2019 Audited Financial Statements Mawer Mutual Funds€¦ · Mawer Mutual Funds Table of Contents...

2019 Audited Financial Statements

Mawer Mutual Funds

These Audited Financial Statements do not contain the Management Report of Fund Performance (“MRFP”) of the investment fund. You may obtain a copy of the MRFP at your request, and at no cost, by calling 1-844-395-0747, by writing to us at 600, 517 – 10th Avenue SW, Calgary, Alberta T2R 0A8, or by visiting our website at www.mawer.com or SEDAR at www.sedar.com. Security holders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure.

2019 Audited Financial StatementsMawer Mutual Funds

Table of Contents

Independent Auditors’ Report 3

Mawer Canadian Money Market Fund 7Mawer Canadian Bond Fund 12Mawer Global Bond Fund 19Mawer Balanced Fund 26Mawer Tax Effective Balanced Fund 34Mawer Global Balanced Fund 46Mawer Canadian Equity Fund 54Mawer New Canada Fund 61Mawer U.S. Equity Fund 67Mawer International Equity Fund 73Mawer Global Small Cap Fund 80Mawer Global Equity Fund 87Mawer Emerging Markets Equity Fund 94

Notes to the Financial Statements 101

KPMG LLP Bay Adelaide Centre 333 Bay Street, Suite 4600 Toronto, ON M5H 2S5 Canada Tel 416-777-8500 Fax 416-777-8818

KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP.

INDEPENDENT AUDITORS’ REPORT

To the Unitholders of Mawer Mutual Funds (the “Funds”) being:

Mawer Canadian Money Market Fund Mawer Canadian Bond Fund Mawer Global Bond Fund Mawer Balanced Fund Mawer Tax Effective Balanced Fund Mawer Global Balanced Fund Mawer Canadian Equity Fund Mawer New Canada Fund Mawer U.S. Equity Fund Mawer International Equity Fund Mawer Global Small Cap Fund Mawer Global Equity Fund Mawer Emerging Markets Equity Fund

Opinion

We have audited the accompanying financial statements of the Funds, which comprise:

• the statements of financial position as at December 31, 2019 and December 31, 2018

• the statements of comprehensive income (loss) for the years then ended

• the statements of changes in net assets for the years then ended

• the statements of cash flows for the years then ended

• and notes to the financial statements, including a summary of significant accountingpolicies.

Hereinafter referred to as the “financial statements”.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2019 and December 31, 2018, and their financial performance and their cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “Auditors’ Responsibilities for the Audit of the Financial Statements” section of our auditors’ report.

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We are independent of the Funds in accordance with the ethical requirements that are relevant to our audits of the financial statements in Canada and we have fulfilled our other responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information

Management is responsible for the other information. Other information comprises the information contained in the Funds’ Management Reports of Fund Performance to be filed with the relevant Canadian Securities Commissions.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audits of the financial statements, 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 or our knowledge obtained in the audits and remain alert for indications that the other information appears to be materially misstated.

We obtained the Funds’ Management Reports of Fund Performance to be filed with the relevant Canadian Securities Commissions as at the date of this auditors’ report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditors’ report.

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 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 Funds’ ability 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 the Funds or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Funds’ financial reporting process.

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Auditors’ 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 auditors’ 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.

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,whether due to fraud or error, design and perform audit procedures responsive tothose risks, and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher thanfor one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audits in order to designaudit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of the Funds’ internal control.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt onthe Funds’ ability to continue as a going concern. If we conclude that a materialuncertainty exists, we are required to draw attention in our auditors’ report to therelated disclosures in the financial statements or, if such disclosures are inadequate,to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditors’ report. However, future events or conditions may causethe Funds to cease to continue as a going concern.

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• Evaluate the overall presentation, structure and content of the financial statements,including the disclosures, and whether the financial statements represents theunderlying transactions and events in a manner that achieves fair presentation.

• Communicate with those charged with governance regarding, among other matters,the planned scope and timing of the audits and significant audit findings, includingany significant deficiencies in internal control that we identify during our audits.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada March 4, 2020

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MAWER MUTUAL FUNDSMawer Canadian Money Market Fund

STATEMENTS OF FINANCIAL POSITIONAs at December 31

2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 263,052,640 274,315,869Cash 98,414 201,547Subscriptions receivable 1,191,378 345,023

Total Assets 264,342,432 274,862,439

LIABILITIESAccrued expenses 75,174 65,031Management fee payable 15,701 14,098Redemptions payable 563,087 739,850Distributions payable 1,882 -

Total Liabilities 655,844 818,979

Net Assets Attributable to Unitholders of Redeemable Units 263,686,588 274,043,460

Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 40,027,127 37,582,941Series O 223,659,461 236,460,519

Number of Units OutstandingSeries A 4,002,713 3,758,294Series O 22,365,946 23,646,052

Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 10.00 10.00Series O 10.00 10.00

* Cost of investments is reflected on the schedule of investment portfolio.See accompanying notes to financial statements.

APPROVED BY THE BOARD OF DIRECTORS OF MAWER INVESTMENT MANAGEMENT LTD.

Craig Senyk, Director and President

Jim Hall, Director and Chairman

March 4, 2020

STATEMENTS OF COMPREHENSIVE INCOMEYears ended December 31

2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 4,455,620 3,205,059

Total Income 4,455,620 3,205,059

EXPENSESManagement fees 154,397 148,920Audit fees 2,546 5,682Custodian, recordkeeping and accounting 85,544 60,306Legal fees 47,943 92,022Independent review committee fees 876 930Interest and borrowing expense 31 -HST 4,879 4,933GST 12,210 12,012

Total Expenses before Manager Absorption 308,426 324,805Less: expenses absorbed by the manager - (1,425)

Total Expenses after Manager Absorption 308,426 323,380

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 4,147,194 2,881,679

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 422,488 251,337Series O 3,724,706 2,630,342

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 0.1094 0.0675Series O 0.1615 0.1221

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STATEMENTS OF CHANGES IN NET ASSETSYears ended December 31

2019Series A Series O Total

Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 3,758,294 37,582,941 23,646,052 236,460,519 27,404,346 274,043,460

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - 422,488 - 3,724,706 - 4,147,194

Redeemable Unit TransactionsProceeds from redeemable units issued 8,485,534 85,015,115 30,806,723 314,701,334 39,292,257 399,716,449Reinvestments of distributions to unitholders of redeemable units 57,990 420,126 1,032,100 3,686,899 1,090,090 4,107,025Redemptions of redeemable units (8,299,105) (82,991,055) (33,118,929) (331,189,291) (41,418,034) (414,180,346)

Distributions to Unitholders of Redeemable UnitsNet investment income - (422,488) - (3,724,706) - (4,147,194)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 244,419 2,444,186 (1,280,106) (12,801,058) (1,035,687) (10,356,872)

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 4,002,713 40,027,127 22,365,946 223,659,461 26,368,659 263,686,588




Redeemable Unit TransactionsProceeds from redeemable units issued 8,057,233 80,711,465 43,477,743 443,101,240 51,534,976 523,812,705Reinvestments of distributions to unitholders of redeemable units 38,873 249,595 1,091,375 2,589,942 1,130,248 2,839,537Redemptions of redeemable units (11,014,551) (110,145,512) (34,452,273) (344,522,731) (45,466,824) (454,668,243)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (2,918,445) (29,184,452) 10,116,845 101,168,451 7,198,400 71,983,999


See accompanying notes to financial statements.

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STATEMENTS OF CASH FLOWSYears ended December 31

2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 4,147,194 2,881,679Adjustments for:(Increase) decrease in interest receivable - 9,914Increase (decrease) in accrued expenses and management fees payable 11,746 (17,625)Purchases of investments (1,040,245,536) (995,394,083)Proceeds from sales and maturities of investments 1,051,508,765 919,232,802

Net Cash Generated (Used) by Operating Activities 15,422,169 (73,287,313)

Cash Flows from Financing ActivitiesDistributions to unitholders of redeemable units, net of reinvested distributions (38,287) (42,142)Proceeds from redeemable units issued 398,870,094 528,268,756Amounts paid on redemption of redeemable units (414,357,109) (454,938,981)

Net Cash Generated (Used) by Financing Activities (15,525,302) 73,287,633

Net increase (decrease) in cash (103,133) 320Cash Beginning of Year 201,547 201,227

Cash End of Year 98,414 201,547

Interest received, net of withholding tax 4,455,620 3,214,973Interest paid 31 -


SCHEDULE OF INVESTMENT PORTFOLIOAs at December 31, 2019

Shares/ Average FairUnits/ Cost ($) Value ($)

PrincipalCASH: 0.04%Cash 98,414 98,414

Total Cash 98,414 98,414

SHORT-TERM RESERVES: 99.96%Canada Treasury Bills: 99.96%Jan 09/20 36,379,000 36,366,106 36,366,106Jan 23/20 25,260,000 25,235,173 25,235,173Feb 06/20 72,805,000 72,686,290 72,686,290Feb 20/20 33,454,000 33,378,512 33,378,512Mar 05/20 4,652,000 4,638,636 4,638,636Mar 19/20 82,240,000 81,951,617 81,951,617Apr 02/20 8,833,000 8,796,306 8,796,306

Total Short-Term Reserves 263,052,640 263,052,640

Total Portfolio: 100.00% 263,151,054 263,151,054

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Fund Specific Notes to the Financial Statements

Analysis of credit qualityThe Fund invests in short-term reserves which are primarily invested in Government of Canada Treasury Bills and therefore does not have significant credit risk.

Concentration of credit riskConcentration risk arises as a result of concentration of exposures within the same category. The Fund does not have exposure to debt securities and therefore does not have significant concentration of credit risk.

Liquidity riskLiquidity risk is the risk that the Fund will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivery of cash or another financial asset.

To manage short-term cash flow requirements, the Fund maintains a portion of invested assets in liquid short-term notes with a term to maturity days of less than 30 days.

Interest rate riskThe Fund is exposed to the risk that the fair value or future cash flows of their financial instruments will fluctuate as a result of changes in market interest rates.

The following table is a summary of the Fund's exposure to debt securities, including short-term reserves, by maturity.

Debt instrument by Maturity Date(000's) December 31, 2019 December 31, 2018Less than 1 year 263,053 274,3161 - 3 years - -3 - 5 years - -Greater than 5 years - -Total 263,053 274,316

Sensitivity analysisThe Fund does not have direct investments in debt securities, and therefore the sensitivity analysis on interest rate risk is not applicable.

Currency riskThe Fund only invests in Canadian-dollar denominated securities and therefore does not have a direct currency risk.

Other price riskThe Fund is not subject to significant other price risk on short-term investments.

Fair value hierarchy – financial instruments measured at fair valueThe table below analyzes financial instruments measured at fair value at the reporting date by the level in the fair value hierarchy into which the fair value measurement is categorized. The amounts are based on the values recognized in the statements of financial position. The Fund does not have any level 3 fair value measurements and there were no significant transfers between levels during 2019 and 2018.

December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalShort-term investments - 263,053 263,053 - 274,316 274,316Total - 263,053 263,053 - 274,316 274,316

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DistributionsDuring the years the Fund paid income distributions as follows:

December 31, 2019 December 31, 2018Series A Series O Total Series A Series O Total

Income per unit $ 0.11 $ 0.16 $ 0.27 $ 0.07 $ 0.12 $ 0.19

Related parties and other key contracts

(a) Management feesThe Manager implements investment strategies as specified in the annual simplified prospectus filed by the Fund and available at www.sedar.com. Under the investment management agreement, the Manager receives a management fee from Series A of 0.40%, per annum.

(b) Other key contractsPursuant to fund administration agreements, the Administrators receive a monthly administration fee. The administration fees paid during the year were $60,877 (December 31, 2018 - $56,825).

(c) Brokers' commissions and other transaction costsThe Fund did not pay commissions to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, during the year.

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MAWER MUTUAL FUNDSMawer Canadian Bond Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 3,013,979,984 2,503,480,555Cash 201,983 287,119Subscriptions receivable 1,573,814 395,455Interest receivable 15,765,459 13,005,151

Total Assets 3,031,521,240 2,517,168,280

LIABILITIESAccrued expenses 74,831 114,192Management fee payable 85,507 80,627Redemptions payable 774,886 200,687


Net Assets Attributable to Unitholders of Redeemable Units 3,030,586,016 2,516,772,774

Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 151,086,133 138,641,063Series O 2,879,499,883 2,378,131,711







March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 81,514,309 66,447,436Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments 26,067,369 (12,911,215)Change in unrealized appreciation (depreciation) on investments 77,267,119 (14,097,756)

Total Income 184,848,797 39,438,465

EXPENSESManagement fees 875,953 823,404Audit fees 32,308 45,887Custodian, recordkeeping and accounting 194,375 211,700Legal fees 78,069 67,567Independent review committee fees 9,162 8,395Interest and borrowing expense - 1,937HST 19,649 24,310GST 52,482 54,530

Total Expenses 1,261,998 1,237,730


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 8,763,246 1,205,435Series O 174,823,553 36,995,300


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Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 10,941,166 138,641,063 199,502,897 2,378,131,711 210,444,063 2,516,772,774

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - 8,763,246 - 174,823,553 - 183,586,799

Redeemable Unit TransactionsProceeds from redeemable units issued 3,903,688 51,648,921 48,597,035 603,129,429 52,500,723 654,778,350Reinvestments of distributions to unitholders of redeemable units 243,002 3,203,988 6,352,106 78,479,729 6,595,108 81,683,717Redemptions of redeemable units (3,632,237) (47,915,712) (21,909,258) (272,442,140) (25,541,495) (320,357,852)

Distributions to Unitholders of Redeemable UnitsNet investment income - (3,255,373) - (76,433,775) - (79,689,148)Capital gains - - - (6,188,624) - (6,188,624)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 514,453 12,445,070 33,039,883 501,368,172 33,554,336 513,813,242

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 11,455,619 151,086,133 232,542,780 2,879,499,883 243,998,399 3,030,586,016





Distributions to Unitholders of Redeemable UnitsNet investment income - (2,836,573) - (61,603,720) - (64,440,293)




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2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 183,586,799 38,200,735Adjustments for:Net realized (gain) loss on investments (26,067,369) 12,911,215Change in unrealized (appreciation) depreciation on investments (77,267,119) 14,097,756(Increase) decrease in interest receivable (2,760,308) (2,176,706)Increase (decrease) in accrued expenses and management fees payable (34,481) (14,255)Purchases of investments (2,066,070,992) (1,409,469,736)Proceeds from sales and maturities of investments 1,658,906,051 1,050,639,606

Net Cash Generated (Used) by Operating Activities (329,707,419) (295,811,385)

Cash Flows from Financing ActivitiesDistributions to unitholders of redeemable units, net of reinvested distributions (4,194,055) (1,732,514)Proceeds from redeemable units issued 653,599,991 510,118,927Amounts paid on redemption of redeemable units (319,783,653) (212,487,932)

Net Cash Generated (Used) by Financing Activities 329,622,283 295,898,481

Net increase (decrease) in cash (85,136) 87,096Cash Beginning of Year 287,119 200,023


Interest received, net of withholding tax 78,754,001 64,270,730Interest paid - 1,937





Total Cash 201,983 201,983

SHORT-TERM RESERVES: 1.03%Canada Treasury Bills: 1.03%Mar 19/20 15,846,000 15,790,276 15,790,276Mar 05/20 6,016,000 5,998,702 5,998,702Apr 02/20 9,266,000 9,227,491 9,227,490


FIXED INCOME: 98.96%Government & Guaranteed: 50.86%Federal: 31.38%Canada Housing Trust No. 1 1.25% Jun 15/21 105,010,000 103,207,234 104,211,697Canada Housing Trust No. 1 1.90% Sep 15/26 60,120,000 58,702,780 59,597,572Canada Housing Trust No. 1 2.35% Jun 15/27 29,470,000 30,514,856 30,019,065Canada Housing Trust No. 1 2.55% Mar 15/25 50,820,000 53,869,084 52,219,778Canada Housing Trust No. 1 2.65% Dec 15/28 59,570,000 61,402,161 62,285,231Canada Housing Trust No. 1 3.80% Jun 15/21 107,960,000 112,480,868 111,058,136Government of Canada 2.00% Dec 01/51 54,440,000 57,747,389 57,750,585Government of Canada 2.25% Jun 01/29 45,260,000 45,013,802 47,417,330Government of Canada 2.75% Jun 01/22 145,937,000 153,245,436 149,571,463Government of Canada 3.50% Dec 01/45 72,112,000 90,929,647 97,828,294Government of Canada 4.00% Jun 01/41 67,360,000 87,378,885 93,817,689Government of Canada 5.75% Jun 01/29 24,660,000 33,422,411 33,204,159Merrill Lynch Canada Inc. NHA MBS 97510312 1.84% Dec 01/22 22,698,876 22,088,276 22,590,534Merrill Lynch Canada Inc. NHA MBS 97509580 1.89% Sep 01/22 24,287,591 23,951,232 24,216,938

933,954,061 945,788,471Provincial: 19.48%Province of Alberta 2.35% Jun 01/25 30,670,000 30,785,614 30,995,175Province of British Columbia 2.95% Jun 18/50 23,470,000 25,671,989 26,189,314Province of British Columbia 3.25% Dec 18/21 28,440,000 29,367,608 29,214,656Province of British Columbia 4.95% Jun 18/40 26,300,000 37,704,911 36,725,944Province of British Columbia 6.35% Jun 18/31 29,760,000 40,645,270 41,665,301Province of Ontario 2.60% Jun 02/27 47,650,000 49,488,810 48,799,882Province of Ontario 2.80% Jun 02/48 35,230,000 34,186,734 37,294,991Province of Ontario 4.60% Jun 02/39 33,190,000 44,260,408 43,579,161Province of Ontario 4.65% Jun 02/41 64,800,000 81,533,321 87,277,890Province of Quebec 3.00% Sep 01/23 72,738,000 75,102,083 75,431,365Province of Quebec 3.10% Dec 01/51 51,990,000 57,289,191 59,357,631Province of Quebec 6.25% Jun 01/32 19,160,000 26,308,744 26,990,837Province of Saskatchewan 3.30% Jun 02/48 38,500,000 39,523,967 43,861,872

571,868,650 587,384,019

14




PrincipalCorporate: 48.10%407 International Inc. 2.43% May 04/27 8,730,000 8,709,478 8,749,458407 International Inc. 3.35% May 16/24 23,260,000 23,966,196 24,265,804407 International Inc. 3.83% May 11/46 8,900,000 9,046,392 10,105,659407 International Inc. 4.45% Nov 15/41 17,256,000 18,527,960 21,021,786AltaLink, LP 3.72% Dec 03/46 10,560,000 12,455,471 11,970,337AltaLink, LP 3.99% Jun 30/42 12,900,000 14,691,774 15,021,762Apple Inc. 2.51% Aug 19/24 39,160,000 39,206,323 39,529,443Bank of Montreal 2.12% Mar 16/22 13,790,000 13,780,087 13,785,107Bank of Montreal 2.27% Jul 11/22 23,900,000 23,853,230 23,964,823Bank of Montreal 2.28% Jul 29/24 20,270,000 20,280,182 20,074,395Bank of Montreal 3.19% Mar 01/28 29,630,000 30,315,113 31,234,228Bell Canada 2.90% Aug 12/26 20,470,000 20,418,323 20,515,617Bell Canada 4.70% Sep 11/23 24,350,000 26,951,134 26,103,432Bell Canada Inc. 3.80% Aug 21/28 15,830,000 16,030,884 16,696,668Canadian Tire Corporation, Limited 3.17% Jul 06/23 25,380,000 25,489,635 25,890,671CCL Industries Inc. 3.86% Apr 13/28 7,210,000 7,231,364 7,507,387Choice Properties Real Estate Investment Trust 3.53% Jun 11/29 20,280,000 20,306,205 20,493,217Choice Properties Real Estate Investment Trust 4.18% Mar 08/28 20,110,000 20,211,427 21,313,331Choice Properties Real Estate Investment Trust 4.29% Feb 08/24 15,665,000 16,357,709 16,519,943CU Inc. 3.81% Sep 10/42 6,190,000 6,262,178 6,920,915CU Inc. 3.95% Nov 23/48 15,210,000 17,324,982 17,714,504CU Inc. 4.09% Sep 02/44 22,385,000 23,736,976 26,221,224Enbridge Gas Inc. 3.51% Nov 29/47 8,950,000 8,990,867 9,686,062Enbridge Gas Inc. 3.59% Nov 22/47 9,170,000 9,338,118 10,040,095Enbridge Inc. 2.99% Oct 03/29 27,790,000 27,649,497 27,371,020Enbridge Inc. 3.94% Jun 30/23 10,190,000 10,588,951 10,630,074Enbridge Pipelines Inc. 3.45% Sep 29/25 13,490,000 13,983,280 14,089,588Enbridge Pipelines Inc. 3.52% Feb 22/29 25,410,000 26,817,124 26,686,258FortisBC Energy Inc. 3.38% Apr 13/45 11,660,000 11,333,219 12,428,157FortisBC Energy Inc. 3.85% Dec 07/48 18,470,000 19,491,627 21,465,378Glacier Credit Card Trust 2.05% Sep 20/22 22,030,000 21,750,403 21,873,532Glacier Credit Card Trust 3.14% Sep 20/23 19,070,000 19,100,814 19,588,824Greater Toronto Airports Authority 3.04% Sep 21/22 20,595,000 20,614,070 21,063,108Greater Toronto Airports Authority 3.26% Jun 01/37 13,700,000 13,745,613 14,486,184Greater Toronto Airports Authority 4.53% Dec 02/41 21,342,000 23,531,858 27,031,763Hydro One Inc. 2.77% Feb 24/26 16,330,000 16,774,146 16,738,902Hydro One Inc. 3.02% Apr 05/29 24,000,000 24,660,957 24,915,842Loblaw Companies Limited 4.49% Dec 11/28 17,420,000 19,437,545 19,161,445Loblaw Companies Limited 4.86% Sep 12/23 15,205,000 17,012,811 16,345,498Manulife Bank of Canada 2.38% Nov 19/24 14,370,000 14,370,109 14,335,931Manulife Bank of Canada 2.84% Jan 12/23 13,430,000 13,256,146 13,644,318Manulife Financial Corporation 3.05% Aug 20/29 26,280,000 26,277,512 26,693,197Manulife Financial Corporation 3.32% May 09/28 14,330,000 14,357,906 14,680,269NAV Canada 3.29% Mar 30/48 10,120,000 10,206,049 11,051,672NAV Canada 3.53% Feb 23/46 16,950,000 17,339,012 19,186,568NAV Canada 7.56% Mar 01/27 2,896,490 3,489,910 3,399,398



PrincipalPembina Pipeline Corporation 3.31% Feb 01/30 19,980,000 19,961,813 19,873,184Rogers Communications Inc. 3.25% May 01/29 14,570,000 14,904,311 14,780,401Rogers Communications Inc. 4.00% Mar 13/24 19,520,000 20,888,828 20,600,009Royal Bank of Canada 1.65% Jul 15/21 12,580,000 12,362,125 12,499,549Royal Bank of Canada 1.97% Mar 02/22 12,080,000 12,004,595 12,039,052Royal Bank of Canada 2.35% Jul 02/24 31,270,000 31,423,001 31,098,937Royal Bank of Canada 2.86% Mar 04/21 29,510,000 30,272,936 29,780,528Royal Bank of Canada 4.93% Jul 16/25 15,110,000 17,342,559 17,146,386Saputo Inc. 2.20% Jun 23/21 14,730,000 14,722,406 14,712,001Saputo Inc. 2.83% Nov 21/23 11,530,000 11,541,573 11,601,745Saputo Inc. 3.60% Aug 14/25 10,890,000 11,184,215 11,277,146Sun Life Financial Inc. 2.38% Aug 13/29 30,460,000 30,448,491 30,092,681Sun Life Financial Inc. 2.75% Nov 23/27 10,010,000 10,023,245 10,095,200Sun Life Financial Inc. 3.05% Sep 19/28 24,545,000 24,809,019 24,994,403Sun Life Financial Inc. 3.10% Feb 19/26 17,400,000 17,566,980 17,561,275TELUS Corporation 3.30% May 02/29 25,050,000 25,401,430 25,382,998TELUS Corporation 3.75% Jan 17/25 25,400,000 26,709,254 26,592,517TELUS Corporation 3.75% Mar 10/26 16,970,000 17,195,257 17,804,937The Bank of Nova Scotia 2.38% May 01/23 29,660,000 29,655,865 29,659,186The Bank of Nova Scotia 2.49% Sep 23/24 30,020,000 30,016,442 29,949,910The Bank of Nova Scotia 3.10% Feb 02/28 24,190,000 25,686,482 25,343,536The Manufacturers Life Insurance Company 3.18% Nov 22/27 13,470,000 13,604,593 13,763,018The Toronto-Dominion Bank 1.99% Mar 23/22 25,700,000 25,608,544 25,625,980The Toronto-Dominion Bank 2.50% Dec 02/24 25,870,000 26,227,199 25,861,615The Toronto-Dominion Bank 2.62% Dec 22/21 24,775,000 25,240,927 25,020,818The Toronto-Dominion Bank 3.01% May 30/23 19,010,000 19,056,033 19,508,940The Toronto-Dominion Bank 3.23% Jul 24/24 18,560,000 19,471,793 19,322,323TMX Group Limited 3.00% Dec 11/24 11,770,000 11,762,587 11,988,643TransCanada PipeLines Limited 3.30% Jul 17/25 17,380,000 17,996,541 17,964,797Vancouver Airport Authority 3.86% Nov 10/45 13,280,000 13,397,347 15,636,517

1,425,756,958 1,449,791,026

Total Fixed Income 2,931,579,669 2,982,963,516

Total Short-Term Reserves and Fixed Income: 99.99% 2,962,596,138 3,013,979,984

Total Portfolio: 100.00% 2,962,798,121 3,014,181,967

15



Analysis of credit qualityThe risk management strategy for the Fund is to invest primarily in debt obligations of high credit quality issuers and to limit the amount of credit exposure with respect to any one corporate issuer.

