annual report - dimensional...annual report dfa canadian core equity fund dfa canadian vector equity...

Annual Report

DFA Canadian Core Equity FundDFA Canadian Vector Equity Fund

DFA U.S. Core Equity FundDFA U.S. Vector Equity Fund

DFA International Core Equity FundDFA International Vector Equity Fund

DFA Global Real Estate Securities FundDFA Five-Year Global Fixed Income Fund

DFA Global Investment Grade Fixed Income FundDFA Global Targeted Credit FundDFA Global 40EQ-60FI PortfolioDFA Global 50EQ-50FI PortfolioDFA Global 60EQ-40FI PortfolioDFA Global 70EQ-30FI PortfolioDFA Global 80EQ-20FI Portfolio

DFA Global Equity PortfolioDFA Global Fixed Income Portfolio

DFA World Equity Portfolio

Year Ended December 31, 2019

FINANCIAL STATEMENTS OFDIMENSIONAL FUNDS

December 31, 2019

Table of Contents

Page

Letter to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I

Management Responsibility Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II

Independent Auditor’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III

Financial Statements

DFA Canadian Core Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units . . . . . . . . . . 3

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Schedule of Investment Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Discussion of Financial Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

DFA Canadian Vector Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12







DFA U.S. Core Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22







DFA U.S. Vector Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52








December 31, 2019

Table of Contents

Page


DFA International Core Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80







DFA International Vector Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159







DFA Global Real Estate Securities Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220







DFA Five-Year Global Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232







DFA Global Investment Grade Fixed Income Fund . . . . . . . . . . . . . . . . . . . . . . . 247








December 31, 2019

Table of Contents

Page


DFA Global Targeted Credit Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263

Statements of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263

Statements of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264

Statements of Changes in Net Assets Attributable to Holders of Redeemable Units . . . . . . . . . 265

Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266

Schedule of Investment Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267

Discussion of Financial Risk Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277

DFA Global 40EQ-60FI Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281





























December 31, 2019

Table of Contents

Page









DFA Global Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326







DFA Global Fixed Income Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334







DFA World Equity Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342

Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342

Statement of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343

Statement of Changes in Net Assets Attributable to Holders of Redeemable Units . . . . . . . . . . 344

Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345



Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350

March 20, 2020

Dear Unitholder,

Since our founding in 1981, sound investment solutions based on financial science havebeen at the heart of Dimensional. We recognize that the assets you entrust to our firm playan important role in your future.

With a 38-year track record, our investment strategies are guided by rigorous academicresearch, deep convictions about the power of capital markets, and the importance ofinformation in security prices.

We aim to add value through implementation by using a systematic approach to invest insecurities with higher expected returns and implementing a robust portfolio managementprocess that seeks to increase returns and manage risk. We apply flexible tradingalgorithms to minimize potential price impact.

We take pride in the many longstanding clients we have had the honor of working with overthe last four decades, and we continue to seek opportunities to raise the bar both within ourcompany and the industry.

On behalf of more than 1,400 employees at Dimensional aiming to serve you, we thank you.

Sincerely,

David P. ButlerChief Executive Officer

I

Management’s Responsibility for Financial Reporting

The accompanying financial statements have been prepared by Dimensional Fund Advisors CanadaULC (the “Manager”). The Manager is responsible for the information and representations made inthese financial statements.

The Manager maintains appropriate processes to ensure that relevant and reliable financial informationis produced. These financial statements have been prepared in accordance with International FinancialReporting Standards and include certain amounts that are based on estimates and judgments. Thesignificant accounting policies which management believes are appropriate for the Dimensional Fundsare described in Note 2 to the financial statements.

The Board of Directors of the Manager is responsible for reviewing and approving the financialstatements and overseeing the Manager’s performance of its financial reporting responsibilities.

PricewaterhouseCoopers LLP are the external auditors of the Dimensional Funds. The auditors havebeen appointed by the Board of Directors and cannot be changed without 60 days notice to theunitholders. They have audited these financial statements in accordance with Canadian generallyaccepted auditing standards to enable them to express their opinion on the financial statements. Theirreport is included as an integral part of the financial statements.

David Butler Stephen A. ClarkChief Executive Officer Director and President

March 20, 2020

II

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

DFA Canadian Core Equity Fund DFA Canadian Vector Equity Fund DFA U.S. Core Equity Fund DFA U.S. Vector Equity Fund DFA International Core Equity Fund DFA International Vector Equity Fund DFA Global Real Estate Securities Fund DFA Five-Year Global Fixed Income Fund DFA Global Investment Grade Fixed Income Fund DFA Global Targeted Credit Fund DFA Global 40EQ-60FI Portfolio DFA Global 50EQ-50FI Portfolio DFA Global 60EQ-40FI Portfolio DFA Global 70EQ-30FI Portfolio DFA Global 80EQ-20FI Portfolio DFA Global Equity Portfolio DFA Global Fixed Income Portfolio DFA World Equity Portfolio (individually a Fund)

Our opinion

In our opinion, the accompanying 2019 financial statements of each Fund present fairly, in all material respects, the financial position of each Fund and its financial performance and its cash flows as at and for the periods indicated in Note 1 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS).

What we have audited The financial statements of each Fund comprise:

● the statements of financial position as at the period-end dates indicated in note 1;

● the statements of comprehensive income for the periods indicated in note 1;

● the statements of changes in net assets attributable to holders of redeemable units for the periods indicated in note 1;

III

● the statements of cash flows for the periods indicated in note 1; 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.

Independence We are independent of each Fund 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. The other information comprises the Management Report of Fund Performance.

Our opinion on the financial statements of each Fund 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 Fund, 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 Fund 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 Fund 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.

IV

In preparing the financial statements, management is responsible for assessing the ability of each Fund 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 Fund 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 Fund.

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 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 Fund.

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 Fund, 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 internal control of each Fund.

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 Fund 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 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 Fund to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of each Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

V

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 20, 2020

VI

Dimensional FundsStatements of Financial PositionAs at December 31, 2019 and 2018

NoteDFA Canadian Core

Equity Fund

2019 2018

AssetsCurrent assets

Financial assets at fair value through profit or loss 10 $ 1,967,396,517 $ 1,594,962,525Cash 8,377,254 –Receivable for investments sold 16,720 33Accrued interest and dividends 5,014,489 5,109,635Subscriptions receivable 247,404 8,925,565

Total assets 1,981,052,384 1,608,997,758

LiabilitiesCurrent liabilities

Bank overdraft – 2,152,149Payable for investments purchased 836,959 21,570Redemptions payable 140,671 270,769Management fees payable 307,554 269,502Accrued expenses 319,742 279,799

Total liabilities 1,604,926 2,993,789

Net Assets attributable to holders of redeemable units $ 1,979,447,458 $ 1,606,003,969

Net Assets attributable to holders of redeemable units per class

Class A $ 106,995,008 $ 97,459,500Class F $ 745,762,776 $ 653,050,377Class I $ 1,126,689,674 $ 855,494,092

Net Assets attributable to holders of redeemable units per class per unit 4

Class A $ 19.66 $ 16.92Class F $ 19.96 $ 17.18Class I $ 20.20 $ 17.39

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

1

Dimensional FundsStatements of Comprehensive IncomeFor the years ended December 31, 2019 and 2018

NoteDFA Canadian Core

Equity Fund

2019 2018

IncomeNet gain (loss) on investments

Dividend income $ 54,922,887 $ 46,909,910Interest income for distribution purposes 800,248 801,186Net realized gain (loss) on sale of investments 10,168,244 (1,480,750)Change in unrealized appreciation (depreciation) in value of investments 255,422,770 (255,923,471)

Net gain (loss) on investments 321,314,149 (209,693,125)

Other incomeSecurities lending income 11 1,466,883 1,243,764Other income 124,154 –Foreign exchange gain (loss) on cash 6,028 (1,065)Change in unrealized appreciation (depreciation) in foreign exchange on cash (17,580) 69,937

Total income (loss) 322,893,634 (208,380,489)

ExpensesManagement fees 5 3,427,547 3,517,941Custodian fees 42,111 41,313Audit fees 73,657 78,421Legal fees 29,513 19,732Broker commission expense 7 81,098 93,364Valuation fees 35,095 34,175Transaction fees 26,009 35,946Filing fees 41,441 46,465Securityholder reporting costs 322,661 317,262Independent Review Committee fees 5 25,374 20,791Withholding taxes 108,991 105,673Other expenses 34,723 33,355

Total expenses 4,248,220 4,344,438

Increase (Decrease) in Net Assets attributable to holders of redeemable units $ 318,645,414 $ (212,724,927)

Increase (Decrease) in Net Assets attributable to holders of redeemable units per class

Class A $ 17,245,017 $ (14,681,076)Class F $ 125,295,452 $ (90,263,677)Class I $ 176,104,945 $ (107,780,174)

Increase (Decrease) in Net Assets attributable to holders of redeemable units per unit* 2

Class A $ 3.08 $ (2.55)Class F $ 3.31 $ (2.42)Class I $ 3.35 $ (2.50)

* Computed based on the weighted average units outstanding during the year.


