CC&L Absolute Return Bond Fund

Quarterly Portfolio Disclosures

As of December 31, 2025

Summary of Investment Portfolio

Category
Long %
Short %
% of Net
Asset Value
Bonds
181.05
-90.69
90.37
Currency Forward Contracts
3.25
-3.24
0.01
Futures Contracts
56.17
-51.05
5.11
Other Assets Less Liabilities
7.08
-2.40
4.67
Short Term Investments
3.83
0.00
3.83

Top 25 Holdings - Long

% of Net
Asset Value
Canada
10.16
Ontario
8.32
Ontario
7.17
Canada
5.63
Avolon Holdings Fndg Ltd
4.25
Granite Reit Holdings Lp
4.04
Dream Summit Industrial
3.41
Sunoco Lp
2.99
ARC RESOURCES LTD
2.97
Albertsons Cos/Safeway
2.93
Ford Credit Canada Co
2.73
Ford Credit Canada Co
2.49
Lifepoint Health Inc
2.35
Brookfield Renewable Par (Green Bond)
2.32
Cogeco Communications
2.22
Goeasy Ltd
2.07
Telus Corp
2.02
Ardagh Metal Packaging
1.99
Canada
1.98
Allied Properties Reit
1.94
SNC-Lavalin Group Inc.
1.93
Inter Pipeline Ltd
1.76
Rogers Communications In
1.76
Royal Bank Of Canada
1.73
Bell Canada
1.73

Top 25 Holdings - Short

% of Net
Asset Value
American Airlines/Aadvan
-1.11
Nordstrom Inc
-1.13
Davita Inc
-1.18
Verizon Communications
-1.22
Lithia Motors Inc
-1.25
Us Treasury N/B
-1.25
Buy Protection on MARKIT CDX.NA.HY.45.5Y.V1 12/30
-1.28
United Rentals North Am
-1.32
Nordstrom Inc
-1.33
T-Mobile Usa Inc
-1.34
Calgary Airport Authorit
-1.42
Hydro One Inc
-1.45
Loblaw Cos Ltd
-1.53
Wolverine World Wide
-1.55
Performance Food Group I
-1.60
Encompass Health Corp
-1.66
Adapthealth Llc
-1.78
Verizon Communications (Green Bond)
-1.84
Asbury Automotive Group
-1.87
Sonic Automotive Inc
-2.13
Sirius Xm Radio Inc
-2.38
Dell Int Llc / Emc Corp
-2.86
Concentra Escrow Issuer
-3.86
Canada
-11.64
Ontario
-14.43

For further information, please contact Connor, Clark & Lunn Funds Inc. Toll Free at 1-888-824-3120.

The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. Updates are available quarterly. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

CC&L Funds Inc.
January 2, 2025