At the reporting dates, the Fund's exposure to debt securities, excluding short-term reserves, has the following credit quality:

Debt Security Rating December 31, 2019 December 31, 2018AAA 37.45% 39.18%AA 26.77% 32.54%A 20.62% 17.14%BBB 15.16% 11.14%Total Fixed Income 100.00% 100.00%

Concentration of credit riskConcentration risk arises as a result of concentration of exposures within the same category.

As at the reporting dates, the Fund's exposure to debt securities, excluding short-term reserves, was concentrated in the following categories:

Category December 31, 2019 December 31, 2018Federal Bonds 31.71% 32.14%Provincial Bonds 19.69% 27.28%Corporate Bonds 48.60% 40.58%Total Fixed Income 100.00% 100.00%


To manage short-term cash flow requirements, the Fund maintains a portion of invested assets in liquid short-term notes with a term to maturity days of less than 30 days that typically represents up to 10% of the Fund's value.



Debt instrument by Maturity Date(000's) December 31, 2019 December 31, 2018Less than 1 year 31,016 7,9811 - 3 years 641,228 233,2163 - 5 years 501,951 770,923Greater than 5 years 1,839,785 1,491,361Total 3,013,980 2,503,481

16


Sensitivity analysisThe sensitivity analysis below reflects how net assets would have been affected by changes in interest rates. Management has determined that a fluctuation in interest rates of 100 basis points is reasonably possible, considering the economic environment in which the Fund operates. The table below sets out the change on the Fund's net assets attributable to holders of redeemable units of a reasonably possible increase or decrease of 100 basis points in interest rates at December 31, 2019 and December 31, 2018. The impact has been estimated by calculating the fair value changes of the fixed-interest debt securities, excluding short-term reserves, and assumes that all other variables remain constant.

December 31, 2019 December 31, 2018100 basis point riseChange in net assets attributable to unitholders of redeemable units (000's) (220,580) (174,175)% change in net assets attributable to unitholders of redeemable units (7.28)% (6.92)%100 basis point declineChange in net assets attributable to unitholders of redeemable units (000's) 259,720 201,180% change in net assets attributable to unitholders of redeemable units 8.57% 7.99%

Currency riskThe Fund only invests in Canadian-dollar denominated securities and therefore does not have a direct currency risk.

Other price riskAll investments in listed debt securities are fixed-income instruments that have a variety of maturities. The Fund expects price fluctuations for these investments to arise principally from interest rate or credit risk. As a result, the Fund is not subject to significant other price risk on these investments.


December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalBonds - 2,982,964 2,982,964 - 2,495,500 2,495,500Short-term investments - 31,016 31,016 - 7,981 7,981Total - 3,013,980 3,013,980 - 2,503,481 2,503,481

DistributionsDuring the years, the Fund paid income distributions as follows:


Income per unit $ 0.29 $ 0.35 $ 0.64 $ 0.26 $ 0.32 $ 0.58Capital gains per unit $ - $ 0.03 $ 0.03 $ - $ - $ -



17




18

MAWER MUTUAL FUNDSMawer Global Bond Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 227,454,056 210,326,358Cash 84,274,829 82,548,952Subscriptions receivable 34,509 4,729Interest receivable 1,243,379 1,238,426Other receivable 3,614 1,762

Total Assets 313,010,387 294,120,227

LIABILITIESAccrued expenses 36,275 46,329Management fee payable 9,466 7,975Redemptions payable 34,503 14,751










March 4, 2020

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)Years ended December 31

2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 4,393,823 3,988,431Foreign currency gain (loss) on cash (4,515,090) 6,868,313Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments (1,510,578) (946,028)Change in unrealized appreciation (depreciation) on investments (4,011,400) 10,978,217

Total Income (5,643,245) 20,888,933

EXPENSESManagement fees 94,247 73,742Audit fees 3,556 5,141Custodian, recordkeeping and accounting 69,295 32,802Legal fees 19,562 24,054Independent review committee fees 862 1,095Interest and borrowing expense - 620HST 4,272 3,922GST 7,543 5,981

Total Expenses before Manager Absorption 199,337 147,357Less: expenses absorbed by the manager (6,376) (5,204)


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (5,836,206) 20,746,780

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A (421,720) 878,684Series O (5,414,486) 19,868,096

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A (0.2813) 0.7294Series O (0.1926) 0.7982

19





Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (421,720) - (5,414,486) - (5,836,206)

Redeemable Unit TransactionsProceeds from redeemable units issued 758,222 7,955,279 3,896,391 40,828,968 4,654,613 48,784,247Reinvestments of distributions to unitholders of redeemable units 7,527 78,702 344,938 3,614,547 352,465 3,693,249Redemptions of redeemable units (605,113) (6,325,835) (1,680,286) (17,629,236) (2,285,399) (23,955,071)







Redeemable Unit TransactionsProceeds from redeemable units issued 686,138 7,022,797 3,685,910 37,524,200 4,372,048 44,546,997Reinvestments of distributions to unitholders of redeemable units 7,557 76,902 332,628 3,394,709 340,185 3,471,611Redemptions of redeemable units (458,852) (4,678,439) (1,092,987) (11,188,136) (1,551,839) (15,866,575)





20



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units (5,836,206) 20,746,780Adjustments for:Foreign currency (gain) loss on cash 4,515,090 (6,868,313)Net realized (gain) loss on investments 1,510,578 946,028Change in unrealized (appreciation) depreciation on investments 4,011,400 (10,978,217)(Increase) decrease in interest receivable (4,953) (228,237)(Increase) decrease in other receivable (1,852) 1,684Increase (decrease) in accrued expenses and management fees payable (8,563) (52,466)Purchases of investments (126,521,315) (98,568,673)Proceeds from sales and maturities of investments 103,871,639 73,564,155




Foreign currency gain (loss) on cash (4,515,090) 6,868,313

Net increase (decrease) in cash 1,725,877 13,932,714Cash Beginning of Year 82,548,952 68,616,238

Cash End of Year 84,274,829 82,548,952

Interest received, net of withholding tax 4,388,870 3,760,194Interest paid - 620




PrincipalCASH: 27.03%Cash 82,776,432 84,274,829

Total Cash 82,776,432 84,274,829

SHORT-TERM RESERVES: 3.43%Canada Treasury Bills: 3.43%Feb 20/20 1,632,000 1,628,319 1,628,319Mar 05/20 1,521,000 1,516,630 1,516,630Mar 19/20 7,573,000 7,546,474 7,546,474


FIXED INCOME: 69.54%Europe: 8.77%Norway: 1.82%Kingdom of Norway 1.75% Mar 13/25 21,820,000 3,679,659 3,277,474Kingdom of Norway 2.00% May 24/23 15,850,000 2,623,048 2,384,680

6,302,707 5,662,154Sweden: 1.36%Kingdom of Sweden 1.50% Nov 13/23 28,635,000 4,803,055 4,242,329

United Kingdom: 5.59%United Kingdom Treasury 0.50% Jul 22/22 5,240,000 8,741,251 9,006,166United Kingdom Treasury 1.50% Jul 22/26 4,640,000 8,208,459 8,427,345

16,949,710 17,433,511

Total Europe 28,055,472 27,337,994

North America: 52.53%Canada: 20.32%Government of Canada 2.25% Jun 01/29 9,710,000 10,496,413 10,172,830Government of Canada 2.75% Jun 01/22 4,670,000 4,821,355 4,786,303Province of Alberta 0.63% Apr 18/25 4,000,000 6,210,805 6,012,775Province of Ontario 1.88% May 21/24 10,560,000 17,162,674 16,707,455Province of Ontario 2.50% Sep 10/21 1,840,000 2,514,043 2,415,291Province of Quebec 2.25% Jul 17/23 7,300,000 12,079,678 11,564,086Province of Quebec 2.50% Apr 20/26 8,770,000 11,057,633 11,672,399

64,342,601 63,331,139United States: 32.21%United States Treasury Bond 2.13% May 15/25 13,555,000 18,124,215 17,936,522United States Treasury Bond 2.25% Aug 15/27 15,920,000 19,256,222 21,229,657United States Treasury Bond 2.50% Feb 15/46 10,100,000 12,387,159 13,402,067United States Treasury Note 1.38% Mar 31/20 13,845,000 18,132,821 17,938,123United States Treasury Note 1.75% May 15/22 10,400,000 14,066,348 13,533,110United States Treasury Note 2.75% Nov 15/23 12,135,000 17,097,643 16,375,255

99,064,408 100,414,734

Total North America 163,407,009 163,745,873

21




PrincipalSouth Pacific: 2.23%Australia: 0.77%Government of Australia 2.75% Apr 21/24 2,445,000 2,525,187 2,392,644

New Zealand: 1.46%Government of New Zealand 2.75% Apr 15/25 4,390,000 3,949,798 4,109,309Government of New Zealand 5.50% Apr 15/23 445,000 462,562 442,794

4,412,360 4,552,103

Total South Pacific 6,937,547 6,944,747

Supranational: 6.01%European Investment Bank 1.38% Sep 15/21 7,010,000 10,554,555 10,519,015European Investment Bank 3.50% Jan 14/21 20,000,000 3,484,795 2,868,384International Bank for Reconstruction & Development 0.13% Oct 23/20 2,360,000 3,403,224 3,450,308International Bank for Reconstruction & Development 2.25% Jun 24/21 1,450,000 1,904,238 1,896,312

Total Supranational 19,346,812 18,734,019

Total Fixed Income 217,746,840 216,762,633

Total Short-Term Reserves and Fixed Income: 72.97% 228,438,263 227,454,056

Total Portfolio: 100.00% 311,214,695 311,728,885

22





Debt Security Rating December 31, 2019 December 31, 2018AAA 21.21% 17.11%AA 67.16% 68.49%A 11.63% 14.40%Total Fixed Income 100.00% 100.00%



Category December 31, 2019 December 31, 2018Federal Bonds 77.68% 77.86%Provincial Bonds 22.32% 22.14%Total Fixed Income 100.00% 100.00%





Debt instrument by Maturity Date(000's) December 31, 2019 December 31, 2018Less than 1 year 32,080 19,3001 - 3 years 45,025 35,0693 - 5 years 54,109 57,860Greater than 5 years 96,240 98,097Total 227,454 210,326

23




Currency riskThe Fund's primary exposure to currency risk is via investments denominated in a variety of foreign currencies. Changes in the value of the foreign currencies vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.

The table below sets out the effect on the net assets attributable to unitholders of redeemable units of a possible weakening of foreign currencies against the Canadian dollar by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.

December 31, 2019 December 31, 2018Increased or decreased (000's) 14,300 13,963% of the Fund's value 4.57% 4.75%

At the reporting date, the carrying values of the Fund's net financial assets and financial liabilities held in individual foreign currencies expressed in Canadian dollars and as a percentage of its net assets attributable to unitholders of redeemable units (NAV) were as follows:

December 31, 2019 December 31, 2018

Currencies (000's)Total Cash and

Investments Percentage of NAVTotal Cash and

Investments Percentage of NAVU.S. dollars 116,399 37.20% 108,903 37.04%Australian dollars 2,393 0.76% 2,436 0.83%British pound sterling 17,434 5.57% 17,343 5.90%Euro 73,450 23.47% 68,741 23.38%Japanese yen 59,004 18.86% 58,407 19.86%Mexican peso - - 4,720 1.61%New Zealand dollars 4,552 1.45% 4,653 1.58%Norwegian krone 5,662 1.81% 6,045 2.06%Swedish krona 7,111 2.27% 8,019 2.73%Total 286,005 91.39% 279,267 94.99%

Other price riskAll investments in listed debt securities are fixed-income instruments that have a variety of maturities. The Fund expects price fluctuations for these investments to arise principally from interest rate or credit risk. As a result, the Fund is not subject to significant other price risk on these investments.

24



December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalBonds - 216,763 216,763 - 196,819 196,819Short-term investments - 10,691 10,691 - 13,507 13,507Total - 227,454 227,454 - 210,326 210,326



Income per unit $ 0.06 $ 0.13 $ 0.19 $ 0.06 $ 0.14 $ 0.20





25

MAWER MUTUAL FUNDSMawer Balanced Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 4,519,826,800 3,511,338,580Cash 208,122 106,246Subscriptions receivable 11,436,400 5,198,842Interest receivable - 3,047

Total Assets 4,531,471,322 3,516,646,715

LIABILITIESAccrued expenses 250,884 261,870Management fee payable 2,984,061 2,368,502Redemptions payable 7,257,503 4,090,780

Total Liabilities 10,492,448 6,721,152


Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 3,682,103,841 2,756,610,240Series O 838,875,033 753,315,323







March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 94,088,978 73,283,181Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments 35,398,899 85,020,566Change in unrealized appreciation (depreciation) on investments 453,784,614 (146,625,572)

Total Income 583,272,491 11,678,175

EXPENSESManagement fees 25,334,856 20,767,343Audit fees 45,407 65,704Custodian, recordkeeping and accounting 1,115,723 905,652Legal fees 119,904 105,466Independent review committee fees 13,192 11,813Interest and borrowing expense 4,109 -HST 1,165,216 953,930GST 1,325,972 1,089,998

Total Expenses 29,124,379 23,899,906

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 554,148,112 (12,221,731)

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 436,288,628 (15,719,234)Series O 117,859,484 3,497,503

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 4.0651 (0.1689)Series O 4.3961 0.1326

26




Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 99,650,813 2,756,610,240 27,743,898 753,315,323 127,394,711 3,509,925,563


Redeemable Unit TransactionsProceeds from redeemable units issued 42,102,984 1,277,107,532 5,062,388 150,821,603 47,165,372 1,427,929,135Reinvestments of distributions to unitholders of redeemable units 1,359,985 42,543,857 611,854 18,522,866 1,971,839 61,066,723Redemptions of redeemable units (25,866,741) (783,766,945) (6,175,935) (183,081,817) (32,042,676) (966,848,762)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 17,596,228 925,493,601 (501,693) 85,559,710 17,094,535 1,011,053,311

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 117,247,041 3,682,103,841 27,242,205 838,875,033 144,489,246 4,520,978,874


Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 84,821,377 2,389,308,525 25,818,959 720,140,651 110,640,336 3,109,449,176

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (15,719,234) - 3,497,503 - (12,221,731)

Redeemable Unit TransactionsProceeds from redeemable units issued 36,316,524 1,040,416,859 4,110,437 115,875,392 40,426,961 1,156,292,251Reinvestments of distributions to unitholders of redeemable units 1,383,081 38,024,572 885,654 24,205,769 2,268,735 62,230,341Redemptions of redeemable units (22,870,169) (654,168,933) (3,071,152) (86,145,620) (25,941,321) (740,314,553)

Distributions to Unitholders of Redeemable UnitsNet investment income - (33,519,873) - (16,020,055) - (49,539,928)Capital gains - (7,731,676) - (8,238,317) - (15,969,993)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 14,829,436 367,301,715 1,924,939 33,174,672 16,754,375 400,476,387



27



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 554,148,112 (12,221,731)Adjustments for:Net realized (gain) loss on investments (35,398,899) (85,020,566)Change in unrealized (appreciation) depreciation on investments (453,784,614) 146,625,572(Increase) decrease in interest receivable 3,047 (3,047)Increase (decrease) in accrued expenses and management fees payable 604,573 (14,468)Purchases of investments (1,479,918,131) (1,310,570,932)Proceeds from sales and maturities of investments 960,613,424 847,089,951


Cash Flows from Financing ActivitiesDistributions to unitholders of redeemable units, net of reinvested distributions (4,175,174) (3,279,580)Proceeds from redeemable units issued 1,421,691,577 1,158,894,995Amounts paid on redemption of redeemable units (963,682,039) (741,596,699)


Net increase (decrease) in cash 101,876 (96,505)Cash Beginning of Year 106,246 202,751


Interest received, net of withholding tax 94,092,025 73,280,134Interest paid 4,109 -





Total Cash 208,122 208,122


Mutual Funds: 0.05%Mawer Canadian Money Market Fund 'O' 226,696 2,264,697 2,266,960


FIXED INCOME: 31.90%Mutual Funds: 31.90%Mawer Canadian Bond Fund 'O' 109,559,896 1,331,041,212 1,356,647,324Mawer Global Bond Fund 'O' 8,217,301 86,667,305 85,021,945

Total Fixed Income 1,417,708,517 1,441,669,269

EQUITIES: 62.85%Canadian Large Cap: 13.57%Mutual Funds: 13.57%Mawer Canadian Equity Fund 'O' 8,479,707 458,513,632 613,592,428

Canadian Small Cap: 3.49%Mutual Funds: 3.49%Mawer New Canada Fund 'O' 1,929,072 118,430,329 157,158,404

Total Canadian Stocks 576,943,961 770,750,832

U.S. Equities: 19.98%Mutual Funds: 19.98%Mawer U.S. Equity Fund 'O' 15,340,143 484,790,259 902,928,479

Total U.S. Equities Stocks 484,790,259 902,928,479

International Equities: 18.19%Mutual Funds: 18.19%Mawer International Equity Fund 'O' 13,465,000 639,301,472 822,337,158

Total International Stocks 639,301,472 822,337,158

Small Cap Global: 7.62%Mutual Funds: 7.62%Mawer Global Small Cap Fund 'O' 21,639,373 249,660,874 344,635,154

Total Foreign Stocks 1,373,752,605 2,069,900,791

Total Equities 1,950,696,566 2,840,651,623

Total Short-Term Reserves, Fixed Income and Equities: 100.00% 3,605,908,729 4,519,826,800

Total Portfolio: 100.00% 3,606,116,851 4,520,034,922

28



Analysis of credit qualityThe Fund's credit risk is concentrated in investments in the underlying funds in which this Fund invests in. These are primarily domestic and foreign bonds as presented on the Schedule of Investments of the underlying fund.





Category December 31, 2019 December 31, 2018Mawer Canadian Bond Fund 'O' 94.10% 93.11%Mawer Global Bond Fund 'O' 5.90% 6.89%Total Fixed Income 100.00% 100.00%




The following table is a summary of the Fund's exposure to debt securities, including short-term reserves and debt securities held by the underlying funds in which this Fund hold units, by maturity.

Debt instrument by Maturity Date(000's) December 31, 2019 December 31, 2018Less than 1 year 354,207 301,8141 - 3 years 299,280 113,9113 - 5 years 239,400 360,137Greater than 5 years 849,731 692,781Total 1,742,618 1,468,643

29




Currency riskThe Fund's primary exposure to currency risk is via underlying fund investments denominated in a variety of foreign currencies. Changes in the value of the foreign currencies vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.



30


At the reporting date, the carrying values of the Fund's net financial assets and financial liabilities held in individual foreign currencies, including the total currency risk of the underlying funds held, are expressed in Canadian dollars and as a percentage of its net assets attributable to unitholders of redeemable units (NAV) were as follows:




Investments Percentage of NAVU.S. dollars 1,045,183 23.12% 775,632 22.10%Australian dollars 11,020 0.24% 21,403 0.61%Brazilian real - - 560 0.02%British pound sterling 237,011 5.24% 214,497 6.11%Chilean peso - - 1,102 0.03%Danish krone 23,025 0.51% 10,823 0.31%Euro 339,016 7.50% 229,451 6.54%Hong Kong dollars 42,419 0.94% 36,293 1.03%Indian rupee 27,631 0.61% 24,259 0.69%Japanese yen 117,115 2.59% 89,190 2.54%Malaysian ringgit 2,929 0.06% 2,424 0.07%Mexican peso 3,825 0.08% 3,811 0.11%New Taiwanese dollars 22,890 0.51% 14,128 0.40%New Zealand dollars 8,022 0.18% 8,487 0.24%Norwegian krone 18,081 0.40% 9,743 0.28%Singapore dollars 16,815 0.37% 15,584 0.44%South Korean won 30,514 0.67% 23,910 0.68%Swedish krona 59,523 1.32% 45,331 1.29%Swiss franc 89,038 1.97% 45,581 1.30%United Arab Emirates dirham 4,859 0.11% - -Yuan renminbi - - 5,163 0.15%Total 2,098,916 46.42% 1,577,372 44.94%

Other price riskThe Fund invests in unlisted open-ended investment funds as at December 31, 2019 and December 31, 2018. Those unlisted open-ended investment funds held 62.9% of its investments in exchange traded equity investments at December 31, 2019 (December 31, 2018 - 60.1%).

The table below sets out the effect on net assets attributable to unitholders of redeemable units of a reasonable possible weakening in the individual exchange-traded equity market prices of 5% at December 31, 2019 and December 31, 2018. The analysis assumes that all other variables in particular interest and foreign currency rates remain constant.

December 31, 2019 December 31, 2018Change in net assets attributable to unitholders of redeemable units (000's) (142,033) (105,387)% change in net assets attributable to unitholders of redeemable units (3.14)% (3.00)%

A strengthening in the individual equity market prices of 5% would have resulted in an equal but opposite effect to the amounts shown above.

