List of Portfolio Securities · 2 FIXED INCOME FUNDS DIM PRIVATE BOND FUND Portfolio’s Top...

List of Portfolio SecuritiesD I M P R I V A T E F U N D S

As at September 30, 2018

Discretionary portfolio management is offered by Desjardins Wealth Management, Private Wealth Management and is provided by Desjardins Investment Management Inc., a wholly owned subsidiary of the Fédération des caisses Desjardins du Québec. Desjardins Investment Management Inc. is registered as a portfolio manager and investment fund manager with the Autorité des marchés financiers (AMF).

T A B L E O F C O N T E N T S

FIXED INCOME FUNDSDIM Private Bond Fund ..............................................................................................2

DIM Private Government Bond Fund............................................................................3

DIM Private Corporate Bond Fund ...............................................................................5

CANADIAN EQUITY FUNDSDIM Private Canadian Large Cap Equity Fund ..............................................................8

DIM Private Canadian Equity Growth Fund .................................................................10

DIM Private Canadian Small Cap Equity Fund ............................................................12

FOREIGN EQUITY FUNDSDIM Private U.S. Equity Fund (for taxable accounts) ...................................................14

DIM Private U.S. Equity Fund (for non taxable accounts) .............................................15

DIM Private International Equity Fund ........................................................................16

COMPLETION STRATEGY FUNDDIM Private Completion Strategy Fund ......................................................................18

BALANCED FUNDSDIM Private Balanced Fund ......................................................................................18

DIM Private Monthly Distribution Income Fund ...........................................................19

DIM Private Monthly Distribution Growth Fund ...........................................................19

2

F I X E D I N C O M E F U N D S

DIM PRIVATE BOND FUND

Portfolio’s Top Positions (unaudited)

% OF NE T A S S E T VA L UE

1. DIM Private Corporate Bond Fund 60.72. DIM Private Government Bond Fund 40.33. Cash and Cash Equivalents (1.0)

Total 100.0

Investment Portfolio as at September 30, 2018 (unaudited)

NUMBER FAIR OF UNITS COST VALUE $ $

Investment Funds (101.0%)DIM Private Corporate Bond Fund 11,006,437 112,031,107 110,394,560DIM Private Government Bond Fund 7,493,399 76,404,444 73,390,346

Total Investments 188,435,551 183,784,906

Other Net Assets (-1.0%) (1,806,524)

Net Assets (100%) 181,978,382

3

DIM PRIVATE GOVERNMENT BOND FUND


Portfolio’s Top 25 Positions (unaudited)


1. Canada Housing Trust, 1.250%, 2020-12-15 18.42. Government of Canada, 1.000%, 2027-06-01 8.33. Canada Housing Trust, 1.900%, 2026-09-15 7.64. Province of Québec, 2.750%, 2025-09-01 7.15. Province of Ontario, 1.950%, 2023-01-27 6.36. NHA Merrill Lynch, 1.890%, 2022-09-01 4.27. Government of Canada, 2.250%, 2025-06-01 4.18. PSP Capital, 1.730%, 2022-06-21 4.19. NHA First National Financial, 2.390%, 2023-05-01 4.0

10. Canada Housing Trust, 1.150%, 2021-12-15 3.611. Province of Ontario, 2.650%, 2025-02-05 3.112. Province of Ontario, 2.600%, 2027-06-02 2.813. Province of Québec, 2.450%, 2023-03-01 2.614. Province of Ontario, 2.400%, 2026-06-02 2.315. NHA Merrill Lynch, 1.420%, 2022-06-01 2.016. CPP Investment Board, 3.000%, 2028-06-15 1.917. CDP Financial, 4.600%, 2020-07-15 1.818. Province of Ontario, 2.600%, 2023-09-08 1.719. OPB Finance Trust, Series E, 2.950%, 2026-02-02 1.320. Province of Manitoba, 2.550%, 2026-06-02 1.321. NHA Toronto-Dominion Bank, 1.450%, 2021-12-01 1.022. Province of Saskatchewan, 2.650%, 2027-06-02 1.023. Province of Manitoba, 3.000%, 2028-06-02 0.924. Canada Housing Trust, Series 67, 1.950%, 2025-12-15 0.825. Province of New-Brunswick, 2.350%, 2027-08-14 0.8

Total 93.0


PAR FAIR VALUE COST VALUE $ $Provincial Governments and Crown Corporations (34.0%)CDP Financial 4.600%, 2020-07-15 CAD 20,000,000 21,456,400 20,739,093OPB Finance Trust Series D, 1.880%, 2022-02-24 CAD 4,000,000 3,982,989 3,884,617 Series E, 2.950%, 2026-02-02 CAD 15,000,000 15,197,900 14,812,316Province of Manitoba 2.550%, 2026-06-02 CAD 15,000,000 14,674,800 14,544,288 2.600%, 2027-06-02 CAD 4,000,000 3,975,960 3,858,487 3.000%, 2028-06-02 CAD 10,000,000 9,901,296 9,916,526Province of New-Brunswick 2.350%, 2027-08-14 CAD 10,000,000 9,997,200 9,392,280Province of Ontario 1.950%, 2023-01-27 CAD 75,000,000 76,035,500 72,898,544 2.600%, 2023-09-08 CAD 19,500,000 19,456,830 19,367,637 2.650%, 2025-02-05 CAD 36,000,000 35,901,613 35,603,136 2.400%, 2026-06-02 CAD 28,000,000 27,196,120 26,902,219 2.600%, 2027-06-02 CAD 33,200,000 32,541,633 32,090,841Province of Québec 2.450%, 2023-03-01 CAD 30,000,000 29,956,500 29,756,100 2.750%, 2025-09-01 CAD 82,400,000 83,058,230 81,653,403Province of Saskatchewan 2.550%, 2026-06-02 CAD 6,600,000 6,637,554 6,419,319 2.650%, 2027-06-02 CAD 11,500,000 11,330,212 11,182,979 401,300,737 393,021,785Municipalities and Semi-Public Institutions (4.8%)City of Bois-des-Filion 2.750%, 2022-09-04 CAD 357,000 353,080 352,766 2.800%, 2023-09-04 CAD 3,517,000 3,462,240 3,460,587City of Gatineau 2.550%, 2018-12-11 CAD 4,500,000 4,504,961 4,503,375City of Québec 2.550%, 2023-06-20 CAD 8,869,000 8,735,610 8,678,050City of Rouyn-Noranda 3.250%, 2028-09-11 CAD 9,536,000 9,377,416 9,389,908City of Sainte-Catherine 2.750%, 2023-06-26 CAD 3,023,000 2,985,243 2,976,416City of Sherbrooke 1.450%, 2020-06-08 CAD 3,100,000 3,031,087 3,034,528 2.700%, 2021-10-10 CAD 5,500,000 5,452,700 5,503,465 2.950%, 2023-10-10 CAD 8,500,000 8,384,740 8,506,205Municipal Finance Authority of British Columbia 2.500%, 2026-04-19 CAD 7,000,000 6,775,514 6,748,446Municipality of Saint-Félix-de-Valois 2.800%, 2023-07-24 CAD 1,759,000 1,733,917 1,724,207Régie d’Assainissement des Eaux du Bassin de Laprairie 1.600%, 2019-09-28 CAD 1,082,000 1,072,046 1,072,716 55,868,554 55,950,669

Total Bonds 1,045,476,448 1,033,347,429

Mortgage-Backed Securities (11.3%)NHA First National Financial 2.390%, 2023-05-01 CAD 47,212,208 46,767,941 46,611,621NHA Merrill Lynch 1.420%, 2022-06-01 CAD 24,297,027 23,517,562 23,466,774 1.890%, 2022-09-01 CAD 49,973,372 48,979,902 48,815,889NHA Toronto-Dominion Bank 1.450%, 2021-12-01 CAD 11,948,996 11,656,820 11,605,405

Total Mortgage-Backed Securities 130,922,225 130,499,689

Money Market Securities (1.1%)Canada Treasury Bills 2018-10-02 CAD 12,500,000 12,498,459 12,498,459

Total Investments (101.7%) 1,188,897,132 1,176,345,577

Other Net Assets (-1.7%) (19,969,068)