2

Dimensional FundsStatements of Changes in Net Assets Attributable to Holders of Redeemable UnitsFor the years ended December 31, 2019 and 2018

DFA Canadian Core Equity Fund

2019 2018 2019 2018

Class A Class F

Net Assets attributable to holders of redeemable units atbeginning of year $ 97,459,500 $ 116,254,083 $ 653,050,377 $ 732,484,090

Increase (Decrease) in Net Assets attributable to holders ofredeemable units 17,245,017 (14,681,076) 125,295,452 (90,263,677)

Redeemable unit transactionsProceeds from redeemable units issued 9,810,217 12,006,089 94,867,881 141,472,218Redemption of redeemable units (17,456,911) (16,074,429) (122,031,764) (125,694,755)Reinvestments of distributions to holders of redeemable

units 1,629,210 1,363,415 14,228,905 12,589,822

(6,017,484) (2,704,925) (12,934,978) 28,367,285

Distributions to holders of redeemable unitsFrom net investment income (1,692,025) (1,408,582) (19,648,075) (17,537,321)

(1,692,025) (1,408,582) (19,648,075) (17,537,321)

Net Increase (Decrease) in Net Assets attributable toholders of redeemable units 9,535,508 (18,794,583) 92,712,399 (79,433,713)

Net Assets attributable to holders of redeemable units atend of year $ 106,995,008 $ 97,459,500 $ 745,762,776 $ 653,050,377

2019 2018 2019 2018

Class I Total

Net Assets attributable to holders of redeemable units atbeginning of year $ 855,494,092 $ 763,352,094 $ 1,606,003,969 $ 1,612,090,267


Redeemable unit transactionsProceeds from redeemable units issued 118,742,708 220,647,531 223,420,806 374,125,838Redemption of redeemable units (22,650,370) (19,736,673) (162,139,045) (161,505,857)Reinvestments of distributions to holders of redeemable

units 30,259,427 22,832,279 46,117,542 36,785,516

126,351,765 223,743,137 107,399,303 249,405,497


(31,261,128) (23,820,965) (52,601,228) (42,766,868)

Net Increase (Decrease) in Net Assets attributable toholders of redeemable units 271,195,582 92,141,998 373,443,489 (6,086,298)

Net Assets attributable to holders of redeemable units atend of year $ 1,126,689,674 $ 855,494,092 $ 1,979,447,458 $ 1,606,003,969


3

Dimensional FundsStatements of Cash FlowsFor the years ended December 31, 2019 and 2018

DFA Canadian CoreEquity Fund

2019 2018

Cash flows from operating activitiesIncrease (Decrease) in net assets attributable to holders of redeemable units from operations $ 318,645,414 $ (212,724,927)Adjustments for:

Change in unrealized (appreciation) depreciation in foreign exchange on cash 17,580 (69,937)Net realized (gain) loss on sale of investments (10,168,244) 1,480,750Change in unrealized (appreciation) depreciation in value of investments (255,422,770) 255,923,471

Purchases of investments (274,334,159) (306,480,699)Proceeds from sales of investments 168,289,883 53,426,240Decrease (increase) in accrued interest and dividends 95,146 (1,175,789)Increase (decrease) in management fees payable 38,052 (14,509)Increase (decrease) in accrued expenses 39,943 51,804

Net cash used in operating activities (52,799,155) (209,583,596)

Cash flows from financing activitiesDistributions paid to holders of redeemable units, net of reinvested distributions (6,483,686) (5,981,352)Proceeds from redeemable units issued 221,602,586 351,333,723Redemption of redeemable units (151,772,762) (147,230,750)

Net cash from financing activities 63,346,138 198,121,621

Change in unrealized appreciation (depreciation) in foreign exchange on cash (17,580) 69,937Net increase (decrease) in cash 10,546,983 (11,461,975)Cash (Bank overdraft) at beginning of year (2,152,149) 9,239,889

Cash (Bank overdraft) at end of year 8,377,254 (2,152,149)

Items classified as operating activities

Dividends received, net of withholding taxes $ 55,051,814 $ 45,752,548Interest received 800,248 801,186


4

DFA Canadian Core Equity FundSchedule of Investment Portfolio as at December 31, 2019

