IPC Multi-Factor International Equity - Counsel Portfolio Services
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IPC Multi-Factor International Equity
annual financial statements
For the year ended March 31, 2022
These Financial Statements do not contain the Management Report of Fund Performance (“MRFP”) of the investment fund.
A copy of the Fund’s current Simplified Prospectus, Annual Information Form, Management Report of Fund Performance, Fund Fact Sheets, quarterly portfolio
disclosures and proxy voting policies and disclosures will be provided, without charge, by: calling toll-free 1-877-625-9885, writing to Counsel Portfolio
Services Inc., 5015 Spectrum Way, Suite 300, Mississauga, ON, L4W 0E4, by visiting our website at www.counselservices.com or by visiting www.sedar.com.IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
MANAGEMENT REPORT
Management’s Responsibility for Financial Reporting
The accompanying financial statements have been prepared by Counsel Portfolio Services Inc. (the “Manager”), as Manager of IPC Multi-Factor International Equity (the “Fund”). The Manager
is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates
consistent with International Financial Reporting Standards. The Manager is also responsible for the development of internal controls over the financial reporting process, which are designed to
provide reasonable assurance that relevant and reliable financial information is produced.
The Board of Directors (the “Board”) of Counsel Portfolio Services Inc. is responsible for reviewing and approving the financial statements and overseeing the Manager’s performance of its
financial reporting responsibilities. The Board meets regularly with the Manager, internal auditors and external auditors to discuss internal controls over the financial reporting process, auditing
matters and financial reporting issues.
Deloitte LLP is the external auditor of the Fund. It is appointed by the Board. The external auditor has audited the financial statements in accordance with Canadian generally accepted auditing
standards to enable it to express to the securityholders its opinion on the financial statements. Its report is set out below.
Sam Febbraro Paulette Jervis
President and Chief Executive Officer Chief Financial Officer
June 3, 2022
INDEPENDENT AUDITOR’S REPORT
To the Securityholders of IPC Multi-Factor International Equity (the “Fund”)
Opinion
We have audited the financial statements of the Fund, which comprise the statements of financial position as at March 31, 2022 and 2021, and the statements of comprehensive income,
changes in financial position and cash flows for the periods then ended, as indicated in Note 1, and notes to the financial statements, including a summary of significant accounting policies
(collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at March 31, 2022 and 2021, and its financial performance
and its cash flows for the periods then ended, as indicated in Note 1, in accordance with International Financial Reporting Standards (“IFRS”).
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards (“Canadian GAAS”). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the
financial statements in Canada, and we have fulfilled our other ethical 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 which comprises the Management Report of Fund Performance.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial
statements, 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 audit, or otherwise appears to be materially misstated.
We obtained the Management Report of Fund Performance prior to the date of this auditor’s 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 this auditor’s 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 Fund’s 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 Fund or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Fund’s financial reporting process.IPC MULTI-FACTOR INTERNATIONAL EQUITY ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022 INDEPENDENT AUDITOR’S REPORT (cont’d) Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian GAAS 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 these financial statements. As part of an audit in accordance with Canadian GAAS, 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 to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants Licensed Public Accountants Toronto, Ontario June 13, 2022
IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME
as at March 31 for the periods ended March 31
(in $ 000 except per security amounts) (in $ 000 except per security amounts)
2022 2021 2022 2021
Assets Income:
Current assets: Dividends 6,788 4,499
Investments at fair value 213,747 192,886 Interest and other income 16 3
Cash and cash equivalents 609 129 Net realized gain (loss) 8,092 (4,142)
Accrued interest receivable – – Net unrealized gain (loss) (17,844) 36,908
Dividends receivable 1,068 660 Income (loss) from derivatives – –
Accounts receivable for investments sold – 134 Securities lending income 27 2
Accounts receivable for securities issued 207 1,157 Trust income – 25
Due from Manager – 1 Total income (loss) (2,921) 37,295
Margin on derivative contracts – – Expenses (note 6):
Derivative assets 677 996 Management fees – –
Taxes recoverable – – Management fee rebates – –
Other assets – – Administration fees 60 53
Total assets 216,308 195,963 Commissions and other portfolio transaction costs 220 207
Liabilities Independent Review Committee costs 1 1
Current liabilities: Interest and other charges – –
Bank indebtedness – – Expenses before amounts absorbed by Manager 281 261
Accounts payable for investments purchased 345 105 Expenses absorbed by Manager – (6)
Accounts payable for securities redeemed 50 185 Net expenses 281 255
Accrued expenses and miscellaneous payables – – Increase (decrease) in net assets attributable to securityholders
Derivative liabilities – 2 from operations before tax (3,202) 37,040
Taxes payable – – Foreign withholding tax expense (recovery) 870 647
Other liabilities – – Foreign income tax expense (recovery) – –
