,434 529,218 532,462x
NFI Group Inc. 202,810 5,857,032 5,404,887x
Nielsen Holdings PLC 34,490 1,015,031 909,176x
Nike Inc. Cl. B 61,620 7,120,562 8,106,487x
Nomura Research Institute, Ltd. 80,300 2,206,727 2,243,722x
Novartis AG ADR 30,510 3,516,922 3,751,500x
Novozymes A/S Series B 33,371 2,097,149 2,120,560x
Nutrien Ltd. 121,772 7,713,279 7,570,565x
Onex Corporation 13,880 1,018,989 1,140,520x
Open Text Corporation 106,342 4,285,099 6,084,889x
Oracle Corporation 10,046 733,665 691,136x
Parkland Fuel Corporation 164,706 5,965,474 7,858,123x
Paychex, Inc. 53,930 6,048,551 5,956,820x
PayPal Holdings, Inc. 11,830 1,674,581 1,661,691x
People Corporation 51,358 403,958 515,121x
PepsiCo, Inc. 24,990 4,372,508 4,435,046x
Photon Control Inc. 98,693 196,169 136,196x
Power Corporation of Canada 159,144 5,101,516 5,323,367x
PPG Industries Inc. 4,688 740,414 812,634x
PrairieSky Royalty Ltd. 42,010 1,134,812 639,812x
Quebecor Inc. Cl. B 145,733 4,887,615 4,829,592x
Rathbone Brothers PLC 47,541 1,862,190 1,741,772x
Recipe Unlimited Corp. 12,757 326,067 248,506
37
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Recordati SPA 54,689 2,989,546 2,992,792x
RELX PLC 151,647 4,072,524 4,970,340x
Restaurant Brands International Inc. 64,049 5,591,318 5,301,976x
Richards Packaging Income Fund 12,870 429,470 586,743x
Richelieu Hardware Ltd. 95,997 2,338,860 2,604,399x
Roche Holding AG 9,202 3,027,097 3,876,903x
Rogers Communications Inc. Cl. B 107,696 6,251,811 6,944,238x
Royal Bank of Canada 253,271 25,764,963 26,023,595x
RPM International, Inc. 40,312 3,633,083 4,018,167x
S&P Global, Inc. 20,849 6,593,052 7,392,411x
Sampo OYJ Series A 59,844 3,588,629 3,391,698x
Samsung Electronics Co., Ltd. GDR Preferred 1,749 1,769,063 2,203,029x
Sangoma Technologies Corporation 64,670 86,516 161,028x
SAP SE 18,174 3,100,889 3,185,105x
Saputo Inc. 380,592 15,421,759 15,299,798x
Savaria Corporation 47,260 691,586 659,277x
Sekisui Chemical Co., Ltd. 125,100 2,634,074 2,846,644x
Seven & I Holdings Co., Ltd. 64,600 3,620,236 3,090,488x
SGS SA 633 2,140,365 2,251,575x
Shaw Communications Inc. Cl. B Non-Voting 103,644 2,770,795 2,731,019x
ShawCor Ltd. 27,881 556,813 349,349x
Shenandoah Telecommunications Company 29,010 1,472,366 1,567,488x
Shopify Inc. Cl. A 4,530 726,680 2,338,839x
Sika AG 13,529 2,270,259 3,301,050x
Sleep Country Canada Holdings Inc. 32,994 843,399 666,809x
Spirax-Sarco Engineering PLC 17,446 1,946,995 2,667,725x
Stantec Inc. 142,959 4,798,053 5,246,595x
State Street Corporation 79,020 6,668,635 8,116,563x
Stella-Jones Inc. 141,919 5,565,608 5,324,801x
Stingray Group Inc. 36,240 318,805 258,754x
StorageVault Canada Inc. 142,873 488,590 530,059x
Sun Life Financial Inc. 201,525 12,219,427 11,932,295x
Suncor Energy Inc. 479,920 19,846,350 20,425,395x
Sylogist, Ltd. Cl. A 28,325 297,986 279,001x
Taiwan Semiconductor Manufacturing Company, Ltd. ADR 48,580 2,498,673 3,665,155x
TC Energy Corporation 262,709 17,406,691 18,168,954x
TELUS Corporation 357,002 17,268,313 17,950,061x
Tencent Holdings Limited 50,900 2,458,664 3,185,931x
Texas Instruments Incorporated 12,520 1,913,485 2,085,719x
The Bank of Nova Scotia 329,167 23,149,566 24,144,399x
The Descartes Systems Group Inc. 38,851 1,287,397 2,156,231x
The Hershey Company 30,870 5,714,388 5,891,875x
The Procter & Gamble Company 63,000 9,579,919 10,217,900x
The Sherwin-Williams Company 4,060 2,738,818 3,076,489x
The Toronto-Dominion Bank 224,841 15,441,716 16,375,170x
Thomson Reuters Corporation 94,948 7,488,490 8,819,720x
TMX Group Limited 30,530 2,016,904 3,433,099x
Topdanmark A/S 39,399 2,394,480 2,522,041x
Toromont Industries Ltd. 130,393 6,937,014 9,204,442x
TriMas Corporation 77,060 3,109,996 3,143,081x
Tsuruha Holdings, Inc. 28,400 3,892,251 4,758,557
38
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Union Pacific Corporation 14,740 3,401,503 3,460,434x
United Technologies Corporation 22,280 4,141,371 4,332,811x
Verisk Analytics, Inc. Cl. A 66,263 12,603,023 12,850,083x
Verizon Communications Inc. 114,620 8,912,420 9,138,764x
Visa Inc. Cl. A 60,720 13,827,906 14,815,531x
Wabtec Corporation 9,390 903,499 948,645x
Waters Corporation 30,190 8,517,057 9,159,833x
Wells Fargo & Company 89,240 5,860,356 6,234,484x
West Pharmaceutical Services, Inc. 11,396 2,003,495 2,224,625x
Willis Towers Watson PLC 30,590 7,453,205 8,021,591x
Winpak, Ltd. 15,724 727,261 738,714x
Wolters Kluwer NV 50,899 3,992,175 4,820,495x
Yellow Pages Limited 134,613 1,211,517 1,219,594xxx
1,013,009,770 1,096,104,633xx
Mutual Funds: (37.73%)x
BlackRock Canada Universe Bond Index Fund 7,729,778 $ 227,192,306 $ 228,775,618x
BlackRock CDN US Equity Index Fund 17,923,082 315,033,700 514,415,544x
Boyd Group Income Fund 7,850 733,797 1,585,700x
iShares Core MSCI EAFE ETF 1,459,385 118,908,600 123,635,306x
iShares Core S&P Small-Cap ETF 1,849,833 100,163,892 201,416,139x
Mawer Canadian Equity Fund 2,488,318 101,892,038 180,054,904x
Mawer International Equity Fund 11,425,043 509,442,282 697,752,507x
Mawer New Canada Fund 1,483,928 74,035,247 120,893,233xxx
1,447,401,862 2,068,528,951xx
Private Equities: (0.26%)x
Canadian Commercial Mortgage Origination Trust 3 Preferred 15,823 $ 15,823 $ 159x
Canadian Commercial Mortgage Origination Trust 4 Preferred 16,644 16,645 -x
Canadian Commercial Mortgage Origination Trust 5 Preferred 10,644 10,644 10,644x
Kensington Private Equity Fund IV 2,088,735 2,088,735 8,435,878x
KMC Holdings Limited Partnership 1,084,518 1,084,518 153,224x
TriWest Capital Partners Private Equity Fund III 4,592,075 4,592,075 1,767,168x
TriWest Capital Partners Private Equity Fund IV 3,276,191 3,276,191 4,067,706xxx
11,084,631 14,434,779xx
Real Estate Investment Trust (REITs): (1.77%)x
Allied Properties Real Estate Investment Trust 159,800 $ 5,424,749 $ 8,320,786x
Artis Real Estate Investment Trust 162,700 1,840,231 1,936,130x
Boardwalk Real Estate Investment Trust 98,350 4,587,941 4,517,215x
Canadian Apartment Properties Real Estate Investment Trust 219,320 8,332,189 11,626,153x
Choice Properties Real Estate Investment Trust 487,753 5,219,645 6,784,644x
Cominar Real Estate Investment Trust 241,900 2,980,374 3,425,304x
Crombie Real Estate Investment Trust 119,400 1,484,456 1,903,236x
CT Real Estate Investment Trust 335,205 4,948,657 5,410,209x
Dream Industrial Real Estate I 151,700 1,743,543 1,993,338x
Dream Office Real Estate Investment Trust 61,965 1,356,059 1,928,970x
First Capital Real Estate Investment Trust 141,160 2,888,134 2,917,777x
Granite Real Estate Investment Trust 71,800 3,921,242 4,737,364x
H&R Real Estate Investment Trust 633,147 13,090,917 13,359,402x
InterRent Real Estate Investment Trust 183,831 2,197,123 2,875,117x
Killam Apartment Real Estate Investment Trust 129,471 1,850,084 2,452,181x
Northview Apartment Real Estate Investment Trust 80,000 1,568,991 2,371,200
39
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
NorthWest Healthcare Properties Real Estate Investment Trust 161,300 1,818,713 1,924,309x
RioCan Real Estate Investment Trust 417,900 9,726,416 11,183,004x
SmartCentres Real Estate Investment Trust 169,400 4,562,814 5,286,974x
Summit Industrial Income Real Estate Investment Trust 152,200 1,770,201 1,835,532xxx
81,312,479 96,788,845xx
Fixed Income: (39.14%)x
407 International Inc. 6.75% Jul 27/39 2,410,505 $ 3,244,780 $ 3,282,836x
407 International Inc. 7.13% Jul 26/40 3,255,000 4,919,382 5,149,280x
407 International Inc. 4.19% Apr 25/42 2,350,000 2,845,780 2,774,719x
Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 2,870,000 2,701,531 2,870,218x
Apple Inc. 2.51% Aug 19/24 66,951,000 66,449,243 67,630,006x
Arrow Lakes Power 5.52% Apr 05/41 333,007 382,105 404,747x
AT&T Inc. 3.07% Jun 12/24** 30,282,000 39,854,140 40,030,707x
AT&T Inc. 4.85% May 25/47 11,906,000 11,865,980 12,659,203x
AT&T Inc. 5.10% Nov 25/48 10,376,000 10,775,677 11,471,243x
Bank of Montreal 2.16% Feb 01/24 108,080,000 107,947,050 108,418,637x
Bank of Nova Scotia Canadian Mortgage Pools 6.45% Jan 01/25 893,057 1,044,296 1,032,011x
Bankers Hall LP 4.38% Nov 20/23 1,852,054 1,934,900 1,890,855x
BCE Coupon Strip 0.00% May 15/28 819,000 616,939 606,292x
BCE Coupon Strip 0.00% May 15/29 1,723,000 1,243,143 1,220,774x
BCE Coupon Strip 0.00% May 15/31 3,591,000 2,363,195 2,289,945x
Bell Canada 7.30% Feb 23/32 1,566,000 2,100,373 2,131,118x
Bell Canada 6.17% Feb 26/37 961,000 1,248,416 1,247,685x
Black Press Group Ltd. 0.00% Mar 29/24 7,168,533 7,168,532 6,341,643x
BNG Bank NV 5.15% Mar 07/25 856,000 1,018,033 973,678x
Bombardier Inc. 6.13% Jan 15/23** 248,000 317,801 330,924x
Bombardier Inc. 7.35% Dec 22/26 500,000 497,500 487,188x
British Columbia Ferry Services Inc. 5.02% Mar 20/37 3,857,000 5,111,691 4,943,247x
BZ Holdings 3.00% May 22/22** 2,628,000 3,210,365 3,412,589x
Canadian Commercial Mortgage Origination Trust 3 2.19% Jun 12/20 27,044,018 27,043,633 27,004,804x
Canadian Commercial Mortgage Origination Trust 3 0.29% Aug 12/20 71,407,028 1,608,201 49,985x
Canadian Commercial Mortgage Origination Trust 3 2.45% Aug 12/20 8,943,964 8,943,802 8,929,654x
Canadian Commercial Mortgage Origination Trust 3 2.69% Aug 12/20 4,666,380 4,666,354 4,656,907x
Canadian Commercial Mortgage Origination Trust 3 2.66% Sep 12/20 9,915,820 9,609,356 9,840,440x
Canadian Commercial Mortgage Origination Trust 3 2.66% Mar 12/21 7,435,945 4,570,120 6,769,739x
Canadian Commercial Mortgage Origination Trust 5 1.00% Jun 24/41 106,429,718 106,429,718 105,956,052x
Canadian Commercial Mortgage Origination Trust 4 0.32% May 12/50 139,922,338 2,527,431 2,093,238x
Canadian Commercial Mortgage Origination Trust 4 3.14% May 12/50 53,720,928 53,718,983 54,468,186x
Canadian Commercial Mortgage Origination Trust 4 3.55% May 12/50 59,907,837 58,110,365 60,653,025x
Canadian Commercial Mortgage Origination Trust 4 3.63% May 12/50 12,387,262 8,278,571 9,157,000x
Canadian Mortgage Pools 2.27% Jul 01/20 1,028,061 1,024,103 1,029,239x
Canadian Mortgage Pools 2.32% Sep 01/21 8,850,975 8,809,995 8,879,148x
Canadian Mortgage Pools 2.22% Oct 01/21 7,221,094 7,191,343 7,215,606x
Canadian Mortgage Pools 1.70% Feb 01/22 7,816,331 7,794,836 7,776,014x
Canadian Mortgage Pools 1.97% Sep 01/22 18,522,331 18,500,104 18,496,030x
Canadian Mortgage Pools 1.92% Jul 01/23 12,919,143 12,841,240 12,878,783x
Canadian Mortgage Pools 2.02% Aug 01/23 4,768,546 4,761,060 4,762,876x
Canadian Mortgage Pools 2.02% Nov 01/23 2,559,220 2,557,812 2,555,048x
Canadian Mortgage Pools 1.94% Jul 01/24 6,054,498 6,024,104 6,028,705x
Canadian Mortgage Pools 1.90% Jul 01/24 35,583,002 35,550,978 35,325,773x
Canadian Mortgage Pools 1.93% Jul 01/24 7,705,810 7,667,590 7,671,612
40
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Canadian Mortgage Pools 1.95% Jul 01/24 3,965,257 3,981,793 3,937,053x
Canadian Mortgage Pools 1.95% Aug 01/24 2,741,651 2,726,763 2,731,285x
Canadian Mortgage Pools 2.04% Aug 01/24 6,485,943 6,473,944 6,466,349x
Canadian Mortgage Pools 1.93% Sep 01/24 6,744,143 6,710,895 6,714,081x
Canadian Pacific Railway Company 6.91% Oct 01/24 1,461,672 1,714,452 1,629,267x
CBC Monetization Trust 4.69% May 15/27 1,234,564 1,370,562 1,340,986x
Cigna Corporation 2.89% Jul 15/23** 3,461,000 4,473,725 4,521,253x
ClearStream Energy Services Inc. 8.00% Mar 23/26 5,684,500 5,684,499 5,116,050x
CMLS Issuer Corp Series 2014-1 Cl. A2 3.42% Dec 12/47 27,710,992 27,285,000 27,852,245x
Cogeco Cable Inc. 5.15% Nov 16/20 1,303,000 1,377,872 1,333,624x
Cogeco Communications Inc. 4.93% Feb 14/22 11,007,000 11,713,481 11,524,668x
Cogeco Communications Inc. 4.18% May 26/23 30,425,000 31,370,990 31,697,127x
Commercial Mortgage Pass-Through Certificates 3.98% Dec 12/47 6,703,561 6,709,731 6,622,884x
Commercial Mortgage Pass-Through Certificates 4.14% Dec 12/47 9,117,780 8,797,918 8,671,822x
CSS FSCC Partnership 6.92% Jul 31/42 6,240,427 8,303,054 8,420,981x
Element Fleet Management Corp. 4.25% Jun 30/20 8,030,000 7,774,865 8,067,741x
Element Fleet Management Corp. 4.25% Jun 30/24 1,622,000 1,622,000 1,863,921x
Enbridge Gas Inc. 8.65% Nov 10/25 946,000 1,261,330 1,254,743x
Enbridge Gas Inc. 6.65% Nov 03/27 720,000 893,729 917,728x
Enbridge Gas Inc. 6.10% May 19/28 298,000 360,151 370,721x
Enbridge Gas Inc. 4.50% Nov 23/43 1,491,000 1,829,948 1,850,840x
Enbridge Gas Inc. 4.00% Aug 22/44 1,439,000 1,650,878 1,668,330x
Enbridge Gas Inc. 3.59% Nov 22/47 1,441,000 1,562,289 1,584,347x
Enbridge Gas Inc. 3.51% Nov 29/47 1,439,000 1,538,953 1,563,903x
Enbridge Inc. 3.50% Jun 10/24** 517,000 624,977 700,551x
Enbridge Inc. 7.20% Jun 18/32 545,000 732,981 727,756x
Enbridge Inc. 4.24% Aug 27/42 9,515,000 9,840,852 9,929,521x
Enbridge Inc. 4.57% Mar 11/44 2,270,000 2,404,120 2,487,362x
Enbridge Inc. 4.87% Nov 21/44 9,657,000 10,985,305 11,028,244x
Enbridge Pipelines Inc. 8.20% Feb 15/24 218,000 287,747 263,664x
EUROFIMA 4.55% Mar 30/27 6,729,000 7,619,261 7,738,084x
First National Canadian Mortgage Pools 2.40% Feb 01/24 7,183,239 7,261,177 7,249,325x
First National Canadian Mortgage Pools 2.65% Oct 01/27 771,820 770,908 784,449x
Ford Credit Canada Company 5.00% Jan 10/22 18,196,000 18,211,206 18,766,387x
Ford Credit Canada Company 5.19% Mar 21/24 38,255,000 38,255,185 39,358,274x
Ford Motor Credit Company LLC 5.18% Jan 07/22** 18,558,000 25,019,896 24,909,938x
GE Capital Canada Funding Company 4.60% Jan 26/22 32,556,000 32,571,951 33,677,514x
GE Capital Canada Funding Company 2.32% Feb 15/22 11,249,000 11,023,723 11,101,699x
GE Capital Canada Funding Company 3.17% Feb 06/23 27,049,000 27,588,500 27,205,073x
GE Capital Canada Funding Company 5.73% Oct 22/37 654,000 625,558 737,992x
General Electric Company 2.80% Apr 15/20** 769,000 995,653 999,905x
General Electric Company 2.89% Mar 15/23** 3,771,000 4,756,497 4,917,413x
General Electric Company 3.00% Apr 15/23** 1,956,000 2,477,496 2,542,048x
General Electric Company 2.27% May 05/26** 8,523,000 9,853,542 10,519,275x
General Electric Company 5.88% Jan 14/38** 3,285,000 4,174,982 5,192,900x
General Electric Company Jan 10/39** 1,435,000 1,945,480 2,494,501x
Greater Toronto Airports Authority 2.73% Apr 03/29 3,900,000 4,073,327 3,979,606x
Greater Toronto Airports Authority 6.45% Jul 30/29 4,815,894 5,866,980 5,779,799x
Greater Toronto Airports Authority 2.75% Oct 17/39 17,800,000 17,775,436 17,667,601x
Heathrow Funding Limited 3.00% Jun 17/23 2,063,000 2,089,912 2,084,235x
Heathrow Funding Limited 3.25% May 21/27 9,159,000 9,509,922 9,393,725
41
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Honda Canada Finance Inc. 2.50% Apr 17/20 10,196,000 10,208,145 10,209,387x
Honda Canada Finance Inc. 2.35% Aug 28/20 13,140,000 13,192,486 13,167,430x
Honda Canada Finance Inc. 2.30% Dec 18/20 20,092,000 20,124,571 20,125,625x
Honda Canada Finance Inc. 2.38% Sep 13/21 350,000 350,000 351,047x
Hydro One Inc. 1.62% Apr 30/20 4,531,000 4,507,982 4,526,523x
Hydro One Inc. 7.35% Jun 03/30 2,303,000 3,328,088 3,239,365x
Hydro One Inc. 6.93% Jun 01/32 1,152,000 1,678,810 1,637,704x
InPower BC General Partnership 4.47% Mar 31/33 2,691,798 2,803,499 2,886,666x
Kaupthing ehf. 0.00% Jan 18/31* 6,139 - 11,880x
KfW 1.38% Jan 28/20 5,432,000 5,396,036 5,429,987x
KfW 5.05% Feb 04/25 3,773,000 4,552,526 4,306,601x
Kraft Canada Inc. 3.02% Jul 06/20 35,924,000 36,007,368 36,072,366x
Lehman Brothers Holdings Inc. 4.85% Dec 31/99** 639,000 - 12,447x
Lloyds Bank PLC 2.38% May 07/21** 2,767,000 3,598,559 3,605,665x
Lloyds Bank PLC 2.53% Jul 11/23 69,477,000 69,477,000 69,165,048x
Lloyds Banking Group PLC 3.50% Feb 03/25 5,648,000 5,693,976 5,787,702x
Loblaw Companies Limited 0.00% Jun 07/25 1,662,000 1,372,356 1,392,177x
Loblaw Companies Limited 0.00% Jun 07/26 1,381,000 1,093,125 1,110,355x
Loblaw Companies Limited 0.00% May 23/27 3,262,000 2,474,735 2,422,398x
Loblaw Companies Limited 4.49% Dec 11/28 2,685,000 2,685,000 2,958,790x
Loblaw Companies Limited 6.50% Jan 22/29 1,586,000 1,991,257 1,971,846x
Loblaw Companies Limited 6.85% Mar 01/32 1,550,000 1,930,023 2,035,531x
Loblaw Companies Limited 6.54% Feb 17/33 3,751,000 4,638,027 4,871,046x
Loblaw Companies Limited 6.05% Jun 09/34 2,879,000 3,504,693 3,640,124x
Loblaw Companies Limited 6.15% Jan 29/35 1,270,000 1,508,878 1,626,881x
Loblaw Companies Limited 5.90% Jan 18/36 7,919,000 10,131,566 10,039,137x
Loblaw Companies Limited 6.45% Mar 01/39 684,000 843,743 940,077x
Magna International, Inc. 3.10% Dec 15/22 12,314,000 12,466,218 12,498,575x
Maple Leaf Sports & Entertainment, Ltd. 4.94% Jun 30/23 500,000 499,880 519,791x
Maxar Technologies Ltd. Term Loan B 0.00% Oct 04/24** 11,438,874 12,263,085 14,327,898x
MCAP Service 2.45% Apr 01/21 1,804,642 1,804,227 1,813,175x
MCAP Service 2.19% Mar 01/23 3,171,201 3,176,402 3,181,761x
MCAP Service 1.90% Dec 01/23 10,680,684 10,612,068 10,619,441x
MCAP Service 2.05% May 01/24 14,037,404 14,003,714 14,036,267x
Merrill Lynch 2.27% Aug 01/20 1,133,857 1,123,595 1,135,524x
Merrill Lynch 2.17% May 01/22 9,982,486 9,947,847 10,009,739x
Merrill Lynch 2.17% Jun 01/22 5,254,041 5,237,280 5,268,920x
Merrill Lynch Canadian Mortgage Pools 2.36% Oct 01/20 2,092,636 2,080,185 2,097,225x
Merrill Lynch Financial Asset Inc. 6.67% May 07/21 308,060 334,581 314,306x
Merrill Lynch Inc. 2.07% Jun 01/20 4,728,786 4,714,507 4,728,621x
Merrill Lynch Mortgage Investors Trust 2.32% Jun 01/21 2,266,365 2,255,418 2,266,147x
Metro Inc. 5.03% Dec 01/44 394,000 470,684 475,943x
Metro Inc. 4.27% Dec 04/47 3,530,000 3,844,945 3,857,290x
Metropolitan Life Global Funding I 1.88% Apr 16/20 9,375,000 9,313,173 9,371,222x
Metropolitan Life Global Funding I 3.03% Jun 11/20 7,083,000 7,204,876 7,114,026x
Metropolitan Life Global Funding I 3.11% Apr 16/21 37,233,000 37,829,884 37,657,505x
NAV Canada 7.56% Mar 01/27 1,263,600 1,549,928 1,486,049x
NAV Canada 7.40% Jun 01/27 8,531,000 11,703,345 11,406,986x
NAV Canada 3.29% Mar 30/48 3,159,000 3,560,825 3,464,894x
Navient Corporation 5.63% Jan 25/25** 902,000 849,878 1,113,685x
Navient Corporation 5.63% Aug 01/33** 3,668,000 4,129,173 4,107,312
42
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Nederlandse Waterschapsbank NV 5.20% Mar 31/25 598,000 692,550 680,891x
Nederlandse Waterschapsbank NV 4.55% Mar 16/29 2,563,000 2,926,760 3,020,008x
New Brunswick FM Project Inc. 6.47% Nov 30/27 2,650,449 3,206,719 3,076,081x
North Battleford Power LP 4.96% Dec 31/32 5,098,992 5,637,595 5,683,427x
NOVA Gas Transmission Ltd. 9.90% Dec 16/24 453,000 619,092 596,614x
Ornge Issuer Trust 5.73% Jun 11/34 3,656,921 4,236,147 4,251,274x
Pembina Pipeline Corporation 3.71% Aug 11/26 205,000 200,902 213,079x
Pembina Pipeline Corporation 3.31% Feb 01/30 10,534,000 10,525,994 10,497,053x
Pembina Pipeline Corporation 4.75% Apr 30/43 1,100,000 1,223,035 1,206,565x
Pembina Pipeline Corporation 4.74% Jan 21/47 1,177,000 1,317,863 1,293,231x
Pembina Pipeline Corporation 4.75% Mar 26/48 1,531,000 1,664,151 1,688,327x
Pembina Pipeline Corporation 4.54% Apr 03/49 6,235,000 6,704,474 6,674,127x
PepsiCo, Inc. 2.15% May 06/24 22,385,000 22,171,172 22,312,764x
Plenary Properties LTAP LP 6.29% Jan 31/44 858,971 1,099,597 1,138,264x
Postmedia Network Inc. 8.25% Jul 15/23 4,536,915 4,598,688 4,516,635x
PSPIB-RE Summit Inc. 3.27% Jun 12/43 2,998,100 3,019,141 3,000,198x
Republic of Austria 5.38% Dec 01/34 8,043,000 10,308,231 10,739,219x
Royal Bank of Canada 1.59% Mar 23/20 601,000 592,680 600,590x
Royal Bank of Canada 2.41% Mar 23/20 5,093,000 5,095,376 5,097,763x
Royal Bank of Canada 2.20% Jun 27/23 53,246,000 53,246,000 53,380,554x
Royal Bank of Canada 2.16% Jun 29/85** 2,520,000 1,731,786 2,576,972x
Royal Bank of Scotland Group PLC 3.38% May 15/23** 225,000 288,557 295,523x
Royal Bank of Scotland Group PLC 5.13% May 28/24** 822,000 891,661 1,157,272x
Scotia Capital Canadian Mortgage Pools 2.05% Feb 01/24 13,419,501 13,371,057 13,401,412x
Shaw Communications Inc. 6.75% Nov 09/39 25,052,000 31,287,777 33,793,485x
SNC-Lavalin Group Inc. 2.69% Nov 24/20 7,636,000 7,637,031 7,626,012x
SNC-Lavalin Group Inc. 2.51% Mar 02/21 1,557,000 1,559,049 1,545,229x
SNC-Lavalin Group Inc. 3.24% Mar 02/23 1,656,000 1,622,738 1,628,656x
Sobeys Inc. 4.70% Aug 08/23 13,480,000 13,880,487 14,266,296x
Sobeys Inc. 6.06% Oct 29/35 3,460,000 3,527,773 4,081,883x
Sobeys Inc. 5.79% Oct 06/36 4,600,000 4,668,983 5,285,351x
Sobeys Inc. 6.64% Jun 07/40 1,887,000 1,971,106 2,403,267x
Spy Hill Power LP 4.14% Mar 31/36 403,960 442,950 427,621x
SSL Robotics LLC 9.75% Dec 31/23** 44,791,000 58,057,960 63,398,055x
Strait Crossing Development Inc. 6.17% Sep 15/31 2,524,755 2,731,638 2,751,493x
Stuart Olson Inc. 7.00% Sep 20/24 4,621,000 4,621,000 4,195,406x
Sun Life Assurance Company of Canada 6.30% May 15/28 3,470,000 4,297,354 4,366,142x
TELUS Communications Inc. 8.80% Sep 22/25 2,572,000 3,679,557 3,313,447x
TELUS Corporation 4.85% Apr 05/44 5,900,000 6,797,390 6,719,266x
TELUS Corporation 4.70% Mar 06/48 5,340,000 6,108,853 6,006,241x
The Bank of Nova Scotia 1.95% Nov 01/22 12,550,540 12,315,845 12,526,405x
The Bank of Nova Scotia 2.16% Aug 31/85** 4,000,000 3,300,829 4,350,143x
The Manufacturers Life Insurance Company 2.64% Jan 15/25 20,982,000 21,010,306 20,985,269x
The Manufacturers Life Insurance Company 2.10% Jun 01/25 26,062,000 25,863,354 26,052,004x
The Manufacturers Life Insurance Company 2.39% Jan 05/26 4,391,000 4,348,796 4,396,889x
The Manufacturers Life Insurance Company 3.18% Nov 22/27 3,736,000 3,830,464 3,819,547x
The Toronto-Dominion Bank 1.68% Jun 08/21 53,258,000 52,722,599 53,025,465x
The Toronto-Dominion Bank 2.38% Jun 28/23 33,505,000 33,520,257 33,785,564x
TransCanada PipeLines Limited 8.29% Feb 05/26 2,500,000 3,256,700 3,222,670x
TransCanada PipeLines Limited 7.90% Apr 15/27 3,387,000 4,535,109 4,417,173x
TransCanada PipeLines Limited 6.89% Aug 07/28 550,000 677,545 697,093
43
COMPASS BALANCED PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
TransCanada PipeLines Limited 4.55% Nov 15/41 1,726,000 1,910,337 1,914,764x
TransCanada PipeLines Limited 4.18% Jul 03/48 10,876,000 11,262,967 11,538,345x
TransCanada PipeLines Limited 4.12% May 15/67** 19,500,000 22,822,071 21,224,159x
TWDC Enterprises 18 Corp. 2.76% Oct 07/24 33,221,000 33,090,625 33,967,044x
UniCredit SPA 5.90% Jan 14/22** 14,039,000 18,639,580 19,116,747x
UniCredit SPA 3.75% Apr 12/22** 13,019,000 16,280,191 17,330,714x
UniCredit SPA 4.63% Apr 12/27** 8,158,000 10,620,337 11,236,254x
University Health Network 5.64% Dec 08/22 1,407,914 1,562,219 1,475,715x
University of Ontario Institute of Technology 6.35% Oct 15/34 1,435,888 1,686,776 1,714,327x
Videotron, Ltd. 5.63% Jun 15/25 6,931,000 7,200,468 7,470,318x
Videotron, Ltd. 5.75% Jan 15/26 6,429,000 6,771,680 6,762,504x
Videotron, Ltd. 4.50% Jan 15/30 9,632,000 9,632,000 9,760,828x
VW Credit Canada, Inc. 2.57% Mar 30/20 11,480,000 11,491,587 11,488,634x
VW Credit Canada, Inc. 2.60% Nov 13/20 1,725,000 1,725,086 1,726,975x
VW Credit Canada, Inc. 2.74% Sep 27/21 13,564,000 13,576,589 13,607,431x
Westcoast Energy Inc. 8.85% Jul 21/25 1,160,000 1,533,613 1,516,021x
WTH Car Rental ULC Series 2018-1 Cl. A 3.28% Jul 20/23 5,273,000 5,339,872 5,396,734x
WTH Car Rental, ULC 1.91% Jul 20/20 3,239,000 3,187,035 3,236,085x
WTH Car Rental, ULC 2.78% Jan 20/25 3,926,000 3,953,849 3,948,874x
Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 5,004,684 4,594,520 5,104,778xxx
2,116,214,194 2,145,893,472xx
Short Term Investments: (0.50%)x
Government of Canada 1.56% Jan 23/20 9,860,000 $ 9,850,318 $ 9,850,318x
Government of Canada 1.62% Feb 20/20 61,000 60,862 60,862x
Government of Canada 1.62% Mar 05/20 9,861,000 9,832,602 9,832,602x
Government of Canada 1.63% Mar 19/20 231,000 230,187 230,187x
Government of Canada 1.65% Apr 02/20 2,077,000 2,068,317 2,068,317x
Province of Ontario Treasury Bill 1.73% Jan 29/20 100,000 99,863 99,863x
Province of Quebec Treasury Bill 1.80% Mar 06/20 150,000 149,512 149,513x
Province of Saskatchewan 1.72% Feb 11/20 700,000 698,620 698,620x
The Toronto-Dominion Bank 1.23% Jan 03/20 700,000 699,929 699,929x
United States Treasury Bill 1.46% Jan 23/20 591,000 782,544 766,740x
United States Treasury Bill 1.52% Mar 12/20 2,277,000 2,993,405 2,947,940xxx
27,466,159 27,404,891xxx
Total Investments: 99.39% $ 4,696,489,095 $ 5,449,155,571xxx
Forward currency contracts: 0.23% (Note 10) 12,499,559x
Other Net Assets (Liabilities): 0.38% 20,694,892xxx
Net Assets: 100% $ 5,482,350,022xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
44
COMPASS BALANCED GROWTH PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 2,673,102,896 $ 2,282,142,245x
Cash 10,181,210 10,884,560x
Amount receivable for units issued 3,479,200 1,655,819x
Amount receivable for securities sold - 5,932,378x
Dividends and distributions receivable 1,835,408 1,891,440x
Interest receivable 3,520,586 3,358,768x
Amount receivable on open forward contracts (Note 10) 6,797,961 39xxx
Total Assets 2,698,917,261 2,305,865,249xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 2,146,472 190,391x
Amount payable on open forward contracts (Note 10) 6,711 9,196,504x
Amount payable for units redeemed 3,189,667 1,378,484x
Accrued expenses 1,037,647 906,457x
Distribution payable 694,719 450,677xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
7,075,216 12,122,513
xxx
Net assets attributable to holders of redeemable units $ 2,691,842,045 $ 2,293,742,736xxx
Net assets attributable to holders of redeemable units, Series A $ 1,226,302,446 $ 1,060,635,341x
Redeemable units outstanding, Series A 52,538,536 50,799,478x
Net assets attributable to holders of redeemable units per unit, Series A $ 23.34 $ 20.88xxx
Net assets attributable to holders of redeemable units, Series O $ 793,422,065 $ 657,669,191x
Redeemable units outstanding, Series O 32,580,297 30,223,705x
Net assets attributable to holders of redeemable units per unit, Series O $ 24.35 $ 21.76xxx
Net assets attributable to holders of redeemable units, Series F1 $ 672,117,534 $ 575,438,204x
Redeemable units outstanding, Series F1 28,052,727 26,849,610x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 23.96 $ 21.43xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
45
COMPASS BALANCED GROWTH PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 21,954,327 $ 19,557,053x
Income distribution from underlying funds 25,022,362 23,811,554x
Interest for distribution purposes 20,969,221 14,476,053x
Management fee distribution from underlying funds 105,391 127,060x
Net realized gain on sale of investments 77,677,754 69,035,439x
Net change in unrealized appreciation (depreciation) on investments 200,099,927 (200,198,438)x
Capital gain distribution from underlying funds 27,787,039 31,909,647xxx
Net gain (loss) on investments 373,616,021 (41,281,632)xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts (1,087,418) (11,307,202)x
Net change in unrealized appreciation (depreciation) on forward contracts 15,987,715 (12,577,987)xxx
Net gain (loss) on derivatives 14,900,297 (23,885,189)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions (46,712) 676,476x
Net change in unrealized appreciation (depreciation) on foreign currency translations (50,991) 40,719xxx
Other Income (97,703) 717,195xxx
Total Income (net) 388,418,615 (64,449,626)xxx
Expensesx
Management fees (Note 5) 24,834,361 23,257,744x
Administration expense (Note 8) 112,386 96,974x
Independent review committee fees (Note 8) 3,490 3,174x
Transfer agent expense 1,097,016 992,383x
Audit fees 62,593 47,292x
Legal fees 6,864 8,526x
Custodian fees 398,814 391,549x
Securityholder reporting fees 178,017 131,091x
Miscellaneous expenses - 3,096x
Bank charges 2,735 4,969x
Withholding taxes 1,112,911 865,547x
Transaction costs (Note 7) 927,731 793,450xxx
Total Expenses 28,736,918 26,595,795xxx
Increase (decrease) in net assets attributable to holders of redeemable units 359,681,697 (91,045,421)xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 155,698,954 $ (49,334,869)x
Series O 111,694,664 (19,322,265)x
Series F1 92,288,079 (22,388,287)xxx
Total increase (decrease) in net assets attributable to holders of redeemable units 359,681,697 (91,045,421)xxx
Weighted average number of redeemable units per Seriesx
Series A 50,988,010 48,452,671x
Series O 30,789,837 27,653,949x
Series F1 27,291,121 23,359,407x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 3.05 $ (1.02)x
Series O $ 3.63 $ (0.70)x
Series F1 $ 3.38 $ (0.96)xxx
See accompanying notes to financial statements
46
COMPASS BALANCED GROWTH PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 1,060,635,341 $ 1,085,482,200x
Series O $ 657,669,191 $ 624,583,233x
Series F1 $ 575,438,204 $ 462,412,793x
Increase (decrease) in net assets attributable to holders of redeemable unitsx
Series A 155,698,954 (49,334,869)x
Series O 111,694,664 (19,322,265)x
Series F1 92,288,079 (22,388,287)x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (6,309,446) (10,026,145)x
Series O (17,167,807) (17,894,659)x
Series F1 (10,309,102) (10,647,970)x
Capital gainsx
Series A (24,446,748) (30,805,096)x
Series O (15,742,918) (18,316,831)x
Series F1 (13,450,285) (14,990,838)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 206,572,697 228,617,765x
Series O 117,723,258 106,325,314x
Series F1 155,328,123 222,583,446x
Reinvestment of distributions to holders of redeemable unitsx
Series A 30,812,781 40,788,474x
Series O 32,325,347 35,826,558x
Series F1 23,599,670 25,616,577x
Payments for redeemable units redeemedx
Series A (196,661,133) (204,086,988)x
Series O (93,079,670) (53,532,159)x
Series F1 (150,777,155) (87,147,517)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 1,226,302,446 $ 1,060,635,341x
Series O $ 793,422,065 $ 657,669,191x
Series F1 $ 672,117,534 $ 575,438,204x
xxx
Redeemable units outstanding, beginning of yearx
Series A 50,799,478 47,767,503x
Series O 30,223,705 26,388,114x
Series F1 26,849,610 19,898,875x
Redeemable units issuedx
Series A 9,101,099 9,998,745x
Series O 4,925,629 4,425,880x
Series F1 6,641,331 9,478,788x
Reinvested from distributions to holders of redeemable unitsx
Series A 1,315,595 1,953,567x
Series O 1,322,061 1,646,432x
Series F1 981,431 1,195,255x
Redeemable units redeemedx
Series A (8,677,636) (8,920,337)x
Series O (3,891,098) (2,236,721)x
Series F1 (6,419,645) (3,723,308)x
xxx
Redeemable units outstanding, end of yearx
Series A 52,538,536 50,799,478x
Series O 32,580,297 30,223,705x
Series F1 28,052,727 26,849,610xxx
See accompanying notes to financial statements
47
COMPASS BALANCED GROWTH PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase (decrease) in net assets attributable to holders of redeemable units $ 359,681,697 $ (91,045,421)x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 419 (310)x
Non-cash distributions from underlying funds (25,561,035) (21,716,529)x
Proceeds from sale of investments 1,050,393,624 836,288,525x
Purchase of investments (1,129,937,492) (1,083,423,250)x
Net realized gain on sale of investments (77,677,754) (69,035,439)x
Net change in unrealized (appreciation) depreciation on investments (200,099,927) 200,198,438x
Net change in unrealized (appreciation) depreciation on forward contracts (15,987,715) 12,577,987x
Dividend income, net of withholding taxes (20,841,416) (18,691,506)x
Dividend received, net of withholding taxes 20,897,448 18,690,685x
Interest for distribution purposes (20,966,486) (14,471,084)x
Interest received (paid) 20,804,668 13,365,603x
Amortization income (189,608) (106,027)xxx
(39,483,577) (217,368,328)xxx
Net change in non-cash working capital 131,190 (16,514)x
Net Cash used in operating activities (39,352,387) (217,384,842)xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 294,443,193 379,520,172x
Distributions to holders of redeemable units, net of reinvested distributions (444,466) 747x
Payment on redemption of redeemable units* (255,349,271) (164,950,285)x
Net Cash from financing activities 38,649,456 214,570,634xxx
Unrealized foreign exchange gain (loss) on cash (419) 310x
Net decrease in cash during the year (703,350) (2,813,898)xxx
Cash, beginning of year 10,884,560 13,698,458xxx
Cash, end of year $ 10,181,210 $ 10,884,560xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $183,357,504 (2018 - $179,006,966) and $(183,357,504) (2018 - $(179,006,966)),respectively.
x
See accompanying notes to financial statements
48
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (25.60%)x
3M Co. 7,590 $ 1,707,064 $ 1,738,795x
A.O. Smith Corporation 31,206 2,005,499 1,930,494x
Absolute Software Corporation 12,950 99,181 112,665x
Accenture PLC Cl. A 2,100 533,069 574,215x
Adyen NV 517 513,465 550,482x
AIA Group Limited 101,000 1,228,562 1,376,790x
Air Liquide SA 17,084 2,541,278 3,140,395x
Alaris Royalty Corp. 9,829 240,736 215,550x
Alcon Inc. 5,058 390,606 371,905x
ALD SA 52,342 1,071,871 1,055,168x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 286,577 9,877,068 11,809,838x
Allegion PLC 16,339 2,351,026 2,642,366x
Allergan PLC 4,144 901,823 1,028,722x
Alphabet Inc. Cl. C 5,600 9,182,962 9,722,649x
AltaGas Canada Inc. 6,670 173,783 222,578x
Altus Group, Ltd. 15,320 412,489 581,547x
Amadeus IT Group, SA 10,861 1,192,825 1,151,693x
Amazon.com, Inc. 1,224 2,922,557 2,937,003x
AmerisourceBergen Corporation 10,709 1,198,273 1,182,303x
AMETEK, Inc. 48,960 5,943,071 6,341,171x
Amphenol Corp. Cl. A 30,229 3,936,395 4,248,446x
Andlauer Healthcare Group Inc. 6,075 102,984 121,804x
Andrew Peller Limited Cl. A 15,616 212,694 184,425x
Anheuser-Busch InBev SA 11,487 1,238,651 1,216,567x
Ansys Inc. 19,730 5,569,720 6,594,945x
Aon PLC Cl. A 17,000 3,495,175 4,598,075x
AptarGroup, Inc. 33,390 5,027,405 5,013,120x
ASSA ABLOY AB Series B 87,650 2,284,761 2,661,242x
ATS Automation Tooling Systems Inc. 70,940 1,090,231 1,520,244x
Badger Daylighting, Ltd. 4,913 167,264 172,643x
Bank of Montreal 160,037 15,848,599 16,106,124x
Baxter International Inc. 33,220 3,539,521 3,607,185x
BCE Inc. 24,897 1,431,847 1,497,804x
Becton, Dickinson and Company 20,530 6,616,402 7,250,511x
BlackRock, Inc. 3,000 1,868,101 1,958,343x
Booking Holdings Inc. 1,180 2,911,949 3,146,908x
Brookfield Asset Management Inc. Cl. A Limited Voting 93,003 5,771,683 6,978,015x
Bunzl PLC 70,767 2,674,700 2,513,589x
CAE Inc. 93,068 3,302,169 3,199,678x
Calian Group, Ltd. 5,741 196,892 221,028x
Canadian Imperial Bank of Commerce 119,927 13,175,929 12,959,312x
Canadian National Railway Company 123,425 12,834,073 14,498,735x
Canadian Natural Resources Ltd. 318,022 11,850,753 13,356,924x
Canadian Pacific Railway Company 27,070 6,248,105 8,960,982x
Canadian Tire Corporation, Limited Cl. A 64,180 9,083,312 8,969,155x
Canadian Western Bank 8,062 229,880 257,097x
CCL Industries Inc. Cl. B 93,546 4,992,254 5,174,965x
Cerner Corporation 7,970 725,613 759,546x
CES Energy Solutions Corp. 101,593 456,839 236,712x
CGI Inc. 15,290 1,590,265 1,661,564x
China Mobile Limited 81,500 1,003,145 889,594
49
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Cinemark Holdings, Inc. 19,770 974,464 869,008x
ClearStream Energy Services Inc. 110,334 50,754 4,965x
ClearStream Energy Services Inc. Preferred 1,881 1,883,412 1,881,000x
CME Group Inc. Cl. A 25,380 6,662,711 6,615,169x
Cogeco Inc. 5,650 432,212 588,108x
Colliers International Group Inc. 5,136 378,049 519,250x
Comcast Corporation Cl. A 117,630 6,904,523 6,869,097x
Compass Group PLC 59,758 1,857,841 1,942,680x
Constellation Software Inc. 1,364 811,078 1,720,222x
Cott Corporation 183,468 3,157,127 3,254,722x
Croda International PLC 20,272 1,675,039 1,785,295x
CSX Corporation 16,855 1,642,332 1,583,748x
Currency Exchange International, Corp. 1,723 44,723 31,014x
Danaher Corporation 2,990 553,162 595,911x
DBS Group Holdings Limited 70,500 1,634,194 1,761,594x
DENTSPLY SIRONA, Inc. 16,205 1,204,357 1,190,824x
Deutsche Boerse AG 9,216 1,583,121 1,881,356x
Diageo PLC 20,790 1,119,027 1,144,500x
Ecolab Inc. 8,570 2,146,330 2,147,703x
Element Fleet Management Corp. 47,789 435,984 529,980x
Enbridge Inc. 167,492 8,001,701 8,647,612x
Enghouse Systems Limited 124,532 4,842,374 5,999,952x
Equitable Group Inc. 6,874 445,987 751,672x
FactSet Research Systems Inc. 3,120 1,092,993 1,087,011x
Fairfax India Holdings Corporation 52,220 970,428 867,972x
Fastenal Company 37,200 1,813,643 1,784,909x
Finning International Inc. 194,457 4,987,565 4,919,762x
First National Financial Corporation 2,865 92,262 109,099x
FirstService Corporation 2,757 253,357 333,294x
Fortis Inc. 234,174 11,573,686 12,617,295x
FUCHS PETROLUB SE 16,736 940,656 973,876x
FUCHS PETROLUB SE Preferred 19,925 1,201,693 1,281,630x
Fuyao Glass Industry Group Co., Ltd. Cl. H 142,800 603,015 567,557x
GDI Integrated Facility Services Inc., Sub. Voting 8,663 131,659 293,069x
Gildan Activewear Inc. Cl. A 169,750 6,227,295 6,516,703x
Gilead Sciences, Inc. 34,690 3,008,796 2,927,135x
Glanbia PLC 73,513 1,620,679 1,098,618x
Great-West Lifeco Inc. 115,205 3,818,205 3,831,718x
Halma PLC 48,129 1,144,728 1,751,725x
HLS Therapeutics Inc. 18,621 324,423 474,836x
Hologic, Inc. 34,640 2,164,202 2,348,498x
Hydro One Limited 47,122 1,065,294 1,181,820x
iA Financial Corporation Inc. 10,049 481,648 716,795x
IAA, Inc. 73,495 3,834,596 4,491,262x
IHS Markit, Ltd. 8,500 572,783 831,689x
Intact Financial Corporation 87,276 11,918,854 12,255,296x
Intercontinental Exchange, Inc. 36,560 4,309,610 4,393,810x
InterContinental Hotels Group PLC 26,883 2,079,403 2,408,197x
Intertape Polymer Group Inc. 11,247 227,852 186,925x
Intertek Group PLC 27,998 2,205,935 2,818,219x
Intuit Inc. 11,110 3,800,501 3,778,835
50
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Jamieson Wellness, Inc. 19,144 390,458 492,958x
Japan Exchange Group, Inc. 69,800 1,545,306 1,609,984x
Johnson & Johnson 28,400 5,064,618 5,379,513x
JPMorgan Chase & Co. 31,970 5,136,181 5,787,141x
KAR Auction Services, Inc. 50,760 1,513,613 1,436,275x
Kerry Group PLC Cl. A 6,047 838,895 978,564x
Kinaxis Inc. 2,470 166,458 247,049x
Knight Therapeutics Inc. 805 6,637 6,102x
Kone OYJ Series B 12,903 832,221 1,095,332x
Legrand SA 14,179 1,334,398 1,500,226x
LG Household & Health Care, Ltd. Preferred 1,451 1,134,144 1,256,185x
Linde Public Limited Company 11,450 2,987,386 3,165,482x
LKQ Corporation 19,770 818,362 916,502x
Loblaw Companies Limited 75,869 4,309,291 5,083,223x
LVMH Moet Hennessy Louis Vuitton SA 4,412 2,399,758 2,661,834x
Magna International Inc. 88,000 6,166,275 6,265,600x
Mainstreet Equity Corp. 8,859 361,607 699,861x
Manulife Financial Corporation 76,343 1,833,365 2,012,401x
Marsh & McLennan Companies, Inc. 71,530 9,539,627 10,348,349x
MasterCard Incorporated Cl. A 12,186 4,315,594 4,724,927x
Metro Inc. 72,175 3,988,075 3,867,858x
Microsoft Corporation 38,310 7,046,021 7,845,173x
Morguard Corporation 428 84,759 86,028x
Morneau Shepell, Inc. 15,860 321,559 535,909x
MTY Food Group Inc. 13,201 662,713 732,523x
National Bank of Canada 200,344 14,150,765 14,440,796x
Neo Performance Materials Inc. 20,990 239,859 259,227x
Nestlé SA 11,557 1,625,641 1,624,787x
New Look Vision Group Inc. Cl. A 11,432 367,632 370,397x
NFI Group Inc. 134,277 3,878,923 3,578,482x
Nielsen Holdings PLC 21,490 623,953 566,489x
Nike Inc. Cl. B 39,050 4,573,417 5,137,266x
Nomura Research Institute, Ltd. 43,800 1,203,677 1,223,848x
Novartis AG ADR 16,660 1,925,549 2,048,509x
Novozymes A/S Series B 18,195 1,151,760 1,156,201x
Nutrien Ltd. 78,266 4,938,907 4,865,797x
Onex Corporation 8,530 644,250 700,910x
Open Text Corporation 70,170 3,001,805 4,015,127x
Oracle Corporation 6,431 476,697 442,435x
Parkland Fuel Corporation 109,248 4,243,155 5,212,222x
Paychex, Inc. 34,260 3,833,256 3,784,177x
PayPal Holdings, Inc. 7,320 1,030,669 1,028,198x
People Corporation 35,740 280,858 358,472x
PepsiCo, Inc. 15,790 2,769,374 2,802,296x
Photon Control Inc. 69,510 135,763 95,924x
Power Corporation of Canada 105,012 3,359,081 3,512,651x
PPG Industries Inc. 2,992 479,446 518,644x
PrairieSky Royalty Ltd. 25,830 694,129 393,391x
Quebecor Inc. Cl. B 96,162 3,220,570 3,186,809x
Rathbone Brothers PLC 25,472 981,052 933,224x
Recipe Unlimited Corp. 8,984 229,282 175,008
51
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Recordati SPA 29,818 1,626,297 1,631,756x
RELX PLC 82,681 2,236,220 2,709,930x
Restaurant Brands International Inc. 42,263 3,682,383 3,498,531x
Richards Packaging Income Fund 8,960 299,903 408,486x
Richelieu Hardware Ltd. 61,325 1,560,420 1,663,747x
Roche Holding AG 5,017 1,653,669 2,113,717x
Rogers Communications Inc. Cl. B 69,279 4,105,699 4,467,110x
Royal Bank of Canada 164,915 16,938,153 16,945,016x
RPM International, Inc. 25,500 2,332,572 2,541,756x
S&P Global, Inc. 13,170 4,216,931 4,669,675x
Sampo OYJ Series A 32,634 1,965,142 1,849,554x
Samsung Electronics Co., Ltd. GDR Preferred 954 974,664 1,201,652x
Sangoma Technologies Corporation 44,582 59,193 111,009x
SAP SE 9,911 1,708,474 1,736,963x
Saputo Inc. 248,808 10,080,125 10,002,082x
Savaria Corporation 32,890 480,146 458,816x
Sekisui Chemical Co., Ltd. 68,200 1,429,572 1,551,888x
Seven & I Holdings Co., Ltd. 35,700 1,972,761 1,707,901x
SGS SA 345 1,164,243 1,227,162x
Shaw Communications Inc. Cl. B Non-Voting 63,715 1,706,800 1,678,890x
ShawCor Ltd. 19,401 384,259 243,095x
Shenandoah Telecommunications Company 18,340 918,967 990,959x
Shopify Inc. Cl. A 2,780 448,953 1,435,314x
Sika AG 7,412 1,265,792 1,808,514x
Sleep Country Canada Holdings Inc. 22,960 593,428 464,022x
Spirax-Sarco Engineering PLC 9,769 1,129,754 1,493,810x
Stantec Inc. 94,643 3,232,018 3,473,398x
State Street Corporation 50,150 4,347,486 5,151,173x
Stella-Jones Inc. 94,454 3,715,053 3,543,914x
Stingray Group Inc. 25,220 223,307 180,071x
StorageVault Canada Inc. 100,179 342,446 371,664x
Sun Life Financial Inc. 133,000 8,067,918 7,874,930x
Suncor Energy Inc. 312,414 12,960,942 13,296,340x
Sylogist, Ltd. Cl. A 19,718 208,281 194,222x
Taiwan Semiconductor Manufacturing Company, Ltd. ADR 26,550 1,369,035 2,003,085x
TC Energy Corporation 173,193 11,505,799 11,978,028x
TELUS Corporation 231,543 11,234,356 11,641,982x
Tencent Holdings Limited 27,800 1,338,780 1,740,057x
Texas Instruments Incorporated 7,880 1,211,349 1,312,737x
The Bank of Nova Scotia 214,833 15,267,722 15,758,001x
The Descartes Systems Group Inc. 25,206 861,938 1,398,933x
The Hershey Company 19,580 3,637,949 3,737,056x
The Procter & Gamble Company 40,050 6,148,380 6,495,665x
The Sherwin-Williams Company 2,571 1,777,641 1,948,190x
The Toronto-Dominion Bank 145,497 10,172,805 10,596,547x
Thomson Reuters Corporation 60,941 4,874,626 5,660,809x
TMX Group Limited 18,770 1,266,431 2,110,687x
Topdanmark A/S 21,110 1,303,381 1,351,311x
Toromont Industries Ltd. 84,019 4,695,048 5,930,901x
TriMas Corporation 48,900 1,984,287 1,994,507x
Tsuruha Holdings, Inc. 15,500 2,104,443 2,597,100
52
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Union Pacific Corporation 9,320 2,152,484 2,188,008x
United Technologies Corporation 14,170 2,657,501 2,755,652x
Verisk Analytics, Inc. Cl. A 42,091 7,961,978 8,162,516x
Verizon Communications Inc. 72,610 5,648,299 5,789,266x
Visa Inc. Cl. A 38,590 8,860,050 9,415,865x
Wabtec Corporation 5,960 582,812 602,122x
Waters Corporation 19,120 5,401,340 5,801,127x
Wells Fargo & Company 56,560 3,772,682 3,951,394x
West Pharmaceutical Services, Inc. 7,255 1,295,768 1,416,256x
Willis Towers Watson PLC 19,340 4,734,202 5,071,512x
Winpak, Ltd. 10,940 507,991 513,961x
Wolters Kluwer NV 27,751 2,196,539 2,628,216x
Yellow Pages Limited 54,534 490,806 494,078xxx
642,775,966 689,293,470xx
Mutual Funds: (46.81%)x
BlackRock Canada Universe Bond Index Fund 2,866,451 $ 84,284,850 $ 84,837,370x
BlackRock CDN MSCI EAFE Equity Index Fund 4,440,959 77,298,205 91,204,174x
BlackRock CDN US Equity Index Fund 11,112,648 187,916,998 318,947,324x
Boyd Group Income Fund 5,460 519,676 1,102,920x
iShares Core MSCI EAFE ETF 530,340 43,192,862 44,929,027x
iShares Core S&P Small-Cap ETF 1,105,427 63,893,543 120,362,670x
Mawer Canadian Equity Fund 1,442,307 58,805,296 104,365,447x
Mawer Global Small Cap Fund 10,465,660 129,773,050 166,679,234x
Mawer International Equity Fund 4,277,949 184,249,008 261,263,762x
Mawer New Canada Fund 812,967 40,161,737 66,231,127xxx
870,095,225 1,259,923,055xx
Private Equities: (0.67%)x
Canadian Commercial Mortgage Origination Trust 3 Preferred 3,642 $ 3,642 $ 36x
Canadian Commercial Mortgage Origination Trust 4 Preferred 5,110 5,110 -x
Canadian Commercial Mortgage Origination Trust 5 Preferred 2,661 2,661 2,661x
Kensington Private Equity Fund IV 2,964,557 2,964,557 11,973,105x
KMC Holdings Limited Partnership 1,549,311 1,549,311 218,891x
TriWest Capital Partners Private Equity Fund III 6,560,106 6,560,106 2,524,526x
TriWest Capital Partners Private Equity Fund IV 2,730,160 2,730,160 3,389,755xxx
13,815,547 18,108,974xx
Real Estate Investment Trust (REITs): (2.22%)x
Allied Properties Real Estate Investment Trust 97,700 $ 3,296,876 $ 5,087,239x
Artis Real Estate Investment Trust 99,100 1,121,917 1,179,290x
Boardwalk Real Estate Investment Trust 62,525 2,906,717 2,871,773x
Canadian Apartment Properties Real Estate Investment Trust 134,016 5,097,858 7,104,188x
Choice Properties Real Estate Investment Trust 298,427 3,114,659 4,151,120x
Cominar Real Estate Investment Trust 147,900 1,666,035 2,094,264x
Crombie Real Estate Investment Trust 73,000 908,092 1,163,620x
CT Real Estate Investment Trust 216,640 3,225,360 3,496,570x
Dream Industrial Real Estate I 92,500 1,063,080 1,215,450x
Dream Office Real Estate Investment Trust 37,900 828,821 1,179,827x
First Capital Real Estate Investment Trust 86,780 1,775,519 1,793,743x
Granite Real Estate Investment Trust 43,896 2,395,992 2,896,258x
H&R Real Estate Investment Trust 399,435 8,266,577 8,428,079x
InterRent Real Estate Investment Trust 114,324 1,362,777 1,788,027
53
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Killam Apartment Real Estate Investment Trust 79,143 1,129,946 1,498,968x
Northview Apartment Real Estate Investment Trust 48,900 914,558 1,449,396x
NorthWest Healthcare Properties Real Estate Investment Trust 98,700 1,112,907 1,177,491x
RioCan Real Estate Investment Trust 255,300 5,784,097 6,831,828x
SmartCentres Real Estate Investment Trust 103,600 2,712,479 3,233,356x
Summit Industrial Income Real Estate Investment Trust 93,100 1,082,927 1,122,786xxx
49,767,194 59,763,273xx
Fixed Income: (23.58%)x
407 International Inc. 6.75% Jul 27/39 668,796 $ 900,339 $ 910,824x
407 International Inc. 4.19% Apr 25/42 1,880,000 2,276,624 2,219,775x
Anheuser-Busch InBev Finance Inc. 2.60% May 15/24 650,000 611,845 650,049x