CurrencyNo. ofUnits Description

AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

Canada

Energy

CAD 423,220 Advantage Oil & Gas Ltd. 2,336,444 1,163,855

CAD 249,693 Africa Oil Corp. 436,057 292,141

CAD 18,756 Akita Drilling Ltd. 251,706 22,320

CAD 686,812 ARC Resources Ltd. 12,038,542 5,618,122

CAD 685,027 Athabasca Oil Corp. 3,005,295 404,166

CAD 1,254,448 Baytex Energy Corp. 7,214,328 2,345,818

CAD 540,514 Birchcliff Energy Ltd. 3,265,682 1,399,931

CAD 364,212 Bonavista Energy Corp. 4,193,886 222,169

CAD 53,136 Bonterra Energy Corp. 1,931,894 209,356

CAD 235,641 Calfrac Well Services Ltd. 1,629,510 294,551

CAD 591,498 Cameco Corp. 10,669,332 6,825,887

CAD 272,331 Canacol Energy Ltd. 875,677 1,271,786

CAD 1,909,824 Canadian Natural Resources Ltd. 68,566,910 80,212,608

CAD 199,854 Cardinal Energy Ltd. 977,465 519,620

CAD 718,099 Cenovus Energy Inc. 16,191,523 9,478,907

CAD 330,172 CES Energy Solutions Corp. 1,633,196 769,301

CAD 91,716 Computer Modelling Group Ltd. 968,646 753,906

CAD 68,830 Corridor Resources Inc. 57,619 49,558

CAD 987,278 Crescent Point Energy Corp. 19,848,724 5,716,340

CAD 188,699 Crew Energy Inc. 1,217,961 107,558

CAD 906,074 Denison Mines Corp. 1,642,968 489,280

CAD 756,322 Enbridge Inc. 32,053,795 39,048,905

CAD 2,117,023 Encana Corp. 26,205,572 12,871,500

CAD 205,314 Enerflex Ltd. 3,011,473 2,510,990

CAD 124,435 Energy Fuels Inc. 306,620 308,599

CAD 580,569 Enerplus Corp. 7,106,666 5,370,263

CAD 294,495 Ensign Energy Services Inc. 3,453,856 839,311

USD 32,690 Epsilon Energy Ltd. 150,520 140,062

CAD 244,712 Essential Energy Services Ltd. 325,580 92,991

CAD 694,045 Fission Uranium Corp. 507,368 197,803

CAD 188,955 Freehold Royalties Ltd. 2,397,456 1,377,482

CAD 25,186 Frontera Energy Corp. 380,783 246,823

CAD 286,934 Gear Energy Ltd. 254,284 134,859

CAD 201,457 Gibson Energy Inc. 4,946,640 5,356,742

CAD 800,520 Gran Tierra Energy Inc. 3,896,743 1,352,879

CAD 47,100 High Arctic Energy Services Inc. 184,079 108,801

CAD 578,134 Husky Energy Inc. 13,585,108 6,024,156

CAD 205,923 Imperial Oil Ltd. 8,611,652 7,073,455

CAD 301,927 Inter Pipeline Ltd. 7,864,165 6,805,435

CAD 37,142International Petroleum

Corp/Sweden 312,643 212,452

CAD 378,440 Kelt Exploration Ltd. 2,309,544 1,843,003

CAD 278,157 Keyera Corp. 8,390,274 9,462,901

CAD 140,330 Lightstream Resources Ltd. 2,333,577 –

CAD 355 Manitok Energy Inc. – –

CAD 530,427 MEG Energy Corp. 6,763,762 3,919,856

CAD 59,166North American Contruction

Group Ltd. 609,111 931,273

CAD 357,386 NuVista Energy Ltd. 2,603,355 1,140,061

CAD 133,069 Obsidian Energy Ltd. 11,077,175 123,754

CAD 201,042 Painted Pony Energy Ltd. 1,375,031 152,792

CAD 152,796 Paramount Resources Ltd. 2,681,069 1,152,080

CAD 395,933 Parex Resources Inc. 6,171,999 9,561,782

CAD 198,395 Parkland Fuel Corp. 6,246,347 9,465,425

CAD 77,047 Pason Systems Inc. 1,442,534 1,010,086

CAD 207,026 Pembina Pipeline Corp. 7,685,936 9,964,161


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 284,833Peyto Exploration &

Development Corp. 5,915,336 1,082,365

CAD 32,528 PHX Energy Services Corp. 264,463 92,054

CAD 4,000 Pinnacle Renewable Energy Inc. 44,069 39,560

CAD 291,270 PrairieSky Royalty Ltd. 6,002,412 4,436,042

CAD 639,134 Precision Drilling Corp. 4,847,051 1,156,833

CAD 45,395 Pulse Seismic Inc. 116,038 88,066

CAD 113,391 Questerre Energy Corp. 121,042 25,513

CAD 374,784 Secure Energy Services Inc. 3,643,180 1,896,407

CAD 593,674 Seven Generations Energy Ltd. 11,380,265 5,028,419

CAD 114,961 ShawCor Ltd. 2,946,778 1,440,461

CAD 41,500 Storm Resources Ltd. 88,052 68,060

CAD 300 Strad Inc. 1,485 540

CAD 1,713,795 Suncor Energy Inc. 65,647,263 72,939,115

CAD 539,500 Surge Energy Inc. 2,108,247 615,030

CAD 436,923 Tamarack Valley Energy Ltd. 1,548,646 873,846

CAD 255,447 TC Energy Corp. 10,970,656 17,666,715

CAD 200 TerraVest Industries Inc. 2,033 2,600

CAD 17,658 Tervita Corp. 755,757 130,843

CAD 4,150 Tervita Corp., Warrants – 21

CAD 176,414Tidewater Midstream and

Infrastructure Ltd. 241,196 206,404

CAD 374,448 TORC Oil & Gas Ltd. 3,070,273 1,681,272

CAD 86,953 Total Energy Services Inc. 1,057,260 558,237

CAD 466,320 Tourmaline Oil Corp. 12,531,056 7,097,390

CAD 113,967 TransGlobe Energy Corp. 674,836 206,280

CAD 562,722 Trican Well Service Ltd. 3,808,703 641,504

CAD 342,049 Vermilion Energy Inc. 13,621,572 7,261,700

CAD 889,155 Whitecap Resources Inc. 8,052,422 4,934,810

CAD 159,082 Yangarra Resources Ltd. 655,088 219,533

494,313,261 387,357,482 19.57

Materials

CAD 84,449 5N Plus Inc. 304,317 207,745

CAD 19,462 Acadian Timber Corp. 358,591 323,848

CAD 68,165 Agnico Eagle Mines Ltd. 2,565,426 5,451,837

CAD 27,429 Airboss of America Corp. 327,477 240,552

CAD 635,694 Alacer Gold Corp. 2,166,198 4,386,289

CAD 785,117 Alamos Gold Inc. 5,375,882 6,147,466

CAD 18,760 Alio Gold Inc. 160,528 18,947

CAD 41,390 Almaden Minerals Ltd. 36,944 31,456

CAD 70,447 Altius Minerals Corp. 756,758 842,546

CAD 23,321 Americas Gold and Silver Corp. 102,580 94,916

CAD 185,243 Amerigo Resources Ltd. 181,249 109,293

CAD 387,319 Argonaut Gold Inc. 900,383 755,272

CAD 303,112 Asanko Gold Inc. 897,999 372,828

CAD 2,387,015 B2Gold Corp. 6,810,909 12,436,348

CAD 873,109 Barrick Gold Corp. 16,323,922 21,059,389

CAD 4,730 Caledonia Mining Corp PLC 39,429 52,030

CAD 160,567 Canfor Corp. 2,200,364 1,949,283

CAD 68,262 Canfor Pulp Products Inc. 887,622 570,670

CAD 696,584 Capstone Mining Corp. 1,239,216 529,404

CAD 136,907 Cascades Inc. 1,111,982 1,534,727

CAD 74,755 CCL Industries Inc. 437,317 4,135,447

CAD 456,467 Centerra Gold Inc. 4,375,388 4,715,301

CAD 499,689China Gold International Resources

Corp Ltd. 1,357,322 589,633

CAD 275,691 Continental Gold Inc. 770,067 1,474,947

CAD 266,265 Copper Mountain Mining Corp. 501,450 189,048


5



AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 355,083 Detour Gold Corp. 4,974,727 8,926,787

CAD 319,144 Dundee Precious Metals Inc. 1,309,634 1,780,824

CAD 8,400 Dynacor Gold Mines Inc. 14,503 13,944

CAD 26,952 EcoSynthetix Inc. 51,675 71,423

CAD 324,872 Eldorado Gold Corp. 9,120,788 3,388,415

CAD 147,420 Endeavour Mining Corp. 2,289,451 3,616,213

CAD 189,149 Endeavour Silver Corp. 553,613 592,036

CAD 4,998 ERO Copper Corp. 98,043 118,003

CAD 216,369 First Majestic Silver Corp. 1,652,796 3,446,758

CAD 110,500 First Mining Gold Corp. 58,766 28,178

CAD 536,681 First Quantum Minerals Ltd. 6,073,644 7,068,089

CAD 319,326 Fortuna Silver Mines Inc. 1,855,781 1,689,235

CAD 42,149 Franco-Nevada Corp. 3,254,665 5,651,759

CAD 73,211 Golden Star Resources Ltd. 456,608 360,200

CAD 70,400 GoldMining Inc. 58,384 93,632

CAD 281,664 Guyana Goldfields Inc. 1,150,755 197,165

CAD 33,500 Hanfeng Evergreen Inc. 222,852 –

CAD 532,850 HudBay Minerals Inc. 5,854,774 2,866,733

CAD 977,935 IAMGOLD Corp. 5,699,800 4,742,985

CAD 82,680 Imperial Metals Corp. 333,856 170,321

CAD 161,843 Interfor Corp. 1,893,671 2,374,237

CAD 26,479International Tower Hill

Mines Ltd. 16,107 18,535

CAD 75,109 Intertape Polymer Group Inc. 701,627 1,248,312

CAD 1,700 IPL Plastics Inc. 17,863 13,396

CAD 839,188 Ivanhoe Mines Ltd. 1,885,671 3,566,549

CAD 2,508,143 Kinross Gold Corp. 18,760,252 15,450,161

CAD 238,573 Kirkland Lake Gold Ltd. 2,349,903 13,655,919

CAD 89,060 Labrador Iron Ore Royalty Corp. 1,340,509 2,192,657

CAD 46,056 Largo Resources Ltd. 91,453 45,595

CAD 118,086 Leagold Mining Corp. 328,569 381,418

CAD 647,119 Lucara Diamond Corp. 1,286,267 550,051

CAD 54,300 Lundin Gold Inc. 268,348 452,319

CAD 1,349,412 Lundin Mining Corp. 8,727,403 10,471,437

CAD 154,349Major Drilling Group

International Inc. 1,029,003 875,159

CAD 24,724 Mandalay Resources Corp. 227,967 26,702

CAD 122,606 Marathon Gold Corp. 124,423 208,430

CAD 92,586 Methanex Corp. 4,188,840 4,643,188

CAD 1,340 Minco Base Metals Corp. 1,488 –

CAD 75,036 Mountain Province Diamonds Inc. 245,242 86,291

CAD 28,000 Nevada Copper Corp. 13,885 10,220

CAD 1,145,266 New Gold Inc. 5,590,756 1,317,056

CAD 53,528 Norbord Inc. 1,647,256 1,859,027

CAD 58,143 Northern Dynasty Minerals Ltd. 40,338 32,560

CAD 351,124 Nutrien Ltd. 16,712,075 21,829,379

CAD 1,297,941 OceanaGold Corp. 3,694,705 3,309,751

CAD 98,500 Orbite Technologies Inc. 44,591 –

CAD 242,755 Osisko Gold Royalties Ltd. 3,539,138 3,063,568

CAD 170,081 Osisko Mining Inc. 571,508 688,828

CAD 387,364 Pan American Silver Corp. 7,635,632 11,915,317

USD 504,275 Pan American Silver Corp., Rights – 231,276

CAD 41,850 Polymet Mining Corp. 87,080 14,229

CAD 436,478 Premier Gold Mines Ltd. 1,183,274 859,862

CAD 252,734 Pretium Resources Inc. 2,367,348 3,652,006

CAD 450,525 Roxgold Inc. 476,022 468,546

CAD 437,098 Sabina Gold & Silver Corp. 748,468 839,228

CAD 354,300 Sandstorm Gold Ltd. 1,871,070 3,433,167

CAD 24,600 Seabridge Gold Inc. 248,402 441,816


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 701,758 SEMAFO Inc. 1,975,334 1,894,747

