MONTRUSCO BOLTON INVESTMENTS INC. Activity Q3 2009-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$584,647,294	+7.1%	1,888,727	+15.5%	8.53%	+0.9%
AMGN	Buy	AMGEN INC	$382,747,266	+24.1%	1,457,487	+2.7%	5.58%	+16.9%
WMT	Buy	WALMART INC	$340,241,810	+16.1%	2,170,481	+13.4%	4.96%	+9.4%
WCN	Buy	WASTE CONNECTIONS INC	$319,336,052	+27.0%	2,436,123	+35.0%	4.66%	+19.6%
GOOGL	Buy	ALPHABET INCcap stk cl a	$314,743,785	+47.2%	2,457,229	+34.3%	4.59%	+38.7%
AMZN	Buy	AMAZON COM INC	$300,164,535	-0.1%	2,434,410	+2.5%	4.38%	-5.9%
VLO	Buy	VALERO ENERGY CORP	$285,291,281	+28.6%	2,013,205	+6.5%	4.16%	+21.1%
CME	Buy	CME GROUP INC	$269,490,612	+24.7%	1,384,907	+15.2%	3.93%	+17.5%
ADBE	Buy	ADOBE INC	$266,438,906	+6.5%	531,794	+1.3%	3.89%	+0.3%
MA	Buy	MASTERCARD INCORPORATEDcl a	$259,218,976	+14.4%	668,831	+13.7%	3.78%	+7.7%
WDAY	Buy	WORKDAY INCcl a	$247,319,770	+0.5%	1,178,017	+5.3%	3.61%	-5.3%
FIVE	Buy	FIVE BELOW INC	$242,680,982	+10.3%	1,539,132	+34.6%	3.54%	+3.9%
DHR	Sell	DANAHER CORPORATION	$235,349,900	-9.5%	970,608	-13.0%	3.43%	-14.8%
FB	Sell	META PLATFORMS INCcl a	$222,642,048	-6.0%	753,493	-10.3%	3.25%	-11.5%
AAPL	Buy	APPLE INC	$221,782,182	+0.8%	1,295,381	+14.2%	3.24%	-5.0%
CNI	Buy	CANADIAN NATL RY CO	$215,444,529	-9.5%	1,980,291	+0.9%	3.14%	-14.8%
TXN	Sell	TEXAS INSTRS INC	$175,284,070	-34.0%	1,133,216	-25.1%	2.56%	-37.9%
PSA	Buy	PUBLIC STORAGE	$173,002,024	+19.3%	672,465	+35.4%	2.52%	+12.4%
MMC	Buy	MARSH & MCLENNAN COS INC	$167,887,775	+16.4%	909,160	+14.1%	2.45%	+9.6%
CRL	Buy	CHARLES RIV LABS INTL INC	$164,058,206	+25.7%	855,387	+35.8%	2.39%	+18.4%
NVDA	New	NVIDIA CORPORATION	$142,222,157	–	334,338	–	2.08%	–
RY	Buy	ROYAL BK CDA	$126,986,261	-4.0%	1,446,381	+4.6%	1.85%	-9.6%
TD	Sell	TORONTO DOMINION BK ONT	$106,399,336	-23.5%	1,757,936	-21.6%	1.55%	-28.0%
TJX	Buy	TJX COS INC NEW	$85,998,688	+37.4%	967,582	+31.1%	1.26%	+29.5%
CNQ	Buy	CANADIAN NAT RES LTD	$80,111,314	+453.0%	1,233,043	+379.1%	1.17%	+421.9%
ENB	Sell	ENBRIDGE INC	$66,758,969	-39.4%	2,003,510	-32.3%	0.97%	-42.9%
	Buy	LINDE PLC	$66,233,618	+7.7%	177,880	+10.2%	0.97%	+1.4%
TRP	Sell	TC ENERGY CORP	$59,563,991	-37.9%	1,724,053	-27.2%	0.87%	-41.5%
CFR	Buy	CULLEN FROST BANKERS INC	$59,100,887	-4.5%	647,965	+12.6%	0.86%	-10.1%
	Buy	BROOKFIELD ASSET MANAGMT LTD	$56,526,961	+248.6%	1,688,565	+240.3%	0.82%	+228.7%
FNV	Buy	FRANCO NEV CORP	$54,414,021	+248.1%	405,712	+270.4%	0.79%	+228.1%
NVST	Sell	ENVISTA HOLDINGS CORPORATION	$52,996,618	-27.6%	1,900,883	-14.2%	0.77%	-31.8%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$45,522,685	-45.6%	1,544,071	-32.5%	0.66%	-48.8%
NDSN	Buy	NORDSON CORP	$45,095,516	-0.3%	202,068	+10.8%	0.66%	-6.1%
GRPU	Sell	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$44,747,232	-22.3%	839,321	-13.7%	0.65%	-26.8%
BEP	Buy	BROOKFIELD RENEWABLE PARTNERpartnership unit	$43,318,323	-13.2%	1,984,628	+17.4%	0.63%	-18.2%
ZTS	Buy	ZOETIS INCcl a	$36,830,696	+28.4%	211,695	+27.1%	0.54%	+20.9%
ROK	Sell	ROCKWELL AUTOMATION INC	$35,912,991	-17.3%	125,627	-4.7%	0.52%	-22.1%
BCE	Sell	BCE INC	$33,095,410	-58.8%	862,970	-51.0%	0.48%	-61.2%
LW	Sell	LAMB WESTON HLDGS INC	$32,228,135	-64.7%	348,563	-57.0%	0.47%	-66.8%
SLF	Sell	SUN LIFE FINANCIAL INC.	$31,495,847	-13.9%	642,559	-8.3%	0.46%	-18.9%
TU	Sell	TELUS CORPORATION	$27,611,245	-36.1%	1,683,066	-24.1%	0.40%	-39.9%
PG	Sell	PROCTER AND GAMBLE CO	$21,829,699	-4.1%	149,662	-0.2%	0.32%	-9.9%
TFII	Sell	TFI INTL INC	$15,471,228	-18.9%	119,910	-28.3%	0.23%	-23.6%
CIGI	Sell	COLLIERS INTL GROUP INC	$11,108,505	-28.4%	116,109	-26.5%	0.16%	-32.5%
ERO	Buy	ERO COPPER CORP	$11,121,209	+195.3%	642,010	+245.2%	0.16%	+179.3%
FSV	Sell	FIRSTSERVICE CORP NEW	$10,153,590	-23.9%	69,486	-19.7%	0.15%	-28.5%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$8,734,607	+123.4%	740,388	+191.4%	0.13%	+108.2%
	Buy	BROOKFIELD REINS LTDcl a exch lt vtg	$7,403,537	+71.6%	235,797	+85.1%	0.11%	+61.2%
WPM	New	WHEATON PRECIOUS METALS CORP	$7,409,848	–	181,751	–	0.11%	–
	New	TRIPLE FLAG PRECIOUS METAL	$7,218,687	–	548,604	–	0.10%	–
	Sell	THOMSON REUTERS CORP.	$6,900,802	-12.8%	56,150	-4.1%	0.10%	-17.9%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$3,851,482	-89.1%	122,609	-88.3%	0.06%	-89.8%
XVV	Buy	ISHARES TResg scrnd s&p500	$3,386,748	+10.7%	104,439	+15.5%	0.05%	+4.3%
DSGX	Sell	DESCARTES SYS GROUP INC	$2,963,639	-32.4%	40,193	-26.4%	0.04%	-36.8%
GIB	Sell	CGI INCcl a sub vtg	$2,221,992	-20.4%	22,439	-15.1%	0.03%	-25.6%
SHOP	Sell	SHOPIFY INCcl a	$2,223,213	-33.0%	40,542	-21.0%	0.03%	-37.3%
	Sell	CANADIAN PACIFIC KANSAS CITY	$2,126,955	-11.9%	28,483	-4.6%	0.03%	-16.2%
XJR	Buy	ISHARES TResg scrnd s&p sm	$602,902	+10.3%	18,236	+16.8%	0.01%	+12.5%
BBU	Sell	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$586,618	-15.6%	38,463	-4.6%	0.01%	-18.2%
	Exit	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$0	–	-28,764	–	-0.01%	–
TIXT	Exit	TELUS INTL CDA INC	$0	–	-53,303	–	-0.01%	–
BEPC	Exit	BROOKFIELD RENEWABLE CORPcl a sub vtg	$0	–	-47,740	–	-0.02%	–
BIPC	Exit	BROOKFIELD INFRASTRUCTURE CO	$0	–	-41,042	–	-0.03%	–
QCOM	Exit	QUALCOMM INC	$0	–	-41,527	–	-0.08%	–
FTS	Exit	FORTIS INC	$0	–	-189,146	–	-0.13%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-51,279	–	-0.16%	–

Q2 2023

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$546,019,084	–	1,635,576	–	8.46%	–
AMGN	New	AMGEN INC	$308,474,513	–	1,418,519	–	4.78%	–
AMZN	New	AMAZON COM INC	$300,485,305	–	2,374,849	–	4.66%	–
WMT	New	WALMART INC	$292,998,656	–	1,913,644	–	4.54%	–
TXN	New	TEXAS INSTRS INC	$265,712,814	–	1,512,451	–	4.12%	–
DHR	New	DANAHER CORPORATION	$260,157,414	–	1,116,015	–	4.03%	–
WCN	New	WASTE CONNECTIONS INC	$251,488,349	–	1,804,399	–	3.90%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$250,277,873	–	524,948	–	3.88%	–
WDAY	New	WORKDAY INCcl a	$246,034,214	–	1,118,990	–	3.81%	–
CNI	New	CANADIAN NATL RY CO	$238,027,880	–	1,963,411	–	3.69%	–
FB	New	META PLATFORMS INCcl a	$236,879,348	–	839,762	–	3.67%	–
MA	New	MASTERCARD INCORPORATEDcl a	$226,595,125	–	588,380	–	3.51%	–
VLO	New	VALERO ENERGY CORP	$221,808,787	–	1,890,953	–	3.44%	–
AAPL	New	APPLE INC	$220,019,007	–	1,134,294	–	3.41%	–
FIVE	New	FIVE BELOW INC	$219,947,363	–	1,143,857	–	3.41%	–
CME	New	CME GROUP INC	$216,073,669	–	1,202,259	–	3.35%	–
GOOGL	New	ALPHABET INCcap stk cl a	$213,760,612	–	1,829,528	–	3.31%	–
PSA	New	PUBLIC STORAGE	$144,954,321	–	496,623	–	2.24%	–
MMC	New	MARSH & MCLENNAN COS INC	$144,281,642	–	796,771	–	2.24%	–
TD	New	TORONTO DOMINION BK ONT	$139,130,423	–	2,242,167	–	2.16%	–
RY	New	ROYAL BK CDA	$132,267,684	–	1,383,364	–	2.05%	–
CRL	New	CHARLES RIV LABS INTL INC	$130,536,415	–	629,825	–	2.02%	–
ENB	New	ENBRIDGE INC	$110,151,322	–	2,960,149	–	1.71%	–
TRP	New	TC ENERGY CORP	$95,841,395	–	2,368,736	–	1.48%	–
LW	New	LAMB WESTON HLDGS INC	$91,314,423	–	809,903	–	1.41%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$83,739,760	–	2,288,489	–	1.30%	–
BCE	New	BCE INC	$80,322,346	–	1,759,711	–	1.24%	–
NVST	New	ENVISTA HOLDINGS CORPORATION	$73,180,146	–	2,215,320	–	1.13%	–
TJX	New	TJX COS INC NEW	$62,577,564	–	738,030	–	0.97%	–
CFR	New	CULLEN FROST BANKERS INC	$61,884,268	–	575,507	–	0.96%	–
	New	LINDE PLC	$61,516,220	–	161,426	–	0.95%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$57,583,785	–	972,158	–	0.89%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$49,895,434	–	1,690,326	–	0.77%	–
NDSN	New	NORDSON CORP	$45,248,426	–	182,321	–	0.70%	–
ROK	New	ROCKWELL AUTOMATION INC	$43,422,828	–	131,804	–	0.67%	–
TU	New	TELUS CORPORATION	$43,227,756	–	2,218,818	–	0.67%	–
SLF	New	SUN LIFE FINANCIAL INC.	$36,573,644	–	700,783	–	0.57%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$35,463,513	–	1,052,177	–	0.55%	–
ZTS	New	ZOETIS INCcl a	$28,682,609	–	166,556	–	0.44%	–
PG	New	PROCTER AND GAMBLE CO	$22,764,187	–	150,021	–	0.35%	–
TFII	New	TFI INTL INC	$19,080,654	–	167,286	–	0.30%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$16,213,407	–	496,170	–	0.25%	–
FNV	New	FRANCO NEV CORP	$15,630,315	–	109,543	–	0.24%	–
CIGI	New	COLLIERS INTL GROUP INC	$15,511,778	–	157,892	–	0.24%	–
CNQ	New	CANADIAN NAT RES LTD	$14,486,466	–	257,374	–	0.22%	–
FSV	New	FIRSTSERVICE CORP NEW	$13,334,497	–	86,486	–	0.21%	–
ADI	New	ANALOG DEVICES INC	$9,989,662	–	51,279	–	0.16%	–
FTS	New	FORTIS INC	$8,160,472	–	189,146	–	0.13%	–
	New	THOMSON REUTERS CORP.	$7,911,336	–	58,530	–	0.12%	–
QCOM	New	QUALCOMM INC	$4,943,374	–	41,527	–	0.08%	–
EOG	New	EOG RES INC	$4,856,376	–	42,436	–	0.08%	–
DSGX	New	DESCARTES SYS GROUP INC	$4,380,974	–	54,628	–	0.07%	–
	New	BROOKFIELD REINS LTDcl a exch lt vtg	$4,314,947	–	127,393	–	0.07%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$3,909,705	–	254,102	–	0.06%	–
ERO	New	ERO COPPER CORP	$3,766,623	–	185,977	–	0.06%	–
SHOP	New	SHOPIFY INCcl a	$3,320,497	–	51,318	–	0.05%	–
XVV	New	ISHARES TResg scrnd s&p500	$3,058,535	–	90,448	–	0.05%	–
GIB	New	CGI INCcl a sub vtg	$2,790,622	–	26,433	–	0.04%	–
LULU	New	LULULEMON ATHLETICA INC	$2,361,083	–	6,238	–	0.04%	–
	New	CANADIAN PACIFIC KANSAS CITY	$2,415,172	–	29,868	–	0.04%	–
BIPC	New	BROOKFIELD INFRASTRUCTURE CO	$1,873,680	–	41,042	–	0.03%	–
BEPC	New	BROOKFIELD RENEWABLE CORPcl a sub vtg	$1,507,693	–	47,740	–	0.02%	–
TIXT	New	TELUS INTL CDA INC	$809,263	–	53,303	–	0.01%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$694,979	–	40,317	–	0.01%	–
	New	BROOKFIELD BUSINESS CORPcl a exc sub vtg	$542,783	–	28,764	–	0.01%	–
XJR	New	ISHARES TResg scrnd s&p sm	$546,662	–	15,610	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
XVV	Exit	ISHARES TResg scrnd s&p500	$0	–	-11,687	–	-0.01%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-30,785	–	-0.02%	–
TIXT	Exit	TELUS INTL CDA INC	$0	–	-54,575	–	-0.04%	–
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$0	–	-74,109	–	-0.04%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-43,458	–	-0.05%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-32,524	–	-0.06%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-32,538	–	-0.06%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-54,970	–	-0.09%	–
QCOM	Exit	QUALCOMM INC	$0	–	-40,999	–	-0.12%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-38,976	–	-0.13%	–
CCI	Exit	CROWN CASTLE INC	$0	–	-35,735	–	-0.14%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-49,402	–	-0.16%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-61,528	–	-0.16%	–
FTS	Exit	FORTIS INC	$0	–	-204,469	–	-0.21%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-267,471	–	-0.22%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-76,804	–	-0.24%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-150,768	–	-0.37%	–
TFII	Exit	TFI INTL INC	$0	–	-200,562	–	-0.48%	–
NFLX	Exit	NETFLIX INC	$0	–	-89,119	–	-0.55%	–
BEPC	Exit	BROOKFIELD RENEWABLE CORPcl a sub vtg	$0	–	-659,468	–	-0.57%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-225,316	–	-0.61%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-729,197	–	-0.77%	–
PEP	Exit	PEPSICO INC	$0	–	-204,956	–	-0.88%	–
BNS	Exit	BANK NOVA SCOTIA HALIFAX	$0	–	-747,842	–	-0.94%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-939,606	–	-1.02%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-859,337	–	-1.10%	–
TU	Exit	TELUS CORPORATION	$0	–	-2,285,195	–	-1.20%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-213,566	–	-1.21%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-458,892	–	-1.31%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-356,300	–	-1.41%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-423,007	–	-1.47%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-2,315,572	–	-1.49%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-194,494	–	-1.50%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-424,871	–	-1.62%	–
NDSN	Exit	NORDSON CORP	$0	–	-299,815	–	-1.65%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-333,739	–	-1.70%	–
TJX	Exit	TJX COS INC NEW	$0	–	-1,063,298	–	-1.74%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-1,982,196	–	-1.88%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-279,380	–	-2.03%	–
BCE	Exit	BCE INC	$0	–	-1,870,286	–	-2.08%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-604,282	–	-2.10%	–
EOG	Exit	EOG RES INC	$0	–	-725,150	–	-2.14%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-294,683	–	-2.14%	–
TRP	Exit	TC ENERGY CORP	$0	–	-2,117,858	–	-2.26%	–
AAPL	Exit	APPLE INC	$0	–	-630,171	–	-2.30%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-1,382,401	–	-2.33%	–
LIN	Exit	LINDE PLC	$0	–	-365,840	–	-2.55%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-765,873	–	-2.68%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-1,709,775	–	-2.78%	–
CME	Exit	CME GROUP INC	$0	–	-616,335	–	-2.80%	–
NVST	Exit	ENVISTA HOLDINGS CORPORATION	$0	–	-3,352,257	–	-2.86%	–
AMGN	Exit	AMGEN INC	$0	–	-494,285	–	-2.87%	–
ENB	Exit	ENBRIDGE INC	$0	–	-3,123,435	–	-3.07%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-1,249,879	–	-3.10%	–
RY	Exit	ROYAL BK CDA	$0	–	-1,369,298	–	-3.27%	–
WDAY	Exit	WORKDAY INCcl a	$0	–	-825,814	–	-3.27%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-905,485	–	-3.27%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-930,772	–	-3.31%	–
LW	Exit	LAMB WESTON HLDGS INC	$0	–	-2,089,338	–	-4.18%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-652,048	–	-4.35%	–
AMZN	Exit	AMAZON COM INC	$0	–	-1,549,558	–	-4.53%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,073,458	–	-6.50%	–