Net Assets (100%) 1,156,376,509


PAR FAIR VALUE COST VALUE $ $

Bonds (89.3%)Government of Canada (50.5%)Canada Housing Trust 1.200%, 2020-06-15 CAD 6,000,000 5,892,600 5,892,397 1.250%, 2020-12-15 CAD 217,400,000 212,579,805 212,290,428 1.150%, 2021-12-15 CAD 42,900,000 41,325,532 41,161,325 Series 67, 1.950%, 2025-12-15 CAD 10,000,000 9,557,800 9,486,382 1.900%, 2026-09-15 CAD 93,100,000 88,999,951 87,405,703Canada Post Corporation Series 2, 4.080%, 2025-07-16 CAD 5,000,000 5,557,750 5,374,410CPP Investment Board 3.000%, 2028-06-15 CAD 22,000,000 22,000,000 21,859,193Government of Canada 1.750%, 2019-03-01 CAD 525,000 524,848 524,859 2.250%, 2025-06-01 CAD 48,000,000 47,932,800 47,594,592 Series E679, 1.500%, 2026-06-01 CAD 9,800,000 9,260,020 9,184,601 1.000%, 2027-06-01 CAD 108,030,000 96,185,551 96,135,972PSP Capital 1.730%, 2022-06-21 CAD 49,000,000 48,490,500 47,465,113 588,307,157 584,374,975


DIM PRIVATE GOVERNMENT BOND FUND

4


TABLE 1

Securities Lending

FAIR VALUE VALUE OF COLLATERAL RECEIVED

$ $

Loaned Securities 5,838,734 5,955,509

TABLE 2

Repurchase Transactions

FAIR VALUE

VALUE OF COLLATERAL RECEIVED

REPURCHASE VALUETransaction Date Expiry Date

CASH SECURITIES$ $ $ $

From 2018-09-20 to 2018-09-28 From 2018-10-01 to 2018-10-10 402,568,282 406,354,988 4,264,660 406,427,958

TABLE 3

Reverse Repurchase Transactions

FAIR VALUE

VALUE OF COLLATERAL GIVEN



From 2018-09-21 to 2018-09-28 From 2018-10-01 to 2018-10-24 145,455,861 145,336,898 – 145,364,505

5

DIM PRIVATE CORPOR ATE BOND FUND




1. AlphaFixe Floating Rate Bank Loan Fund, Series A 13.52. Jarislowsky Fraser Fixed Income Core Plus Fund 13.33. Addenda Commercial Mortgages Pooled Fund, Series A 5.24. Toronto-Dominion Bank, 1.693%, 2020-04-02 1.75. Royal Bank of Canada, 1.583%, 2021-09-13 1.36. Royal Bank of Canada, 2.350%, 2019-12-09 1.37. Scotiabank, 2.290%, 2024-06-28 1.38. Canadian Imperial Bank of Commerce, 1.900%, 2021-04-26 1.29. Royal Bank of Canada, 2.949%, 2023-05-01 1.2

10. Canadian Imperial Bank of Commerce, 1.850%, 2020-07-14 1.211. Toronto-Dominion Bank, 2.563%, 2020-06-24 1.112. Toronto-Dominion Bank

3.224%, (floating rate from 2024-07-25), 2029-07-25 1.013. Royal Bank of Canada, 1.920%, 2020-07-17 1.014. Scotiabank, 1.830%, 2022-04-27 1.015. Bank of Montreal, 2.100%, 2020-10-06 1.016. Bank of Montreal, 1.610%, 2021-10-28 1.017. Bank of Montreal, 3.190%, 2028-03-01 1.018. Bank of Montreal, 1.880%, 2021-03-31 0.919. Scotiabank, 2.360%, 2022-11-08 0.820. Enbridge, 5.375%, (floating rate from 2027-09-27), 2077-09-27 0.821. Toronto-Dominion Bank, 1.909%, 2023-07-18 0.822. Cash and Cash Equivalents 0.823. Brookfield Renewable Energy Partners, 3.752%, 2025-06-02 0.824. Bank of Montreal, 2.700%, 2024-09-11 0.825. Enbridge, Series C

6.625%, (floating rate from 2028-04-12), 2078-04-12 0.8

Total 54.8



Bonds (67.2%)

Canadian Bonds (66.2%)Corporations407 International 2.430%, 2027-05-04 CAD 5,000,000 4,747,370 4,698,361Alectra Series A, 2.488%, 2027-05-17 CAD 13,000,000 12,401,450 12,253,164Algonquin Power & Utilities 4.820%, 2021-02-15 CAD 4,500,000 4,866,555 4,659,461 4.650%, 2022-02-15 CAD 2,300,000 2,316,236 2,389,089 4.090%, 2027-02-17 CAD 2,250,000 2,248,402 2,243,435Alimentation Couche-Tard 3.899%, 2022-11-01 CAD 2,000,000 2,156,020 2,045,233 3.056%, 2024-07-26 CAD 9,000,000 8,947,723 8,723,644 Series 5, 3.600%, 2025-06-02 CAD 12,000,000 12,064,292 11,880,939Alliance Pipeline 4.928%, 2019-12-16 CAD 4,686,000 5,015,921 4,774,508AltaGas 4.070%, 2020-06-01 CAD 2,000,000 2,121,460 2,031,643 3.720%, 2021-09-28 CAD 11,000,000 11,495,680 11,122,634 3.570%, 2023-06-12 CAD 5,000,000 5,247,650 4,983,876 3.840%, 2025-01-15 CAD 4,000,000 4,012,120 3,982,013AltaLink 2.747%, 2026-05-29 CAD 10,000,000 9,768,800 9,683,846Bank of Montreal 2.100%, 2020-10-06 CAD 24,300,000 24,423,223 23,990,893 1.880%, 2021-03-31 CAD 23,000,000 22,706,190 22,483,293 1.610%, 2021-10-28 CAD 24,800,000 24,198,567 23,887,066 2.270%, 2022-07-11 CAD 13,000,000 12,697,230 12,676,212 2.700%, 2024-09-11 CAD 19,000,000 18,997,530 18,533,101 2.700%, 2026-12-09 CAD 10,000,000 9,991,725 9,590,548 3.190%, 2028-03-01 CAD 24,100,000 23,954,056 23,827,470


PAR FAIR VALUE COST VALUE $ $Corporations (continued)bcIMC Realty Series 13, 2.840%, 2025-06-03 CAD 4,000,000 4,230,016 3,893,312Bell Canada 2.000%, 2021-10-01 CAD 9,000,000 8,999,730 8,723,910 3.000%, 2022-10-03 CAD 5,000,000 5,084,200 4,955,875 2.700%, 2024-02-27 CAD 10,000,000 9,989,793 9,638,217 2.900%, 2026-08-12 CAD 17,000,000 16,702,990 16,046,494 3.600%, 2027-09-29 CAD 13,800,000 13,831,302 13,560,378BMW Canada Series Q, 1.880%, 2020-12-11 CAD 1,800,000 1,800,000 1,759,793 Series O, 1.830%, 2021-06-15 CAD 3,000,000 2,995,312 2,909,542Brookfield Asset Management 4.540%, 2023-03-31 CAD 12,000,000 12,889,016 12,506,605 5.040%, 2024-03-08 CAD 5,500,000 5,762,470 5,844,713 4.820%, 2026-01-28 CAD 8,000,000 8,693,430 8,394,025 3.800%, 2027-03-16 CAD 7,000,000 7,129,060 6,850,527Brookfield Infrastructure Partners Limited Partnership 3.538%, 2020-10-30 CAD 3,000,000 3,073,500 3,032,782 3.315%, 2024-02-22 CAD 7,000,000 6,913,472 6,862,959 4.193%, 2028-09-11 CAD 8,900,000 8,900,000 8,788,493Brookfield Renewable Energy Partners 3.752%, 2025-06-02 CAD 19,000,000 19,060,266 18,890,063Brookfield Renewable Partners 4.790%, 2022-02-07 CAD 9,809,000 10,763,273 10,252,123 4.250%, 2029-01-15 CAD 6,850,000 6,845,822 6,843,456Bruce Power Series 17-1, 3.000%, 2024-06-21 CAD 4,200,000 4,252,465 4,086,230 3.969%, 2026-06-23 CAD 3,500,000 3,630,410 3,543,910Calloway Real Estate Investment Trust Series N, 3.556%, 2025-02-06 CAD 10,785,000 10,754,977 10,523,926Canadian Imperial Bank of Commerce 1.850%, 2020-07-14 CAD 29,500,000 29,024,310 29,056,085 1.900%, 2021-04-26 CAD 30,500,000 29,842,690 29,795,854 2.900%, 2021-09-14 CAD 10,000,000 9,999,700 10,003,022 2.040%, 2022-03-21 CAD 5,000,000 4,939,460 4,851,245 2.300%, 2022-07-11 CAD 9,400,000 9,215,196 9,169,144 2.970%, 2023-07-11 CAD 8,000,000 7,998,560 7,957,205 3.300%, 2025-05-26 CAD 5,000,000 5,017,650 5,021,154Canadian Natural Resources 2.890%, 2020-08-14 CAD 12,000,000 11,913,928 11,983,029 3.310%, 2022-02-11 CAD 7,000,000 7,114,775 7,013,988 3.550%, 2024-06-03 CAD 4,000,000 4,104,080 3,995,151 3.420%, 2026-12-01 CAD 5,700,000 5,700,000 5,511,034Canadian Tire Corporation 3.167%, 2023-07-06 CAD 2,600,000 2,600,000 2,581,502Canadian Tire Real Estate Investment Trust Series C, 2.159%, 2021-06-01 CAD 3,000,000 3,005,640 2,922,042 Series A, 2.852%, 2022-06-09 CAD 2,000,000 2,025,020 1,967,057 Series B, 3.527%, 2025-06-09 CAD 11,000,000 11,190,810 10,817,079Capital Power 4.284%, 2024-09-18 CAD 7,000,000 7,000,000 6,999,675Chartwell Retirement Residences Series A, 3.786%, 2023-12-11 CAD 7,550,000 7,550,000 7,514,535Choice Properties Real Estate Investment Trust 3.498%, 2021-02-08 CAD 11,195,000 11,483,680 11,287,263 Series G, 3.196%, 2023-03-07 CAD 5,000,000 5,114,286 4,928,680 Series K, 3.556%, 2024-09-09 CAD 5,000,000 4,968,000 4,937,999 Series J, 3.546%, 2025-01-10 CAD 5,700,000 5,678,480 5,609,259 Series L, 4.178%, 2028-03-08 CAD 12,000,000 11,955,560 11,942,450CI Financial 2.645%, 2020-12-07 CAD 8,000,000 8,021,350 7,911,190 2.775%, 2021-11-25 CAD 7,000,000 7,000,000 6,879,796Crombie Real Estate Investment Trust Series D, 4.066%, 2022-11-21 CAD 3,500,000 3,499,305 3,484,709CT Real Estate Investment Trust Series E, 3.469%, 2027-06-16 CAD 2,750,000 2,750,000 2,635,184 Series F, 3.865%, 2027-12-07 CAD 4,350,000 4,349,826 4,265,377Daimler Canada Finance 1.800%, 2019-12-16 CAD 6,000,000 5,954,944 5,930,848 1.910%, 2021-07-08 CAD 5,000,000 4,936,700 4,838,171