CAD 8,800 Sierra Metals Inc. 27,796 19,184

CAD 221,341 SSR Mining Inc. 3,200,319 5,531,312

CAD 30,000 Stelco Holdings Inc. 356,985 327,300

CAD 64,722 Stella-Jones Inc. 2,203,482 2,428,369

CAD 8,000 Supremex Inc. 31,020 19,360

CAD 425,188 Taseko Mines Ltd. 944,810 267,868

CAD 2,400 Teck Resources Ltd., Class A 78,964 54,408

CAD 981,490 Teck Resources Ltd., Class B 26,281,218 22,103,155

CAD 178,561 Teranga Gold Corp. 649,916 1,253,500

CAD 16,700 TMAC Resources Inc. 141,794 63,126

CAD 166,211 Torex Gold Resources Inc. 2,746,921 3,410,644

CAD 1,237,111 Trevali Mining Corp. 1,516,090 284,536

CAD 1,237,957 Turquoise Hill Resources Ltd. 5,203,985 1,176,059

CAD 229,020 Wesdome Gold Mines Ltd. 895,013 2,329,133

CAD 81,766 West Fraser Timber Co Ltd. 2,892,229 4,683,556

CAD 939,133 Western Forest Products Inc. 2,039,455 1,145,742

CAD 197,229 Wheaton Precious Metals Corp. 3,869,952 7,620,929

CAD 30,864 Winpak Ltd. 572,496 1,449,991

CAD 1,923,951 Yamana Gold Inc. 10,324,027 9,889,108

251,182,395 289,220,141 14.61

Industrials

Capital Goods

CAD 132,608 Aecon Group Inc. 1,774,405 2,323,292

CAD 23,528 AG Growth International Inc. 1,161,333 1,092,640

CAD 101,745ATS Automation Tooling

Systems Inc. 1,086,085 2,180,395

CAD 33,386 Badger Daylighting Ltd. 950,693 1,173,184

CAD 53,032 Bird Construction Inc. 594,928 379,179

CAD 91,017 Bombardier Inc. 223,986 176,573

CAD 1,769,643 Bombardier Inc. 3,872,354 3,415,411

CAD 224,584 CAE Inc. 2,557,563 7,721,198

CAD 99,801CanWel Building Materials

Group Ltd. 612,514 534,933

CAD 14,351 Cervus Equipment Corp. 220,715 118,396

CAD 39,900 DIRTT Environmental Solutions 205,009 169,575

CAD 55,573 Exco Technologies Ltd. 365,798 440,694

CAD 263,751 Finning International Inc. 5,882,641 6,672,900

CAD 56,372 Heroux-Devtek Inc. 490,287 1,076,705

CAD 29,700 Magellan Aerospace Corp. 486,120 417,582

CAD 215,608 Mullen Group Ltd. 4,044,381 1,998,686

CAD 104,173 NFI Group Inc. 3,318,328 2,776,210

CAD 54,329 Richelieu Hardware Ltd. 682,238 1,473,946

CAD 32,538 Rocky Mountain Dealerships Inc. 327,833 209,545

CAD 153,579 Russel Metals Inc. 3,611,043 3,404,846

CAD 20,300 Savaria Corp. 313,704 283,185

CAD 136,175 SNC-Lavalin Group Inc. 5,520,859 4,078,441

CAD 60,491 Stuart Olson Inc. 429,142 115,538

CAD 85,362 Toromont Industries Ltd. 2,790,981 6,025,704

CAD 43,789 Wajax Corp. 1,248,999 648,077

CAD 60,224 WSP Global Inc. 2,611,868 5,340,062

45,383,807 54,246,897 2.74

Commercial Services & Supplies

CAD 28,099 Alexco Resource Corp. 50,711 84,297

CAD 73,024 Black Diamond Group Ltd. 877,029 157,002

CAD 9,607 Calian Group Ltd. 231,995 369,870

CAD 1,300GDI Integrated Facility

Services Inc. 23,297 43,979


6



AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 317,607 Horizon North Logistics Inc. 935,997 390,657

CAD 2,200 IBI Group Inc. 15,671 12,760

CAD 10,710 K-Bro Linen Inc. 418,809 450,356

CAD 62,288 Morneau Shepell Inc. 1,060,523 2,104,712

CAD 85,240 Ritchie Bros Auctioneers Inc. 4,009,954 4,749,573

CAD 178,611 Stantec Inc. 4,742,635 6,555,024

CAD 41,545 Thomson Reuters Corp. 1,521,792 3,859,115

CAD 160,359 Transcontinental Inc. 3,390,046 2,544,897

CAD 68,015 Waste Connections Inc. 3,325,077 8,022,310

20,603,536 29,344,552 1.48

Transportation

CAD 493,935 Air Canada 7,655,859 23,960,787

CAD 16,409 Algoma Central Corp. 166,038 213,973

CAD 441,956 Canadian National Railway Co. 36,286,093 51,916,571

CAD 103,777 Canadian Pacific Railway Ltd. 24,477,001 34,353,300

CAD 12,067 Cargojet Inc. 729,913 1,246,883

CAD 357,251 Chorus Aviation Inc. 2,268,846 2,890,161

CAD 83,977 Exchange Income Corp. 2,469,973 3,752,932

CAD 203,722 TFI International Inc. 4,426,677 8,916,912

CAD 109,107Westshore Terminals

Investment Corp. 2,721,459 2,067,578

81,201,859 129,319,097 6.53

147,189,202 212,910,546 10.75

Consumer Discretionary

Automobiles & Components

CAD 112,275 Linamar Corp. 4,418,353 5,516,071

CAD 563,008 Magna International Inc. 24,467,551 40,086,170

CAD 197,705 Martinrea International Inc. 2,156,879 2,829,159

31,042,783 48,431,400 2.45

Consumer Durables & Apparel

CAD 80,614 Aritzia Inc. 1,411,533 1,535,697

CAD 31,442 BRP Inc. 953,591 1,860,109

CAD 81,600 Canada Goose Holdings Inc. 4,757,924 3,836,016

CAD 56,595 Dorel Industries Inc. 1,918,322 338,438

CAD 172,721 Gildan Activewear Inc. 4,864,309 6,630,759

CAD 32,799 Spin Master Corp. 1,432,374 1,296,872

15,338,053 15,497,891 0.78

Consumer Services

CAD 25,750 Gamehost Inc. 273,688 218,360

CAD 73,960 Great Canadian Gaming Corp. 1,079,581 3,183,238

CAD 25,248 Intertain Group Ltd. 356,304 302,471

CAD 25,910 MTY Food Group Inc. 1,317,170 1,437,746

CAD 14,344 Park Lawn Corp. 353,191 420,136

CAD 41,301 Pizza Pizza Royalty Corp. 641,451 403,511

CAD 5,700 Pollard Banknote Ltd. 107,820 114,000

CAD 34,579 Recipe Unlimited Corp. 847,404 673,599

CAD 133,913Restaurant Brands

International Inc. 10,216,410 11,085,318

CAD 220,373 Stars Group Inc. 5,059,846 7,468,441

CAD 66,074 Transat AT Inc. 760,860 1,053,220

21,013,725 26,360,040 1.33

Retailing

CAD 49,831 AutoCanada Inc. 1,554,382 617,406

CAD 7,424 BMTC Group Inc. 130,195 77,210

CAD 62,794 Canadian Tire Corp Ltd. 4,747,701 8,775,462


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 140,496 Dollarama Inc. 2,199,849 6,270,336

CAD 16,607 Indigo Books & Music Inc. 263,669 72,240

CAD 49,330 Leon’s Furniture Ltd. 577,569 822,331

CAD 6,340 Points International Ltd. 121,833 125,659

CAD 18,300 Real Matters Inc. 75,212 225,456

CAD 80,279Sleep Country Canada

Holdings Inc. 2,295,480 1,622,439

CAD 72,426 Uni-Select Inc. 1,946,277 824,932

13,912,167 19,433,471 0.98

81,306,728.00 109,722,802 5.54

Consumer Staples

Food & Staples Retailing

CAD 64,423 Alcanna Inc. 844,542 286,682

CAD 548,114 Alimentation Couche-Tard Inc. 17,920,110 22,587,778

CAD 224,432 Empire Co Ltd. 4,204,254 6,836,199

CAD 96,710 George Weston Ltd. 8,671,707 9,963,064

CAD 173,636 Loblaw Cos Ltd. 8,190,226 11,633,612

CAD 144,223 Metro Inc. 3,652,203 7,728,911

CAD 59,685 North West Co Inc. 1,564,781 1,631,191

45,047,823 60,667,437 3.06

Food, Beverage & Tobacco

CAD 32,300 Andrew Peller Ltd. 172,963 381,463

CAD 289,537 Clearwater Seafoods Inc. 3,830,039 5,136,386

CAD 136,021 Corby Spirit and Wine Ltd. 2,430,787 3,520,223

CAD 107,716 Cott Corp. 2,433,080 4,330,183

CAD 30,958 High Liner Foods Inc. 239,593 177,699

CAD 39,561 Lassonde Industries Inc. 584,823 325,587

CAD 34,053 Maple Leaf Foods Inc. 1,554,517 3,097,461

CAD 87,636 Premium Brands Holdings Corp. 776,608 283,064

CAD 17,195 Rogers Sugar Inc. 344,595 264,459

CAD 2,900 Saputo Inc. 643,066 450,863

CAD 196,350 SunOpta Inc. 1,079,616 966,042

CAD 2,100Swiss Water Decaffeinated

Coffee Inc. 14,419 14,532

14,104,106 18,947,962 0.96

Household & Personal Products

CAD 39,378 Jamieson Wellness Inc. 823,595 1,013,984

CAD 12,069 KP Tissue Inc. 150,472 116,466

CAD 200 Mav Beauty Brands Inc. 1,846 810

975,913 1,131,260 0.06

60,127,842 80,746,659 4.08

Health Care

Health Care Equipment & Services

CAD 208,631 Chartwell Retirement Residences 2,362,490 2,899,971

CAD 90,378 CRH Medical Corp. 755,243 406,701

CAD 121,809 Extendicare Inc. 913,777 1,028,068

CAD 72,991 Medical Facilities Corp. 1,137,183 350,357

CAD 81,638 Sienna Senior Living Inc. 1,244,378 1,490,710

6,413,071 6,175,807 0.31

Pharmaceuticals, Biotechnology & Life Sciences

CAD 464,157 Aurora Cannabis Inc. 3,587,914 1,294,998

CAD 511,349 Bausch Health Cos Inc. 19,467,592 19,876,136

CAD 46,765 Canopy Growth Corp. 1,187,892 1,277,152

CAD 237,522 Knight Therapeutics Inc. 2,131,978 1,800,417


7



AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 8,400 Zenith Capital Corp. 4,342 680