Q3 2022

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$246,546,000	+6.3%	1,073,458	+17.5%	6.50%	+5.2%
AMZN	Buy	AMAZON COM INC	$171,720,000	+20.9%	1,549,558	+14.5%	4.53%	+19.7%
DHR	Buy	DANAHER CORPORATION	$165,087,000	+16.6%	652,048	+14.5%	4.35%	+15.4%
LW	Buy	LAMB WESTON HLDGS INC	$158,758,000	+11.6%	2,089,338	+3.3%	4.18%	+10.5%
FIVE	Sell	FIVE BELOW INC	$125,663,000	+10.5%	930,772	-8.6%	3.31%	+9.3%
ADI	Buy	ANALOG DEVICES INC	$124,061,000	+8.2%	905,485	+13.3%	3.27%	+7.1%
WDAY	Buy	WORKDAY INCcl a	$123,994,000	+10.3%	825,814	+1.0%	3.27%	+9.2%
RY	Sell	ROYAL BK CDA	$123,940,000	-6.3%	1,369,298	-0.0%	3.27%	-7.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$117,461,000	-11.0%	1,249,879	+1933.5%	3.10%	-11.9%
ENB	Buy	ENBRIDGE INC	$116,431,000	-10.9%	3,123,435	+0.7%	3.07%	-11.8%
AMGN	Buy	AMGEN INC	$109,053,000	-7.4%	494,285	+0.3%	2.87%	-8.4%
NVST	Buy	ENVISTA HOLDINGS CORPORATION	$108,630,000	+7.3%	3,352,257	+26.1%	2.86%	+6.2%
CME	Buy	CME GROUP INC	$106,317,000	+6.9%	616,335	+23.9%	2.80%	+5.8%
TD	Sell	TORONTO DOMINION BK ONT	$105,420,000	-8.8%	1,709,775	-3.2%	2.78%	-9.7%
FB	Buy	META PLATFORMS INCcl a	$101,851,000	+14.9%	765,873	+36.6%	2.68%	+13.6%
LIN	Buy	LINDE PLC	$96,718,000	+9.0%	365,840	+16.3%	2.55%	+7.9%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$88,349,000	+34.2%	1,382,401	+15.5%	2.33%	+32.7%
AAPL	Sell	APPLE INC	$87,090,000	-4.7%	630,171	-5.7%	2.30%	-5.7%
TRP	Buy	TC ENERGY CORP	$85,759,000	-12.9%	2,117,858	+11.2%	2.26%	-13.8%
MA	Buy	MASTERCARD INCORPORATEDcl a	$81,378,000	-0.5%	294,683	+10.6%	2.14%	-1.5%
EOG	Buy	EOG RES INC	$81,021,000	+21.7%	725,150	+20.3%	2.14%	+20.4%
WCN	Buy	WASTE CONNECTIONS INC	$79,770,000	+32.9%	604,282	+22.7%	2.10%	+31.5%
BCE	Sell	BCE INC	$78,838,000	-17.5%	1,870,286	-4.0%	2.08%	-18.3%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$76,885,000	-1.8%	279,380	+30.6%	2.03%	-2.8%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$71,481,000	-6.9%	1,982,196	-1.6%	1.88%	-7.9%
TJX	Buy	TJX COS INC NEW	$66,052,000	+71.7%	1,063,298	+54.4%	1.74%	+69.9%
CRL	Buy	CHARLES RIV LABS INTL INC	$64,708,000	+1.3%	333,739	+10.3%	1.70%	+0.2%
NDSN	Sell	NORDSON CORP	$62,524,000	-29.3%	299,815	-32.6%	1.65%	-30.1%
MMC	Sell	MARSH & MCLENNAN COS INC	$61,660,000	-11.7%	424,871	-7.4%	1.62%	-12.6%
PSA	Buy	PUBLIC STORAGE	$56,950,000	+10.9%	194,494	+18.4%	1.50%	+9.7%
SJR	Buy	SHAW COMMUNICATIONS INCcl b conv	$56,606,000	+11.1%	2,315,572	+33.7%	1.49%	+9.9%
CFR	Sell	CULLEN FROST BANKERS INC	$55,930,000	-6.0%	423,007	-17.2%	1.47%	-6.9%
TXN	Buy	TEXAS INSTRS INC	$53,361,000	+0.3%	356,300	+0.2%	1.41%	-0.7%
CNI	Sell	CANADIAN NATL RY CO	$49,822,000	-4.4%	458,892	-1.2%	1.31%	-5.4%
ROK	Sell	ROCKWELL AUTOMATION INC	$45,940,000	+2.7%	213,566	-4.8%	1.21%	+1.7%
TU	Sell	TELUS CORPORATION	$45,619,000	-11.0%	2,285,195	-0.9%	1.20%	-11.9%
GRPU	Sell	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$41,696,000	-21.3%	859,337	-0.7%	1.10%	-22.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$38,643,000	-8.7%	939,606	-1.4%	1.02%	-9.7%
BNS	Sell	BANK NOVA SCOTIA HALIFAX	$35,758,000	-44.6%	747,842	-31.5%	0.94%	-45.2%
PEP	Buy	PEPSICO INC	$33,461,000	+11.7%	204,956	+14.0%	0.88%	+10.5%
SLF	Sell	SUN LIFE FINANCIAL INC.	$29,151,000	-13.6%	729,197	-1.2%	0.77%	-14.6%
TRI	Sell	THOMSON REUTERS CORP.	$23,252,000	-2.9%	225,316	-2.1%	0.61%	-3.9%
BEPC	Buy	BROOKFIELD RENEWABLE CORPcl a sub vtg	$21,665,000	-7.2%	659,468	+0.4%	0.57%	-8.2%
NFLX	Sell	NETFLIX INC	$20,982,000	-9.8%	89,119	-33.0%	0.55%	-10.8%
TFII	Sell	TFI INTL INC	$18,247,000	+2.0%	200,562	-10.2%	0.48%	+0.8%
CIGI	Sell	COLLIERS INTL GROUP INC	$13,890,000	-15.9%	150,768	-0.2%	0.37%	-16.8%
FSV	Sell	FIRSTSERVICE CORP NEW	$9,191,000	-10.9%	76,804	-9.9%	0.24%	-12.0%
BEP	Sell	BROOKFIELD RENEWABLE PARTNERpartnership unit	$8,400,000	-14.8%	267,471	-5.9%	0.22%	-16.0%
FTS	Sell	FORTIS INC	$7,809,000	-19.9%	204,469	-1.1%	0.21%	-20.8%
DLR	Buy	DIGITAL RLTY TR INC	$6,102,000	-18.1%	61,528	+7.3%	0.16%	-18.7%
NVDA	Buy	NVIDIA CORPORATION	$5,997,000	-7.8%	49,402	+15.1%	0.16%	-8.7%
CCI	Buy	CROWN CASTLE INC	$5,165,000	-14.0%	35,735	+0.2%	0.14%	-15.0%
PG	Sell	PROCTER AND GAMBLE CO	$4,921,000	-12.3%	38,976	-0.1%	0.13%	-12.8%
QCOM	Sell	QUALCOMM INC	$4,632,000	-64.5%	40,999	-59.9%	0.12%	-64.9%
DSGX	Sell	DESCARTES SYS GROUP INC	$3,509,000	+2.5%	54,970	-0.4%	0.09%	+1.1%
GIB	Sell	CGI INCcl a sub vtg	$2,463,000	-4.8%	32,538	-0.0%	0.06%	-5.8%
CP	Sell	CANADIAN PAC RY LTD	$2,183,000	-3.7%	32,524	-0.0%	0.06%	-3.3%
BAMR	Sell	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$1,788,000	-8.0%	43,458	-0.6%	0.05%	-9.6%
BBU	Buy	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$1,459,000	+1.6%	74,109	+9.1%	0.04%	0.0%
TIXT	Sell	TELUS INTL CDA INC	$1,436,000	-18.5%	54,575	-22.4%	0.04%	-19.1%
SHOP	Buy	SHOPIFY INCcl a	$833,000	-9.6%	30,785	+4.2%	0.02%	-12.0%
XVV	New	ISHARES TResg scrnd s&p500	$314,000	–	11,687	–	0.01%	–

Q2 2022

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$231,994,000	–	913,898	–	6.18%	–
LW	New	LAMB WESTON HLDGS INC	$142,205,000	–	2,022,982	–	3.79%	–
AMZN	New	AMAZON COM INC	$142,020,000	–	1,353,890	–	3.78%	–
DHR	New	DANAHER CORPORATION	$141,550,000	–	569,508	–	3.77%	–
RY	New	ROYAL BK CDA	$132,307,000	–	1,369,301	–	3.52%	–
GOOGL	New	ALPHABET INCcap stk cl a	$131,978,000	–	61,463	–	3.52%	–
ENB	New	ENBRIDGE INC	$130,694,000	–	3,101,343	–	3.48%	–
AMGN	New	AMGEN INC	$117,793,000	–	492,790	–	3.14%	–
TD	New	TORONTO DOMINION BK ONT	$115,576,000	–	1,766,234	–	3.08%	–
ADI	New	ANALOG DEVICES INC	$114,686,000	–	799,270	–	3.05%	–
FIVE	New	FIVE BELOW INC	$113,743,000	–	1,018,405	–	3.03%	–
WDAY	New	WORKDAY INCcl a	$112,366,000	–	817,962	–	2.99%	–
NVST	New	ENVISTA HOLDINGS CORPORATION	$101,204,000	–	2,657,676	–	2.70%	–
CME	New	CME GROUP INC	$99,444,000	–	497,623	–	2.65%	–
TRP	New	TC ENERGY CORP	$98,441,000	–	1,904,378	–	2.62%	–
BCE	New	BCE INC	$95,555,000	–	1,948,187	–	2.54%	–
AAPL	New	APPLE INC	$91,352,000	–	668,166	–	2.43%	–
LIN	New	LINDE PLC	$88,730,000	–	314,441	–	2.36%	–
FB	New	META PLATFORMS INCcl a	$88,672,000	–	560,641	–	2.36%	–
NDSN	New	NORDSON CORP	$88,490,000	–	444,678	–	2.36%	–
MA	New	MASTERCARD INCORPORATEDcl a	$81,748,000	–	266,552	–	2.18%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$78,280,000	–	213,845	–	2.08%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$76,796,000	–	2,014,307	–	2.04%	–
MMC	New	MARSH & MCLENNAN COS INC	$69,850,000	–	458,772	–	1.86%	–
EOG	New	EOG RES INC	$66,582,000	–	602,882	–	1.77%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$65,850,000	–	1,197,062	–	1.75%	–
BNS	New	BANK NOVA SCOTIA B C	$64,500,000	–	1,092,167	–	1.72%	–
CRL	New	CHARLES RIV LABS INTL INC	$63,887,000	–	302,661	–	1.70%	–
WCN	New	WASTE CONNECTIONS INC	$60,025,000	–	492,493	–	1.60%	–
CFR	New	CULLEN FROST BANKERS INC	$59,493,000	–	510,885	–	1.58%	–
TXN	New	TEXAS INSTRS INC	$53,180,000	–	355,648	–	1.42%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$52,965,000	–	865,385	–	1.41%	–
CNI	New	CANADIAN NATL RY CO	$52,134,000	–	464,469	–	1.39%	–
PSA	New	PUBLIC STORAGE	$51,364,000	–	164,274	–	1.37%	–
TU	New	TELUS CORPORATION	$51,237,000	–	2,305,317	–	1.36%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$50,936,000	–	1,732,263	–	1.36%	–
ROK	New	ROCKWELL AUTOMATION INC	$44,713,000	–	224,338	–	1.19%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$42,314,000	–	953,246	–	1.13%	–
TJX	New	TJX COS INC NEW	$38,469,000	–	688,787	–	1.02%	–
SLF	New	SUN LIFE FINANCIAL INC.	$33,759,000	–	738,336	–	0.90%	–
PEP	New	PEPSICO INC	$29,966,000	–	179,802	–	0.80%	–
TRI	New	THOMSON REUTERS CORP.	$23,946,000	–	230,187	–	0.64%	–
BEPC	New	BROOKFIELD RENEWABLE CORPcl a sub vtg	$23,336,000	–	656,527	–	0.62%	–
NFLX	New	NETFLIX INC	$23,266,000	–	133,048	–	0.62%	–
TFII	New	TFI INTL INC	$17,896,000	–	223,407	–	0.48%	–
CIGI	New	COLLIERS INTL GROUP INC	$16,511,000	–	151,018	–	0.44%	–
QCOM	New	QUALCOMM INC	$13,066,000	–	102,289	–	0.35%	–
FSV	New	FIRSTSERVICE CORP NEW	$10,318,000	–	85,243	–	0.28%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$9,859,000	–	284,318	–	0.26%	–
FTS	New	FORTIS INC	$9,751,000	–	206,705	–	0.26%	–
DLR	New	DIGITAL RLTY TR INC	$7,447,000	–	57,356	–	0.20%	–
NVDA	New	NVIDIA CORPORATION	$6,505,000	–	42,911	–	0.17%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$6,008,000	–	35,681	–	0.16%	–
PG	New	PROCTER AND GAMBLE CO	$5,608,000	–	39,001	–	0.15%	–
DSGX	New	DESCARTES SYS GROUP INC	$3,423,000	–	55,203	–	0.09%	–
GIB	New	CGI INCcl a sub vtg	$2,588,000	–	32,552	–	0.07%	–
CP	New	CANADIAN PAC RY LTD	$2,268,000	–	32,533	–	0.06%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$1,944,000	–	43,736	–	0.05%	–
TIXT	New	TELUS INTL CDA INC	$1,762,000	–	70,369	–	0.05%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$1,436,000	–	67,956	–	0.04%	–
SHOP	New	SHOPIFY INCcl a	$921,000	–	29,530	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
ABBV	Exit	ABBVIE INC	$0	–	-10,165	–	-0.03%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-24,157	–	-0.04%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-2,037	–	-0.08%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-39,638	–	-0.09%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-33,295	–	-0.11%	–
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$0	–	-102,747	–	-0.13%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-42,323	–	-0.16%	–
TIXT	Exit	TELUS INTL CDA INC	$0	–	-178,559	–	-0.17%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-37,763	–	-0.18%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-96,430	–	-0.20%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-626,569	–	-0.25%	–
FTS	Exit	FORTIS INC	$0	–	-216,855	–	-0.26%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-69,842	–	-0.28%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-21,076	–	-0.33%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-173,351	–	-0.38%	–
V	Exit	VISA INC	$0	–	-70,208	–	-0.43%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-133,050	–	-0.46%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-96,614	–	-0.48%	–
BLK	Exit	BLACKROCK INC	$0	–	-24,379	–	-0.56%	–
TJX	Exit	TJX COS INC NEW	$0	–	-352,049	–	-0.63%	–
QCOM	Exit	QUALCOMM INC	$0	–	-188,136	–	-0.66%	–
DHI	Exit	D R HORTON INC	$0	–	-293,883	–	-0.67%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-225,662	–	-0.68%	–
TFII	Exit	TFI INTL INC	$0	–	-250,112	–	-0.70%	–
ROK	Exit	ROCKWELL AUTOMATION INC	$0	–	-87,683	–	-0.70%	–
TRP	Exit	TC ENERGY CORP	$0	–	-706,155	–	-0.92%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-290,510	–	-0.94%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-994,786	–	-1.00%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-1,308,734	–	-1.04%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-87,478	–	-1.07%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-811,833	–	-1.14%	–
BCE	Exit	BCE INC	$0	–	-851,651	–	-1.16%	–
EOG	Exit	EOG RES INC	$0	–	-535,771	–	-1.17%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-77,578	–	-1.20%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-331,971	–	-1.34%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-302,189	–	-1.45%	–
PEP	Exit	PEPSICO INC	$0	–	-373,145	–	-1.53%	–
CRL	Exit	CHARLES RIV LABS INTL INC	$0	–	-141,083	–	-1.56%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-925,812	–	-1.57%	–
TU	Exit	TELUS CORPORATION	$0	–	-2,715,310	–	-1.62%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-840,361	–	-1.63%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-562,979	–	-1.78%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-552,412	–	-1.89%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-30,416	–	-2.21%	–
NDSN	Exit	NORDSON CORP	$0	–	-359,180	–	-2.30%	–
ENB	Exit	ENBRIDGE INC	$0	–	-2,207,155	–	-2.39%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-474,033	–	-2.43%	–
AMGN	Exit	AMGEN INC	$0	–	-436,366	–	-2.48%	–
LIN	Exit	LINDE PLC	$0	–	-321,316	–	-2.52%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-1,735,235	–	-2.66%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-296,185	–	-2.70%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-610,857	–	-2.74%	–
CME	Exit	CME GROUP INC	$0	–	-537,153	–	-2.77%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-1,717,832	–	-2.88%	–
AAPL	Exit	APPLE INC	$0	–	-752,529	–	-2.90%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-2,103,042	–	-3.07%	–
NFLX	Exit	NETFLIX INC	$0	–	-198,582	–	-3.23%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-500,622	–	-4.08%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-2,387,526	–	-4.30%	–
RY	Exit	ROYAL BK CDA	$0	–	-1,605,725	–	-4.35%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-495,152	–	-4.60%	–
AMZN	Exit	AMAZON COM INC	$0	–	-63,488	–	-5.57%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-947,086	–	-7.15%	–