Total liabilities 395 292 Income tax expense (recovery) (note 5) – –
Net assets attributable to securityholders 215,913 195,671 Increase (decrease) in net assets attributable to securityholders
from operations (4,072) 36,393
Increase (decrease) in net assets attributable to
Net assets attributable to securityholders (note 3) securityholders from operations (note 3)
per security per series per security per series
2022 2021 2022 2021 2022 2021 2022 2021
Series O 9.86 10.40 177,414 160,044 Series O (0.22) 2.27 (3,496) 28,399
Series Private Wealth 9.86 10.41 38,499 35,627 Series Private Wealth (0.17) 2.37 (576) 7,994
215,913 195,671 (4,072) 36,393
The accompanying notes are an integral part of these financial statements.IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
STATEMENTS OF CHANGES IN FINANCIAL POSITION
for the periods ended March 31 (in $ 000 except when stated)
SERIES
TOTAL SERIES O
PRIVATE WEALTH
2022 2021 2022 2021 2022 2021
Net assets attributable to securityholders, beginning of period 195,671 122,813 160,044 94,287 35,627 28,526
Increase (decrease) in net assets attributable to securityholders resulting from:
Operations (4,072) 36,393 (3,496) 28,399 (576) 7,994
Distributions:
Investment income (5,409) (3,512) (4,489) (2,783) (920) (729)
Capital gains (1,645) – (1,353) – (292) –
Return of capital – – – – – –
Management fee rebates – – – – – –
Total distributions (7,054) (3,512) (5,842) (2,783) (1,212) (729)
Security transactions:
Proceeds from securities issued 53,626 64,774 42,166 55,158 11,460 9,616
Reinvested from distributions 7,054 3,512 5,842 2,783 1,212 729
Payment on redemption of securities (29,312) (28,309) (21,300) (17,800) (8,012) (10,509)
Total security transactions 31,368 39,977 26,708 40,141 4,660 (164)
Increase (decrease) in net assets attributable to securityholders 20,242 72,858 17,370 65,757 2,872 7,101
Net assets attributable to securityholders, end of period 215,913 195,671 177,414 160,044 38,499 35,627
Increase (decrease) in securities (in thousands):
Securities outstanding, beginning of period (note 7) 15,385 11,407 3,423 3,450
Add (deduct):
Issued 4,046 5,532 1,117 965
Reinvested distributions 545 303 113 80
Redeemed (1,982) (1,857) (750) (1,072)
Securities outstanding, end of period 17,994 15,385 3,903 3,423
The accompanying notes are an integral part of these financial statements.IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
STATEMENTS OF CASH FLOWS
for the periods ended March 31
(in $ 000)
2022 2021
Cash flows from operating activities
Increase (decrease) in net assets attributable to securityholders
from operations (4,072) 36,393
Less non-cash impact of:
Net realized loss (gain) on investments (8,092) 4,142
Change in net unrealized loss (gain) on investments 17,844 (36,908)
Distributions received from Underlying Funds – –
Adjustments for:
Proceeds from sale and maturity of investments 89,848 70,677
Purchases of investments (119,770) (110,010)
(Increase) decrease in accounts receivable and other assets (407) (102)
Increase (decrease) in accounts payable and other liabilities – –
Net cash provided by (used in) operating activities (24,649) (35,808)
Cash flows from financing activities:
Proceeds from securities issued 54,576 63,630
Payments on redemption of securities (29,447) (28,191)
Distributions paid net of reinvestments – –
Net cash provided by (used in) financing activities 25,129 35,439
Increase (decrease) in cash and cash equivalents 480 (369)
Cash and cash equivalents at beginning of period 129 498
Effect of exchange rate fluctuations on cash and cash equivalents – –
Cash and cash equivalents, end of period 609 129
Cash 609 129
Cash equivalents – –
Bank indebtedness – –
609 129
Supplementary disclosures on cash flow from operating activities:
Dividends received net of withholding taxes 5,510 3,751
Interest received (purchased) net of withholding taxes – 3
Interest paid – –
Income taxes paid (recovered) – –
The accompanying notes are an integral part of these financial statements.IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES
3i Group PLC United Kingdom Financials 39,768 817 899
A.P. Moller – Maersk AS Class B Denmark Industrials 232 731 874
AAC Technologies Holdings Inc. China Information Technology 19,885 140 60
Aalberts Industries NV Netherlands Industrials 7,703 490 498
ABN AMRO Group NV Netherlands Financials 27,112 494 434
Ackermans & van Haaren NV Belgium Health Care 2,144 454 500
ACS, Actividades de Construccion y Servicios SA Spain Industrials 11,974 439 402
Adecco Group SA Switzerland Industrials 8,057 632 456
Advantest Corp. Japan Information Technology 1,489 114 146
Aegon NV Netherlands Financials 15,043 83 99
Aeon Co. Ltd. Japan Consumer Staples 10,800 342 288
Ageas Belgium Financials 15,534 1,063 977
Air Liquide SA France Materials 2,342 435 512
Air Water Inc. Japan Materials 7,402 158 130
Ajinomoto Co. Inc. Japan Consumer Staples 28,192 763 1,001
Akzo Nobel NV Netherlands Materials 7,548 967 811
Alcon Inc. Switzerland Health Care 2,956 261 292
Alfa Laval AB Sweden Industrials 4,750 203 204
Alfresa Holdings Corp. Japan Health Care 7,703 180 134
Allianz SE Reg. Germany Financials 416 133 124
Alps Alpine Co. Ltd. Japan Information Technology 13,857 184 171
ALS Ltd. Australia Industrials 9,725 85 120
Altium Ltd. Australia Information Technology 5,757 196 181
Amada Holdings Co. Ltd. Japan Industrials 25,008 366 276
Ampol Ltd. Australia Energy 4,166 110 118
Andritz AG Austria Industrials 6,542 402 377
Ansell Ltd. Australia Health Care 11,608 324 279
Antofagasta PLC Chile Materials 13,646 332 372
Aozora Bank Ltd. Japan Financials 6,328 187 167
ArcelorMittal SA Luxembourg Materials 3,657 135 147
Arkema France Materials 4,232 638 631
Asahi Glass Co. Ltd. Japan Industrials 5,219 249 261
Asahi Kasei Corp. Japan Materials 5,238 77 57
Ascendas Real Estate Investment Trust Singapore Real Estate 30,396 87 82
Ashtead Group PLC United Kingdom Industrials 1,483 85 117
ASM International NV Netherlands Information Technology 2,565 712 1,162
ASM Pacific Technology Ltd. Hong Kong Information Technology 26,011 420 329
ASML Holding NV Netherlands Information Technology 400 230 333