26,379,718 24,249,383 1.23

32,792,789 30,425,190 1.54

Financials

Banks

CAD 808,756 Bank of Montreal 59,251,999 81,393,204

CAD 979,302 Bank of Nova Scotia 60,070,907 71,831,802

CAD 408,881Canadian Imperial Bank

of Commerce 38,109,545 44,183,681

CAD 222,401 Canadian Western Bank 5,922,243 7,092,368

CAD 27,138 Equitable Group Inc. 1,149,459 2,967,540

CAD 73,335Firm Capital Mortgage

Investment Corp. 954,574 1,079,491

CAD 16,274 First National Financial Corp. 372,516 619,714

CAD 78,504 Genworth MI Canada Inc. 2,389,036 4,460,597

CAD 137,720 Home Capital Group Inc. 3,027,968 4,539,251

USD 12,003 Kingsway Financial Services Inc. 641,281 28,986

CAD 113,678 Laurentian Bank of Canada 5,205,606 5,050,714

CAD 462,789 National Bank of Canada 23,859,483 33,357,831

CAD 719,236 Royal Bank of Canada 45,408,979 73,901,499

CAD 93,817 Timbercreek Financial Corp. 869,678 931,603

CAD 892,149 Toronto-Dominion Bank 38,306,499 64,975,188

CAD 14,300 VersaBank 111,020 107,965

285,650,793 396,521,434 20.03

Diversified Financials

CAD 167,554 AGF Management Ltd. 2,442,544 1,079,048

CAD 90,560 Alaris Royalty Corp. 2,170,559 1,985,981

CAD 150,764 Brookfield Asset Management Inc. 5,963,779 11,311,823

CAD 111,870 Canaccord Genuity Group Inc. 914,153 541,451

CAD 22,276 Chesswood Group Ltd. 275,186 226,992

CAD 308,098 CI Financial Corp. 7,508,811 6,688,808

CAD 6,100 Clairvest Group Inc. 61,186 319,030

CAD 625,617 ECN Capital Corp. 2,158,637 2,996,705

CAD 687,745 Element Fleet Management Corp. 7,330,557 7,627,092

CAD 69,547 Fiera Capital Corp. 870,187 814,395

CAD 132,760 GMP Capital Inc. 870,765 256,227

CAD 26,602 Goeasy Ltd. 903,541 1,850,169

CAD 42,600 GoldMoney Inc. 136,842 79,662

CAD 14,577 Guardian Capital Group Ltd. 345,398 391,392

CAD 70,696 IGM Financial Inc. 2,708,769 2,635,547

CAD 57,616 Onex Corp. 3,664,195 4,734,307

CAD 326,062 Sprott Inc. 898,563 971,665

CAD 52,827 TMX Group Ltd. 3,302,499 5,940,396

42,526,171 50,450,690 2.55

Insurance

CAD 3,900 Echelon Financial Holdings Inc. 29,198 23,732

CAD 1,171 E-L Financial Corp Ltd. 725,409 970,700

CAD 35,403 Fairfax Financial Holdings Ltd. 21,462,917 21,586,625

CAD 152,527 Great-West Lifeco Inc. 4,610,437 5,073,048

CAD 184,841 iA Financial Corp Inc. 7,265,624 13,184,709

CAD 40,298 Intact Financial Corp. 2,669,621 5,658,645

CAD 1,284,113 Manulife Financial Corp. 28,735,595 33,849,219

CAD 318,621 Sun Life Financial Inc. 12,619,791 18,865,549

CAD 8,043 Trisura Group Ltd. 182,745 323,892

78,301,337 99,536,119 5.02

406,478,301 546,508,243 27.60


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

Information Technology

Software & Services

CAD 42,584 Absolute Software Corp. 377,397 370,481

CAD 618,524 Blackberry Ltd. 7,397,831 5,164,675

CAD 199,585 CGI Inc. 15,059,819 21,688,902

CAD 9,847 Constellation Software Inc. 4,543,791 12,418,643

CAD 19,900 Descartes Systems Group Inc. 85,181 1,104,450

CAD 48,870 Enghouse Systems Ltd. 1,007,175 2,354,557

CAD 20,361 Kinaxis Inc. 1,685,194 2,036,507

CAD 197,032 Open Text Corp. 6,302,633 11,274,171

CAD 29,000 Pivot Technology Solutions Inc. 59,469 48,720

CAD 6,800 Shopify Inc. 638,382 3,510,840

37,156,872 59,971,946 3.03

Technology Hardware & Equipment

CAD 223,084 Celestica Inc. 3,400,213 2,402,614

CAD 30,926 Evertz Technologies Ltd. 699,119 552,338

CAD 4,760 EXFO Inc. 35,857 28,560

CAD 96,700 Photon Control Inc. 139,354 133,446

CAD 276,925 Quarterhill Inc. 822,847 462,465

CAD 72,771 Sierra Wireless Inc. 1,441,117 901,633

CAD 4,420 Vecima Networks Inc. 21,847 45,747

6,560,354 4,526,803 0.23

43,717,226 64,498,749 3.26

Real Estate

CAD 91,631Allied Properties Real Estate

Investment Trust 2,783,753 4,771,226

CAD 19,685 Altus Group Ltd. 424,754 747,243

CAD 136,069 Artis Real Estate Investment Trust 1,563,865 1,619,221

CAD 9,100Automotive Properties Real Estate

Investment Trust 88,669 110,565

CAD 35,800Boardwalk Real Estate


CAD 9,700Bridgemarq Real Estate

Services Inc. 157,003 142,784

CAD 53,726 BTB Real Estate Investment Trust 174,528 277,763

CAD 135,948Canadian Apartment Properties Real

Estate Investment Trust 3,163,808 7,206,603

CAD 166,829Choice Properties Real Estate


CAD 43,232 Colliers International Group Inc. 2,018,281 4,370,755

CAD 181,316Cominar Real Estate


CAD 84,091Crombie Real Estate

Investment Trust 977,256 1,340,411

CAD 33,819 CT Real Estate Investment Trust 480,322 545,839

CAD 114,767Dream Industrial Real Estate


CAD 48,873Dream Office Real Estate


CAD 94,699 Dream Unlimited Corp. 756,050 1,107,978

CAD 163,646First Capital Real Estate


CAD 41,876 FirstService Corp. 2,199,593 5,062,390

CAD 29,920 Genesis Land Development Corp. 118,255 67,918

CAD 50,306Granite Real Estate


CAD 284,386 H&R Real Estate Investment Trust 5,435,119 6,000,545

CAD 3,357 Information Services Corp. 56,782 51,564

CAD 18,163Inovalis Real Estate



8



AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 99,764InterRent Real Estate