Q3 2021

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$262,770,000	+16.9%	947,086	+12.4%	7.15%	+6.0%
AMZN	Buy	AMAZON COM INC	$204,743,000	+9.1%	63,488	+14.3%	5.57%	-1.0%
MA	Buy	MASTERCARD INCORPORATEDcl a	$168,791,000	+37.3%	495,152	+44.1%	4.60%	+24.5%
RY	Sell	ROYAL BK CDA	$159,742,000	-4.7%	1,605,725	-2.8%	4.35%	-13.6%
TD	Buy	TORONTO DOMINION BK ONT	$158,025,000	-2.9%	2,387,526	+2.9%	4.30%	-12.0%
DHR	Buy	DANAHER CORPORATION	$149,906,000	+20.0%	500,622	+5.8%	4.08%	+8.8%
NFLX	Buy	NETFLIX INC	$118,785,000	+57.4%	198,582	+36.5%	3.23%	+42.7%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$112,668,000	+6.3%	2,103,042	+1.3%	3.07%	-3.6%
AAPL	Sell	APPLE INC	$106,483,000	+1.7%	752,529	-1.6%	2.90%	-7.8%
BNS	Buy	BANK NOVA SCOTIA B C	$105,713,000	-3.0%	1,717,832	+2.6%	2.88%	-12.0%
CME	Buy	CME GROUP INC	$101,653,000	+4.5%	537,153	+15.0%	2.77%	-5.2%
ADI	Buy	ANALOG DEVICES INC	$100,809,000	+729.1%	610,857	+764.9%	2.74%	+651.8%
FB	Sell	FACEBOOK INCcl a	$99,120,000	-7.4%	296,185	-5.3%	2.70%	-16.0%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$97,565,000	+45.8%	1,735,235	+44.1%	2.66%	+32.2%
LIN	Buy	LINDE PLC	$92,571,000	+17.7%	321,316	+15.8%	2.52%	+6.7%
AMGN	Buy	AMGEN INC	$91,205,000	+55.3%	436,366	+79.3%	2.48%	+40.8%
TXN	Buy	TEXAS INSTRS INC	$89,166,000	+24.7%	474,033	+25.2%	2.43%	+13.0%
ENB	Sell	ENBRIDGE INC	$87,913,000	-6.6%	2,207,155	-6.0%	2.39%	-15.3%
NDSN	New	NORDSON CORP	$84,397,000	–	359,180	–	2.30%	–
GOOGL	Sell	ALPHABET INCcap stk cl a	$81,318,000	-3.9%	30,416	-12.3%	2.21%	-12.9%
WCN	New	WASTE CONNECTIONS INC	$69,565,000	–	552,412	–	1.89%	–
CNI	Sell	CANADIAN NATL RY CO	$65,228,000	-0.3%	562,979	-9.1%	1.78%	-9.6%
GRPU	Buy	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$59,754,000	+9.5%	840,361	+2.5%	1.63%	-0.7%
TU	Buy	TELUS CORPORATION	$59,671,000	+13.7%	2,715,310	+16.1%	1.62%	+3.0%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$57,715,000	+134.9%	925,812	+147.7%	1.57%	+112.9%
CRL	Sell	CHARLES RIV LABS INTL INC	$57,422,000	-31.7%	141,083	-38.8%	1.56%	-38.0%
PEP	Buy	PEPSICO INC	$56,125,000	+8.1%	373,145	+6.5%	1.53%	-2.0%
FIVE	Sell	FIVE BELOW INC	$53,430,000	-11.0%	302,189	-2.7%	1.45%	-19.3%
MMC	New	MARSH & MCLENNAN COS INC	$49,419,000	–	331,971	–	1.34%	–
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$44,108,000	-66.1%	77,578	-65.8%	1.20%	-69.3%
EOG	Buy	EOG RES INC	$43,006,000	+27.7%	535,771	+32.8%	1.17%	+15.8%
BCE	Buy	BCE INC	$42,655,000	+10.9%	851,651	+9.3%	1.16%	+0.5%
SLF	Sell	SUN LIFE FINANCIAL INC.	$41,782,000	-2.7%	811,833	-2.4%	1.14%	-11.8%
COST	Sell	COSTCO WHSL CORP NEW	$39,308,000	+8.8%	87,478	-4.2%	1.07%	-1.4%
SJR	Sell	SHAW COMMUNICATIONS INCcl b conv	$38,037,000	-2.1%	1,308,734	-2.3%	1.04%	-11.2%
BEP	Sell	BROOKFIELD RENEWABLE PARTNERpartnership unit	$36,749,000	-6.6%	994,786	-2.2%	1.00%	-15.4%
CFR	Sell	CULLEN FROST BANKERS INC	$34,460,000	-10.8%	290,510	-15.8%	0.94%	-19.1%
TRP	Sell	TC ENERGY CORP	$33,980,000	-5.3%	706,155	-2.5%	0.92%	-14.1%
ROK	Sell	ROCKWELL AUTOMATION INC	$25,782,000	-33.5%	87,683	-35.3%	0.70%	-39.7%
TFII	Buy	TFI INTL INC	$25,583,000	+32.2%	250,112	+18.1%	0.70%	+19.8%
TRI	Sell	THOMSON REUTERS CORP.	$24,947,000	-21.6%	225,662	-29.5%	0.68%	-29.0%
DHI	Buy	D R HORTON INC	$24,677,000	+60.4%	293,883	+72.7%	0.67%	+45.5%
QCOM	Sell	QUALCOMM INC	$24,266,000	-24.4%	188,136	-16.2%	0.66%	-31.4%
TJX	Sell	TJX COS INC NEW	$23,228,000	-24.6%	352,049	-23.0%	0.63%	-31.7%
BLK	Sell	BLACKROCK INC	$20,446,000	-69.1%	24,379	-68.2%	0.56%	-71.9%
FSV	Buy	FIRSTSERVICE CORP NEW	$17,464,000	+13.6%	96,614	+7.9%	0.48%	+3.0%
CIGI	Buy	COLLIERS INTL GROUP INC	$17,028,000	+63.2%	133,050	+43.0%	0.46%	+48.2%
V	Sell	VISA INC	$15,639,000	-14.8%	70,208	-10.5%	0.43%	-22.7%
DSGX	Sell	DESCARTES SYS GROUP INC	$14,108,000	-8.7%	173,351	-22.3%	0.38%	-17.2%
TMO	Sell	THERMO FISHER SCIENTIFIC INC	$12,041,000	-17.7%	21,076	-27.3%	0.33%	-25.3%
DLR	Sell	DIGITAL RLTY TR INC	$10,089,000	-6.2%	69,842	-2.3%	0.28%	-14.9%
FTS	Sell	FORTIS INC	$9,618,000	-1.2%	216,855	-1.3%	0.26%	-10.3%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$9,185,000	-1.6%	626,569	+0.1%	0.25%	-10.7%
ATVI	Sell	ACTIVISION BLIZZARD INC	$7,463,000	-21.4%	96,430	-3.1%	0.20%	-28.8%
CCI	Buy	CROWN CASTLE INTL CORP NEW	$6,545,000	+21.5%	37,763	+36.8%	0.18%	+9.9%
TIXT	Sell	TELUS INTL CDA INC	$6,264,000	+8.3%	178,559	-4.0%	0.17%	-1.7%
PG	Sell	PROCTER AND GAMBLE CO	$5,917,000	-47.0%	42,323	-48.9%	0.16%	-51.9%
BBU	Buy	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$4,688,000	+40.3%	102,747	+42.2%	0.13%	+28.0%
FIS	Sell	FIDELITY NATL INFORMATION SV	$4,051,000	-75.3%	33,295	-71.3%	0.11%	-77.7%
GIB	Sell	CGI INCcl a sub vtg	$3,366,000	-10.9%	39,638	-4.8%	0.09%	-18.6%
SHOP	Sell	SHOPIFY INCcl a	$2,764,000	-10.9%	2,037	-3.8%	0.08%	-19.4%
CP	Buy	CANADIAN PAC RY LTD	$1,577,000	+20.0%	24,157	+41.5%	0.04%	+10.3%
ABBV	Buy	ABBVIE INC	$1,096,000	+86.7%	10,165	+95.1%	0.03%	+66.7%
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-14,821	–	-0.02%	–
	Exit	AKUMIN INC	$0	–	-851,542	–	-0.08%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-73,626	–	-0.66%	–
ALLE	Exit	ALLEGION PLC	$0	–	-163,811	–	-0.67%	–

Q2 2021

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$224,752,000	–	842,923	–	6.75%	–
AMZN	New	AMAZON COM INC	$187,599,000	–	55,521	–	5.63%	–
RY	New	ROYAL BK CDA	$167,578,000	–	1,652,296	–	5.03%	–
TD	New	TORONTO DOMINION BK ONT	$162,811,000	–	2,320,812	–	4.89%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$130,278,000	–	226,588	–	3.91%	–
DHR	New	DANAHER CORPORATION	$124,906,000	–	472,955	–	3.75%	–
MA	New	MASTERCARD INCORPORATEDcl a	$122,964,000	–	343,591	–	3.69%	–
BNS	New	BANK NOVA SCOTIA B C	$108,970,000	–	1,673,744	–	3.27%	–
FB	New	FACEBOOK INCcl a	$106,991,000	–	312,819	–	3.21%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$106,009,000	–	2,075,761	–	3.18%	–
AAPL	New	APPLE INC	$104,713,000	–	764,549	–	3.14%	–
CME	New	CME GROUP INC	$97,255,000	–	467,155	–	2.92%	–
ENB	New	ENBRIDGE INC	$94,125,000	–	2,348,478	–	2.83%	–
GOOGL	New	ALPHABET INCcap stk cl a	$84,650,000	–	34,667	–	2.54%	–
CRL	New	CHARLES RIV LABS INTL INC	$84,013,000	–	230,570	–	2.52%	–
LIN	New	LINDE PLC	$78,681,000	–	277,442	–	2.36%	–
NFLX	New	NETFLIX INC	$75,452,000	–	145,526	–	2.26%	–
TXN	New	TEXAS INSTRS INC	$71,506,000	–	378,480	–	2.15%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$66,924,000	–	1,204,179	–	2.01%	–
BLK	New	BLACKROCK INC	$66,113,000	–	76,659	–	1.98%	–
CNI	New	CANADIAN NATL RY CO	$65,410,000	–	619,289	–	1.96%	–
FIVE	New	FIVE BELOW INC	$60,036,000	–	310,634	–	1.80%	–
AMGN	New	AMGEN INC	$58,742,000	–	243,419	–	1.76%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$54,592,000	–	819,608	–	1.64%	–
TU	New	TELUS CORPORATION	$52,494,000	–	2,338,252	–	1.58%	–
PEP	New	PEPSICO INC	$51,917,000	–	350,390	–	1.56%	–
SLF	New	SUN LIFE FINANCIAL INC.	$42,923,000	–	831,539	–	1.29%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$39,362,000	–	1,017,576	–	1.18%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$38,851,000	–	1,339,726	–	1.17%	–
ROK	New	ROCKWELL AUTOMATION INC	$38,764,000	–	135,530	–	1.16%	–
CFR	New	CULLEN FROST BANKERS INC	$38,636,000	–	344,961	–	1.16%	–
BCE	New	BCE INC	$38,473,000	–	779,350	–	1.16%	–
COST	New	COSTCO WHSL CORP NEW	$36,137,000	–	91,330	–	1.08%	–
TRP	New	TC ENERGY CORP	$35,867,000	–	724,064	–	1.08%	–
EOG	New	EOG RES INC	$33,676,000	–	403,590	–	1.01%	–
QCOM	New	QUALCOMM INC	$32,079,000	–	224,442	–	0.96%	–
TRI	New	THOMSON REUTERS CORP.	$31,830,000	–	320,106	–	0.96%	–
TJX	New	TJX COS INC NEW	$30,817,000	–	457,094	–	0.92%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$24,570,000	–	373,803	–	0.74%	–
ALLE	New	ALLEGION PLC	$22,338,000	–	163,811	–	0.67%	–
PSA	New	PUBLIC STORAGE	$22,139,000	–	73,626	–	0.66%	–
TFII	New	TFI INTL INC	$19,356,000	–	211,788	–	0.58%	–
V	New	VISA INC	$18,346,000	–	78,463	–	0.55%	–
FIS	New	FIDELITY NATL INFORMATION SV	$16,419,000	–	115,895	–	0.49%	–
DSGX	New	DESCARTES SYS GROUP INC	$15,452,000	–	223,193	–	0.46%	–
DHI	New	D R HORTON INC	$15,381,000	–	170,203	–	0.46%	–
FSV	New	FIRSTSERVICE CORP NEW	$15,369,000	–	89,516	–	0.46%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$14,626,000	–	28,992	–	0.44%	–
ADI	New	ANALOG DEVICES INC	$12,159,000	–	70,629	–	0.36%	–
PG	New	PROCTER AND GAMBLE CO	$11,170,000	–	82,782	–	0.34%	–
DLR	New	DIGITAL RLTY TR INC	$10,754,000	–	71,473	–	0.32%	–
CIGI	New	COLLIERS INTL GROUP INC	$10,431,000	–	93,050	–	0.31%	–
FTS	New	FORTIS INC	$9,736,000	–	219,710	–	0.29%	–
ATVI	New	ACTIVISION BLIZZARD INC	$9,500,000	–	99,543	–	0.28%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$9,339,000	–	626,133	–	0.28%	–
TIXT	New	TELUS INTL CDA INC	$5,782,000	–	185,965	–	0.17%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$5,385,000	–	27,600	–	0.16%	–
GIB	New	CGI INCcl a sub vtg	$3,777,000	–	41,617	–	0.11%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd l p	$3,342,000	–	72,233	–	0.10%	–
SHOP	New	SHOPIFY INCcl a	$3,101,000	–	2,118	–	0.09%	–
	New	AKUMIN INC	$2,716,000	–	851,542	–	0.08%	–
CP	New	CANADIAN PAC RY LTD	$1,314,000	–	17,068	–	0.04%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$817,000	–	14,821	–	0.02%	–
ABBV	New	ABBVIE INC	$587,000	–	5,209	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
CP	Exit	CANADIAN PAC RY LTD	$0	–	-3,304	–	-0.05%	–
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$0	–	-35,869	–	-0.06%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-36,723	–	-0.12%	–
PFE	Exit	PFIZER INC	$0	–	-75,879	–	-0.14%	–
ABBV	Exit	ABBVIE INC	$0	–	-35,201	–	-0.16%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-48,724	–	-0.16%	–
TFII	Exit	TFI INTL INC	$0	–	-164,588	–	-0.34%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-7,288	–	-0.37%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-662,225	–	-0.48%	–
BEPC	Exit	BROOKFIELD RENEWABLE CORPcl a sub vtg	$0	–	-167,329	–	-0.49%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-44,961	–	-0.49%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-78,167	–	-0.58%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-86,246	–	-0.60%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-211,457	–	-0.60%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-254,432	–	-0.61%	–
BIIB	Exit	BIOGEN INC	$0	–	-54,622	–	-0.75%	–
CME	Exit	CME GROUP INC	$0	–	-92,714	–	-0.75%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-8,980	–	-0.77%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-96,352	–	-0.81%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-212,587	–	-0.86%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-11,893	–	-0.88%	–
EOG	Exit	EOG RES INC	$0	–	-495,369	–	-0.90%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-425,983	–	-1.00%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-51,648	–	-1.25%	–
QCOM	Exit	QUALCOMM INC	$0	–	-213,716	–	-1.26%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-193,135	–	-1.28%	–
LIN	Exit	LINDE PLC	$0	–	-120,333	–	-1.40%	–
NFLX	Exit	NETFLIX INC	$0	–	-60,788	–	-1.47%	–
TTC	Exit	TORO CO	$0	–	-374,000	–	-1.53%	–
TRP	Exit	TC ENERGY CORP	$0	–	-763,052	–	-1.60%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-506,715	–	-1.63%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-150,265	–	-1.68%	–
TJX	Exit	TJX COS INC NEW	$0	–	-622,492	–	-1.74%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-669,224	–	-1.76%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-932,675	–	-1.94%	–
ALLE	Exit	ALLEGION PLC	$0	–	-421,874	–	-2.02%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,226,474	–	-2.03%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-303,081	–	-2.11%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-2,371,324	–	-2.17%	–
FTS	Exit	FORTIS INC	$0	–	-1,100,094	–	-2.25%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,572,040	–	-2.30%	–
AAPL	Exit	APPLE INC	$0	–	-399,051	–	-2.32%	–
SLF	Exit	SUN LIFE FINANCIAL INC.	$0	–	-1,161,354	–	-2.37%	–
PEP	Exit	PEPSICO INC	$0	–	-369,991	–	-2.58%	–
BLK	Exit	BLACKROCK INC	$0	–	-95,718	–	-2.60%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-516,405	–	-2.66%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-503,006	–	-2.68%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-977,234	–	-2.84%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-717,104	–	-2.87%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-229,840	–	-2.92%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-1,322,484	–	-3.07%	–
AMZN	Exit	AMAZON COM INC	$0	–	-20,346	–	-3.14%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-295,536	–	-3.16%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-373,536	–	-3.16%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-210,632	–	-3.48%	–
TU	Exit	TELUS CORPORATION	$0	–	-4,036,270	–	-3.56%	–
BCE	Exit	BCE INC	$0	–	-1,883,984	–	-3.92%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-441,242	–	-4.54%	–
RY	Exit	ROYAL BK CDA	$0	–	-1,336,718	–	-4.70%	–