ASR Nederland NV Netherlands Financials 6,434 329 374
Assicurazioni Generali SPA Italy Financials 15,518 409 444
Associated British Foods PLC United Kingdom Consumer Staples 7,362 261 200
Astellas Pharma Inc. Japan Health Care 19,433 413 381
AstraZeneca PLC United Kingdom Health Care 9,878 1,423 1,636
Atlas Copco AB A Sweden Industrials 7,966 501 517
Aurizon Holdings Ltd. Australia Industrials 110,388 439 379
Auto Trader Group PLC United Kingdom Communication Services 22,177 242 229
Aviva PLC United Kingdom Financials 63,646 414 470
AXA SA France Financials 20,194 703 737
Azbil Corp. Japan Information Technology 11,450 584 477
B&M European Value Retail SA United Kingdom Consumer Discretionary 37,706 361 330
Baloise Holding AG Switzerland Financials 1,718 383 383
Banco Bilbao Vizcaya Argentaria SA Spain Financials 229,717 1,734 1,641
Banco Santander SA Spain Financials 338,949 1,574 1,436
Bank Hapoalim Israel Financials 100,679 1,160 1,241
Bank Leumi Le-Israel Israel Financials 38,886 417 522
The Bank of Kyoto Ltd. Japan Financials 3,213 181 175
Barclays PLC United Kingdom Financials 52,619 151 128
Barratt Developments PLC United Kingdom Consumer Discretionary 15,577 178 133
BASF SE Germany Materials 5,865 562 418
Bayerische Motoren Werke (BMW) AG Germany Consumer Discretionary 3,544 480 384
BE Semiconductor Industries NV Netherlands Information Technology 3,052 353 325
Beiersdorf AG Germany Consumer Staples 4,812 709 632
Bellway PLC United Kingdom Consumer Discretionary 5,587 301 222
Bendigo and Adelaide Bank Ltd. Australia Financials 12,465 116 119
The Berkeley Group Holdings PLC United Kingdom Consumer Discretionary 1,537 125 93IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
BioMerieux SA France Health Care 3397 605 453
BlueScope Steel Ltd. Australia Materials 19265 289 372
BNP Paribas SA France Financials 4,935 393 351
Boral Ltd. Australia Materials 32,653 147 105
Bouygues SA France Industrials 12,764 675 556
BP PLC United Kingdom Energy 73,086 487 446
Brambles Ltd. Australia Industrials 62,113 640 573
Brenntag AG Germany Industrials 5,487 448 555
Bridgestone Corp. Japan Consumer Discretionary 12,722 683 616
The British Land Co. PLC United Kingdom Real Estate 81,168 717 703
Brother Industries Ltd. Japan Information Technology 14,596 382 332
Budweiser Brewing Co. APAC Ltd. Hong Kong Consumer Staples 12,860 50 43
Bunzl PLC United Kingdom Industrials 18,689 772 908
Burberry Group PLC United Kingdom Consumer Discretionary 21,651 726 591
Canon Inc. Japan Information Technology 35,562 1,089 1,082
Capcom Co. Ltd. Japan Communication Services 10,370 392 314
Capgemini SE France Information Technology 1,249 224 347
Capitaland Investment Ltd. Singapore Real Estate 58,400 212 214
Carl Zeiss Meditec AG Germany Health Care 1,360 310 276
Carrefour SA France Consumer Staples 42,758 996 1,159
Casio Computer Co. Ltd. Japan Consumer Discretionary 22,582 487 324
The Chiba Bank Ltd. Japan Financials 27,405 197 202
City Developments Ltd. Singapore Real Estate 17,015 158 123
CK Asset Holdings Ltd. Hong Kong Real Estate 52,072 423 445
Clariant AG Reg. Switzerland Materials 8,756 225 190
Coca-Cola European Partners PLC United Kingdom Consumer Staples 3,364 223 205
Coca-Cola HBC AG-DI Switzerland Consumer Staples 10,149 387 264
Coca-Cola West Co. Ltd. Japan Consumer Staples 9,425 245 139
Coles Group Ltd. Australia Consumer Staples 32,062 490 534
Coloplast AS Denmark Health Care 3,594 689 680
ComfortDelGro Corp. Ltd. Singapore Industrials 210,775 428 288
Compagnie de Saint-Gobain France Industrials 5,114 320 380
Compagnie Financiere Richemont SA Switzerland Consumer Discretionary 3,539 529 561
Compagnie Generale des Etablissements Michelin B France Consumer Discretionary 5,770 1,076 974
Concordia Financial Group Ltd. Japan Financials 45,355 217 212
Contact Energy Ltd. New Zealand Utilities 75,817 524 534
Continental AG Germany Consumer Discretionary 3,528 607 318
ConvaTec Group PLC United Kingdom Health Care 151,302 545 533
Covestro AG Germany Materials 6,234 430 394
Covivio France Real Estate 3,076 378 305
CRH PLC Ireland Materials 8,840 482 442
Croda International PLC United Kingdom Materials 5,380 622 691
Crown Ltd. Australia Consumer Discretionary 6,234 70 74
CSL Ltd. Australia Health Care 757 203 188
CSPC Pharmaceuticals Group Ltd. China Health Care 156,727 231 225
Dai Nippon Printing Co. Ltd. Japan Industrials 7,861 253 231
Dai-ichi Life Holdings Inc. Japan Financials 6,188 121 157
Daikin Industries Ltd. Japan Industrials 286 68 65
Daimler AG Germany Consumer Discretionary 2,325 266 204
Dainippon Pharmaceutical Co. Ltd. Japan Health Care 9,783 187 121
Daito Trust Construction Co. Ltd. Japan Real Estate 4,564 646 605
Daiwa Securities Group Inc. Japan Financials 49,323 317 349
Danone SA France Consumer Staples 13,022 1,206 897
Dassault Systemes SA France Information Technology 11,136 573 686
Davide Campari Milano SPA Italy Consumer Staples 8,533 110 124
DCC PLC United Kingdom Industrials 999 115 97
Dechra Pharmaceuticals PLC United Kingdom Health Care 4,574 403 303
Delivery Hero AG Germany Consumer Discretionary 1,807 217 99
Denso Corp. Japan Consumer Discretionary 4,521 308 361
Dentsu Inc. Japan Communication Services 2,200 97 112
Derwent London PLC United Kingdom Real Estate 9,707 562 510
Deutsche Bank AG Reg. Germany Financials 24,104 363 385
Dexus Property Group Australia Real Estate 35,472 358 361
Direct Line Insurance Group PLC United Kingdom Financials 119,966 601 540
Disco Corp. Japan Information Technology 459 166 160
DNB Bank ASA Norway Financials 31,027 808 878
Domino’s Pizza Enterprises Ltd. Australia Consumer Discretionary 2,112 157 172IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
East Japan Railway Co. Japan Industrials 1,394 153 101
Ebara Corp. Japan Industrials 4,369 274 304
EDF SA (Electricite de France) France Utilities 16,968 241 200
Eiffage SA France Industrials 3,786 515 485
Elisa OYJ Finland Communication Services 4,401 319 332
EMS-Chemie Holding AG Switzerland Materials 604 671 730
Endeavour Group Ltd. Australia Consumer Staples 24,839 156 169
Endesa SA Spain Utilities 11,727 336 320