6


PAR FAIR VALUE COST VALUE $ $Corporations (continued)Emera 2.900%, 2023-06-16 CAD 6,000,000 6,110,230 5,862,177Enbridge 4.530%, 2020-03-09 CAD 3,000,000 3,229,050 3,067,900 3.190%, 2022-12-05 CAD 3,000,000 3,051,701 2,983,122 2.500%, 2026-08-05 CAD 8,000,000 7,618,880 7,538,710 3.200%, 2027-06-08 CAD 11,900,000 11,352,040 11,309,054 5.375%, (floating rate from 2027-09-27), 2077-09-27 CAD 20,700,000 20,450,311 19,735,998 Series C, 6.625%, (floating rate from 2028-04-12), 2078-04-12 CAD 17,720,000 17,860,242 18,306,742Enbridge Income Fund 3.940%, 2023-01-13 CAD 5,200,000 5,187,210 5,307,428Enbridge Pipelines 3.000%, 2026-08-10 CAD 15,900,000 15,633,866 15,257,500EnerCare Solutions 4.600%, 2020-02-03 CAD 4,250,000 4,483,975 4,342,372 Series 17-2, 3.990%, 2024-02-21 CAD 7,700,000 7,794,378 7,719,668Fairfax Financial Holdings 4.700%, 2026-12-16 CAD 10,500,000 10,808,415 10,723,939 4.250%, 2027-12-06 CAD 6,500,000 6,499,480 6,360,980First Capital Realty Series Q, 3.900%, 2023-10-30 CAD 8,000,000 8,387,536 8,070,712 Series R, 4.790%, 2024-08-30 CAD 9,000,000 9,668,181 9,441,908 Series T, 3.604%, 2026-05-06 CAD 8,000,000 8,028,560 7,733,902 Series U, 3.753%, 2027-07-12 CAD 8,500,000 8,477,160 8,200,352Ford Auto Securitization Trust Series A, 2.197%, 2020-07-15 CAD 10,000,000 10,005,980 9,885,620Ford Credit Canada 2.450%, 2020-05-07 CAD 5,800,000 5,788,525 5,728,551 2.580%, 2021-05-10 CAD 7,000,000 6,992,534 6,821,768Fortis 2.850%, 2023-12-12 CAD 12,670,000 12,724,593 12,356,384Granite Real Estate Investment Trust Series 3, 3.873%, 2023-11-30 CAD 5,400,000 5,483,977 5,394,918Husky Energy 5.000%, 2020-03-12 CAD 2,000,000 2,178,540 2,061,081 3.550%, 2025-03-12 CAD 10,000,000 10,225,720 9,963,718 3.600%, 2027-03-10 CAD 5,000,000 5,065,483 4,900,481IGM Financial 3.440%, 2027-01-26 CAD 5,280,000 5,276,462 5,172,342Intact Financial Corporation 2.850%, 2027-06-07 CAD 8,900,000 8,898,487 8,350,136Inter Pipeline 3.448%, 2020-07-20 CAD 5,400,000 5,767,319 5,447,016 4.967%, 2021-02-02 CAD 4,000,000 4,595,920 4,165,883 2.608%, 2023-09-13 CAD 9,300,000 9,289,625 8,912,448 2.734%, 2024-04-18 CAD 4,000,000 4,000,000 3,824,902 3.173%, 2025-03-24 CAD 6,000,000 6,021,240 5,798,695John Deere Canada Funding 1.600%, 2020-07-13 CAD 13,300,000 13,240,317 13,029,406 2.050%, 2020-09-17 CAD 5,500,000 5,560,230 5,418,514 2.630%, 2022-09-21 CAD 1,500,000 1,499,370 1,473,562Loblaw Companies 4.860%, 2023-09-12 CAD 14,000,000 15,602,190 14,871,466Lower Mattagami Energy Limited Partnership Series 16-1, 2.307%, 2026-10-21 CAD 5,000,000 4,712,650 4,667,916Manufacturers Life Insurance Company 2.100%, (floating rate from 2020-06-01), 2025-06-01 CAD 6,750,000 6,742,870 6,666,206 3.181%, (floating rate from 2022-11-22), 2027-11-22 CAD 2,500,000 2,597,795 2,500,793Manulife Financial 3.049%, (floating rate from 2024-08-20), 2029-08-20 CAD 10,000,000 10,000,000 9,714,972Metro 2.680%, 2022-12-05 CAD 4,700,000 4,699,765 4,590,783 3.390%, 2027-12-06 CAD 5,000,000 4,874,300 4,812,784