USD 31,002 Invesque Inc. 348,075 270,892

CAD 93,184Killam Apartment Real Estate


CAD 4,006 Mainstreet Equity Corp. 112,440 316,474

CAD 15,337 Melcor Developments Ltd. 253,655 204,289

CAD 2,127 Morguard Corp. 335,536 427,527

CAD 24,303

Morguard North AmericanResidential RealEstate Investment 220,106 449,362

CAD 27,620Morguard Real Estate


CAD 48,525Northview Apartment Real Estate


CAD 114,122NorthWest Healthcare Properties

Real Estate Investment Trust 1,004,079 1,361,475

CAD 69,276Plaza Retail Real Estate


CAD 223,633RioCan Real Estate


CAD 62,900Slate Office Real Estate


CAD 32,580Slate Retail Real Estate


CAD 126,273 SmartCentres Real Estate Inves 3,208,315 3,940,980

CAD 101,687Summit Industrial Income Real

Estate Investment Trust 835,267 1,226,345

CAD 153,183 Tricon Capital Group Inc. 1,717,490 1,628,335

CAD 43,524True North Commercial Real

Estate Investment Trust 224,201 317,290

USD 37,250WPT Industrial Real Estate


51,673,204 72,875,735 3.69

Communication Services

Telecommunication Services

CAD 487,230 BCE Inc. 25,354,861 29,311,757

CAD 203,359 Rogers Communications Inc. 9,881,574 13,112,588

CAD 413,062 TELUS Corp. 15,821,467 20,768,757

CAD 5,000 TeraGo Inc. 27,952 44,400

51,085,854 63,237,502 3.19

Media & Entertainment

CAD 123,459 Aimia Inc. 799,606 444,452

CAD 146,960 Cineplex Inc. 4,631,420 4,974,596

CAD 54,303 Cogeco Communications Inc. 2,882,458 6,147,100

CAD 19,337 Cogeco Inc. 1,157,668 2,012,788

CAD 262,683 Corus Entertainment Inc. 3,468,697 1,397,474

CAD 78,618 Glacier Media Inc. 246,200 44,026

CAD 7,300Mediagrif Interactive

Technologies Inc. 76,828 50,443

CAD 189,082 Quebecor Inc. 3,281,287 6,266,177

CAD 390,799 Shaw Communications Inc. 9,650,684 10,297,553

CAD 160,702 WildBrain Ltd. 806,057 252,302

CAD 41,596 Yellow Pages Ltd. 682,434 376,860

27,683,339 32,263,771 1.63

78,769,193 95,501,273 4.82

Utilities

CAD 432,982 Algonquin Power & Utilities Corp. 4,235,236 7,953,879

CAD 379,849 AltaGas Ltd. 8,683,894 7,513,413

CAD 68,233 Atco Ltd. 2,261,168 3,395,956


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 134,061 Boralex Inc. 2,386,801 3,279,132

CAD 79,089 Canadian Utilities Ltd. 1,941,615 3,097,916

CAD 2,800 Canadian Utilities Ltd., Class B 89,129 109,200

CAD 96,226 Capital Power Corp. 2,261,427 3,309,212

CAD 179,205 Emera Inc. 7,443,590 9,997,847

CAD 286,134 Fortis Inc. 10,326,970 15,416,899

CAD 145,348 Hydro One Ltd. 3,355,860 3,645,329

CAD 148,910 Innergex Renewable Energy Inc. 1,656,155 2,510,620

CAD 107,378 Just Energy Group Inc. 1,113,674 234,084

CAD 23,900 Maxim Power Corp. 171,884 43,498

CAD 185,025 Northland Power Inc. 4,094,197 5,032,680

CAD 28,824 Polaris Infrastructure Inc. 505,849 353,094

CAD 352,238 Superior Plus Corp. 4,240,119 4,424,109

CAD 576,082 TransAlta Corp. 8,322,665 5,346,041

CAD 126,726 TransAlta Renewables Inc. 1,688,920 1,966,788

64,779,153 77,629,697 3.93

1,712,329,294 1,967,396,517 99.39

Embedded Broker Commissions (741,298)

Total Investments $1,711,587,996 1,967,396,517 99.39

Other Assets Less Liabilities 12,050,941 0.61

Net Assets Attributable toHolders of Redeemable units 1,979,447,458 100.00

Currency codes used above are as follows:CAD - Canadian Dollar


9

DFA Canadian Core Equity FundDiscussion of Financial Risk Management (note 9)

Financial Risk Management

In addition to the following risk disclosures, please see the risk disclosure in the Financial RiskManagement section of the Notes to the Financial Statements.

The fundamental investment objective of the DFA Canadian Core Equity Fund is to achieve long-termcapital appreciation by investing primarily in common stocks of Canadian companies. As part of itsinvestment strategy, the Fund may also purchase real estate investment trusts (“REITs”) and otherequities.

The Fund’s overall risk management program seeks to minimize the potentially adverse effect of riskon the Fund’s financial performance in a manner consistent with the Fund’s investment objective.

(a) Other market risk

The Schedule of Investment Portfolio classifies securities by market segment and geography. Thesignificant sectors as a percentage of net assets attributable to holders of redeemable units are asfollows:

Sector

% of Fund’sNet Assets

December 31, 2019

% of Fund’sNet Assets

December 31, 2018

Financials 27.60 29.97

The Fund’s market risk is affected primarily by changes in actual market prices. The Fund will generallyinvest in a broad and diverse group of readily marketable equity securities of Canadian companiestraded on an exchange or on the over-the-counter market. As at December 31, 2019, the Fund’sinvestments, as a percentage of net assets attributable to holders of redeemable units, traded on theCanadian exchange was 99.39% (December 31, 2018: 99.31%). If equity prices on the Canadianexchange had increased or decreased by 10%, with all other factors remaining constant, net assetsattributable to holders of redeemable units would have increased (decreased) by approximately$196,739,652 (December 31, 2018: $159,496,253). In practice, actual results may differ from thissensitivity analysis and the difference could be material.

(b) Currency risk

As at December 31, 2019 and December 31, 2018, the Fund invested primarily in Canadian securities.As a result, the Fund did not have any significant exposure to currency risk.

(c) Interest rate risk

As at December 31, 2019 and December 31, 2018, the majority of the Fund’s financial assets andliabilities were non-interest bearing. As a result, the Fund was not subject to a significant amount ofinterest rate risk.

(d) Credit risk

As at December 31, 2019 and December 31, 2018, the Fund had no significant investments in debtinstruments and/or derivatives and therefore did not have significant exposure to credit risk.

All transactions in listed securities are generally settled following the applicable general marketconventions, using approved brokers/dealers. The risk of default is considered minimal, as delivery ofsecurities sold is only made once the broker/dealer has received payment. Payment is made on a


10

DFA Canadian Core Equity FundDiscussion of Financial Risk Management (note 9)

purchase once the securities have been received by the dealer. The transaction will fail if either partyfails to meet its obligation.

(e) Liquidity risk

As at December 31, 2019 and December 31, 2018, the majority of the Fund’s investments areconsidered readily realizable and highly liquid; therefore, the Fund’s liquidity risk is considered minimal.

All liabilities mature within 3 months except for Unitholders Capital which is due on demand.

(f) Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category, be itgeographical location, product type, industry sector or counterparty type. The following is a summary ofthe Fund’s concentration risk calculated as a percentage of net assets.

Investment SectorDecember 31,

2019December 31,

2018

Consumer Discretionary 5.54% 5.17%Consumer Staples 4.08% 3.96%Energy 19.57% 19.56%Financials 27.60% 29.97%Health Care 1.54% 1.46%Industrials 10.75% 8.39%Information Technology 3.26% 2.37%Materials 14.61% 17.91%Real Estate 3.69% 3.56%Communication Services 4.82% 3.78%Utilities 3.93% 3.18%Cash 0.42% -0.13%Net Other Assets/Liabilities 0.19% 0.82%

Total 100.00% 100.00%


11

Dimensional FundsStatements of Financial PositionAs at December 31, 2019 and 2018

NoteDFA Canadian Vector

Equity Fund

2019 2018

AssetsCurrent assets

Financial assets at fair value through profit or loss 10 $ 601,672,224 $ 478,389,164Cash 2,738,633 –Receivable for investments sold 849 5,570Accrued interest and dividends 1,452,248 1,509,570Subscriptions receivable 42,906 3,176,846

Total assets 605,906,860 483,081,150

LiabilitiesCurrent liabilities

Bank overdraft – 556,221Due to manager 8 1,222 5Payable for investments purchased 167,420 711,551Redemptions payable 412,350 78,930Management fees payable 41,448 39,677Accrued expenses 98,562 85,453

Total liabilities 721,002 1,471,837

Net Assets attributable to holders of redeemable units $ 605,185,858 $ 481,609,313

Net Assets attributable to holders of redeemable units per class

Class A $ 3,739,772 $ 3,607,472Class F $ 127,403,978 $ 122,203,911Class I $ 474,042,108 $ 355,797,930

Net Assets attributable to holders of redeemable units per class per unit 4

Class A $ 10.38 $ 9.01Class F $ 10.40 $ 9.02Class I $ 11.02 $ 9.57


12

Dimensional FundsStatements of Comprehensive IncomeFor the years ended December 31, 2019 and 2018

NoteDFA Canadian Vector

Equity Fund

2019 2018

IncomeNet gain (loss) on investments

Dividend income $ 15,500,595 $ 12,770,753Interest income for distribution purposes 31,039 16,162Net realized gain (loss) on sale of investments (1,599,214) 9,347,042Change in unrealized appreciation (depreciation) in value of investments 77,867,543 (101,702,306)

Net gain (loss) on investments 91,799,963 (79,568,349)

Other incomeSecurities lending income 11 623,255 564,577Other income – 17,484Foreign exchange gain (loss) on cash (2,318) 11,916Change in unrealized appreciation (depreciation) in foreign exchange on cash (11,451) 1,719

Total income (loss) 92,409,449 (78,972,653)

ExpensesManagement fees 5 461,558 576,280Custodian fees 14,144 14,712Audit fees 21,742 23,799Legal fees 12,599 5,901Broker commission expense 7 41,416 52,184Valuation fees 34,743 34,143Transaction fees 19,937 22,264Filing fees 24,738 21,765Securityholder reporting costs 54,467 60,721Independent Review Committee fees 5 7,567 6,181Withholding taxes 47,292 64,891Other expenses 13,500 13,197

753,703 896,038

Fees recovered or (waived) and expenses absorbed by manager 5 (1,060) (818)

Total expenses 752,643 895,220

Increase (Decrease) in Net Assets attributable to holders of redeemable units $ 91,656,806 $ (79,867,873)

Increase (Decrease) in Net Assets attributable to holders of redeemable units per class

Class A $ 578,422 $ (723,405)Class F $ 20,851,666 $ (22,722,763)Class I $ 70,226,718 $ (56,421,705)

Increase (Decrease) in Net Assets attributable to holders of redeemable units per unit* 2

Class A $ 1.54 $ (1.48)Class F $ 1.65 $ (1.56)Class I $ 1.74 $ (1.77)

* Computed based on the weighted average units outstanding during the year.