Enel SPA Italy Utilities 12,136 127 101
Energias de Portugal SA Portugal Utilities 53,106 337 327
Engie SA France Utilities 32,190 626 527
Eni SPA Italy Energy 29,957 521 549
Entain PLC United Kingdom Consumer Discretionary 9,247 284 248
Epiroc AB Class A Sweden Industrials 11,930 235 319
Erste Group Bank AG Austria Financials 2,902 162 132
Essity Aktiebolag Class B Sweden Consumer Staples 4,852 198 143
Eurazeo SA France Financials 4,587 436 482
Euronext NV Netherlands Financials 1,448 175 164
Evonik Industries AG Germany Materials 12,623 494 439
EXOR SPA Netherlands Financials 5,044 496 481
Ferguson PLC Switzerland Industrials 2,668 384 453
Ferrari NV Italy Consumer Discretionary 836 205 229
Ferrovial SA Spain Industrials 5,340 194 177
Fletcher Building Ltd. New Zealand Industrials 77,263 368 425
Fortescue Metals Group Ltd. Australia Materials 22,754 401 437
Fuchs Petrolub SE Germany Materials 6,450 381 293
Fuji Electric Co. Ltd. Japan Industrials 3,948 202 246
FUJIFILM Holdings Corp. Japan Information Technology 12,664 921 969
Fujitsu Ltd. Japan Information Technology 4,889 763 911
Fukuoka Financial Group Inc. Japan Financials 3,061 71 74
Galp Energia SGPS SA Portugal Energy 26,085 470 413
Gas Natural SDG SA Spain Utilities 15,204 523 568
GEA Group AG Germany Industrials 7,864 359 406
Geberit AG Switzerland Industrials 824 614 634
Gecina SA France Real Estate 3,688 732 580
Genmab AS Denmark Health Care 1,048 456 475
Genting Singapore Ltd. Singapore Consumer Discretionary 277,801 227 208
Georg Fischer AG Switzerland Industrials 297 438 443
Getinge AB Sweden Health Care 7,445 363 370
GN Store Nord AS (GN Great Nordic) Denmark Health Care 1,551 102 95
Goodman Group Australia Real Estate 9,678 157 205
GPT Group Stapled Securities Australia Real Estate 17,254 83 83
1 Groupe Bruxelles Lambert SA Belgium Financials 1,950 249 253
Hakuhodo DY Holdings Inc. Japan Communication Services 10,662 208 168
Halma PLC United Kingdom Information Technology 16,991 679 693
Hang Lung Properties Ltd. Hong Kong Real Estate 154,612 453 389
Haseko Corp. Japan Consumer Discretionary 9,287 155 133
HeidelbergCement AG Germany Materials 3,384 324 242
HelloFresh SE Germany Consumer Staples 3,130 259 177
Henderson Land Development Co. Ltd. Hong Kong Real Estate 52,858 313 274
Henkel AG & Co. KGaA Pfd. Germany Consumer Staples 4,465 572 374
Hennes & Mauritz AB B Sweden Consumer Discretionary 15,851 409 265
Hermes International France Consumer Discretionary 459 552 814
Hexagon AB B Sweden Information Technology 21,578 387 378
Hikma Pharmaceuticals PLC United Kingdom Health Care 12,804 505 430
Hirose Electric Co. Ltd. Japan Information Technology 566 102 103
Hisamitsu Pharmaceutical Co. Ltd. Japan Health Care 2,151 140 80
Hitachi Ltd. Japan Industrials 3,861 203 242
Hitachi Metals Ltd. Japan Materials 9,249 219 194
Holcim Ltd. Switzerland Materials 6,433 441 393
Honda Motor Co. Ltd. Japan Consumer Discretionary 10,543 397 375
The Hong Kong and China Gas Co. Ltd. Hong Kong Utilities 143,497 278 217
Hongkong Land Holdings Ltd. Hong Kong Real Estate 82,083 505 500
Howden Joinery Group PLC United Kingdom Industrials 48,636 545 610
Hoya Corp. Japan Health Care 2,504 358 357
HSBC Holdings PLC United Kingdom Financials 131,964 1,054 1,130
Hulic Co. Ltd. Japan Real Estate 6,848 91 77IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Hysan Development Co. Ltd. Hong Kong Real Estate 60,193 296 219
Iberdrola SA Spain Utilities 31,077 451 423
Ibiden Co. Ltd. Japan Information Technology 4,211 223 258
IG Group Holdings PLC United Kingdom Financials 41,917 582 562
Iluka Resources Ltd. Australia Materials 37,930 279 398
IMCD Group NV Netherlands Industrials 449 77 95
Incitec Pivot Ltd. Australia Materials 156,881 457 554
Independence Group NL Australia Materials 27,284 329 357
Industria de Diseno Textil SA (Inditex) Spain Consumer Discretionary 6,833 258 186
Industrivarden AB Class C Sweden Financials 9,595 321 335
Infineon Technologies AG Germany Information Technology 4,605 186 197
ING Groep NV Netherlands Financials 8,642 144 113
INPEX Corp. Japan Energy 13,200 152 196
Intertek Group PLC United Kingdom Industrials 4,799 453 410
Intesa Sanpaolo SPA Italy Financials 163,940 527 468
Investor AB Sweden Financials 18,963 450 515
Isetan Mitsukoshi Holdings Ltd. Japan Consumer Discretionary 34,089 354 336
Israel Discount Bank Ltd. Israel Financials 102,530 683 796
Isuzu Motors Ltd. Japan Consumer Discretionary 3,100 52 50
J Sainsbury PLC United Kingdom Consumer Staples 169,435 760 701
Japan Metropolitan Fund Investment Corp. Japan Real Estate 292 393 309
Japan Post Bank Co. Ltd. Japan Financials 39,185 472 395
Japan Post Holdings Co. Ltd. Japan Financials 39,715 461 365
Japan Real Estate Investment Corp. Japan Real Estate 46 343 301
JBH Hi-Fi Ltd. Australia Consumer Discretionary 11,351 481 573
Jeronimo Martins SGPS SA Portugal Consumer Staples 23,324 568 698
JFE Holdings Inc. Japan Materials 19,814 269 349
Johnson Matthey PLC United Kingdom Materials 2,764 134 85
JSR Corp. Japan Materials 5,462 189 201
Just Eat Takeaway (Amsterdam Stock Exchange) Netherlands Consumer Discretionary 1,134 144 48
Kajima Corp. Japan Industrials 14,522 245 221
Kansai Paint Co. Ltd. Japan Materials 12,703 393 255
Kao Corp. Japan Consumer Staples 2,461 233 126
KDDI Corp. Japan Communication Services 4,716 185 194
Keppel Corp. Ltd. Singapore Industrials 73,531 395 434
Kering France Consumer Discretionary 130 107 103
Kerry Group PLC A Ireland Consumer Staples 4,748 790 663
Kesko OYJ Class B Finland Consumer Staples 26,507 771 914
Kewpie Corp. Japan Consumer Staples 10,130 294 243
Kikkoman Corp. Japan Consumer Staples 2,474 203 205
Kingfisher PLC United Kingdom Consumer Discretionary 191,185 866 797
Kinnevik AB Class B Sweden Financials 10,628 398 346
Kirin Holdings Co. Ltd. Japan Consumer Staples 15,188 419 284
Klepierre France Real Estate 12,840 425 427
Knorr-Bremse AG Germany Industrials 3,603 553 346
Kobayashi Pharmaceutical Co. Ltd. Japan Consumer Staples 4,399 525 441
Konami Corp. Japan Communication Services 3,103 208 245
Kone OYJ B Finland Industrials 9,074 816 594