31



December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalUnderlying funds 4,284,588 - 4,284,588 3,315,408 - 3,315,408Short-term investments - 235,239 235,239 - 195,931 195,931Total 4,284,588 235,239 4,519,827 3,315,408 195,931 3,511,339



Income per unit $ 0.41 $ 0.69 $ 1.10 $ 0.34 $ 0.60 $ 0.94Capital gains per unit $ - $ - $ - $ 0.08 $ 0.30 $ 0.38


(a) Management feesThe Manager implements investment strategies as specified in the annual simplified prospectus filed by the Funds and available at www.sedar.com. Under the investment management agreement, the Manager receives a management fee from Series A of 0.78%, per annum.


(c) Brokers' commissions and other transaction costsThe Fund did not directly pay commissions to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, during the year. However, commissions to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, were paid by the underlying investment funds. Soft dollar commissions are used to cover the payment of investment research goods and services provided by third parties other than a broker-dealer to the Manager.

Involvement with structured entitiesThe Fund holds an interest in units issued by the underlying investment funds. The nature and purpose is to manage assets on behalf of third party investors and generate fees for the investment manager. These vehicles are financed through the issue of units to investors.

The table below sets out the structured entities held by the Fund. The maximum exposure to loss is the carrying amount of the underlying fund held. The underlying investment funds are managed by Mawer Investment Management Ltd.


Fund

Number of underlying funds

held

Total net assets of underlying funds (000's)

Carrying amount included in

investments (000's)


held



investments (000's)

Mawer Balanced Fund 8 22,534,257 4,284,588 8 18,729,489 3,315,408

The Fund did not have greater than 50% ownership interest in any of the underlying funds.

32


During the years ended December 31, 2019 and December 31, 2018, the Fund did not provide financial support to the unconsolidated structured entities and has no intention of providing financial or other support. The Fund can redeem its units in the above investment funds at any time, subject to there being sufficient liquidity in the underlying funds.

33

MAWER MUTUAL FUNDSMawer Tax Effective Balanced Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 1,383,753,198 1,113,981,363Cash 322,648 571,433Subscriptions receivable 4,375,157 1,321,551Receivable for investments sold 10,253 252,905Interest receivable 2,104,037 1,659,367Dividends receivable 1,557,666 1,423,144

Total Assets 1,392,122,959 1,119,209,763

LIABILITIESAccrued expenses 97,830 121,014Management fee payable 810,810 684,202Redemptions payable 1,441,414 1,038,985Accounts payable for investments purchased 3,529,977 421,097



Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 1,018,421,610 810,505,451Series O 367,821,318 306,439,014







March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 13,826,605 12,115,271Dividends 15,148,932 12,354,633Foreign currency gain (loss) on cash (204,900) (155,071)Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments 36,468,596 27,218,523Change in unrealized appreciation (depreciation) on investments 116,462,167 (45,793,431)Change in unrealized appreciation (depreciation) on forward currency contracts - (7)

Total Income 181,701,400 5,739,918

EXPENSESManagement fees 7,162,642 6,236,563Audit fees 15,008 21,161Custodian, recordkeeping and accounting 273,102 289,224Legal fees 69,555 55,396Independent review committee fees 3,875 4,015Interest and borrowing expense 1,880 532Transaction costs 259,170 303,641HST 293,235 252,296GST 372,367 328,456Non-resident witholding tax 1,016,767 849,497Capital gain tax - 4,411

Total Expenses 9,467,601 8,345,192


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 123,999,491 (3,474,136)Series O 48,234,308 868,862

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 5.0100 (0.1535)Series O 5.2584 0.1011

34




Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 23,729,758 810,505,451 9,145,162 306,439,014 32,874,920 1,116,944,465


Redeemable Unit TransactionsProceeds from redeemable units issued 8,378,873 311,214,419 2,030,601 74,026,873 10,409,474 385,241,292Reinvestments of distributions to unitholders of redeemable units 315,235 11,680,869 182,434 6,631,745 497,669 18,312,614Redemptions of redeemable units (6,110,608) (226,044,422) (1,676,562) (60,136,769) (7,787,170) (286,181,191)

Distributions to Unitholders of Redeemable UnitsNet investment income - (12,462,485) - (7,104,890) - (19,567,375)Capital gains - (471,713) - (268,963) - (740,676)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 2,583,500 207,916,159 536,473 61,382,304 3,119,973 269,298,463



Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 21,451,908 749,858,750 8,000,515 276,254,251 29,452,423 1,026,113,001

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (3,474,136) - 868,862 - (2,605,274)

Redeemable Unit TransactionsProceeds from redeemable units issued 6,516,995 230,471,760 1,707,124 59,789,298 8,224,119 290,261,058Reinvestments of distributions to unitholders of redeemable units 432,366 14,953,528 285,562 9,741,306 717,928 24,694,834Redemptions of redeemable units (4,671,511) (164,768,767) (848,039) (29,376,110) (5,519,550) (194,144,877)



Net Assets Attributable to Unitholders of Redeemable Units at End of Year 23,729,758 810,505,451 9,145,162 306,439,014 32,874,920 1,116,944,465


35



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 172,233,799 (2,605,274)Adjustments for:Foreign currency (gain) loss on cash 204,900 155,071Net realized (gain) loss on investments (36,468,596) (27,218,523)Change in unrealized (appreciation) depreciation on investments (116,462,167) 45,793,431Change in unrealized appreciation (depreciation) on forward currency contracts - 7(Increase) decrease in interest receivable (444,670) (232,912)(Increase) decrease in dividends receivable (134,522) (353,453)Increase (decrease) in accrued expenses and management fees payable 103,424 (69,962)Purchases of investments (737,678,257) (703,193,099)Proceeds from sales and maturities of investments 624,188,717 593,136,715




Foreign currency gain (loss) on cash (204,900) (155,071)



Interest received, net of withholding tax 13,381,935 11,882,359Dividends received, net of withholding tax 13,997,643 11,151,683Interest paid 1,880 532





Total Cash 323,452 322,648



FIXED INCOME: 31.91%Mutual Funds: 1.94%Mawer Global Bond Fund 2,599,607 27,613,801 26,897,353

Government & Guaranteed: 15.61%Federal: 9.69%Canada Housing Trust No. 1 1.25% Jun 15/21 20,550,000 20,260,365 20,393,775Canada Housing Trust No. 1 1.90% Sep 15/26 8,190,000 8,000,787 8,118,831Canada Housing Trust No. 1 2.25% Dec 15/25 9,000,000 9,019,258 9,119,831Canada Housing Trust No. 1 2.35% Jun 15/27 4,000,000 4,142,320 4,074,525Canada Housing Trust No. 1 2.65% Dec 15/28 6,650,000 6,832,913 6,953,111Government of Canada 0.75% Mar 01/21 9,190,000 9,065,368 9,085,395Government of Canada 1.00% Jun 01/27 13,890,000 12,564,894 13,195,654Government of Canada 1.50% Jun 01/23 10,400,000 10,231,904 10,338,598Government of Canada 2.00% Dec 01/51 8,095,000 8,621,279 8,587,270Government of Canada 2.25% Jun 01/29 5,880,000 5,964,979 6,160,272Government of Canada 2.75% Jun 01/22 7,930,000 8,169,157 8,127,491Government of Canada 3.50% Dec 01/45 8,050,000 10,213,262 10,920,759Government of Canada 4.00% Jun 01/41 8,650,000 11,112,587 12,047,551Merrill Lynch Canada Inc. NHA MBS 97510312 1.84% Dec 01/22 3,413,365 3,321,545 3,397,072Merrill Lynch Canada Inc. NHA MBS 97509580 1.89% Sep 01/22 3,532,129 3,483,213 3,521,854

131,003,831 134,041,989Provincial: 5.92%Province of Alberta 2.35% Jun 01/25 4,260,000 4,301,249 4,305,166Province of British Columbia 2.95% Dec 18/28 5,330,000 5,422,461 5,631,233Province of British Columbia 2.95% Jun 18/50 3,350,000 3,680,592 3,738,142Province of British Columbia 3.25% Dec 18/21 3,900,000 4,027,321 4,006,229Province of British Columbia 4.95% Jun 18/40 3,400,000 4,877,497 4,747,841Province of Ontario 2.60% Jun 02/27 6,460,000 6,434,071 6,615,892Province of Ontario 2.80% Jun 02/48 5,700,000 5,815,118 6,034,103Province of Ontario 4.60% Jun 02/39 4,200,000 5,594,974 5,514,687Province of Ontario 4.65% Jun 02/41 8,600,000 11,641,132 11,583,177

36




PrincipalProvince of Quebec 2.75% Sep 01/27 7,290,000 7,253,980 7,557,098Province of Quebec 3.00% Sep 01/23 7,720,000 7,960,735 8,005,859Province of Quebec 3.10% Dec 01/51 7,100,000 7,819,930 8,106,159Province of Saskatchewan 3.30% Jun 02/48 5,365,000 5,542,878 6,112,180

80,371,938 81,957,766Corporate: 14.36%407 International Inc. 2.43% May 04/27 1,250,000 1,240,959 1,252,786407 International Inc. 3.35% May 16/24 3,220,000 3,325,163 3,359,238407 International Inc. 3.83% May 11/46 1,100,000 1,117,589 1,249,014407 International Inc. 4.45% Nov 15/41 2,475,000 2,624,278 3,015,121AltaLink, LP 3.72% Dec 03/46 1,470,000 1,709,108 1,666,325AltaLink, LP 3.99% Jun 30/42 1,670,000 1,897,528 1,944,678Apple Inc. 2.51% Aug 19/24 5,380,000 5,389,160 5,430,756Bank of Montreal 2.12% Mar 16/22 1,900,000 1,898,051 1,899,326Bank of Montreal 2.27% Jul 11/22 3,290,000 3,266,480 3,298,923Bank of Montreal 2.28% Jul 29/24 2,980,000 2,979,190 2,951,243Bank of Montreal 3.19% Mar 01/28 3,880,000 3,955,392 4,090,071Bell Canada 2.90% Aug 12/26 3,050,000 3,040,162 3,056,797Bell Canada 4.70% Sep 11/23 3,160,000 3,500,619 3,387,550Bell Canada Inc. 3.80% Aug 21/28 2,170,000 2,189,407 2,288,804Canadian Tire Corporation, Limited 3.17% Jul 06/23 3,470,000 3,483,368 3,539,820CCL Industries Inc. 3.86% Apr 13/28 1,080,000 1,081,131 1,124,546Choice Properties Real Estate Investment Trust 3.53% Jun 11/29 3,000,000 3,007,242 3,031,541Choice Properties Real Estate Investment Trust 4.18% Mar 08/28 2,610,000 2,610,000 2,766,176Choice Properties Real Estate Investment Trust 4.29% Feb 08/24 2,150,000 2,235,739 2,267,340CU Inc. 3.81% Sep 10/42 900,000 915,921 1,006,272CU Inc. 3.95% Nov 23/48 2,160,000 2,454,499 2,515,669CU Inc. 4.09% Sep 02/44 3,000,000 3,166,010 3,514,124Enbridge Gas Inc. 3.51% Nov 29/47 1,450,000 1,484,546 1,569,250Enbridge Gas Inc. 3.59% Nov 22/47 990,000 989,845 1,083,936Enbridge Inc. 2.99% Oct 03/29 3,800,000 3,779,396 3,742,709Enbridge Inc. 3.94% Jun 30/23 1,450,000 1,493,276 1,512,621Enbridge Pipelines Inc. 3.45% Sep 29/25 1,840,000 1,909,096 1,921,782Enbridge Pipelines Inc. 3.52% Feb 22/29 3,500,000 3,692,783 3,675,793FortisBC Energy Inc. 3.38% Apr 13/45 1,800,000 1,759,870 1,918,583FortisBC Energy Inc. 3.85% Dec 07/48 2,340,000 2,429,274 2,719,490Glacier Credit Card Trust 2.05% Sep 20/22 3,020,000 2,978,393 2,998,550Glacier Credit Card Trust 3.14% Sep 20/23 2,500,000 2,502,052 2,568,016Greater Toronto Airports Authority 3.04% Sep 21/22 2,805,000 2,870,839 2,868,755Greater Toronto Airports Authority 3.26% Jun 01/37 1,960,000 1,970,097 2,072,476Greater Toronto Airports Authority 4.53% Dec 02/41 2,785,000 3,135,675 3,527,479Hydro One Inc. 2.77% Feb 24/26 2,330,000 2,392,938 2,388,343Hydro One Inc. 3.02% Apr 05/29 3,230,000 3,316,254 3,353,257Loblaw Companies Limited 4.49% Dec 11/28 2,150,000 2,396,056 2,364,932Loblaw Companies Limited 4.86% Sep 12/23 1,830,000 2,050,438 1,967,265Manulife Bank of Canada 2.38% Nov 19/24 1,920,000 1,920,000 1,915,448



PrincipalManulife Bank of Canada 2.84% Jan 12/23 1,900,000 1,877,168 1,930,320Manulife Financial Corporation 3.05% Aug 20/29 3,580,000 3,581,996 3,636,288Manulife Financial Corporation 3.32% May 09/28 1,980,000 1,982,747 2,028,397NAV Canada 3.29% Mar 30/48 1,610,000 1,610,000 1,758,221NAV Canada 3.53% Feb 23/46 2,270,000 2,326,639 2,569,529Pembina Pipeline Corporation 3.31% Feb 01/30 2,760,000 2,756,954 2,745,245Rogers Communications Inc. 3.25% May 01/29 2,280,000 2,325,764 2,312,925Rogers Communications Inc. 4.00% Mar 13/24 2,340,000 2,512,375 2,469,468Royal Bank of Canada 1.65% Jul 15/21 1,860,000 1,830,898 1,848,105Royal Bank of Canada 1.97% Mar 02/22 1,700,000 1,684,377 1,694,238Royal Bank of Canada 2.35% Jul 02/24 4,340,000 4,359,061 4,316,258Royal Bank of Canada 2.86% Mar 04/21 3,850,000 3,949,226 3,885,294Royal Bank of Canada 4.93% Jul 16/25 2,110,000 2,421,837 2,394,366Saputo Inc. 2.20% Jun 23/21 2,150,000 2,147,105 2,147,373Saputo Inc. 2.83% Nov 21/23 1,700,000 1,699,290 1,710,578Saputo Inc. 3.60% Aug 14/25 1,500,000 1,539,570 1,553,326Sun Life Financial Inc. 2.38% Aug 13/29 4,170,000 4,167,502 4,119,714Sun Life Financial Inc. 2.75% Nov 23/27 1,330,000 1,332,389 1,341,320Sun Life Financial Inc. 3.05% Sep 19/28 3,390,000 3,420,896 3,452,069Sun Life Financial Inc. 3.10% Feb 19/26 2,460,000 2,483,455 2,482,801TELUS Corporation 3.30% May 02/29 3,640,000 3,682,564 3,688,388TELUS Corporation 3.75% Jan 17/25 3,550,000 3,715,470 3,716,671TELUS Corporation 3.75% Mar 10/26 2,150,000 2,166,651 2,255,782The Bank of Nova Scotia 2.38% May 01/23 4,100,000 4,099,421 4,099,887The Bank of Nova Scotia 2.49% Sep 23/24 4,210,000 4,209,517 4,200,171The Bank of Nova Scotia 3.10% Feb 02/28 3,310,000 3,514,485 3,467,842The Manufacturers Life Insurance Company 3.18% Nov 22/27 1,840,000 1,855,361 1,880,026The Toronto-Dominion Bank 1.99% Mar 23/22 3,770,000 3,750,103 3,759,142The Toronto-Dominion Bank 2.50% Dec 02/24 3,690,000 3,737,060 3,688,804The Toronto-Dominion Bank 2.62% Dec 22/21 3,450,000 3,514,468 3,484,231The Toronto-Dominion Bank 3.01% May 30/23 2,350,000 2,350,000 2,411,679The Toronto-Dominion Bank 3.23% Jul 24/24 2,400,000 2,523,032 2,498,576TMX Group Limited 3.00% Dec 11/24 1,700,000 1,700,851 1,731,580TransCanada PipeLines Limited 3.30% Jul 17/25 2,420,000 2,505,234 2,501,427Vancouver Airport Authority 3.86% Nov 10/45 1,770,000 1,791,543 2,084,084

195,282,833 198,688,930


37




PrincipalEQUITIES: 59.52%Canadian Equities: 16.06%Communication Services: 1.57%BCE Inc. 66,500 3,828,510 4,000,640Cogeco Inc. 15,500 1,145,805 1,613,395Rogers Communications Inc. Cl. B 65,000 3,159,184 4,191,200Shaw Communications Inc. Cl. B 169,000 4,572,032 4,453,150Stingray Group Inc. 67,316 624,534 480,636TELUS Corporation 138,000 5,272,764 6,938,640

18,602,829 21,677,661Consumer Discretionary: 0.35%MTY Food Group Inc. 38,935 1,537,029 2,160,503New Look Vision Group Inc. Cl. A 30,500 987,566 988,200Recipe Unlimited Corp. 24,006 613,633 467,637Sleep Country Canada Holdings Inc. 61,000 1,552,559 1,232,810

4,690,787 4,849,150Consumer Staples: 1.00%Alimentation Couche-Tard Inc. Cl. B 83,000 3,359,845 3,420,430Andrew Peller Limited Cl. A 42,000 575,793 496,020Jamieson Wellness, Inc. 54,500 1,089,605 1,403,375Loblaw Companies Limited 77,300 3,935,335 5,179,100Saputo Inc. 82,280 2,447,889 3,307,656

11,408,467 13,806,581Energy: 1.50%Canadian Natural Resources, Ltd. 170,000 6,393,303 7,140,000CES Energy Solutions Corp. 258,200 976,945 601,606Enbridge Inc. 62,500 2,699,160 3,226,875Parkland Fuel Corporation 32,500 753,018 1,550,575PrairieSky Royalty, Ltd. 68,500 1,327,858 1,043,255ShawCor, Ltd. 52,000 1,093,377 651,560Suncor Energy Inc. 153,500 6,268,867 6,532,960

19,512,528 20,746,831Financials: 4.35%Alaris Royalty Corp. 27,000 609,982 592,110Bank of Montreal 58,500 4,521,494 5,887,440Brookfield Asset Management Inc. Cl. A 126,500 4,358,213 9,491,295Canadian Western Bank 23,500 617,715 749,415Currency Exchange International, Corp. 6,874 172,855 123,732Element Fleet Management, Corp. 133,500 1,172,312 1,480,515Equitable Group Inc. 17,500 636,461 1,913,625Fairfax India Holdings Corporation 137,000 2,573,376 2,273,542First National Financial Corporation 7,500 124,017 285,600iA Financial Corporation Inc. 26,500 1,186,322 1,890,245Manulife Financial Corporation 202,500 4,064,863 5,337,900Onex Corporation 23,500 1,382,485 1,930,995Royal Bank of Canada 84,500 6,350,155 8,682,375The Bank of Nova Scotia 81,500 5,054,210 5,978,025The Toronto-Dominion Bank 111,000 5,842,917 8,084,130TMX Group Limited 49,500 3,233,034 5,566,275

41,900,411 60,267,219Healthcare: 0.13%Andlauer Healthcare Group Inc. 19,017 323,194 381,291HLS Therapeutics Inc. 55,693 978,305 1,420,171Knight Therapeutics Inc. 2,000 9,464 15,160

1,310,963 1,816,622Industrials: 3.34%ATS Automation Tooling Systems Inc. 193,500 2,682,451 4,146,705Badger Daylighting, Ltd. 14,436 490,601 507,281Boyd Group Income Fund 15,000 1,221,014 3,030,000Calian Group, Ltd. 16,981 583,811 653,768Canadian National Railway Company 41,500 2,452,692 4,875,005Canadian Pacific Railway Limited 26,000 5,061,371 8,606,780Finning International Inc. 176,000 4,582,769 4,452,800GDI Integrated Facility Services Inc., Sub. Voting 22,500 397,511 761,175



PrincipalMorneau Shepell, Inc. 42,500 631,674 1,436,075NFI Group Inc. 27,500 509,528 732,875People Corporation 104,694 814,388 1,050,081Richelieu Hardware, Ltd. 113,500 1,977,838 3,079,255Savaria Corporation 97,000 1,439,660 1,353,150Stantec Inc. 17,000 342,003 623,900Thomson Reuters Corporation 61,546 3,247,969 5,717,008Toromont Industries, Ltd. 73,500 2,372,163 5,188,365

28,807,443 46,214,223Information Technology: 1.45%Absolute Software Corporation 37,864 300,239 329,417CGI Inc. 41,500 4,306,926 4,509,805Constellation Software Inc. 3,600 487,565 4,540,176Enghouse Systems Limited 64,000 1,428,241 3,083,520Kinaxis Inc. 6,500 414,257 650,130Photon Control Inc. 206,270 426,589 284,652Sangoma Technologies Corporation 122,708 148,195 305,543Shopify Inc. Cl. A 7,500 1,211,565 3,872,250Sylogist, Ltd. Cl. A 54,000 394,291 531,900The Descartes Systems Group Inc. 36,000 499,047 1,998,000

9,616,915 20,105,393Materials: 0.92%CCL Industries Inc. Cl. B 44,500 1,416,525 2,461,740Intertape Polymer Group Inc. 36,000 486,326 598,320Neo Performance Materials Inc. 57,000 647,324 703,950Nutrien Ltd. 76,000 4,743,972 4,724,920Richards Packaging Income Fund 26,500 865,754 1,208,135Stella-Jones Inc. 43,659 939,292 1,638,086Winpak, Ltd. 29,000 575,703 1,362,420

9,674,896 12,697,571Real Estate: 1.17%Altus Group, Ltd. 44,500 843,459 1,689,220Choice Properties Real Estate Investment Trust 250,589 3,340,645 3,485,693Colliers International Group Inc. 15,500 939,939 1,567,050First Capital Real Estate Investment Trust 232,500 4,756,950 4,805,775FirstService Corporation 7,500 466,022 906,675InterRent Real Estate Investment Trust 43,000 172,699 672,520Mainstreet Equity Corp. 21,608 704,569 1,707,032Morguard Corporation 1,374 272,061 276,174StorageVault Canada Inc. 298,895 1,024,173 1,108,901

12,520,517 16,219,040Utilities: 0.28%AltaGas Canada Inc. 18,000 460,434 600,660Hydro One Limited 127,833 2,932,537 3,206,052

3,392,971 3,806,712

Total Canadian Equities 161,438,727 222,207,003

Foreign Equities: 43.46%U.S. Equities: 19.19%Communication Services: 2.04%Alphabet Inc. Cl. A 600 365,985 1,041,911Alphabet Inc. Cl. C 5,700 2,579,069 9,880,645Cinemark Holdings, Inc. 23,000 941,332 1,009,390Comcast Corporation Cl. A 141,000 5,076,016 8,220,808Shenandoah Telecommunications Company 23,264 820,867 1,255,032Verizon Communications Inc. 85,500 5,833,826 6,806,236

15,617,095 28,214,022Consumer Discretionary: 1.19%Amazon.com, Inc. 1,500 2,126,689 3,593,587Booking Holdings Inc. 1,400 2,519,993 3,727,725Fastenal Company 44,000 2,147,483 2,107,850LKQ Corporation 28,090 1,065,881 1,300,147

38




PrincipalNike Inc. Cl. B 44,000 2,989,137 5,779,330

10,849,183 16,508,639Consumer Staples: 1.08%PepsiCo, Inc. 18,500 1,536,775 3,278,064The Hershey Company 21,500 2,595,399 4,097,031The Procter & Gamble Company 46,900 4,486,972 7,594,651