PAR FAIR VALUE COST VALUE $ $Corporations (continued)North West Redwater Partnership Series C, 2.100%, 2022-02-23 CAD 10,500,000 10,331,160 10,171,498 Series A, 3.200%, 2024-07-22 CAD 3,000,000 3,164,130 2,984,824 3.200%, 2026-04-24 CAD 11,800,000 12,123,440 11,580,731 Series J, 2.800%, 2027-06-01 CAD 12,500,000 12,391,300 11,777,631Pembina Pipeline 3.540%, 2025-02-03 CAD 9,000,000 9,167,930 8,910,765 3.710%, 2026-08-11 CAD 10,500,000 10,674,260 10,384,730 4.240%, 2027-06-15 CAD 14,300,000 14,613,040 14,566,708Reliance 4.075%, 2021-08-02 CAD 3,400,000 3,372,520 3,455,665 3.836%, 2025-03-15 CAD 8,700,000 8,665,771 8,550,037RioCan Real Estate Investment Trust Series R, 3.716%, 2021-12-13 CAD 8,180,000 8,240,390 8,294,328 Series Y, 2.830%, 2022-10-03 CAD 4,500,000 4,558,125 4,401,947 Series T, 3.725%, 2023-04-18 CAD 5,000,000 5,319,400 5,039,582 Series W, 3.287%, 2024-02-12 CAD 4,000,000 4,110,360 3,926,901Rogers Communications 4.000%, 2022-06-06 CAD 2,000,000 2,119,208 2,058,542Royal Bank of Canada 2.350%, 2019-12-09 CAD 32,500,000 32,986,862 32,443,068 1.920%, 2020-07-17 CAD 25,000,000 24,682,800 24,655,865 1.583%, 2021-09-13 CAD 34,100,000 33,807,607 32,846,572 2.360%, 2022-12-05 CAD 13,000,000 12,997,950 12,669,471 2.949%, 2023-05-01 CAD 29,650,000 29,606,710 29,497,942 2.333%, 2023-12-05 CAD 11,000,000 10,956,867 10,598,033Saputo 1.939%, 2022-06-13 CAD 5,000,000 5,000,000 4,780,993 2.827%, 2023-11-21 CAD 2,000,000 2,007,113 1,945,484Scotiabank 2.270%, 2020-01-13 CAD 8,000,000 7,989,816 7,970,500 1.830%, 2022-04-27 CAD 25,000,000 24,807,186 24,037,972 2.360%, 2022-11-08 CAD 21,000,000 20,814,100 20,459,521 2.980%, 2023-04-17 CAD 11,000,000 10,996,920 10,953,984 2.290%, 2024-06-28 CAD 33,600,000 33,011,310 32,074,339 2.620%, 2026-12-02 CAD 10,000,000 9,906,238 9,535,071 3.100%, 2028-02-02 CAD 13,700,000 13,390,477 13,437,023Shaw Communications 3.800%, 2027-03-01 CAD 3,500,000 3,549,980 3,464,467Smart Real Estate Investment Trust Series O, 2.987%, 2024-08-28 CAD 1,400,000 1,398,880 1,333,087 Series P, 3.444%, 2026-08-28 CAD 6,300,000 6,226,237 5,984,835SmartCentres Real Estate Investment Trust Series S, 3.834%, 2027-12-21 CAD 6,670,000 6,630,820 6,407,238Sun Life Financial 4.570%, 2021-08-23 CAD 6,400,000 7,023,290 6,676,102 2.600%, (floating rate from 2020-09-25), 2025-09-25 CAD 3,450,000 3,475,806 3,422,907 2.750%, (floating rate from 2022-11-23), 2027-11-23 CAD 2,000,000 1,999,160 1,959,131 3.050%, (floating rate from 2023-09-19), 2028-09-19 CAD 6,000,000 6,055,193 5,915,072TELUS 2.350%, 2022-03-28 CAD 1,700,000 1,670,760 1,656,367 Series CJ, 3.350%, 2023-03-15 CAD 8,500,000 8,338,541 8,518,223 3.350%, 2024-04-01 CAD 17,000,000 17,183,160 16,903,841 3.750%, 2025-01-17 CAD 11,700,000 12,283,852 11,817,359 3.625%, 2028-03-01 CAD 5,500,000 5,482,905 5,406,034Teranet Income Fund 4.807%, 2020-12-16 CAD 2,250,000 2,437,718 2,313,107Thomson Reuters 3.309%, 2021-11-12 CAD 5,000,000 5,090,473 5,046,038Toromont Industries 3.710%, 2025-09-30 CAD 3,415,000 3,467,181 3,432,611 3.842%, 2027-10-27 CAD 1,350,000 1,358,793 1,346,254



7


PAR FAIR VALUE COST VALUE $ $Corporations (continued)Toronto-Dominion Bank 1.693%, 2020-04-02 CAD 41,000,000 40,543,060 40,439,814 2.563%, 2020-06-24 CAD 27,900,000 28,324,269 27,845,527 2.045%, 2021-03-08 CAD 5,750,000 5,647,420 5,649,303 2.621%, 2021-12-22 CAD 4,500,000 4,480,875 4,462,073 1.994%, 2022-03-23 CAD 5,800,000 5,823,898 5,622,709 1.909%, 2023-07-18 CAD 20,500,000 20,504,680 19,458,281 3.226%, 2024-07-24 CAD 18,000,000 18,990,750 18,086,020 3.224%, (floating rate from 2024-07-25), 2029-07-25 CAD 25,550,000 25,537,152 24,894,937 4.859%, (floating rate from 2026-03-04), 2031-03-04 CAD 10,000,000 11,132,850 10,662,377TransCanada PipeLines 3.300%, 2025-07-17 CAD 7,000,000 7,059,270 6,953,146 3.390%, 2028-03-15 CAD 7,000,000 6,992,410 6,860,087Union Gas 2.810%, 2026-06-01 CAD 4,675,000 4,736,560 4,520,265 2.880%, 2027-11-22 CAD 3,000,000 2,920,500 2,881,046VW Credit Canada 2.500%, 2019-10-01 CAD 3,000,000 3,057,510 2,993,238 3.250%, 2023-03-29 CAD 7,000,000 6,991,670 6,947,493Wells Fargo Financial Corporation Canada 3.460%, 2023-01-24 CAD 5,000,000 5,346,700 5,056,444West Edmonton Mall Property Series B1, 4.309%, 2024-02-13 CAD 3,600,000 3,600,000 3,618,524Westcoast Energy 3.430%, 2024-09-12 CAD 5,000,000 5,153,340 5,006,110 3.770%, 2025-12-08 CAD 8,800,000 9,128,849 8,928,998

Total Canadian Bonds 1,648,576,263 1,615,169,090



U.S. Bonds (1.0%)CorporationsBank of America 2.604%, (floating rate from 2022-03-15), 2023-03-15 CAD 10,000,000 9,877,655 9,783,600 3.301%, (floating rate from 2023-04-24), 2024-04-24 CAD 10,000,000 10,001,232 9,941,200Mondelez International 3.250%, 2025-03-07 CAD 5,000,000 4,977,350 4,854,350

Total U.S. Bonds 24,856,237 24,579,150

Total Bonds 1,673,432,500 1,639,748,240

NUMBER OF UNITS

Investment Funds (32.0%)Addenda Commercial Mortgages Pooled Fund, Series A 11,560,290 125,753,954 125,718,797AlphaFixe Floating Rate Bank Loan Fund, Series A 33,284,294 338,372,082 328,016,716Jarislowsky Fraser Fixed Income Core Plus Fund 32,136,922 328,645,827 325,193,509

Total Investment Funds 792,771,863 778,929,022

Total Investments (99.2%) 2,466,204,363 2,418,677,262

Other Net Assets (0.8%) 19,094,704

Net Assets (100%) 2,437,771,966

TABLE 1

Securities Lending


$ $


TABLE 2


FAIR VALUE




From 2018-09-06 to 2018-09-28 From 2018-10-01 to 2018-10-25 69,044,476 69,050,229 1,375,137 69,067,228

TABLE 3


FAIR VALUE




From 2018-09-21 to 2018-09-28 From 2018-10-01 to 2018-10-24 24,716,716 24,696,501 – 24,701,192

8

C A N A D I A N E Q U I T Y F U N D S

DIM PRIVATE CANADIAN L ARGE CAP EQUIT Y FUND



1. Toronto-Dominion Bank 7.22. Royal Bank of Canada 6.83. Scotiabank 5.94. Cash and Cash Equivalents 4.75. Canadian National Railway Company 4.36. Suncor Energy 4.37. Enbridge 4.08. Bank of Montreal 3.49. Manulife Financial 3.3

10. Canadian Imperial Bank of Commerce 2.611. Nutrien 2.512. Canadian Natural Resources 2.213. Alimentation Couche-Tard, Class B 2.214. Brookfield Asset Management, Class A 2.215. Canadian Pacific Railway 2.216. TransCanada 2.217. BCE 2.118. Encana 1.519. Waste Connections 1.420. Magna International, Class A 1.421. TELUS 1.322. Pembina Pipeline 1.323. iShares S&P/TSX 60 Index Fund 1.224. Sun Life Financial 1.125. Rogers Communications, Class B 1.1