Q3 2020

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA	$93,558,000	+11.0%	1,336,718	+9.4%	4.70%	-2.5%
MSFT	Buy	MICROSOFT CORP	$90,415,000	+40.2%	441,242	+35.9%	4.54%	+23.1%
BCE	Buy	BCE INC	$77,884,000	+0.6%	1,883,984	+2.0%	3.92%	-11.7%
TU	Buy	TELUS CORPORATION	$70,799,000	+3.1%	4,036,270	+1.9%	3.56%	-9.4%
MA	Buy	MASTERCARD INCORPORATEDcl a	$69,202,000	+29.6%	210,632	+17.8%	3.48%	+13.9%
VAR	Sell	VARIAN MED SYS INC	$62,910,000	+10.1%	373,536	-9.3%	3.16%	-3.3%
DHR	Buy	DANAHER CORPORATION	$62,748,000	+15.4%	295,536	+8.9%	3.16%	+1.3%
AMZN	Buy	AMAZON COM INC	$62,552,000	+30.4%	20,346	+29.8%	3.14%	+14.6%
TD	Sell	TORONTO DOMINION BK ONT	$61,038,000	-4.1%	1,322,484	-8.0%	3.07%	-15.7%
FB	Buy	FACEBOOK INCcl a	$58,041,000	+17.4%	229,840	+13.7%	2.92%	+3.1%
TRI	Buy	THOMSON REUTERS CORP.	$57,046,000	+16.5%	717,104	+2.1%	2.87%	+2.3%
GRPU	Buy	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$56,538,000	+3.4%	977,234	+4.0%	2.84%	-9.1%
CNI	Buy	CANADIAN NATL RY CO	$53,402,000	+10.9%	503,006	+2.0%	2.68%	-2.6%
PFPT	Buy	PROOFPOINT INC	$52,903,000	+25.0%	516,405	+36.4%	2.66%	+9.8%
BLK	Buy	BLACKROCK INC	$51,691,000	+18.5%	95,718	+21.0%	2.60%	+4.1%
PEP	Buy	PEPSICO INC	$51,281,000	+28.9%	369,991	+28.1%	2.58%	+13.3%
SLF	Buy	SUN LIFE FINANCIAL INC.	$47,176,000	+6.3%	1,161,354	+2.0%	2.37%	-6.6%
AAPL	Buy	APPLE INC	$46,214,000	+28.2%	399,051	+370.6%	2.32%	+12.6%
ENB	Buy	ENBRIDGE INC	$45,781,000	-7.2%	1,572,040	+2.0%	2.30%	-18.5%
FTS	Buy	FORTIS INC	$44,836,000	+2.1%	1,100,094	+2.0%	2.25%	-10.3%
SJR	Buy	SHAW COMMUNICATIONS INCcl b conv	$43,139,000	+1.3%	2,371,324	+1.9%	2.17%	-11.0%
TXN	Buy	TEXAS INSTRS INC	$41,911,000	+91.3%	303,081	+70.1%	2.11%	+68.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$40,456,000	+3.9%	1,226,474	+1.8%	2.03%	-8.7%
ALLE	Buy	ALLEGION PLC	$40,222,000	+14.3%	421,874	+14.2%	2.02%	+0.4%
BNS	Buy	BANK NOVA SCOTIA B C	$38,627,000	+2.8%	932,675	+1.9%	1.94%	-9.7%
BEP	Buy	BROOKFIELD RENEWABLE PARTNERpartnership unit	$35,071,000	+24.1%	669,224	+1.8%	1.76%	+9.0%
TJX	Buy	TJX COS INC NEW	$34,642,000	+22.7%	622,492	+14.6%	1.74%	+7.8%
PSA	Sell	PUBLIC STORAGE	$33,467,000	+7.3%	150,265	-7.3%	1.68%	-5.8%
CFR	Buy	CULLEN FROST BANKERS INC	$32,404,000	+87.3%	506,715	+111.1%	1.63%	+64.5%
TRP	Buy	TC ENERGY CORP	$31,933,000	-6.4%	763,052	+1.9%	1.60%	-17.8%
TTC	Buy	TORO CO	$30,439,000	+283.6%	374,000	+226.0%	1.53%	+237.0%
NFLX	Buy	NETFLIX INC	$29,317,000	+4.8%	60,788	+2.5%	1.47%	-7.9%
LIN	Buy	LINDE PLC	$27,818,000	+12.0%	120,333	+15.0%	1.40%	-1.6%
FSV	Sell	FIRSTSERVICE CORP NEW	$25,407,000	+9.3%	193,135	-0.6%	1.28%	-4.0%
QCOM	Sell	QUALCOMM INC	$25,150,000	+4.8%	213,716	-6.0%	1.26%	-8.0%
ADBE	Sell	ADOBE SYSTEMS INCORPORATED	$24,781,000	-1.9%	51,648	-12.0%	1.25%	-13.8%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$19,796,000	-12.1%	425,983	-10.2%	1.00%	-22.8%
EOG	Buy	EOG RES INC	$17,804,000	+27.3%	495,369	+66.0%	0.90%	+11.9%
GOOGL	Buy	ALPHABET INCcap stk cl a	$17,430,000	+76.8%	11,893	+79.5%	0.88%	+55.3%
ATVI	Buy	ACTIVISION BLIZZARD INC	$17,209,000	+17.2%	212,587	+19.6%	0.86%	+2.9%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$16,043,000	-11.2%	96,352	-11.1%	0.81%	-22.0%
BKNG	Buy	BOOKING HOLDINGS INC	$15,362,000	+21.1%	8,980	+17.6%	0.77%	+6.3%
CME	Buy	CME GROUP INC	$15,006,000	+20.3%	92,714	+18.9%	0.75%	+5.6%
BIIB	Buy	BIOGEN INC	$14,988,000	+8.6%	54,622	+5.1%	0.75%	-4.7%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$12,093,000	+15.8%	254,432	+1.8%	0.61%	+1.7%
DSGX	Buy	DESCARTES SYS GROUP INC	$12,007,000	+9.9%	211,457	+8.9%	0.60%	-3.5%
PG	Buy	PROCTER AND GAMBLE CO	$11,987,000	+7.6%	86,246	+1.5%	0.60%	-5.3%
DLR	Sell	DIGITAL RLTY TR INC	$11,472,000	-19.1%	78,167	-11.5%	0.58%	-28.9%
EL	Buy	LAUDER ESTEE COS INCcl a	$9,813,000	+30.0%	44,961	+17.6%	0.49%	+14.1%
BEPC	New	BROOKFIELD RENEWABLE CORPcl a sub vtg	$9,786,000	–	167,329	–	0.49%	–
AQN	Buy	ALGONQUIN PWR UTILS CORP	$9,588,000	+8.7%	662,225	+3.6%	0.48%	-4.6%
SHOP	Buy	SHOPIFY INCcl a	$7,430,000	+9.3%	7,288	+9.7%	0.37%	-3.9%
TFII	Buy	TFI INTL INC	$6,861,000	-1.6%	164,588	+2.4%	0.34%	-13.5%
CIGI	Buy	COLLIERS INTL GROUP INC	$3,234,000	+80.4%	48,724	+47.0%	0.16%	+58.3%
ABBV	Buy	ABBVIE INC	$3,083,000	+20.9%	35,201	+31.0%	0.16%	+6.2%
GIB	Sell	CGI INCcl a sub vtg	$2,485,000	-5.5%	36,723	-0.2%	0.12%	-16.7%
BBU	Buy	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$1,091,000	+14.6%	35,869	+0.1%	0.06%	+1.9%
CP	Sell	CANADIAN PAC RY LTD	$1,002,000	+10.0%	3,304	-0.2%	0.05%	-3.8%
PAYX	Exit	PAYCHEX INC	$0	–	-5,746	–	-0.02%	–
IEX	Exit	IDEX CORP	$0	–	-33,748	–	-0.31%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-156,592	–	-0.38%	–
XYL	Exit	XYLEM INC	$0	–	-105,475	–	-0.44%	–

Q2 2020

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA	$84,295,000	–	1,221,998	–	4.82%	–
BCE	New	BCE INC	$77,435,000	–	1,846,931	–	4.43%	–
TU	New	TELUS CORPORATION	$68,677,000	–	3,960,115	–	3.93%	–
MSFT	New	MICROSOFT CORP	$64,500,000	–	324,642	–	3.69%	–
TD	New	TORONTO DOMINION BK ONT	$63,617,000	–	1,437,740	–	3.64%	–
VAR	New	VARIAN MED SYS INC	$57,137,000	–	411,684	–	3.27%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$54,664,000	–	939,956	–	3.13%	–
DHR	New	DANAHER CORPORATION	$54,396,000	–	271,346	–	3.11%	–
MA	New	MASTERCARD INCORPORATEDcl a	$53,385,000	–	178,788	–	3.06%	–
FB	New	FACEBOOK INCcl a	$49,437,000	–	202,107	–	2.83%	–
ENB	New	ENBRIDGE INC	$49,321,000	–	1,541,075	–	2.82%	–
TRI	New	THOMSON REUTERS CORP.	$48,984,000	–	702,062	–	2.80%	–
CNI	New	CANADIAN NATL RY CO	$48,154,000	–	492,982	–	2.76%	–
AMZN	New	AMAZON COM INC	$47,963,000	–	15,677	–	2.74%	–
SLF	New	SUN LIFE FINANCIAL INC.	$44,367,000	–	1,138,290	–	2.54%	–
FTS	New	FORTIS INC	$43,904,000	–	1,078,079	–	2.51%	–
BLK	New	BLACKROCK INC	$43,636,000	–	79,126	–	2.50%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$42,579,000	–	2,327,948	–	2.44%	–
PFPT	New	PROOFPOINT INC	$42,323,000	–	378,725	–	2.42%	–
PEP	New	PEPSICO INC	$39,770,000	–	288,897	–	2.28%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$38,921,000	–	1,205,161	–	2.23%	–
BNS	New	BANK NOVA SCOTIA B C	$37,570,000	–	914,841	–	2.15%	–
AAPL	New	APPLE INC	$36,042,000	–	84,797	–	2.06%	–
ALLE	New	ALLEGION PLC	$35,178,000	–	369,290	–	2.01%	–
TRP	New	TC ENERGY CORP	$34,129,000	–	748,828	–	1.95%	–
PSA	New	PUBLIC STORAGE	$31,192,000	–	162,095	–	1.78%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$28,266,000	–	657,561	–	1.62%	–
TJX	New	TJX COS INC NEW	$28,241,000	–	543,200	–	1.62%	–
NFLX	New	NETFLIX INC	$27,972,000	–	59,290	–	1.60%	–
ADBE	New	ADOBE INC	$25,262,000	–	58,703	–	1.45%	–
LIN	New	LINDE PLC	$24,831,000	–	104,682	–	1.42%	–
QCOM	New	QUALCOMM INC	$24,009,000	–	227,332	–	1.37%	–
FSV	New	FIRSTSERVICE CORP NEW	$23,245,000	–	194,358	–	1.33%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$22,519,000	–	474,412	–	1.29%	–
TXN	New	TEXAS INSTRS INC	$21,912,000	–	178,126	–	1.25%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$18,062,000	–	108,353	–	1.03%	–
CFR	New	CULLEN FROST BANKERS INC	$17,296,000	–	240,026	–	0.99%	–
ATVI	New	ACTIVISION BLIZZARD INC	$14,687,000	–	177,748	–	0.84%	–
DLR	New	DIGITAL RLTY TR INC	$14,185,000	–	88,356	–	0.81%	–
EOG	New	EOG RES INC	$13,985,000	–	298,504	–	0.80%	–
BIIB	New	BIOGEN INC	$13,807,000	–	51,981	–	0.79%	–
BKNG	New	BOOKING HOLDINGS INC	$12,687,000	–	7,633	–	0.73%	–
CME	New	CME GROUP INC	$12,472,000	–	77,956	–	0.71%	–
PG	New	PROCTER AND GAMBLE CO	$11,137,000	–	84,934	–	0.64%	–
DSGX	New	DESCARTES SYS GROUP INC	$10,930,000	–	194,156	–	0.63%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$10,444,000	–	249,860	–	0.60%	–
GOOGL	New	ALPHABET INCcap stk cl a	$9,858,000	–	6,625	–	0.56%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$8,819,000	–	639,257	–	0.50%	–
TTC	New	TORO CO	$7,935,000	–	114,733	–	0.45%	–
XYL	New	XYLEM INC	$7,698,000	–	105,475	–	0.44%	–
EL	New	LAUDER ESTEE COS INCcl a	$7,551,000	–	38,225	–	0.43%	–
TFII	New	TFI INTL INC	$6,974,000	–	160,740	–	0.40%	–
SHOP	New	SHOPIFY INCcl a	$6,795,000	–	6,645	–	0.39%	–
XOM	New	EXXON MOBIL CORP	$6,589,000	–	156,592	–	0.38%	–
IEX	New	IDEX CORP	$5,393,000	–	33,748	–	0.31%	–
PFE	New	PFIZER INC	$2,920,000	–	75,879	–	0.17%	–
GIB	New	CGI INCcl a sub vtg	$2,629,000	–	36,815	–	0.15%	–
ABBV	New	ABBVIE INC	$2,551,000	–	26,874	–	0.15%	–
CIGI	New	COLLIERS INTL GROUP INC	$1,793,000	–	33,150	–	0.10%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$952,000	–	35,839	–	0.05%	–
CP	New	CANADIAN PAC RY LTD	$911,000	–	3,311	–	0.05%	–
PAYX	New	PAYCHEX INC	$413,000	–	5,746	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
MGA	Exit	MAGNA INTL INC	$0	–	-6,573	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-4,874	–	-0.02%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-3,759	–	-0.05%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-3,774	–	-0.07%	–
PAYX	Exit	PAYCHEX INC	$0	–	-17,712	–	-0.09%	–
QCOM	Exit	QUALCOMM INC	$0	–	-18,397	–	-0.09%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-17,421	–	-0.09%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-13,363	–	-0.10%	–
PFE	Exit	PFIZER INC	$0	–	-43,141	–	-0.10%	–
GIB	Exit	CGI INCcl a sub vtg	$0	–	-30,949	–	-0.14%	–
BBU	Exit	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$0	–	-82,262	–	-0.19%	–
CB	Exit	CHUBB LIMITED	$0	–	-35,806	–	-0.30%	–
GGG	Exit	GRACO INC	$0	–	-128,830	–	-0.34%	–
CIGI	Exit	COLLIERS INTL GROUP INC	$0	–	-113,106	–	-0.45%	–
NTR	Exit	NUTRIEN LTD	$0	–	-169,212	–	-0.48%	–
NFLX	Exit	NETFLIX INC	$0	–	-40,497	–	-0.67%	–
EOG	Exit	EOG RES INC	$0	–	-163,997	–	-0.67%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-100,599	–	-0.70%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-182,788	–	-0.73%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-224,679	–	-0.74%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-95,263	–	-0.74%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-196,619	–	-0.78%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-292,419	–	-0.80%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-158,231	–	-0.81%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-80,199	–	-0.88%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-399,400	–	-0.92%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-7,596	–	-0.92%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-182,449	–	-0.97%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-142,690	–	-1.02%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-152,957	–	-1.04%	–
BPY	Exit	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$0	–	-980,008	–	-1.09%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-409,339	–	-1.11%	–
IEX	Exit	IDEX CORP	$0	–	-127,270	–	-1.13%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-102,383	–	-1.13%	–
CME	Exit	CME GROUP INC	$0	–	-102,511	–	-1.21%	–
LIN	Exit	LINDE PLC	$0	–	-106,706	–	-1.22%	–
SLF	Exit	SUN LIFE FINL INC	$0	–	-462,324	–	-1.23%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-249,693	–	-1.29%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-1,726,025	–	-1.40%	–
FTS	Exit	FORTIS INC	$0	–	-607,807	–	-1.49%	–
BIIB	Exit	BIOGEN INC	$0	–	-89,172	–	-1.54%	–
BLK	Exit	BLACKROCK INC	$0	–	-63,438	–	-1.68%	–
AAPL	Exit	APPLE INC	$0	–	-116,242	–	-1.70%	–
PEP	Exit	PEPSICO INC	$0	–	-217,978	–	-1.76%	–
TJX	Exit	TJX COS INC NEW	$0	–	-544,934	–	-1.81%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-146,736	–	-1.88%	–
AMZN	Exit	AMAZON COM INC	$0	–	-20,455	–	-2.07%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-862,033	–	-2.17%	–
TRP	Exit	TC ENERGY CORP	$0	–	-751,187	–	-2.24%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-31,263	–	-2.25%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-771,732	–	-2.26%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-150,573	–	-2.39%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-1,238,816	–	-2.58%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-339,548	–	-2.72%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-399,026	–	-3.28%	–
ENB	Exit	ENBRIDGE INC	$0	–	-1,574,625	–	-3.39%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-1,169,136	–	-3.46%	–
TU	Exit	TELUS CORP	$0	–	-2,037,745	–	-4.28%	–
BCE	Exit	BCE INC	$0	–	-1,690,362	–	-4.74%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-1,452,985	–	-4.92%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-1,790,164	–	-5.85%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-1,996,199	–	-6.74%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-1,485,386	–	-7.08%	–