8,619,146 14,969,746Financials: 4.05%BlackRock, Inc. 3,400 966,964 2,215,952CME Group Inc. Cl. A 29,000 2,855,337 7,546,771FactSet Research Systems Inc. 3,500 933,301 1,217,478Intercontinental Exchange, Inc. 43,500 4,217,407 5,219,612JPMorgan Chase & Co. 36,500 2,059,631 6,596,722Marsh & McLennan Companies, Inc. 82,000 5,275,101 11,844,331S&P Global, Inc. 15,200 1,127,301 5,380,942State Street Corporation 57,000 4,442,666 5,845,529Wells Fargo & Company 63,000 3,054,393 4,394,357Willis Towers Watson PLC 22,000 3,779,071 5,759,935

28,711,172 56,021,629Healthcare: 2.83%Allergan PLC 5,000 1,016,206 1,239,259AmerisourceBergen Corporation 11,999 1,334,141 1,322,631Baxter International Inc. 38,300 2,622,904 4,152,231Becton, Dickinson and Company 24,000 2,947,234 8,462,618Cerner Corporation 10,500 689,701 999,076Danaher Corporation 3,500 659,278 696,454DENTSPLY SIRONA, Inc. 21,000 1,188,276 1,540,748Gilead Sciences, Inc. 39,448 3,879,681 3,323,359Hologic, Inc. 41,500 2,356,653 2,809,146Johnson & Johnson 32,900 4,141,433 6,222,063Waters Corporation 22,300 4,221,760 6,755,277West Pharmaceutical Services, Inc. 8,421 943,987 1,641,277

26,001,254 39,164,139Industrials: 3.07%3M Co. 9,500 2,122,970 2,172,921A.O. Smith Corporation 37,509 2,279,257 2,316,753Allegion PLC 20,697 2,410,357 3,341,864AMETEK, Inc. 55,000 2,551,434 7,112,210CSX Corporation 18,795 1,250,431 1,763,248IAA Inc. 89,700 3,889,707 5,472,892KAR Auction Services, Inc. 60,000 1,431,113 1,695,044Nielsen Holdings PLC 25,000 1,053,178 657,974TriMas Corporation 55,800 2,160,308 2,272,347Union Pacific Corporation 11,000 1,408,573 2,578,337United Technologies Corporation 16,064 2,011,094 3,119,048Verisk Analytics, Inc. Cl. A 48,500 5,053,970 9,390,536Wabtec Corporation 6,500 848,933 655,640

28,471,325 42,548,814Information Technology: 3.62%Accenture PLC Cl. A 3,000 768,241 819,012Amphenol Corp. Cl. A 33,748 3,229,058 4,735,526Ansys Inc. 22,900 2,601,829 7,642,464Intuit Inc. 12,000 1,147,416 4,075,107MasterCard Incorporated Cl. A 14,000 1,473,762 5,419,707Microsoft Corporation 44,800 6,939,822 9,159,721Oracle Corporation 9,900 381,610 680,017Paychex, Inc. 39,000 3,148,019 4,300,931PayPal Holdings, Inc. 8,000 280,269 1,121,939Texas Instruments Incorporated 9,000 1,190,212 1,496,952Visa Inc. Cl. A 44,000 3,097,892 10,718,944

24,258,130 50,170,320Materials: 1.31%AptarGroup, Inc. 39,300 4,744,531 5,891,122Ecolab Inc. 9,900 1,946,673 2,477,094Linde Public Limited Company 13,000 1,994,357 3,588,323PPG Industries Inc. 5,000 644,962 865,349RPM International, Inc. 30,223 2,282,733 3,007,773



PrincipalThe Sherwin-Williams Company 3,000 1,348,552 2,269,679

12,961,808 18,099,340

Total U.S. Equities 155,489,113 265,696,649

International Equities: 17.06%Communication Services: 0.51%China Mobile Limited 217,000 2,792,817 2,365,951Tencent Holdings Limited 73,998 2,422,185 4,626,476

5,215,002 6,992,427Consumer Discretionary: 1.77%Compass Group PLC 163,500 5,104,011 5,316,067Fuyao Glass Industry Group Co., Ltd. Cl. H 391,799 1,404,565 1,555,452InterContinental Hotels Group PLC 71,925 5,048,232 6,444,092LVMH Moet Hennessy Louis Vuitton SA 11,900 6,446,323 7,174,204Sekisui Chemical Co., Ltd. 179,000 3,962,166 4,066,332

21,965,297 24,556,147Consumer Staples: 2.25%Anheuser-Busch InBev SA 31,000 3,925,579 3,280,745Diageo PLC 56,500 3,057,141 3,110,836Glanbia PLC 195,000 4,611,477 2,912,049Kerry Group PLC Cl. A 16,500 1,116,775 2,668,177LG Household & Health Care, Ltd. Preferred 4,000 1,577,661 3,457,483Nestlé SA 31,800 4,483,160 4,462,521Seven & I Holdings Co., Ltd. 91,400 5,043,598 4,365,305Tsuruha Holdings, Inc. 41,100 3,509,704 6,875,000

27,325,095 31,132,116Financials: 3.29%AIA Group Limited 266,000 3,162,277 3,621,927Aon PLC Cl. A 45,300 5,099,362 12,233,174DBS Group Holdings Limited 179,200 2,618,791 4,471,627Deutsche Boerse AG 25,000 2,487,994 5,099,761HDFC Bank Limited 200,500 3,210,447 4,632,793Japan Exchange Group, Inc. 187,000 3,905,227 4,306,076Rathbone Brothers PLC 69,500 2,226,690 2,546,685Sampo OYJ Series A 88,000 5,196,402 4,983,800Topdanmark A/S 57,500 3,219,625 3,678,156

31,126,815 45,573,999Healthcare: 1.18%Alcon Inc. 13,182 1,013,753 967,468Novartis AG ADR 43,500 4,788,195 5,340,303Recordati SPA 82,000 4,475,638 4,484,063Roche Holding AG 13,100 3,921,480 5,509,037

14,199,066 16,300,871Industrials: 3.97%ALD SA 142,022 3,010,009 2,860,938ASSA ABLOY AB Series B 239,000 6,581,610 7,262,270Bunzl PLC 188,000 7,402,736 6,678,652IHS Markit, Ltd. 22,800 736,211 2,227,361Intertek Group PLC 74,000 3,561,051 7,449,840Kone OYJ Series B 34,500 1,858,206 2,926,546Legrand SA 38,000 3,585,871 4,017,687RELX PLC 224,500 6,197,126 7,359,294SGS SA 880 2,981,151 3,124,404Spirax-Sarco Engineering PLC 26,100 2,909,047 3,991,656Wolters Kluwer NV 74,000 3,913,799 7,003,181

42,736,817 54,901,829Information Technology: 1.86%Adyen NV 1,500 1,489,000 1,595,972Amadeus IT Group, SA 29,000 1,859,301 3,072,883Halma PLC 127,800 1,222,683 4,652,190Nomura Research Institute, Ltd. 117,000 3,214,359 3,263,722Samsung Electronics Co., Ltd. Preferred 63,000 2,739,467 3,206,580SAP SE 26,800 4,582,347 4,693,419

39




PrincipalTaiwan Semiconductor Manufacturing Company, Ltd. 369,000 3,420,178 5,282,491

18,527,335 25,767,257Materials: 2.23%Air Liquide SA 45,950 5,564,771 8,440,371Croda International Public Limited Company 53,964 2,334,017 4,753,188FUCHS PETROLUB SE 46,000 1,923,514 2,674,800FUCHS PETROLUB SE Preferred 55,000 3,582,290 3,535,155Novozymes A/S Class B 50,000 3,152,356 3,175,023Sika AG 19,600 2,673,631 4,773,579UPL Limited 335,500 3,303,381 3,561,921

22,533,960 30,914,037

Total International Equities 183,629,387 236,138,683

Small Cap Global: 7.21%Mawer Funds: 7.21%Mawer Global Small Cap Fund 'O' 6,262,105 62,000,356 99,732,168

Total Foreign Equities 401,118,856 601,567,500

Total Equities 562,557,583 823,774,503

Transaction Costs (542,224) -


Total Portfolio: 100.00% 1,115,003,871 1,384,075,846

40







As at the reporting dates, the Fund's exposure to debt securities, excluding short-term reserves, was concentrated in the following Funds and categories:

Category December 31, 2019 December 31, 2018Mawer Global Bond Fund 'O' 6.09% 7.18%Federal Bonds 30.36% 30.00%Provincial Bonds 18.56% 25.31%Corporate Bonds 44.99% 37.51%Total Fixed Income 100.00% 100.00%




The following table is a summary of the Fund's exposure to debt securities, including short-term reserves and debt securities held by the underlying funds in which this Fund holds units, by maturity.


41




Currency riskThe Fund's primary exposure to currency risk is via investments denominated in a variety of foreign currencies, including foreign currencies of the underlying funds held. Changes in the value of the foreign currencies vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.



42






Investments Percentage of NAVU.S. dollars 308,485 22.25% 236,068 21.14%Australian dollars 3,206 0.23% 6,239 0.56%Brazilian real - - 167 0.01%British pound sterling 69,878 5.04% 67,153 6.01%Chilean peso - - 320 0.03%Danish krone 6,853 0.49% 3,648 0.33%Euro 100,057 7.22% 76,477 6.85%Hong Kong dollars 12,499 0.90% 12,218 1.09%Indian rupee 8,195 0.59% 7,828 0.70%Japanese yen 34,522 2.49% 29,294 2.62%Malaysian ringgit 848 0.06% 703 0.06%Mexican peso 1,107 0.08% 1,159 0.10%New Taiwanese dollars 6,719 0.48% 4,280 0.38%New Zealand dollars 2,355 0.17% 2,515 0.23%Norwegian krone 5,274 0.38% 2,896 0.26%Singapore dollars 4,721 0.34% 4,984 0.45%South Korean won 8,998 0.65% 7,744 0.69%Swedish krona 17,567 1.27% 14,176 1.27%Swiss franc 26,018 1.88% 14,297 1.28%United Arab Emirates dirham 1,406 0.10% - -Yuan renminbi - - 1,613 0.14%Total 618,708 44.62% 493,779 44.20%

Other price riskThe Fund invests in 52.3% exchange traded investments and 7.2% unlisted open-ended investment funds at December 31, 2019 (December 31, 2018 - 51.6% exchange traded investments and 6.4% unlisted open-ended investment funds).




43



December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalUnderlying funds 126,630 - 126,630 98,482 - 98,482Equities – long 724,042 - 724,042 576,685 - 576,685Bonds - 414,688 414,688 - 354,634 354,634Short-term investments - 118,393 118,393 - 84,181 84,181Total 850,672 533,081 1,383,753 675,167 438,815 1,113,981



Income per unit $ 0.50 $ 0.78 $ 1.28 $ 0.42 $ 0.72 $ 1.14Capital gains per unit $ 0.02 $ 0.03 $ 0.05 $ 0.29 $ 0.52 $ 0.81




(c) Brokers' commissions and other transaction costsDisclosed below are the total commissions paid by the Fund to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, during the year. Commissions to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, paid by the underlying investment funds are excluded from the table below. Soft dollar commissions are used to cover the payment of investment research goods and services provided by third parties other than broker-dealer to the Manager.

December 31, 2019 December 31, 2018Total commissions $ 259,170 $ 303,641Soft dollar commissions $ 2,264 $ 7,829


44




Fund


held



investments (000's)


held



investments (000's)

Mawer Tax Effective Balanced Fund 2 3,539,775 126,630 2 2,840,816 98,482


During the years ended December 31, 2019 and December 31, 2018, the Fund did not provide financial support to the unconsolidated structured entities and has no intention of providing financial or other support. The Fund can redeem its units in the above investment funds at any time, subject to there being sufficient liquidity in the underlying funds.

45

MAWER MUTUAL FUNDSMawer Global Balanced Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 1,364,789,213 938,049,966Cash 303,983 328,767Subscriptions receivable 2,075,731 5,169,695Receivable for investments sold 562,958 -Dividends receivable 1,772,935 1,347,719

Total Assets 1,369,504,820 944,896,147

LIABILITIESAccrued expenses 137,475 146,586Management fee payable 439,821 301,970Redemptions payable 1,641,815 5,288,959Accounts payable for investments purchased 65,951 78,581


Net Assets Attributable to Unitholders of Redeemable Units 1,367,219,758 939,080,051








March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 10,964,534 7,660,551Dividends 16,820,741 10,708,358Foreign currency gain (loss) on cash (517,679) (161,782)Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments 23,079,512 17,898,920Change in unrealized appreciation (depreciation) on investments 112,643,689 2,046,916Change in unrealized appreciation (depreciation) on forward currency contracts - (58)

Total Income 162,990,797 38,152,905

EXPENSESManagement fees 3,759,664 2,624,808Audit fees 13,122 16,849Custodian, recordkeeping and accounting 283,110 171,269Legal fees 14,297 90,730Independent review committee fees 3,864 3,053Interest and borrowing expense 903 435Transaction costs 478,047 254,199HST 149,512 106,039GST 199,889 144,662Non-resident witholding tax 1,421,446 1,101,739Capital gain tax 2 -

Total Expenses 6,323,856 4,513,783




46









Net Assets Attributable to Unitholders of Redeemable Units at End of Year 26,797,890 454,741,584 54,338,679 912,478,174 81,136,569 1,367,219,758









47



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 156,666,941 33,639,122Adjustments for:Foreign currency (gain) loss on cash 517,679 161,782Net realized (gain) loss on investments (23,079,512) (17,898,920)Change in unrealized (appreciation) depreciation on investments (112,643,689) (2,046,916)Change in unrealized appreciation (depreciation) on forward currency contracts - 58(Increase) decrease in dividends receivable (425,216) (518,254)Increase (decrease) in accrued expenses and management fees payable 128,740 (19,088)Purchases of investments (847,687,122) (485,178,060)Proceeds from sales and maturities of investments 556,095,488 348,305,413





Net increase (decrease) in cash (24,784) (495,208)Cash Beginning of Year 328,767 823,975


Interest received, net of withholding tax 10,964,534 7,660,551Dividends received, net of withholding tax 14,974,079 9,088,365Interest paid 903 435





Total Cash 305,121 303,983

SHORT-TERM RESERVES: 7.14%Canada Treasury Bills: 7.14%Jan 09/20 2,458,000 2,457,125 2,457,125Jan 23/20 9,609,000 9,599,554 9,599,554Feb 06/20 52,033,000 51,948,114 51,948,114Feb 20/20 16,100,000 16,063,686 16,063,686Mar 05/20 982,000 979,171 979,171Mar 19/20 9,899,000 9,864,175 9,864,175Apr 02/20 6,637,000 6,609,321 6,609,321


FIXED INCOME: 31.49%North America: 31.49%Mawer Canadian Bond Fund 'O' 26,449,155 325,096,618 327,511,957Mawer Global Bond Fund 'O' 9,888,559 103,662,746 102,313,950


EQUITIES: 61.35%Asia: 6.44%China: 0.32%China Mobile Limited 101,635 1,487,004 1,108,126Fuyao Glass Industry Group Co., Ltd. Cl. H 815,600 3,493,174 3,237,952

4,980,178 4,346,078Hong Kong: 0.87%AIA Group Limited 870,000 9,654,480 11,846,152

India: 1.20%HDFC Bank Limited 178,252 2,791,320 4,118,726UPL Limited 1,157,983 12,262,978 12,294,021

15,054,298 16,412,747Japan: 1.31%Kusuri No Aoki Holdings Co., Ltd. 39,300 3,136,656 3,207,240Seven & I Holdings Co., Ltd. 157,700 8,499,871 7,531,823Tsuruha Holdings, Inc. 43,300 5,254,249 7,243,005

16,890,776 17,982,068Singapore: 1.23%DBS Group Holdings Limited 674,619 13,655,168 16,833,953

South Korea: 0.92%LG Household & Health Care, Ltd. Preferred 8,452 5,449,738 7,305,661Samsung Electronics Co., Ltd. Preferred 102,600 4,840,854 5,222,145

10,290,592 12,527,806Taiwan: 0.59%Taiwan Semiconductor Manufacturing Company, Ltd. 560,000 5,221,365 8,016,788

Total Asia 75,746,857 87,965,592

Europe: 20.79%Finland: 0.49%Sampo OYJ Series A 117,100 7,450,542 6,631,852

France: 3.37%Air Liquide SA 132,929 18,194,107 24,417,195LVMH Moet Hennessy Louis Vuitton SA 35,800 19,498,301 21,582,901

37,692,408 46,000,096

48




PrincipalGermany: 1.65%Deutsche Boerse AG 83,152 10,342,054 16,962,212FUCHS PETROLUB SE 95,337 5,560,314 5,543,639

15,902,368 22,505,851Italy: 0.19%Recordati SPA 46,709 2,525,953 2,554,221

Netherlands: 2.45%Amsterdam Commodities NV 86,860 2,779,120 2,623,340GrandVision NV 82,987 2,942,768 3,312,029Wolters Kluwer NV 290,600 19,663,113 27,501,683

25,385,001 33,437,052Sweden: 1.88%ASSA ABLOY AB Series B 360,306 9,788,590 10,948,283Bravida Holding AB 735,900 7,715,797 9,286,496Loomis AB Cl. B 99,802 4,008,847 5,370,039

21,513,234 25,604,818Switzerland: 3.79%Alcon Inc. 31,060 2,404,917 2,279,590Nestlé SA 54,051 8,023,364 7,585,022Novartis AG ADR 157,300 16,926,430 19,311,026Roche Holding AG 48,324 16,973,112 20,322,038VZ Holding AG 5,677 2,062,106 2,269,541

46,389,929 51,767,217United Kingdom: 6.97%Bunzl PLC 354,800 13,916,309 12,604,179Compass Group PLC 417,370 13,618,956 13,570,440Croda International Public Limited Company 180,955 11,872,588 15,938,646Diploma plc 405,761 7,301,378 14,128,358Halma PLC 65,738 1,047,363 2,393,002Intertek Group PLC 215,824 17,158,244 21,727,759On the Beach Group PLC 173,235 1,340,926 1,452,553RELX PLC 278,376 7,882,849 9,125,394Softcat PLC 213,733 2,060,217 4,235,795

76,198,830 95,176,126

Total Europe 233,058,265 283,677,233

Latin America: 0.38%Brazil: 0.21%Itau Unibanco Holding SA 283,200 3,158,128 2,923,513

Chile: 0.17%Compania Cervecerias Unidas SA ADR 94,124 3,221,515 2,314,943

Total Latin America 6,379,643 5,238,456

North America: 33.74%Canada: 5.11%Alimentation Couche-Tard Inc. Cl. B 355,700 15,027,834 14,658,397Brookfield Asset Management Inc. Cl. A 213,790 10,454,668 16,040,664Canadian Natural Resources, Ltd. 105,700 4,271,161 4,439,400Constellation Software Inc. 10,246 5,566,922 12,921,845Rogers Communications Inc. Cl. B 82,292 4,878,667 5,306,188Royal Bank of Canada 117,000 11,019,961 12,021,750Suncor Energy Inc. 103,100 4,391,011 4,387,936

55,610,224 69,776,180United States: 28.63%Accenture PLC Cl. A 54,400 14,283,195 14,851,418Alphabet Inc. Cl. C 14,801 15,758,224 25,656,741AMETEK, Inc. 118,300 8,833,140 15,297,717Amphenol Corp. Cl. A 105,200 12,010,336 14,761,685Aon PLC Cl. A 140,400 22,562,429 37,914,737Baxter International Inc. 139,800 13,446,903 15,156,184Becton, Dickinson and Company 50,400 10,591,834 17,771,499



PrincipalBlackRock, Inc. 8,750 4,089,104 5,702,817Comcast Corporation Cl. A 167,100 8,546,004 9,742,532CSX Corporation 134,200 9,528,695 12,589,938IHS Markit, Ltd. 80,603 3,810,198 7,874,210Johnson & Johnson 85,800 12,970,922 16,226,535JPMorgan Chase & Co. 198,250 21,807,383 35,830,139Linde Public Limited Company 49,750 8,301,020 13,732,236Marsh & McLennan Companies, Inc. 92,800 9,122,312 13,404,316Microsoft Corporation 130,000 20,328,636 26,579,547PepsiCo, Inc. 53,750 7,317,773 9,524,105PPG Industries Inc. 32,200 4,456,570 5,572,847S&P Global, Inc. 70,000 11,643,112 24,780,653Union Pacific Corporation 98,000 15,163,112 22,970,635Verisk Analytics, Inc. Cl. A 33,200 4,097,194 6,428,161Verizon Communications Inc. 168,600 11,429,881 13,421,420Visa Inc. Cl. A 102,600 14,335,185 24,994,627

264,433,162 390,784,699


Total Equities 635,228,151 837,442,160

Transaction Costs (1,063,997) -


Total Portfolio: 100.00% 1,160,749,785 1,365,093,196

49



Analysis of credit qualityThe Fund's credit risk is concentrated in investments in the underlying funds in which this Fund invests in. These are primarily domestic and foreign bonds as presented on the Schedule of Investments of the underlying fund.





Category December 31, 2019 December 31, 2018Mawer Canadian Bond Fund 'O' 76.20% 74.22%Mawer Global Bond Fund 'O' 23.80% 25.78%Total Fixed Income 100.00% 100.00%




The following table is a summary of the Fund's exposure to debt securities, including short-term reserves and debt securities held by the underlying funds in which this Fund holds units, by maturity.


50




Currency riskThe Fund's primary exposure to currency risk is via investments denominated in a variety of foreign currencies, including foreign currencies of the underlying funds held. Changes in the value of the foreign currencies vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.







Investments Percentage of NAVU.S. dollars 450,524 32.95% 317,420 33.80%Australian dollars 778 0.06% 4,428 0.47%Brazilian real 2,924 0.21% 2,190 0.23%British pound sterling 100,875 7.38% 58,019 6.18%Euro 135,210 9.89% 80,541 8.58%Hong Kong dollars 15,629 1.14% 19,671 2.09%Indian rupee 16,413 1.20% 12,101 1.29%Japanese yen 37,278 2.73% 33,417 3.56%Mexican peso - - 1,314 0.14%New Taiwanese dollars 8,017 0.59% 5,066 0.54%New Zealand dollars 1,484 0.11% 1,290 0.14%Norwegian krone 1,852 0.14% 1,681 0.18%Singapore dollars 16,834 1.23% 12,887 1.37%South Korean won 12,528 0.92% 8,641 0.92%Swedish krona 27,927 2.04% 13,583 1.45%Swiss franc 32,456 2.37% 11,821 1.26%Total 860,729 62.96% 584,070 62.20%

51


Other price riskThe Fund invests in 61.3% exchange traded investments at December 31, 2019 (December 31, 2018 - 57.9% exchange-traded investments).





December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalUnderlying funds 429,826 - 429,826 316,524 - 316,524Equities – long 837,442 - 837,442 544,025 - 544,025Short-term investments - 97,521 97,521 - 77,501 77,501Total 1,267,268 97,521 1,364,789 860,549 77,501 938,050







52


(c) Brokers' commissions and other transaction costsDisclosed below are the total commissions paid by the Fund to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, during the year. Commissions to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, paid by the underlying investment funds are excluded from the table below. Soft dollar commissions are used to cover the payment of investment research goods and services provided by third parties other than a broker-dealer to the Manager.