Koninklijke Ahold Delhaize NV Netherlands Consumer Staples 49,310 1,849 1,980
Koninklijke DSM NV Netherlands Materials 7,475 1,555 1,669
Koninklijke Philips NV Netherlands Health Care 6,489 374 248
Kubota Corp. Japan Industrials 4,380 113 103
Kuehne + Nagel International AG Switzerland Industrials 2,328 632 825
Kuraray Co. Ltd. Japan Materials 23,934 355 258
Kurita Water Industries Ltd. Japan Industrials 1,847 82 85
Kyocera Corp. Japan Information Technology 2,250 187 158
Kyowa Hakko Kirin Co. Ltd. Japan Health Care 6,140 176 178
Kyushu Railway Co. Japan Industrials 10,872 353 278
Land Securities Group PLC United Kingdom Real Estate 57,843 764 742
Lanxess AG Germany Materials 4,117 328 228
Lawson Inc. Japan Consumer Staples 4,580 308 219
LEG Immobilien GmbH Germany Real Estate 4,369 791 624
Legrand SA France Industrials 2,443 273 290
Lindt & Sprungli AG Reg. Switzerland Consumer Staples 6 747 906
The Link Real Estate Investment Trust Hong Kong Real Estate 78,455 977 836
Lion Corp. Japan Consumer Staples 23,172 611 323
LIXIL Group Corp. Japan Industrials 18,015 479 419IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Lloyds Banking Group PLC United Kingdom Financials 2,186,066 1,667 1,671
Logitech International SA Reg. Switzerland Information Technology 4,739 445 439
Lonza Group AG Switzerland Health Care 171 173 155
L’Oreal SA France Consumer Staples 1,067 498 534
LVMH Moet Hennessy Louis Vuitton SE France Consumer Discretionary 572 416 509
M&G PLC United Kingdom Financials 23,378 95 85
Makita Corp. Japan Industrials 3,859 219 155
Mapletree Commercial Trust Singapore Real Estate 66,706 139 116
Mapletree Industrial Trust Singapore Real Estate 68,355 189 169
Mazda Motor Corp. Japan Consumer Discretionary 56,648 624 524
Medibank Private Ltd. Australia Financials 192,599 568 551
Mediobanca SPA Italy Financials 41,453 608 525
Medipal Holdings Corp. Japan Health Care 10,075 273 208
MEIJI Holdings Co. Ltd. Japan Consumer Staples 6,866 592 466
Melrose Industries PLC United Kingdom Industrials 55,967 170 113
Merck KGaA Germany Health Care 2,802 558 733
Merlin Properties Socimi SA Spain Real Estate 33,593 535 487
MicroPort Scientific Corp. Hong Kong Health Care 20,300 82 57
Mineral Resources Ltd. Australia Materials 14,170 637 692
Mirvac Group Stapled Securities Australia Real Estate 28,482 76 66
MISUMI Group Inc. Japan Industrials 1,500 77 56
Mitsubishi Chemical Holdings Corp. Japan Materials 43,640 401 363
Mitsubishi Electric Corp. Japan Industrials 22,030 414 317
Mitsubishi Estate Co. Ltd. Japan Real Estate 7,762 162 144
Mitsubishi Gas Chemical Co. Inc. Japan Materials 15,453 375 328
Mitsubishi Heavy Industries Ltd. Japan Industrials 10,973 465 452
Mitsubishi UFJ Financial Group Inc. Japan Financials 38,733 252 301
Mitsubishi UFJ Lease & Finance Co. Ltd. Japan Financials 21,282 146 124
Mitsui Chemicals Inc. Japan Materials 10,449 371 329
Mitsui O.S.K. Lines Ltd. Japan Industrials 22,344 390 776
Mizuho Financial Group Inc. Japan Financials 13,484 261 216
Mondi PLC South Africa Materials 22,969 697 556
Mowi ASA Norway Consumer Staples 12,516 383 422
MS&AD Insurance Group Holdings Inc. Japan Financials 8,992 369 365
MTR Corp. Ltd. Hong Kong Industrials 113,878 797 768
Muenchener Rueckversicherungs – Gesellschaft AG (MunichRe) Germany Financials 1,171 430 392
Murata Manufacturing Co. Ltd. Japan Information Technology 1,922 181 159
Nagoya Railroad Co. Ltd. Japan Industrials 10,384 378 230
Namco Bandai Holdings Inc. Japan Consumer Discretionary 1,247 113 118
National Grid PLC United Kingdom Utilities 41,782 681 802
Natwest Group PLC United Kingdom Financials 98,187 355 345
NEC Corp. Japan Information Technology 10,024 579 526
Nemetschek SE Germany Information Technology 1,119 169 136
Nestle SA Reg. Switzerland Consumer Staples 8,747 1,271 1,419
Next PLC United Kingdom Consumer Discretionary 958 127 94
NEXTDC Ltd. Australia Information Technology 11,351 116 122
NGK Insulators Ltd. Japan Industrials 3,429 74 61
NH Foods Ltd. Japan Consumer Staples 7,830 434 333
NICE-Systems Ltd. Israel Information Technology 586 159 160
Nichirei Corp. Japan Consumer Staples 1,907 72 46
Nikon Corp. Japan Consumer Discretionary 33,187 462 444
Nintendo Co. Ltd. Japan Communication Services 236 173 149
Nippon Express Holdings Co. Ltd. Japan Industrials 702 63 60
Nippon Steel Sumitomo Metal Corp. Japan Materials 13,627 286 302
Nippon Telegraph & Telephone Corp. Japan Communication Services 9,675 328 352
Nippon Yusen Kabushiki Kaisha Japan Industrials 11,308 513 1,236
Nissan Motor Co. Ltd. Japan Consumer Discretionary 68,210 480 380
Nisshin Seifun Group Inc. Japan Consumer Staples 18,840 406 329
Nissin Foods Holdings Co. Ltd. Japan Consumer Staples 3,777 389 332
Nitori Holdings Co. Ltd. Japan Consumer Discretionary 1,431 321 225
Nitto Denko Corp. Japan Materials 5,276 472 473
NN Group NV Netherlands Financials 9,128 518 575
NOF Corp. Japan Materials 6,292 401 322
Nokia OYJ Finland Information Technology 165,208 981 1,137
Nokian Renkaat OYJ Finland Consumer Discretionary 7,837 321 159
Nomura Holdings Inc. Japan Financials 37,046 238 194
Nomura Research Institute Ltd. Japan Information Technology 4,788 195 196IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Nordea Bank ABP Finland Financials 49,508 624 642
Norsk Hydro ASA Norway Materials 116,517 867 1,419
Novartis AG Reg. Switzerland Health Care 4,754 561 521
Novo Nordisk AS B Denmark Health Care 5,767 604 798
Novozymes AS Denmark Materials 4,429 388 379
NSK Ltd. Japan Industrials 11,705 139 88
NXP Semiconductors NV Netherlands Information Technology 998 191 231
Obayashi Corp. Japan Industrials 7,677 93 71
OJI Paper Co. Ltd. Japan Materials 55,340 404 344
Olympus Corp. Japan Health Care 7,923 174 188
OMRON Corp. Japan Information Technology 3,403 307 284
OMV AG Austria Energy 2,319 164 138
Ono Pharmaceutical Co. Ltd. Japan Health Care 5,530 211 174
Orica Ltd. Australia Materials 29,453 494 436
Orion OYJ Finland Health Care 10,092 635 572
ORIX Corp. Japan Financials 8,214 171 205
ORIX JREIT Inc. Japan Real Estate 117 267 198
Orkla ASA Norway Consumer Staples 53,966 674 600