Q3 2019

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA MONTREAL QUE	$120,065,000	+24.3%	1,485,386	+22.5%	7.08%	+12.8%
TD	Buy	TORONTO DOMINION BK ONT	$114,227,000	+25.4%	1,996,199	+28.3%	6.74%	+13.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$99,196,000	+2.4%	1,790,164	-11.4%	5.85%	-7.1%
BNS	Buy	BANK N S HALIFAX	$83,508,000	+30.9%	1,452,985	+22.6%	4.92%	+18.8%
BCE	Buy	BCE INC	$80,354,000	+36.2%	1,690,362	+30.7%	4.74%	+23.6%
TU	Sell	TELUS CORP	$72,635,000	-6.2%	2,037,745	-2.5%	4.28%	-14.9%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$58,708,000	-16.8%	1,169,136	-28.9%	3.46%	-24.6%
ENB	Buy	ENBRIDGE INC	$57,469,000	+65.6%	1,574,625	+64.3%	3.39%	+50.3%
MSFT	Buy	MICROSOFT CORP	$55,653,000	+8.4%	399,026	+1.4%	3.28%	-1.6%
DHR	Sell	DANAHER CORPORATION	$46,208,000	-3.6%	339,548	-0.4%	2.72%	-12.5%
PBA	Buy	PEMBINA PIPELINE CORP	$43,705,000	+267.7%	1,238,816	+288.8%	2.58%	+233.4%
MA	Buy	MASTERCARD INCcl a	$40,481,000	+11.8%	150,573	+8.0%	2.39%	+1.4%
GRPU	Buy	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$38,294,000	+62.4%	771,732	+51.0%	2.26%	+47.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$38,219,000	+17.3%	31,263	+1.1%	2.25%	+6.4%
TRP	Buy	TC ENERGY CORP	$37,944,000	+195.2%	751,187	+190.4%	2.24%	+167.9%
BEP	Sell	BROOKFIELD RENEWABLE PARTNERpartnership unit	$36,755,000	-32.6%	862,033	-45.2%	2.17%	-38.9%
AMZN	Buy	AMAZON COM INC	$35,155,000	-0.9%	20,455	+6.6%	2.07%	-10.1%
PSA	Buy	PUBLIC STORAGE	$31,918,000	+18.3%	146,736	+25.3%	1.88%	+7.3%
TJX	Sell	TJX COS INC NEW	$30,623,000	+7.2%	544,934	-1.9%	1.81%	-2.7%
PEP	Buy	PEPSICO INC	$29,900,000	+32.2%	217,978	+26.4%	1.76%	+19.9%
AAPL	Buy	APPLE INC	$28,916,000	+60.7%	116,242	+27.8%	1.70%	+45.7%
BLK	Sell	BLACKROCK INC	$28,506,000	-11.9%	63,438	-10.6%	1.68%	-20.1%
BIIB	Buy	BIOGEN INC	$26,069,000	+28.8%	89,172	+1.2%	1.54%	+16.9%
FTS	Sell	FORTIS INC	$25,305,000	-41.8%	607,807	-44.7%	1.49%	-47.2%
AQN	Sell	ALGONQUIN PWR UTILS CORP	$23,756,000	-58.9%	1,726,025	-63.7%	1.40%	-62.7%
FSV	Buy	FIRSTSERVICE CORP NEW	$21,839,000	+18.8%	249,693	+31.0%	1.29%	+7.8%
SLF	Buy	SUN LIFE FINL INC	$20,785,000	+11.0%	462,324	+2.5%	1.23%	+0.7%
LIN	Buy	LINDE PLC	$20,707,000	+6.0%	106,706	+7.3%	1.22%	-3.8%
CME	Sell	CME GROUP INC	$20,494,000	-22.6%	102,511	-27.1%	1.21%	-29.8%
FB	Sell	FACEBOOK INCcl a	$19,214,000	-41.2%	102,383	-40.9%	1.13%	-46.6%
IEX	Buy	IDEX CORP	$19,168,000	+84.3%	127,270	+103.1%	1.13%	+67.2%
BK	Sell	BANK NEW YORK MELLON CORP	$18,767,000	-23.6%	409,339	-28.4%	1.11%	-30.7%
BPY	Buy	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$18,506,000	+154.8%	980,008	+155.4%	1.09%	+131.1%
PFPT	Sell	PROOFPOINT INC	$17,647,000	-4.2%	152,957	-0.2%	1.04%	-13.1%
VAR	Buy	VARIAN MED SYS INC	$17,238,000	+111.7%	142,690	+138.6%	1.02%	+92.1%
CFR	Buy	CULLEN FROST BANKERS INC	$16,435,000	+42.3%	182,449	+47.9%	0.97%	+29.0%
BKNG	Buy	BOOKING HLDGS INC	$15,562,000	+20.4%	7,596	+10.2%	0.92%	+9.3%
DSGX	Buy	DESCARTES SYS GROUP INC	$15,574,000	+16.8%	399,400	+11.1%	0.92%	+5.9%
EL	Buy	LAUDER ESTEE COS INCcl a	$14,939,000	+46.5%	80,199	+44.0%	0.88%	+32.9%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$13,806,000	+30.3%	158,231	+11.5%	0.81%	+18.1%
IBKR	New	INTERACTIVE BROKERS GROUP IN	$13,614,000	–	292,419	–	0.80%	–
TRI	Buy	THOMSON REUTERS CORP	$13,241,000	+16.0%	196,619	+11.3%	0.78%	+5.3%
ATVI	Buy	ACTIVISION BLIZZARD INC	$12,589,000	+93.8%	224,679	+63.3%	0.74%	+75.8%
JNJ	Sell	JOHNSON & JOHNSON	$12,579,000	-38.7%	95,263	-35.3%	0.74%	-44.3%
XOM	Sell	EXXON MOBIL CORP	$12,351,000	-12.0%	182,788	-0.2%	0.73%	-20.2%
TXN	Sell	TEXAS INSTRS INC	$11,870,000	-29.0%	100,599	-30.9%	0.70%	-35.5%
EOG	Buy	EOG RES INC	$11,367,000	-24.9%	163,997	+0.8%	0.67%	-31.9%
NFLX	New	NETFLIX INC	$11,318,000	–	40,497	–	0.67%	–
NTR	Buy	NUTRIEN LTD	$8,112,000	-10.4%	169,212	+0.2%	0.48%	-18.8%
CIGI	Sell	COLLIERS INTL GROUP INC	$7,594,000	-8.6%	113,106	-2.5%	0.45%	-17.0%
GGG	Buy	GRACO INC	$5,823,000	-5.6%	128,830	+4.8%	0.34%	-14.5%
CB	Buy	CHUBB LIMITED	$5,032,000	+60.2%	35,806	+49.6%	0.30%	+45.6%
BBU	Sell	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$3,221,000	-17.5%	82,262	-17.7%	0.19%	-25.2%
GIB	Sell	CGI INCcl a sub vtg	$2,411,000	-16.7%	30,949	-17.6%	0.14%	-24.5%
PFE	Buy	PFIZER INC	$1,655,000	+383.9%	43,141	+445.8%	0.10%	+345.5%
PG	Buy	PROCTER & GAMBLE CO	$1,664,000	+36.3%	13,363	+20.0%	0.10%	+24.1%
CNI	Sell	CANADIAN NATL RY CO	$1,561,000	-27.5%	17,421	-24.9%	0.09%	-34.3%
PAYX	Buy	PAYCHEX INC	$1,481,000	+27.6%	17,712	+25.5%	0.09%	+16.0%
QCOM	Buy	QUALCOMM INC	$1,480,000	+10.7%	18,397	+4.7%	0.09%	0.0%
SHOP	Sell	SHOPIFY INCcl a	$1,186,000	-4.7%	3,774	-8.7%	0.07%	-13.6%
CP	Sell	CANADIAN PAC RY LTD	$857,000	-32.9%	3,759	-30.5%	0.05%	-38.6%
ABBV	Buy	ABBVIE INC	$388,000	+14.5%	4,874	+4.7%	0.02%	+4.5%
MGA	Sell	MAGNA INTL INC	$354,000	-21.7%	6,573	-27.5%	0.02%	-27.6%
SPGI	Exit	S&P GLOBAL INC	$0	–	-26,560	–	-0.39%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-199,391	–	-1.01%	–