Fund


held



investments (000's)


held



investments (000's)

Mawer Global Balanced Fund 2 3,343,516 429,826 2 2,810,824 316,524


During the years ended December 31, 2019 and December 31, 2018 , the Fund did not provide financial support to the unconsolidated structured entities and has no intention of providing financial or other support. The Fund can redeem its units in the above investment funds at any time, subject to there being sufficient liquidity in the underlying funds.

53

MAWER MUTUAL FUNDSMawer Canadian Equity Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 3,236,207,076 2,681,489,645Cash 203,253 200,253Subscriptions receivable 2,079,388 1,977,425Receivable for investments sold 166,216 -Dividends receivable 8,751,719 9,847,124

Total Assets 3,247,407,652 2,693,514,447











March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 1,746,271 1,587,393Dividends 87,662,975 78,355,213Foreign currency gain (loss) on cash 51,426 (51,662)Other net changes in fair value of investments at fair value through profit or loss:


Total Income 596,898,642 (257,686,034)

EXPENSESManagement fees 8,543,652 8,604,013Audit fees 37,023 57,983Custodian, recordkeeping and accounting 545,840 615,516Legal fees 86,737 85,710Independent review committee fees 9,141 10,950Transaction costs 510,500 371,707HST 477,059 483,600GST 457,565 464,055

Total Expenses 10,667,517 10,693,534


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 157,751,903 (85,422,542)Series O 428,479,222 (182,957,026)

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 12.6784 (6.6054)Series O 13.4215 (6.0949)

54






Redeemable Unit TransactionsProceeds from redeemable units issued 3,073,455 209,578,092 3,585,392 248,491,562 6,658,847 458,069,654Reinvestments of distributions to unitholders of redeemable units 186,329 13,317,409 863,212 62,608,866 1,049,541 75,926,275Redemptions of redeemable units (4,241,944) (290,946,184) (2,767,236) (194,479,910) (7,009,180) (485,426,094)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (982,160) 74,711,135 1,681,368 480,697,449 699,208 555,408,584




Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (85,422,542) - (182,957,026) - (268,379,568)

Redeemable Unit TransactionsProceeds from redeemable units issued 3,817,341 253,803,170 2,910,185 197,518,170 6,727,526 451,321,340Reinvestments of distributions to unitholders of redeemable units 169,203 10,172,913 871,819 53,097,683 1,041,022 63,270,596Redemptions of redeemable units (3,940,310) (261,541,159) (2,066,962) (140,305,697) (6,007,272) (401,846,856)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 46,234 (94,417,132) 1,715,042 (127,016,854) 1,761,276 (221,433,986)



55



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 586,231,125 (268,379,568)Adjustments for:Foreign currency (gain) loss on cash (51,426) 51,662Net realized (gain) loss on investments (39,190,136) (64,445,980)Change in unrealized (appreciation) depreciation on investments (468,247,834) 402,022,958(Increase) decrease in dividends receivable 1,095,405 (1,860,210)Increase (decrease) in accrued expenses and management fees payable (27,765) (196,146)Purchases of investments (922,866,557) (1,061,636,056)Proceeds from sales and maturities of investments 875,257,625 944,214,661




Foreign currency gain (loss) on cash 51,426 (51,662)

Net increase (decrease) in cash 3,000 (122)Cash Beginning of Year 200,253 200,375


Interest received, net of withholding tax 1,746,271 1,587,393Dividends received, net of withholding tax 88,758,380 76,495,003





Total Cash 203,253 203,253

SHORT-TERM RESERVES: 4.02%Canada Treasury Bills 4.02%Jan 09/20 11,815,000 11,810,809 11,810,809Jan 23/20 11,259,000 11,247,825 11,247,825Feb 06/20 8,321,000 8,307,387 8,307,387Feb 20/20 29,604,000 29,537,226 29,537,226Mar 05/20 7,825,000 7,802,490 7,802,490Mar 19/20 42,815,000 42,665,031 42,665,031Apr 02/20 18,804,000 18,725,688 18,725,688


EQUITIES: 95.97%Canadian Equities: 95.97%Communication Services: 10.76%BCE Inc. 1,176,489 67,617,523 70,777,578Rogers Communications Inc. Cl. B 1,151,218 52,322,919 74,230,537Shaw Communications Inc. Cl. B 3,033,404 82,372,513 79,930,195TELUS Corporation 2,449,999 91,503,397 123,185,950

293,816,352 348,124,260Consumer Staples: 6.52%Alimentation Couche-Tard Inc. Cl. B 1,444,000 58,293,302 59,507,240Loblaw Companies Limited 1,387,497 66,921,545 92,962,299Saputo Inc. 1,456,088 36,595,771 58,534,738

161,810,618 211,004,277Energy: 9.81%Canadian Natural Resources, Ltd. 3,011,111 114,679,979 126,466,662Enbridge Inc. 1,103,188 47,215,808 56,957,596PrairieSky Royalty, Ltd. 1,218,189 33,754,091 18,553,019Suncor Energy Inc. 2,712,007 110,106,811 115,423,018

305,756,689 317,400,295Financials: 30.08%Bank of Montreal 1,030,734 77,492,181 103,733,070Brookfield Asset Management Inc. Cl. A 2,227,973 56,713,769 167,164,814Fairfax India Holdings Corporation 2,462,700 46,204,750 40,868,999iA Financial Corporation Inc. 475,399 19,011,743 33,910,211Manulife Financial Corporation 3,605,810 71,946,137 95,049,152Onex Corporation 403,470 19,854,864 33,153,130Royal Bank of Canada 1,484,158 101,736,480 152,497,234The Bank of Nova Scotia 1,435,330 82,203,400 105,281,455The Toronto-Dominion Bank 1,954,212 88,273,472 142,325,260TMX Group Limited 885,152 55,091,531 99,535,342

618,528,327 973,518,667Industrials: 19.61%ATS Automation Tooling Systems Inc. 3,353,804 41,987,465 71,872,020Canadian National Railway Company 712,693 30,929,487 83,720,047Canadian Pacific Railway Limited 461,602 77,469,484 152,804,110Finning International Inc. 3,129,899 87,923,179 79,186,444Richelieu Hardware, Ltd. 1,957,123 30,339,602 53,096,747Thomson Reuters Corporation 1,101,737 52,721,828 102,340,350Toromont Industries, Ltd. 1,300,482 36,218,587 91,801,024

357,589,632 634,820,742Information Technology: 8.99%CGI Inc. 721,300 74,823,400 78,383,672Constellation Software Inc. 64,727 7,479,869 81,631,103Enghouse Systems Limited 557,999 21,653,623 26,884,392Shopify Inc. Cl. A 131,800 18,855,106 68,048,340The Descartes Systems Group Inc. 654,010 19,860,400 36,297,555

142,672,398 291,245,062Materials: 3.95%CCL Industries Inc. Cl. B 801,053 18,571,178 44,314,252

56




PrincipalNutrien Ltd. 1,342,172 91,598,093 83,442,833

110,169,271 127,757,085Real Estate: 4.50%Choice Properties Real Estate Investment Trust 4,450,773 59,136,161 61,910,253First Capital Real Estate Investment Trust 4,056,811 83,002,353 83,854,283

142,138,514 145,764,536Utilities: 1.75%Hydro One Limited 2,251,822 51,340,923 56,475,696

Total Canadian Equities 2,183,822,724 3,106,110,620


Total Short-Term Reserves and Equities: 99.99% 2,312,992,487 3,236,207,076

Total Portfolio: 100.00% 2,313,195,740 3,236,410,329

57



Analysis of credit qualityThe Fund does not have direct investments in debt securities and therefore does not have significant credit risk.








Currency riskThe Fund invests primarily in Canadian companies. As at the reporting date, all of the companies in this Fund were Canadian companies. However, some of the companies in this Fund have operations outside Canada which may lead to transactional and/or translational currency risk to those companies.

The Fund's primary exposure to currency risk is via investments denominated in U.S. dollars. Changes in the value of the U.S. dollar vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.

The table below sets out the effect on the net assets attributable to unitholders of redeemable units of a possible weakening of the U.S. dollar against the Canadian dollar by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.

December 31, 2019 December 31, 2018Increased or decreased (000's) 2,043 -% of the Fund's value 0.06% -

58






Investments Percentage of NAVU.S. dollars 40,869 1.26% - -Total 40,869 1.26% - -

Other price riskThe Fund invests in exchange-traded equities as at December 31, 2019 and December 31, 2018.





December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalEquities – long 3,106,111 - 3,106,111 2,557,674 - 2,557,674Short-term investments - 130,096 130,096 - 123,815 123,815Total 3,106,111 130,096 3,236,207 2,557,674 123,815 2,681,489



Income per unit $ 1.27 $ 2.01 $ 3.28 $ 0.89 $ 1.67 $ 2.56Capital gains per unit $ - $ - $ - $ - $ 0.11 $ 0.11




59


(c) Brokers' commissions and other transaction costsDisclosed below are the total commissions paid by the Fund to brokers in connection with portfolio transactions and custodian trading fees, including soft dollar commissions, during the year. Soft dollar commissions are used to cover the payment of investment research goods and services provided by third parties other than a broker-dealer to the Manager.


60

MAWER MUTUAL FUNDSMawer New Canada Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 1,438,026,922 1,124,380,643Cash 23,396 204,535Subscriptions receivable 273,595 537,274Receivable for investments sold - 11,598,508Dividends receivable 1,770,002 2,495,548

Total Assets 1,440,093,915 1,139,216,508

LIABILITIESAccrued expenses 99,237 153,822Management fee payable 264,453 244,154Redemptions payable 241,888 463,630Accounts payable for investments purchased 640,666 5,206,231



Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 215,529,303 183,307,195Series O 1,197,622,462 924,648,996Series S 25,695,906 25,192,480

Number of Units OutstandingSeries A 2,611,541 2,735,841Series O 14,700,444 13,767,321Series S 325,715 408,235

Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 82.53 67.00Series O 81.47 67.16Series S 78.89 61.71





March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 1,106,031 425,356Dividends 22,362,875 22,699,401Foreign currency gain (loss) on cash (2,237) (98)Other net changes in fair value of investments at fair value through profit or loss:


Total Income 342,858,346 (112,356,142)

EXPENSESManagement fees 2,445,295 2,504,032Audit fees 15,901 26,322Custodian, recordkeeping and accounting 124,847 121,657Legal fees 22,451 25,974Independent review committee fees 3,723 4,745Interest and borrowing expense - 520Transaction costs 450,654 444,705HST 100,366 131,152GST 129,646 133,144

Total Expenses 3,292,883 3,392,251


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 50,854,240 (21,393,554)Series O 281,805,773 (92,365,532)Series S 6,905,450 (1,989,307)

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 19.3256 (7.6843)Series O 20.4400 (7.1248)Series S 19.0502 (5.0909)

61



2019Series A Series O Series S Total

Units $ Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 2,735,841 183,307,195 13,767,321 924,648,996 408,235 25,192,480 16,911,397 1,133,148,671

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - 50,854,240 - 281,805,773 - 6,905,450 - 339,565,463

Redeemable Unit TransactionsProceeds from redeemable units issued 396,930 31,262,563 888,455 69,655,936 - - 1,285,385 100,918,499Reinvestments of distributions to unitholders of redeemable units 110,794 9,018,158 1,006,983 80,872,882 6,703 521,278 1,124,480 90,412,318Redemptions of redeemable units (632,024) (49,570,882) (962,315) (75,797,770) (89,223) (6,402,024) (1,683,562) (131,770,676)

Distributions to Unitholders of Redeemable Units

Net investment income - (854,421) - (18,649,406) - (455,936) - (19,959,763)Capital gains - (8,487,550) - (64,913,949) - (65,342) - (73,466,841)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (124,300) 32,222,108 933,123 272,973,466 (82,520) 503,426 726,303 305,699,000

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 2,611,541 215,529,303 14,700,444 1,197,622,462 325,715 25,695,906 17,637,700 1,438,847,671


Units $ Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 2,956,504 226,301,897 13,084,310 1,029,335,250 - - 16,040,814 1,255,637,147

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (21,393,554) - (92,365,532) - (1,989,307) - (115,748,393)

Redeemable Unit TransactionsProceeds from redeemable units issued 370,911 27,667,089 712,581 55,318,051 430,472 30,203,379 1,513,964 113,188,519Reinvestments of distributions to unitholders of redeemable units 66,199 4,360,386 825,968 54,510,654 19,848 1,203,595 912,015 60,074,635Redemptions of redeemable units (657,773) (49,131,503) (855,538) (65,973,769) (42,085) (3,021,592) (1,555,396) (118,126,864)


Net investment income - (806,530) - (17,625,391) - (478,656) - (18,910,577)Capital gains - (3,690,590) - (38,550,267) - (724,939) - (42,965,796)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (220,663) (42,994,702) 683,011 (104,686,254) 408,235 25,192,480 870,583 (122,488,476)

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 2,735,841 183,307,195 13,767,321 924,648,996 408,235 25,192,480 16,911,397 1,133,148,671


62



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 339,565,463 (115,748,393)Adjustments for:Foreign currency (gain) loss on cash 2,237 98Net realized (gain) loss on investments (105,422,746) (72,332,111)Change in unrealized (appreciation) depreciation on investments (213,968,931) 207,812,912(Increase) decrease in dividends receivable 725,546 152,865Increase (decrease) in accrued expenses and management fees payable (34,286) (122,425)Purchases of investments (551,057,668) (531,334,825)Proceeds from sales and maturities of investments 563,836,009 546,080,873

Net Cash Generated (Used) by Operating Activities 33,645,624 34,508,994


Net Cash Generated (Used) by Financing Activities (33,824,526) (34,744,053)

Foreign currency gain (loss) on cash (2,237) (98)

Net increase (decrease) in cash (181,139) (235,157)Cash Beginning of Year 204,535 439,692


Interest received, net of withholding tax 1,106,031 425,356Dividends received, net of withholding tax 23,088,421 22,852,266Interest paid - 520





Total Cash 23,396 23,396

SHORT-TERM RESERVES: 1.44%Canada Treasury Bills: 1.44%Feb 20/20 9,922,000 9,899,588 9,899,588Mar 05/20 5,465,000 5,449,280 5,449,280Mar 19/20 1,115,000 1,111,089 1,111,089Apr 02/20 4,282,000 4,264,097 4,264,097


EQUITIES: 98.56%Canadian Equities: 98.56%Communication Services: 4.13%Cogeco Inc. 437,727 32,876,310 45,563,004Stingray Group Inc. 1,934,488 17,799,270 13,812,244

50,675,580 59,375,248Consumer Discretionary: 9.35%MTY Food Group Inc. 1,000,593 35,895,023 55,522,905New Look Vision Group Inc. Cl. A 880,144 28,426,141 28,516,666Recipe Unlimited Corp. 731,593 18,761,549 14,251,432Sleep Country Canada Holdings Inc. 1,787,104 41,648,226 36,117,372

124,730,939 134,408,375Consumer Staples: 3.59%Andrew Peller Limited Cl. A 1,207,412 16,583,269 14,259,536Jamieson Wellness, Inc. 1,450,818 28,820,783 37,358,563

45,404,052 51,618,099Energy: 5.34%CES Energy Solutions Corp. 7,940,134 28,414,482 18,500,512Parkland Fuel Corporation 830,596 18,586,485 39,627,735ShawCor, Ltd. 1,487,561 31,213,725 18,639,140

78,214,692 76,767,387Financials: 10.16%Alaris Royalty Corp. 761,575 17,167,735 16,701,340Canadian Western Bank 615,979 13,523,338 19,643,570Currency Exchange International, Corp. 138,936 3,517,517 2,500,848Element Fleet Management, Corp. 3,621,773 31,874,537 40,165,463Equitable Group Inc. 536,047 18,256,858 58,616,739First National Financial Corporation 223,249 3,724,587 8,501,322

88,064,572 146,129,282Healthcare: 3.35%Andlauer Healthcare Group Inc. 478,251 8,120,739 9,588,932HLS Therapeutics Inc. 1,488,063 25,955,764 37,945,606Knight Therapeutics Inc. 75,432 477,910 571,775

34,554,413 48,106,313Industrials: 22.15%Badger Daylighting, Ltd. 369,752 12,565,827 12,993,085Boyd Group Income Fund 418,330 33,787,957 84,502,660Calian Group, Ltd. 454,797 15,551,949 17,509,684GDI Integrated Facility Services Inc., Sub. Voting 674,125 11,933,261 22,805,649Morneau Shepell, Inc. 1,216,651 18,744,879 41,110,637NFI Group Inc. 707,295 11,651,197 18,849,412People Corporation 2,709,584 20,942,359 27,177,128Richelieu Hardware, Ltd. 1,541,807 17,080,832 41,829,224Savaria Corporation 2,510,500 37,278,544 35,021,475Stantec Inc. 455,019 8,045,835 16,699,197

187,582,640 318,498,151Information Technology: 13.40%Absolute Software Corporation 1,099,009 8,326,179 9,561,378Enghouse Systems Limited 1,749,534 36,297,918 84,292,548Kinaxis Inc. 189,313 12,136,879 18,935,086Photon Control Inc. 5,601,813 11,773,395 7,730,502Sangoma Technologies Corporation 3,380,078 3,996,871 8,416,394

63




PrincipalSylogist, Ltd. Cl. A 1,524,543 9,834,755 15,016,749The Descartes Systems Group Inc. 878,057 15,683,284 48,732,164

98,049,281 192,684,821Materials: 10.74%Intertape Polymer Group Inc. 852,120 12,303,935 14,162,234Neo Performance Materials Inc. 1,623,300 18,443,911 20,047,755Richards Packaging Income Fund 701,110 22,506,444 31,963,605Stella-Jones Inc. 1,292,151 26,257,738 48,481,506Winpak, Ltd. 852,050 12,468,655 40,029,309

91,980,683 154,684,409Real Estate: 15.16%Altus Group, Ltd. 1,161,356 23,177,154 44,085,074Colliers International Group Inc. 389,030 21,330,887 39,330,933FirstService Corporation 213,002 12,288,468 25,749,812InterRent Real Estate Investment Trust 1,236,763 5,470,330 19,342,973Mainstreet Equity Corp. 679,784 21,659,304 53,702,936Morguard Corporation 33,822 6,696,880 6,798,222StorageVault Canada Inc. 7,798,398 26,636,290 28,932,056

117,259,313 217,942,006Utilities: 1.19%AltaGas Canada Inc. 512,100 13,097,491 17,088,777

Total Canadian Equities 929,613,656 1,417,302,868


Total Short-Term Reserves and Equities: 100.00% 949,564,248 1,438,026,922

Total Portfolio: 100.00% 949,587,644 1,438,050,318

64











Currency riskThe Fund invests primarily in Canadian companies. As at the reporting date, all of the companies in this Fund were Canadian companies. However, some of the companies in this Fund have operations outside Canada which may lead to transactional and/or translational currency risk to those companies. The exposure to the Fund is immaterial.





65





December 31, 2019 December 31, 2018Series A Series O Series S Total Series A Series O Series S Total

Income per unit $ 0.34 $ 1.36 $ 1.43 $ 3.13 $ 0.30 $ 1.36 $ 1.23 $ 2.89Capital gains per unit $ 3.38 $ 4.75 $ 0.20 $ 8.33 $ 1.38 $ 2.98 $ 1.87 $ 6.23






66

MAWER MUTUAL FUNDSMawer U.S. Equity Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 3,981,613,742 3,155,219,018Cash 1,195,225 1,810,735Subscriptions receivable 1,858,207 2,015,768Dividends receivable 3,035,040 3,112,950

Total Assets 3,987,702,214 3,162,158,471

LIABILITIESAccrued expenses 118,120 180,624Management fee payable 572,617 452,712Redemptions payable 2,186,075 2,622,426










March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 1,157,435 5,970,502Dividends 52,601,031 43,769,013Foreign currency gain (loss) on cash (105,408) 186,591Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments 177,454,289 236,562,390Change in unrealized appreciation (depreciation) on investments 637,188,728 32,010,347

Total Income 868,296,075 318,498,843

EXPENSESManagement fees 4,811,087 3,930,946Audit fees 41,074 62,493Custodian, recordkeeping and accounting 379,839 326,361Legal fees 28,913 76,170Independent review committee fees 11,218 11,680Interest and borrowing expense 71 8,502Transaction costs 221,210 272,902HST 248,025 205,951GST 258,979 218,069Non-resident witholding tax 7,391,945 6,116,631

Total Expenses 13,392,361 11,229,705




67






Redeemable Unit TransactionsProceeds from redeemable units issued 3,243,262 185,805,027 6,216,986 339,279,378 9,460,248 525,084,405Reinvestments of distributions to unitholders of redeemable units 11,744 726,777 676,242 39,840,400 687,986 40,567,177Redemptions of redeemable units (2,669,167) (153,124,548) (7,220,045) (399,701,693) (9,889,212) (552,826,241)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 585,839 138,322,016 (326,817) 687,600,677 259,022 825,922,693






Distributions to Unitholders of Redeemable UnitsNet investment income - (325,671) - (33,515,688) - (33,841,359)Capital gains - (1,115,025) - (84,199,322) - (85,314,347)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 292,773 47,040,839 (167,755) 150,421,081 125,018 197,461,920



68



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 854,903,714 307,269,138Adjustments for:Foreign currency (gain) loss on cash 105,408 (186,591)Net realized (gain) loss on investments (177,454,289) (236,562,390)Change in unrealized (appreciation) depreciation on investments (637,188,728) (32,010,347)(Increase) decrease in dividends receivable 77,910 (209,844)Increase (decrease) in accrued expenses and management fees payable 57,401 (41,635)Purchases of investments (1,393,335,214) (1,448,130,245)Proceeds from sales and maturities of investments 1,381,583,507 1,523,775,822

Net Cash Generated (Used) by Operating Activities 28,749,709 113,903,908


Net Cash Generated (Used) by Financing Activities (29,259,811) (112,731,995)

Foreign currency gain (loss) on cash (105,408) 186,591

Net increase (decrease) in cash (615,510) 1,358,504Cash Beginning of Year 1,810,735 452,231

Cash End of Year 1,195,225 1,810,735

Interest received, net of withholding tax 1,157,435 5,970,502Dividends received, net of withholding tax 45,286,996 37,442,538Interest paid 71 8,502





Total Cash 1,197,922 1,195,225

SHORT-TERM RESERVES: 2.59%Canada Treasury Bills: 0.10%Mar 19/20 4,158,000 4,143,370 4,143,370

United States Treasury Bills: 2.49%Jan 23/20 13,934,000 18,356,953 18,049,002Mar 12/20 62,659,000 82,360,076 80,992,988


EQUITIES: 97.38%U.S. Equities: 97.38%Communication Services: 10.32%Alphabet Inc. Cl. A 5,500 3,666,413 9,550,855Alphabet Inc. Cl. C 89,374 34,984,198 154,925,041Cinemark Holdings, Inc. 336,100 13,561,293 14,750,261Comcast Corporation Cl. A 1,986,900 70,957,630 115,843,433Shenandoah Telecommunications Company 333,582 11,874,636 17,995,870Verizon Communications Inc. 1,231,900 83,586,284 98,065,523

218,630,454 411,130,983Consumer Discretionary: 5.25%Amazon.com, Inc. 20,700 29,970,954 49,591,498Booking Holdings Inc. 19,900 36,322,867 52,986,953LKQ Corporation 418,710 15,722,965 19,380,013Nike Inc. Cl. B 663,200 45,134,827 87,110,269