Osaka Gas Co. Ltd. Japan Utilities 11,083 278 238
Otsuka Corp. Japan Information Technology 4,619 254 205
Otsuka Holdings Co. Ltd. Japan Health Care 6,525 344 282
Oversea-Chinese Banking Corp. Ltd. Singapore Financials 7,563 73 86
Panasonic Corp. Japan Consumer Discretionary 27,197 362 329
Pandora AS Denmark Consumer Discretionary 5,562 749 658
PCCW Ltd. Hong Kong Communication Services 402,918 306 284
Pearson PLC United Kingdom Communication Services 72,193 855 881
Pennon Group PLC United Kingdom Utilities 24,475 548 431
1 Pernod Ricard SA France Consumer Staples 1,186 293 325
Persimmon PLC United Kingdom Consumer Discretionary 4,084 181 144
Persol Holdings Co. Ltd. Japan Industrials 11,674 295 327
Phoenix Group Holdings United Kingdom Financials 11,995 142 120
Prysmian SPA Italy Industrials 20,458 784 871
PSP Swiss Property AG Reg. Switzerland Real Estate 2,625 442 431
Puma AG Rudolf Dassler Sport Germany Consumer Discretionary 2,114 231 226
Qube Holdings Ltd. Australia Industrials 22,900 65 67
Randstad Holding NV Netherlands Industrials 7,705 628 578
Rea Group Ltd. Australia Communication Services 2,306 267 288
Reckitt Benckiser Group PLC United Kingdom Consumer Staples 4,353 495 416
Recordati SPA Italy Health Care 6,738 470 423
Reece Ltd. Australia Industrials 10,788 231 190
RELX PLC United Kingdom Industrials 13,208 461 514
Repsol SA Spain Energy 40,926 643 673
Resona Holdings Inc. Japan Financials 15,030 79 80
Rexel SA France Industrials 25,982 529 692
Rheinmetall AG Germany Industrials 2,478 382 657
Ricoh Co. Ltd. Japan Information Technology 31,628 356 343
Rinnai Corp. Japan Consumer Discretionary 2,028 246 190
Rio Tinto Ltd. Australia Materials 5,115 543 566
Rio Tinto PLC United Kingdom Materials 8,409 747 834
Roche Holding AG Genusscheine Switzerland Health Care 4,396 2,007 2,172
ROHM Co. Ltd. Japan Information Technology 1,861 210 181
Rubis SCA France Utilities 3,917 263 144
Sandvik AB Sweden Industrials 20,483 593 543
Sanofi France Health Care 7,437 957 948
Santen Pharmaceutical Co. Ltd. Japan Health Care 10,455 211 131
Santos Ltd. Australia Energy 10,408 72 75
SAP AG Germany Information Technology 3,130 533 437
Sartorius Stedim Biotech SA France Health Care 923 405 473
Scentre Group Australia Real Estate 21,695 61 61
Schindler Holding AG PC Switzerland Industrials 1,900 611 506
Schneider Electric SE France Industrials 755 117 158
Schroders PLC United Kingdom Financials 7,540 425 397
Scout24 AG Germany Communication Services 6,268 623 449
SCREEN Holdings Co. Ltd. Japan Information Technology 4,100 495 512
Secom Co. Ltd. Japan Industrials 1,468 173 133
Securitas AB B Sweden Industrials 12,673 242 178
Sega Sammy Holdings Inc. Japan Consumer Discretionary 18,152 374 392IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Segro PLC United Kingdom Real Estate 13,510 244 297
Seiko Epson Corp. Japan Information Technology 21,682 423 406
Sekisui Chemical Co. Ltd. Japan Consumer Discretionary 14,940 345 268
Sekisui House Ltd. Japan Consumer Discretionary 9,822 266 238
Seven & I Holdings Co. Ltd. Japan Consumer Staples 11,980 639 713
1 SGS SA Reg. Switzerland Industrials 48 167 167
Sharp Corp. Japan Consumer Discretionary 4,138 84 48
Shell PLC Netherlands Energy 18,248 590 626
Shimizu Corp. Japan Industrials 7,482 71 56
Shinsei Bank Ltd. Japan Financials 8,537 173 195
Shionogi & Co. Ltd. Japan Health Care 2,733 225 210
Shiseido Co. Ltd. Japan Consumer Staples 4,567 403 289
The Shizuoka Bank Ltd. Japan Financials 22,640 222 200
Siemens AG Germany Industrials 2,962 566 513
Siemens Energy AG Germany Industrials 7,838 316 224
Siemens Healthineers AG Germany Health Care 5,452 420 423
Signify NV Netherlands Industrials 6,490 487 378
Sika AG Switzerland Materials 1,300 384 535
Singapore Airlines Ltd. Singapore Industrials 83,039 454 419
Singapore Exchange Ltd. Singapore Financials 79,577 714 729
Singapore Technologies Engineering Ltd. (ST Engg) Singapore Industrials 22,127 82 84
Singapore Telecommunications Ltd. Singapore Communication Services 74,196 182 180
Sino Land Co. Ltd. Hong Kong Real Estate 284,341 519 459
SKF AB B Sweden Industrials 5,513 153 112
Smiths Group PLC United Kingdom Industrials 5,255 143 124
Smurfit Kappa Group PLC (Irish Stock Exchange) Ireland Materials 12,798 687 709
Societe Generale France Financials 17,064 650 571
Sofina SA Belgium Financials 1,109 587 503
Sohgo Security Services Co. Ltd. Japan Industrials 971 65 40
Solvay SA Belgium Materials 5,655 816 696
Sompo Japan Nipponkoa Holdings Inc. Japan Financials 6,445 332 354
So-net M3 Inc. Japan Health Care 2,604 193 118
Sonova Holding AG Switzerland Health Care 272 128 142
Spark New Zealand Ltd. New Zealand Communication Services 102,654 403 407
Spectris PLC United Kingdom Information Technology 10,892 530 462
Spirax-Sarco Engineering PLC United Kingdom Industrials 3,674 639 752
Square Enix Holdings Co. Ltd. Japan Communication Services 4,450 294 246
SSE PLC United Kingdom Utilities 7,716 185 221
Standard Life Aberdeen PLC United Kingdom Financials 104,678 516 366
The Star Entertainment Group Ltd. Australia Consumer Discretionary 50,339 194 152
Stellantis NV United Kingdom Consumer Discretionary 32,390 633 657
STMicroelectronics NV Switzerland Information Technology 11,860 517 644
Stora Enso OYJ R Finland Materials 20,752 434 508
Sumitomo Chemical Co. Ltd. Japan Materials 27,557 168 158
Sumitomo Electric Industries Ltd. Japan Consumer Discretionary 13,014 237 194
Sumitomo Heavy Industries Ltd. Japan Industrials 3,846 140 110
Sumitomo Mitsui Financial Group Inc. Japan Financials 6,016 279 240
Sumitomo Mitsui Trust Holdings Inc. Japan Financials 7,787 335 318
Sumitomo Realty & Development Co. Ltd. Japan Real Estate 3,603 147 125
Sun Hung Kai Properties Ltd. Hong Kong Real Estate 29,638 532 441
Suncorp Group Ltd. Australia Financials 28,343 313 293
Suntec Real Estate Investment Trust Singapore Real Estate 49,052 81 79
Suntory Beverage & Food Ltd. Japan Consumer Staples 12,136 635 579
Sushiro Global Holdings Ltd. Japan Consumer Discretionary 4,816 247 168
Suzuken Co. Ltd. Japan Health Care 5,716 313 212
Suzuki Motor Corp. Japan Consumer Discretionary 11,284 611 484