Total 72.4


NUMBER FAIR OF SHARES COST VALUE $ $Industrials (9.1%)Air Canada 13,987 318,076 386,041Bombardier, Class B 362,132 1,691,128 1,665,807Canadian National Railway Company 362,037 34,018,094 41,960,088Canadian Pacific Railway 76,434 18,038,529 20,884,062SNC-Lavalin Group 172,948 9,189,945 9,109,171Waste Connections 136,023 11,463,855 14,004,928 74,719,627 88,010,097Consumer Discretionary (4.7%)Canadian Tire Corporation, Class A 29,075 4,748,160 4,400,210Dollarama 148,015 7,160,524 6,022,730Linamar 105,366 6,124,878 6,270,331Magna International, Class A 194,316 14,190,772 13,184,341Restaurant Brands International 90,778 6,919,104 6,942,701Shaw Communications, Class B 263,459 7,055,450 6,631,263Stars Group 72,185 2,470,555 2,315,695 48,669,443 45,767,271Consumer Staples (4.5%)Alimentation Couche-Tard, Class B 325,310 19,790,944 21,018,279Empire Company, Class A 273,118 6,609,118 6,429,198Loblaw Companies 83,046 5,742,083 5,510,933Premium Brands Holdings 43,687 5,028,042 4,116,626Saputo Group 163,377 6,626,493 6,276,944 43,796,680 43,351,980Financials (35.6%)Bank of Montreal 305,372 30,291,767 32,534,333Brookfield Asset Management, Class A 364,111 17,955,216 20,932,741Canadian Imperial Bank of Commerce 205,975 22,852,599 24,929,154CI Financial 397,616 8,551,838 8,155,104Fairfax Financial Holdings 3,367 2,361,865 2,362,759Intact Financial Corporation 44,963 4,394,086 4,829,026Manulife Financial 1,382,545 33,815,160 31,922,964Onex 91,088 8,537,271 8,045,803Royal Bank of Canada 632,375 60,435,495 65,476,108Scotiabank 743,757 53,925,123 57,261,851Sun Life Financial 215,795 11,027,933 11,081,073Thomson Reuters 106,197 5,693,039 6,259,251Toronto-Dominion Bank 886,794 57,159,587 69,604,461 317,000,979 343,394,628Information Technology (1.5%)Constellation Software 8,466 7,911,998 8,041,599Open Text 122,048 5,557,396 5,998,659 13,469,394 14,040,258Communication Services (4.5%)BCE 389,192 22,153,168 20,366,417Rogers Communications, Class B 161,319 9,967,091 10,716,421TELUS 269,838 12,226,035 12,846,987 44,346,294 43,929,825Utilities (2.5%)Algonquin Power & Utilities 540,695 7,098,485 7,223,685Boralex, Class A 232,894 4,810,687 4,199,079Capital Power 110,086 2,628,433 3,138,552Fortis 141,981 6,054,001 5,946,164Superior Plus 318,822 3,936,843 4,042,663 24,528,449 24,550,143Index-Based Investments (1.7%)Allied Properties Real Estate Investment Trust 112,435 4,919,031 4,845,948iShares S&P/TSX 60 Index Fund 478,955 11,802,074 11,466,183 16,721,105 16,312,131Real Estate (1.9%)BSR Real Estate Investment Trust 500,000 6,439,500 6,128,879Colliers International Group 39,670 3,819,929 3,968,984Granite Real Estate Investment Trust 63,008 3,445,584 3,495,054WPT Industrial Real Estate Investment Trust 290,908 4,709,847 4,922,342 18,414,860 18,515,259

Total Canadian Equities 873,641,889 904,234,617


NUMBER FAIR OF SHARES COST VALUE $ $

Equities (95.3%)

Canadian Equities (93.6%)Energy (19.1%)Cameco 170,287 2,537,521 2,508,328Canadian Natural Resources 514,185 22,222,757 21,698,607Cenovus Energy 735,606 9,057,680 9,540,810Enbridge 928,102 43,668,299 38,683,291Encana 837,062 13,953,465 14,171,460Enerplus 380,108 5,959,203 6,062,723Husky Energy 166,924 3,594,233 3,785,836Kelt Exploration 268,616 2,376,929 2,259,061Parex Resources 288,807 6,411,151 6,339,314Pembina Pipeline 280,283 11,954,113 12,301,621Suncor Energy 821,618 36,838,705 41,064,448Tourmaline Oil 227,919 5,439,064 5,182,878TransCanada 399,374 24,028,513 20,871,285 188,041,633 184,469,662Materials (8.5%)Agnico Eagle Mines 198,831 10,074,518 8,772,424Alamos Gold, Class A 332,848 1,986,284 1,973,789Barrick Gold Corporation 550,824 7,780,930 7,871,275First Quantum Minerals 245,257 4,440,916 3,607,730Franco-Nevada 71,661 5,940,395 5,790,209Kirkland Lake Gold 217,994 5,813,711 5,336,493Lundin Mining 302,116 2,168,991 2,066,473Methanex 37,901 3,542,985 3,864,386Nutrien 322,968 21,868,101 24,086,953Teck Resources, Class B 304,575 9,764,403 9,481,420West Fraser Timber Co. 20,086 1,589,994 1,476,522Wheaton Precious Metals 334,765 8,962,197 7,565,689 83,933,425 81,893,363


DIM PRIVATE CANADIAN L ARGE CAP EQUIT Y FUND

9



Foreign Equities (1.7%)BermudaBrookfield Infrastructure Partners Limited Partnership 126,631 6,764,589 6,530,361Brookfield Property Partners 363,585 9,520,117 9,820,432 16,284,706 16,350,793

Total Investments (95.3%) 889,926,595 920,585,410


Net Assets (100%) 965,942,353

TABLE 1

Securities Lending


$ $


10

DIM PRIVATE CANADIAN EQUIT Y GROW TH FUND




1. Cash and Cash Equivalents 9.02. Toronto-Dominion Bank 6.53. Royal Bank of Canada 6.04. Suncor Energy 4.45. Shopify, Class A 4.16. Bombardier, Class B 3.57. Bausch Health Companies 3.48. Enerplus 3.19. FirstService 3.0

10. Brookfield Asset Management, Class A 3.011. National Bank of Canada 2.912. BRP 2.513. WSP Global 2.314. Methanex 2.215. Kirkland Lake Gold 2.116. Canadian Apartment Properties Real Estate Investment Trust 2.117. Waste Connections 2.018. Bank of Montreal 2.019. Colliers International Group 2.020. Norbord 2.021. TELUS 1.922. Canopy Growth 1.823. Precision Drilling 1.824. Husky Energy 1.725. Tamarack Valley Energy 1.6

Total 76.9



Equities (91.0%)

Canadian Equities (90.1%)Energy (18.8%)Calfrac Well Services 589,438 3,982,959 2,552,267Enbridge 90,000 4,238,505 3,751,200Enerplus 565,000 6,703,396 9,011,750Husky Energy 225,000 4,104,486 5,103,000Kelt Exploration 400,000 3,015,121 3,364,000Nuvista Energy 400,000 3,506,211 3,000,000Parex Resources 186,000 3,267,016 4,082,700Parkland Fuel 34,400 1,477,817 1,493,304Precision Drilling 1,194,500 5,807,822 5,327,470Suncor Energy 260,000 11,775,815 12,994,800Tamarack Valley Energy 930,000 4,488,254 4,677,900 52,367,402 55,358,391Materials (10.3%)Canfor 100,000 2,179,331 2,408,000Kirkland Lake Gold 255,000 5,816,048 6,242,400Labrador Iron Ore Royalty 90,000 1,986,572 2,530,800Methanex 65,000 5,470,632 6,627,400Norbord 135,000 6,328,781 5,778,000Nutrien 59,900 4,482,676 4,467,342Yamana Gold 705,000 2,702,227 2,270,100 28,966,267 30,324,042Industrials (11.7%)Bombardier, Class B 2,270,000 7,492,165 10,442,000Cargojet 15,000 748,513 1,252,200Finning International 90,000 2,924,622 2,839,500Russel Metals 55,000 1,477,905 1,474,000Toromont Industries 55,000 3,090,378 3,672,350Transcontinental, Class A 91,600 2,904,258 2,097,640Waste Connections 57,700 5,885,287 5,940,792WSP Global 96,000 5,467,862 6,786,240 29,990,990 34,504,722


NUMBER FAIR OF SHARES COST VALUE $ $Consumer Discretionary (3.6%)BRP 122,000 6,214,079 7,391,980Québecor, Class B 128,000 3,098,751 3,315,200 9,312,830 10,707,180Health Care (5.2%)Bausch Health Companies 300,000 7,901,945 9,951,000Canopy Growth 86,000 3,244,220 5,396,500 11,146,165 15,347,500Financials (24.4%)Bank of Montreal 54,900 5,722,221 5,849,046Brookfield Asset Management, Class A 153,000 7,996,601 8,795,970Canadian Imperial Bank of Commerce 30,000 3,332,785 3,630,900Fairfax Financial Holdings 4,000 2,700,301 2,806,960National Bank of Canada 133,000 8,043,078 8,579,830Royal Bank of Canada 170,100 15,924,241 17,612,154Sun Life Financial 45,000 2,325,049 2,310,750TMX Group 35,000 3,065,568 3,034,150Toronto-Dominion Bank 245,000 16,209,901 19,230,050Trisura Group 152 3,213 4,185 65,322,958 71,853,995Information Technology (5.6%)Constellation Software 3,000 2,691,785 2,849,610Enghouse Systems 19,000 1,447,135 1,559,330Shopify, Class A 56,800 6,511,900 12,058,640 10,650,820 16,467,580Communication Services (2.0%)TELUS 120,000 5,718,783 5,713,200

Real Estate (8.5%)Canadian Apartment Properties Real Estate Investment Trust 128,000 4,697,069 6,104,320Colliers International Group 58,000 5,579,254 5,802,900FirstService 81,000 6,723,574 8,839,530Granite Real Estate Investment Trust 80,000 4,413,229 4,437,599 21,413,126 25,184,349


U.S. Equities (0.9%)FinancialsCanaccord Capital 400,000 2,672,433 2,760,000

Total Equities 237,561,774 268,220,959

PAR VALUE

Money Market Securities (7.8%)Canada Treasury Bills 2018-11-01 CAD 3,600,000 3,595,484 3,595,484 2018-11-15 CAD 4,000,000 3,992,642 3,992,642 2018-11-29 CAD 4,000,000 3,990,171 3,990,171 2018-12-13 CAD 5,000,000 4,984,562 4,984,562 2019-01-10 CAD 4,000,000 3,982,490 3,982,490 2019-01-24 CAD 2,500,000 2,487,317 2,487,317