127,151,613 209,068,733Consumer Staples: 5.53%PepsiCo, Inc. 269,310 21,086,418 47,719,754The Hershey Company 330,200 39,900,266 62,922,770The Procter & Gamble Company 675,657 62,983,631 109,411,063

123,970,315 220,053,587Financials: 20.83%BlackRock, Inc. 50,600 12,070,324 32,978,578CME Group Inc. Cl. A 431,380 39,529,945 112,259,518FactSet Research Systems Inc. 52,836 14,256,139 18,379,053Intercontinental Exchange, Inc. 620,600 59,440,896 74,466,461JPMorgan Chase & Co. 539,964 26,954,789 97,588,828Marsh & McLennan Companies, Inc. 1,211,000 70,183,901 174,920,552S&P Global, Inc. 222,900 14,161,763 78,908,678State Street Corporation 850,100 66,258,078 87,180,433Wells Fargo & Company 957,718 42,040,652 66,802,459Willis Towers Watson PLC 328,898 56,756,504 86,110,499

401,652,991 829,595,059Healthcare: 14.22%Allergan PLC 71,700 21,220,714 17,770,982AmerisourceBergen Corporation 173,439 19,248,931 19,117,909Baxter International Inc. 564,300 37,945,053 61,177,642Becton, Dickinson and Company 346,680 37,610,686 122,242,525Cerner Corporation 134,400 8,839,198 12,788,178Danaher Corporation 50,700 9,550,113 10,088,632DENTSPLY SIRONA, Inc. 273,100 15,114,661 20,037,056Gilead Sciences, Inc. 590,850 57,854,454 49,777,086Hologic, Inc. 589,700 33,380,135 39,916,949Johnson & Johnson 480,000 55,094,506 90,777,818Waters Corporation 325,458 62,215,190 98,590,089West Pharmaceutical Services, Inc. 124,087 13,893,728 24,184,909

371,967,369 566,469,775Industrials: 16.21%3M Co. 128,500 28,710,770 29,391,616A.O. Smith Corporation 522,683 31,648,498 32,283,651Allegion PLC 275,582 31,332,114 44,497,154

69




PrincipalAMETEK, Inc. 832,125 35,324,662 107,604,505CSX Corporation 280,543 18,666,132 26,319,069Fastenal Company 628,800 30,689,502 30,123,089IAA Inc. 1,241,784 53,151,524 75,765,327KAR Auction Services, Inc. 862,700 20,415,551 24,371,909Nielsen Holdings PLC 364,400 15,439,534 9,590,625TriMas Corporation 830,200 32,156,199 33,808,289Union Pacific Corporation 157,800 20,613,345 36,987,410United Technologies Corporation 239,383 28,737,717 46,479,523Verisk Analytics, Inc. Cl. A 713,500 75,015,798 138,147,378Wabtec Corporation 101,100 13,294,120 10,197,724

435,195,466 645,567,269Information Technology: 18.53%Accenture PLC Cl. A 36,800 9,373,857 10,046,547Amphenol Corp. Cl. A 502,256 48,687,055 70,476,660Ansys Inc. 332,800 37,749,808 111,066,031Intuit Inc. 187,100 17,169,953 63,537,709MasterCard Incorporated Cl. A 205,600 20,726,163 79,592,270Microsoft Corporation 649,100 100,331,182 132,713,720Oracle Corporation 107,911 3,722,333 7,412,252Paychex, Inc. 580,800 46,768,285 64,050,793PayPal Holdings, Inc. 126,200 4,380,024 17,698,592Texas Instruments Incorporated 134,250 17,789,694 22,329,532Visa Inc. Cl. A 653,300 41,325,174 159,151,948

348,023,528 738,076,054Materials: 6.49%AptarGroup, Inc. 563,247 67,981,082 84,431,475Ecolab Inc. 146,200 28,839,320 36,580,926Linde Public Limited Company 194,700 28,913,884 53,742,038PPG Industries Inc. 50,000 6,513,359 8,653,489RPM International, Inc. 422,762 31,878,078 42,072,995The Sherwin-Williams Company 43,600 19,698,634 32,985,999

183,824,357 258,466,922

Total U.S. Equities 2,210,416,093 3,878,428,382



Total Portfolio: 100.00% 2,315,893,993 3,982,808,967

70











Currency riskThe Fund's primary exposure to currency risk is via investments denominated in U.S. dollars. Changes in the value of the U.S. dollar vis-à-vis the Canadian dollar, which the Fund's unit value is valued in, could have either a positive or negative effect upon the net asset value independently of the underlying investments. The Fund does not attempt to actively hedge potential currency risk.

The table below sets out the effect on the net assets attributable to unitholders of redeemable units of a possible weakening of the U.S. dollar against the Canadian dollar by 5%. The analysis assumes that all other variables, in particular interest rates, remain constant.






Investments Percentage of NAVU.S. dollars 3,977,731 99.82% 3,153,132 99.82%Total 3,977,731 99.82% 3,153,132 99.82%

71










Income per unit $ 0.09 $ 0.71 $ 0.80 $ 0.04 $ 0.60 $ 0.64Capital gains per unit $ - $ - $ - $ 0.14 $ 1.50 $ 1.64






72

MAWER MUTUAL FUNDSMawer International Equity Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 7,009,421,043 6,095,890,654Cash 500,952 204,599Subscriptions receivable 1,854,870 4,201,092Receivable for investments sold - 1,541,253Dividends receivable 27,961,660 24,851,433

Total Assets 7,039,738,525 6,126,689,031

LIABILITIESAccrued expenses 777,407 873,691Management fee payable 1,197,194 1,228,427Redemptions payable 4,859,051 2,204,389Accounts payable for investments purchased - 4,799,391



Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 953,497,980 910,834,130Series O 5,697,254,778 4,854,211,772Series S 382,152,115 352,537,231

Number of Units OutstandingSeries A 14,959,659 16,179,890Series O 93,287,158 90,098,734Series S 24,950,657 26,073,031

Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 63.74 56.29Series O 61.07 53.88Series S 15.32 13.52





March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 4,018,210 2,467,952Dividends 179,762,254 147,542,966Foreign currency gain (loss) on cash (4,934,690) (2,465,452)Other net changes in fair value of investments at fair value through profit or loss:


Total Income 1,008,020,956 (152,271,348)

EXPENSESManagement fees 11,368,439 11,648,717Audit fees 91,784 124,969Custodian, recordkeeping and accounting 1,772,909 2,723,627Legal fees 117,907 132,868Independent review committee fees 20,491 23,566Interest and borrowing expense 8,875 4,914Transaction costs 5,555,613 7,243,758HST 625,608 677,655GST 658,628 720,243Non-resident witholding tax 16,869,816 14,108,169Capital gain tax - 306,674

Total Expenses 37,090,070 37,715,160


Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable UnitsSeries A 126,822,972 (40,217,091)Series O 789,247,644 (140,731,254)Series S 54,860,270 (9,038,163)

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units per UnitSeries A 8.1255 (2.5568)Series O 8.5938 (1.6762)Series S 2.1605 (0.3458)

73




Units $ Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 16,179,890 910,834,130 90,098,734 4,854,211,772 26,073,031 352,537,231 132,351,655 6,117,583,133

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - 126,822,972 - 789,247,644 - 54,860,270 - 970,930,886

Redeemable Unit TransactionsProceeds from redeemable units issued 3,042,715 184,434,612 9,587,033 559,560,724 2,799,689 40,969,962 15,429,437 784,965,298Reinvestments of distributions to unitholders of redeemable units 146,460 9,286,758 2,062,378 125,298,530 383,686 5,846,069 2,592,524 140,431,357Redemptions of redeemable units (4,409,406) (267,844,421) (8,460,987) (502,520,052) (4,305,749) (63,165,165) (17,176,142) (833,529,638)


Net investment income - (10,036,071) - (128,543,840) - (8,896,252) - (147,476,163)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (1,220,231) 42,663,850 3,188,424 843,043,006 (1,122,374) 29,614,884 845,819 915,321,740

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 14,959,659 953,497,980 93,287,158 5,697,254,778 24,950,657 382,152,115 133,197,474 7,032,904,873


Units $ Units $ Units $ Units $Net Assets Attributable to Unitholders of Redeemable Units Beginning of Year 15,129,430 927,070,750 82,762,004 4,917,192,145 27,703,342 409,278,866 125,594,776 6,253,541,761

Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units - (40,217,091) - (140,731,254) - (9,038,163) - (189,986,508)

Redeemable Unit TransactionsProceeds from redeemable units issued 4,358,294 270,373,934 9,916,275 599,096,523 3,407,329 51,018,103 17,681,898 920,488,560Reinvestments of distributions to unitholders of redeemable units 652,213 36,216,772 5,984,477 317,797,272 1,044,191 13,916,207 7,680,881 367,930,251Redemptions of redeemable units (3,960,047) (243,756,001) (8,564,022) (514,031,626) (6,081,831) (91,577,625) (18,605,900) (849,365,252)


Net investment income - (6,277,821) - (101,333,079) - (7,822,145) - (115,433,045)Capital gains - (32,576,413) - (223,778,209) - (13,238,012) - (269,592,634)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 1,050,460 (16,236,620) 7,336,730 (62,980,373) (1,630,311) (56,741,635) 6,756,879 (135,958,628)

Net Assets Attributable to Unitholders of Redeemable Units at End of Year 16,179,890 910,834,130 90,098,734 4,854,211,772 26,073,031 352,537,231 132,351,655 6,117,583,133


74



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 970,930,886 (189,986,508)Adjustments for:Foreign currency (gain) loss on cash 4,934,690 2,465,452Net realized (gain) loss on investments (168,894,449) (348,807,717)Change in unrealized (appreciation) depreciation on investments (660,280,733) 648,624,385Change in unrealized appreciation (depreciation) on forward currency contracts - 146(Increase) decrease in dividends receivable (3,110,227) (7,046,904)Increase (decrease) in accrued expenses and management fees payable (127,517) (126,813)Purchases of investments (2,828,185,930) (3,153,481,779)Proceeds from sales and maturities of investments 2,740,572,585 2,998,807,791




Foreign currency gain (loss) on cash (4,934,690) (2,465,452)

Net increase (decrease) in cash 296,353 (755,503)Cash Beginning of Year 204,599 960,102


Interest received, net of withholding tax 4,018,210 2,467,952Dividends received, net of withholding tax 159,782,211 126,387,893Interest paid 8,875 4,914





Total Cash 500,952 500,952

SHORT-TERM RESERVES: 2.22%Canada Treasury Bills: 2.22%Jan 23/20 14,231,000 14,216,956 14,216,956Feb 06/20 65,501,000 65,393,842 65,393,842Feb 20/20 61,207,000 61,068,880 61,068,880Mar 05/20 11,743,000 11,709,273 11,709,273Mar 19/20 3,211,000 3,199,700 3,199,700


EQUITIES: 97.77%Asia: 24.85%China: 3.55%China Mobile Limited 6,345,000 80,602,169 69,179,542Fuyao Glass Industry Group Co., Ltd. Cl. H 11,399,252 36,536,652 45,255,305Tencent Holdings Limited 2,142,068 67,416,722 133,925,598

184,555,543 248,360,445Hong Kong: 1.50%AIA Group Limited 7,702,600 91,691,556 104,880,659

India: 3.37%HDFC Bank Limited 5,779,634 92,831,921 133,545,366UPL Limited 9,694,681 95,751,469 102,926,042

188,583,390 236,471,408Japan: 9.56%Japan Exchange Group, Inc. 5,401,600 110,227,009 124,383,441Nomura Research Institute, Ltd. 3,377,600 92,807,903 94,218,364Sekisui Chemical Co., Ltd. 5,235,400 116,970,923 118,932,254Seven & I Holdings Co., Ltd. 2,764,100 151,784,565 132,014,665Tsuruha Holdings, Inc. 1,199,000 101,152,096 200,562,638

572,942,496 670,111,362Singapore: 1.94%DBS Group Holdings Limited 5,455,800 73,051,244 136,140,073

South Korea: 2.74%LG Household & Healthcare, Ltd. Preferred 115,330 33,729,952 99,687,873Samsung Electronics Co., Ltd. Preferred 1,816,340 78,822,895 92,448,243

112,552,847 192,136,116Taiwan: 2.19%Taiwan Semiconductor Manufacturing Company, Ltd. 10,724,000 98,394,856 153,521,481

Total Asia 1,321,771,932 1,741,621,544

EUROPE: 66.92%Belgium: 1.34%Anheuser-Busch InBev SA 889,061 107,088,219 94,089,767

Denmark: 2.81%Novozymes A/S Class B 1,408,252 89,952,177 89,424,637Topdanmark A/S 1,685,851 93,802,748 107,840,413

183,754,925 197,265,050Finland: 3.27%Kone OYJ Series B 988,173 54,204,346 83,824,161Sampo OYJ Series A 2,570,516 148,547,538 145,578,833

202,751,884 229,402,994France: 9.34%Air Liquide SA 1,345,649 157,387,108 247,176,875ALD SA 4,180,131 88,423,333 84,205,929

75




PrincipalLegrand SA 1,097,473 103,710,399 116,034,296LVMH Moet Hennessy Louis Vuitton SA 343,884 186,382,171 207,318,833

535,903,011 654,735,933Germany: 6.63%Deutsche Boerse AG 725,919 64,969,858 148,080,529FUCHS PETROLUB SE 1,336,535 50,559,196 77,716,603FUCHS PETROLUB SE Preferred 1,591,230 104,268,008 102,277,172SAP SE 780,642 133,612,425 136,711,934

353,409,487 464,786,238Ireland: 2.34%Glanbia PLC 5,870,899 138,559,722 87,673,564Kerry Group PLC Cl. A 471,348 29,324,293 76,220,609

167,884,015 163,894,173Italy: 1.80%Recordati SPA 2,307,866 125,409,564 126,202,650

Netherlands: 3.51%Adyen NV 40,108 39,816,265 42,674,169Wolters Kluwer NV 2,150,579 105,350,008 203,525,606

145,166,273 246,199,775Spain: 1.28%Amadeus IT Group, SA 849,879 55,808,174 90,054,448

Sweden: 2.94%ASSA ABLOY AB Series B 6,784,058 187,449,122 206,140,850

Switzerland: 10.09%Alcon Inc. 395,566 30,423,255 29,031,819Nestlé SA 894,381 125,838,230 125,509,237Novartis AG ADR 1,286,420 138,888,442 157,928,104Roche Holding AG 385,550 109,712,236 162,138,103SGS SA 26,429 89,499,315 93,835,072Sika AG 569,229 74,140,826 138,635,692

568,502,304 707,078,027United Kingdom: 21.57%Bunzl PLC 5,484,074 218,239,764 194,820,318Compass Group PLC 4,625,257 143,869,788 150,386,399Croda International Public Limited Company 1,556,692 70,969,520 137,114,549Diageo PLC 1,623,751 87,858,773 89,402,188Halma PLC 3,722,539 35,280,438 135,508,271InterContinental Hotels Group PLC 2,080,715 143,221,255 186,420,839Intertek Group PLC 2,167,065 102,110,501 218,166,036Rathbone Brothers PLC 2,034,230 63,746,891 74,540,198RELX PLC 6,399,482 175,930,640 209,780,280Spirax-Sarco Engineering PLC 755,598 84,186,262 115,558,913

1,125,413,832 1,511,697,991

Total Europe 3,758,540,810 4,691,547,896

NORTH AMERICA: 6.00%United States: 6.00%Aon PLC Cl. A 1,315,705 132,304,257 355,303,484IHS Markit, Ltd. 669,041 22,359,700 65,359,468


Total Equities 5,234,976,699 6,853,832,392



Total Portfolio: 100.00% 5,379,299,953 7,009,921,995

76








The following table is a summary of the Funds' exposure to debt securities, including short-term reserves, by maturity.






77






Investments Percentage of NAVU.S. dollars 578,591 8.23% 502,734 8.22%Brazilian real - - 5,406 0.09%British pound sterling 1,511,698 21.49% 1,486,480 24.30%Danish krone 197,265 2.80% 106,172 1.74%Euro 2,069,366 29.42% 1,734,968 28.36%Hong Kong dollars 353,241 5.02% 344,348 5.63%Indian rupee 236,471 3.36% 238,584 3.90%Japanese yen 670,111 9.53% 576,731 9.43%New Taiwanese dollars 153,521 2.18% 83,632 1.37%Singapore dollars 136,140 1.94% 128,284 2.10%South Korean won 192,136 2.73% 167,155 2.73%Swedish krona 206,141 2.93% 185,482 3.03%Swiss franc 549,151 7.81% 266,557 4.36%Yuan renminbi - - 50,672 0.83%Total 6,853,832 97.44% 5,877,205 96.09%







78



December 31, 2019 December 31, 2018Series A Series O Series S Total Series A Series O Series S Total

Income per unit $ 0.67 $ 1.41 $ 0.36 $ 2.44 $ 0.40 $ 1.21 $ 0.31 $ 1.92Capital gains per unit $ - $ - $ - $ - $ 2.09 $ 2.67 $ 0.53 $ 5.29





December 31, 2019 December 31, 2018Total commissions $ 5,555,613 $ 7,243,758Soft dollar commissions $ 11,565 $ 106,179

79

MAWER MUTUAL FUNDSMawer Global Small Cap Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 3,219,452,507 2,539,370,606Cash 304,492 520,163Subscriptions receivable 5,235,316 3,692,203Receivable for investments sold 225,583 2,050,682Dividends receivable 6,461,404 4,569,648

Total Assets 3,231,679,302 2,550,203,302

LIABILITIESAccrued expenses 428,164 339,322Management fee payable 1,472,152 1,315,778Redemptions payable 1,921,141 1,720,193Accounts payable for investments purchased 1,012,486 63,030










March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 4,869,616 3,279,262Dividends 62,859,955 64,557,230Foreign currency gain (loss) on cash (2,690,871) (571,540)Other net changes in fair value of investments at fair value through profit or loss:


Total Income 686,546,726 (15,190,038)

EXPENSESManagement fees 12,557,131 11,846,471Audit fees 47,640 51,676Custodian, recordkeeping and accounting 1,175,691 1,065,131Legal fees 93,170 89,320Independent review committee fees 8,971 9,855Interest and borrowing expense 4,609 5,501Transaction costs 1,571,101 1,651,040HST 712,797 672,108GST 673,971 651,389Other expense 5,455 -Non-resident witholding tax 6,543,017 5,256,503Capital gain tax - 3,480,599

Total Expenses 23,393,553 24,779,593




80






Redeemable Unit TransactionsProceeds from redeemable units issued 14,521,207 237,246,411 13,070,281 207,421,368 27,591,488 444,667,779Reinvestments of distributions to unitholders of redeemable units 2,452,197 41,381,840 12,054,215 189,811,693 14,506,412 231,193,533Redemptions of redeemable units (14,477,871) (235,316,899) (10,801,329) (173,107,897) (25,279,200) (408,424,796)







Redeemable Unit TransactionsProceeds from redeemable units issued 19,479,571 314,341,667 13,227,378 209,571,637 32,706,949 523,913,304Reinvestments of distributions to unitholders of redeemable units 3,117,379 44,387,700 11,805,877 160,990,842 14,923,256 205,378,542Redemptions of redeemable units (15,985,063) (255,191,528) (11,942,667) (190,186,815) (27,927,730) (445,378,343)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 6,611,887 32,064,003 13,090,588 (10,536,896) 19,702,475 21,527,107



81



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 663,153,173 (39,969,631)Adjustments for:Foreign currency (gain) loss on cash 2,690,871 571,540Net realized (gain) loss on investments (286,160,387) (218,852,618)Change in unrealized (appreciation) depreciation on investments (335,347,639) 301,307,455Change in unrealized appreciation (depreciation) on forward currency contracts - 153(Increase) decrease in dividends receivable (1,891,756) (1,022,809)Increase (decrease) in accrued expenses and management fees payable 245,216 (163,045)Purchases of investments (1,945,224,491) (1,942,875,003)Proceeds from sales and maturities of investments 1,889,425,171 1,840,867,484




Foreign currency gain (loss) on cash (2,690,871) (571,540)

Net increase (decrease) in cash (215,671) (617,488)Cash Beginning of Year 520,163 1,137,651







Total Cash 304,431 304,492



EQUITIES: 92.53%Asia: 11.82%Hong Kong: 0.33%Pico Far East Holdings Limited 26,746,000 14,301,651 10,685,008

Japan: 6.60%Create SD Holdings Co., Ltd. 978,000 33,174,308 32,625,626Kusuri No Aoki Holdings Co., Ltd. 441,600 33,052,572 36,038,608Maruwa Unyu Kikan Co., Ltd. 1,058,344 16,137,479 30,280,209Tsuruha Holdings, Inc. 653,800 83,313,282 109,364,348WDB Holdings Co., Ltd. 130,300 4,042,574 4,209,940

169,720,215 212,518,731Malaysia: 0.85%Heineken Malaysia Berhad 3,188,200 17,048,091 27,405,098

Singapore: 0.25%HRnetgroup Limited 13,436,914 10,718,936 8,097,348

South Korea: 2.34%NICE Information Service Co., Ltd. 2,858,366 30,071,476 44,703,107S1 Corporation 291,804 33,592,319 30,653,247

63,663,795 75,356,354Taiwan: 1.45%Addcn Technology Co., Ltd. 1,676,000 18,815,314 17,433,053Lumax International Corp., Ltd. 3,678,100 10,124,252 12,757,990Sinmag Equipment Corporation 1,774,840 12,240,915 8,942,717Tehmag Foods Corporation 771,100 6,795,566 7,403,686

47,976,047 46,537,446

Total Asia 323,428,735 380,599,985

Europe: 60.33%Finland: 0.95%Tikkurila OYJ 1,456,017 35,568,802 30,432,496

France: 0.35%Thermador Groupe 145,041 7,829,221 11,188,796

Germany: 11.81%AMADEUS FIRE AG 170,209 23,093,574 36,616,231Bechtle AG 550,315 45,445,977 100,284,167CTS Eventim AG & Co. KGaA 819,975 49,571,731 66,894,886Fielmann AG 708,803 58,626,061 74,280,486KWS Saat SE & Co. KGaA 484,366 44,182,345 40,678,615New Work SE 93,934 38,358,817 39,922,925Sixt Leasing AG 926,412 25,093,358 15,263,962STRATEC Biomedical AG 73,750 6,972,590 6,547,998

291,344,453 380,489,270Italy: 2.90%De'Longhi SPA 1,869,963 47,741,472 51,305,161

82




PrincipalDiaSorin 43,874 4,914,872 7,369,359Marr SpA 1,171,444 37,347,642 34,697,856

90,003,986 93,372,376Netherlands: 5.18%Amsterdam Commodities NV 920,769 18,505,535 27,809,007GrandVision NV 3,489,107 117,234,577 139,251,034

135,740,112 167,060,041Norway: 4.81%Atea ASA 3,766,500 71,582,455 71,496,754Bakkafrost PF 870,653 59,667,707 83,534,494

131,250,162 155,031,248Spain: 1.22%Applus Services, SA 2,359,200 42,668,458 39,145,902

Sweden: 9.74%Addtech AB Series B 1,524,708 22,827,778 64,100,247Bravida Holding AB 8,235,006 82,006,998 103,919,493HiQ International AB 4,097,248 42,386,454 29,390,921Loomis AB Cl. B 1,020,214 39,814,363 54,894,581Nilorngruppen AB B Shares 871,362 10,589,914 8,330,062Nordic Waterproofing Holding AS 1,895,183 25,568,227 25,296,278Vitec Software Group AB B Shares 1,075,415 6,985,907 27,604,394