Svenska Cellulosa AB (SCA) B Sweden Materials 16,590 287 403
Svenska Handelsbanken AB A Sweden Financials 40,672 566 468
The Swatch Group AG Switzerland Consumer Discretionary 1,666 602 592
Swedbank AB Sweden Financials 14,028 322 262
Swire Pacific Ltd. Class A Hong Kong Real Estate 37,290 368 284
Swire Properties Ltd. Hong Kong Real Estate 101,515 383 315
Swiss Life Holding AG Reg. Switzerland Financials 307 201 245
Swiss Prime Site AG Switzerland Real Estate 5,565 709 686
Swiss Re Ltd. Switzerland Financials 1,628 192 194
Swisscom AG Reg. Switzerland Communication Services 657 455 493
T&D Holdings Inc. Japan Financials 4,781 80 81IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Tabcorp Holdings Ltd. Australia Consumer Discretionary 43,232 210 214
Taiheiyo Cement Corp. Japan Materials 8,093 257 167
Taisei Corp. Japan Industrials 2,389 96 86
Tate & Lyle PLC United Kingdom Consumer Staples 44,128 529 530
TDK Corp. Japan Information Technology 9,689 485 437
TeamViewer AG Germany Information Technology 3,277 195 61
Tecan Group AG Switzerland Health Care 1,239 714 610
Techtronic Industries Co. Ltd. Hong Kong Industrials 3,887 54 78
Teijin Ltd. Japan Materials 15,452 356 215
Telefonaktiebolaget LM Ericsson B Sweden Information Technology 70,265 949 804
Telstra Corp. Ltd. Australia Communication Services 180,286 584 665
Tenaris SA Luxembourg Energy 20,145 281 379
Thai Beverage PCL Thailand Consumer Staples 120,446 78 79
TIS Inc. Japan Information Technology 3,300 127 97
Toho Co. Ltd. Japan Communication Services 3,131 164 148
Toho Gas Co. Ltd. Japan Utilities 9,239 525 257
Tokio Marine Holdings Inc. Japan Financials 2,848 201 207
Tokyo Electron Ltd. Japan Information Technology 674 283 433
Tokyo Gas Co. Ltd. Japan Utilities 19,525 584 447
Tokyo Tatemono Co. Ltd. Japan Real Estate 9,257 170 173
Tokyu Fudosan Holdings Corp. Japan Real Estate 30,230 235 207
Toppan Printing Co. Ltd. Japan Industrials 13,497 315 298
Toray Industries Inc. Japan Materials 38,594 324 252
Toshiba Corp. Japan Industrials 15,689 791 744
Tosoh Corp. Japan Materials 20,469 426 378
Total SA France Energy 7,654 508 485
Toto Ltd. Japan Industrials 1,029 67 52
Toyo Suisan Kaisha Ltd. Japan Consumer Staples 8,888 505 397
Toyota Industries Corp. Japan Industrials 3,437 324 296
Toyota Motor Corp. Japan Consumer Discretionary 13,485 263 302
Travis Perkins PLC United Kingdom Industrials 21,485 573 434
Treasury Wine Estates Ltd. Australia Consumer Staples 15,958 176 171
Trelleborg AB Sweden Industrials 10,208 274 295
Trend Micro Inc. Japan Information Technology 3,084 207 225
Tryg AS Denmark Financials 7,865 240 238
Tsuruha Holdings Inc. Japan Consumer Staples 2,751 423 218
Ubisoft Entertainment SA France Communication Services 7,852 696 432
UBS Group AG Switzerland Financials 15,393 315 376
UCB SA Belgium Health Care 4,632 542 693
Unibail-Rodamco SE & WFD Unibail-Rodamco NV
(Amsterdam Stock Exchange) Netherlands Real Estate 7,466 854 698
Unilever PLC (London Exchange) United Kingdom Consumer Staples 7,431 542 420
United Overseas Bank Ltd. Singapore Financials 6,434 151 189
United Urban Investment Corp. Japan Real Estate 117 269 168
United Utilities Group PLC United Kingdom Utilities 46,245 753 852
Universal Music Group BV Netherlands Communication Services 7,159 227 238
UOL Group Ltd. Singapore Real Estate 50,246 344 326
UPM-Kymmene OYJ Finland Materials 15,380 679 627
VAT Group AG Switzerland Industrials 1,402 454 668
Venture Corp. Ltd. Singapore Information Technology 24,797 409 400
Verbund AG Austria Utilities 1,254 179 165
Vicinity Centres Australia Real Estate 135,829 259 235
Vodafone Group PLC United Kingdom Communication Services 299,988 737 615
Voestalpine AG Austria Materials 11,016 461 409
Volkswagen AG Pfd. Germany Consumer Discretionary 930 261 201
Volvo AB Class B Sweden Industrials 5,640 175 131
Vonovia SE Germany Real Estate 4,538 334 265
Wartsila OYJ Finland Industrials 42,386 706 484
Welcia Holdings Co. Ltd. Japan Consumer Staples 7,203 360 222
Wesfarmers Ltd. Australia Consumer Discretionary 6,573 283 309
Westpac Banking Corp. Australia Financials 3,714 73 84
WH Group Ltd. Hong Kong Consumer Staples 279,756 318 220
The Wharf Holdings Ltd. Hong Kong Real Estate 130,115 440 494
Wharf Real Estate Investment Co. Ltd. Hong Kong Real Estate 77,571 518 479
Wilmar International Ltd. Singapore Consumer Staples 138,563 577 601
Wolters Kluwer NV Netherlands Industrials 8,167 934 1,087
Woodside Petroleum Ltd. Australia Energy 3,505 72 105IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF INVESTMENTS (cont’d)
as at March 31, 2022
No. of Units, Average Fair
Shares, Cost Value
Country Sector or Par Value ($ 000) ($ 000)
EQUITIES (cont’d)
Woolworths Ltd. Australia Consumer Staples 25,212 886 875
Xero Ltd. Australia Information Technology 1,554 165 147
Xinyi Glass Holdings Ltd. Hong Kong Industrials 82,967 347 249
Yakult Hansha Co. Ltd. Japan Consumer Staples 9,597 741 640
Yamada Denki Co. Ltd. Japan Consumer Discretionary 70,806 441 275
Yamaha Corp. Japan Consumer Discretionary 7,052 484 385
Yamaha Motor Co. Ltd. Japan Consumer Discretionary 10,042 273 281
Yamazaki Baking Co. Ltd. Japan Consumer Staples 15,265 332 235
Yara International ASA Norway Materials 12,062 695 752
Yokogawa Electric Corp. Japan Information Technology 14,133 348 301
Zurich Insurance Group AG Switzerland Financials 1,082 575 667
218,791 210,551
EXCHANGE TRADED FUNDS
¹ Mackenzie International Equity Index ETF Canada Exchange Traded Funds 31,967 3,352 3,196
COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (330) –
TOTAL INVESTMENTS 221,813 213,747
Net Assets
Total investments 213,747
Derivative assets (see schedule of forward currency contracts) 677
Cash and cash equivalents 609
Other net assets (liabilities) 880
215,913
1
The issuer of this security is related to the Manager of the Fund.IPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
SCHEDULE OF ASSET COMPOSITION
The effective allocation shows the regional or sector exposure of the Fund calculated by including the Fund’s proportionate share of its holdings in Underlying Funds.