13

Dimensional FundsStatements of Changes in Net Assets Attributable to Holders of Redeemable UnitsFor the years ended December 31, 2019 and 2018

DFA Canadian Vector Equity Fund

2019 2018 2019 2018

Class A Class F


Increase (Decrease) in Net Assets attributable to holders ofredeemable units 578,422 (723,405) 20,851,666 (22,722,763)

Redeemable unit transactionsProceeds from redeemable units issued 346,116 556,081 14,155,992 33,467,805Redemption of redeemable units (791,272) (2,558,909) (29,083,038) (49,336,099)Reinvestments of distributions to holders of redeemable units 46,563 35,747 2,327,221 2,310,247

(398,593) (1,967,081) (12,599,825) (13,558,047)

Distributions to holders of redeemable unitsFrom net investment income (47,529) (36,157) (3,051,774) (3,018,411)

(47,529) (36,157) (3,051,774) (3,018,411)

Net Increase (Decrease) in Net Assets attributable to holders ofredeemable units 132,300 (2,726,643) 5,200,067 (39,299,221)

Net Assets attributable to holders of redeemable units at end ofyear $ 3,739,772 $ 3,607,472 $ 127,403,978 $ 122,203,911

2019 2018 2019 2018

Class I Total



Redeemable unit transactionsProceeds from redeemable units issued 55,300,018 100,533,870 69,802,126 134,557,756Redemption of redeemable units (7,182,608) (3,567,654) (37,056,918) (55,462,662)Reinvestments of distributions to holders of redeemable units 12,037,235 8,582,605 14,411,019 10,928,599

60,154,645 105,548,821 47,156,227 90,023,693


(12,137,185) (8,662,750) (15,236,488) (11,717,318)

Net Increase (Decrease) in Net Assets attributable to holders ofredeemable units 118,244,178 40,464,366 123,576,545 (1,561,498)

Net Assets attributable to holders of redeemable units at end ofyear $ 474,042,108 $ 355,797,930 $ 605,185,858 $ 481,609,313


14

Dimensional FundsStatements of Cash FlowsFor the years ended December 31, 2019 and 2018

DFA Canadian VectorEquity Fund

2019 2018

Cash flows from operating activitiesIncrease (Decrease) in Net Assets attributable to holders of redeemable units from operations $ 91,656,806 $ (79,867,873)Adjustments for:

Change in unrealized (appreciation) depreciation in foreign exchange on cash 11,451 (1,719)Net realized (gain) loss on sale of investments 1,599,214 (9,347,042)Change in unrealized (appreciation) depreciation in value of investments (77,867,543) 101,702,306

Purchases of investments (101,688,991) (144,127,397)Proceeds from sales of investments 54,134,850 53,389,297Decrease (increase) in accrued interest and dividends 57,322 (465,089)Increase (decrease) in due to manager 1,217 (63)Increase (decrease) in management fees payable 1,771 (9,126)Increase (decrease) in accrued expenses 13,109 14,546

Net cash from operating activities (32,080,794) (78,712,160)

Cash flows from financing activitiesDistributions paid to holders of redeemable units, net of reinvested distributions (825,469) (788,719)Proceeds from redeemable units issued 72,751,016 126,252,586Redemption of redeemable units (36,538,448) (50,274,977)

Net cash from financing activities 35,387,099 75,188,890

Change in unrealized appreciation (depreciation) in foreign exchange on cash (11,451) 1,719Net increase (decrease) in cash 3,306,305 (3,523,270)Cash (bank overdraft) at beginning of year (556,221) 2,965,330

Cash (bank overdraft) at end of year 2,738,633 (556,221)

Items classified as operating activities

Dividends received, net of withholding taxes $ 15,565,688 $ 12,309,152Interest received 31,039 16,162


15

DFA Canadian Vector Equity FundSchedule of Investment Portfolio as at December 31, 2019


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

Canada

Energy

CAD 138,599 Advantage Oil & Gas Ltd. 708,203 381,147

CAD 199,129 Africa Oil Corp. 360,511 232,981

CAD 2,397 Akita Drilling Ltd. 19,693 2,852

CAD 357,277 ARC Resources Ltd. 5,802,414 2,922,526

CAD 449,501 Athabasca Oil Corp. 606,492 265,206

CAD 640,654 Baytex Energy Corp. 3,150,242 1,198,023

CAD 310,897 Birchcliff Energy Ltd. 1,828,245 805,223

CAD 224,285 Bonavista Energy Corp. 659,714 136,814

CAD 25,339 Bonterra Energy Corp. 886,505 99,836

CAD 99,659 Calfrac Well Services Ltd. 516,197 124,574

CAD 259,439 Cameco Corp. 4,168,532 2,993,926

CAD 104,527 Canacol Energy Ltd. 356,300 488,141

CAD 553,686 Canadian Natural Resources Ltd. 20,362,144 23,254,812

CAD 103,036 Cardinal Energy Ltd. 525,358 267,894

CAD 322,865 Cenovus Energy Inc. 6,718,170 4,261,818

CAD 186,392 CES Energy Solutions Corp. 910,675 434,293

CAD 40,143 Computer Modelling Group Ltd. 464,235 329,975

CAD 500 Corridor Resources Inc. 371 360

CAD 542,481 Crescent Point Energy Corp. 7,701,818 3,140,965

CAD 53,825 Crew Energy Inc. 365,925 30,680

CAD 484,919 Denison Mines Corp. 391,146 261,856

CAD 704,466 Encana Corp. 8,648,088 4,283,153

CAD 101,949 Enerflex Ltd. 1,767,914 1,246,836

CAD 53,676 Energy Fuels Inc. 163,971 133,116

CAD 264,815 Enerplus Corp. 2,903,863 2,449,539

CAD 143,170 Ensign Energy Services Inc. 1,676,910 408,035

CAD 77,746 Essential Energy Services Ltd. 150,820 29,543

CAD 327,271 Fission Uranium Corp. 234,291 93,272

CAD 123,536 Freehold Royalties Ltd. 1,485,196 900,577

CAD 25,220 Frontera Energy Corp. 490,360 247,156

CAD 153,817 Gear Energy Ltd. 137,427 72,294

CAD 56,982 Gibson Energy Inc. 1,250,512 1,515,151

CAD 405,351 Gran Tierra Energy Inc. 1,776,011 685,043

CAD 26,770 High Arctic Energy Services Inc. 104,812 61,839

CAD 276,415 Husky Energy Inc. 6,114,259 2,880,244

CAD 98,914 Imperial Oil Ltd. 4,213,077 3,397,696

CAD 106,330 Inter Pipeline Ltd. 2,530,149 2,396,678

CAD 11,255 International Petroleum Corp/Sweden 80,952 64,379

CAD 170,191 Kelt Exploration Ltd. 1,069,766 828,830

CAD 78,474 Keyera Corp. 2,540,726 2,669,685

CAD 35,000 Lightstream Resources Ltd. 13,930 –

CAD 301 Manitok Energy Inc. – –

CAD 236,124 MEG Energy Corp. 2,436,264 1,744,956

CAD 26,400North American Contruction

Group Ltd. 214,308 415,536

CAD 182,507 NuVista Energy Ltd. 1,016,671 582,197

CAD 57,411 Obsidian Energy Ltd. 1,843,261 53,392

CAD 91,945 Painted Pony Energy Ltd. 803,843 69,878

CAD 66,954 Paramount Resources Ltd. 1,198,253 504,831

CAD 182,038 Parex Resources Inc. 2,825,592 4,396,218

CAD 62,887 Parkland Fuel Corp. 1,914,761 3,000,339

CAD 32,952 Pason Systems Inc. 695,500 432,001

CAD 79,790 Pembina Pipeline Corp. 3,387,541 3,840,293

CAD 153,180Peyto Exploration &

Development Corp. 2,584,337 582,084

CAD 28,607 PHX Energy Services Corp. 144,694 80,958

CAD 1,300 Pinnacle Renewable Energy Inc. 15,086 12,857


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 106,695 PrairieSky Royalty Ltd. 2,358,373 1,624,962