Q2 2019

			Value		Shares		↓ Weighting
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$96,881,000	–	2,020,733	–	6.30%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$96,563,000	–	1,212,484	–	6.28%	–
TD	New	TORONTO DOMINION BK ONT	$91,093,000	–	1,555,624	–	5.92%	–
TU	New	TELUS CORP	$77,428,000	–	2,090,033	–	5.03%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$70,604,000	–	1,643,711	–	4.59%	–
BNS	New	BANK N S HALIFAX	$63,779,000	–	1,184,857	–	4.14%	–
BCE	New	BCE INC	$58,988,000	–	1,293,768	–	3.83%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$57,766,000	–	4,756,484	–	3.76%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$54,568,000	–	1,574,086	–	3.55%	–
MSFT	New	MICROSOFT CORP	$51,317,000	–	393,349	–	3.34%	–
DHR	New	DANAHER CORPORATION	$47,911,000	–	341,070	–	3.11%	–
FTS	New	FORTIS INC	$43,514,000	–	1,099,636	–	2.83%	–
MA	New	MASTERCARD INCcl a	$36,214,000	–	139,452	–	2.35%	–
AMZN	New	AMAZON COM INC	$35,488,000	–	19,191	–	2.31%	–
ENB	New	ENBRIDGE INC	$34,700,000	–	958,641	–	2.26%	–
FB	New	FACEBOOK INCcl a	$32,670,000	–	173,245	–	2.12%	–
GOOGL	New	ALPHABET INCcap stk cl a	$32,575,000	–	30,935	–	2.12%	–
BLK	New	BLACKROCK INC	$32,363,000	–	70,953	–	2.10%	–
TJX	New	TJX COS INC NEW	$28,557,000	–	555,258	–	1.86%	–
PSA	New	PUBLIC STORAGE	$26,984,000	–	117,099	–	1.75%	–
CME	New	CME GROUP INC	$26,466,000	–	140,612	–	1.72%	–
BK	New	BANK NEW YORK MELLON CORP	$24,567,000	–	571,807	–	1.60%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$23,585,000	–	511,192	–	1.53%	–
PEP	New	PEPSICO INC	$22,611,000	–	172,429	–	1.47%	–
JNJ	New	JOHNSON & JOHNSON	$20,513,000	–	147,277	–	1.33%	–
BIIB	New	BIOGEN INC	$20,234,000	–	88,120	–	1.32%	–
LIN	New	LINDE PLC	$19,526,000	–	99,423	–	1.27%	–
SLF	New	SUN LIFE FINL INC	$18,727,000	–	451,261	–	1.22%	–
PFPT	New	PROOFPOINT INC	$18,430,000	–	153,264	–	1.20%	–
FSV	New	FIRSTSERVICE CORP NEW	$18,383,000	–	190,650	–	1.20%	–
AAPL	New	APPLE INC	$17,996,000	–	90,926	–	1.17%	–
TXN	New	TEXAS INSTRS INC	$16,716,000	–	145,659	–	1.09%	–
TSN	New	TYSON FOODS INCcl a	$15,551,000	–	199,391	–	1.01%	–
EOG	New	EOG RES INC	$15,139,000	–	162,727	–	0.98%	–
XOM	New	EXXON MOBIL CORP	$14,035,000	–	183,156	–	0.91%	–
DSGX	New	DESCARTES SYS GROUP INC	$13,335,000	–	359,647	–	0.87%	–
BKNG	New	BOOKING HLDGS INC	$12,922,000	–	6,893	–	0.84%	–
TRP	New	TC ENERGY CORP	$12,852,000	–	258,688	–	0.84%	–
PBA	New	PEMBINA PIPELINE CORP	$11,887,000	–	318,622	–	0.77%	–
CFR	New	CULLEN FROST BANKERS INC	$11,550,000	–	123,323	–	0.75%	–
TRI	New	THOMSON REUTERS CORP	$11,416,000	–	176,578	–	0.74%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$10,593,000	–	141,881	–	0.69%	–
IEX	New	IDEX CORP	$10,400,000	–	62,650	–	0.68%	–
EL	New	LAUDER ESTEE COS INCcl a	$10,196,000	–	55,681	–	0.66%	–
NTR	New	NUTRIEN LTD	$9,055,000	–	168,918	–	0.59%	–
CIGI	New	COLLIERS INTL GROUP INC	$8,310,000	–	115,977	–	0.54%	–
VAR	New	VARIAN MED SYS INC	$8,141,000	–	59,803	–	0.53%	–
BPY	New	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$7,263,000	–	383,650	–	0.47%	–
ATVI	New	ACTIVISION BLIZZARD INC	$6,495,000	–	137,613	–	0.42%	–
GGG	New	GRACO INC	$6,169,000	–	122,933	–	0.40%	–
SPGI	New	S&P GLOBAL INC	$6,050,000	–	26,560	–	0.39%	–
BBU	New	BROOKFIELD BUSINESS PARTNERSunit ltd lp	$3,902,000	–	99,994	–	0.25%	–
CB	New	CHUBB LIMITED	$3,141,000	–	23,937	–	0.20%	–
GIB	New	CGI INCcl a sub vtg	$2,895,000	–	37,580	–	0.19%	–
CNI	New	CANADIAN NATL RY CO	$2,152,000	–	23,199	–	0.14%	–
QCOM	New	QUALCOMM INC	$1,337,000	–	17,570	–	0.09%	–
CP	New	CANADIAN PAC RY LTD	$1,277,000	–	5,412	–	0.08%	–
SHOP	New	SHOPIFY INCcl a	$1,245,000	–	4,132	–	0.08%	–
PG	New	PROCTER AND GAMBLE CO	$1,221,000	–	11,134	–	0.08%	–
PAYX	New	PAYCHEX INC	$1,161,000	–	14,111	–	0.08%	–
MGA	New	MAGNA INTL INC	$452,000	–	9,071	–	0.03%	–
PFE	New	PFIZER INC	$342,000	–	7,904	–	0.02%	–
ABBV	New	ABBVIE INC	$339,000	–	4,655	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-3,773	–	-0.02%	–
PFE	Exit	PFIZER INC	$0	–	-7,157	–	-0.02%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-18,703	–	-0.04%	–
MGA	Exit	MAGNA INTL INC	$0	–	-14,702	–	-0.05%	–
PAYX	Exit	PAYCHEX INC	$0	–	-11,102	–	-0.05%	–
ABBV	Exit	ABBVIE INC	$0	–	-9,755	–	-0.06%	–
QCOM	Exit	QUALCOMM INC	$0	–	-16,581	–	-0.07%	–
SJR	Exit	SHAW COMMUNICATIONS INCcl b conv	$0	–	-89,067	–	-0.11%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-57,794	–	-0.13%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-10,466	–	-0.14%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-29,160	–	-0.16%	–
MEOH	Exit	METHANEX CORP	$0	–	-45,142	–	-0.22%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-112,573	–	-0.25%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-68,017	–	-0.27%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-185,817	–	-0.29%	–
PFPT	Exit	PROOFPOINT INC	$0	–	-51,726	–	-0.34%	–
GGG	Exit	GRACO INC	$0	–	-125,307	–	-0.36%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-64,762	–	-0.42%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-56,758	–	-0.50%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-175,917	–	-0.57%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-58,874	–	-0.59%	–
PEP	Exit	PEPSICO INC	$0	–	-91,333	–	-0.62%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-234,005	–	-0.65%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-203,369	–	-0.71%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-133,609	–	-0.74%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-152,901	–	-0.80%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-172,076	–	-0.88%	–
UNP	Exit	UNION PAC CORP	$0	–	-89,128	–	-0.89%	–
PX	Exit	PRAXAIR INC	$0	–	-104,318	–	-1.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-106,851	–	-1.07%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-132,161	–	-1.12%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-175,598	–	-1.12%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-544,937	–	-1.13%	–
PSA	Exit	PUBLIC STORAGE	$0	–	-93,318	–	-1.15%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-553,460	–	-1.15%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-4,358,960	–	-1.16%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-172,033	–	-1.18%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-101,150	–	-1.21%	–
BIIB	Exit	BIOGEN INC	$0	–	-56,341	–	-1.22%	–
TSN	Exit	TYSON FOODS INCcl a	$0	–	-359,087	–	-1.30%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-525,006	–	-1.38%	–
EOG	Exit	EOG RES INC	$0	–	-177,693	–	-1.38%	–
AAPL	Exit	APPLE INC	$0	–	-100,637	–	-1.39%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-293,136	–	-1.51%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$0	–	-1,201,800	–	-1.54%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-227,347	–	-1.59%	–
TJX	Exit	TJX COS INC NEW	$0	–	-268,552	–	-1.84%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,510	–	-1.88%	–
AMZN	Exit	AMAZON COM INC	$0	–	-15,948	–	-1.95%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-788,988	–	-1.95%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-674,297	–	-2.10%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-162,870	–	-2.21%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-340,987	–	-2.26%	–
BEP	Exit	BROOKFIELD RENEWABLE PARTNERpartnership unit	$0	–	-1,350,546	–	-2.50%	–
FTS	Exit	FORTIS INC	$0	–	-1,298,158	–	-2.57%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-1,273,060	–	-3.11%	–
SLF	Exit	SUN LIFE FINL INC	$0	–	-1,796,398	–	-4.37%	–
NTR	Exit	NUTRIEN LTD	$0	–	-1,285,174	–	-4.54%	–
TU	Exit	TELUS CORP	$0	–	-2,105,039	–	-4.74%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-8,030,228	–	-5.08%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-2,349,271	–	-8.73%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-2,402,072	–	-8.76%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-1,806,356	–	-8.85%	–

Q3 2018

			Value		Shares		↓ Weighting
RY	Sell	ROYAL BK CDA MONTREAL QUE	$144,693,000	+0.3%	1,806,356	-5.8%	8.85%	-11.1%
BNS	Buy	BANK N S HALIFAX	$143,073,000	+12.4%	2,402,072	+6.8%	8.76%	-0.4%
TD	Sell	TORONTO DOMINION BK ONT	$142,654,000	-0.3%	2,349,271	-5.0%	8.73%	-11.6%
AQN	Sell	ALGONQUIN PWR UTILS CORP	$82,998,000	+6.6%	8,030,228	-0.4%	5.08%	-5.5%
TU	Sell	TELUS CORP	$77,534,000	-2.0%	2,105,039	-5.6%	4.74%	-13.1%
NTR	Sell	NUTRIEN LTD	$74,152,000	-10.5%	1,285,174	-15.6%	4.54%	-20.7%
SLF	Sell	SUN LIFE FINL INC	$71,364,000	-15.1%	1,796,398	-14.2%	4.37%	-24.7%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$50,790,000	+21.0%	1,273,060	+16.3%	3.11%	+7.3%
FTS	Sell	FORTIS INC	$42,060,000	-25.7%	1,298,158	-26.8%	2.57%	-34.2%
BEP	Buy	BROOKFIELD RENEWABLE PARTNERpartnership unit	$40,895,000	+3.3%	1,350,546	+2.4%	2.50%	-8.4%
DHR	Buy	DANAHER CORP DEL	$36,966,000	+64.2%	340,987	+49.1%	2.26%	+45.6%
MA	Buy	MASTERCARD INCORPORATEDcl a	$36,177,000	+68.5%	162,870	+48.8%	2.21%	+49.4%
BK	Buy	BANK NEW YORK MELLON CORP	$34,295,000	+38.4%	674,297	+46.4%	2.10%	+22.6%
TRP	Sell	TRANSCANADA CORP	$31,899,000	-7.0%	788,988	-0.6%	1.95%	-17.6%
AMZN	Buy	AMAZON COM INC	$31,888,000	+56.6%	15,948	+32.9%	1.95%	+38.8%
GOOGL	Buy	ALPHABET INCcap stk cl a	$30,711,000	+13.2%	25,510	+6.0%	1.88%	+0.4%
TJX	Buy	TJX COS INC NEW	$30,002,000	+29.6%	268,552	+10.2%	1.84%	+14.9%
MSFT	Buy	MICROSOFT CORP	$26,002,000	+73.1%	227,347	+49.2%	1.59%	+53.4%
BPY	New	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$25,113,000	–	1,201,800	–	1.54%	–
FSV	Sell	FIRSTSERVICE CORP NEWsub vtg sh	$24,749,000	-30.8%	293,136	-37.7%	1.51%	-38.7%
AAPL	Buy	APPLE INC	$22,718,000	+158.1%	100,637	+111.7%	1.39%	+129.0%
EOG	Buy	EOG RES INC	$22,608,000	+36.9%	177,693	+33.6%	1.38%	+21.3%
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$22,530,000	–	525,006	–	1.38%	–
TSN	Buy	TYSON FOODS INCcl a	$21,323,000	+48.0%	359,087	+71.2%	1.30%	+31.3%
BIIB	Buy	BIOGEN INC	$19,878,000	+60.2%	56,341	+31.5%	1.22%	+42.1%
SPGI	Buy	S&P GLOBAL INC	$19,718,000	+101.6%	101,150	+110.2%	1.21%	+78.8%
VAR	Buy	VARIAN MED SYS INC	$19,207,000	+91.2%	172,033	+94.2%	1.18%	+69.3%
FSM	Buy	FORTUNA SILVER MINES INC	$19,019,000	-15.5%	4,358,960	+10.1%	1.16%	-25.1%
PBA	Sell	PEMBINA PIPELINE CORP	$18,793,000	-1.9%	553,460	-0.0%	1.15%	-13.0%
PSA	Buy	PUBLIC STORAGE	$18,779,000	+60.3%	93,318	+80.5%	1.15%	+42.2%
DSGX	Sell	DESCARTES SYS GROUP INC	$18,470,000	-31.8%	544,937	-34.5%	1.13%	-39.5%
CFR	Buy	CULLEN FROST BANKERS INC	$18,339,000	+41.6%	175,598	+46.8%	1.12%	+25.5%
JNJ	Buy	JOHNSON & JOHNSON	$18,261,000	+69.2%	132,161	+48.6%	1.12%	+49.9%
FB	Buy	FACEBOOK INCcl a	$17,525,000	-3.5%	106,851	+14.0%	1.07%	-14.5%
PX	Buy	PRAXAIR INC	$16,735,000	+44.4%	104,318	+42.1%	1.02%	+28.0%
UNP	Sell	UNION PAC CORP	$14,474,000	+2.4%	89,128	-10.8%	0.89%	-9.1%
ATVI	Buy	ACTIVISION BLIZZARD INC	$14,315,000	+126.8%	172,076	+108.1%	0.88%	+100.9%
XOM	Buy	EXXON MOBIL CORP	$13,000,000	+52.6%	152,901	+48.5%	0.80%	+35.2%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$12,093,000	+25.4%	133,609	+33.6%	0.74%	+11.1%
SBUX	Buy	STARBUCKS CORP	$11,559,000	+55.9%	203,369	+34.0%	0.71%	+38.1%
TRI	Sell	THOMSON REUTERS CORP	$10,670,000	+11.4%	234,005	-1.5%	0.65%	-1.2%
PEP	Buy	PEPSICO INC	$10,211,000	+39.1%	91,333	+35.5%	0.62%	+23.3%
SHOP	Buy	SHOPIFY INCcl a	$9,670,000	+38.5%	58,874	+22.9%	0.59%	+22.8%
AMTD	Sell	TD AMERITRADE HLDG CORP	$9,270,000	-9.5%	175,917	-6.1%	0.57%	-19.8%
EL	Buy	LAUDER ESTEE COS INCcl a	$8,248,000	+55.4%	56,758	+52.6%	0.50%	+38.0%
TXN	New	TEXAS INSTRS INC	$6,948,000	–	64,762	–	0.42%	–
GGG	Buy	GRACO INC	$5,807,000	+11.5%	125,307	+8.9%	0.36%	-1.1%
PFPT	New	PROOFPOINT INC	$5,500,000	–	51,726	–	0.34%	–
BHC	New	BAUSCH HEALTH COS INC	$4,768,000	–	185,817	–	0.29%	–
GIB	Sell	GROUPE CGI INCcl a sub vtg	$4,382,000	-1.2%	68,017	-2.9%	0.27%	-12.4%
RBA	New	RITCHIE BROS AUCTIONEERS	$4,059,000	–	112,573	–	0.25%	–
MEOH	Sell	METHANEX CORP	$3,561,000	-23.4%	45,142	-31.4%	0.22%	-32.1%
CNI	Sell	CANADIAN NATL RY CO	$2,615,000	+8.0%	29,160	-1.5%	0.16%	-4.2%
CP	Buy	CANADIAN PAC RY LTD	$2,212,000	+74.7%	10,466	+51.5%	0.14%	+55.2%
OTEX	New	OPEN TEXT CORP	$2,198,000	–	57,794	–	0.13%	–
SJR	Sell	SHAW COMMUNICATIONS INCcl b conv	$1,734,000	-13.9%	89,067	-10.0%	0.11%	-23.7%
QCOM	Sell	QUALCOMM INC	$1,194,000	+12.1%	16,581	-12.6%	0.07%	-1.4%
ABBV	Sell	ABBVIE INC	$923,000	-6.5%	9,755	-8.5%	0.06%	-17.6%
PAYX	Sell	PAYCHEX INC	$818,000	-1.3%	11,102	-8.5%	0.05%	-12.3%
MGA	Sell	MAGNA INTL INC	$772,000	-73.6%	14,702	-70.8%	0.05%	-76.7%
SU	Sell	SUNCOR ENERGY INC NEW	$723,000	-10.6%	18,703	-6.0%	0.04%	-21.4%
PG	Sell	PROCTER AND GAMBLE CO	$314,000	-2.5%	3,773	-8.5%	0.02%	-13.6%
PFE	Sell	PFIZER INC	$315,000	-83.4%	7,157	-86.4%	0.02%	-85.5%
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-10,305	–	-0.05%	–
CAE	Exit	CAE INC	$0	–	-163,094	–	-0.23%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-50,903	–	-0.26%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-1,210,793	–	-0.26%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-425,858	–	-0.30%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-204,197	–	-0.33%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-85,762	–	-0.45%	–