at March 31, 2022 at March 31, 2021
% of net assets % of net assets
BY ASSET TYPE BY ASSET TYPE
Equities 97.5 Equities 98.3
Exchange Traded Funds 1.5 Exchange Traded Funds 0.3
Cash and cash equivalents 0.3 Cash 0.1
Other 0.7 Other 1.3
Total 100.0 Total 100.0
BY SECTOR BY SECTOR
Industrials 16.3 Industrials 14.8
Financials 15.9 Financials 13.7
Materials 11.9 Consumer Staples 12.3
Consumer Staples 11.9 Materials 11.6
Consumer Discretionary 9.0 Consumer Discretionary 10.3
Information Technology 8.9 Information Technology 9.6
Health Care 8.8 Health Care 7.9
Real Estate 7.6 Real Estate 7.2
Communication Services 3.5 Utilities 5.0
Utilities 3.1 Communication Services 4.7
Energy 2.0 Energy 1.5
Cash and cash equivalents 0.3 Cash 0.1
Other 0.8 Other 1.3
100.0 100.0
BY COUNTRY BY COUNTRY
Europe ex U.K. 47.0 Europe ex U.K. 45.9
Japan 24.1 Japan 26.1
United Kingdom 13.6 United Kingdom 13.1
Pacific ex Japan 12.4 Pacific ex Japan 11.7
Canada 2.4 Canada 1.6
Latin America 0.2 Middle East and Africa 1.5
Cash and cash equivalents 0.3 Cash 0.1
100.0 100.0
SCHEDULE OF DERIVATIVE INSTRUMENTS
as at March 31, 2022
Schedule of Forward Currency Contracts
Currency to Contract Currency to Current Unrealized Unrealized
Counterparty Settlement be received cost be delivered fair value gains losses
credit rating date (000) (CAD$ 000) (000) (CAD$ 000) (CAD$ 000) (CAD$ 000)
AA May 27, 2022 15,417 CAD 15,417 10,634 EUR 14,740 677 –
677 –
TOTAL DERIVATIVE ASSETS 677
TOTAL DERIVATIVE LIABILITIES –
Note:
The following abbreviations have been used:
CAD – Canadian dollars
EUR – Euro
GBP – United Kingdom poundsIPC MULTI-FACTOR INTERNATIONAL EQUITY
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2022
NOTES TO FINANCIAL STATEMENTS
1. Fiscal Periods and General Information
The information provided in these financial statements and notes thereto is for the years ended or as at March 31, 2022 and 2021 (as applicable). In the year a series
is established, ‘period’ represents the period from inception to the period end of that fiscal period. Refer to Note 9 (a) for series inception dates.
The Fund is organized as an open-ended mutual fund trust established under the laws of the Province of Ontario pursuant to a Declaration of Trust as amended and
restated from time to time. The address of the Fund’s registered office is 5015 Spectrum Way, Suite 300, Mississauga, Ontario, Canada. The Fund is authorized to issue
an unlimited number of units (referred to as “security” or “securities”) of multiple series. Series of the Fund are available for sale under Simplified Prospectus and/or
exempt distribution options.
Counsel Portfolio Services Inc. (the “Manager” or “Counsel”) acts as the Fund’s manager and trustee.
2. Basis of Preparation and Presentation
These annual financial statements (“financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by
the International Accounting Standards Board (“IASB”). A summary of the Fund’s significant accounting policies under IFRS is presented in Note 3.
These financial statements are presented in Canadian dollars, which is the Fund’s functional currency, and are rounded to the nearest thousand unless otherwise
indicated. These financial statements are prepared on a going concern basis using the historical cost basis, except for financial assets and liabilities that have been
measured at fair value.
These financial statements were authorized for issue by Counsel’s Board of Directors on June 3, 2022.
3. Significant Accounting Policies
(a) Financial Instruments
Financial instruments include financial assets and liabilities such as debt and equity securities, investment funds, and derivatives. The Fund classifies and measures
financial instruments in accordance with IFRS 9, Financial Instruments. Upon initial recognition, financial instruments are classified as at fair value through profit or
loss (“FVTPL”). All financial instruments are recognized in the Statements of Financial Position when the Fund becomes a party to the contractual requirements of the
instrument. Financial assets are derecognized when the right to receive cash flows from the instrument has expired. Financial liabilities are derecognized when the
Fund has transferred substantially all risks and rewards of ownership. As such, investment purchase and sale transactions are recorded as of the trade date.
Financial instruments are designated on initial recognition as FVTPL with changes in fair value recognized in the Statement of Comprehensive Income – Net unrealized
gain (loss).
Realized and unrealized gains and losses on investments are calculated based on average cost of investments and exclude commissions and other portfolio transaction
costs, which are separately reported in the Statement of Comprehensive Income – Commissions and other portfolio transaction costs.
Gains and losses arising from changes in the fair value of the investments are included in the Statement of Comprehensive Income for the period in which they arise.
The Fund accounts for its holdings in investment funds at FVTPL. Counsel has concluded that the investment funds in which the Fund invests, do not meet the
definition of structured entities.
The Fund’s redeemable securities entitle securityholders the right to redeem their interest in the Fund for cash equal to their proportionate share of the net asset
value of the Fund, amongst other contractual rights. The Fund’s redeemable securities meet the criteria for classification as financial liabilities under IAS 32, Financial
Instruments: Presentation. The Fund’s obligation for net assets attributable to securityholders is presented at the redemption amount.
IAS 7, Statement of Cash Flows, requires disclosures related to changes in liabilities and assets, such as the securities of the Fund, arising from financing activities.
Changes in securities of the Fund, including both changes from cash flows and non-cash changes, are included in the Statement of Changes in Financial Position.
Any changes in the securities not settled in cash as at the end of the period are presented as either Accounts receivable for securities issued or Accounts payable for
securities redeemed in the Statement of Financial Position. These accounts receivable and accounts payable amounts typically settle shortly after period-end.
(b) Fair Value Measurement
Fair value is defined as 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.
Investments listed on a public securities exchange, including exchange traded funds, or traded on an over-the-counter market are valued on the basis of the last traded
market price or close price recorded by the security exchange on which the security is principally traded, where this price falls within the quoted bid-ask spread for the
investment. In circumstances where this price is not within the bid-ask spread, Counsel determines the point within the bid-ask spread that is most representative of
fair value based on the specific facts and circumstances. Unlisted or non-exchange traded investments, or investments where a last sale or close price is unavailable or
investments for which market quotations are, in Counsel’s opinion, inaccurate, unreliable, or not reflective of all available material information, are valued at their fair
value as determined by Counsel using appropriate and accepted industry valuation techniques including valuation models. The fair value determined using valuation
models requires the use of inputs and assumptions based on observable market data including volatility and other applicable rates or prices. In limited circumstances,
the fair value may be determined using valuation techniques that are not supported by observable market data.
Cash and cash equivalents which includes cash on deposit with financial institutions and short-term investments that are readily convertible to cash, are subject to an
insignificant risk of changes in value and are used by the Fund in the management of short-term commitments. Cash and cash equivalents are reported at amortized
cost which closely approximates their fair value due to their nature of being highly liquid and having short terms to maturity. Bank overdraft positions are presented
under current liabilities as bank indebtedness in the Statement of Financial Position.You can also read