230,179,641 313,535,976Switzerland: 7.21%APG SGA SA 48,919 23,100,288 18,606,755Cembra Money Bank AG 700,606 64,439,643 99,461,373dorma+kaba Holding AG Registered Cl. B 61,331 56,024,561 56,881,960VZ Holding AG 143,136 29,602,499 57,222,647

173,166,991 232,172,735United Kingdom: 16.16%4imprint Group PLC 652,678 21,305,268 39,074,111Croda International Public Limited Company 293,267 11,040,391 25,831,168Diploma plc 3,668,816 41,072,910 127,746,004Halma PLC 239,879 1,032,648 8,732,102James Fisher and Sons PLC 701,618 15,791,204 24,441,994Kainos Group PLC 3,309,876 12,218,215 42,249,981On the Beach Group PLC 7,997,047 59,646,253 67,054,211Softcat PLC 6,259,507 43,554,750 124,051,921XP Power Ltd. 1,143,982 34,653,628 61,008,700

240,315,267 520,190,192

Total Europe 1,378,067,093 1,942,619,032

Middle East: 1.41%United Arab Emirates: 1.41%Aramex PJSC 36,080,075 58,415,033 45,464,195

Total Middle East 58,415,033 45,464,195

North America: 11.63%Canada: 2.14%Constellation Software Inc. 32,113 2,755,015 40,499,631Richelieu Hardware, Ltd. 1,044,300 23,161,812 28,331,859

25,916,827 68,831,490United States: 9.49%Alamo Group Inc. 308,900 41,422,744 50,281,375CBIZ, Inc. 1,922,500 61,650,215 67,198,373Chase Corporation 259,700 33,537,518 39,892,340Douglas Dynamics, Inc. 376,201 13,462,514 26,825,953Insperity, Inc. 249,100 13,257,606 27,787,319Morningstar, Inc. 448,800 74,396,676 88,042,629Winmark Corporation 21,674 5,476,523 5,572,298

243,203,796 305,600,287




PrincipalSouth Pacific: 5.00%Australia: 3.02%Bravura Solutions Limited 6,602,805 22,936,717 31,293,900Hansen Technologies Ltd. 8,344,596 18,678,910 28,901,261Steadfast Group Limited 8,882,300 27,299,292 28,172,965Technology One Limited 1,169,562 5,571,916 8,837,017

74,486,835 97,205,143New Zealand: 1.98%Freightways Limited 7,008,806 48,516,288 52,093,691Gentrack Group Limited 3,536,759 5,952,055 11,597,353

54,468,343 63,691,044

Total South Pacific 128,955,178 160,896,187

Latin America: 2.34%Chile: 1.22%Compania Cervecerias Unidas SA ADR 1,595,756 59,678,542 39,246,989

Mexico: 1.12%Becle, SAB de CV 14,877,800 29,281,085 35,955,129


Total Equities 2,246,946,289 2,979,213,294



Total Portfolio: 100.00% 2,484,326,590 3,219,756,999

83














84






Investments Percentage of NAVU.S. dollars 345,069 10.69% 163,125 6.41%Australian dollars 97,066 3.01% 215,558 8.46%British pound sterling 520,190 16.12% 607,937 23.87%Chilean peso (9) - 11,476 0.45%Euro 722,118 22.38% 349,665 13.73%Hong Kong dollars 10,685 0.33% 13,190 0.52%Japanese yen 212,519 6.59% 145,851 5.73%Malaysian ringgit 27,405 0.85% 25,256 0.99%Mexican peso 35,955 1.11% 25,689 1.01%New Taiwanese dollars 46,537 1.44% 58,244 2.29%New Zealand dollars 63,633 1.97% 74,606 2.93%Norwegian krone 155,031 4.80% 83,549 3.28%Singapore dollars 8,097 0.25% 26,299 1.03%South Korean won 75,356 2.34% 72,142 2.83%Swedish krona 313,526 9.72% 251,898 9.89%Swiss franc 232,173 7.20% 192,032 7.54%United Arab Emirates dirham 45,464 1.41% - -Total 2,910,815 90.21% 2,316,517 90.96%







85










86

MAWER MUTUAL FUNDSMawer Global Equity Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 5,530,478,335 4,011,559,619Cash 1,766,883 1,039,939Subscriptions receivable 3,287,637 10,261,886Receivable for investments sold 4,037,945 -Dividends receivable 11,157,074 8,657,072

Total Assets 5,550,727,874 4,031,518,516











March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 2,349,563 4,406,312Dividends 111,605,865 74,000,596Foreign currency gain (loss) on cash (3,331,555) (1,679,641)Other net changes in fair value of investments at fair value through profit or loss:


Total Income 955,964,713 195,613,392

EXPENSESManagement fees 8,512,324 7,181,499Audit fees 67,169 73,052Custodian, recordkeeping and accounting 934,550 1,080,948Legal fees 148,071 134,114Independent review committee fees 15,536 13,208Interest and borrowing expense 2,781 1,936Transaction costs 2,756,279 1,954,791HST 386,250 347,230GST 469,769 412,633Non-resident witholding tax 9,489,065 7,620,227Capital gain tax - 3,212,475

Total Expenses 22,781,794 22,032,113




87






Redeemable Unit TransactionsProceeds from redeemable units issued 8,798,454 269,308,650 31,342,649 1,017,744,349 40,141,103 1,287,052,999Reinvestments of distributions to unitholders of redeemable units 178,622 5,838,775 2,655,193 90,360,723 2,833,815 96,199,498Redemptions of redeemable units (7,075,761) (216,466,069) (14,764,376) (481,511,832) (21,840,137) (697,977,901)


Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 1,901,315 188,531,727 19,233,466 1,328,076,618 21,134,781 1,516,608,345





Redeemable Unit TransactionsProceeds from redeemable units issued 7,998,844 223,052,829 33,830,175 998,157,418 41,829,019 1,221,210,247Reinvestments of distributions to unitholders of redeemable units 280,566 7,548,537 4,073,770 114,118,098 4,354,336 121,666,635Redemptions of redeemable units (5,839,555) (162,486,092) (14,867,706) (436,491,881) (20,707,261) (598,977,973)





88



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 933,182,919 173,581,279Adjustments for:Foreign currency (gain) loss on cash 3,331,555 1,679,641Net realized (gain) loss on investments (152,737,426) (147,984,710)Change in unrealized (appreciation) depreciation on investments (692,603,414) 29,098,192Change in unrealized appreciation (depreciation) on forward currency contracts - 393(Increase) decrease in dividends receivable (2,500,002) (3,519,057)Increase (decrease) in accrued expenses and management fees payable 201,033 108,405Purchases of investments (3,181,908,787) (2,263,635,359)Proceeds from sales and maturities of investments 2,504,334,278 1,599,426,099


Cash Flows from Financing ActivitiesDistributions to unitholders of redeemable units, net of reinvested distributions (5,649,672) (4,201,108)Proceeds from redeemable units issued 1,294,027,248 1,215,814,860Amounts paid on redemption of redeemable units (695,619,233) (603,162,042)


Foreign currency gain (loss) on cash (3,331,555) (1,679,641)

Net increase (decrease) in cash 726,944 (4,473,048)Cash Beginning of Year 1,039,939 5,512,987

Cash End of Year 1,766,883 1,039,939






Total Cash 1,773,651 1,766,883

SHORT-TERM RESERVES: 3.74%Canada Treasury Bills: 0.88%Mar 19/20 2,530,000 2,521,098 2,521,098Apr 02/20 46,474,000 46,279,712 46,279,712

48,800,810 48,800,810United States Treasury Bills: 2.86%Jan 23/20 122,089,000 160,324,047 158,144,742


EQUITIES: 96.23%Asia: 9.88%China: 0.57%China Mobile Limited 729,198 10,523,799 7,950,446Fuyao Glass Industry Group Co., Ltd. Cl. H 5,968,800 25,895,511 23,696,280

36,419,310 31,646,726Hong Kong: 1.30%AIA Group Limited 5,284,200 55,718,037 71,951,078

India: 1.83%HDFC Bank Limited 1,154,172 18,236,305 26,668,527UPL Limited 7,028,182 73,433,850 74,616,478

91,670,155 101,285,005Japan: 2.09%Kusuri No Aoki Holdings Co., Ltd. 255,100 19,281,564 20,818,498Seven & I Holdings Co., Ltd. 1,034,300 55,882,199 49,398,635Tsuruha Holdings, Inc. 271,300 29,577,531 45,381,688

104,741,294 115,598,821South Korea: 1.31%LG Household & Healthcare, Ltd. Preferred 53,824 30,751,509 46,523,889Samsung Electronics Co., Ltd. Preferred 513,400 25,414,724 26,131,081

56,166,233 72,654,970Singapore: 1.93%DBS Group Holdings Limited 4,277,866 87,603,008 106,746,763

Taiwan: 0.85%Taiwan Semiconductor Manufacturing Company, Ltd. 3,285,000 30,436,993 47,027,048

Total Asia 462,755,030 546,910,411

Europe: 33.01%Finland: 0.79%Sampo OYJ Series A 769,511 48,944,267 43,580,555

France: 5.32%Air Liquide SA 855,935 116,932,999 157,223,272LVMH Moet Hennessy Louis Vuitton SA 227,557 124,423,278 137,188,272

241,356,277 294,411,544Germany: 2.54%Deutsche Boerse AG 523,374 57,852,599 106,763,287FUCHS PETROLUB SE 576,926 34,426,002 33,546,992

92,278,601 140,310,279Italy: 0.30%Recordati SPA 303,342 16,404,951 16,587,863

89




PrincipalNetherlands: 3.93%Amsterdam Commodities NV 681,627 19,705,455 20,586,455GrandVision NV 530,497 18,772,594 21,172,253Wolters Kluwer NV 1,857,811 121,423,379 175,818,749

159,901,428 217,577,457Sweden: 2.92%ASSA ABLOY AB Series B 2,261,743 61,422,698 68,725,477Bravida Holding AB 4,734,720 49,131,318 59,748,554Loomis AB Cl. B 616,882 24,261,726 33,192,526

134,815,742 161,666,557Switzerland: 6.07%Alcon Inc. 182,400 14,076,175 13,386,903Nestlé SA 344,449 51,059,239 48,336,818Novartis AG ADR 1,012,900 108,595,266 124,349,261Roche Holding AG 311,249 106,342,069 130,891,771VZ Holding AG 47,390 15,693,735 18,945,487

295,766,484 335,910,240United Kingdom: 11.14%Bunzl PLC 2,232,693 88,222,561 79,315,845Compass Group PLC 2,679,689 87,398,583 87,127,867Croda International Public Limited Company 1,135,100 70,597,629 99,980,423Diploma plc 2,780,492 48,793,261 96,815,088Halma PLC 443,462 6,167,330 16,142,952Intertek Group PLC 1,390,176 110,500,995 139,953,895On the Beach Group PLC 1,123,947 8,708,720 9,424,151RELX PLC 1,832,911 51,879,644 60,084,329Softcat PLC 1,391,350 12,475,119 27,573,999

484,743,842 616,418,549

Total Europe 1,474,211,592 1,826,463,044

Latin America: 0.63%Brazil: 0.34%Itau Unibanco Holding SA 1,809,900 20,516,035 18,683,851

Chile: 0.29%Compania Cervecerias Unidas SA ADR 650,215 22,154,111 15,991,781


North America: 52.71%Canada: 7.89%Alimentation Couche-Tard Inc. Cl. B 2,293,000 97,144,226 94,494,530Brookfield Asset Management Inc. Cl. A 1,322,606 61,116,669 99,235,128Canadian Natural Resources, Ltd. 613,200 25,652,605 25,754,400Constellation Software Inc. 65,715 27,972,240 82,877,130Rogers Communications Inc. Cl. B 500,494 28,757,742 32,271,853Royal Bank of Canada 738,000 69,953,262 75,829,500Suncor Energy Inc. 604,700 26,180,008 25,736,032

336,776,752 436,198,573United States: 44.82%Accenture PLC Cl. A 360,200 94,729,881 98,336,043Alphabet Inc. Cl. C 95,379 97,983,961 165,334,387AMETEK, Inc. 728,514 51,607,223 94,206,265Amphenol Corp. Cl. A 646,000 73,341,321 90,646,846Aon PLC Cl. A 890,100 135,782,895 240,369,712Baxter International Inc. 886,000 84,188,411 96,054,210Becton, Dickinson and Company 327,476 68,316,163 115,471,019BlackRock, Inc. 53,989 23,612,213 35,187,360Comcast Corporation Cl. A 1,076,900 54,739,926 62,787,152CSX Corporation 833,800 57,052,855 78,222,730IHS Markit, Ltd. 503,946 19,801,847 49,231,127Johnson & Johnson 546,487 82,170,948 103,351,870JPMorgan Chase & Co. 1,265,371 140,335,973 228,693,158Linde Public Limited Company 309,500 50,919,305 85,429,691



PrincipalMarsh & McLennan Companies, Inc. 611,000 61,261,022 88,254,713Microsoft Corporation 819,600 127,191,029 167,573,818PepsiCo, Inc. 344,900 45,145,931 61,113,747PPG Industries Inc. 199,100 26,781,959 34,458,194S&P Global, Inc. 447,505 74,348,687 158,420,943Union Pacific Corporation 617,400 93,463,473 144,715,001Verisk Analytics, Inc. Cl. A 180,491 19,241,830 34,946,543Verizon Communications Inc. 1,086,600 69,625,849 86,498,902Visa Inc. Cl. A 656,706 86,435,308 159,981,692

1,638,078,010 2,479,285,123

Total North America 1,974,854,762 2,915,483,696

Total Equities 3,954,491,530 5,323,532,783



Total Portfolio: 100.00% 4,160,005,063 5,532,245,218

90














91






Investments Percentage of NAVU.S. dollars 2,778,098 50.11% 2,031,679 50.44%Australian dollars - - 27,654 0.69%Brazilian real 18,684 0.34% 15,702 0.39%British pound sterling 616,419 11.12% 359,044 8.91%Euro 712,920 12.86% 419,854 10.42%Hong Kong dollars 99,556 1.80% 137,348 3.41%Indian rupee 101,285 1.83% 86,794 2.16%Japanese yen 115,599 2.09% 113,847 2.83%New Taiwanese dollars 47,027 0.85% 34,998 0.87%Singapore dollars 106,747 1.93% 90,079 2.24%South Korean won 72,804 1.31% 57,047 1.42%Swedish krona 161,667 2.92% 78,758 1.96%Swiss franc 211,561 3.82% 81,961 2.04%Total 5,042,367 90.98% 3,534,765 87.78%









Income per unit $ 0.26 $ 0.65 $ 0.91 $ 0.11 $ 0.47 $ 0.58Capital gains per unit $ - $ 0.07 $ 0.07 $ 0.24 $ 0.56 $ 0.80

92







93

MAWER MUTUAL FUNDSMawer Emerging Markets Equity Fund


2019 ($) 2018 ($)ASSETSInvestments at fair value through profit or loss* 87,993,157 60,406,359Cash 117,078 227,006Subscriptions receivable 50,334 475,126Receivable for investments sold - 73,945Dividends receivable 45,381 39,876Other receivable 17,337 58,716

Total Assets 88,223,287 61,281,028

LIABILITIESAccrued expenses 58,298 42,628Management fee payable 47,126 44,486Redemptions payable 67,551 319,475Accounts payable for investments purchased - 137,398










March 4, 2020


2019 ($) 2018 ($)INCOMEInterest income for distribution purposes 54,896 41,959Dividends 2,122,286 1,739,727Foreign currency gain (loss) on cash (75,554) (77,697)Other net changes in fair value of investments at fair value through profit or loss:

Net realized gain (loss) on investments (554,012) (698,826)Change in unrealized appreciation (depreciation) on investments 6,475,874 (4,421,822)

Total Income 8,023,490 (3,416,659)

EXPENSESManagement fees 470,746 417,687Audit fees 1,582 1,162Custodian, recordkeeping and accounting 119,193 124,409Legal fees 24,455 24,992Independent review committee fees 212 365Interest and borrowing expense 701 1,440Transaction costs 51,076 109,337HST 19,799 21,229GST 25,133 27,643Other expense 944 -Non-resident witholding tax 291,702 219,362Capital gain tax - 24,343

Total Expenses before Manager Absorption 1,005,543 971,969Less: expenses absorbed by the manager (46,471) (74,450)





94






Redeemable Unit TransactionsProceeds from redeemable units issued 1,319,129 15,420,963 2,011,396 23,610,628 3,330,525 39,031,591Reinvestments of distributions to unitholders of redeemable units 27,521 330,473 72,748 882,065 100,269 1,212,538Redemptions of redeemable units (1,387,713) (16,158,807) (218,391) (2,522,673) (1,606,104) (18,681,480)

Distributions to Unitholders of Redeemable UnitsNet investment income - (383,045) - (930,751) - (1,313,796)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units (41,063) 2,282,583 1,865,753 25,030,688 1,824,690 27,313,271





Redeemable Unit TransactionsProceeds from redeemable units issued 2,036,879 23,780,613 1,803,316 21,317,321 3,840,195 45,097,934Reinvestments of distributions to unitholders of redeemable units 24,283 261,749 62,112 670,839 86,395 932,588Redemptions of redeemable units (1,192,198) (13,607,994) (1,341,271) (15,305,101) (2,533,469) (28,913,095)

Distributions to Unitholders of Redeemable UnitsNet investment income - (284,857) - (724,482) - (1,009,339)

Net Increase (Decrease) in Net Assets Attributable to Unitholders of Redeemable Units 868,964 7,779,507 524,157 4,014,403 1,393,121 11,793,910



95



2019 ($) 2018 ($)Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to unitholders of redeemable units 7,064,418 (4,314,178)Adjustments for:Foreign currency (gain) loss on cash 75,554 77,697Net realized (gain) loss on investments 554,012 698,826Change in unrealized (appreciation) depreciation on investments (6,475,874) 4,421,822(Increase) decrease in dividends receivable (5,505) (14,420)(Increase) decrease in other receivable 41,379 (2,249)Increase (decrease) in accrued expenses and management fees payable 18,310 8,583Purchases of investments (53,102,084) (69,409,659)Proceeds from sales and maturities of investments 31,373,695 52,598,725







Interest received, net of withholding tax 54,896 41,959Dividends received, net of withholding tax 1,825,079 1,505,945Interest paid 701 1,440





Total Cash 117,329 117,078

SHORT-TERM RESERVES: 3.87%Canada Treasury Bills: 3.87%Jan 23/20 1,992,000 1,990,037 1,990,037Feb 06/20 347,000 346,434 346,434Mar 05/20 149,000 148,571 148,571Mar 19/20 140,000 139,507 139,508Apr 02/20 786,000 782,714 782,714


EQUITY: 96.00%Africa: 3.79%South Africa: 3.79%AVI Ltd. 126,000 1,342,424 1,039,818The SPAR Group Limited 125,600 2,462,838 2,301,027

Total Africa 3,805,262 3,340,845

Asia: 75.94%China: 20.89%Alibaba Group Holding Limited ADR 16,400 3,551,367 4,509,797Autohome Inc. ADR 7,600 848,717 788,370BOC Aviation Limited 100,800 1,091,639 1,329,733Fuyao Glass Industry Group Co., Ltd. Cl. H 201,600 950,629 800,357Kweichow Moutai Co., Ltd. Cl. A 6,023 1,085,361 1,326,189Midea Group Co., Ltd. Cl. A 150,385 1,235,300 1,630,453Shanghai International Airport Co., Ltd. 156,380 1,746,098 2,292,131Tencent Holdings Limited 59,000 2,981,740 3,688,777Travelsky Technology Limited Cl. H 366,000 1,250,767 1,158,768Wuliangye Yibin Co., Ltd. 35,100 838,574 868,959

15,580,192 18,393,534Hong Kong: 3.99%AIA Group Limited 258,000 2,667,055 3,512,997

India: 11.39%CARE Ratings Limited 77,000 1,461,843 893,645HDFC Bank Limited 132,000 2,324,081 3,050,018Hero MotoCorp Limited 14,700 1,086,314 652,314Infosys Limited ADR 103,200 1,204,755 1,380,804Mold-Tek Packaging Limited 237,000 1,513,871 1,212,024Tata Consultancy Services 30,600 1,292,716 1,201,501UPL Limited 155,400 1,664,853 1,649,843

10,548,433 10,040,149Indonesia: 1.53%PT Prodia Widyahusada Tbk 119,600 47,681 40,434Sarana Menara Nusantara Tbk PT 17,400,000 1,214,674 1,308,127

1,262,355 1,348,561Malaysia: 3.55%Heineken Malaysia Berhad 298,000 1,764,643 2,561,545ViTrox Corporation Berhad 225,000 286,194 564,812

2,050,837 3,126,357Philippines: 0.82%Globe Telecom, Inc. 14,000 697,196 723,961

South Korea: 14.89%BusinessOn Communication Co., Ltd. 108,000 1,736,152 1,713,270LG Household & Healthcare, Ltd. Preferred 3,900 2,880,490 3,371,046NICE Information Service Co., Ltd. 210,000 2,388,472 3,284,272S1 Corporation 15,800 1,778,477 1,659,749

96




PrincipalSamsung Electronics Co., Ltd. Preferred 60,800 2,588,329 3,094,604

11,371,920 13,122,941Taiwan: 17.61%Addcn Technology Co., Ltd. 282,000 3,063,882 2,933,246Golden Friends Corp. 673,300 1,396,594 1,787,975Sinmag Equipment Corporation 153,830 995,819 775,088Sporton International Inc. 297,282 2,184,350 2,738,625Taiwan Semiconductor Manufacturing Company, Ltd. 303,000 3,038,393 4,337,655Tehmag Foods Corporation 307,000 2,900,448 2,947,649

13,579,486 15,520,238Thailand: 0.74%Minor International PCL 420,000 574,859 654,445

Vietnam: 0.53%Masan Consumer Corporation 115,000 562,585 463,266

Total Asia 58,894,918 66,906,449

Europe: 0.51%Russia: 0.51%Moscow Exchange MICEX-RTS PJSC 200,000 524,614 449,668

Total Europe 524,614 449,668

Latin America: 12.80%Brazil: 6.01%B3 SA - Brasil Bolsa Balcao 146,600 1,466,944 2,030,272Itau Unibanco Holding SA 316,600 3,322,064 3,268,306

4,789,008 5,298,578Chile: 3.64%Compania Cervecerias Unidas SA ADR 80,600 2,815,932 1,982,325Empresas Lipigas SA 153,174 1,684,706 1,228,066

4,500,638 3,210,391Mexico: 3.15%Bolsa Mexicana de Valores, SAB de CV 975,400 2,172,019 2,771,574


Middle East: 2.96%United Arab Emirates: 2.96%Aramex PJSC 2,070,000 3,389,573 2,608,388

Total Middle East 3,389,573 2,608,388

Total Equities 78,076,032 84,585,893


Total Short-Term Reserves and Equities: 99.87% 81,363,964 87,993,157

Total Portfolio: 100.00% 81,481,293 88,110,235

97














98






Investments Percentage of NAVU.S. dollars 8,661 9.84% 6,118 10.07%Brazilian real 5,299 6.02% 3,849 6.34%Chilean peso 1,227 1.39% 1,702 2.80%Hong Kong dollars 10,491 11.91% 8,945 14.73%Indian rupee 8,659 9.83% 6,767 11.14%Indonesian rupiah 1,349 1.53% - -Malaysian ringgit 3,126 3.55% 3,045 5.01%Mexican peso 2,772 3.15% 1,810 2.98%New Taiwanese dollars 15,520 17.63% 8,592 14.15%Philippine peso 724 0.82% 690 1.14%Russian ruble 450 0.51% 318 0.52%South African rand 3,341 3.79% 2,652 4.37%South Korean won 13,123 14.90% 8,994 14.81%Thai baht 654 0.74% 598 0.98%United Arab Emirates dirham 2,608 2.96% 1,602 2.64%Viet Nam dong 475 0.54% - -Yuan renminbi 6,118 6.95% 2,083 3.43%Total 84,597 96.06% 57,765 95.11%






December 31, 2019 December 31, 2018(000's) Level 1 Level 2 Total Level 1 Level 2 TotalEquities – long 84,586 - 84,586 57,780 - 57,780Short-term investments - 3,407 3,407 - 2,626 2,626Total 84,586 3,407 87,993 57,780 2,626 60,406

99




Income per unit $ 0.13 $ 0.22 $ 0.35 $ 0.10 $ 0.30 $ 0.40





December 31, 2019 December 31, 2018Total commissions $ 51,076 $ 109,337Soft dollar commissions $ - $ 1,692

100

MAWER MUTUAL FUNDSNOTES TO FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2019 AND 2018

1. REPORTING ENTITYMawer Mutual Funds are domiciled in Canada. The address of the Funds’ registered office is 600, 517 – 10th Ave. S.W., Calgary, Alberta, T2R 0A8. The Funds have been established by way of a Declaration of Trust under the laws of Alberta by State Street Trust Company Canada (the “Trustee”), as trustee, effective June 15, 2015. Previously, the trustee of the Funds was The Royal Trust Company.