Total Money Market Securities 23,032,666 23,032,666



Net Assets (100%) 294,690,317


DIM PRIVATE CANADIAN EQUIT Y GROW TH FUND

11


TABLE 1

Securities Lending


$ $


TABLE 2


FAIR VALUE




From 2018-09-24 to 2018-09-28 From 2018-10-01 to 2018-10-05 4,855,993 4,856,891 96,222 4,857,478

TABLE 3


FAIR VALUE




From 2018-09-21 to 2018-09-28 From 2018-10-01 to 2018-10-24 1,738,537 1,737,115 – 1,737,445

12


DIM PRIVATE CANADIAN SMALL CAP EQUIT Y FUND



1. Cargojet 3.72. ATS Automation Tooling Systems 3.33. Boyd Group Income Fund 3.24. Badger Daylighting 3.25. Kelt Exploration 2.96. Descartes Systems Group 2.97. Enghouse Systems 2.88. InterRent Real Estate Investment Trust 2.89. Tricon Capital Group 2.7

10. Nuvista Energy 2.711. Parex Resources 2.612. Park Lawn 2.613. Colliers International Group 2.314. Interfor 2.215. TORC Oil & Gas 2.216. Premium Brands Holdings 2.217. Kinaxis 2.218. Spin Master 2.119. NFI Group 2.120. Martinrea International 2.121. Altus Group 2.122. Equitable Group 1.923. Enerflex 1.824. Canadian Western Bank 1.825. BRP 1.7

Total 62.1



Equities (99.0%)

Canadian Equities (97.9%)Energy (14.0%)Birchcliff Energy 188,806 1,013,426 981,791Enerflex 299,805 4,883,710 4,955,777Kelt Exploration 965,844 7,555,774 8,122,748Nuvista Energy 977,292 7,301,352 7,329,690Parex Resources 331,946 5,546,823 7,286,215Tidewater Midstream & Infrastructure 962,644 1,398,016 1,328,449TORC Oil & Gas 927,996 6,519,482 6,134,054Yangarra Resources 486,824 2,461,876 2,346,492 36,680,459 38,485,216Materials (10.0%)AirBoss of America 58,100 744,433 674,541Cobalt 27 Capital 192,233 2,217,728 1,234,136Conifex Timber 82,515 495,090 340,787Endeavour Mining 232,681 5,548,580 4,690,849Ero Copper 325,849 2,799,616 3,975,358Interfor 320,872 5,948,679 6,135,073IPL Plastics 144,817 1,949,656 1,882,621Kirkland Lake Gold 193,130 3,096,070 4,727,822Neo Performance Materials 186,185 3,314,059 3,351,330Stella-Jones 12,599 505,791 544,781 26,619,702 27,557,298


NUMBER FAIR OF SHARES COST VALUE $ $Industrials (26.7%)Aecon Group 101,559 1,641,646 1,648,303Ag Growth International 72,980 3,779,345 4,593,361ATS Automation Tooling Systems 379,050 5,814,926 9,104,781Badger Daylighting 294,952 7,902,258 8,730,579Boyd Group Income Fund 70,430 5,017,964 8,872,771Cargojet 122,860 5,586,863 10,256,353Chorus Aviation 377,858 3,333,557 2,913,285DIRTT Environmental Solutions 311,100 1,692,437 2,031,483Hardwoods Distribution 96,883 1,934,813 1,656,699Horizon North Logistics 269,215 749,212 794,184Morneau Shepell 29,700 802,811 803,979NFI Group 112,982 4,984,018 5,679,605People 361,740 2,535,150 3,074,790Richelieu Hardware 133,771 3,434,093 3,999,753Russel Metals 136,777 3,834,035 3,665,624Savaria 197,742 2,606,758 3,952,863Wajax 73,977 1,978,311 1,932,279 57,628,197 73,710,692Consumer Discretionary (12.7%)Aritzia 185,882 2,883,317 3,180,441BRP 79,066 3,625,920 4,790,609Martinrea International 430,137 5,637,128 5,673,507Park Lawn 271,344 5,866,020 7,223,177Pollard Banknote 113,640 2,167,655 2,825,090Sleep Country Canada Holdings 52,583 1,716,629 1,516,494Spin Master 113,890 4,477,975 5,833,446Stingray Digital Group 452,906 4,048,503 4,035,392 30,423,147 35,078,156Consumer Staples (3.2%)Jamieson Wellness 73,468 1,420,171 1,958,657Mav Beauty Brands 52,966 740,969 733,579Premium Brands Holdings 64,370 6,162,803 6,065,585 8,323,943 8,757,821Health Care (0.7%)Aphria 102,047 1,221,256 1,836,846

Financials (5.4%)Canadian Western Bank 145,176 4,598,752 4,950,502Equitable Group 75,443 4,571,525 5,195,759StorageVault Canada 1,769,232 3,875,023 4,688,465 13,045,300 14,834,726Information Technology (11.6%)Ceridian HCM Holding 55,553 2,557,453 3,006,528Descartes Systems Group 182,745 6,019,638 8,006,058Enghouse Systems 95,246 5,257,103 7,816,839Kinaxis 61,159 4,642,022 5,940,374Points International 8,351 151,298 151,571Solium Capital 293,187 2,834,354 3,315,945Sylogist 271,487 2,724,117 3,662,360 24,185,985 31,899,675Utilities (0.7%)Boralex, Class A 108,814 2,151,525 1,961,916

Real Estate (12.9%)Altus Group 184,653 5,552,755 5,652,228Colliers International Group 62,646 3,784,148 6,267,732FirstService 33,166 2,320,099 3,619,406InterRent Real Estate Investment Trust 647,227 4,843,278 7,604,917Killam Apartment Real Estate Investment Trust 191,057 2,310,008 3,081,749Minto Apartments 112,900 1,661,432 1,927,203Tricon Capital Group 683,414 6,566,308 7,435,546 27,038,028 35,588,781


Foreign Equities (1.1%)BermudaBrookfield Business Partners 52,669 2,572,477 3,118,531

Total Equities 229,890,019 272,829,658


DIM PRIVATE CANADIAN SMALL CAP EQUIT Y FUND

13



Money Market Securities (0.8%)Canada Treasury Bills 2018-11-29 CAD 1,755,000 1,750,567 1,750,567 2018-12-27 CAD 325,000 323,756 323,756

Total Money Market Securities 2,074,323 2,074,323


Other Net Assets (0.2%) 688,557

Net Assets (100%) 275,592,538

TABLE 1

Securities Lending


$ $


14

F O R E I G N E Q U I T Y F U N D S

DIM PRIVATE U.S. EQUIT Y FUND (FOR TA X ABLE ACCOUNTS)



1. Apple 7.42. Alphabet, Class A 6.83. Johnson & Johnson 6.34. Coca-Cola Company 5.55. Microsoft 5.36. Medtronic 5.37. Intercontinental Exchange Group 4.28. Danaher 4.19. Honeywell International 4.0

10. United Technologies 3.911. Cisco Systems 3.712. Visa, Class A 3.613. Lowe’s Companies 3.414. Cash and Cash Equivalents 3.215. McDonald’s 3.116. Procter & Gamble 3.017. Bank of America 2.818. SunTrust Banks 2.819. Chevron 2.720. Aon 2.721. Wells Fargo & Company 2.622. Commerce Bancshares 2.623. Starbucks 2.324. EOG Resources 2.225. Analog Devices 2.2

Total 95.7



Equities (96.8%)

U.S. Equities (88.8%)Energy (7.1%)Chevron 156,605 25,640,314 24,734,658ConocoPhillips 196,340 13,165,062 19,628,838EOG Resources 123,545 16,174,976 20,357,225 54,980,352 64,720,721Industrials (7.9%)Honeywell International 169,885 27,626,719 36,513,478United Technologies 196,345 29,303,007 35,457,077 56,929,726 71,970,555Consumer Discretionary (8.8%)Lowe’s Companies 210,690 24,145,209 31,246,855McDonald’s 130,160 28,180,670 28,124,989Starbucks 284,555 20,615,041 20,891,284 72,940,920 80,263,128Consumer Staples (8.5%)Coca-Cola Company 833,710 47,716,966 49,740,234Procter & Gamble 253,682 26,409,323 27,271,837 74,126,289 77,012,071Health Care (10.4%)Danaher 266,850 34,525,312 37,452,581Johnson & Johnson 321,955 51,239,650 57,458,433 85,764,962 94,911,014Financials (15.0%)Bank of America 677,100 25,702,504 25,765,015Commerce Bancshares 273,503 21,651,732 23,322,895Intercontinental Exchange Group 392,585 31,490,136 37,975,402SunTrust Banks 291,155 22,997,859 25,117,739Wells Fargo & Company 349,705 25,056,315 23,741,166 126,898,546 135,922,217Information Technology (31.1%)Alphabet, Class A 39,656 45,062,338 61,828,656Analog Devices 165,480 20,530,112 19,762,608Apple 231,626 42,695,789 67,536,830Cisco Systems 533,750 24,284,670 33,540,195eBay 430,165 18,988,483 18,524,458Microsoft 326,430 26,231,204 48,222,201Visa, Class A 169,869 23,737,671 32,931,443 201,530,267 282,346,391