Q2 2018

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA MONTREAL QUE	$144,251,000	–	1,916,908	–	9.96%	–
TD	New	TORONTO DOMINION BK ONT	$143,022,000	–	2,472,581	–	9.87%	–
BNS	New	BANK N S HALIFAX	$127,335,000	–	2,250,169	–	8.79%	–
SLF	New	SUN LIFE FINL INC	$84,057,000	–	2,092,989	–	5.80%	–
NTR	New	NUTRIEN LTD	$82,838,000	–	1,523,620	–	5.72%	–
TU	New	TELUS CORP	$79,139,000	–	2,229,208	–	5.46%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$77,843,000	–	8,062,899	–	5.37%	–
FTS	New	FORTIS INC	$56,641,000	–	1,773,169	–	3.91%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$41,974,000	–	1,094,666	–	2.90%	–
BEP	New	BROOKFIELD RENEWABLE PARTNERpartnership unit	$39,581,000	–	1,319,496	–	2.73%	–
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$35,767,000	–	470,545	–	2.47%	–
TRP	New	TRANSCANADA CORP	$34,316,000	–	793,613	–	2.37%	–
GOOGL	New	ALPHABET INCcap stk cl a	$27,119,000	–	24,063	–	1.87%	–
DSGX	New	DESCARTES SYS GROUP INC	$27,082,000	–	831,772	–	1.87%	–
BK	New	BANK NEW YORK MELLON CORP	$24,788,000	–	460,688	–	1.71%	–
TJX	New	TJX COS INC NEW	$23,150,000	–	243,720	–	1.60%	–
DHR	New	DANAHER CORP DEL	$22,514,000	–	228,677	–	1.55%	–
FSM	New	FORTUNA SILVER MINES INC	$22,521,000	–	3,960,603	–	1.55%	–
MA	New	MASTERCARD INCORPORATEDcl a	$21,472,000	–	109,429	–	1.48%	–
AMZN	New	AMAZON COM INC	$20,364,000	–	11,998	–	1.41%	–
PBA	New	PEMBINA PIPELINE CORP	$19,157,000	–	553,493	–	1.32%	–
FB	New	FACEBOOK INCcl a	$18,170,000	–	93,727	–	1.25%	–
EOG	New	EOG RES INC	$16,510,000	–	133,003	–	1.14%	–
MSFT	New	MICROSOFT CORP	$15,024,000	–	152,355	–	1.04%	–
TSN	New	TYSON FOODS INCcl a	$14,406,000	–	209,735	–	0.99%	–
UNP	New	UNION PAC CORP	$14,130,000	–	99,967	–	0.98%	–
CFR	New	CULLEN FROST BANKERS INC	$12,948,000	–	119,622	–	0.89%	–
BIIB	New	BIOGEN INC	$12,408,000	–	42,851	–	0.86%	–
PSA	New	PUBLIC STORAGE	$11,712,000	–	51,708	–	0.81%	–
PX	New	PRAXAIR INC	$11,593,000	–	73,419	–	0.80%	–
JNJ	New	JOHNSON & JOHNSON	$10,793,000	–	88,952	–	0.74%	–
AMTD	New	TD AMERITRADE HLDG CORP	$10,242,000	–	187,394	–	0.71%	–
VAR	New	VARIAN MED SYS INC	$10,048,000	–	88,570	–	0.69%	–
SPGI	New	S&P GLOBAL INC	$9,782,000	–	48,123	–	0.68%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$9,645,000	–	99,997	–	0.67%	–
TRI	New	THOMSON REUTERS CORP	$9,576,000	–	237,448	–	0.66%	–
AAPL	New	APPLE INC	$8,801,000	–	47,545	–	0.61%	–
XOM	New	EXXON MOBIL CORP	$8,518,000	–	102,964	–	0.59%	–
SBUX	New	STARBUCKS CORP	$7,412,000	–	151,729	–	0.51%	–
PEP	New	PEPSICO INC	$7,341,000	–	67,428	–	0.51%	–
SHOP	New	SHOPIFY INCcl a	$6,981,000	–	47,900	–	0.48%	–
TSCO	New	TRACTOR SUPPLY CO	$6,548,000	–	85,762	–	0.45%	–
ATVI	New	ACTIVISION BLIZZARD INC	$6,312,000	–	82,703	–	0.44%	–
EL	New	LAUDER ESTEE COS INCcl a	$5,309,000	–	37,204	–	0.37%	–
GGG	New	GRACO INC	$5,206,000	–	115,115	–	0.36%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$4,750,000	–	204,197	–	0.33%	–
MEOH	New	METHANEX CORP	$4,648,000	–	65,768	–	0.32%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$4,436,000	–	70,050	–	0.31%	–
CVE	New	CENOVUS ENERGY INC	$4,419,000	–	425,858	–	0.30%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$3,783,000	–	1,210,793	–	0.26%	–
HSIC	New	SCHEIN HENRY INC	$3,698,000	–	50,903	–	0.26%	–
CAE	New	CAE INC	$3,386,000	–	163,094	–	0.23%	–
MGA	New	MAGNA INTL INC	$2,929,000	–	50,396	–	0.20%	–
CNI	New	CANADIAN NATL RY CO	$2,421,000	–	29,612	–	0.17%	–
SJR	New	SHAW COMMUNICATIONS INCcl b conv	$2,015,000	–	98,980	–	0.14%	–
PFE	New	PFIZER INC	$1,903,000	–	52,442	–	0.13%	–
CP	New	CANADIAN PAC RY LTD	$1,266,000	–	6,910	–	0.09%	–
QCOM	New	QUALCOMM INC	$1,065,000	–	18,982	–	0.07%	–
ABBV	New	ABBVIE INC	$987,000	–	10,656	–	0.07%	–
PAYX	New	PAYCHEX INC	$829,000	–	12,128	–	0.06%	–
SU	New	SUNCOR ENERGY INC NEW	$809,000	–	19,896	–	0.06%	–
WCN	New	WASTE CONNECTIONS INC	$776,000	–	10,305	–	0.05%	–
PG	New	PROCTER AND GAMBLE CO	$322,000	–	4,122	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
QCOM	Exit	QUALCOMM INC	$0	–	-5,325	–	-0.02%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,741	–	-0.02%	–
PAYX	Exit	PAYCHEX INC	$0	–	-14,852	–	-0.05%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-55,754	–	-0.06%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-14,204	–	-0.07%	–
PFE	Exit	PFIZER INC	$0	–	-57,868	–	-0.11%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-40,672	–	-0.17%	–
NKE	Exit	NIKE INCcl b	$0	–	-63,767	–	-0.18%	–
MSA	Exit	MSA SAFETY INC	$0	–	-43,403	–	-0.18%	–
GGG	Exit	GRACO INC	$0	–	-28,763	–	-0.19%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-933,406	–	-0.21%	–
IAG	Exit	IAMGOLD CORP	$0	–	-780,109	–	-0.25%	–
RHT	Exit	RED HAT INC	$0	–	-43,498	–	-0.26%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-159,259	–	-0.26%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-1,485,054	–	-0.29%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-80,369	–	-0.30%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-105,108	–	-0.31%	–
TGA	Exit	TRANSGLOBE ENERGY CORP	$0	–	-4,177,608	–	-0.32%	–
CFR	Exit	CULLEN FROST BANKERS INC	$0	–	-74,209	–	-0.37%	–
PEP	Exit	PEPSICO INC	$0	–	-63,791	–	-0.38%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-197,699	–	-0.45%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-54,058	–	-0.47%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-69,860	–	-0.48%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-111,006	–	-0.48%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-127,127	–	-0.50%	–
EOG	Exit	EOG RES INC	$0	–	-100,254	–	-0.51%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-88,211	–	-0.54%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-104,199	–	-0.55%	–
AMZN	Exit	AMAZON COM INC	$0	–	-11,551	–	-0.59%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-148,115	–	-0.64%	–
BIIB	Exit	BIOGEN INC	$0	–	-39,448	–	-0.65%	–
MGA	Exit	MAGNA INTL INC	$0	–	-234,259	–	-0.66%	–
PX	Exit	PRAXAIR INC	$0	–	-91,088	–	-0.67%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-120,401	–	-0.69%	–
STN	Exit	STANTEC INC	$0	–	-480,451	–	-0.70%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-132,478	–	-0.71%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-85,236	–	-0.76%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-169,766	–	-0.77%	–
TSCO	Exit	TRACTOR SUPPLY CO	$0	–	-239,669	–	-0.80%	–
UNP	Exit	UNION PAC CORP	$0	–	-149,173	–	-0.91%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-125,069	–	-0.93%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-115,232	–	-0.95%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-388,380	–	-1.00%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-116,250	–	-1.05%	–
TJX	Exit	TJX COS INC NEW	$0	–	-272,817	–	-1.06%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-797,187	–	-1.15%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-417,028	–	-1.17%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,300	–	-1.30%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-792,245	–	-1.34%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-324,550	–	-1.42%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-2,903,285	–	-1.43%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-2,340,066	–	-1.59%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-569,237	–	-1.98%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-749,980	–	-2.05%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-7,406,023	–	-2.45%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-11,334,581	–	-2.62%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-1,649,084	–	-3.06%	–
FTS	Exit	FORTIS INC	$0	–	-1,654,795	–	-3.14%	–
AGU	Exit	AGRIUM INC	$0	–	-712,727	–	-4.03%	–
TU	Exit	TELUS CORP	$0	–	-2,212,156	–	-4.20%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-1,631,062	–	-4.26%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-7,689,672	–	-4.29%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-1,796,754	–	-4.35%	–
SLF	Exit	SUN LIFE FINL INC	$0	–	-2,325,409	–	-4.89%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-2,504,411	–	-7.44%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-2,692,098	–	-9.14%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-2,743,615	–	-11.21%	–

Q3 2017

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA MONTREAL QUE	$211,785,000	+24.9%	2,743,615	+17.3%	11.21%	+20.1%
BNS	Buy	BANK N S HALIFAX	$172,635,000	+11.2%	2,692,098	+4.2%	9.14%	+7.0%
TD	Buy	TORONTO DOMINION BK ONT	$140,675,000	+54.6%	2,504,411	+38.5%	7.44%	+48.7%
SLF	Sell	SUN LIFE FINL INC	$92,392,000	+10.3%	2,325,409	-0.9%	4.89%	+6.0%
TRI	Sell	THOMSON REUTERS CORP	$82,249,000	-4.8%	1,796,754	-3.8%	4.35%	-8.4%
AQN	Buy	ALGONQUIN PWR UTILS CORP	$81,099,000	+19.0%	7,689,672	+18.6%	4.29%	+14.4%
TRP	Buy	TRANSCANADA CORP	$80,428,000	+7.1%	1,631,062	+3.4%	4.26%	+3.0%
TU	Buy	TELUS CORP	$79,384,000	+27.3%	2,212,156	+22.3%	4.20%	+22.4%
AGU	Sell	AGRIUM INC	$76,205,000	-25.9%	712,727	-37.3%	4.03%	-28.7%
FTS	Buy	FORTIS INC	$59,251,000	+77.9%	1,654,795	+74.3%	3.14%	+71.1%
PBA	Sell	PEMBINA PIPELINE CORP	$57,727,000	-2.9%	1,649,084	-8.2%	3.06%	-6.6%
FSM	Sell	FORTUNA SILVER MINES INC	$49,484,000	-15.3%	11,334,581	-5.2%	2.62%	-18.6%
AAVVF	Buy	ADVANTAGE OIL & GAS LTD	$46,308,000	+4.0%	7,406,023	+12.3%	2.45%	+0.0%
GIB	Sell	GROUPE CGI INCcl a sub vtg	$38,799,000	-5.4%	749,980	-6.7%	2.05%	-9.0%
FSV	Buy	FIRSTSERVICE CORP NEWsub vtg sh	$37,318,000	+10.7%	569,237	+8.2%	1.98%	+6.5%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$30,124,000	-17.5%	2,340,066	-21.8%	1.59%	-20.7%
RIC	Sell	RICHMONT MINES INC	$26,998,000	+12.4%	2,903,285	-6.0%	1.43%	+8.1%
CNI	Buy	CANADIAN NATL RY CO	$26,828,000	+75.9%	324,550	+72.4%	1.42%	+69.2%
IMO	Sell	IMPERIAL OIL LTD	$25,250,000	-22.1%	792,245	-28.9%	1.34%	-25.2%
GOOGL	Sell	ALPHABET INCcap stk cl a	$24,586,000	+1.7%	25,300	-2.9%	1.30%	-2.2%
BK	Buy	BANK NEW YORK MELLON CORP	$22,071,000	+5.3%	417,028	+1.3%	1.17%	+1.3%
DSGX	Sell	DESCARTES SYS GROUP INC	$21,691,000	-8.0%	797,187	-17.9%	1.15%	-11.6%
TJX	Buy	TJX COS INC NEW	$20,075,000	+26.3%	272,817	+23.6%	1.06%	+21.5%
FB	Buy	FACEBOOK INCcl a	$19,825,000	+21.0%	116,250	+6.9%	1.05%	+16.3%
AMTD	Buy	TD AMERITRADE HLDG CORP	$18,901,000	+15.6%	388,380	+1.8%	1.00%	+11.1%
SPGI	Buy	S&P GLOBAL INC	$17,976,000	+9.2%	115,232	+2.0%	0.95%	+5.0%
MA	Buy	MASTERCARD INCORPORATEDcl a	$17,647,000	+21.4%	125,069	+4.5%	0.93%	+16.8%
UNP	Buy	UNION PAC CORP	$17,272,000	+34.2%	149,173	+26.0%	0.91%	+29.1%
TSCO	Buy	TRACTOR SUPPLY CO	$15,139,000	+33.3%	239,669	+14.1%	0.80%	+28.2%
DHR	Buy	DANAHER CORP DEL	$14,531,000	+80.0%	169,766	+76.9%	0.77%	+73.2%
CP	Sell	CANADIAN PAC RY LTD	$14,284,000	-57.7%	85,236	-59.4%	0.76%	-59.3%
SWKS	Buy	SKYWORKS SOLUTIONS INC	$13,471,000	+49.4%	132,478	+40.6%	0.71%	+43.8%
STN	Sell	STANTEC INC	$13,303,000	-13.1%	480,451	-21.1%	0.70%	-16.4%
EL	Sell	LAUDER ESTEE COS INCcl a	$12,968,000	-3.2%	120,401	-13.9%	0.69%	-6.9%
PX	Buy	PRAXAIR INC	$12,703,000	+12.7%	91,088	+6.9%	0.67%	+8.4%
MGA	Sell	MAGNA INTL INC	$12,473,000	-35.4%	234,259	-43.8%	0.66%	-37.9%
BIIB	Buy	BIOGEN INC	$12,326,000	+17.6%	39,448	+1.9%	0.65%	+13.0%
XOM	Buy	EXXON MOBIL CORP	$12,121,000	+14.2%	148,115	+12.5%	0.64%	+9.8%
AMZN	Sell	AMAZON COM INC	$11,091,000	-23.2%	11,551	-22.7%	0.59%	-26.2%
VAR	Buy	VARIAN MED SYS INC	$10,404,000	-1.1%	104,199	+1.9%	0.55%	-4.8%
SHOP	Sell	SHOPIFY INCcl a	$10,236,000	+8.6%	88,211	-18.9%	0.54%	+4.4%
EOG	Buy	EOG RES INC	$9,670,000	+33.4%	100,254	+24.8%	0.51%	+28.3%
MSFT	Buy	MICROSOFT CORP	$9,470,000	+11.1%	127,127	+2.8%	0.50%	+6.8%
HSIC	Buy	SCHEIN HENRY INC	$9,101,000	-3.3%	111,006	+115.8%	0.48%	-6.9%
JNJ	Buy	JOHNSON & JOHNSON	$9,082,000	+45.0%	69,860	+47.6%	0.48%	+39.4%
COST	Sell	COSTCO WHSL CORP NEW	$8,871,000	-23.9%	54,058	-25.9%	0.47%	-26.8%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$8,508,000	-86.7%	197,699	-87.4%	0.45%	-87.2%
PEP	Buy	PEPSICO INC	$7,108,000	+21.5%	63,791	+25.9%	0.38%	+16.8%
CFR	Buy	CULLEN FROST BANKERS INC	$7,044,000	+33.9%	74,209	+32.5%	0.37%	+29.1%
TGA	Sell	TRANSGLOBE ENERGY CORP	$5,946,000	-18.7%	4,177,608	-24.3%	0.32%	-21.6%
WFC	Sell	WELLS FARGO CO NEW	$5,797,000	-18.7%	105,108	-18.4%	0.31%	-21.9%
SLB	Sell	SCHLUMBERGER LTD	$5,595,000	-21.9%	80,369	-26.4%	0.30%	-24.9%
KLDX	Sell	KLONDEX MNS LTD	$5,403,000	-25.6%	1,485,054	-31.2%	0.29%	-28.5%
GIL	Sell	GILDAN ACTIVEWEAR INC	$4,965,000	-31.0%	159,259	-32.1%	0.26%	-33.6%
RHT	Sell	RED HAT INC	$4,822,000	-30.5%	43,498	-40.2%	0.26%	-33.2%
IAG	New	IAMGOLD CORP	$4,759,000	–	780,109	–	0.25%	–
KGC	Buy	KINROSS GOLD CORP	$3,948,000	+6.7%	933,406	+2.4%	0.21%	+2.5%
GGG	Sell	GRACO INC	$3,558,000	+2.4%	28,763	-9.5%	0.19%	-1.6%
MSA	Buy	MSA SAFETY INC	$3,451,000	+190.2%	43,403	+196.2%	0.18%	+181.5%
NKE	Buy	NIKE INCcl b	$3,306,000	-9.7%	63,767	+2.8%	0.18%	-12.9%
FNV	Sell	FRANCO NEVADA CORP	$3,143,000	-17.4%	40,672	-23.0%	0.17%	-20.6%
PFE	Sell	PFIZER INC	$2,066,000	-0.5%	57,868	-6.3%	0.11%	-4.4%
PG	Buy	PROCTER AND GAMBLE CO	$1,292,000	+295.1%	14,204	+279.1%	0.07%	+277.8%
TECK	New	TECK RESOURCES LTDcl b	$1,171,000	–	55,754	–	0.06%	–
PAYX	Sell	PAYCHEX INC	$891,000	-1.3%	14,852	-6.3%	0.05%	-6.0%
ABBV	Sell	ABBVIE INC	$332,000	-69.0%	3,741	-74.7%	0.02%	-69.5%
QCOM	Buy	QUALCOMM INC	$276,000	+9.1%	5,325	+16.1%	0.02%	+7.1%
BLDP	Exit	BALLARD PWR SYS INC NEW	$0	–	-200	–	0.00%	–
CCJ	Exit	CAMECO CORP	$0	–	-739	–	0.00%	–
TAC	Exit	TRANSALTA CORP	$0	–	-5,000	–	-0.00%	–
BCE	Exit	BCE INC	$0	–	-881	–	-0.00%	–
CM	Exit	CDN IMPERIAL BK COMM TORONTO	$0	–	-991	–	-0.00%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,164	–	-0.01%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-1,700	–	-0.01%	–
BA	Exit	BOEING CO	$0	–	-732	–	-0.01%	–
RTN	Exit	RAYTHEON CO	$0	–	-847	–	-0.01%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-2,580	–	-0.01%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-73	–	-0.01%	–
CAT	Exit	CATERPILLAR INC DEL	$0	–	-1,315	–	-0.01%	–
MS	Exit	MORGAN STANLEY	$0	–	-3,244	–	-0.01%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-2,600	–	-0.01%	–
C	Exit	CITIGROUP INC	$0	–	-2,251	–	-0.01%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,148	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-1,788	–	-0.01%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-1,366	–	-0.02%	–
BAC	Exit	BANK AMER CORP	$0	–	-12,236	–	-0.02%	–
FTV	Exit	FORTIVE CORP	$0	–	-34,726	–	-0.12%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-64,403	–	-0.22%	–
WOOF	Exit	VCA INC	$0	–	-49,998	–	-0.25%	–
BB	Exit	BLACKBERRY LTD	$0	–	-526,434	–	-0.29%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-87,737	–	-0.31%	–