Apple Inc. 2.51% Aug 19/24 18,858,000 18,706,855 19,049,255x
AT&T Inc. 3.07% Jun 12/24** 9,531,000 12,543,749 12,599,322x
AT&T Inc. 4.85% May 25/47 3,268,000 3,264,310 3,474,742x
AT&T Inc. 5.10% Nov 25/48 2,873,000 2,975,165 3,176,261x
Bank of Montreal 2.16% Feb 01/24 32,632,000 32,598,515 32,734,243x
Bank of Nova Scotia Canadian Mortgage Pools 6.45% Jan 01/25 1,040,117 1,216,261 1,201,953x
Bankers Hall LP 4.38% Nov 20/23 550,994 575,633 562,538x
BCE Coupon Strip 0.00% May 15/28 212,000 159,696 156,940x
BCE Coupon Strip 0.00% May 15/29 483,000 348,484 342,213x
BCE Coupon Strip 0.00% May 15/31 1,006,000 662,037 641,516x
Bell Canada 7.30% Feb 23/32 402,000 539,155 547,069x
Bell Canada 6.17% Feb 26/37 291,000 378,032 377,811x
Black Press Group Ltd. 0.00% Mar 29/24 2,254,733 2,254,733 1,994,650x
BNG Bank NV 5.15% Mar 07/25 230,000 273,572 261,619x
Bombardier Inc. 6.13% Jan 15/23 79,000 101,235 105,415x
British Columbia Ferry Services Inc. 5.02% Mar 20/37 1,300,000 1,723,345 1,666,119x
BZ Holdings 3.00% May 22/22** 754,000 921,086 979,107x
Canadian Commercial Mortgage Origination Trust 3 2.19% Jun 12/20 6,225,453 6,225,364 6,216,426x
Canadian Commercial Mortgage Origination Trust 3 0.29% Aug 12/20 16,437,686 370,203 11,506x
Canadian Commercial Mortgage Origination Trust 3 2.45% Aug 12/20 2,058,874 2,058,837 2,055,580x
Canadian Commercial Mortgage Origination Trust 3 2.69% Aug 12/20 1,074,187 1,074,181 1,072,006x
Canadian Commercial Mortgage Origination Trust 3 2.66% Sep 12/20 2,282,592 2,212,045 2,265,240x
Canadian Commercial Mortgage Origination Trust 3 2.66% Mar 12/21 1,711,732 1,052,027 1,558,374x
Canadian Commercial Mortgage Origination Trust 5 1.00% Jun 24/41 26,607,429 26,607,429 26,489,013x
Canadian Commercial Mortgage Origination Trust 4 0.32% May 12/50 42,960,606 776,002 642,691x
Canadian Commercial Mortgage Origination Trust 4 3.14% May 12/50 16,494,033 16,493,436 16,723,465x
Canadian Commercial Mortgage Origination Trust 4 3.55% May 12/50 18,393,611 17,841,730 18,622,408x
Canadian Commercial Mortgage Origination Trust 4 3.63% May 12/50 3,803,282 2,541,784 2,811,490x
Canadian Mortgage Pools 1.94% Jul 01/24 1,904,926 1,895,363 1,896,811x
Canadian Mortgage Pools 2.27% Jul 01/20 274,705 273,647 275,019x
Canadian Mortgage Pools 2.32% Sep 01/21 1,408,464 1,401,943 1,412,948x
Canadian Mortgage Pools 2.22% Oct 01/21 1,833,419 1,825,866 1,832,026x
Canadian Mortgage Pools 1.70% Feb 01/22 619,227 617,524 616,033x
Canadian Mortgage Pools 1.97% Sep 01/22 5,909,426 5,902,334 5,901,034x
Canadian Mortgage Pools 1.92% Jul 01/23 903,437 897,989 900,614x
Canadian Mortgage Pools 2.02% Nov 01/23 868,710 868,232 867,294x
Canadian Mortgage Pools 1.90% Jul 01/24 10,787,660 10,777,951 10,709,676x
Canadian Mortgage Pools 1.93% Jul 01/24 2,313,646 2,302,170 2,303,378x
Canadian Mortgage Pools 1.95% Jul 01/24 1,248,869 1,254,077 1,239,986x
Canadian Mortgage Pools 1.95% Aug 01/24 1,175,970 1,169,584 1,171,524
54
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Canadian Mortgage Pools 2.04% Aug 01/24 1,874,101 1,870,634 1,868,439x
Canadian Mortgage Pools 1.93% Sep 01/24 2,408,623 2,396,748 2,397,886x
Canadian Pacific Railway Company 6.91% Oct 01/24 404,663 474,436 451,062x
CBC Monetization Trust 4.69% May 15/27 330,071 366,963 358,524x
Cigna Corporation 2.89% Jul 15/23** 1,109,000 1,433,505 1,448,734x
ClearStream Energy Services Inc. 8.00% Mar 23/26 1,562,000 1,562,000 1,405,800x
CMLS Issuer Corp Series 2014-1 Cl. A2 3.42% Dec 12/47 8,939,008 8,801,591 8,984,573x
Cogeco Cable Inc. 5.15% Nov 16/20 1,299,000 1,369,603 1,329,530x
Cogeco Communications Inc. 4.93% Feb 14/22 3,367,000 3,607,269 3,525,353x
Cogeco Communications Inc. 4.18% May 26/23 8,597,000 8,861,343 8,956,457x
Commercial Mortgage Pass-Through Certificates 3.98% Dec 12/47 2,162,439 2,164,429 2,136,414x
Commercial Mortgage Pass-Through Certificates 4.14% Dec 12/47 2,941,220 2,838,039 2,797,363x
CSS FSCC Partnership 6.92% Jul 31/42 1,022,102 1,362,560 1,379,249x
Element Fleet Management Corp. 4.25% Jun 30/20 2,579,000 2,497,146 2,591,121x
Element Fleet Management Corp. 4.25% Jun 30/24 456,000 456,000 524,012x
Enbridge Gas Inc. 8.65% Nov 10/25 271,000 361,332 359,446x
Enbridge Gas Inc. 6.65% Nov 03/27 206,000 255,706 262,572x
Enbridge Gas Inc. 6.10% May 19/28 85,000 102,728 105,743x
Enbridge Gas Inc. 4.50% Nov 23/43 423,000 519,161 525,087x
Enbridge Gas Inc. 4.00% Aug 22/44 412,000 472,663 477,660x
Enbridge Gas Inc. 3.59% Nov 22/47 410,000 444,510 450,786x
Enbridge Gas Inc. 3.51% Nov 29/47 411,000 439,548 446,674x
Enbridge Inc. 3.50% Jun 10/24** 138,000 166,822 186,994x
Enbridge Inc. 7.20% Jun 18/32 143,000 192,324 190,953x
Enbridge Inc. 4.24% Aug 27/42 2,544,000 2,630,883 2,654,830x
Enbridge Inc. 4.57% Mar 11/44 669,000 696,297 733,060x
Enbridge Inc. 4.87% Nov 21/44 2,628,000 2,988,995 3,001,162x
EUROFIMA 4.55% Mar 30/27 1,920,000 2,179,945 2,207,924x
First National Canadian Mortgage Pools 2.40% Feb 01/24 807,127 815,884 814,552x
First National Canadian Mortgage Pools 2.65% Oct 01/27 216,821 217,366 220,369x
Ford Credit Canada Company 5.00% Jan 10/22 5,420,000 5,420,000 5,589,900x
Ford Credit Canada Company 5.19% Mar 21/24 12,198,000 12,198,000 12,549,790x
Ford Motor Credit Company LLC 5.18% Jan 07/22** 5,947,000 8,017,745 7,982,509x
GE Capital Canada Funding Company 4.60% Jan 26/22 10,154,000 10,154,466 10,503,793x
GE Capital Canada Funding Company 2.32% Feb 15/22 3,283,000 3,222,452 3,240,011x
GE Capital Canada Funding Company 3.17% Feb 06/23 8,507,000 8,645,570 8,556,085x
GE Capital Canada Funding Company 5.73% Oct 22/37 218,000 208,477 245,997x
General Electric Company 2.80% Apr 15/20** 249,000 322,390 323,766x
General Electric Company 2.89% Mar 15/23** 1,197,000 1,509,828 1,560,897x
General Electric Company 3.00% Apr 15/23** 664,000 843,000 862,945x
General Electric Company 2.27% May 05/26** 2,392,000 2,751,552 2,952,259x
General Electric Company 5.88% Jan 14/38** 873,000 1,114,079 1,380,031x
General Electric Company Jan 10/39** 418,000 566,653 726,621x
Greater Toronto Airports Authority 2.73% Apr 03/29 3,080,000 3,222,542 3,142,868x
Greater Toronto Airports Authority 6.45% Jul 30/29 1,601,215 1,949,940 1,921,699x
Greater Toronto Airports Authority 7.05% Jun 12/30 1,200,000 1,727,976 1,677,718x
Heathrow Funding Limited 3.00% Jun 17/23 1,145,000 1,158,889 1,156,786x
Heathrow Funding Limited 3.25% May 21/27 2,125,000 2,176,106 2,179,459x
Honda Canada Finance Inc. 2.50% Apr 17/20 2,257,000 2,261,187 2,259,963x
Honda Canada Finance Inc. 2.35% Aug 28/20 5,029,000 5,048,136 5,039,498x
Honda Canada Finance Inc. 2.30% Dec 18/20 5,863,000 5,871,504 5,872,812
55
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Honda Canada Finance Inc. 2.38% Sep 13/21 200,000 200,000 200,598x
Hydro One Inc. 1.62% Apr 30/20 1,176,000 1,170,026 1,174,838x
Hydro One Inc. 7.35% Jun 03/30 656,000 947,992 922,720x
Hydro One Inc. 6.93% Jun 01/32 328,000 477,994 466,291x
InPower BC General Partnership 4.47% Mar 31/33 1,283,183 1,365,185 1,376,077x
Kaupthing ehf. 0.00% Jan 18/31* 2,953 - 5,713x
KfW 1.38% Jan 28/20 1,526,000 1,515,527 1,525,434x
KfW 5.05% Feb 04/25 1,113,000 1,348,600 1,270,407x
Kraft Canada Inc. 3.02% Jul 06/20 10,804,000 10,842,674 10,848,621x
Lehman Brothers Holdings Inc. 4.85% Dec 31/99** 373,000 - 7,265x
Lloyds Bank PLC 2.38% May 07/21** 749,000 976,467 976,018x
Lloyds Bank PLC 2.53% Jul 11/23 19,766,000 19,766,000 19,677,251x
Lloyds Banking Group PLC 3.50% Feb 03/25 2,855,000 2,861,837 2,925,618x
Loblaw Companies Limited 0.00% Jun 07/25 301,000 248,543 252,133x
Loblaw Companies Limited 0.00% Jun 07/26 380,000 300,788 305,529x
Loblaw Companies Limited 0.00% May 23/27 905,000 686,590 672,063x
Loblaw Companies Limited 4.49% Dec 11/28 751,000 751,000 827,580x
Loblaw Companies Limited 6.50% Jan 22/29 445,000 558,734 553,261x
Loblaw Companies Limited 6.85% Mar 01/32 415,000 516,762 544,997x
Loblaw Companies Limited 6.54% Feb 17/33 1,021,000 1,263,566 1,325,870x
Loblaw Companies Limited 6.05% Jun 09/34 798,000 972,869 1,008,968x
Loblaw Companies Limited 6.15% Jan 29/35 366,000 446,774 468,849x
Loblaw Companies Limited 5.90% Jan 18/36 2,474,000 3,153,243 3,136,359x
Magna International, Inc. 3.10% Dec 15/22 2,709,000 2,745,466 2,749,605x
Maxar Technologies Ltd. Term Loan B 0.00% Oct 04/24** 3,964,608 4,291,110 4,965,917x
MCAP Service 2.45% Apr 01/21 481,585 481,474 483,862x
MCAP Service 2.19% Mar 01/23 997,465 999,101 1,000,786x
MCAP Service 1.90% Dec 01/23 5,418,300 5,382,139 5,387,231x
MCAP Service 2.05% May 01/24 2,745,749 2,739,159 2,745,526x
Merrill Lynch 2.27% Aug 01/20 318,310 315,430 318,778x
Merrill Lynch 2.17% May 01/22 2,152,661 2,145,191 2,158,537x
Merrill Lynch 2.17% Jun 01/22 1,361,213 1,356,871 1,365,068x
Merrill Lynch Canadian Mortgage Pools 2.36% Oct 01/20 791,808 787,097 793,545x
Merrill Lynch Canadian Mortgage Pools 1.80% Jan 01/24 12,211,506 12,086,949 12,126,514x
Merrill Lynch Financial Asset Inc. 6.67% May 07/21 96,206 102,362 98,157x
Merrill Lynch Mortgage Investors Trust 2.32% Jun 01/21 603,747 600,830 603,689x
Metro Inc. 5.03% Dec 01/44 112,000 133,799 135,293x
Metro Inc. 4.27% Dec 04/47 2,321,000 2,560,272 2,536,195x
Metropolitan Life Global Funding I 1.88% Apr 16/20 2,638,000 2,627,406 2,636,937x
Metropolitan Life Global Funding I 3.03% Jun 11/20 1,732,000 1,762,700 1,739,587x
Metropolitan Life Global Funding I 3.11% Apr 16/21 6,552,000 6,645,815 6,626,701x
NAV Canada 7.56% Mar 01/27 380,308 472,531 447,258x
NAV Canada 7.40% Jun 01/27 2,679,900 3,681,911 3,583,353x
Navient Corporation 5.63% Aug 01/33** 898,000 1,010,904 1,005,552x
Nederlandse Waterschapsbank NV 5.20% Mar 31/25 161,000 186,456 183,317x
Nederlandse Waterschapsbank NV 4.55% Mar 16/29 717,000 819,746 844,848x
New Brunswick FM Project Inc. 6.47% Nov 30/27 736,820 894,141 855,145x
North Battleford Power LP 4.96% Dec 31/32 1,426,980 1,578,292 1,590,538x
Ornge Issuer Trust 5.73% Jun 11/34 1,005,246 1,163,739 1,168,626x
Pembina Pipeline Corporation 3.31% Feb 01/30 3,079,000 3,076,660 3,068,201x
Pembina Pipeline Corporation 4.75% Apr 30/43 1,500,000 1,667,775 1,645,316
56
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Pembina Pipeline Corporation 4.74% Jan 21/47 223,000 249,689 245,022x
Pembina Pipeline Corporation 4.75% Mar 26/48 437,000 475,006 481,907x
Pembina Pipeline Corporation 4.54% Apr 03/49 1,885,000 2,028,849 2,017,759x
PepsiCo, Inc. 2.15% May 06/24 6,068,000 6,010,260 6,048,419x
Plenary Properties LTAP LP 6.29% Jan 31/44 370,646 475,868 491,161x
Postmedia Network Inc. 8.25% Jul 15/23 1,655,717 1,670,086 1,648,316x
PSPIB-RE Summit Inc. 3.27% Jun 12/43 1,307,434 1,315,346 1,308,349x
Republic of Austria 5.38% Dec 01/34 2,295,000 2,941,364 3,064,343x
Royal Bank of Canada 2.41% Mar 23/20 3,306,000 3,306,000 3,309,092x
Royal Bank of Canada 2.20% Jun 27/23 20,238,000 20,238,000 20,289,142x
Royal Bank of Canada 2.50% Jun 01/24 1,083,756 1,078,619 1,095,218x
Royal Bank of Canada 2.16% Jun 29/85** 890,000 598,568 910,121x
Royal Bank of Scotland Group PLC 3.38% May 15/23** 339,000 434,759 445,255x
Scotia Capital Canadian Mortgage Pools 2.05% Feb 01/24 3,875,415 3,861,425 3,870,191x
Shaw Communications Inc. 6.75% Nov 09/39 7,156,000 8,945,830 9,652,969x
SNC-Lavalin Group Inc. 2.69% Nov 24/20 2,102,000 2,102,796 2,099,250x
SNC-Lavalin Group Inc. 2.51% Mar 02/21 401,000 401,528 397,968x
SNC-Lavalin Group Inc. 3.24% Mar 02/23 548,000 537,206 538,951x
Sobeys Inc. 4.70% Aug 08/23 4,533,000 4,672,695 4,797,412x
Sobeys Inc. 6.06% Oct 29/35 1,183,000 1,228,964 1,395,626x
Sobeys Inc. 5.79% Oct 06/36 1,118,000 1,131,171 1,284,570x
Sobeys Inc. 6.64% Jun 07/40 556,000 594,612 708,117x
Spy Hill Power LP 4.14% Mar 31/36 113,316 124,253 119,953x
SSL Robotics LLC 9.75% Dec 31/23** 13,763,000 17,839,559 19,480,419x
Strait Crossing Development Inc. 6.17% Sep 15/31 659,822 715,252 719,078x
Stuart Olson Inc. 7.00% Sep 20/24 1,454,000 1,454,000 1,320,087x
Sun Life Assurance Company of Canada 6.30% May 15/28 974,000 1,205,880 1,225,540x
TELUS Communications Inc. 8.80% Sep 22/25 1,186,000 1,655,978 1,527,896x
TELUS Corporation 4.85% Apr 05/44 1,658,000 1,910,182 1,888,228x
TELUS Corporation 4.70% Mar 06/48 925,000 1,058,182 1,040,407x
The Bank of Nova Scotia 1.95% Nov 01/22 3,668,538 3,599,936 3,661,483x
The Bank of Nova Scotia 2.05% Jan 01/23 671 660 671x
The Bank of Nova Scotia 2.16% Aug 31/85** 1,160,000 957,069 1,261,541x
The Manufacturers Life Insurance Company 2.64% Jan 15/25 5,847,000 5,852,836 5,847,911x
The Manufacturers Life Insurance Company 2.10% Jun 01/25 9,381,000 9,317,112 9,377,402x
The Manufacturers Life Insurance Company 2.39% Jan 05/26 1,458,000 1,444,585 1,459,955x
The Manufacturers Life Insurance Company 3.18% Nov 22/27 599,000 613,835 612,395x
The Toronto-Dominion Bank 1.68% Jun 08/21 12,483,000 12,379,143 12,428,497x
The Toronto-Dominion Bank 2.38% Jun 28/23 10,790,000 10,795,444 10,880,353x
TransCanada PipeLines Limited 8.29% Feb 05/26 46,000 59,923 59,297x
TransCanada PipeLines Limited 7.34% Jul 18/28 591,000 747,266 769,352x
TransCanada PipeLines Limited 6.89% Aug 07/28 550,000 677,545 697,093x
TransCanada PipeLines Limited 5.65% Jun 20/29 875,000 973,289 1,046,023x
TransCanada PipeLines Limited 4.55% Nov 15/41 493,000 545,652 546,917x
TransCanada PipeLines Limited 4.18% Jul 03/48 3,108,000 3,218,285 3,297,276x
TransCanada PipeLines Limited 4.12% May 15/67** 6,136,000 7,234,809 6,678,535x
TWDC Enterprises 18 Corp. 2.76% Oct 07/24 9,157,000 9,107,758 9,362,639x
UniCredit SPA 5.90% Jan 14/22** 4,498,000 5,971,995 6,124,876x
UniCredit SPA 3.75% Apr 12/22** 4,269,000 5,355,487 5,682,834x
UniCredit SPA 4.63% Apr 12/27** 2,102,000 2,720,676 2,895,147x
University Health Network 5.64% Dec 08/22 395,284 439,812 414,319
57
COMPASS BALANCED GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
University of Ontario Institute of Technology 6.35% Oct 15/34 374,782 440,194 447,458x
Videotron, Ltd. 5.63% Jun 15/25 1,988,000 2,067,369 2,142,691x
Videotron, Ltd. 5.75% Jan 15/26 2,212,000 2,326,895 2,326,748x
Videotron, Ltd. 4.50% Jan 15/30 3,045,000 3,045,000 3,085,727x
VW Credit Canada, Inc. 2.57% Mar 30/20 3,520,000 3,523,525 3,522,647x
VW Credit Canada, Inc. 2.60% Nov 13/20 633,000 633,032 633,725x
VW Credit Canada, Inc. 2.74% Sep 27/21 2,636,000 2,637,765 2,644,440x
Westcoast Energy Inc. 8.85% Jul 21/25 332,000 438,931 433,896x
WTH Car Rental, ULC 1.91% Jul 20/20 2,837,000 2,789,509 2,834,447x
WTH Car Rental, ULC 2.78% Jan 20/25 1,152,000 1,158,624 1,158,712x
Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 1,904,466 1,775,254 1,942,555xxx
626,204,950 634,798,569xx
Short Term Investments: (0.42%)x
Government of Canada 1.56% Jan 23/20 3,251,000 $ 3,247,807 $ 3,247,807x
Government of Canada 1.62% Mar 05/20 3,181,000 3,171,840 3,171,840x
Government of Canada 1.63% Mar 19/20 343,000 341,792 341,792x
Government of Canada 1.65% Apr 02/20 1,293,000 1,287,594 1,287,594x
Province of Ontario Treasury Bill 1.73% Jan 29/20 100,000 99,863 99,863x
Province of Saskatchewan 1.72% Feb 11/20 300,000 299,408 299,408x
The Toronto-Dominion Bank 1.23% Jan 03/20 350,000 349,965 349,965x
United States Treasury Bill 1.46% Jan 23/20** 1,014,000 1,345,569 1,315,515x
United States Treasury Bill 1.52% Mar 12/20** 851,000 1,118,357 1,101,771xxx
11,262,195 11,215,555xxx
Total Investments: 99.30% $ 2,213,921,077 $ 2,673,102,896xxx
Forward currency contracts: 0.25% (Note 10) 6,791,250x
Other Net Assets (Liabilities): 0.45% 11,947,899xxx
Net Assets: 100% $ 2,691,842,045xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
58
COMPASS GROWTH PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 1,164,211,776 $ 951,101,706x
Cash 8,066,653 2,711,614x
Amount receivable for units issued 1,981,661 1,001,568x
Amount receivable for securities sold 1,175 3,623,472x
Dividends and distributions receivable 974,820 909,654x
Interest receivable 319,442 347,000x
Amount receivable on open forward contracts (Note 10) 3,232,732 20xxx
Total Assets 1,178,788,259 959,695,034xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 444,625 67,991x
Amount payable on open forward contracts (Note 10) 68 4,427,882x
Amount payable for units redeemed 1,651,057 647,577x
Accrued expenses 458,438 392,181x
Distribution payable 270,075 36,707xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
2,824,263 5,572,338
xxx
Net assets attributable to holders of redeemable units $ 1,175,963,996 $ 954,122,696xxx
Net assets attributable to holders of redeemable units, Series A $ 542,632,693 $ 457,270,456x
Redeemable units outstanding, Series A 20,990,339 20,065,946x
Net assets attributable to holders of redeemable units per unit, Series A $ 25.85 $ 22.79xxx
Net assets attributable to holders of redeemable units, Series O $ 359,636,401 $ 280,460,917x
Redeemable units outstanding, Series O 13,635,509 12,088,125x
Net assets attributable to holders of redeemable units per unit, Series O $ 26.37 $ 23.20xxx
Net assets attributable to holders of redeemable units, Series F1 $ 273,694,902 $ 216,391,323x
Redeemable units outstanding, Series F1 10,591,794 9,508,538x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 25.84 $ 22.76xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
59
COMPASS GROWTH PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 10,726,637 $ 9,805,000x
Income distribution from underlying funds 13,438,759 13,586,430x
Interest for distribution purposes 2,252,536 662,120x
Management fee distribution from underlying funds 67,905 65,053x
Net realized gain (loss) on sale of investments 47,277,722 41,196,471x
Net change in unrealized appreciation (depreciation) on investments 96,106,651 (108,364,170)x
Capital gain distribution from underlying funds 15,020,027 17,207,819xxx
Net gain (loss) on investments 184,890,237 (25,841,277)xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts (1,111,835) (5,634,566)x
Net change in unrealized appreciation (depreciation) on forward contracts 7,660,526 (5,908,912)xxx
Net gain (loss) on derivatives 6,548,691 (11,543,478)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions 14,556 262,675x
Net change in unrealized appreciation (depreciation) on foreign currency translations (33,747) 29,669xxx
Other Income (19,191) 292,344xxx
Total Income (net) 191,419,737 (37,092,411)xxx
Expensesx
Management fees (Note 5) 11,471,437 10,730,799x
Administration expense (Note 8) 48,042 41,920x
Independent review committee fees (Note 8) 1,491 1,373x
Transfer agent expense 544,602 493,258x
Audit fees 26,755 20,456x
Legal fees 2,931 3,691x
Custodian fees 170,236 171,526x
Securityholder reporting fees 76,072 56,575x
Miscellaneous expenses - 5,021x
Bank charges 810 1,949x
Withholding taxes 565,953 458,226x
Transaction costs (Note 7) 436,287 401,396xxx
Total Expenses 13,344,616 12,386,190xxx
Net Expenses 13,344,616 12,386,190xxx
Increase (decrease) in net assets attributable to holders of redeemable units 178,075,121 (49,478,601)xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 80,033,207 $ (27,800,949)x
Series O 56,455,039 (10,217,746)x
Series F1 41,586,875 (11,459,906)xxx
Total increase (decrease) in net assets attributable to holders of redeemable units 178,075,121 (49,478,601)xxx
Weighted average number of redeemable units per Seriesx
Series A 20,187,776 19,137,713x
Series O 12,483,512 11,695,864x
Series F1 9,916,702 8,430,654x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 3.96 $ (1.45)x
Series O $ 4.52 $ (0.87)x
Series F1 $ 4.19 $ (1.36)xxx
See accompanying notes to financial statements
60
COMPASS GROWTH PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 457,270,456 $ 472,917,899x
Series O $ 280,460,917 $ 301,376,997x
Series F1 $ 216,391,323 $ 184,039,254x
Increase (decrease) in net assets attributable to holders of redeemable unitsx
Series A 80,033,207 (27,800,949)x
Series O 56,455,039 (10,217,746)x
Series F1 41,586,875 (11,459,906)x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (895,649) (3,333,180)x
Series O (6,648,389) (8,039,617)x
Series F1 (3,134,237) (3,703,074)x
Capital gainsx
Series A (17,552,894) (15,032,990)x
Series O (11,318,650) (9,654,491)x
Series F1 (8,710,722) (6,529,880)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 85,748,803 95,745,360x
Series O 70,843,309 48,334,465x
Series F1 61,874,691 74,930,306x
Reinvestment of distributions to holders of redeemable unitsx
Series A 18,499,866 18,338,307x
Series O 17,692,406 17,687,732x
Series F1 11,792,579 10,229,573x
Payments for redeemable units redeemedx
Series A (80,471,096) (83,563,991)x
Series O (47,848,231) (59,026,423)x
Series F1 (46,105,607) (31,114,950)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 542,632,693 $ 457,270,456x
Series O $ 359,636,401 $ 280,460,917x
Series F1 $ 273,694,902 $ 216,391,323x
xxx
Redeemable units outstanding, beginning of yearx
Series A 20,065,946 18,782,990x
Series O 12,088,125 11,695,405x
Series F1 9,508,538 7,341,796x
Redeemable units issuedx
Series A 3,409,286 3,775,747x
Series O 2,716,340 1,855,888x
Series F1 2,448,640 2,963,877x
Reinvested from distributions to holders of redeemable unitsx
Series A 712,501 804,717x
Series O 667,810 762,356x
Series F1 454,308 449,502x
Redeemable units redeemedx
Series A (3,197,394) (3,297,508)x
Series O (1,836,766) (2,225,524)x
Series F1 (1,819,692) (1,246,637)x
xxx
Redeemable units outstanding, end of yearx
Series A 20,990,339 20,065,946x
Series O 13,635,509 12,088,125x
Series F1 10,591,794 9,508,538xxx
See accompanying notes to financial statements
61
COMPASS GROWTH PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase (decrease) in net assets attributable to holders of redeemable units $ 178,075,121 $ (49,478,601)x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 1,618 -x
Non-cash distributions from underlying funds (14,509,994) (12,880,890)x
Proceeds from sale of investments 409,810,013 299,436,638x
Purchase of investments (460,949,475) (360,945,543)x
Net realized gain on sale of investments (47,277,722) (41,196,471)x
Net change in unrealized (appreciation) depreciation on investments (96,106,651) 108,364,170x
Net change in unrealized (appreciation) depreciation on forward contracts (7,660,526) 5,908,912x
Dividend income, net of withholding taxes (10,160,684) (9,346,774)x
Dividend received, net of withholding taxes 10,095,518 9,397,742x
Interest for distribution purposes (2,251,726) (660,171)x
Interest received (paid) 2,279,284 313,171x
Amortization income (77,310) (45,640)xxx
(38,732,534) (51,133,457)xxx
Net change in non-cash working capital 66,257 (4,373)x
Net Cash used in operating activities (38,666,277) (51,137,830)xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 146,645,182 152,937,515x
Distributions to holders of redeemable units, net of reinvested distributions (42,322) (913)x
Payment on redemption of redeemable units* (102,579,926) (107,451,820)x
Net Cash from financing activities 44,022,934 45,484,782xxx
Unrealized foreign exchange gain (loss) on cash (1,618) -x
Net increase (decrease) in cash during the year 5,355,039 (5,653,048)xxx
Cash, beginning of year 2,711,614 8,364,662xxx
Cash, end of year $ 8,066,653 $ 2,711,614xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $70,841,528 (2018 - $65,773,388) and $(70,841,528) (2018 - $(65,773,388)),respectively.