CAD 370,338 Precision Drilling Corp. 2,587,423 670,312

CAD 13,236 Pulse Seismic Inc. 37,143 25,678

CAD 7,700 Questerre Energy Corp. 6,150 1,733

CAD 190,085 Secure Energy Services Inc. 1,692,570 961,830

CAD 278,515 Seven Generations Energy Ltd. 4,750,945 2,359,022

CAD 58,876 ShawCor Ltd. 1,568,465 737,716

CAD 50,261 Storm Resources Ltd. 111,939 82,428

CAD 2,242 Strad Inc. 3,356 4,036

CAD 588,643 Suncor Energy Inc. 23,312,223 25,052,646

CAD 268,115 Surge Energy Inc. 876,766 305,651

CAD 194,834 Tamarack Valley Energy Ltd. 528,685 389,668

CAD 28,324 TC Energy Corp. 1,429,901 1,958,888

CAD 1,300 TerraVest Industries Inc. 14,268 16,900

CAD 8,308 Tervita Corp. 424,681 61,562

CAD 1,736 Tervita Corp., Warrant – 9

CAD 127,300Tidewater Midstream and

Infrastructure Ltd. 174,990 148,941

CAD 218,096 TORC Oil & Gas Ltd. 1,562,843 979,251

CAD 40,943 Total Energy Services Inc. 616,345 262,854

CAD 197,350 Tourmaline Oil Corp. 5,236,568 3,003,667

CAD 74,009 TransGlobe Energy Corp. 432,829 133,956

CAD 329,290 Trican Well Service Ltd. 971,532 375,390

CAD 112,291 Vermilion Energy Inc. 4,686,949 2,383,938

CAD 476,113 Whitecap Resources Inc. 4,290,136 2,642,427

CAD 63,126 Yangarra Resources Ltd. 207,753 87,114

170,818,868 125,983,087 20.81

Materials

CAD 37,700 5N Plus Inc. 116,843 92,742

CAD 7,835 Acadian Timber Corp. 133,953 130,374

CAD 42,465 Agnico Eagle Mines Ltd. 1,817,223 3,396,351

CAD 13,100 Airboss of America Corp. 173,605 114,887

CAD 382,149 Alacer Gold Corp. 1,266,675 2,636,828

CAD 433,138 Alamos Gold Inc. 2,944,711 3,391,471

CAD 17,914 Alio Gold Inc. 62,941 18,093

CAD 45,900 Almaden Minerals Ltd. 32,442 34,884

CAD 37,149 Altius Minerals Corp. 438,693 444,302

CAD 20,706 Americas Gold and Silver Corp. 85,161 84,273

CAD 111,257 Amerigo Resources Ltd. 111,045 65,642

CAD 172,342 Argonaut Gold Inc. 347,074 336,067

CAD 148,206 Asanko Gold Inc. 405,479 182,293

CAD 1,202,767 B2Gold Corp. 3,722,139 6,266,416

CAD 430,788 Barrick Gold Corp. 7,345,631 10,390,607

CAD 3,700 Caledonia Mining Corp PLC 31,153 40,700

CAD 64,321 Canfor Corp. 1,094,727 780,857

CAD 37,282 Canfor Pulp Products Inc. 454,730 311,678

CAD 296,445 Capstone Mining Corp. 377,046 225,298

CAD 75,925 Cascades Inc. 575,417 851,119

CAD 8,445 CCL Industries Inc. 61,679 467,177

CAD 261,960 Centerra Gold Inc. 1,857,240 2,706,047

CAD 224,562China Gold International Resources

Corp Ltd. 584,318 264,983

CAD 165,758 Continental Gold Inc. 456,201 886,805

CAD 123,301 Copper Mountain Mining Corp. 151,312 87,544

CAD 207,419 Detour Gold Corp. 2,857,638 5,214,514

CAD 160,018 Dundee Precious Metals Inc. 554,677 892,900

CAD 10,900 EcoSynthetix Inc. 20,989 28,885

CAD 188,559 Eldorado Gold Corp. 2,985,079 1,966,670


16

DFA Canadian Vector Equity FundSchedule of Investment Portfolio as at December 31, 2019


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 86,058 Endeavour Mining Corp. 1,033,460 2,111,013

CAD 70,490 Endeavour Silver Corp. 294,921 220,634

CAD 10,415 ERO Copper Corp. 215,211 245,898

CAD 12,500 Excellon Resources Inc. 9,194 12,875

CAD 137,178 First Majestic Silver Corp. 1,044,387 2,185,246

CAD 221,000 First Mining Gold Corp. 126,547 56,355

CAD 263,467 First Quantum Minerals Ltd. 3,925,514 3,469,860

CAD 193,329 Fortuna Silver Mines Inc. 952,578 1,022,710

CAD 7,288 Franco-Nevada Corp. 516,973 977,248

CAD 28,893 Golden Star Resources Ltd. 156,420 142,156

CAD 32,000 GoldMining Inc. 27,535 42,560

CAD 134,517 Guyana Goldfields Inc. 502,449 94,162

CAD 3,700 Hanfeng Evergreen Inc. 14,780 –

CAD 337,525 Hudbay Minerals Inc. 3,086,345 1,815,885

CAD 492,450 IAMGOLD Corp. 2,038,012 2,388,383

CAD 2,200 Imperial Metals Corp. 15,336 4,532

CAD 79,387 Interfor Corp. 969,507 1,164,607

CAD 73,500 International Tower Hill Mines Ltd. 45,893 51,450

CAD 30,737 Intertape Polymer Group Inc. 354,623 510,849

CAD 581,482 Ivanhoe Mines Ltd. 934,102 2,471,299

CAD 1,057,225 Kinross Gold Corp. 5,761,038 6,512,506

CAD 34,825 Kirkland Lake Gold Ltd. 231,176 1,993,383

CAD 37,085 Labrador Iron Ore Royalty Corp. 539,875 913,033

CAD 97,346 Largo Resources Ltd. 252,649 96,373

CAD 34,398 Leagold Mining Corp. 101,629 111,106

CAD 211,992 Lucara Diamond Corp. 364,672 180,193

CAD 15,000 Lundin Gold Inc. 73,991 124,950

CAD 573,241 Lundin Mining Corp. 3,169,355 4,448,350

CAD 81,473Major Drilling Group

International Inc. 618,141 461,952

CAD 21,722 Mandalay Resources Corp. 192,944 23,460

CAD 43,094 Marathon Gold Corp. 43,548 73,260

CAD 24,030 Methanex Corp. 1,381,470 1,205,105

CAD 42,473 Mountain Province Diamonds Inc. 145,624 48,844

CAD 583,725 New Gold Inc. 2,405,408 671,284

CAD 45,727 Norbord Inc. 1,757,927 1,588,082

CAD 36,396 Northern Dynasty Minerals Ltd. 27,014 20,382

CAD 141,976 Nutrien Ltd. 8,233,627 8,826,648

CAD 716,816 OceanaGold Corp. 2,319,626 1,827,880

CAD 250,500 Orbite Technologies Inc. 94,703 –

CAD 12,700 Orla Mining Ltd. 14,135 25,400

CAD 138,853 Osisko Gold Royalties Ltd. 2,041,327 1,752,325

CAD 59,016 Osisko Mining Inc. 182,407 239,015

CAD 206,454 Pan American Silver Corp. 3,681,998 6,350,525

USD 239,397 Pan American Silver Corp., Right – 109,795

CAD 31,574 Polymet Mining Corp. 27,764 10,735

CAD 202,298 Premier Gold Mines Ltd. 569,139 398,527

CAD 141,461 Pretium Resources Inc. 1,265,725 2,044,111

CAD 244,307 Roxgold Inc. 252,129 254,079

CAD 182,350 Sabina Gold & Silver Corp. 238,139 350,112

CAD 173,487 Sandstorm Gold Ltd. 947,033 1,681,089

CAD 11,375 Seabridge Gold Inc. 106,333 204,295

CAD 404,827 SEMAFO Inc. 1,377,117 1,093,033

CAD 9,600 Sierra Metals Inc. 27,826 20,928

CAD 128,826 SSR Mining Inc. 1,592,137 3,219,362

CAD 5,800 Stelco Holdings Inc. 89,992 63,278

CAD 26,664 Stella-Jones Inc. 1,051,299 1,000,433

CAD 159,324 Stornoway Diamond Corp. 130,872 3,186

CAD 18,500 Supremex Inc. 83,108 44,770


AverageCost

($CAD)

FairValue

($CAD)

% ofNet

Assets

CAD 194,970 Taseko Mines Ltd. 499,461 122,831

CAD 491 Teck Resources Ltd. 16,457 11,131

CAD 472,573 Teck Resources Ltd. 12,230,466 10,642,344

CAD 94,001 Teranga Gold Corp. 329,658 659,890

CAD 15,400 TMAC Resources Inc. 190,830 58,212

CAD 87,805 Torex Gold Resources Inc. 1,354,431 1,801,755

CAD 565,322 Trevali Mining Corp. 7

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