The Funds comprise the Mawer Canadian Money Market Fund, Mawer Canadian Bond Fund, Mawer Global Bond Fund, Mawer Balanced Fund, Mawer Tax Effective Balanced Fund, Mawer Global Balanced Fund, Mawer Canadian Equity Fund, Mawer New Canada Fund, Mawer U.S. Equity Fund, Mawer International Equity Fund, Mawer Global Small Cap Fund, Mawer Global Equity Fund, and Mawer Emerging Markets Equity Fund, (individually a “Fund” and collectively the “Funds”). They are open-ended mutual funds invested in different types of investments, depending upon their investment objectives, such as cash, equity securities, and bonds issued by companies listed on major domestic, U.S., and global stock exchanges.

The investment activities of the Funds are managed by Mawer Investment Management Ltd. (the Manager) and the administration of the Funds is delegated to State Street Fund Services Toronto Inc. and International Financial Data Services (Canada) Limited (the Administrators).

2. BASIS OF ACCOUNTINGThese financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’). The Funds' significant accounting policies under IFRS are presented in Note 11. These annual financial statements were authorized for issue by the Manager's Board of Directors on March 4, 2020.

3. FUNCTIONAL AND PRESENTATION CURRENCYThese financial statements are presented in Canadian dollars, which is the functional currency of the Funds.

4. USE OF JUDGMENTS AND ESTIMATESIn preparing these financial statements, management has made judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized in the year in which the estimates are revised and in any future years affected.

(a) Judgments

Determination of functional currency

“Functional currency” is the currency of the primary economic environment in which the Fund operates. If indicators of the primary economic environment are mixed, then management uses its judgment to determine the functional currency that most faithfully represents the economic effect of the underlying transactions, events, and conditions. Although the Funds may have investments and transactions in a variety of currencies, the majority of the Funds’ investments and transactions are denominated in Canadian dollars. Investor subscriptions and redemptions are received and paid in Canadian dollars across all Funds. Accordingly, management has determined that the functional currency of the Funds is the Canadian dollar.

(b) Assumptions and estimation uncertainties

Measurement of fair values

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in future years is included in Note 6 and relates to the determination of fair value of financial instruments.

5. FINANCIAL RISK REVIEWThis note presents information about the Funds’ exposure to each of the financial risks. For information on the Funds’ financial risk management framework, see Note 9.

(a) Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund, resulting in a financial loss to the Fund. The Funds are exposed to credit risk principally on corporate debt securities. The risk management strategy for the Funds is to invest primarily in debt obligations of high credit quality issuers and to limit the amount of credit exposure with respect to any one corporate issuer.

Credit risk is mitigated through diversification and by investing primarily in rated instruments or instruments issued by rated counterparties of credit rating at least BBB. The Funds receive monthly rating updates, which are reviewed accordingly. In instances where a holding’s credit rating has fallen below BBB, the Manager will dispose of the holdings, as soon as is practical. At the end of the current year there were no debt securities rated below BBB.

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YEARS ENDED DECEMBER 31, 2019 AND 2018 continued

The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. The carrying amount of debt securities investments as presented on the Schedule of Investment Portfolio represents the maximum credit risk exposure as at December 31st. This also applies to other assets as they have a short-term to settlement.

All transactions in listed securities are settled and/or paid for upon delivery using approved brokers. The risk of default is considered minimal as delivery of securities sold is only made once the broker has received payment. Payment is made on purchases once the broker has received the securities. The trade will fail if either party fails to meet its obligation.

There were no significant concentrations of credit risk to counterparties at December 31, 2019 and December 31, 2018. No individual investment, other than investments in other Mawer Funds and investments in the Mawer Canadian Money Market Fund, exceeded five percent of the net assets attributable to holders of redeemable units at December 31, 2019 and December 31, 2018.

The Funds’ short-term reserves are held mainly in cash and Government of Canada Treasury Bills, which are rated R-1 (high) and therefore do not have significant credit risk. The Manager monitors the financial position of the Funds daily.

Receivable for investments sold are balances due from brokers and represent sales transactions awaiting settlement. Credit risk relating to unsettled transactions is considered small as all transactions in listed securities are settled and/or paid for upon delivery using approved brokers.

(b) Liquidity risk

Liquidity risk is the risk that a Fund will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivery of cash or another financial asset.

The Manager’s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due. The Funds are exposed to daily cash redemptions of redeemable units. Therefore, the Funds invest the majority of their assets in investments that are traded in an active market and can be readily disposed. The Funds have the ability to borrow up to 5% of net assets from the Funds’ custodian for the purpose of funding redemptions. The related costs of borrowing are based on overdraft rates of prime plus 2% and charged directly to the Fund.

To manage short-term cash flow requirements, the Funds maintain a portion of invested assets in liquid short-term notes with a term to maturity of less than 30 days that typically represents up to 10% of the Funds’ value.

All liabilities, other than outstanding units are due on demand or within three months.

The Manager is entitled to receive a management fee in respect of each Series A Unit in each Fund paid within five days following the month for which fees become payable. For redemption of units, the Funds have a contractual obligation to pay within two days after the day on which the net asset value is determined. Actual volume of redemptions varies from day to day.

(c) Market risk

Market risk is the risk that changes in market prices (other than those arising from interest rate risk or currency risk) whether caused by factors specific to an individual investment or its issuer, or all factors affecting all instruments traded in the market or market segment, will affect the Funds’ income or the fair value of financial instruments. All securities present a risk of loss of capital.

The Funds’ strategy for management of market risk is through careful selection of securities within the parameters of the investment strategy. The price of a money market security is affected by individual company developments and by general economic and financial conditions including interest rate levels and movements. The value of all other securities, in particular equity securities, changes with stock market conditions. These conditions are also affected by general economic and market conditions.

(i) Interest rate risk

The Funds are exposed to the risk that the fair value or future cash flows of their financial instruments will fluctuate as a result of changes in market interest rates. For money market securities, during periods of rising interest rates, the interest income generated by the Fund will generally increase and during periods of falling interest rates, the interest income generated by the Fund will generally decrease. For fixed income securities, during periods of rising interest rates, the market value of the Fund’s existing fixed income securities will generally decrease and during periods of falling interest rates, the market value of the Fund’s existing fixed income securities will generally increase.

For money market securities, interest rate risk is mitigated by limiting the average term of the investments to no more than 180 days, and no more than 90 days when calculated on the basis that the term of a floating rate security is the period remaining to the date of the next rate setting.

The current operating strategy to mitigate interest rate risk for debt securities is to vary duration only within narrow limits compared to that of the benchmark.

The internal procedures require the investment manager to manage interest rate risk on a daily basis in accordance with the policies and procedures in place. The current portfolio is managed within pre-defined interest rate sensitivity to the mandated benchmark. The interest rate sensitivity of the specific mandate is measured by modified duration. A Fund’s interest rate risk is monitored on a daily basis by the investment manager’s fixed income team. If the interest rate risk is not in accordance with the investment policy or guidelines of the Fund, then the investment manager is required to rebalance the portfolio as quickly as possible after the determination of such occurrence.

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(ii) Currency risk

The Funds invest in financial instruments and enter into transactions that are denominated in currencies other than the functional currency. Consequently, the Funds are exposed to risk that the exchange rate of the functional currency relative to other foreign currencies may change in a manner that has an adverse effect on the fair value or future cash flows of that portion of the Fund’s financial assets or financial liabilities that is denominated in currencies other than the Canadian dollar.

The Funds’ currency risk is managed on a continuous basis by the Manager in accordance with the policies and procedures in place. The primary risk management framework is to maintain broadly diversified exposure to a variety of currencies, supported by a thorough understanding of how currency price changes impact the value of the financial securities held. The Funds’ currency positions and exposures are monitored on a continuous basis by the Manager and are adjusted when deemed appropriate.

(iii) Other price risk

Other price risk is the risk that the fair value of the financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment or its issuer or factors affecting all instruments traded in the market.

Price risk is managed by the Manager by appropriate diversification of individual securities. The Manager employs a long-term holding period to allow for investor recognition or corporate growth.

The internal procedures require the Manager to manage price risk on a daily basis. This is managed through daily monitoring of stock prices for equity investments within the portfolios and comparing these levels to what we believe the fair value range is for these investments. We also monitor sector exposures and have a risk management process in place that is conducted by the Manager's Chief Investment Officer.

If the price risk is not in accordance with the investment policy or guidelines of the Funds, then the Manager will attempt to rebalance the portfolio within a timeframe that mitigates the risk of capital impairment and the impact from market price movements.

The Manager monitors the concentration of risk for equity and debt securities. There were no significant concentrations of risk to issuers at December 31, 2019 and December 31, 2018 and no exposure to any individual issuer exceeded 5% of the net assets attributable to unitholders of redeemable units with the exception of Mawer Balanced Fund which is 100% invested in units of the Funds.

All investments in listed debt securities are fixed-income instruments that have a variety of maturities. The Funds expect price fluctuations for these investments to arise principally from interest rate or credit risk. As a result, the Funds are not subject to significant other price risk on these investments.

6. FAIR VALUES OF FINANCIAL INSTRUMENTS(a) Valuation techniques

The fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices. For all other financial instruments, the Funds determine fair values using other valuation techniques. The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset or paid to transfer the liability in an orderly transaction between market participants at the measurement date.

For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgment depending on liquidity, uncertainty of market factors, pricing assumptions, and other risks affecting the specific instrument.

The Funds measure fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data.

• Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Observable prices are usually available in the market for listed debt and equity securities. The availability of observable market prices reduces the need for management judgment and estimation and reduces the uncertainty associated with the determination of fair values. The availability of observable market prices and inputs varies depending on the products and markets and is prone to changes based on specific events and general conditions in the financial markets.

The Funds may hold exchangeable securities which are valued on a formula based on the underlying exchange-traded security. The Funds may also engage in private placements where a temporary hold is placed on trading the security. In the instance where the cost

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of the private placement is less than the market value of the freely traded security, the private placement is valued using amortization. In the instance where the amortized value of private placement becomes greater than the market value of the freely traded security, the value of the private placement is the market value of the freely traded security. At December 31, 2019, all securities held by the Funds were publicly traded. As at December 31, 2018, all securities were publicly traded with the exception of Oslo Bors VPS which was restricted from selling until August 31, 2019.

(b) Financial instruments not measured at fair value

The financial instruments not measured at fair value through profit or loss are cash, subscriptions receivable, receivable for investments sold, interest, and other receivable, dividends receivables, bank indebtedness, accrued expenses, management fee payable, redemptions payable, accounts payable for investments purchased, and distributions payable. The carrying amounts of these instruments approximate fair value.

7. WITHHOLDING TAX EXPENSENet income and net realized capital gains of each Fund are distributed to unitholders each year with a view to ensure that each Fund will not be liable for ordinary income tax. Certain dividend income received from non-Canadian financial instruments is subject to withholding taxes imposed in the country of origin. During the year, the average withholding tax rate was 15% (2018 – 15%).

8. NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITSUnitholders have the right to redeem all or any part of the units registered at the net asset value of the respective series thereof on any business day. The net asset value per unit is calculated on financial instruments quoted in an active market using closing prices. There is no difference between net assets calculated in accordance with IFRS and net assets calculated for purposes of pricing.

9. FINANCIAL RISK MANAGEMENT FRAMEWORKThe Funds maintain positions in a variety of financial instruments in accordance with its investment management strategy as disclosed in the Funds’ annual simplified prospectus and as set out in the Schedules of Investment Portfolio.

The Funds’ Managers have been given discretionary authority to manage the assets in line with the Funds’ investment objectives. Compliance with the target asset allocations and the composition of the portfolio are monitored by the Manager’s fixed income and equity teams on a weekly basis. In instances where the portfolio has diverged from target asset allocations, the Manager is obliged to take action to rebalance the portfolio in line with the established targets as quickly as possible.

(a) Operational risk

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the processes, technology, and infrastructure supporting the Funds’ activities with financial instruments, either internally within the Fund or externally at the Funds’ service providers, and from external factors other than credit, market, and liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards of investment management behaviour.

Each Fund's objective is to manage operational risk so as to balance the limiting of financial losses and damage to their reputation with achieving their investment objectives of generating returns to investors.

The primary responsibility for development and implementation of controls over operational risk rests with the Manager’s Board of Directors. This responsibility is supported by the development of overall standards for the management of operational risk, which encompasses the controls and processes at the service providers. The Manager has a written, legally binding contract with each service provider that includes the expectations of the parties to the outsourcing arrangement. Service agreements are reviewed annually to ensure they continue to address ongoing and changing regulatory requirements.

The Board of Directors’ assessment of the adequacy of the controls and processes in place at the service providers with respect to operational risk is carried out in a manner suited to the service being provided and the provider of the services. The Manager records the monitoring process and addresses concerns with the provider as they arise.

All of the assets of the Funds are held by State Street Trust Company Canada. The bankruptcy or insolvency of the Funds’ custodian may cause the Funds’ rights with respect to the securities held by the custodian to be limited. The Manager conducts due diligence analysis including an assessment of the service provider’s reputation, financial stability, and its ability to deliver services in accordance with securities laws and other legal requirements and reviews the independent Report on Controls on internal controls annually.

(b) Capital management

The redeemable units of the Funds provide an investor with the right to require redemption for cash at a value proportionate to the investor’s share in a Fund’s net assets at each valuation date and are classified as liabilities (see Note 8). The Funds’ objectives in managing the redeemable units are to ensure a stable base to maximize returns to all investors, and to manage liquidity risk arising from redemptions. The Funds’ management of the liquidity risk arising from redeemable units is discussed in Note 5 (b).

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10.BASIS OF MEASUREMENTThe financial statements have been prepared on the historical cost basis, except for derivatives and investments, which are carried at fair value through profit or loss.

11. SIGNIFICANT ACCOUNTING POLICIESThe Funds have consistently applied the following accounting policies to all years presented in these financial statements.

(a) Foreign currency

Transactions in foreign currencies are translated into Canadian dollars at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into Canadian dollars at the exchange rate at that date. Foreign exchange on investments are included in foreign exchange gains (loss) on cash in the Statement of Comprehensive Income (Loss).

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into Canadian dollars at the exchange rate at the date on which the fair value was determined.

(b) Interest

Interest income and expense, including interest income from financial assets at fair value through profit or loss, are recognized in profit or loss. The interest for distribution purposes shown on the statements of comprehensive income (loss) represents the coupon interest received by the Funds accounted for on an accrual basis. The Funds do not amortize premiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds which are amortized on a straight-line basis.

(c) Realized gains/losses and unrealized appreciation/depreciation

Realized gain/loss on sale of investments and unrealized appreciation/depreciation in investments are determined on an average cost basis. Average cost does not include amortization of premiums or discounts on fixed income securities.

The realized gain (loss) from financial instruments at fair value through profit or loss represents the difference between the carrying amount of a financial instrument at the beginning of the reporting year, or the transaction price if it was purchased in the current reporting year, and its sale or settlement price.

The unrealized gain (loss) represents the difference between the carrying amount of a financial instrument at the beginning of the year, or the transaction price if it was purchased in the current reporting year, and its carrying amount at the end of the year.

(d) Dividend income and dividend expense

Dividend income is recognized in profit or loss on the date on which the right to receive payment is established. For quoted equity securities, this is usually the ex-dividend date. For unquoted equity securities, this is usually the date on which the shareholders approve the payment of a dividend.

(e) Fees and commission expenses

Fees and commissions are recognized in profit or loss as the related services are performed. Commission costs are referred to as transaction costs in profit or loss.

(f) Tax

The Funds are qualified as “mutual fund trusts” under the Income Tax Act (Canada) and, accordingly, are not taxed on that portion of their taxable income that is paid or allocated to unitholders. As well, tax credits (based upon redemptions and realized and unrealized gains during the year) may be available that would make it possible to retain net capital gains in the Funds without any income taxes being incurred. Occasionally, more income is distributed than is earned by the Funds. This excess distribution is called a “return of capital” and is not taxable to the unitholders.

The Funds pay out sufficient net income and net realized capital gains so that they will not be subject to income taxes. Accordingly, no provision for income taxes has been made in these financial statements. Net income (interest and dividends, net of expenses) in the Mawer Global Balanced Fund, Mawer Balanced Fund, Mawer Tax Effective Balanced Fund, Mawer Global Bond Fund, Mawer Canadian Bond Fund, and the Mawer Canadian Money Market Fund, is paid to unitholders monthly. Net income in the Mawer International Equity Fund, Mawer U.S. Equity Fund, Mawer Global Equity Fund, Mawer Global Small Cap Fund, Mawer Emerging Markets Equity Fund, Mawer Canadian Equity Fund, and the Mawer New Canada Fund is paid to unitholders annually. Net capital gains, when distributed, are paid to unitholders before the end of the year. To the extent, if any, tax may be payable, the amounts are usually recoverable in the subsequent year.

Some foreign dividend and interest income received by the Funds is subject to foreign withholding taxes imposed in certain countries of origin. Income that is subject to such tax is recognized gross of the taxes and the corresponding withholding tax is recognized as withholding tax expense in profit or loss.

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(g) Financial assets and financial liabilities

The classification and measurement of financial instruments is determined based on the business model as well as cash flow characteristics. Except for the Mawer Canadian Money Market Fund, the Manager assessed the Funds' business model for all financial assets and financial liabilities and determined that the focus is on fair value information and uses that information to assess the assets’ performance and to make decisions. The collection of contractual cash flows is only incidental to achieving the business model’s objective. Therefore, fair value through profit or loss is the most appropriate measurement and presentation of the Funds' financial assets and financial liabilities. For the Mawer Canadian Money Market Fund, the Fund designates its investments in fixed income securities at fair value in order to eliminate a measurement inconsistency, as the obligation for net assets attributable to holders of redeemable units is measured at fair value through profit or loss. The following accounting policies apply with respect to financial assets and financial liabilities:

(i) Recognition and initial measurement

Financial assets and financial liabilities at fair value through profit or loss are initially recognized on the trade date in the Statements of Financial Position, which is the date on which the Funds become a party to the contractual provisions of the instrument. Other financial assets and financial liabilities are recognized on the date on which they are originated.

Financial assets and financial liabilities at fair value through profit or loss are initially recognized at fair value, with transaction costs recognized in profit or loss. Financial assets or financial liabilities not at fair value through profit or loss are initially recognized at fair value plus transactions costs that are directly attributable to their acquisition or issue.

Financial assets and financial liabilities are subsequently measured as fair value through profit or loss with changes in fair value recognized in the Statements of Comprehensive Income.

(ii) Classification

Financial assets at fair value through profit or loss:

• Derivative financial instruments.

• Debt securities and equity investments.

Financial assets at amortized cost:

• Cash, subscriptions receivable, receivable for investments sold, interest and other receivable, dividends receivable.

Financial liabilities at fair value through profit or loss:

• Securities sold short, derivative financial instruments.

Financial liabilities at amortized cost:

• Accrued expenses, management fees payable, redemptions payable, accounts payable for investments purchased, distributions payable, bank indebtedness.

(iii) Redeemable units

The Funds have multiple series of redeemable units that do not have identical features and therefore do not qualify as equity under IAS 32, Financial Instruments. The redeemable units, which are classified as financial liabilities and measured at redemption amount, provide investors with the right to require redemption, subject to liquidity, for cash at a unit price based on the Funds’ valuation policies at each redemption date. The units represent the residual interest in the Funds.

(iv) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Fund has access at that date. The fair value of a liability reflects its non-performance risk.

When available, the Funds measure the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Funds' measure instruments quoted in an active market at closing price. If there is no activity during the day’s trading session the average of the bid/ask price is compared to the last traded price for reasonability. If the variance is equal to or exceeds 10% the price defaults to the last traded price otherwise the average of the bid/ask price is used.

If there is no quoted price in an active market, then the Funds determine the value of any security on the basis of such price or yield equivalent quotations (which may be public quotations or may be obtained from major market makers) as the Manager determines best reflects its fair value.

The Funds recognize transfers between levels of the fair value hierarchy as at the end of the reporting year during which the changes have occurred.

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(v) Amortized cost measurement

The amortized cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount recognized and the maturity amount, minus any reduction for impairment.

(vi) Impairment

The financial assets at amortized cost are subject to loss allowances measured using the expected credit loss (“ECL”) model. Loss allowances are measured on either of the following bases: 12-month ECLs: these are ECLs that result from possible default events within the 12 months after the reporting date; and lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument. The Fund's measure loss allowances at an amount equal to lifetime ECLs given the nature of the financial assets subject to the impairment model. ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Funds expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

(vii) Derecognition

The Funds derecognize a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Fund neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset or the carrying amount allocated to the portion of the asset that is derecognized and the consideration received (including any new asset obtained less any new liability assumed) is recognized in profit or loss. Any interest in such transferred financial assets that is created or retained by the Funds is recognized as a separate asset or liability.

The Fund may enter into transactions whereby it transfers assets recognized on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. If all or substantially all of the risks and rewards are retained, then the transferred assets are not derecognized. Transfers of assets with retention of all or substantially all of the risks and rewards include sale and repurchase transactions.

The Funds derecognize a financial liability when its contractual obligations are discharged or cancelled, or expire.

(viii) Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Funds have a legal right to offset the amounts and it intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

Income and expenses are presented on a net basis for gains and losses from financial instruments at fair value through profit or loss and foreign exchange gains and losses.

12.NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTEDThe Funds have determined there are no new standards material to the Funds' financial statements arising from IFRS issued but not yet effective.

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517 – 10th Avenue S.W., Suite 600 Calgary, Alberta T2R 0A8

Telephone (403) 776-1113 Fax (403) 262-4099

Toll-free (844) 395-0747

Email: [email protected] Website: www.mawer.com

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