x
See accompanying notes to financial statements
62
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (31.49%)x
3M Co. 4,230 $ 952,643 $ 969,051x
A.O. Smith Corporation 17,862 1,154,710 1,104,995x
Absolute Software Corporation 6,472 49,771 56,306x
Accenture PLC Cl. A 1,210 307,918 330,857x
Adyen NV 245 245,492 260,867x
AIA Group Limited 47,000 564,204 640,684x
Air Liquide SA 8,176 1,225,672 1,502,919x
Alaris Royalty Corp. 5,021 122,667 110,111x
Alcon Inc. 2,406 184,558 176,909x
ALD SA 25,429 515,317 512,626x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 154,324 5,556,124 6,359,692x
Allegion PLC 9,066 1,304,341 1,466,166x
Allergan PLC 2,386 518,908 592,310x
Alphabet Inc. Cl. C 3,125 5,150,881 5,425,585x
AltaGas Canada Inc. 3,410 87,885 113,792x
Altus Group, Ltd. 7,660 201,327 290,774x
Amadeus IT Group, SA 5,170 559,789 548,223x
Amazon.com, Inc. 685 1,627,935 1,643,666x
AmerisourceBergen Corporation 5,789 646,385 639,121x
AMETEK, Inc. 27,410 3,333,201 3,550,071x
Amphenol Corp. Cl. A 16,779 2,177,520 2,358,155x
Andlauer Healthcare Group Inc. 3,226 54,667 64,681x
Andrew Peller Limited Cl. A 7,767 106,563 91,728x
Anheuser-Busch InBev SA 5,408 565,421 572,751x
Ansys Inc. 10,990 3,104,811 3,673,515x
Aon PLC Cl. A 7,990 1,659,289 2,161,095x
AptarGroup, Inc. 18,620 2,788,489 2,795,576x
ASSA ABLOY AB Series B 41,270 1,072,224 1,253,046x
ATS Automation Tooling Systems Inc. 42,960 649,351 920,633x
Badger Daylighting, Ltd. 2,463 83,665 86,550x
Bank of Montreal 86,584 8,572,122 8,713,814x
Baxter International Inc. 18,560 1,968,488 2,015,333x
BCE Inc. 15,077 869,253 907,032x
Becton, Dickinson and Company 11,450 3,688,249 4,043,758x
BlackRock, Inc. 1,690 1,052,888 1,103,200x
Booking Holdings Inc. 650 1,597,303 1,733,466x
Brookfield Asset Management Inc. Cl. A Limited Voting 52,725 3,235,639 3,955,957x
Bunzl PLC 33,321 1,267,226 1,183,536x
CAE Inc. 49,477 1,755,661 1,701,019x
Calian Group, Ltd. 3,035 104,062 116,847x
Canadian Imperial Bank of Commerce 63,644 7,057,584 6,877,371x
Canadian National Railway Company 66,627 7,044,909 7,826,674x
Canadian Natural Resources Ltd. 173,434 6,530,767 7,284,228x
Canadian Pacific Railway Company 15,085 3,582,758 4,993,588x
Canadian Tire Corporation, Limited Cl. A 34,058 4,854,816 4,759,605x
Canadian Western Bank 4,011 113,826 127,911x
CCL Industries Inc. Cl. B 51,074 2,743,241 2,825,414x
Cerner Corporation 4,460 404,837 425,041x
CES Energy Solutions Corp. 51,953 233,648 121,050x
CGI Inc. 9,260 961,808 1,006,284x
China Mobile Limited 39,000 475,065 425,695
63
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Cinemark Holdings, Inc. 11,280 553,246 495,823x
CME Group Inc. Cl. A 14,160 3,724,852 3,690,733x
Cogeco Inc. 2,820 212,129 293,534x
Colliers International Group Inc. 2,588 186,752 261,647x
Comcast Corporation Cl. A 65,660 3,854,876 3,834,268x
Compass Group PLC 28,137 875,507 914,709x
Constellation Software Inc. 822 499,543 1,036,674x
Cott Corporation 97,693 1,691,730 1,733,074x
Croda International PLC 9,496 785,676 836,284x
CSX Corporation 9,348 906,095 878,367x
Currency Exchange International, Corp. 914 23,642 16,452x
Danaher Corporation 1,750 323,077 348,778x
DBS Group Holdings Limited 33,200 763,989 829,574x
DENTSPLY SIRONA, Inc. 9,031 669,747 663,643x
Deutsche Boerse AG 4,411 756,302 900,462x
Diageo PLC 9,905 534,036 545,275x
Ecolab Inc. 4,820 1,207,148 1,207,927x
Element Fleet Management Corp. 23,884 214,865 264,874x
Enbridge Inc. 90,548 4,377,088 4,674,993x
Enghouse Systems Limited 67,265 2,639,956 3,240,828x
Equitable Group Inc. 3,435 212,658 375,617x
FactSet Research Systems Inc. 1,770 617,588 616,670x
Fairfax India Holdings Corporation 31,630 588,397 525,736x
Fastenal Company 20,800 1,014,081 998,014x
Finning International Inc. 108,249 2,798,287 2,738,700x
First National Financial Corporation 1,468 47,172 55,901x
FirstService Corporation 1,407 127,782 170,092x
Fortis Inc. 124,362 6,207,470 6,700,625x
FUCHS PETROLUB SE 8,131 460,812 473,147x
FUCHS PETROLUB SE Preferred 9,680 588,003 622,644x
Fuyao Glass Industry Group Co., Ltd. Cl. H 69,200 287,270 275,035x
GDI Integrated Facility Services Inc., Sub. Voting 4,317 60,216 146,044x
Gildan Activewear Inc. Cl. A 90,000 3,322,573 3,455,100x
Gilead Sciences, Inc. 19,600 1,692,827 1,653,844x
Glanbia PLC 35,715 762,621 533,744x
Great-West Lifeco Inc. 61,432 2,036,640 2,043,228x
Halma PLC 22,662 528,326 824,816x
HLS Therapeutics Inc. 9,876 172,080 251,838x
Hologic, Inc. 19,580 1,221,179 1,327,471x
Hydro One Limited 28,677 646,712 719,219x
iA Financial Corporation Inc. 6,080 297,125 433,686x
IAA, Inc. 41,054 2,154,319 2,508,800x
IHS Markit, Ltd. 4,100 287,346 401,168x
Intact Financial Corporation 46,345 6,339,810 6,507,765x
Intercontinental Exchange, Inc. 20,450 2,412,508 2,457,697x
InterContinental Hotels Group PLC 12,658 957,160 1,133,912x
Intertape Polymer Group Inc. 5,697 115,408 94,684x
Intertek Group PLC 13,183 1,032,267 1,326,973x
Intuit Inc. 6,170 2,112,823 2,098,597x
Jamieson Wellness, Inc. 9,664 195,014 248,848x
Japan Exchange Group, Inc. 32,900 734,255 758,861
64
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Johnson & Johnson 15,850 2,813,978 3,002,299x
JPMorgan Chase & Co. 17,830 2,871,947 3,227,549x
KAR Auction Services, Inc. 28,550 845,421 807,834x
Kerry Group PLC Cl. A 2,872 397,834 464,765x
Kinaxis Inc. 1,260 83,487 126,025x
Knight Therapeutics Inc. 411 3,398 3,115x
Kone OYJ Series B 6,028 389,181 511,715x
Legrand SA 6,676 642,272 706,362x
LG Household & Health Care, Ltd. Preferred 673 530,785 582,641x
Linde Public Limited Company 6,410 1,672,739 1,772,117x
LKQ Corporation 11,260 471,629 521,994x
Loblaw Companies Limited 42,520 2,471,290 2,848,840x
LVMH Moet Hennessy Louis Vuitton SA 2,095 1,146,451 1,263,949x
Magna International Inc. 46,700 3,304,078 3,325,040x
Mainstreet Equity Corp. 4,447 172,398 351,313x
Manulife Financial Corporation 46,239 1,116,585 1,218,860x
Marsh & McLennan Companies, Inc. 39,880 5,324,968 5,769,498x
MasterCard Incorporated Cl. A 6,788 2,410,779 2,631,939x
Metro Inc. 38,439 2,135,688 2,059,946x
Microsoft Corporation 21,350 3,937,398 4,372,081x
Morguard Corporation 219 43,360 44,019x
Morneau Shepell, Inc. 7,890 153,726 266,603x
MTY Food Group Inc. 6,429 319,587 356,745x
National Bank of Canada 106,309 7,521,341 7,662,753x
Neo Performance Materials Inc. 10,440 118,527 128,934x
Nestlé SA 5,442 765,764 765,086x
New Look Vision Group Inc. Cl. A 5,688 182,876 184,291x
NFI Group Inc. 71,332 2,052,604 1,900,998x
Nielsen Holdings PLC 12,320 355,045 324,762x
Nike Inc. Cl. B 21,840 2,548,496 2,873,185x
Nomura Research Institute, Ltd. 20,600 568,865 575,600x
Novartis AG ADR 7,840 909,001 964,004x
Novozymes A/S Series B 8,567 545,535 544,390x
Nutrien Ltd. 43,709 2,749,758 2,717,389x
Onex Corporation 5,160 404,054 423,997x
Open Text Corporation 37,342 1,684,161 2,136,709x
Oracle Corporation 3,576 262,575 246,019x
Parkland Fuel Corporation 57,678 2,370,970 2,751,817x
Paychex, Inc. 19,130 2,140,592 2,112,998x
PayPal Holdings, Inc. 4,070 571,123 571,689x
People Corporation 18,053 140,636 181,072x
PepsiCo, Inc. 8,870 1,554,350 1,574,184x
Photon Control Inc. 36,869 72,852 50,879x
Power Corporation of Canada 55,918 1,789,764 1,870,457x
PPG Industries Inc. 1,648 264,179 285,670x
PrairieSky Royalty Ltd. 15,640 424,447 238,197x
Quebecor Inc. Cl. B 51,281 1,715,444 1,699,452x
Rathbone Brothers PLC 12,375 474,569 453,386x
Recipe Unlimited Corp. 4,762 121,512 92,764x
Recordati SPA 12,651 687,680 692,311x
RELX PLC 38,930 1,046,435 1,275,959
65
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Restaurant Brands International Inc. 22,441 1,951,551 1,857,666x
Richards Packaging Income Fund 4,580 150,707 208,802x
Richelieu Hardware Ltd. 35,276 929,066 957,038x
Roche Holding AG 2,352 779,204 990,923x
Rogers Communications Inc. Cl. B 38,683 2,319,703 2,494,280x
Royal Bank of Canada 89,916 9,237,751 9,238,869x
RPM International, Inc. 14,225 1,309,008 1,417,901x
S&P Global, Inc. 7,363 2,370,636 2,610,692x
Sampo OYJ Series A 15,618 925,270 885,160x
Samsung Electronics Co., Ltd. GDR Preferred 445 461,198 560,519x
Sangoma Technologies Corporation 22,513 28,375 56,057x
SAP SE 4,743 815,551 831,240x
Saputo Inc. 134,383 5,443,075 5,402,197x
Savaria Corporation 16,440 241,063 229,338x
Sekisui Chemical Co., Ltd. 31,900 667,815 725,883x
Seven & I Holdings Co., Ltd. 16,800 935,969 803,718x
SGS SA 161 547,853 572,676x
Shaw Communications Inc. Cl. B Non-Voting 38,580 1,039,333 1,016,583x
ShawCor Ltd. 9,644 196,140 120,839x
Shenandoah Telecommunications Company 10,430 523,656 563,561x
Shopify Inc. Cl. A 1,680 259,433 867,384x
Sika AG 3,473 587,784 847,405x
Sleep Country Canada Holdings Inc. 11,474 303,292 231,890x
Spirax-Sarco Engineering PLC 4,600 527,741 703,401x
Stantec Inc. 50,248 1,735,610 1,844,102x
State Street Corporation 28,000 2,439,543 2,876,029x
Stella-Jones Inc. 50,267 1,980,797 1,886,018x
Stingray Group Inc. 12,870 116,133 91,892x
StorageVault Canada Inc. 52,133 177,908 193,413x
Sun Life Financial Inc. 70,475 4,273,599 4,172,825x
Suncor Energy Inc. 170,214 7,057,316 7,244,308x
Sylogist, Ltd. Cl. A 9,807 104,580 96,599x
Taiwan Semiconductor Manufacturing Company, Ltd. ADR 12,500 665,557 943,072x
TC Energy Corporation 91,895 6,128,156 6,355,458x
TELUS Corporation 126,937 6,158,591 6,382,392x
Tencent Holdings Limited 13,100 620,566 819,955x
Texas Instruments Incorporated 4,390 673,895 731,334x
The Bank of Nova Scotia 116,404 8,383,412 8,538,233x
The Descartes Systems Group Inc. 14,070 476,468 780,885x
The Hershey Company 10,850 2,021,962 2,070,841x
The Procter & Gamble Company 22,240 3,415,475 3,607,081x
The Sherwin-Williams Company 1,435 1,000,426 1,087,380x
The Toronto-Dominion Bank 80,244 5,632,955 5,844,171x
Thomson Reuters Corporation 34,180 2,689,855 3,174,980x
TMX Group Limited 11,360 763,749 1,277,432x
Topdanmark A/S 10,256 630,344 656,516x
Toromont Industries Ltd. 46,830 2,659,846 3,305,730x
TriMas Corporation 27,410 1,111,795 1,117,984x
Tsuruha Holdings, Inc. 7,300 1,008,511 1,223,150x
Union Pacific Corporation 5,210 1,203,738 1,223,125x
United Technologies Corporation 7,830 1,473,179 1,522,707
66
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Verisk Analytics, Inc. Cl. A 23,525 4,439,400 4,562,096x
Verizon Communications Inc. 40,630 3,167,310 3,239,469x
Visa Inc. Cl. A 21,520 4,946,653 5,250,827x
Wabtec Corporation 3,360 329,469 339,451x
Waters Corporation 10,750 3,028,266 3,261,617x
Wells Fargo & Company 31,620 2,116,389 2,209,036x
West Pharmaceutical Services, Inc. 4,053 730,354 791,190x
Willis Towers Watson PLC 10,820 2,644,764 2,837,320x
Winpak, Ltd. 5,473 254,347 257,122x
Wolters Kluwer NV 13,067 1,027,803 1,237,537xxx
346,658,892 370,347,173xx
Mutual Funds: (58.31%)x
BlackRock Canada Universe Bond Index Fund 1,652,499 $ 48,219,875 $ 48,908,451x
BlackRock CDN MSCI EAFE Equity Index Fund 2,698,601 46,860,195 55,421,290x
BlackRock CDN US Equity Index Fund 6,038,696 98,790,232 173,318,363x
Boyd Group Income Fund 2,730 241,081 551,460x
iShares Core MSCI EAFE ETF 367,914 29,976,872 31,168,718x
iShares Core S&P Small-Cap ETF 550,808 27,913,594 59,973,858x
Mawer Canadian Equity Fund 735,740 29,203,516 53,238,247x
Mawer Global Small Cap Fund 5,459,156 68,136,485 86,944,160x
Mawer International Equity Fund 2,266,426 99,678,322 138,415,631x
Mawer New Canada Fund 462,971 21,869,241 37,717,489xxx
470,889,413 685,657,667xx
Private Equities: (0.97%)x
Kensington Private Equity Fund IV 1,549,698 $ 1,549,698 $ 6,258,842x
KMC Holdings Limited Partnership 1,007,062 1,007,062 142,281x
TriWest Capital Partners Private Equity Fund III 4,264,069 4,264,069 1,640,942x
TriWest Capital Partners Private Equity Fund IV 2,730,160 2,730,160 3,389,755xxx
9,550,989 11,431,820xx
Real Estate Investment Trust (REITs): (2.60%)x
Allied Properties Real Estate Investment Trust 48,900 $ 1,639,975 $ 2,546,223x
Artis Real Estate Investment Trust 49,800 567,882 592,620x
Boardwalk Real Estate Investment Trust 32,275 1,491,227 1,482,391x
Canadian Apartment Properties Real Estate Investment Trust 67,191 2,552,620 3,561,795x
Choice Properties Real Estate Investment Trust 159,864 1,673,448 2,223,708x
Cominar Real Estate Investment Trust 74,000 821,006 1,047,840x
Crombie Real Estate Investment Trust 36,600 457,736 583,404x
CT Real Estate Investment Trust 113,235 1,701,511 1,827,613x
Dream Industrial Real Estate I 46,400 533,436 609,696x
Dream Office Real Estate Investment Trust 18,948 415,239 589,851x
First Capital Real Estate Investment Trust 52,550 1,075,173 1,086,209x
Granite Real Estate Investment Trust 22,000 1,200,390 1,451,560x
H&R Real Estate Investment Trust 205,337 4,250,339 4,332,611x
InterRent Real Estate Investment Trust 57,482 682,838 899,018x
Killam Apartment Real Estate Investment Trust 39,748 567,873 752,827x
Northview Apartment Real Estate Investment Trust 24,535 451,915 727,217x
NorthWest Healthcare Properties Real Estate Investment Trust 49,500 558,233 590,535
67
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
RioCan Real Estate Investment Trust 128,000 2,869,514 3,425,280x
SmartCentres Real Estate Investment Trust 52,000 1,332,036 1,622,920x
Summit Industrial Income Real Estate Investment Trust 46,700 543,265 563,202xxx
25,385,656 30,516,520xx
Fixed Income: (5.11%)x
Apple Inc. 2.51% Aug 19/24 275,000 $ 277,160 $ 277,789x
AT&T Inc. 3.07% Jun 12/24* 1,673,000 2,201,835 2,211,590x
Bank of Montreal 2.16% Feb 01/24 4,140,000 4,136,451 4,152,972x
Black Press Group Ltd. 0.00% Mar 29/24 381,067 381,067 337,111x
Bombardier Inc. 6.13% Jan 15/23* 12,000 15,377 16,012x
Canadian Mortgage Pools 1.94% Jul 01/24 333,002 331,330 331,584x
Canadian Mortgage Pools 1.97% Sep 01/22 1,073,902 1,072,613 1,072,377x
Canadian Mortgage Pools 2.05% Jun 01/24 352,511 352,031 352,232x
Canadian Mortgage Pools 1.90% Jul 01/24 1,196,788 1,195,711 1,188,136x
Canadian Mortgage Pools 1.93% Jul 01/24 256,860 255,586 255,720x
Canadian Mortgage Pools 1.95% Jul 01/24 217,666 218,573 216,117x
Canadian Mortgage Pools 1.95% Aug 01/24 150,111 149,296 149,543x
Canadian Mortgage Pools 2.04% Aug 01/24 327,161 326,555 326,172x
Canadian Mortgage Pools 1.93% Sep 01/24 602,156 599,187 599,472x
Cogeco Cable Inc. 5.15% Nov 16/20 938,000 989,061 960,045x
Cigna Corporation 2.89% Jul 15/23* 118,000 152,528 154,148x
Cogeco Communications Inc. 4.93% Feb 14/22 411,000 437,721 430,330x
Cogeco Communications Inc. 4.18% May 26/23 775,000 806,738 807,404x
Element Fleet Management Corp. 4.25% Jun 30/20 405,000 392,063 406,904x
Element Fleet Management Corp. 4.25% Jun 30/24 108,000 108,000 124,108x
Enbridge Inc. 4.53% Mar 09/20 791,000 815,260 794,319x
First National Canadian Mortgage Pools 2.40% Feb 01/24 394,598 398,880 398,229x
Ford Credit Canada Company 5.00% Jan 10/22 939,000 939,796 968,435x
Ford Credit Canada Company 5.19% Mar 21/24 2,160,000 2,162,060 2,222,294x
Ford Motor Credit Company LLC 5.18% Jan 07/22* 956,000 1,288,879 1,283,215x
GE Capital Canada Funding Company 4.60% Jan 26/22 1,257,000 1,248,032 1,300,302x
GE Capital Canada Funding Company 2.32% Feb 15/22 131,000 129,310 129,285x
GE Capital Canada Funding Company 3.17% Feb 06/23 1,490,000 1,520,186 1,498,597x
General Electric Company 2.80% Apr 15/20* 38,000 49,200 49,410x
General Electric Company 2.89% Mar 15/23* 185,000 233,651 241,241x
General Electric Company 3.00% Apr 15/23* 69,000 86,133 89,673x
General Electric Company 2.27% May 05/26* 517,000 602,979 638,093x
Honda Canada Finance Inc. 2.35% Aug 28/20 2,536,000 2,542,431 2,541,294x
Honda Canada Finance Inc. 2.30% Dec 18/20 561,000 561,115 561,939x
Hydro One Inc. 1.62% Apr 30/20 250,000 248,730 249,753x
Kraft Canada Inc. 3.02% Jul 06/20 1,814,000 1,835,073 1,821,492x
Lloyds Bank PLC 2.38% May 07/21* 208,000 272,161 271,044x
Lloyds Bank PLC 2.53% Jul 11/23 2,918,000 2,914,281 2,904,898x
MCAP Service 2.19% Mar 01/23 168,289 168,565 168,850x
MCAP Service 2.05% May 01/24 480,979 479,825 480,941x
Metropolitan Life Global Funding I 3.11% Apr 16/21 407,000 411,405 411,640x
Metropolitan Life Global Funding I 2.56% Sep 27/22 1,000,000 1,000,000 1,006,990x
NAV Canada 7.56% Mar 01/27 80,800 95,370 95,024x
Navient Corporation 5.63% Aug 01/33* 200,000 222,891 223,954x
Postmedia Network Inc. 8.25% Jul 15/23 290,000 290,000 288,704x
Royal Bank of Canada 2.41% Mar 23/20 127,000 127,470 127,119
68
COMPASS GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Royal Bank of Canada 2.20% Jun 27/23 2,417,000 2,417,870 2,423,108x
Royal Bank of Scotland Group PLC 3.38% May 15/23* 54,000 69,254 70,926x
Scotia Capital Canadian Mortgage Pools 2.05% Feb 01/24 848,945 845,880 847,801x
SNC-Lavalin Group Inc. 2.69% Nov 24/20 96,000 94,423 95,874x
SNC-Lavalin Group Inc. 2.51% Mar 02/21 144,000 140,604 142,911x
SNC-Lavalin Group Inc. 3.24% Mar 02/23 351,000 339,800 345,204x
Sobeys Inc. 4.70% Aug 08/23 996,000 1,036,529 1,054,097x
Sobeys Inc. 6.06% Oct 29/35 229,000 251,954 270,159x
Sobeys Inc. 5.79% Oct 06/36 72,000 77,550 82,727x
Sobeys Inc. 6.64% Jun 07/40 16,000 19,222 20,377x
SSL Robotics LLC 9.75% Dec 31/23* 3,047,000 3,949,512 4,312,783x
Stuart Olson Inc. 7.00% Sep 20/24 254,000 254,000 230,607x
The Bank of Nova Scotia 2.15% Apr 02/20 707,000 707,771 707,433x
The Manufacturers Life Insurance Company 2.64% Jan 15/25 1,210,000 1,212,540 1,210,189x
The Manufacturers Life Insurance Company 2.10% Jun 01/25 828,000 819,058 827,682x
The Manufacturers Life Insurance Company 2.39% Jan 05/26 930,000 921,989 931,247x
The Manufacturers Life Insurance Company 3.18% Nov 22/27 1,000,000 1,008,650 1,022,363x
The Toronto-Dominion Bank 1.68% Jun 08/21 621,000 616,979 618,289x
The Toronto-Dominion Bank 2.38% Jun 28/23 3,114,000 3,116,574 3,140,076x
TransCanada PipeLines Limited 4.12% May 15/67* 1,074,000 1,285,551 1,168,961x
UniCredit SPA 5.90% Jan 14/22* 723,000 959,927 984,501x
UniCredit SPA 3.75% Apr 12/22* 649,000 803,934 863,940x
Videotron, Ltd. 5.63% Jun 15/25 530,000 550,156 571,241x
Videotron, Ltd. 5.75% Jan 15/26 209,000 221,018 219,842x
Videotron, Ltd. 4.50% Jan 15/30 522,000 522,000 528,982x
VW Credit Canada, Inc. 2.57% Mar 30/20 1,273,000 1,273,999 1,273,957x
WTH Car Rental, ULC 2.78% Jan 20/25 280,000 280,997 281,631x
Yellow Pages Digital & Media Solutions Limited 8.00% Nov 30/22 681,000 677,378 694,620xxx
59,517,685 60,078,029xx
Short Term Investments: (0.52%)x
Government of Canada 1.56% Jan 23/20 526,000 $ 525,483 $ 525,484x
Government of Canada 1.62% Feb 20/20 27,000 26,939 26,939x
Government of Canada 1.62% Mar 05/20 3,231,000 3,221,680 3,221,680x
Government of Canada 1.63% Mar 19/20 66,000 65,768 65,768x
Government of Canada 1.65% Apr 02/20 906,000 902,212 902,212x
The Toronto-Dominion Bank 1.23% Jan 03/20 425,000 424,957 424,957x
United States Treasury Bill 1.47% Jan 23/20 409,000 542,588 530,616x
United States Treasury Bill 1.52% Mar 12/20 373,000 490,794 482,911xxx
6,200,421 6,180,567xxx
Total Investments: 99.00% $ 918,203,056 $ 1,164,211,776xxx
Forward currency contracts: 0.27% (Note 10) 3,232,664x
Other Net Assets (Liabilities): 0.73% 8,519,556xxx
Net Assets: 100% $ 1,175,963,996xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
69
COMPASS MAXIMUM GROWTH PORTFOLIOSTATEMENTS OF FINANCIAL POSITIONAS AT
December 31, 2019 December 31, 2018x
x
Assetsx
x
Current assetsx
Investments (Note 11) $ 254,169,369 $ 190,681,559x
Cash 1,704,157 1,192,135x
Amount receivable for units issued 276,180 184,349x
Amount receivable for securities sold 625 294,850x
Dividends and distributions receivable 209,311 201,239x
Amount receivable on open forward contracts (Note 10) 765,206 -xxx
Total Assets 257,124,848 192,554,132xx
xx
Liabilitiesx
x
Current liabilitiesx
Amount payable for securities purchased 9,022 9,857x
Amount payable on open forward contracts (Note 10) 14 988,163x
Amount payable for units redeemed 246,565 118,655x
Accrued expenses 67,532 53,018x
Distribution payable 280,704 270,471xxx
Total liabilities excluding net assets attributable to holders ofredeemable units
603,837 1,440,164
xxx
Net assets attributable to holders of redeemable units $ 256,521,011 $ 191,113,968xxx
Net assets attributable to holders of redeemable units, Series A $ 80,041,146 $ 62,241,261x
Redeemable units outstanding, Series A 2,929,205 2,631,496x
Net assets attributable to holders of redeemable units per unit, Series A $ 27.33 $ 23.65xxx
Net assets attributable to holders of redeemable units, Series O $ 141,173,771 $ 94,878,711x
Redeemable units outstanding, Series O 4,789,796 3,736,515x
Net assets attributable to holders of redeemable units per unit, Series O $ 29.47 $ 25.39xxx
Net assets attributable to holders of redeemable units, Series F1 $ 35,306,094 $ 33,993,996x
Redeemable units outstanding, Series F1 1,333,069 1,476,795x
Net assets attributable to holders of redeemable units per unit, Series F1 $ 26.48 $ 23.02xxx
See accompanying notes to financial statements
On Behalf of the Board of Directors of ATB Investment Management Inc.