Total U.S. Equities 673,171,062 807,146,097

Foreign Equities (8.0%)Ireland (5.3%)Medtronic 377,100 41,129,544 47,914,179

United Kingdom (2.7%)Aon 121,325 19,927,130 24,098,777

Total Foreign Equities 61,056,674 72,012,956



Net Assets (100%) 908,452,059

TABLE 1

Securities Lending


$ $


15


DIM PRIVATE U.S. EQUIT Y FUND (FOR NON TA X ABLE ACCOUNTS)



1. Apple 7.42. Alphabet, Class A 6.83. Johnson & Johnson 6.34. Coca-Cola Company 5.45. Microsoft 5.36. Medtronic 5.27. Intercontinental Exchange Group 4.28. Danaher 4.19. Honeywell International 4.0

10. United Technologies 3.911. Cash and Cash Equivalents 3.712. Cisco Systems 3.713. Visa, Class A 3.614. Lowe’s Companies 3.415. McDonald’s 3.116. Procter & Gamble 3.017. Bank of America 2.818. SunTrust Banks 2.819. Chevron 2.720. Aon 2.621. Wells Fargo & Company 2.622. Commerce Bancshares 2.623. Starbucks 2.324. EOG Resources 2.225. Analog Devices 2.2

Total 95.9



Equities (96.3%)

U.S. Equities (88.4%)Energy (7.1%)Chevron 46,140 7,552,069 7,287,488ConocoPhillips 57,815 3,906,165 5,779,980EOG Resources 36,325 4,762,220 5,985,481 16,220,454 19,052,949Industrials (7.9%)Honeywell International 50,020 8,173,649 10,750,827United Technologies 57,815 8,668,841 10,440,556 16,842,490 21,191,383Consumer Discretionary (8.8%)Lowe’s Companies 62,370 7,163,896 9,249,923McDonald’s 38,220 8,272,321 8,258,582Starbucks 83,770 6,072,424 6,150,174 21,508,641 23,658,679Consumer Staples (8.4%)Coca-Cola Company 245,455 14,061,730 14,644,168Procter & Gamble 74,644 7,750,564 8,024,531 21,812,294 22,668,699Health Care (10.4%)Danaher 78,610 10,182,912 11,032,968Johnson & Johnson 94,830 15,089,618 16,924,052 25,272,530 27,957,020Financials (14.9%)Bank of America 199,400 7,573,453 7,587,571Commerce Bancshares 80,541 6,383,296 6,868,112Intercontinental Exchange Group 115,620 9,182,728 11,184,115SunTrust Banks 85,800 6,788,572 7,401,906Wells Fargo & Company 103,505 7,417,078 7,026,864 37,345,127 40,068,568Information Technology (30.9%)Alphabet, Class A 11,669 13,148,997 18,193,428Analog Devices 48,670 6,038,715 5,812,461Apple 68,189 12,542,414 19,882,349Cisco Systems 157,157 7,352,537 9,875,553eBay 126,640 5,593,518 5,453,576Microsoft 96,030 7,626,987 14,186,129Visa, Class A 50,014 6,954,680 9,695,901 59,257,848 83,099,397


Foreign Equities (7.9%)Ireland (5.3%)Medtronic 110,985 12,130,681 14,101,711

United Kingdom (2.6%)Aon 35,745 5,902,583 7,100,027




Net Assets (100%) 268,794,059

TABLE 1

Securities Lending


$ $


16


DIM PRIVATE INTERNATIONAL EQUIT Y FUND



1. Alibaba Group Holding, ADR 6.02. Tencent Holdings 5.43. Ferrari 5.14. Baidu, ADR 4.65. AIA Group 4.36. ASML Holding 4.17. Kering 3.68. Softbank 3.49. Cash and Cash Equivalents 3.2

10. Inditex 3.211. Rolls-Royce Holdings 2.912. M3 2.913. Fiat Chrysler Automobiles 2.614. L’Oréal 2.215. MercadoLibre 2.216. Spotify Technology 2.017. Zalando 2.018. Genmab 1.819. Celltrion 1.720. Nidec 1.621. Atlas Copco, A Shares 1.622. Svenska Handelsbanken 1.523. Umicore 1.524. Ping An Insurance (Group) Company of China, Class H 1.525. Investment AB Kinnevik, B Shares 1.5

Total 72.4



Equities (96.8%)

U.S. Equities (2.7%)Consumer Discretionary (0.5%)NIO, ADR 595,866 4,850,650 5,372,159

Information Technology (2.2%)MercadoLibre 51,014 10,969,888 22,434,329


Foreign Equities (94.1%)Austria (0.3%)ams 48,486 4,829,979 3,500,829

Belgium (1.5%)Umicore 218,895 13,147,075 15,812,769

Cayman Islands (19.2%)Alibaba Group Holding, ADR 292,593 42,577,908 62,267,376Baidu, ADR 163,224 36,954,682 48,212,211Ctrip.com International, ADR 278,768 17,078,106 13,383,827Meituan-Dianping, Class B 631,900 7,382,232 7,167,962TAL Education Group, ADR 371,803 7,670,518 12,346,954Tencent Holdings 1,051,700 32,960,311 56,083,853 144,623,757 199,462,183China (1.5%)Ping An Insurance (Group) Company of China, Class H 1,193,500 14,556,459 15,655,400


NUMBER FAIR OF SHARES COST VALUE $ $Denmark (4.2%)Ambu, Class B 225,812 11,516,705 7,006,911Chr. Hansen Holding 76,377 5,887,165 10,014,376Genmab 93,099 20,018,138 18,909,501Novozymes 99,833 5,129,462 7,078,971 42,551,470 43,009,759Finland (0.2%)Cargotec 12,000 928,047 696,806Stora Enso, R Shares 55,000 1,461,715 1,358,888 2,389,762 2,055,694France (7.9%)AXA 37,000 1,119,332 1,284,542BNP Paribas 13,000 1,032,878 1,027,618Bureau Veritas 27,000 792,689 900,116Capgemini 11,000 1,279,737 1,788,205Compagnie de Saint-Gobain 17,000 992,215 946,989Dassault Systèmes 10,455 894,395 2,018,676Essilor International 24,022 3,461,393 4,591,393Kering 53,629 18,788,644 37,132,570L’Oréal 74,599 16,776,558 23,236,191LVMH Moet Hennessy Louis Vuitton 3,400 1,051,700 1,553,117Orange 60,000 1,374,505 1,235,877Pernod Ricard 4,500 921,704 953,565Safran 6,300 973,296 1,140,363Schneider Electric 10,000 1,070,982 1,039,271Total 27,035 1,802,841 2,263,952Worldline 12,000 930,946 992,481 53,263,815 82,104,926Germany (7.3%)Aixtron 267,156 4,196,660 3,493,630Allianz 4,500 972,446 1,295,714BASF 100,857 12,005,909 11,578,350Brenntag 16,000 1,243,954 1,275,559Delivery Hero 123,665 6,410,566 7,681,611Evonik Industries 33,000 1,619,943 1,526,738Fresenius SE & Co. 14,500 1,424,223 1,375,167Henkel AG & Co., Preferred 7,500 1,304,687 1,136,562KION Group 12,000 883,174 952,710Merck 12,000 1,592,414 1,601,647MorphoSys 42,131 4,218,252 5,819,114Rocket Internet 183,116 7,308,757 7,403,577SAP 13,000 1,778,275 2,066,544Sartorius, Preferred 30,179 4,102,181 6,327,140Wirecard 5,000 747,055 1,399,941Zalando 403,159 20,963,435 20,260,317 70,771,931 75,194,321Hong Kong (5.0%)AIA Group 3,864,400 30,004,624 44,569,100Hong Kong Exchanges & Clearing 186,874 5,591,027 6,906,715 35,595,651 51,475,815Ireland (0.1%)CRH 31,500 1,438,709 1,331,211