( s i gned) " Chr i s Tur chansky" ( s i gned) " Ni ck Mawhi nney"
Chris Turchansky, President and Chief Executive Officer Nick Mawhinney, Chief Financial Officer
70
COMPASS MAXIMUM GROWTH PORTFOLIOSTATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Incomex
Net gain (loss) on investmentsx
Dividend Income $ 2,426,275 $ 2,161,118x
Income distribution from underlying funds 2,939,083 2,681,098x
Interest for distribution purposes 54,756 (20,878)x
Management fee distribution from underlying funds 17,804 13,567x
Net realized gain on sale of investments 7,586,315 5,647,016x
Net change in unrealized appreciation (depreciation) on investments 24,400,114 (21,317,852)x
Capital gain distribution from underlying funds 3,680,569 4,303,888xxx
Net gain (loss) on investments 41,104,916 (6,532,043)xxx
Net gain (loss) on derivativesx
Net realized gain (loss) on forward contracts (289,935) (1,182,989)x
Net change in unrealized appreciation (depreciation) on forward contracts 1,753,355 (1,299,963)xxx
Net gain (loss) on derivatives 1,463,420 (2,482,952)xxx
Other Incomex
Net realized gain (loss) on foreign currency transactions 21,423 52,355x
Net change in unrealized appreciation (depreciation) on foreign currency translations (3,250) 3,144xxx
Other Income 18,173 55,499xxx
Total Income (net) 42,586,509 (8,959,496)xxx
Expensesx
Management fees (Note 5) 1,657,202 1,437,581x
Administration expense (Note 8) 10,198 8,287x
Independent review committee fees (Note 8) 316 271x
Transfer agent expense 101,803 83,426x
Audit fees 5,674 4,042x
Legal fees 620 729x
Custodian fees 35,592 33,275x
Securityholder reporting fees 16,119 11,198x
Bank charges 168 200x
Withholding taxes 131,422 104,563x
Transaction costs (Note 7) 116,999 70,177xxx
Total Expenses 2,076,113 1,753,749xxx
Increase (decrease) in net assets attributable to holders of redeemable units 40,510,396 (10,713,245)xxx
Increase (decrease) in net assets attributable to holders of redeemable units per Seriesx
Series A $ 12,130,446 $ (4,239,387)x
Series O 21,711,412 (4,583,958)x
Series F1 6,668,538 (1,889,900)xxx
Total increase (decrease) in net assets attributable to holders of redeemable units 40,510,396 (10,713,245)xxx
Weighted average number of redeemable units per Seriesx
Series A 2,772,575 2,355,058x
Series O 4,131,403 3,529,237x
Series F1 1,445,892 1,402,613x
Increase (decrease) in net assets attributable to holders of redeemable units per unit per Seriesx
Series A $ 4.38 $ (1.80)x
Series O $ 5.26 $ (1.30)x
Series F1 $ 4.61 $ (1.35)xxx
See accompanying notes to financial statements
71
COMPASS MAXIMUM GROWTH PORTFOLIOSTATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Net assets attributable to holders of redeemable units, beginning of yearx
Series A $ 62,241,261 $ 54,188,439x
Series O $ 94,878,711 $ 89,583,027x
Series F1 $ 33,993,996 $ 33,597,633x
Increase (decrease) in net assets attributable to holders of redeemable unitsx
Series A 12,130,446 (4,239,387)x
Series O 21,711,412 (4,583,958)x
Series F1 6,668,538 (1,889,900)x
Distributions to holders of redeemable units from:x
Net Investment Incomex
Series A (67,571) (455,835)x
Series O (2,353,336) (2,674,858)x
Series F1 (405,030) (646,701)x
Capital gainsx
Series A (2,145,277) (1,257,027)x
Series O (3,541,970) (2,074,362)x
Series F1 (1,079,998) (739,886)x
Redeemable unit transactions:x
Proceeds for redeemable units issuedx
Series A 17,585,592 23,237,101x
Series O 36,796,693 26,467,600x
Series F1 27,627,549 16,940,702x
Reinvestment of distributions to holders of redeemable unitsx
Series A 2,207,194 1,712,739x
Series O 5,663,409 4,493,853x
Series F1 1,441,730 1,371,606x
Payments for redeemable units redeemedx
Series A (11,910,499) (10,944,769)x
Series O (11,981,148) (16,332,591)x
Series F1 (32,940,691) (14,639,458)x
xxx
Net assets attributable to holders of redeemable units, end of yearx
Series A $ 80,041,146 $ 62,241,261x
Series O $ 141,173,771 $ 94,878,711x
Series F1 $ 35,306,094 $ 33,993,996x
xxx
Redeemable units outstanding, beginning of yearx
Series A 2,631,496 2,087,771x
Series O 3,736,515 3,202,949x
Series F1 1,476,795 1,326,181x
Redeemable units issuedx
Series A 670,272 890,951x
Series O 1,280,797 929,322x
Series F1 1,057,115 653,673x
Reinvested from distributions to holders of redeemable unitsx
Series A 80,409 72,412x
Series O 191,263 176,976x
Series F1 54,139 59,586x
Redeemable units redeemedx
Series A (452,972) (419,638)x
Series O (418,779) (572,732)x
Series F1 (1,254,980) (562,645)x
xxx
Redeemable units outstanding, end of yearx
Series A 2,929,205 2,631,496x
Series O 4,789,796 3,736,515x
Series F1 1,333,069 1,476,795xxx
See accompanying notes to financial statements
72
COMPASS MAXIMUM GROWTH PORTFOLIOSTATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31,
2019 2018x
x
Cash flows from (used in) operating activitiesx
Increase (decrease) in net assets attributable to holders of redeemable units $ 40,510,396 $ (10,713,245)x
Adjustments for:x
Net unrealized foreign exchange (gain) loss on cash 162 (4)x
Non-cash distributions from underlying funds (3,033,980) (2,343,302)x
Proceeds from sale of investments 90,260,975 40,068,243x
Purchase of investments (118,423,146) (69,553,480)x
Net realized gain on sale of investments (7,586,315) (5,647,016)x
Net change in unrealized (appreciation) depreciation on investments (24,400,114) 21,317,852x
Net change in unrealized (appreciation) depreciation on forward contracts (1,753,355) 1,299,963x
Dividend income, net of withholding taxes (2,294,853) (2,056,555)x
Dividend received, net of withholding taxes 2,286,781 2,042,573x
Interest for distribution purposes (54,588) 21,078x
Interest received (paid) 54,588 (21,078)x
Amortization income (11,840) (4,963)xxx
(24,445,289) (25,589,934)xxx
Net change in non-cash working capital 14,514 6,887x
Net Cash used in operating activities (24,430,775) (25,583,047)xxx
Cash flows from (used in) financing activitiesx
Proceeds from sale of redeemable units* 47,485,414 54,160,584x
Distributions to holders of redeemable units, net of reinvested distributions (270,616) -x
Payment on redemption of redeemable units* (22,271,839) (29,309,183)x
Net Cash from financing activities 24,942,959 24,851,401xxx
Unrealized foreign exchange gain (loss) on cash (162) 4x
Net increase (decrease) in cash during the year 512,022 (731,642)xxx
Cash, beginning of year 1,192,135 1,923,777xxx
Cash, end of year $ 1,704,157 $ 1,192,135xxx
* Proceeds from sale of redeemable units and Payment on redemption of redeemable units for the years ended December 31,2019 and 2018 exclude non-cash switches of $34,432,589 (2018 - $12,504,861) and $(34,432,589) (2018 - $(12,504,861)),respectively.
x
See accompanying notes to financial statementsx
See accompanying notes to financial statements
73
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Equities: (33.62%)x
3M Co. 1,060 $ 238,272 $ 242,836x
A.O. Smith Corporation 4,344 278,108 268,732x
Absolute Software Corporation 2,208 16,864 19,210x
Accenture PLC Cl. A 300 76,388 82,031x
Adyen NV 35 35,139 37,267x
AIA Group Limited 6,800 91,939 92,695x
Air Liquide SA 1,172 195,181 215,438x
Alaris Royalty Corp. 1,674 37,445 36,711x
Alcon Inc. 345 26,873 25,367x
ALD SA 3,646 73,172 73,500x
Alimentation Couche-Tard Inc. Cl. B Sub. Voting 36,111 1,312,357 1,488,134x
Allegion PLC 2,267 320,257 366,622x
Allergan PLC 590 125,262 146,464x
Alphabet Inc. Cl. C 780 1,269,490 1,354,226x
AltaGas Canada Inc. 1,140 29,904 38,042x
Altus Group, Ltd. 2,610 78,307 99,076x
Amadeus IT Group, SA 741 75,681 78,575x
Amazon.com, Inc. 168 400,564 403,118x
AmerisourceBergen Corporation 1,435 159,084 158,428x
AMETEK, Inc. 6,840 822,254 885,899x
Amphenol Corp. Cl. A 4,155 531,557 583,952x
Andlauer Healthcare Group Inc. 1,004 17,021 20,130x
Andrew Peller Limited Cl. A 2,660 36,081 31,415x
Anheuser-Busch InBev SA 775 94,445 82,079x
Ansys Inc. 2,740 759,475 915,872x
Aon PLC Cl. A 1,150 289,715 311,046x
AptarGroup, Inc. 4,630 698,401 695,141x
ASSA ABLOY AB Series B 5,917 176,425 179,653x
ATS Automation Tooling Systems Inc. 11,054 172,280 236,887x
Badger Daylighting, Ltd. 842 28,703 29,588x
Bank of Montreal 20,358 2,026,770 2,048,829x
Baxter International Inc. 4,640 492,224 503,833x
BCE Inc. 3,879 226,207 233,361x
Becton, Dickinson and Company 2,860 918,755 1,010,057x
BlackRock, Inc. 415 254,928 270,904x
Booking Holdings Inc. 164 402,392 437,367x
Brookfield Asset Management Inc. Cl. A Limited Voting 12,962 813,750 972,539x
Bunzl PLC 4,777 170,132 169,675x
CAE Inc. 11,452 406,157 393,720x
Calian Group, Ltd. 957 32,906 36,844x
Canadian Imperial Bank of Commerce 14,709 1,647,769 1,589,455x
Canadian National Railway Company 15,644 1,703,674 1,837,701x
Canadian Natural Resources Ltd. 41,017 1,570,314 1,722,714x
Canadian Pacific Railway Company 3,645 883,290 1,206,604x
Canadian Tire Corporation, Limited Cl. A 7,873 1,144,952 1,100,252x
Canadian Western Bank 1,371 43,138 43,721x
CCL Industries Inc. Cl. B 12,084 659,941 668,487x
Cerner Corporation 1,120 102,102 106,737x
CES Energy Solutions Corp. 17,317 78,301 40,349x
CGI Inc. 2,380 247,356 258,635x
China Mobile Limited 5,500 63,307 60,034
74
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Cinemark Holdings, Inc. 2,760 138,019 121,318x
CME Group Inc. Cl. A 3,540 930,353 922,683x
Cogeco Inc. 965 76,317 100,447x
Colliers International Group Inc. 874 69,652 88,361x
Comcast Corporation Cl. A 16,390 960,835 957,107x
Compass Group PLC 4,034 131,243 131,142x
Constellation Software Inc. 212 154,125 267,366x
Cott Corporation 22,613 390,017 401,155x
Croda International PLC 1,362 110,652 119,947x
CSX Corporation 2,317 225,858 217,712x
Currency Exchange International, Corp. 277 7,109 4,986x
Danaher Corporation 420 78,017 83,707x
DBS Group Holdings Limited 4,700 116,254 117,440x
DENTSPLY SIRONA, Inc. 2,250 165,683 165,341x
Deutsche Boerse AG 632 120,624 129,017x
Diageo PLC 1,420 76,599 78,172x
Ecolab Inc. 1,200 300,832 300,729x
Element Fleet Management Corp. 8,149 75,725 90,372x
Enbridge Inc. 21,262 1,023,622 1,097,757x
Enghouse Systems Limited 16,743 649,350 806,678x
Equitable Group Inc. 1,176 84,003 128,596x
FactSet Research Systems Inc. 430 152,761 149,812x
Fairfax India Holdings Corporation 8,140 148,583 135,298x
Fastenal Company 5,200 253,521 249,503x
Finning International Inc. 26,101 673,856 660,355x
First National Financial Corporation 491 16,436 18,697x
FirstService Corporation 473 47,704 57,181x
Fortis Inc. 28,738 1,448,992 1,548,403x
FUCHS PETROLUB SE 1,166 58,588 67,850x
FUCHS PETROLUB SE Preferred 1,388 74,506 89,280x
Fuyao Glass Industry Group Co., Ltd. Cl. H 10,000 40,336 39,745x
GDI Integrated Facility Services Inc., Sub. Voting 1,477 25,925 49,967x
Gildan Activewear Inc. Cl. A 20,750 764,106 796,592x
Gilead Sciences, Inc. 4,820 417,670 406,710x
Glanbia PLC 5,121 100,207 76,531x
Great-West Lifeco Inc. 14,220 471,960 472,957x
Halma PLC 3,249 103,466 118,252x
HLS Therapeutics Inc. 3,089 53,740 78,769x
Hologic, Inc. 4,830 302,714 327,461x
Hydro One Limited 7,410 168,511 185,843x
iA Financial Corporation Inc. 1,560 79,956 111,275x
IAA, Inc. 10,255 535,631 626,681x
IHS Markit, Ltd. 580 48,949 56,750x
Intact Financial Corporation 10,700 1,462,842 1,502,494x
Intercontinental Exchange, Inc. 5,100 596,127 612,922x
InterContinental Hotels Group PLC 1,815 154,799 162,589x
Intertape Polymer Group Inc. 1,916 38,004 31,844x
Intertek Group PLC 1,890 173,362 190,243x
Intuit Inc. 1,540 525,417 523,799x
Jamieson Wellness, Inc. 3,264 68,825 84,048x
Japan Exchange Group, Inc. 4,700 102,034 108,409
75
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Johnson & Johnson 3,950 705,320 748,207x
JPMorgan Chase & Co. 4,450 705,932 805,529x
KAR Auction Services, Inc. 7,090 210,671 200,614x
Kerry Group PLC Cl. A 412 63,717 66,672x
Kinaxis Inc. 423 30,188 42,308x
Knight Therapeutics Inc. 52 429 394x
Kone OYJ Series B 864 65,194 73,345x
Legrand SA 957 91,736 101,257x
LG Household & Health Care, Ltd. Preferred 96 77,243 83,111x
Linde Public Limited Company 1,600 412,964 442,338x
LKQ Corporation 2,710 110,724 125,631x
Loblaw Companies Limited 10,312 618,045 690,904x
LVMH Moet Hennessy Louis Vuitton SA 300 166,397 180,995x
Magna International Inc. 10,775 760,031 767,180x
Mainstreet Equity Corp. 1,514 68,133 119,606x
Manulife Financial Corporation 11,792 285,379 310,837x
Marsh & McLennan Companies, Inc. 9,950 1,321,346 1,439,481x
MasterCard Incorporated Cl. A 1,689 595,566 654,883x
Metro Inc. 8,897 496,804 476,790x
Microsoft Corporation 5,330 969,825 1,091,484x
Morguard Corporation 73 14,460 14,673x
Morneau Shepell, Inc. 2,700 60,253 91,233x
MTY Food Group Inc. 2,246 118,383 124,631x
National Bank of Canada 24,552 1,735,257 1,769,708x
Neo Performance Materials Inc. 3,580 40,781 44,213x
Nestlé SA 780 111,259 109,659x
New Look Vision Group Inc. Cl. A 1,950 62,786 63,180x
NFI Group Inc. 17,019 496,760 453,556x
Nielsen Holdings PLC 2,990 88,042 78,818x
Nike Inc. Cl. B 5,440 628,926 715,665x
Nomura Research Institute, Ltd. 3,000 83,051 83,825x
Novartis AG ADR 1,120 133,739 137,715x
Novozymes A/S Series B 1,228 74,311 78,033x
Nutrien Ltd. 10,560 673,120 656,515x
Onex Corporation 1,330 107,398 109,286x
Open Text Corporation 8,643 411,564 494,552x
Oracle Corporation 900 65,468 61,917x
Parkland Fuel Corporation 13,949 468,422 665,507x
Paychex, Inc. 4,770 534,656 526,869x
PayPal Holdings, Inc. 1,010 142,808 141,869x
People Corporation 6,096 48,831 61,143x
PepsiCo, Inc. 2,230 391,004 395,764x
Photon Control Inc. 11,268 21,180 15,550x
Power Corporation of Canada 12,943 414,650 432,943x
PPG Industries Inc. 407 64,397 70,551x
PrairieSky Royalty Ltd. 3,820 101,027 58,179x
Quebecor Inc. Cl. B 11,870 397,301 393,372x
Rathbone Brothers PLC 1,774 66,101 64,994x
Recipe Unlimited Corp. 1,391 35,359 27,097x
Recordati SPA 1,779 101,877 97,354x
RELX PLC 5,582 172,363 182,954
76
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Restaurant Brands International Inc. 5,194 452,447 429,959x
Richards Packaging Income Fund 1,530 52,835 69,753x
Richelieu Hardware Ltd. 9,873 268,635 267,854x
Roche Holding AG 337 127,041 141,982x
Rogers Communications Inc. Cl. B 9,337 565,762 602,050x
Royal Bank of Canada 21,273 2,206,694 2,185,801x
RPM International, Inc. 3,558 321,897 354,650x
S&P Global, Inc. 1,836 582,998 650,989x
Sampo OYJ Series A 2,239 129,374 126,897x
Samsung Electronics Co., Ltd. GDR Preferred 64 69,738 80,614x
Sangoma Technologies Corporation 7,538 10,632 18,770x
SAP SE 680 113,650 119,174x
Saputo Inc. 31,528 1,283,667 1,267,426x
Savaria Corporation 5,610 80,756 78,259x
Sekisui Chemical Co., Ltd. 4,600 95,103 104,673x
Seven & I Holdings Co., Ltd. 2,400 119,801 114,817x
SGS SA 23 76,424 81,811x
Shaw Communications Inc. Cl. B Non-Voting 9,931 267,852 261,682x
ShawCor Ltd. 3,305 63,586 41,412x
Shenandoah Telecommunications Company 2,550 129,441 137,783x
Shopify Inc. Cl. A 430 84,404 222,009x
Sika AG 498 100,257 121,511x
Sleep Country Canada Holdings Inc. 3,914 102,031 79,102x
Spirax-Sarco Engineering PLC 659 89,418 100,770x
Stantec Inc. 11,966 401,453 439,152x
State Street Corporation 6,980 593,612 716,953x
Stella-Jones Inc. 12,399 492,048 465,210x
Stingray Group Inc. 4,300 38,649 30,702x
StorageVault Canada Inc. 16,806 57,502 62,350x
Sun Life Financial Inc. 16,250 985,369 962,162x
Suncor Energy Inc. 40,188 1,692,630 1,710,401x
Sylogist, Ltd. Cl. A 3,361 36,218 33,106x
Taiwan Semiconductor Manufacturing Company, Ltd. ADR 1,800 106,183 135,802x
TC Energy Corporation 21,224 1,417,620 1,467,852x
TELUS Corporation 30,156 1,466,514 1,516,244x
Tencent Holdings Limited 1,900 113,123 118,925x
Texas Instruments Incorporated 1,100 168,980 183,250x
The Bank of Nova Scotia 27,387 2,010,314 2,008,836x
The Descartes Systems Group Inc. 4,093 153,775 227,161x
The Hershey Company 2,710 502,081 517,233x
The Procter & Gamble Company 5,530 843,291 896,905x
The Sherwin-Williams Company 354 240,045 268,246x
The Toronto-Dominion Bank 19,179 1,367,993 1,396,807x
Thomson Reuters Corporation 8,263 657,085 767,550x
TMX Group Limited 2,936 215,967 330,153x
Topdanmark A/S 1,470 99,512 94,099x
Toromont Industries Ltd. 11,273 631,492 795,761x
TriMas Corporation 6,860 277,668 279,802x
Tsuruha Holdings, Inc. 1,000 137,736 167,555x
Union Pacific Corporation 1,300 299,962 305,194x
United Technologies Corporation 1,970 367,160 383,108
77
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Valuex
Verisk Analytics, Inc. Cl. A 5,863 1,115,961 1,136,985x
Verizon Communications Inc. 10,150 791,903 809,269x
Visa Inc. Cl. A 5,370 1,224,302 1,310,267x
Wabtec Corporation 830 80,669 83,853x
Waters Corporation 2,670 757,569 810,095x
Wells Fargo & Company 7,860 518,524 549,115x
West Pharmaceutical Services, Inc. 1,018 180,918 198,725x
Willis Towers Watson PLC 2,700 659,805 708,019x
Winpak, Ltd. 1,862 86,553 87,477x
Wolters Kluwer NV 1,873 176,192 177,386xxx
81,331,425 86,234,594xx
Mutual Funds: (61.72%)x
BlackRock CDN MSCI EAFE Equity Index Fund 518,528 $ 9,533,655 $ 10,649,041x
BlackRock CDN US Equity Index Fund 1,491,322 27,932,669 42,802,866x
Boyd Group Income Fund 930 101,772 187,860x
iShares Core MSCI EAFE ETF 101,720 8,293,951 8,617,454x
iShares Core S&P Small-Cap ETF 131,503 8,837,471 14,318,496x
Mawer Canadian Equity Fund 137,978 6,367,911 9,984,092x
Mawer Global Small Cap Fund 1,460,181 18,903,819 23,255,283x
Mawer International Equity Fund 678,574 33,217,325 41,442,010x
Mawer New Canada Fund 86,881 4,776,215 7,078,072xxx
117,964,788 158,335,174xx
Private Equities: (0.68%)x
Kensington Private Equity Fund IV 201,905 $ 201,905 $ 815,443x
KMC Holdings Limited Partnership 232,397 232,397 32,834x
TriWest Capital Partners Private Equity Fund III 984,016 984,016 378,679x
TriWest Capital Partners Private Equity Fund IV 409,524 409,524 508,463xxx
1,827,842 1,735,419xx
Real Estate Investment Trust (REITs): (2.83%)x
Allied Properties Real Estate Investment Trust 11,600 $ 388,993 $ 604,012x
Artis Real Estate Investment Trust 11,800 157,757 140,420x
Boardwalk Real Estate Investment Trust 7,625 356,299 350,216x
Canadian Apartment Properties Real Estate Investment Trust 15,902 607,986 842,965x
Choice Properties Real Estate Investment Trust 39,251 438,326 545,982x
Cominar Real Estate Investment Trust 17,500 195,845 247,800x
Crombie Real Estate Investment Trust 8,639 118,663 137,706x
CT Real Estate Investment Trust 26,230 392,623 423,352x
Dream Industrial Real Estate I 11,000 126,757 144,540x
Dream Office Real Estate Investment Trust 4,485 98,064 139,618x
First Capital Real Estate Investment Trust 13,530 276,824 279,665x
Granite Real Estate Investment Trust 5,197 281,904 342,898x
H&R Real Estate Investment Trust 48,158 997,169 1,016,134x
InterRent Real Estate Investment Trust 14,392 171,826 225,091x
Killam Apartment Real Estate Investment Trust 9,398 134,107 177,998x
Northview Apartment Real Estate Investment Trust 5,825 119,038 172,653x
NorthWest Healthcare Properties Real Estate Investment Trust 11,800 133,246 140,774x
RioCan Real Estate Investment Trust 30,400 728,803 813,504x
SmartCentres Real Estate Investment Trust 12,400 333,944 387,004x
Summit Industrial Income Real Estate Investment Trust 11,100 129,004 133,866xxx
6,187,178 7,266,198xx
78
COMPASS MAXIMUM GROWTH PORTFOLIOSCHEDULE OF INVESTMENTSAS AT DECEMBER 31, 2019 (CONTINUED)
Issuer/Description Shares/Units/Par Value Cost Carrying Value
Short Term Investments: (0.23%)x
Government of Canada 1.62% Feb 20/20 46,000 $ 45,896 $ 45,896x
Government of Canada 1.65% Apr 02/20 126,000 125,473 125,473x
The Toronto-Dominion Bank 1.23% Jan 03/20 100,000 99,990 99,990x
United States Treasury Bill 1.46% Jan 23/20 137,000 181,987 177,738x
United States Treasury Bill 1.52% Mar 12/20 115,000 151,323 148,887xxx
604,669 597,984xxx
Total Investments: 99.08% $ 207,915,902 $ 254,169,369xxx
Forward currency contracts: 0.30% (Note 10) 765,192x
Other Net Assets (Liabilities): 0.62% 1,586,450xxx
Net Assets: 100% $ 256,521,011xxx
*Indicates Par value denominated in GBP**Indicates Par value denominated in USD
79
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019
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1. Organization of the Compass Portfolio Series, Reporting Periods and General Information:a. Organization of the PortfoliosThe Compass Portfolio Series (individually, a “Portfolio” and collectively the “Portfolios”) is a comprehensive series of strategic assetallocation models, each designed to meet an investor’s unique profile and objectives. The Portfolios are open-ended Canadianmutual fund trusts established pursuant to the Master Declaration of Trust dated November 14, 2002, as amended and restatedeffective October 31, 2011, and as amended by supplemental trust deed dated September 21, 2016 (the “Declaration of Trust”). ATBInvestment Management Inc. (“ATBIM”), a corporation incorporated under the laws of Alberta, is the trustee and manager of each ofthe Portfolios. The registered office of ATBIM is at 21st Floor, 10020 – 100th Street NW, Edmonton, AB, T5J 0N3. The Portfolioscommenced operations on December 11, 2002 and invest in a variety of financial assets in order to profit on a total return basis,through investment income and capital appreciation. The financial statements of the Portfolios are presented in Canadian dollars.
The financial statements of the Portfolios were authorized for issue by ATB Investment Management Inc. (the “Manager”) on March19, 2020.
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The Portfolios Inception Date Investment Objective
Compass Conservative Portfolio December 11, 2002 To provide investors with income and some capital appreciation whilepreserving principal and reducing volatility, by investing in a portfolio ofprimarily fixed income securities.
Compass Conservative Balanced Portfolio December 11, 2002 To provide investors with long-term capital appreciation and some incomewhile reducing short-term volatility by investing in a balanced portfolio offixed income and equity securities, with a bias towards fixed incomesecurities.
Compass Balanced Portfolio December 11, 2002 To provide investors with long-term capital appreciation while reducingshort-term volatility by investing in a balanced portfolio of fixed income andequity securities.
Compass Balanced Growth Portfolio December 11, 2002 To provide investors with long-term capital appreciation by investing in abalanced portfolio of equity and fixed income securities, with a bias towardsequity securities.
Compass Growth Portfolio December 11, 2002 To provide investors with long-term capital appreciation by investing in adiversified portfolio of primarily equity securities, with some fixed incomesecurities to reduce volatility.
Compass Maximum Growth Portfolio December 11, 2002 To provide investors with long-term capital appreciation by investing in adiversified portfolio of equity securities.
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The Portfolios issue Series A, Series O and Series F1 units (the “Series”). The different Series of each Portfolio are intended for differentkinds of investors and carry different management fee rates as described in Note 5. Units of all series otherwise rank equally with allother units within each Portfolio. Effective October 31, 2011, the designation of Series F Units was changed to Series O and the Fundbegan to offer Series F1 units. Series A units of the Portfolios are available to all investors, subject to the minimum investmentrequirement of $1,000. Series F1 and Series O units are designed for investors with fee-based accounts and are available at thediscretion of the Manager.
b. General InformationThe Manager serves as investment advisor of the Portfolios. The Portfolios invest in a mix of third party mutual funds, institutionalpooled funds, exchange traded securities, private equities, Canadian government and corporate bonds, real estate, term loans,mortgage backed securities or investment trusts, and other investments from reputable investment management firms in theindustry to satisfy the strategic asset allocation goals of the Portfolios. These investments are called the “underlying funds” or the“underlying investments”. The underlying investments of the Portfolios are selected to achieve and add value to the asset allocationas a whole. Additional diversification is realized beyond each asset class through diversification by geography, management style,market sector, market capitalization and investment manager. Management believes such thorough diversification serves to providea superior risk-adjusted rate of return by minimizing volatility and maximizing long-term performance results.
The Portfolios are monitored and re-balanced regularly by the Manager, ensuring that each Portfolio maintains its target weighting ofunderlying investments. The Portfolios’ accounting policies for measuring the fair value of their investments and derivatives aresubstantially similar to those used in measuring their net asset value (“NAV”) for transactions with unitholders. The NAV is the value ofthe total assets of a Portfolio less the value of its total liabilities determined, on each valuation day, in accordance with Part 14 ofNational Instrument 81-106 Investment Fund Continuous Disclosure for the purpose of processing unitholder transactions.
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
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2. Summary of Significant Accounting PoliciesThese financial statements have been prepared in compliance with International Financial Reporting Standards (IFRS), as publishedby the International Accounting Standards Board (IASB). These financial statements have been prepared under the historical costconvention, as modified by the revaluation of financial assets and financial liabilities, including derivative financial instruments, at fairvalue through profit or loss (FVTPL).
The significant accounting policies of the Portfolios are as follows:
a. Financial Instruments(i) Financial assets
Under IFRS 9, financial assets are measured at amortized cost, at FVTPL or fair value through other comprehensive income dependingon contractual cash flow characteristics and the business model from which they are held. The Portfolios classify their investmentsbased on both the Portfolios business model for managing those financial assets and the contractual cash flow characteristics of thefinancial assets. The portfolio of financial assets is managed and performance is evaluated on a fair value basis. The Portfolios areprimarily focused on fair value information and uses that information to assess the assets’ performance and to make decisions. ThePortfolios have not taken the option to irrevocably designate any equity securities as fair value through other comprehensiveincome. The contractual cash flows of the Portfolios debt securities are solely principal and interest, however, these securities areneither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and for sale. Thecollection of contractual cash flows is only incidental to achieving the Portfolios business model’s objective. Consequently, allinvestments are measured at fair value through profit or loss (FVTPL).
(ii) Financial liabilities
Derivative financial instruments, such as forward contracts, that have a negative fair value are presented as liabilities at fair valuethrough profit or loss.The Portfolios obligation concerning net assets attributable to holders of redeemable units is recorded at theredemption amount, which approximates fair value. All other financial assets and liabilities are classified as and measured atamortized cost.
Financial instruments may include financial assets and liabilities such as debt and equity securities, open-ended investment funds,derivatives, cash and cash equivalents and other receivables and payables. Debt and equity securities, and open-ended investmentfunds, as applicable, are collectively classified and presented as Investments (non-derivative positions) on the Statements of FinancialPosition. Derivative financial instruments are presented as amounts receivable/payable on open forward contracts on the Statementof Financial Position. Unfunded committed capital for private equity investments is not presented in the Statement of FinancialPosition, as unfunded committed capital represents a loan committment that is not within the scope of IAS 39 Financial instruments:Recognition and measurement.
The accounting policies used to measure the fair value of investments and derivative financial instruments for purposes of thesefinancial statements are identical to those used in measuring the net asset value for transactions with investors, except in the casewhere the closing price of equity securities is not within the bid-ask spread. As at December 31, 2019 and December 31, 2018, therewere no differences between the Portfolios net asset value per unit and the net assets per unit attributable to holders of redeemableunits in accordance with IFRS.
Each of the Portfolios has issued multiple series which carry different management fee rates as described in Note 5. As a result, allredeemable units issued by the Portfolios do not have ‘identical features’. In addition, the Portfolios are required to distribute incomeannually in cash or additional units at the option of the unitholder, which represents a contractual obligation apart from the ongoingredemption feature. Therefore, the units are classified as financial liabilities in accordance with the requirements of IAS 32, FinancialInstruments: Presentation.
The interest for distribution purposes shown on the Statements of Comprehensive Income represents the coupon interest receivedby the Portfolios accounted for on an accrual basis. The Portfolios do not amortize premiums paid or discounts received on thepurchase of fixed income securities except for zero coupon bonds which are amortized. Realized gain (loss) on sale of investmentsand change in unrealized appreciation (depreciation) on investments and forward currency contracts are determined on an averagecost basis. Dividends, Income and capital gain distribution from underlying funds are recognized on the ex-distribution date.
At each reporting date, the Manager assesses whether there is objective evidence that a financial asset at amortized cost is impaired.If such evidence exists, the Portfolios recognize an impairment loss as the difference between the amortized cost of the financial
81
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
asset and the present value of the estimated future cash flows, discounted using the instrument’s original effective interest rate.Impairment losses on financial assets at amortized cost are reversed in subsequent periods if the amount of the loss decreases andthe decrease can be related objectively to an event occurring after the impairment was recognized.
b. Fair Value MeasurementsFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between marketparticipants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on quotedmarket prices at the close of trading on the reporting date. The Portfolios use the last traded market price for both financial assetsand financial liabilities where the last traded price falls within that day’s bid-ask spread. In circumstances where the last traded price isnot within the bid-ask spread, the Manager determines the point within the bid-ask spread that is most representative of fair valuebased on the specific facts and circumstances.
The fair value of financial assets and liabilities that are not traded in an active market is determined using valuation techniques. TheManager uses a variety of methods and makes assumptions that are based on market conditions existing at each reporting date.Valuation techniques include the use of comparable recent arm’s length transactions, reference to other instruments that aresubstantially the same, discounted cash flow analysis, option pricing models and others commonly used by market participants andwhich make the maximum use of observable inputs.
Certain Portfolios may enter into forward foreign currency contracts in a manner consistent with the investment objective andstrategy of each Portfolio and as permitted by applicable securities legislation. Foreign currency exchange spot contracts andforward foreign currency exchange contracts are valued on each valuation day based on the difference between the value of thecontract on the date the contract originated and the value of the contract on the valuation date. Realized and unrealized gains orlosses on the contracts are recorded as net realized gain (loss) on forward contracts and net change in unrealized appreciation(depreciation) on forward contracts, respectively, in the Statements of Comprehensive Income.
For assets and liabilities carried at amortised cost, their carrying values are a reasonable approximation of fair value.
The Portfolios classify fair value measurements within a hierarchy that priortizes the inputs to fair value measurement. The Portfolios’policy is to recognize transfers into and out of the fair value hierarchy levels as of the date of the event or change in circumstancesgiving rise to the transfer. The classification of each Portfolio’s financial instruments within the fair value hierarchy and any transfersbetween levels during the period are discussed in Note 11.
c. Increase (Decrease) in Net Assets Attributable to Holders of Redeemable Units per UnitThe increase (decrease) in net assets attributable to holders of redeemable units per unit is calculated by dividing the increase(decrease) in net assets attributable to holders of redeemable units by the weighted average number of units outstanding during theperiod. Refer to the Statements of Comprehensive Income for the calculation.
Expenses directly attributable to a Series of the Portfolios are charged to that specific Series. Other expenses, investment income,realized and unrealized capital and foreign exchange gains and losses are allocated proportionately to each Series based upon therelative NAV of each Series.
d. TaxationThe Portfolios qualify as mutual fund trusts under the Income Tax Act (Canada). All of the Portfolios’ net income for tax purposes andsufficient net capital gains realized in any period are required to be distributed to unitholders such that no income tax is payable bythe Portfolios. As a result, management of the Portfolios have determined that it is in substance the Portfolios are not taxable andtherefore, do not record income taxes. Since they do not record income taxes, the tax benefit of capital and non-capital losses havenot been reflected in the Statements of Financial Position as deferred income tax assets. As at December 31, 2019 and December 31,2018 there are no capital or non-capital losses.
The Portfolios currently incur withholding taxes imposed by certain countries on investment income and capital gains. Such incomeand gains are recorded on a gross basis and the related withholding taxes are reported as Withholding Taxes in the Statements ofComprehensive Income.
e. Foreign Currency TranslationThe Portfolios’ subscriptions and redemptions are denominated in Canadian dollars, which is also their functional and presentationcurrency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the datesthat transactions occur. Foreign currency assets and liabilities denominated in a foreign currency are translated into the functionalcurrency using the exchange rate prevailing at the measurement date. Foreign currency gains and losses relating to cash, and other
82
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
financial assets and liabilities are presented as ‘Net realized gain (loss) on foreign currency transactions’ and ‘Net change in unrealizedappreciation (depreciation) on foreign currency translations’. Foreign currency gains and losses relating to investments andderivatives are presented within ‘Net realized gain (loss) on sale of investments’ and ‘Net change in unrealized appreciation(depreciation) on investments’ in the Statements of Comprehensive Income.
f. CashCash is comprised of deposits with financial institutions.
g. OffsettingFinancial assets and liabilities are offset and the net amount reported in the Statements of Financial Position where the Portfolioshave a legally enforceable right to set-off the recognized amounts and there is an intention to settle on a net basis or realize the assetand settle the liability simultaneously. In all other situations they are presented on a gross basis. In the normal course of business, thePortfolios may enter into various master netting agreements or other similar arrangements that do not meet the criteria for offsettingin the Statements of Financial Position but still allow for the related amounts to be set-off in certain circumstances, such asbankruptcy or the termination of the contracts.
h. Critical Accounting Estimates and JudgmentsThe preparation of financial statements requires management to use judgment in applying its accounting policies and to makeestimates and assumptions about the future. The following discusses the most significant accounting judgments and estimates thatthe Manager has made in preparing the financial statements:
Fair value measurement of investments not quoted in an active marketThe Portfolios hold financial instruments that are not quoted in active markets. Fair values of such instruments are determined usingvaluation techniques and may be determined using reputable pricing sources (such as pricing agencies) or indicative prices frommarket makers. Broker quotes as obtained from the pricing sources may be indicative and not executable or binding. Where nomarket data is available, the Portfolios may value positions using the Manager’s own models, which are usually based on valuationmethods and techniques generally recognized as standard within the industry. The models used to determine fair values arevalidated and periodically reviewed by experienced personnel of the Manager, independent of the party that created them. Themodels used observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilitiesand correlations require the Manager to make estimates. Changes in assumptions about these factors could affect the reported fairvalues of investments. Refer to Note 11 for further information about the fair value measurement of the Portfolios' financialinstruments.
Classification and measurement of investments and application of the fair value option under IFRS 9In classifying and measuring financial instruments held by the Portfolios, the Manager is required to make significant judgmentsabout the business model in which the asset is held for the purpose of applying the fair value option for financial assets under IFRS 9.
i. Investment EntityEach Portfolio has determined that they meet the definition of an ‘investment entity’ and as a result, each measures subsidiaries, ifany, at FVTPL. An investment entity is an entity that: obtains funds from one or more investors for the purpose of providing themwith investment management services, commits to its investors that its business purpose is to invest funds solely for returns fromcapital appreciation, investment income, or both, and measures and evaluates the performance of substantially all of its investmentson a fair value basis. The most significant judgment that the Portfolio has made in determining that it meets this definition is that fairvalue is the primary measurement attribute used to measure and evaluate the performance of substantially all of its investments. ThePortfolios' investments may also include associates and joint ventures which are also designated at FVTPL at inception.
j. Interest in Unconsolidated Structured EntitiesA structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding whocontrols the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed bymeans of contractual arrangements. The Manager has determined that all of the underlying funds, exchange traded funds, privateequity funds and mortgage backed securities in which the Portfolios invest are unconsolidated structured entities. In making thisdetermination, the Manager evaluated the fact that decision making about the underlying funds, exchange traded funds, privateequity funds and mortgage backed securities’ activities is generally not governed by voting or similar rights held by the Portfoliosand other investors.
The Portfolios may invest in underlying funds, exchange traded funds, private equity funds and mortgage backed securities whoseinvestment objectives range from achieving short- to long-term income and capital growth potential. The Portfolios’ interests inthese securities as at December 31, 2019 and December 31, 2018, are included at their fair value in the Statements of Financial
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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Position, which represent the Portfolios’ maximum exposure in these investments. The change in fair value of each of the underlyingfunds, exchange traded funds, private equity funds and mortgage backed securities during the periods is included in Net change inunrealized appreciation (depreciation) in the Statements of Comprehensive Income. Additional information on the Portfolios’interests in Unconsolidated Structured Entities, where applicable, is provided in Note 4 to the Financial Statements.
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3. Financial Instruments Risk and Related Risks:The Portfolios’ financial instruments expose them to a variety of financial instruments risks: market risk (including currency risk,interest rate risk and other price risk), credit risk and liquidity risk. The Portfolios’ overall risk management program focuses on theunpredictability of financial markets and seeks to minimize potential adverse effects on the Portfolios’ financial performance throughcareful selection of securities, regular monitoring and strategic asset allocation.
a. Currency RiskCurrency risk arises from the fluctuation in foreign exchange rates and the degree of volatility of these rates relative to the Canadiandollar and occurs when the Portfolios hold financial instruments denominated in a currency other than the Canadian dollar, thefunctional currency of the Portfolios. A Portfolio may enter into foreign exchange forward contracts for hedging purposes to reduceits foreign currency exposure or to establish exposure to foreign currencies.
The following tables indicate the foreign currencies to which the Portfolios had significant exposure as at December 31, 2019 andDecember 31, 2018, net of forward currency contracts. The tables also illustrate how Net Assets Attributable to Holders ofRedeemable Units would have increased or decreased as at December 31, 2019 and December 31, 2018, had foreign currencyexchange rates increased or decreased by 5% relative to the Canadian dollar, with all other factors remaining constant. In practice,actual results may differ from this sensitivity analysis and the differences could be material.
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As at December 31, 2019 Currency Non-Monetary Total MonetaryForward Currency
Contracts Net Exposure
Net Exposure as aPercentage of Net
Assets
Effect on NetAssets
Compass ConservativePortfolio CHF - - (8,023,967) (8,023,967) (0.44) (401,198)
EUR - - (23,920,101) (23,920,101) (1.32) (1,196,005)
GBP - 280 (13,125,474) (13,125,194) (0.72) (656,260)
JPY - 359 (6,382,409) (6,382,050) (0.35) (319,103)
SGD - 17 - 17 - 1
USD 109,086,851 158,486,883 (239,197,906) 28,375,828 1.56 1,418,791
109,086,851 158,487,539 (290,649,857) (23,075,467) (1,153,774)Compass ConservativeBalanced Portfolio CHF 8,131,125 - - 8,131,125 0.15 406,556
DKK 2,912,089 - - 2,912,089 0.05 145,604
EUR 30,252,038 255 - 30,252,293 0.56 1,512,615
GBP 22,178,454 41,548 - 22,220,002 0.41 1,111,000
HKD 5,191,154 - - 5,191,154 0.10 259,558
JPY 9,926,963 15,654 - 9,942,617 0.18 497,131
KRW 1,432,795 - - 1,432,795 0.03 71,640
NOK - - - - - -
SEK 3,036,427 - - 3,036,427 0.06 151,821
SGD 2,011,466 - - 2,011,466 0.04 100,573
USD 375,420,323 388,859,157 (681,939,589) 82,339,891 1.53 4,116,995
460,492,834 388,916,614 (681,939,589) 167,469,859 8,373,493
Compass Balanced Portfolio CHF 13,089,362 (33) - 13,089,329 0.24 654,466
DKK 4,642,602 - - 4,642,602 0.08 232,130
EUR 48,615,829 112 - 48,615,941 0.89 2,430,797
GBP 35,676,739 56,415 - 35,733,154 0.65 1,786,658
HKD 8,395,679 - - 8,395,679 0.15 419,784
JPY 15,850,301 25,116 - 15,875,417 0.29 793,771
KRW 2,302,862 - - 2,302,862 0.04 115,143
NOK - - - - - -
SEK 4,881,018 - - 4,881,018 0.09 244,051
84
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
SGD 3,185,862 - - 3,185,862 0.06 159,293
USD 707,674,627 270,777,781 (753,232,868) 225,219,540 4.11 11,260,977
844,314,881 270,859,391 (753,232,868) 361,941,404 18,097,070Compass Balanced GrowthPortfolio CHF 7,146,085 - - 7,146,085 0.27 357,304
DKK 2,507,512 - - 2,507,512 0.09 125,376
EUR 26,432,231 - - 26,432,231 0.98 1,321,612
GBP 19,501,167 29,995 - 19,531,162 0.73 976,558
HKD 4,573,998 - - 4,573,998 0.17 228,700
JPY 8,690,722 13,708 - 8,704,430 0.32 435,222
KRW 1,256,185 - - 1,256,185 0.05 62,809
NOK - - - - - -
SEK 2,661,242 - - 2,661,242 0.10 133,062
SGD 1,761,594 - - 1,761,594 0.07 88,080
USD 406,080,623 84,952,883 (386,770,192) 104,263,314 3.87 5,213,166
480,611,359 84,996,586 (386,770,192) 178,837,753 8,941,889
Compass Growth Portfolio CHF 3,352,998 - - 3,352,998 0.29 167,650
DKK 1,200,906 - - 1,200,906 0.10 60,045
EUR 12,520,425 48 828 12,521,301 1.06 626,065
GBP 9,198,252 10,626 - 9,208,878 0.78 460,444
HKD 2,161,369 - - 2,161,369 0.18 108,068
JPY 4,087,212 5,837 - 4,093,049 0.35 204,652
KRW 582,641 - 8,714 591,355 0.05 29,568
NOK - - - - - -
SEK 1,253,046 - - 1,253,046 0.11 62,652
SGD 829,574 - - 829,574 0.07 41,479
USD 224,762,125 14,020,313 (174,703,599) 64,078,839 5.45 3,203,942
259,948,548 14,036,824 (174,694,057) 99,291,315 4,964,565Compass Maximum GrowthPortfolio CHF 480,330 - - 480,330 0.19 24,017
DKK 172,132 - - 172,132 0.07 8,607
EUR 1,792,616 32 166 1,792,814 0.70 89,641
GBP 1,318,739 1,485 - 1,320,224 0.51 66,011
HKD 311,398 - - 311,398 0.12 15,570
JPY 579,278 796 - 580,074 0.23 29,004
KRW 83,111 - 1,743 84,854 0.03 4,243
NOK - - - - - -
SEK 179,653 - - 179,653 0.07 8,983
SGD 117,440 - - 117,440 0.05 5,872
USD 55,690,942 387,237 (40,234,795) 15,843,384 6.18 792,169
60,725,639 389,550 (40,232,886) 20,882,303 1,044,117
X
X
As at December 31, 2018Currency Non-Monetary Total Monetary
Forward CurrencyContracts Net Exposure
Net Exposure as aPercentage of Net
Assets
Effect on NetAssets
Portfolio ($) ($) ($) ($) (%) ($)
Compass ConservativePortfolio CHF - - (4,213,261) (4,213,261) (0.25) (210,663)
CNY - - (4,707,671) (4,707,671) (0.28) (235,384)
EUR - - (22,945,016) (22,945,016) (1.37) (1,147,251)
GBP - 681 (15,156,955) (15,156,274) (0.90) (757,814)
JPY - 374 (8,002,781) (8,002,407) (0.48) (400,120)
SGD - 18 - 18 - 1
USD 84,258,377 117,486,500 (191,712,054) 10,032,823 0.60 501,641
85
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
84,258,377 117,487,573 (246,737,738) (44,991,788) (2,249,590)Compass ConservativeBalanced Portfolio CHF 8,065,510 - - 8,065,510 0.17 403,276
DKK 5,780,213 - 227,019 6,007,232 0.13 300,362
EUR 52,294,993 626,022 27,843 52,948,858 1.11 2,647,443
GBP 44,894,414 91,438 - 44,985,852 0.94 2,249,293
HKD 9,980,484 245,127 85,089 10,310,700 0.22 515,535
JPY 8,566,766 13,730 1,238,053 9,818,549 0.21 490,927
NOK 4,572,258 - - 4,572,258 0.10 228,613
SEK 2,762,425 - 401,848 3,164,273 0.07 158,214
SGD 1,910,193 - - 1,910,193 0.04 95,510
USD 103,553,577 276,395,525 (541,098,983) (161,149,881) (3.38) (8,057,494)
242,380,833 277,371,842 (539,119,131) (19,366,456) (968,321)
Compass Balanced Portfolio CHF 11,620,959 - - 11,620,959 0.25 581,048
DKK 8,193,299 - 191,681 8,384,980 0.18 419,249
EUR 75,651,435 158,251 24,524 75,834,210 1.62 3,791,711
GBP 64,976,444 232,497 (4,124) 65,204,817 1.40 3,260,241
HKD 14,496,322 206,528 116,432 14,819,282 0.32 740,964
JPY 12,824,659 22,095 1,049,684 13,896,438 0.30 694,822
NOK 6,344,007 - - 6,344,007 0.14 317,200
SEK 4,133,879 - 339,233 4,473,112 0.10 223,656
SGD 2,859,358 - - 2,859,358 0.06 142,968
USD 310,276,474 186,898,485 (608,550,216) (111,375,257) (2.39) (5,568,763)
511,376,836 187,517,856 (606,832,786) 92,061,906 4,603,096Compass Balanced GrowthPortfolio CHF 6,079,861 - - 6,079,861 0.27 303,993
DKK 4,331,816 - - 4,331,816 0.19 216,591
EUR 39,827,066 - 2,074 39,829,140 1.74 1,991,457
GBP 34,242,736 59,385 (11,210) 34,290,911 1.49 1,714,546
HKD 7,648,695 123 44,502 7,693,320 0.34 384,666
JPY 6,570,632 12,366 - 6,582,998 0.29 329,150
NOK 3,392,301 - - 3,392,301 0.15 169,615
SEK 2,118,411 - - 2,118,411 0.09 105,921
SGD 1,466,459 - - 1,466,459 0.06 73,323
USD 176,040,292 58,295,806 (322,247,515) (87,911,417) (3.83) (4,395,571)
281,718,269 58,367,680 (322,212,149) 17,873,800 893,691
Compass Growth Portfolio CHF 2,914,733 - - 2,914,733 0.31 145,737
DKK 1,672,094 - - 1,672,094 0.18 83,605
EUR 19,082,025 - 1,009 19,083,034 2.00 954,152
GBP 16,404,373 21,263 (5,481) 16,420,155 1.72 821,008
HKD 3,668,078 60 23,374 3,691,512 0.39 184,576
JPY 3,208,380 6,001 - 3,214,381 0.34 160,719
NOK 1,593,625 - - 1,593,625 0.17 79,681
SEK 1,035,175 - - 1,035,175 0.11 51,759
SGD 716,619 - - 716,619 0.08 35,831
USD 85,238,164 8,535,993 (146,593,607) (52,819,450) (5.54) (2,640,973)
135,533,266 8,563,317 (146,574,705) (2,478,122) (123,905)Compass Maximum GrowthPortfolio CHF 400,203 - - 400,203 0.21 20,010
DKK 411,489 - - 411,489 0.22 20,574
EUR 2,618,378 1 - 2,618,379 1.37 130,919
GBP 2,257,134 3,646 - 2,260,780 1.18 113,039
86
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
HKD 492,174 - - 492,174 0.26 24,609
NOK 443,347 - - 443,347 0.23 22,167
USD 19,700,221 16,992 (32,137,959) (12,420,746) (6.50) (621,037)
26,322,946 20,639 (32,137,959) (5,794,374) (289,719)
X..
As at December 31, 2019 and December 31, 2018, the Portfolios invested in underlying funds and may have been indirectly exposedto currency risk in the event that the underlying funds were invested in financial instruments which are denominated in currenciesother than Canadian dollars.
b. Interest Rate RiskInterest rate risk arises from the possibility that changes in interest rates will affect the future cash flows or fair values ofinterest-bearing financial instruments.
The Portfolios are exposed to interest rate risk in the event that they hold bonds or other fixed income securities and interest ratederivative instruments, if any. Where the Portfolio's invest in underlying funds, they may be indirectly exposed to interest rate risk inthe event that the underlying fund invests in debt securities or other fixed income securities, however, for the purposes of thisdisclosure, the analysis has been conducted on a look through basis and accounts for interest rate risk associated with any significantholdings of fixed income funds.
Short-term investments and cash are short-term in nature and/or non-interest bearing and not subject to significant amounts of riskdue to prevailing levels of market interest rates.
The following tables indicate the change in Net Assets as at December 31, 2019 and December 31, 2018, had prevailing interest ratesincreased or decreased by 1%, assuming a parallel shift in the yield curve, with all other variables constant for Portfolios which havesignificant direct exposures to interest rate risk. In practice, the actual results may differ and the differences could be material.
x
As at December 31, 2019
Portfolio Financial Instruments by Maturity Date Sensitivity Analysis
1-5 years ($) 5-10 years ($) Over 10 years ($) Total ($)
Change ininterest rates
(%)
Effect on NetAssets ($)
Compass Conservative Portfolio 982,773,035 185,738,074 253,855,769 1,422,366,878 1 53,538,364
Compass Conservative Balanced Portfolio 2,335,070,265 465,042,589 592,473,462 3,392,586,316 1 131,840,206
Compass Balanced Portfolio 1,664,516,572 316,408,054 393,744,464 2,374,669,090 1 90,779,316
Compass Balanced Growth Portfolio 500,502,945 102,071,938 117,061,056 719,635,939 1 27,211,411
Compass Growth Portfolio 73,016,191 16,899,530 19,070,760 108,986,481 1 4,545,308.
X
XAs at December 31, 2018
Portfolio Financial Instruments by Maturity Date Sensitivity Analysis
1-5 Years ($) 5-10 Years ($) Over 10 Years ($) Total ($)
Change inInterest Rates
(%)
Effect on NetAssets ($)
Compass Conservative Portfolio 831,949,369 354,687,330 153,428,377 1,340,065,076 1 40,041,787
Compass Conservative Balanced Portfolio 1,857,754,363 837,243,201 355,755,557 3,050,753,121 1 94,121,001
Compass Balanced Portfolio 1,240,984,324 611,332,182 227,480,824 2,079,797,330 1 63,703,390
Compass Balanced Growth Portfolio 380,102,636 187,439,211 72,345,690 639,887,537 1 19,916,579
Compass Growth Portfolio 55,243,136 22,634,390 15,452,753 93,330,279 1 3,751,481.
X
87
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
.
c. Other Price RiskOther price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other thanthose arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer, orfactors affecting all instruments traded in a market or market segment. All securities present a risk of loss of capital and the maximumloss resulting from financial instruments is equivalent to their fair value. The Portfolios’ equity and use of derivative instruments,including any equity based underlying funds, exchange traded funds and/or real estate investment trusts, are susceptible to otherprice risk arising from uncertainties about future prices of such instruments. The Manager moderates this risk through a carefulselection of securities and other financial instruments within the parameters of the Portfolios investment strategy.
The following table indicates the change in Net Assets Attributable to Holders of Redeemable Units as at December 31, 2019 andDecember 31, 2018, had prices of these securities increased or decreased by 5%, with all other variables held constant. In practice, theactual trading results may differ and the differences could be material.
x
Change in market prices(%)
December 31, 2019Effect on Net Assets ($)
December 31, 2018Effect on Net Assets ($)
Compass Conservative Portfolio 5 18,089,149 16,261,847
Compass Conservative Balanced Portfolio 5 96,404,746 84,324,994
Compass Balanced Portfolio 5 152,354,080 127,892,611
Compass Balanced Growth Portfolio 5 97,112,570 81,716,506
Compass Growth Portfolio 5 52,452,236 42,703,541
Compass Maximum Growth Portfolio 5 12,678,569 9,519,828.
X..
As at December 31, 2019 and December 31, 2018, the Portfolios invested in underlying funds and may have been indirectly exposedto other price risk in the event the underlying funds were invested in equities and/or equity related derivatives.
d. Credit RiskCredit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge anobligation. The main concentration to which the Portfolio's are exposed arises from the Portfolio’s investments in debt securities,including mortgage backed securities. The Portfolio’s are also exposed to counterparty credit risk on trading derivative products, cashand cash equivalents, amounts due from brokers and other receivable balances.
The Manager reviews each Portfolio’s credit positions as part of the investment management process and relies in part oninformation from the major ratings agencies. In the case of mortgage backed securities where credit rating agency information is notavailable, this process considers financial and market information including, debt service coverage and loan to value ratios, tenantquality, location, structure, and rent roll financial statements. Non-securitized mortgage backed securities are classified as not-ratedor BB and lower for the purposes of financial statement presentation.
The Portfolios invest in underlying funds and may be indirectly exposed to credit risk in the event that the underlying funds invest indebt securities and derivatives, however for the purposes of this disclosure the analysis has been conducted on a look through basisand accounts for credit risk associated with any underlying fixed income funds.
.
88
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
As at December 31, 2019 and December 31, 2018, the Portfolios’ credit risk exposures relating to fixed income securities grouped bycredit ratings, are as follows:
x
As at December 31, 2019 AA+ A BBB BB & Lower
Total % of FixedIncome
Securities(%) (%) (%) (%)
Compass Conservative Portfolio 42 18 28 12 100
Compass Conservative Balanced Portfolio 43 18 27 12 100
Compass Balanced Portfolio 43 17 27 13 100
Compass Balanced Growth Portfolio 44 17 27 12 100
Compass Growth Portfolio 53 17 21 9 100.
X
XAs at December 31, 2018
PortfolioAA+(%)
A(%)
BBB(%)
BB & Lower(%)
Total % of FixedIncome
Securities
Compass Conservative Portfolio 46 22 25 7 100
Compass Conservative Balanced Portfolio 49 20 25 6 100
Compass Balanced Portfolio 49 21 24 6 100
Compass Balanced Growth Portfolio 49 21 24 6 100
Compass Growth Portfolio 50 22 22 6 100.
X.
The Compass Maximum Growth Portfolio does not invest in fixed income securities and is not directly exposed to credit risk relatingto fixed income securities.
All other receivables, amounts due from brokers, cash and short term deposits are held with high credit quality counterparties.