Italy (0.4%)Eni 90,000 1,883,275 2,197,585Leonardo 60,000 1,120,380 933,994UniCredit 40,000 1,046,652 777,668 4,050,307 3,909,247Japan (12.7%)Don Quijote Co. 120,100 6,364,033 7,850,565M3 1,020,600 17,964,149 29,910,835Nidec 91,000 14,325,695 16,908,940PIGEON 124,200 4,946,036 9,036,321SBI Holdings 252,500 4,679,789 10,132,723SMC 36,300 12,469,974 15,004,467Softbank 267,300 21,601,870 34,853,985Sysmex 75,700 7,224,782 8,416,370 89,576,328 132,114,206Jersey (0.1%)Glencore 200,000 1,240,877 1,116,864

Luxembourg (2.1%)Spotify Technology 89,267 18,584,436 20,850,010Subsea 7 50,000 978,910 955,396 19,563,346 21,805,406


DIM PRIVATE INTERNATIONAL EQUIT Y FUND

17


NUMBER FAIR OF SHARES COST VALUE $ $Mauritius (0.3%)Makemytrip 71,823 3,049,994 2,546,541

Netherlands (12.1%)ASML Holding 175,610 29,958,947 42,374,123Ferrari 296,760 27,171,303 52,781,957Fiat Chrysler Automobiles 1,196,491 18,369,947 27,173,494Heineken 10,000 1,294,030 1,211,133Koninklijke DSM 12,400 1,191,688 1,696,690 77,985,915 125,237,397Norway (0.9%)Schibsted Class A 95,904 3,531,040 4,651,331 Class B 104,197 3,463,679 4,663,280 6,994,719 9,314,611Portugal (0.4%)Jeronimo Martins 208,555 4,116,041 3,967,405

South Korea (1.7%)Celltrion 51,812 5,588,972 17,918,523

Spain (4.8%)Banco Bilbao Vizcaya Argentaria 1,476,139 14,896,460 12,153,323Banco Santander 160,000 1,200,445 1,040,410Distribuidora Internacional de Alimentacion 483,982 3,749,679 1,451,626Grifols 36,000 1,405,492 1,309,751Iberdrola, Warrants 115,000 1,219,341 1,093,064INDITEX 846,365 33,203,146 33,140,573 55,674,563 50,188,747Sweden (6.6%)Alfa Laval 230,400 5,562,681 8,069,928Atlas Copco, A Shares 453,081 17,047,640 16,870,389Elekta, B Shares 388,296 4,623,778 6,746,564Epiroc, Series A 421,997 5,797,224 6,090,160Investment AB Kinnevik, B Shares 385,703 15,293,519 15,084,706Svenska Handelsbanken 976,481 15,901,873 15,930,165 64,226,715 68,791,912Switzerland (0.4%)Dufry 6,750 1,184,777 983,001Nestlé 11,000 1,069,173 1,184,543Novartis 14,000 1,507,131 1,555,139 3,761,081 3,722,683United Kingdom (4.4%)Ashtead Group 25,000 511,464 1,025,700British American Tobacco 17,000 1,499,005 1,025,894Ocado Group 632,231 4,563,780 9,570,993Prudential 35,000 1,172,506 1,036,770Rolls-Royce Holdings 1,827,009 27,263,898 30,370,975Sophos Group 120,000 488,835 985,884Spectris 20,000 930,161 799,011Weir Group 30,000 941,166 890,427 37,370,815 45,705,654


Total Investments (96.8%) 772,188,819 1,003,748,591


Net Assets (100%) 1,037,006,516

TABLE 1

Securities Lending


$ $


18

C O M P L E T I O N S T R A T E G Y F U N D B A L A N C E D F U N D S

DIM PRIVATE BAL ANCED FUNDDIM PRIVATE COMPLE TION STR ATEGY FUND



1. BlackRock CDN Global Developed Real Estate Index Fund, Class D 29.12. BlackRock Canadian Global Infrastructure Equity Index Fund

Class D 28.43. Franklin Templeton Global Real Asset 17.44. Cash and Cash Equivalents 11.55. Desjardins Capital PME Fund 10.06. SPDR Gold Trust 2.67. Canadian Imperial Bank of Commerce, European Index Autocallable

Principal at Risk Notes, Series 106, 0.000%, 2023-01-30 0.58. Bank of Montreal, U.S. Financials AutoCallable Principal at Risk

Notes, Series 665, Class F, 2.000%, 2023-01-30 0.5

Total 100.0



1. DIM Private Corporate Bond Fund 25.12. DIM Private Government Bond Fund 16.73. DIM Private U.S. Equity Fund (for taxable accounts) 10.84. Cash and Cash Equivalents 9.65. DIM Private International Equity Fund 9.46. DIM Private Canadian Equity Growth Fund 8.47. DIM Private Canadian Large Cap Equity Fund 8.38. DIM Private Completion Strategy Fund 6.09. DIM Private Canadian Small Cap Equity Fund 5.7

Total 100.0



Investment Funds (74.9%)BlackRock Canadian Global Infrastructure Equity Index Fund, Class D 5,244,550 108,055,046 107,298,488BlackRock CDN Global Developed Real Estate Index Fund, Class D 5,717,521 108,287,782 109,570,317Franklin Templeton Global Real Asset 6,359,377 65,000,000 65,500,943

Total Investment Funds 281,342,828 282,369,748

Limited Partnership (10.0%)Desjardins Capital PME Fund 3,660,000 36,600,000 37,852,818

NUMBER OF SHARES

U.S. Equities (2.6%)Index-Based InvestmentsSPDR Gold Trust 68,620 10,074,857 9,994,260

PAR VALUE

Canadian Bonds (1.0%)CorporationsBank of Montreal, U.S. Financials AutoCallable Principal at Risk Notes Series 665, Class F, 2.000%, 2023-01-30 CAD 2,000,000 2,000,000 1,818,400Canadian Imperial Bank of Commerce European Index Autocallable Principal at Risk Notes Series 106, 0.000%, 2023-01-30 CAD 2,000,000 2,000,000 1,833,600 4,000,000 3,652,000



Net Assets (100%) 377,343,549



Investment Funds (90.4%)DIM Private Canadian Equity Growth Fund 1,086,097 14,543,017 16,808,442DIM Private Canadian Large Cap Equity Fund 1,124,993 16,207,373 16,621,775DIM Private Canadian Small Cap Equity Fund 605,866 9,921,661 11,426,027DIM Private Completion Strategy Fund 1,039,422 11,500,974 12,106,153DIM Private Corporate Bond Fund 5,030,129 51,614,837 50,452,191DIM Private Government Bond Fund 3,412,020 34,880,215 33,417,321DIM Private International Equity Fund 1,072,294 13,297,447 18,850,930DIM Private U.S. Equity Fund (for taxable accounts) 1,832,371 15,842,465 21,675,116



Net Assets (100%) 200,555,079

19

DIM PRIVATE MONTHLY DISTRIBUTION GROW TH FUNDDIM PRIVATE MONTHLY DISTRIBUTION INCOME FUND

B A L A N C E D F U N D S



1. DIM Private Corporate Bond Fund 46.22. DIM Private Government Bond Fund 30.53. DIM Private U.S. Equity Fund (for taxable accounts) 7.34. DIM Private Canadian Large Cap Equity Fund 6.65. DIM Private International Equity Fund 6.36. Cash and Cash Equivalents 3.1

Total 100.0



1. DIM Private U.S. Equity Fund (for taxable accounts) 26.62. DIM Private International Equity Fund 24.43. DIM Private Canadian Large Cap Equity Fund 23.84. DIM Private Corporate Bond Fund 11.45. DIM Private Government Bond Fund 7.56. Cash and Cash Equivalents 6.3

Total 100.0



Investment Funds (96.9%)DIM Private Canadian Large Cap Equity Fund 119,632 1,596,292 1,767,568DIM Private Corporate Bond Fund 1,225,124 12,445,097 12,287,992DIM Private Government Bond Fund 827,083 8,553,051 8,100,454DIM Private International Equity Fund 95,037 912,235 1,670,750DIM Private U.S. Equity Fund (for taxable accounts) 164,350 1,111,024 1,944,100


Other Net Assets (3.1%) 830,204

Net Assets (100%) 26,601,068



Investment Funds (93.7%)DIM Private Canadian Large Cap Equity Fund 284,722 3,865,277 4,206,769DIM Private Corporate Bond Fund 200,652 2,038,579 2,012,535DIM Private Government Bond Fund 135,558 1,399,015 1,327,658DIM Private International Equity Fund 244,697 2,348,299 4,301,768DIM Private U.S. Equity Fund (for taxable accounts) 396,448 2,661,511 4,689,579



Net Assets (100%) 17,646,724

Montréal 514 286-3180 1 877 286-3180

Québec 418 653-7922 1 800 653-7922

Ottawa/Gatineau 613 567-2885 1 866 567-2885

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