All transactions in listed securities are settled or paid for upon delivery using approved brokers. The risk of default with a broker isconsidered minimal, as delivery of securities sold is only made once the broker has received the payment. Payment is made on apurchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.
The credit risk from the use of counterparties for forward currency derivative contracts is minimized by: (1) using counterparties witha minimum credit rating of A by Standard & Poor’s or an equivalent rating from another recognized credit rating agency; and (2)limiting the term of the forward currency contracts to a maximum of 182 days. The credit ratings of the counterparties as atDecember 31, 2019 and December 31, 2018, are disclosed in Note 10 to the Financial Statements and are rated A+ or higher.
The Portfolio's measure credit risk and expected credit losses using probability of default, exposure at default and loss given default.Management considers both historical analysis and forward looking information in determining any expected credit loss. Anycontractual payment deemed likely to default will be reviewed and analyzed for possible credit impairment. Management considersthe probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a strongcapacity to meet their contractual obligations in the near term. As a result, no loss allowance has been recognized based on12-month expected credit losses as any such impairment would be wholly insignificant to the Portfolio’s.
e. Liquidity RiskLiquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that aresettled by delivering cash or another financial asset.
Each Portfolio is exposed to daily cash redemptions of redeemable units. The units of each Portfolio are redeemed on demand at thethen current Net Asset Value per unit at the option of the unitholder. Liquidity risk is managed by investing in investments that canbe readily disposed of. In accordance with securities regulations, each Portfolio must maintain at least 90% of its assets in liquidinvestments (i.e. investments that are traded in active markets and can be readily disposed of).
89
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Some of the Portfolios invest in financial instruments that are not traded in active markets and may be illiquid. Such investmentsinclude private equity, mortgage backed securities and corporate bonds investments and are included in the applicable Schedule ofInvestments. The Portfolios also have the ability to borrow up to 5% of their Net Assets Attributable to Holders of Redeemable Unitsfor the purposes of funding redemptions.
The Portfolios may be exposed indirectly to liquidity risk through its investments in underlying funds.
As at December 31, 2019 and December 31, 2018, the Portfolios did not have other financial liabilities greater than 3 months, and NetAssets Attributable to Holders of Redeemable Units are due on demand.
f. Concentration RiskConcentration risk arises from financial instruments that have similar characteristics and are affected similarly by changes ineconomic or other conditions.
As at December 31, 2019 and December 31, 2018, the financial instruments in the Portfolios grouped by asset category, are as follows:
.x
As at December 31, 2019 As at December 31, 2018Compass Conservative Portfolio (%) (%)
Equities 9.59 8.69
Mutual Funds 15.47 16.78
Private Equities 0.00 0.00
Real Estate Investment Trust (REITs) 1.31 2.27
Fixed Income 71.77 71.61
Short-term Investments 0.69 0.37
Total investments 98.83 99.72
Forward currency contracts 0.19 (0.39)
Other Net Assets (Liabilities) 0.98 0.67
Net Assets 100.00 100.00
XAs at December 31, 2019 As at December 31, 2018
Compass Conservative Balanced Portfolio (%) (%)
Equities 14.40 12.71
Mutual Funds 26.05 27.61
Private Equities 0.00 0.00
Real Estate Investment Trust (REITs) 1.59 2.53
Fixed Income 56.65 56.46
Short-term Investments 0.61 0.29
Total investments 99.30 99.60
Forward currency contracts 0.19 (0.28)
Other Net Assets (Liabilities) 0.51 0.68
Net Assets 100.00 100.00
X.x
As at December 31, 2019 As at December 31, 2018Compass Balanced Portfolio (%) (%)
Equities 19.99 18.94
Mutual Funds 37.73 37.75
Private Equities 0.26 0.32
Real Estate Investment Trust (REITs) 1.77 2.74
Fixed Income 39.14 39.62
90
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Short-term Investments 0.50 0.35
Total investments 99.39 99.72
Forward currency contracts 0.23 (0.35)
Other Net Assets (Liabilities) 0.38 0.63
Net Assets 100.00 100.00
X
XAs at December 31, 2019 As at December 31, 2018
Compass Balanced Growth Portfolio (%) (%)
Equities 25.60 21.16
Mutual Funds 46.81 49.75
Private Equities 0.67 0.83
Real Estate Investment Trust (REITs) 2.22 3.15
Fixed Income 23.58 24.26
Short-term Investments 0.42 0.34
Total investments 99.30 99.49
Forward currency contracts 0.25 (0.40)
Other Net Assets (Liabilities) 0.45 0.91
Net Assets 100.00 100.00
X
XAs at December 31, 2019 As at December 31, 2018
Compass Growth Portfolio (%) (%)
Equities 31.49 23.73
Mutual Funds 58.31 65.48
Private Equities 0.97 1.26
Real Estate Investment Trust (REITs) 2.60 3.51
Fixed Income 5.11 5.31
Short-term Investments 0.52 0.39
Total investments 99.00 99.68
Forward currency contracts 0.27 (0.46)
Other Net Assets (Liabilities) 0.73 0.78
Net Assets 100.00 100.00
X
XAs at December 31, 2019 As at December 31, 2018
Compass Maximum Growth Portfolio (%) (%)
Equities 33.62 24.55
Mutual Funds 61.72 69.93
Private Equities 0.68 0.97
Real Estate Investment Trust (REITs) 2.83 4.17
Short-term Investments 0.23 0.15
91
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Total investments 99.08 99.77
Forward currency contracts 0.30 (0.52)
Other Net Assets (Liabilities) 0.62 0.75
Net Assets 100.00 100.00
X..
g. Offsetting of Financial InstrumentsThe following table presents the recognized financial instruments that are offset, or subject to enforceable master nettingarrangements, if certain conditions arise, or other similar agreements but that are not offset, and cash and financial instrumentscollateral received or pledged, as at December 31, 2019 and December 31, 2018, and shows in the Net Amount column what theimpact would be on the Portfolios' Statements of Financial Position if all set-off rights were exercised.
x
Compass Conservative Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 3,617,354 - 3,617,354 (164,642) - 3,452,712
Total 3,617,354 - 3,617,354 (164,642) - 3,452,712
Payable for open Forward Currency Contracts 164,642 - 164,642 (164,642) - -
Total 164,642 - 164,642 (164,642) - -
December 31, 2018
Receivable for open Forward Currency Contracts - - - - - -
Total - - - - - -
Payable for open Forward Currency Contracts 6,495,520 - 6,495,520 - - 6,495,520
Total 6,495,520 - 6,495,520 - - 6,495,520
X
XCompass Conservative Balanced Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 10,360,333 - 10,360,333 (33,300) - 10,327,033
Total 10,360,333 - 10,360,333 (33,300) - 10,327,033
Payable for open Forward Currency Contracts 33,300 - 33,300 (33,300) - -
Total 33,300 - 33,300 (33,300) - -
December 31, 2018
Receivable for open Forward Currency Contracts 30,825 - 30,825 (30,825) - -
Total 30,825 - 30,825 (30,825) - -
Payable for open Forward Currency Contracts 13,217,037 - 13,217,037 (30,825) - 13,186,212
Total 13,217,037 - 13,217,037 (30,825) - 13,186,212
X
92
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
XCompass Balanced Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 12,522,217 - 12,522,217 (22,658) - 12,499,559
Total 12,522,217 - 12,522,217 (22,658) - 12,499,559
Payable for open Forward Currency Contracts 22,658 - 22,658 (22,658) - -
Total 22,658 - 22,658 (22,658) - -
December 31, 2018
Receivable for open Forward Currency Contracts 26,138 - 26,138 (26,138) - -
Total 26,138 - 26,138 (26,138) - -
Payable for open Forward Currency Contracts 16,388,504 - 16,388,504 (26,138) - 16,362,366
Total 16,388,504 - 16,388,504 (26,138) - 16,362,366
X
XCompass Balanced Growth Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 6,797,961 - 6,797,961 (6,711) - 6,791,250
Total 6,797,961 - 6,797,961 (6,711) - 6,791,250
Payable for open Forward Currency Contracts 6,711 - 6,711 (6,711) - -
Total 6,711 - 6,711 (6,711) - -
December 31, 2018
Receivable for open Forward Currency Contracts 39 - 39 (39) - -
Total 39 - 39 (39) - -
Payable for open Forward Currency Contracts 9,196,504 - 9,196,504 (39) - 9,196,465
Total 9,196,504 - 9,196,504 (39) - 9,196,465
X
XCompass Growth Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 3,232,732 - 3,232,732 (68) - 3,232,664
Total 3,232,732 - 3,232,732 (68) - 3,232,664
Payable for open Forward Currency Contracts 68 - 68 (68) - -
93
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Total 68 - 68 (68) - -
December 31, 2018
Receivable for open Forward Currency Contracts 20 - 20 (20) - -
Total 20 - 20 (20) - -
Payable for open Forward Currency Contracts 4,427,882 - 4,427,882 (20) - 4,427,862
Total 4,427,882 - 4,427,882 (20) - 4,427,862
X
XCompass Maximum Growth Portfolio
Financial assets and liabilities Amounts offset Amounts not offset Net
GrossAssets/
Liabilities
Gross Assets/Liabilities
offsetNet Amounts
PresentedFinancial
InstrumentsCash Collateral
Received
December 31, 2019
Receivable for open Forward Currency Contracts 765,206 - 765,206 (14) - 765,192
Total 765,206 - 765,206 (14) - 765,192
Payable for open Forward Currency Contracts 14 - 14 (14) - -
Total 14 - 14 (14) - -
December 31, 2018
Receivable for open Forward Currency Contracts - - - - - -
Total - - - - - -
Payable for open Forward Currency Contracts 988,163 - 988,163 - - 988,163
Total 988,163 - 988,163 - - 988,163
X.
h. Capital Risk ManagementUnits issued and outstanding represent the capital of each of the Portfolios. The Portfolios have no specific capital requirements orrestrictions on the subscription and redemption of units. In accordance with the objectives and their risk management policies, thePortfolios endeavor to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meetredemptions, such liquidity being managed by investing the majority of assets in underlying investments that can be readilydisposed of. Changes in the Portfolios capital during the periods are reflected in the Statement of Changes in Net Assets Attributableto Holders of Redeemable Units.
.
4. Interests in unconsolidated structured entities:The Portfolios invest in underlying funds and other structured entities, whose investment objectives range from achieving short- tolong-term income and capital growth potential. The Portfolios do not have any financial liabilities recognized in respect of any oftheir interests in structured entities. Underlying funds may use leverage in a manner consistent with their respective investmentobjectives and as permitted by Canadian securities regulatory authorities. Underlying funds finance their operations by issuingredeemable units which are puttable at the holder’s option and entitles the holder to a proportionate stake in the respective fund’snet assets. In all cases, the Portfolios’ maximum exposure to loss from the structured entity is represented by the carrying value oftheir investment therein and the Portfolios do not have any current intentions to provide financial support to any of the underlyingfunds, except to fund capital commitments as explained in Note 9.
The Portfolios invest in mortgage-related and other asset-backed securities. These securities include collateralized mortgageobligations, commercial mortgage-backed securities and other securities that directly or indirectly represent a participation in, or aresecured by and payable from, mortgage loans on real property. The debt and equity securities issued by these securities may includetranches with varying levels of subordination. The Portfolios invest in senior notes that have a first lien on assets and have minimumexposure to junior or subordinate tranches. These securities may provide a monthly payment which consists of both interest andprincipal payments. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including
94
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities arecreated from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans.
The carrying value of mortgage related, other asset-backed securities included the statements of financial position are as follows:
.x
Portfolio December 31, 2019 December 31, 2018(In $000's) (In $000's)
Compass Conservative Portfolio 142,542 194,770
Compass Conservative Balanced Portfolio 438,147 444,758
Compass Balanced Portfolio 332,726 310,124
Compass Balanced Growth Portfolio 92,387 87,647.
The following is a summary of information related to the Portfolios’ investments in underlying funds as at December 31, 2019 andDecember 31, 2018:
x
Portfolio Number of Investee FundsFair Value of Fund's
Investment (In $000's)% Underlying Funds
Net Assets
% of Net AssetsAttributable to
Holders ofRedeemable Units
December 31, 2019
Compass Conservative Portfolio
Passive - Long Only 1 117,667 0.73% 6.47%
Active - Long Only 2 163,580 1.59% 9.00%
Compass Conservative Balanced Portfolio
Passive - Long Only 3 775,158 0.62% 14.38%
Active - Long Only 4 628,901 3.95% 11.66%
Compass Balanced Portfolio
Private Equity 4 14,424 3.44% 0.26%
Passive - Long Only 4 1,068,243 0.57% 19.49%
Active - Long Only 4 1,000,286 6.29% 18.25%
Compass Balanced Growth Portfolio
Private Equity 4 18,106 4.32% 0.67%
Passive - Long Only 5 660,281 0.32% 24.53%
Active - Long Only 5 599,642 3.13% 22.28%
Compass Growth Portfolio
Private Equity 4 11,432 2.73% 0.97%
Passive - Long Only 5 368,791 0.18% 31.36%
Active - Long Only 5 316,867 1.66% 26.95%
Compass Maximum Growth Portfolio
Private Equity 4 1,735 0.41% 0.68%
Passive - Long Only 4 76,388 0.04% 29.78%
Active - Long Only 5 81,947 0.43% 31.95%.
95
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
X
Portfolio Number of Investee Funds
Fair Value ofFund's Investment
(In $000's)
% UnderlyingFunds Net
Assets
% of Net AssetsAttributable to
Holders ofRedeemable Units
December 31, 2018
Compass Conservative Portfolio
Passive - Long Only 1 139,746 1.09% 8.34%
Active - Long Only 2 141,572 1.61% 8.45%
Compass Conservative Balanced Portfolio
Passive - Long Only 2 775,092 3.37% 16.25%
Active - Long Only 4 541,989 4.46% 11.36%
Compass Balanced Portfolio
Private Equity 4 15,116 3.04% 0.32%
Passive - Long Only 3 919,113 1.24% 19.69%
Active - Long Only 4 842,595 6.94% 18.05%
Compass Balanced Growth Portfolio
Private Equity 4 18,979 3.82% 0.83%
Passive - Long Only 5 647,269 0.74% 28.22%
Active - Long Only 5 493,834 3.36% 21.53%
Compass Growth Portfolio
Private Equity 4 12,040 2.42% 1.26%
Passive - Long Only 5 364,288 0.42% 38.18%
Active - Long Only 5 260,496 1.77% 27.30%
Compass Maximum Growth Portfolio
Private Equity 4 1,857 0.37% 0.97%
Passive - Long Only 4 67,660 0.09% 35.40%
Active - Long Only 5 65,981 0.45% 34.52%..
Passive – Long Only: represents exchange traded funds (equity) and pooled funds (equity and bond)Active – Long Only: represents mutual funds (equity).
The changes in fair value of mortgage related and other asset-backed securities, as well as investments in underlying funds areincluded in the Statements of Comprehensive Income in ‘Net change in unrealized appreciation (depreciation) on investments'.
.
5. Management Fees and Expenses:The annual management fee paid to the Manager for Series A and Series F1 units vary across the Portfolios. Management fees forSeries O units are negotiated and paid by the unitholder directly to the Manager. The Manager may reduce the management fees forcertain investors in Series O units who pay or incur distribution or other expenses normally paid by the Portfolio, the Manager, or toaccommodate other special situations, such as investments by institutional investors.
In addition to management fees, the Porfolios are responsible for the payment of all expenses relating to their operations. Operatingexpenses incurred by the Porfolios include legal, audit, costs relating to the Porfolio's Independent Review Committee, custodial,adminstration costs, investor servicing costs and regulatory reporting and prospectus filing. Each Portfolio and Series are responsiblefor the payment of operating expenses of the Porfolios attributed to that Portfolio and Series. Common operating expenses of thePortfolio are allocated among the Series based on the average number of unitholders of the average net asset value of each Series,depending on the type of operating expenses being allocated. At its sole discretion, the Manager may waive fees or absorb expensesfor certain Portfolios. These expenses are shown on the Statements of Comprehensive Income. Such waivers and absorptions can beterminated at any time without notice.
96
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
There is no duplication of management fees as a result of an investment in an underlying fund. The Manager pays the underlyingfund companies directly and the costs are not an expense of the Portfolios. Management fees for Series A and Series F1 units arecharged directly to the Portfolios, as applicable.
The management fee rates of each Portfolio excluding GST and HST are indicated in the following table:
x
Portfolio Series December 31, 2019 December 31, 2018% %
Compass Conservative Portfolio Series A 1.20 1.20
Series F1 0.45 0.45
Compass Conservative Balanced Portfolio Series A 1.50 1.50
Series F1 0.60 0.60
Compass Balanced Growth Portfolio Series A 1.70 1.70
Series F1 0.70 0.70
Compass Balanced Portfolio Series A 1.70 1.70
Series F1 0.70 0.70
Compass Growth Portfolio Series A 1.80 1.80
Series F1 0.80 0.80
Compass Maximum Growth Portfolio Series A 1.80 1.80
Series F1 0.80 0.80..
6. Redeemable Units:Each of the Portfolios may issue an unlimited number of units. The Portfolios are available in Series A, Series O and Series F1 units.Each unit is redeemable at the option of the unitholder in accordance with the declaration of trust as amended from time to time,and entitles the unitholder to a proportionate undivided interest in the Net Asset Value of the Series of the Portfolios. The units ofeach Series of each Portfolio are issued and redeemed at their Net Asset Value per unit which is determined at the close of businesson any day that the Toronto Stock Exchange is open for trading. A unitholder may redeem units directly through the Manager orthrough a dealer.
7. Broker Commissions and Soft Dollar Contracts:Commissions paid to brokers for investment transactions for the years ended December 31, 2019 and 2018, are recorded astransaction costs in the Statements of Comprehensive Income of each Portfolio.
All brokerage commissions incurred by the Portfolios are used to pay for trade execution only and no soft dollar arrangements exist.
8. Other Related Party Transactions:The Manager is a wholly owned subsidiary of ATB Financial. Throughout the year, the Portfolios used the services of ATB Financialand its subsidiaries for administration of the Portfolios.
.
The Manager provides the Porfolios with administrative services, including providing key management personnel to the Portfolios. Inreturn, the Manager receives an administrative fee which is allocated among each Portfolio and Series based on the average net assetvalue of each Series. Administration expenses (excluding GST) included in the Statements of Comprehensive Income that were paidby the Portfolios to the Manager for services provided by ATB Financial and its subsidiaries for the years ended December 31, 2019and 2018, are as follows:
x
Portfolio
Expenses for theYear Ended
December 31, 2019
Expenses for theYear Ended
December 31, 2018
$ $
Compass Conservative Portfolio 59,202 59,172
Compass Conservative Balanced Portfolio 173,727 165,122
97
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Compass Balanced Portfolio 174,180 160,375
Compass Balanced Growth Portfolio 85,600 79,538
Compass Growth Portfolio 36,570 34,378
Compass Maximum Growth Portfolio 7,743 6,795..
Costs (excluding GST) related to the Independent Review Committee and amounts owing thereto for the years ended December 31,2019 and 2018, are as follows:
x
Portfolio
Expenses for theYear Ended
December 31, 2019
Expenses for theYear Ended
December 31, 2018
$ $
Compass Conservative Portfolio 2,298 2,252
Compass Conservative Balanced Portfolio 6,745 6,275
Compass Balanced Portfolio 6,763 6,090
Compass Balanced Growth Portfolio 3,324 3,020
Compass Growth Portfolio 1,420 1,306
Compass Maximum Growth Portfolio 301 258..
9. Commitments:Investments in private equity funds are funded over time in response to capital calls from the private equity fund managers. As atDecember 31, 2019 and December 31, 2018, the committed amount, capital called and remaining capital commitment, as applicable,are as follows:
x
December 31, 2019 December 31, 2018
Total CapitalCommitments Capital Called
RemainingCapital
CommitmentTotal Capital
Commitments Capital Called
RemainingCapital
Commitment$ $ $ $ $ $
Compass Balanced Portfolio 22,045,642 (21,374,413) 671,229 22,045,642 (21,267,593) 778,049
Compass Balanced Growth Portfolio 27,850,917 (26,936,347) 914,570 27,850,917 (26,822,008) 1,028,909
Compass Growth Portfolio 18,453,096 (17,843,070) 610,026 18,453,096 (17,758,176) 694,920
Compass Maximum Growth Portfolio 3,277,638 (3,144,319) 133,319 3,277,638 (3,132,652) 144,986..
10. Forward Currency Contracts:The Portfolios held the following forward contracts as at December 31, 2019 and December 31, 2018:
x
December 31, 2019
Currency Sold Currency Bought Maturity Date Fair Value CounterpartyS & P rating
ForwardContract
rate
Compass Conservative Portfolio
U.S. Dollar 62,790,786 Canadian Dollar 83,000,000 Feb 20/20 1,479,260State Street Bank and
Trust Co. AA- 0.76
Japanese Yen 532,857,000 Canadian Dollar 6,500,000 Feb 20/20 117,591State Street Bank and
Trust Co. AA- 81.98
Euro Currency 16,376,328 Canadian Dollar 24,000,000 Feb 20/20 79,899State Street Bank and
Trust Co. AA- 0.68U.S. Dollar 110,184,000 Canadian Dollar 144,781,776 Mar 18/20 1,740,552 Royal Bank of Canada AA- 0.76U.S. Dollar 12,171,000 Canadian Dollar 16,000,483 Mar 18/20 200,052 Bank of Nova Scotia A+ 0.76
3,617,354
98
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Swiss Franc 5,962,400 Canadian Dollar 8,000,000 Feb 20/20 (23,967)State Street Bank and
Trust Co. AA- 0.75
Pound Sterling 7,622,108 Canadian Dollar 13,000,000 Feb 20/20 (125,474)State Street Bank and
Trust Co. AA- 0.59Canadian Dollar 1,179,690 U.S. Dollar 897,000 Mar 18/20 (15,201) Bank of Nova Scotia A+ 1.32
(164,642)
Compass Conservative Balanced Portfolio
U.S. Dollar 216,937,776 Canadian Dollar 287,000,000 Feb 21/20 5,352,165State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 6,042,410 Canadian Dollar 8,000,000 Feb 21/20 155,208State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 3,782,849 Canadian Dollar 5,000,000 Feb 21/20 88,770State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 273,070,000 Canadian Dollar 358,813,980 Mar 18/20 4,313,625 Royal Bank of Canada AA- 0.76U.S. Dollar 27,412,000 Canadian Dollar 36,036,912 Mar 18/20 450,565 Bank of Nova Scotia A+ 0.76
10,360,333Canadian Dollar 2,584,270 U.S. Dollar 1,965,000 Mar 18/20 (33,300) Bank of Nova Scotia A+ 1.32
(33,300)
Compass Balanced Portfolio
U.S. Dollar 350,728,669 Canadian Dollar 464,000,000 Feb 21/20 8,652,977State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 14,350,724 Canadian Dollar 19,000,000 Feb 21/20 368,619State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 9,078,838 Canadian Dollar 12,000,000 Feb 21/20 213,048State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 188,837,000 Canadian Dollar 248,131,818 Mar 18/20 2,983,016 Royal Bank of Canada AA- 0.76U.S. Dollar 18,529,000 Canadian Dollar 24,358,965 Mar 18/20 304,557 Bank of Nova Scotia A+ 0.76
12,522,217Canadian Dollar 1,758,356 U.S. Dollar 1,337,000 Mar 18/20 (22,658) Bank of Nova Scotia A+ 1.32
(22,658)
Compass Balanced Growth Portfolio
U.S. Dollar 219,961,299 Canadian Dollar 291,000,000 Feb 21/20 5,426,759State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 9,063,615 Canadian Dollar 12,000,000 Feb 21/20 232,812State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 5,295,989 Canadian Dollar 7,000,000 Feb 21/20 124,278State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 58,794,000 Canadian Dollar 77,255,316 Mar 18/20 928,756 Royal Bank of Canada AA- 0.76U.S. Dollar 5,193,000 Canadian Dollar 6,826,926 Mar 18/20 85,356 Bank of Nova Scotia A+ 0.76
6,797,961Canadian Dollar 520,799 U.S. Dollar 396,000 Mar 18/20 (6,711) Bank of Nova Scotia A+ 1.32
(6,711)
Compass Growth Portfolio
U.S. Dollar 117,917,397 Canadian Dollar 156,000,000 Feb 21/20 2,909,192State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 3,776,506 Canadian Dollar 5,000,000 Feb 21/20 97,005State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 3,026,279 Canadian Dollar 4,000,000 Feb 21/20 71,016State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 9,845,000 Canadian Dollar 12,936,330 Mar 18/20 155,519 Royal Bank of Canada AA- 0.76
3,232,732
Canadian Dollar 832 Euro Currency 568 Jan 02/20 (5)State Street Bank and
Trust Co. AA- 1.46
99
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Canadian Dollar 8,777 South Korean Won 7,760,717 Jan 02/20 (63)State Street Bank and
Trust Co. AA- 0.00(68)
Compass Maximum Growth Portfolio
U.S. Dollar 28,723,469 Canadian Dollar 38,000,000 Feb 21/20 708,650State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 1,510,603 Canadian Dollar 2,000,000 Feb 21/20 38,802State Street Bank and
Trust Co. AA- 0.76
U.S. Dollar 756,570 Canadian Dollar 1,000,000 Feb 21/20 17,754State Street Bank and
Trust Co. AA- 0.76765,206
Canadian Dollar 166 Euro Currency 114 Jan 02/20 (1)State Street Bank and
Trust Co. AA- 1.46
Canadian Dollar 1,755 South Korean Won 1,552,139 Jan 02/20 (13)State Street Bank and
Trust Co. AA- 0.00(14)
.
XDecember 31, 2018
Currency Sold Currency Bought Maturity Date Fair Value CounterpartyS & P rating
ForwardContract
rate
Compass Conservative Portfolio
Canadian Dollar 437 U.S. Dollar 320 Jan 02/19 (1)State Street Bank and
Trust Co. AA- 1.37U.S. Dollar 1,383,563 Canadian Dollar 1,886,655 Jan 02/19 (2,186) Royal Bank of Canada AA- 0.73
Canadian Dollar 446 U.S. Dollar 327 Jan 03/19 -State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 8,700,141 Canadian Dollar 15,000,000 Feb 21/19 (156,955)State Street Bank and
Trust Co. AA- 0.58
Chinese Yuan 23,722,650 Canadian Dollar 4,500,000 Feb 21/19 (207,671)State Street Bank and
Trust Co. AA- 5.27
Swiss Franc 3,023,480 Canadian Dollar 4,000,000 Feb 21/19 (213,261)State Street Bank and
Trust Co. AA- 0.76
Japanese Yen 640,957,500 Canadian Dollar 7,500,000 Feb 21/19 (502,781)State Street Bank and
Trust Co. AA- 85.46
Euro Currency 14,626,979 Canadian Dollar 22,000,000 Feb 21/19 (945,017)State Street Bank and
Trust Co. AA- 0.66
U.S. Dollar 53,704,474 Canadian Dollar 71,000,000 Feb 21/19 (2,228,403)State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 4,235,000 Canadian Dollar 5,659,603 Mar 20/19 (111,651) Bank of Nova Scotia A+ 0.75U.S. Dollar 81,324,000 Canadian Dollar 108,696,845 Mar 20/19 (2,127,594) Royal Bank of Canada AA- 0.75
(6,495,520)
Compass Conservative Balanced Portfolio
Canadian Dollar 348,498 Swedish Krona 2,300,260 Jan 2/19 5,822State Street Bank and
Trust Co. AA- 0.15
Canadian Dollar 46,747 Swedish Krona 308,556 Jan 2/19 781State Street Bank and
Trust Co. AA- 0.15
Canadian Dollar 226,520 Danish Krone 1,083,627 Jan 2/19 499State Street Bank and
Trust Co. AA- 0.21
Canadian Dollar 62,786 Hong Kong Dollar 360,453 Jan 2/19 56State Street Bank and
Trust Co. AA- 0.17
Canadian Dollar 301,730 Japanese Yen 24,696,357 Jan 4/19 5,879State Street Bank and
Trust Co. AA- 0.01
100
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Canadian Dollar 249,438 Japanese Yen 20,416,331 Jan 4/19 4,860State Street Bank and
Trust Co. AA- 0.01
Canadian Dollar 231,518 Japanese Yen 18,949,546 Jan 4/19 4,511State Street Bank and
Trust Co. AA- 0.0130,825
Canadian Dollar 22,258 Hong Kong Dollar 127,602 Jan 3/19 (12)State Street Bank and
Trust Co. AA- 0.17
U.S. Dollar 4,792,132 Canadian Dollar 6,500,000 Feb 22/19 (34,136)State Street Bank and
Trust Co. AA- 0.74
U.S. Dollar 186,162,665 Canadian Dollar 246,000,000 Feb 22/19 (7,835,298)State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 9,874,000 Canadian Dollar 13,195,495 Mar 20/19 (260,318) Bank of Nova Scotia A+ 0.75U.S. Dollar 194,339,000 Canadian Dollar 259,751,564 Mar 20/19 (5,084,286) Royal Bank of Canada AA- 0.75
(13,217,037)
Compass Balanced Portfolio
Canadian Dollar 294,180 Swedish Krona 1,941,736 Jan 2/19 4,914State Street Bank and
Trust Co. AA- 0.15
Canadian Dollar 39,479 Swedish Krona 260,580 Jan 2/19 659State Street Bank and
Trust Co. AA- 0.15
Canadian Dollar 191,260 Danish Krone 914,951 Jan 2/19 421.00State Street Bank and
Trust Co. AA- 0.21
Canadian Dollar 85,210 Hong Kong Dollar 489,185 Jan 2/19 77State Street Bank and
Trust Co. AA- 0.17
Canadian Dollar 19,084 Euro Currency 12,203 Jan 2/19 3State Street Bank and
Trust Co. AA- 1.56
Canadian Dollar 5,436 Euro Currency 3,476 Jan 2/19 1State Street Bank and
Trust Co. AA- 1.56
Canadian Dollar 368,389 Japanese Yen 30,152,361 Jan 4/19 7,178State Street Bank and
Trust Co. AA- 0.01
Canadian Dollar 255,310 Japanese Yen 20,896,917 Jan 4/19 4,975State Street Bank and
Trust Co. AA- 0.01
Canadian Dollar 211,063 Japanese Yen 17,275,357 Jan 4/19 4,113State Street Bank and
Trust Co. AA- 0.01
Canadian Dollar 194,861 Japanese Yen 15,949,201 Jan 4/19 3,797State Street Bank and
Trust Co. AA- 0.0126,138
Canadian Dollar 1,110 U.S. Dollar 813 Jan 2/19 (1)State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 1,134 Canadian Dollar 1,963 Jan 2/19 (10)State Street Bank and
Trust Co. AA- 0.58U.S. Dollar 572,102 Canadian Dollar 780,083 Jan 2/19 (950) Royal Bank of Canada AA- 0.73
Canadian Dollar 1,150 U.S. Dollar 842 Jan 3/19 (1)State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 1,236 Canadian Dollar 2,147 Jan 3/19 (4)State Street Bank and
Trust Co. AA- 0.58
Canadian Dollar 31,161 Hong Kong Dollar 178,642 Jan 3/19 (16)State Street Bank and
Trust Co. AA- 0.17
U.S. Dollar 5,160,758 Canadian Dollar 7,000,000 Feb 22/19 (36,763)State Street Bank and
Trust Co. AA- 0.74
U.S. Dollar 302,703,521 Canadian Dollar 400,000,000 Feb 22/19 (12,740,322)State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 6,654,000 Canadian Dollar 8,892,326 Mar 20/19 (175,426) Bank of Nova Scotia A+ 0.75U.S. Dollar 131,298,000 Canadian Dollar 175,491,594 Mar 20/19 (3,435,011) Royal Bank of Canada AA- 0.75
(16,388,504)
101
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Compass Balanced Growth Portfolio
Canadian Dollar 38,120 Hong Kong Dollar 218,847 Jan 2/19 34State Street Bank and
Trust Co. AA- 0.17
Canadian Dollar 2,073 Euro Currency 1,326 Jan 2/19 1State Street Bank and
Trust Co. AA- 1.56
Hong Kong Dollar 20,125 Canadian Dollar 3,511 Jan 3/19 2State Street Bank and
Trust Co. AA- 5.73
Hong Kong Dollar 20,026 Canadian Dollar 3,493 Jan 3/19 2State Street Bank and
Trust Co. AA- 5.7339
Canadian Dollar 639 U.S. Dollar 468 Jan 2/19 (1)State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 1,799 Canadian Dollar 3,114 Jan 2/19 (16)State Street Bank and
Trust Co. AA- 0.58
Pound Sterling 2,013 Canadian Dollar 3,485 Jan 2/19 (18)State Street Bank and
Trust Co. AA- 0.58U.S. Dollar 72,905 Canadian Dollar 99,409 Jan 2/19 (120) Royal Bank of Canada AA- 0.73
Canadian Dollar 652 U.S. Dollar 477 Jan 3/19 (1)State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 431 Canadian Dollar 748 Jan 3/19 (2)State Street Bank and
Trust Co. AA- 0.58
Canadian Dollar 13,355 Hong Kong Dollar 76,561 Jan 3/19 (7)State Street Bank and
Trust Co. AA- 0.17
Pound Sterling 2,199 Canadian Dollar 3,820 Jan 3/19 (7)State Street Bank and
Trust Co. AA- 0.58
U.S. Dollar 1,843,128 Canadian Dollar 2,500,000 Feb 22/19 (13,129)State Street Bank and
Trust Co. AA- 0.74
U.S. Dollar 191,459,977 Canadian Dollar 253,000,000 Feb 22/19 (8,058,254)State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 1,871,000 Canadian Dollar 2,500,382 Mar 20/19 (49,327) Bank of Nova Scotia A+ 0.75U.S. Dollar 41,114,000 Canadian Dollar 54,952,561 Mar 20/19 (1,075,622) Royal Bank of Canada AA- 0.75
(9,196,504)
Compass Growth Portfolio
Canadian Dollar 20,181 Hong Kong Dollar 115,860 Jan 2/19 18State Street Bank and
Trust Co. AA- 0.17
Canadian Dollar 1,009 Euro Currency 645 Jan 2/19 -State Street Bank and
Trust Co. AA- 1.56
Hong Kong Dollar 10,013 Canadian Dollar 1,747 Jan 3/19 1State Street Bank and
Trust Co. AA- 5.73
Hong Kong Dollar 10,062 Canadian Dollar 1,755 Jan 3/19 1State Street Bank and
Trust Co. AA- 5.7320
Canadian Dollar 404 U.S. Dollar 296 Jan 2/19 -State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 880 Canadian Dollar 1,523 Jan 2/19 (8)State Street Bank and
Trust Co. AA- 0.58
Pound Sterling 985 Canadian Dollar 1,704 Jan 2/19 (9)State Street Bank and
Trust Co. AA- 0.58
Canadian Dollar 412 U.S. Dollar 302 Jan 3/19 -State Street Bank and
Trust Co. AA- 1.37
Pound Sterling 210 Canadian Dollar 365 Jan 3/19 (1)State Street Bank and
Trust Co. AA- 0.58
Canadian Dollar 6,678 Hong Kong Dollar 38,281 Jan 3/19 (3)State Street Bank and
Trust Co. AA- 0.17
102
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Pound Sterling 1,075 Canadian Dollar 1,867 Jan 3/19 (4)State Street Bank and
Trust Co. AA- 0.58
U.S. Dollar 101,405,679 Canadian Dollar 134,000,000 Feb 22/19 (4,268,008)State Street Bank and
Trust Co. AA- 0.76U.S. Dollar 6,110,000 Canadian Dollar 8,166,565 Mar 20/19 (159,849) Royal Bank of Canada AA- 0.75
(4,427,882)
Compass Maximum Growth Portfolio
Canadian Dollar 101 U.S. Dollar 74 Jan 2/19 -State Street Bank and
Trust Co. AA- 1.37
Canadian Dollar 103 U.S. Dollar 75 Jan 3/19 -State Street Bank and
Trust Co. AA- 1.37
U.S. Dollar 110,588 Canadian Dollar 150,000 Feb 22/19 (788)State Street Bank and
Trust Co. AA- 0.74
U.S. Dollar 23,459,523 Canadian Dollar 31,000,000 Feb 22/19 (987,375)State Street Bank and
Trust Co. AA- 0.76(988,163)
..
11. Fair Value Measurements:The Portfolios classify fair value measurements within a hierarchy that prioritizes the inputs to fair value measurement. The fair valuehierarchy has the following three levels:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level 3 Inputs that are unobservable for the asset or liability.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) andthe lowest priority to unobservable inputs (Level 3).
The classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. For thispurpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement usesobservable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement.Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factorsspecific to the asset or liability.
The determination of what constitutes ’observable’ requires significant judgment. Observable data is considered to be that marketdata that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary and provided by independentsources that are actively involved in the relevant market.
Equity securities, for which market quotations are readily available, are valued based on quoted market prices at the close of tradingthat are within the bid-ask spread reported by independent pricing services on the primary market or exchange on which they aretraded and are categorized as Level 1.
Fair value of an underlying fund is determined by the Manager on the basis of the most recently reported net asset value for theunderlying fund, or the last traded price for underlying funds that are exchange-traded. Should the fair value of an underlying fund, inthe opinion of the Manager, be inaccurate, unreliable or not readily available, the investment is valued at the Manager’s estimate ofits fair value, taking into account all available relevant information. Underlying funds where net asset values are readily available andunadjusted, are classified as Level 1.
Fixed income securities are valued based on prices received from independent pricing services or from dealers who make markets insuch securities. Pricing services utilize matrix pricing which considers discounted cash flows, yield or price of bonds of comparablequality, coupon, maturity and type, prepayment speed assumptions as well as dealer supplied prices and are generally categorized asLevel 2 in the hierarchy.
103
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Level 3 investments have significant unobservable inputs, as they trade infrequently. Level 3 investments mainly consist of privateequity/debt securities, mortgage backed securities and term loans. As observable prices are not available for these securities, theManager has used valuation techniques to derive the fair value. Such techniques include pricing inputs provided by independentdealers, brokers and/or sub-advisors to the Portfolios. In addition, the Manager considers factors such as the liquidity of theinvestment, the value date of the net asset value provided, any restrictions on redemptions, and the basis of accounting.
Discounted cash flow models are used in pricing those private debt, mortgage backed and/or term loan securities that are classifiedas Level 3 securities, and are based on unobservable inputs such as interest rate yields, spreads, and credit risk; such information isbased on similar financial instruments available in the market with adjustments made for specific circumstances related to theseinvestments.
Fair value of private equity investments is based on the valuation information determined and reported by the underlying privateequity fund managers as at the reporting date, including audited and unaudited financial statements of the private equity funds. Thevaluation of the underlying investments in the private equity funds is done based on various techniques depending on the industrysector of the underlying investment, including discounted cash flows, enterprise value based on a multiple of EBITDA or revenue,industry and sector multiples for comparable companies, comparable transactions in the industry, as well as taking intoconsideration any recent events which occurred at the underlying company.
Private equity investments are classified as Level 3. Private equity investment valuations are reviewed and appropriate due diligenceis performed on a quarterly basis by the Manager, including communication with staff of the underlying private equity fundmanagers. The Manager considers the appropriateness of the valuation received from the underlying private equity fund managersand other liquidity, credit and market risk factors in reviewing the pricing of these private equities. The Manager reports to the Boardof Directors on a quarterly basis on any key changes in valuation of the Portfolio’s investments. The Manager may adjust thevaluation of these private equities if, in its view, they do not reflect the estimated price which would be paid in an open andunrestricted market between informed and prudent parties, acting at arm's length and under no compulsion to act.
There were no changes in valuation techniques during the period.
.
The following is a summary of the Portfolio investments measured at fair value within the fair value hierarchy as at December 31,2019 and December 31, 2018. The inputs or methodology used in valuing the securities may not be an indication of the risk orliquidity associated with investing in those securities. For financial assets and liabilities held as at December 31, 2019 and December31, 2018, there were no transfers between Level 1 and Level 2.
x
Compass Conservative Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 168,554,911 - 5,802,000 174,356,911
Fixed Income - 1,264,651,560 40,048,007 1,304,699,567
Mutual Funds 281,247,089 - - 281,247,089
Private Equities - - 3,137 3,137
Real Estate Investment Trust (REITs) 23,843,148 - - 23,843,148
Short-term Investments - 12,522,512 - 12,522,512
Total investment portfolio 473,645,148 1,277,174,072 45,853,144 1,796,672,364
Forwards - 3,617,354 - 3,617,354
Liabilities
Forwards - 164,642 - 164,642
X
104
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
XCompass Conservative Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 145,577,026 - - 145,577,026
Fixed Income - 1,190,880,592 9,438,172 1,200,318,764
Mutual Funds 281,317,984 - - 281,317,984
Private Equities - - 210 210
Real Estate Investment Trust (REITs) 38,088,027 - - 38,088,027
Short-term Investments - 6,131,275 - 6,131,275
Total investment portfolio 464,983,037 1,197,011,867 9,438,382 1,671,433,286
Forwards - - - -
Liabilities
Forwards - 6,495,520 - 6,495,520
X
XCompass Conservative Balanced Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 764,637,037 - 11,985,000 776,622,037
Fixed Income - 2,893,010,721 161,361,353 3,054,372,074
Mutual Funds 1,404,059,250 - - 1,404,059,250
Private Equities - - 14,132 14,132
Real Estate Investment Trust (REITs) 85,613,738 - - 85,613,738
Short-term Investments - 32,774,066 - 32,774,066
Total investment portfolio 2,254,310,025 2,925,784,787 173,360,485 5,353,455,297
Forwards - 10,360,333 - 10,360,333
Liabilities
Forwards - 33,300 - 33,300
X
XCompass Conservative Balanced Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 606,232,778 - - 606,232,778
Fixed Income - 2,671,074,059 22,143,772 2,693,217,831
Mutual Funds 1,317,081,029 - - 1,317,081,029
Private Equities - - 447 447
Real Estate Investment Trust (REITs) 120,720,914 - - 120,720,914
Short-term Investments - 13,523,681 - 13,523,681
105
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Total investment portfolio 2,044,034,721 2,684,597,740 22,144,219 4,750,776,680
Forwards - 30,825 - 30,825
Liabilities
Forwards - 13,217,037 - 13,217,037
X
XCompass Balanced Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 1,089,206,633 - 6,898,000 1,096,104,633
Fixed Income - 2,010,664,461 135,229,011 2,145,893,472
Mutual Funds 2,068,528,951 - - 2,068,528,951
Private Equities - - 14,434,779 14,434,779
Real Estate Investment Trust (REITs) 96,788,845 - - 96,788,845
Short-term Investments - 27,404,891 - 27,404,891
Total investment portfolio 3,254,524,429 2,038,069,352 156,561,790 5,449,155,571
Forwards - 12,522,217 - 12,522,217
Liabilities
Forwards - 22,658 - 22,658
X
XCompass Balanced Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 883,795,664 - - 883,795,664
Fixed Income - 1,820,924,876 28,071,500 1,848,996,376
Mutual Funds 1,761,707,682 - - 1,761,707,682
Private Equities - - 15,116,686 15,116,686
Real Estate Investment Trust (REITs) 128,033,134 - - 128,033,134
Short-term Investments - 16,190,979 - 16,190,979
Total investment portfolio 2,773,536,480 1,837,115,855 43,188,186 4,653,840,521
Forwards - 26,138 - 26,138
Liabilities
Forwards - 16,388,504 - 16,388,504
X
XCompass Balanced Growth Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 687,412,470 - 1,881,000 689,293,470
Fixed Income - 599,672,830 35,125,739 634,798,569
Mutual Funds 1,259,923,055 - - 1,259,923,055
Private Equities - - 18,108,974 18,108,974
106
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Real Estate Investment Trust (REITs) 59,763,273 - - 59,763,273
Short-term Investments - 11,215,555 - 11,215,555
Total investment portfolio 2,007,098,798 610,888,385 55,115,713 2,673,102,896
Forwards - 6,797,961 - 6,797,961
Liabilities
Forwards - 6,711 - 6,711
X
XCompass Balanced Growth Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 485,358,657 - - 485,358,657
Fixed Income - 548,195,440 8,303,006 556,498,446
Mutual Funds 1,141,103,586 - - 1,141,103,586
Private Equities - - 18,978,731 18,978,731
Real Estate Investment Trust (REITs) 72,278,237 - - 72,278,237
Short-term Investments - 7,924,588 - 7,924,588
Total investment portfolio 1,698,740,480 556,120,028 27,281,737 2,282,142,245
Forwards - 39 - 39
Liabilities
Forwards - 9,196,504 - 9,196,504
X
XCompass Growth Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 370,347,173 - - 370,347,173
Fixed Income - 60,078,029 - 60,078,029
Mutual Funds 685,657,667 - - 685,657,667
Private Equities - - 11,431,820 11,431,820
Real Estate Investment Trust (REITs) 30,516,520 - - 30,516,520
Short-term investments - 6,180,567 - 6,180,567
Total investment portfolio 1,086,521,360 66,258,596 11,431,820 1,164,211,776
Forwards - 3,232,732 - 3,232,732
Liabilities
Forwards - 68 - 68
X
XCompass Growth Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 226,435,895 - - 226,435,895
Fixed Income - 50,631,728 - 50,631,728
107
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Mutual Funds 624,783,939 - - 624,783,939
Private Equities - - 12,039,975 12,039,975
Real Estate Investment Trust (REITs) 33,509,569 - - 33,509,569
Short-term investments - 3,700,600 - 3,700,600
Total investment portfolio 884,729,403 54,332,328 12,039,975 951,101,706
Forwards - 20 - 20
Liabilities
Forwards - 4,427,882 - 4,427,882
X
XCompass Maximum Growth Portfolio Fair value as at December 31, 2019
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 86,234,594 - - 86,234,594
Mutual Funds 158,335,174 - - 158,335,174
Private Equities - - 1,735,419 1,735,419
Real Estate Investment Trust (REITs) 7,266,198 - - 7,266,198
Short-term investments - 597,984 - 597,984
Total investment portfolio 251,835,966 597,984 1,735,419 254,169,369
Forwards - 765,206 - 765,206
Liabilities
Forwards - 14 - 14
X
XCompass Maximum Growth Portfolio Fair value as at December 31, 2018
Quoted prices in activemarkets for identical assets
Significant otherobservable inputs
Significant unobservableinputs
Assets Level 1 ($) Level 2 ($) Level 3 ($) Total ($)
Equities 46,933,428 - - 46,933,428
Mutual Funds 133,640,979 - - 133,640,979
Private Equities - - 1,857,138 1,857,138
Real Estate Investment Trust (REITs) 7,965,019 - - 7,965,019
Short-term investments - 284,995 - 284,995
Total investment portfolio 188,539,426 284,995 1,857,138 190,681,559
Forwards - - - -
Liabilities
Forwards - 988,163 - 988,163
X.
The following are reconciliations of the Portfolios’ Level 3 fair value measurements, where applicable, from January 1, 2019 toDecember 31, 2019 and January 1, 2018 to December 31, 2018:
108
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
x
Fair value measurements using Level 3 inputs
Compass Conservative PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2019) 9,438,172 - 210 9,438,382
Purchases 30,277,420 388,096 3,028 30,668,544
Sales - - - -
Transfers into and/or out of Level 3 - 5,414,000 - 5,414,000
Net realized gains (losses) - - (10,030) (10,030)
Net change in unrealized gain (loss) 332,415 (96) 9,929 342,248
Ending Balance (December 31, 2019) 40,048,007 5,802,000 3,137 45,853,244
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 332,415 (96) - 332,319
X
XFair value measurements using Level 3 inputs
Compass Conservative PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2018) 105,237,804 - 282 105,238,086
Purchases 16,665,519 - 843 16,666,362
Sales (116,646,871) - - (116,646,871)
Net realized gains (losses) 1,696,971 - (7,282) 1,689,689
Net change in unrealized gain (loss) (1,459,835) - 6,367 (1,453,468)
Ending Balance (December 31, 2018) 9,438,172 - 210 9,438,382
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 729,498 - (843) 728,655
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments mainly consist of fixed income (e.g. private debt andmortgage backed securities). The fair value of these investments was based on the valuation techniques described earlier. TheManager also considers other liquidity, credit and market risk factors in pricing these investments, and adjusts the valuations asdeemed necessary. During the year ended December 31, 2019, investments in equities of $5,414,000 were transferred into Level 3from Level 1 following management's assessment of the significance of the unobservable inputs used to value those investments.
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theseinvestments held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to redeemable unitholders would increase or decrease by $4,585,325 (December 31, 2018 -$943,838).
If the Canada yield or spread strengthened or weakened by 1% then the fair values above would increase or decrease by $1,085,301(December 31, 2018 - $271,526).
x
Fair value measurements using Level 3 inputs
Compass Conservative Balanced PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2019) 22,143,772 - 447 22,144,219
Purchases 138,542,133 797,368 13,856 139,353,357
Sales - - - -
Transfers into and/or out of Level 3 - 11,188,000 - 11,188,000
109
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Net realized gains (losses) - - (17,035) (17,035)
Net change in unrealized gain (loss) 675,448 (368) 16,864 691,944
Ending Balance (December 31, 2019) 161,361,353 11,985,000 14,132 173,360,485
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 675,448 (368) - 675,080
X
XFair value measurements using Level 3 inputs
Compass Conservative Balanced PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2018) 261,912,652 - 531 261,913,183
Purchases 34,096,354 - 1,686 34,098,040
Sales (283,713,708) - - (283,713,708)
Net realized gains (losses) 1,388,565 - (8,503) 1,380,062
Net change in unrealized gain (loss) (1,522,935) - 6,733 (1,516,202)
Ending Balance (December 31, 2018) 22,143,772 - 447 22,144,219
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 1,652,432 - (1,685) 1,650,747
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments mainly consist of fixed income (e.g. private debt andmortgage backed securities). The fair value of these investments was based on the valuation techniques described earlier. TheManager also considers other liquidity, credit and market risk factors in pricing these investments, and adjusts the valuations asdeemed necessary. During the year ended December 31, 2019, investments in equities of $11,188,000 were transferred into Level 3from Level 1 following management's assessment of the significance of the unobservable inputs used to value those investments.
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theseinvestments held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to redeemable unitholders would increase or decrease by $17,336,049 (December 31, 2018 -$2,214,422).
If the Canada yield or spread strengthened or weakened by 1% then the fair values above would increase or decrease by $4,372,893(December 31, 2018 - $637,075).
x
Fair value measurements using Level 3 inputs
Compass Balanced PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2019) 28,071,500 - 15,116,686 43,188,186
Purchases 106,429,718 454,760 95,913 106,980,391
Sales - - (2,105,540) (2,105,540)
Transfers into and/or out of Level 3 - 6,444,000 - 6,444,000
Net realized gains (losses) - - (9,950) (9,950)
Net change in unrealized gain (loss) 727,794 (760) 1,337,669 2,064,703
Ending Balance (December 31, 2019) 135,229,012 6,898,000 14,434,778 156,561,790
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 727,794 (760) 1,032,212 1,759,246
X
110
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
XFair value measurements using Level 3 inputs
Compass Balanced PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2018) 186,321,819 - 22,061,259 208,383,078
Purchases 23,032,347 - 410,615 23,442,962
Sales (186,869,370) - (6,172,478) (193,041,848)
Net realized gains (losses) 866,678 - (2,310,509) (1,443,831)
Net change in unrealized gain (loss) (999,760) - 1,127,799 128,039
Ending Balance (December 31, 2018) 28,071,500 - 15,116,686 43,188,186
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 1,131,420 - (952,817) 178,603
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments consist of fixed income (e.g. private debt and mortgagebacked securities) and private equity investments. The fair value of these investments was based on the valuation techniquesdescribed earlier. The Manager also considers other liquidity, credit and market risk factors in pricing these investments, and adjuststhe valuations as deemed necessary. During the year ended December 31, 2019, investments in equities of $6,444,000 weretransferred into Level 3 from Level 1 following management's assessment of the significance of the unobservable inputs used tovalue those investments.
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theseinvestments held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to redeemable unitholders would increase or decrease by $15,656,179 (December 31, 2018 -$4,318,819).
If the Canada yield or spread strengthened or weakened by 1% then the fair values above would increase or decrease by $3,660,118(December 31, 2018 - $815,755).
x
Fair value measurements using Level 3 inputs
Compass Balanced Growth PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2019) 8,303,006 - 18,978,731 27,281,737
Purchases 26,607,429 124,960 81,804 26,814,193
Sales - - (2,251,297) (2,251,297)
Transfers into and/or out of Level 3 - 1,757,000 - 1,757,000
Net realized gains (losses) - - (2,786) (2,786)
Net change in unrealized gain (loss) 215,304 (960) 1,302,522 1,516,866
Ending Balance (December 31, 2019) 35,125,739 1,881,000 18,108,974 55,115,713
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 383,974 (960) 1,008,436 1,391,450
X
XFair value measurements using Level 3 inputs
Compass Balanced Growth PortfolioFixed Income
($)Equities
($)Private Equities
($)Total
($)
Beginning Balance (January 1, 2018) 56,791,266 - 28,794,376 85,585,642
Purchases 7,259,462 - 596,433 7,855,895
Sales (56,969,285) - (9,203,202) (66,172,487)
111
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Net realized gains (losses) 207,032 - (3,516,292) (3,309,260)
Net change in unrealized gain (loss) (302,146) - 2,307,416 2,005,270
Ending Balance (December 31, 2018) 8,303,006 - 18,978,731 27,281,737
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 306,740 - (901,487) (594,747)
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments consist of fixed income (e.g. private debt and mortgagebacked securities) and private equity investments. The fair value of these investments was based on the valuation techniquesdescribed earlier. The Manager also considers other liquidity, credit and market risk factors in pricing these investments, and adjuststhe valuations as deemed necessary. During the year ended December 31, 2019, investments in equities of $1,757,000 weretransferred into Level 3 from Level 1 following management's assessment of the significance of the unobservable inputs used tovalue those investments.
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theseinvestments held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to redeemable unitholders would increase or decrease by $5,511,571 (December 31, 2018 -$2,728,174).
If the Canada yield or spread strengthened or weakened by 1% then the fair values above would increase or decrease by $950,427(December 31, 2018 - $241,625).
x
Fair value measurements using Level 3 inputs
Compass Growth PortfolioPrivate Equities
($)Total
($)
Beginning Balance (January 1, 2019) 12,039,975 12,039,975
Purchases 72,352 72,352
Sales (1,756,048) (1,756,048)
Net realized gains (losses) - -
Net change in unrealized gain (loss) 1,075,541 1,075,541
Ending Balance (December 31, 2019) 11,431,820 11,431,820
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 816,830 816,830
X
XFair value measurements using Level 3 inputs
Compass Growth PortfolioPrivate Equities
($)Total
($)
Beginning Balance (January 1, 2018) 18,146,333 18,146,333
Purchases 337,857 337,857
Sales (5,481,756) (5,481,756)
Net realized gains (losses) (2,025,027) (2,025,027)
Net change in unrealized gain (loss) 1,062,568 1,062,568
Ending Balance (December 31, 2018) 12,039,975 12,039,975
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 (758,678) (758,678)
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments mainly consist of private equity investments. The fair valueof these investments was based on the valuation techniques described earlier. The Manager also considers other liquidity, credit andmarket risk factors in pricing these investments, and adjusts the valuations as deemed necessary.
112
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED DECEMBER 31, 2019 (CONTINUED)
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theprivate equities held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to holders of redeemable units would increase or decrease by $1,143,182 (December 31, 2018 -$1,203,998).
x
Fair value measurements using Level 3 inputs
Compass Maximum Growth PortfolioPrivate Equities
($)Total
($)
Beginning Balance (January 1, 2019) 1,857,138 1,857,138
Purchases 11,871 11,871
Sales (289,005) (289,005)
Net realized gains (losses) - -
Net change in unrealized gain (loss) 155,416 155,416
Ending Balance (December 31, 2019) 1,735,420 1,735,420
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2019 117,911 117,911
X
XFair value measurements using Level 3 inputs
Compass Maximum Growth PortfolioPrivate Equities
($)Total
($)
Beginning Balance (January 1, 2018) 2,669,285 2,669,285
Purchases 35,307 35,307
Sales (712,426) (712,426)
Net realized gains (losses) (188,341) (188,341)
Net change in unrealized gain (loss) 53,313 53,313
Ending Balance (December 31, 2018) 1,857,138 1,857,138
Net change in unrealized gain (loss) during the period for assets held atDecember 31, 2018 (102,814) (102,814)
X.
As at December 31, 2019 and December 31, 2018, the Level 3 investments consist of private equity investments. The fair value ofthese investments was based on the valuation techniques described earlier. The Manager also considers other liquidity, credit andmarket risk factors in pricing these investments, and adjusts the valuations as deemed necessary.
Changes in key assumptions used in determining the fair value of Level 3 securities may cause material changes in the value of theprivate equities held by the Portfolio. If the value of the Level 3 investments were to increase or decrease by 10%, the value of thePortfolio’s net assets attributable to holders of redeemable units would increase or decrease by $173,542 (December 31, 2018 -$185,714).
.
.
.
.
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12. Subsequent Events:The continued worldwide spread of novel coronavirus ("COVID-19") and its impact on international business operations, supplychains, travel, commodity prices, consumer confidence and business forecasts, and the associated impact on domestic andinternational equity markets and fixed income yields, is expected to have a material impact on all equity and fixed income portfoliosduring the first half of 2020, and potentially beyond. We continue to monitor developments in equity and fixed income marketsgenerally, and particularly in connection with the Portfolios. While it is too early to predict the impact of COVID-19 related factors,during a time of increased uncertainty and volatility, we expect that the performance of all Portfolios will be affected in the nearterm.
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ATB Investment Management Inc.Manager of the Compass Portfolio SeriesSuite 2100, 10020 100 Street NWEdmonton, Alberta T5J 3G1
69000 (03/16)
www.compassportfolios.com