Q2 2017

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA MONTREAL QUE	$169,544,000	–	2,338,432	–	9.33%	–
BNS	New	BANK N S HALIFAX	$155,213,000	–	2,583,970	–	8.54%	–
AGU	New	AGRIUM INC	$102,856,000	–	1,136,554	–	5.66%	–
TD	New	TORONTO DOMINION BK ONT	$90,973,000	–	1,807,899	–	5.01%	–
TRI	New	THOMSON REUTERS CORP	$86,361,000	–	1,868,040	–	4.75%	–
SLF	New	SUN LIFE FINL INC	$83,779,000	–	2,346,921	–	4.61%	–
TRP	New	TRANSCANADA CORP	$75,096,000	–	1,577,590	–	4.13%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$68,150,000	–	6,484,004	–	3.75%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$63,991,000	–	1,566,848	–	3.52%	–
TU	New	TELUS CORP	$62,358,000	–	1,808,903	–	3.43%	–
PBA	New	PEMBINA PIPELINE CORP	$59,427,000	–	1,796,934	–	3.27%	–
FSM	New	FORTUNA SILVER MINES INC	$58,446,000	–	11,953,269	–	3.22%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$44,526,000	–	6,593,618	–	2.45%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$41,009,000	–	803,785	–	2.26%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$36,519,000	–	2,992,218	–	2.01%	–
CP	New	CANADIAN PAC RY LTD	$33,747,000	–	210,054	–	1.86%	–
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$33,708,000	–	526,096	–	1.86%	–
FTS	New	FORTIS INC	$33,312,000	–	949,138	–	1.83%	–
IMO	New	IMPERIAL OIL LTD	$32,427,000	–	1,114,116	–	1.78%	–
GOOGL	New	ALPHABET INCcap stk cl a	$24,169,000	–	26,058	–	1.33%	–
RIC	New	RICHMONT MINES INC	$24,017,000	–	3,088,195	–	1.32%	–
DSGX	New	DESCARTES SYS GROUP INC	$23,577,000	–	970,501	–	1.30%	–
BK	New	BANK NEW YORK MELLON CORP	$20,958,000	–	411,646	–	1.15%	–
MGA	New	MAGNA INTL INC	$19,297,000	–	417,191	–	1.06%	–
SPGI	New	S&P GLOBAL INC	$16,460,000	–	113,010	–	0.91%	–
FB	New	FACEBOOK INCcl a	$16,388,000	–	108,787	–	0.90%	–
AMTD	New	TD AMERITRADE HLDG CORP	$16,350,000	–	381,534	–	0.90%	–
TJX	New	TJX COS INC NEW	$15,890,000	–	220,723	–	0.87%	–
STN	New	STANTEC INC	$15,304,000	–	608,749	–	0.84%	–
CNI	New	CANADIAN NATL RY CO	$15,252,000	–	188,252	–	0.84%	–
MA	New	MASTERCARD INCORPORATEDcl a	$14,531,000	–	119,646	–	0.80%	–
AMZN	New	AMAZON COM INC	$14,447,000	–	14,946	–	0.80%	–
EL	New	LAUDER ESTEE COS INCcl a	$13,399,000	–	139,870	–	0.74%	–
UNP	New	UNION PAC CORP	$12,868,000	–	118,371	–	0.71%	–
COST	New	COSTCO WHSL CORP NEW	$11,653,000	–	72,963	–	0.64%	–
TSCO	New	TRACTOR SUPPLY CO	$11,360,000	–	210,098	–	0.62%	–
PX	New	PRAXAIR INC	$11,269,000	–	85,233	–	0.62%	–
XOM	New	EXXON MOBIL CORP	$10,612,000	–	131,704	–	0.58%	–
VAR	New	VARIAN MED SYS INC	$10,525,000	–	102,253	–	0.58%	–
BIIB	New	BIOGEN INC	$10,477,000	–	38,703	–	0.58%	–
SHOP	New	SHOPIFY INCcl a	$9,429,000	–	108,750	–	0.52%	–
HSIC	New	SCHEIN HENRY INC	$9,415,000	–	51,445	–	0.52%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$9,019,000	–	94,246	–	0.50%	–
MSFT	New	MICROSOFT CORP	$8,527,000	–	123,710	–	0.47%	–
DHR	New	DANAHER CORP DEL	$8,072,000	–	95,954	–	0.44%	–
TGA	New	TRANSGLOBE ENERGY CORP	$7,312,000	–	5,520,944	–	0.40%	–
KLDX	New	KLONDEX MNS LTD	$7,266,000	–	2,159,208	–	0.40%	–
EOG	New	EOG RES INC	$7,249,000	–	80,339	–	0.40%	–
GIL	New	GILDAN ACTIVEWEAR INC	$7,196,000	–	234,505	–	0.40%	–
SLB	New	SCHLUMBERGER LTD	$7,168,000	–	109,159	–	0.39%	–
WFC	New	WELLS FARGO CO NEW	$7,133,000	–	128,733	–	0.39%	–
RHT	New	RED HAT INC	$6,942,000	–	72,688	–	0.38%	–
JNJ	New	JOHNSON & JOHNSON	$6,262,000	–	47,333	–	0.34%	–
PEP	New	PEPSICO INC	$5,850,000	–	50,658	–	0.32%	–
WCN	New	WASTE CONNECTIONS INC	$5,643,000	–	87,737	–	0.31%	–
CFR	New	CULLEN FROST BANKERS INC	$5,260,000	–	56,008	–	0.29%	–
BB	New	BLACKBERRY LTD	$5,253,000	–	526,434	–	0.29%	–
WOOF	New	VCA INC	$4,615,000	–	49,998	–	0.25%	–
QSR	New	RESTAURANT BRANDS INTL INC	$4,024,000	–	64,403	–	0.22%	–
FNV	New	FRANCO NEVADA CORP	$3,804,000	–	52,798	–	0.21%	–
KGC	New	KINROSS GOLD CORP	$3,699,000	–	911,464	–	0.20%	–
NKE	New	NIKE INCcl b	$3,661,000	–	62,055	–	0.20%	–
GGG	New	GRACO INC	$3,473,000	–	31,783	–	0.19%	–
FTV	New	FORTIVE CORP	$2,200,000	–	34,726	–	0.12%	–
PFE	New	PFIZER INC	$2,076,000	–	61,791	–	0.11%	–
MSA	New	MSA SAFETY INC	$1,189,000	–	14,651	–	0.06%	–
ABBV	New	ABBVIE INC	$1,071,000	–	14,771	–	0.06%	–
PAYX	New	PAYCHEX INC	$903,000	–	15,859	–	0.05%	–
PG	New	PROCTER AND GAMBLE CO	$327,000	–	3,747	–	0.02%	–
BAC	New	BANK AMER CORP	$297,000	–	12,236	–	0.02%	–
GD	New	GENERAL DYNAMICS CORP	$271,000	–	1,366	–	0.02%	–
AAPL	New	APPLE INC	$258,000	–	1,788	–	0.01%	–
QCOM	New	QUALCOMM INC	$253,000	–	4,586	–	0.01%	–
MCD	New	MCDONALDS CORP	$176,000	–	1,148	–	0.01%	–
C	New	CITIGROUP INC	$151,000	–	2,251	–	0.01%	–
CAT	New	CATERPILLAR INC DEL	$141,000	–	1,315	–	0.01%	–
PYPL	New	PAYPAL HLDGS INC	$140,000	–	2,600	–	0.01%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$144,000	–	2,580	–	0.01%	–
BA	New	BOEING CO	$145,000	–	732	–	0.01%	–
MS	New	MORGAN STANLEY	$145,000	–	3,244	–	0.01%	–
RTN	New	RAYTHEON CO	$137,000	–	847	–	0.01%	–
PCLN	New	PRICELINE GRP INC	$137,000	–	73	–	0.01%	–
BMO	New	BANK MONTREAL QUE	$125,000	–	1,700	–	0.01%	–
SBUX	New	STARBUCKS CORP	$126,000	–	2,164	–	0.01%	–
CM	New	CDN IMPERIAL BK COMM TORONTO	$80,000	–	991	–	0.00%	–
BCE	New	BCE INC	$40,000	–	881	–	0.00%	–
TAC	New	TRANSALTA CORP	$32,000	–	5,000	–	0.00%	–
CCJ	New	CAMECO CORP	$7,000	–	739	–	0.00%	–
BLDP	New	BALLARD PWR SYS INC NEW	$1,000	–	200	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
CXRXF	Exit	CONCORDIA INTL CORP	$0	–	-22,260	–	-0.01%	–
BAC	Exit	BANK AMER CORP	$0	–	-12,410	–	-0.01%	–
AAPL	Exit	APPLE INC	$0	–	-1,840	–	-0.01%	–
INTC	Exit	INTEL CORP	$0	–	-5,460	–	-0.01%	–
CA	Exit	CA INC	$0	–	-7,946	–	-0.02%	–
PAYX	Exit	PAYCHEX INC	$0	–	-4,709	–	-0.02%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-3,086	–	-0.02%	–
TAHO	Exit	TAHOE RES INC	$0	–	-24,919	–	-0.02%	–
RTN	Exit	RAYTHEON CO	$0	–	-2,820	–	-0.02%	–
QCOM	Exit	QUALCOMM INC	$0	–	-11,234	–	-0.05%	–
PFE	Exit	PFIZER INC	$0	–	-27,385	–	-0.06%	–
M	Exit	MACYS INC	$0	–	-24,831	–	-0.06%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-50,862	–	-0.06%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-293,534	–	-0.08%	–
ABBV	Exit	ABBVIE INC	$0	–	-27,162	–	-0.11%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-570,628	–	-0.15%	–
GGG	Exit	GRACO INC	$0	–	-33,252	–	-0.15%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-22,633	–	-0.23%	–
FTV	Exit	FORTIVE CORP	$0	–	-76,869	–	-0.24%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-243,291	–	-0.25%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-51,856	–	-0.25%	–
ECA	Exit	ENCANA CORP	$0	–	-444,530	–	-0.29%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-569,736	–	-0.31%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-94,532	–	-0.32%	–
YUM	Exit	YUM BRANDS INC	$0	–	-57,792	–	-0.32%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-95,144	–	-0.34%	–
PEP	Exit	PEPSICO INC	$0	–	-51,325	–	-0.34%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-320,727	–	-0.35%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-49,514	–	-0.36%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-336,691	–	-0.36%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-256,885	–	-0.43%	–
EOG	Exit	EOG RES INC	$0	–	-73,566	–	-0.44%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-400,376	–	-0.44%	–
CPHRF	Exit	CIPHER PHARMACEUTICALS INC	$0	–	-2,267,387	–	-0.53%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-89,296	–	-0.55%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-114,256	–	-0.55%	–
AMZN	Exit	AMAZON COM INC	$0	–	-10,754	–	-0.56%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-208,873	–	-0.57%	–
SWKS	Exit	SKYWORKS SOLUTIONS INC	$0	–	-124,599	–	-0.58%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-340,581	–	-0.59%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-66,971	–	-0.63%	–
NKE	Exit	NIKE INCcl b	$0	–	-195,363	–	-0.63%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-1,043,469	–	-0.65%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-327,747	–	-0.71%	–
BIIB	Exit	BIOGEN INC	$0	–	-36,921	–	-0.71%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-131,336	–	-0.72%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-180,199	–	-0.72%	–
TGA	Exit	TRANSGLOBE ENERGY CORP	$0	–	-5,988,195	–	-0.73%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-136,710	–	-0.73%	–
UNP	Exit	UNION PAC CORP	$0	–	-124,884	–	-0.75%	–
PX	Exit	PRAXAIR INC	$0	–	-100,885	–	-0.75%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-142,856	–	-0.90%	–
TJX	Exit	TJX COS INC NEW	$0	–	-198,358	–	-0.91%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-2,659,549	–	-0.94%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-385,858	–	-0.95%	–
STN	Exit	STANTEC INC	$0	–	-661,457	–	-0.96%	–
WOOF	Exit	VCA INC	$0	–	-237,839	–	-1.04%	–
RHT	Exit	RED HAT INC	$0	–	-215,454	–	-1.07%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-148,310	–	-1.16%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-1,039,224	–	-1.38%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-27,868	–	-1.38%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-493,744	–	-1.45%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-549,220	–	-1.57%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-220,664	–	-2.07%	–
MGA	Exit	MAGNA INTL INC	$0	–	-893,091	–	-2.36%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-1,277,057	–	-2.46%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-5,892,951	–	-2.54%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-1,502,494	–	-2.82%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-8,304,999	–	-3.71%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-6,204,799	–	-4.18%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-1,800,542	–	-5.88%	–
TU	Exit	TELUS CORP	$0	–	-2,996,330	–	-6.09%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-2,639,350	–	-6.72%	–
AGU	Exit	AGRIUM INC	$0	–	-1,241,104	–	-6.92%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-4,027,744	–	-11.01%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-3,084,580	–	-11.76%	–

Q3 2016

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA MONTREAL QUE	$190,719,000	+24.5%	3,084,580	+18.3%	11.76%	+20.3%
TD	Buy	TORONTO DOMINION BK ONT	$178,486,000	+10.7%	4,027,744	+6.7%	11.01%	+7.0%
AGU	Sell	AGRIUM INC	$112,235,000	-15.4%	1,241,104	-15.8%	6.92%	-18.3%
TRI	Buy	THOMSON REUTERS CORP	$108,948,000	+23.5%	2,639,350	+20.5%	6.72%	+19.4%
TU	Buy	TELUS CORP	$98,696,000	+3.4%	2,996,330	+0.6%	6.09%	-0.1%
BNS	Buy	BANK N S HALIFAX	$95,243,000	+52.6%	1,800,542	+40.6%	5.88%	+47.5%
OR	New	OSISKO GOLD ROYALTIES LTD	$67,796,000	–	6,204,799	–	4.18%	–
FSM	Sell	FORTUNA SILVER MINES INC	$60,096,000	-22.3%	8,304,999	-25.3%	3.71%	-24.9%
PBA	Sell	PEMBINA PIPELINE CORP	$45,706,000	-8.5%	1,502,494	-9.1%	2.82%	-11.6%
AAVVF	Buy	ADVANTAGE OIL & GAS LTD	$41,252,000	+28.5%	5,892,951	+2.1%	2.54%	+24.2%
IMO	Sell	IMPERIAL OIL LTD	$39,879,000	-14.9%	1,277,057	-14.2%	2.46%	-17.8%
MGA	Sell	MAGNA INTL INC	$38,272,000	+0.3%	893,091	-18.3%	2.36%	-3.1%
CP	Buy	CANADIAN PAC RY LTD	$33,612,000	+22.1%	220,664	+2.6%	2.07%	+18.0%
FSV	Buy	FIRSTSERVICE CORP NEWsub vtg sh	$25,500,000	+5.8%	549,220	+3.7%	1.57%	+2.2%
GIB	Sell	GROUPE CGI INCcl a sub vtg	$23,477,000	-25.6%	493,744	-33.5%	1.45%	-28.1%
GOOGL	Buy	ALPHABET INCcap stk cl a	$22,347,000	+32.3%	27,868	+15.8%	1.38%	+27.8%
DSGX	Sell	DESCARTES SYS GROUP INC	$22,322,000	+5.4%	1,039,224	-6.6%	1.38%	+1.9%
SPGI	Sell	S&P GLOBAL INC	$18,724,000	-2.0%	148,310	-16.9%	1.16%	-5.3%
RHT	Buy	RED HAT INC	$17,367,000	+33.4%	215,454	+19.9%	1.07%	+28.9%
WOOF	Buy	VCA INC	$16,850,000	+68.5%	237,839	+60.4%	1.04%	+62.9%
STN	Sell	STANTEC INC	$15,517,000	-12.6%	661,457	-10.1%	0.96%	-15.5%
BK	Sell	BANK NEW YORK MELLON CORP	$15,345,000	-0.5%	385,858	-3.1%	0.95%	-3.8%
KLDX	Sell	KLONDEX MNS LTD	$15,258,000	-11.5%	2,659,549	-44.3%	0.94%	-14.5%
TJX	Sell	TJX COS INC NEW	$14,790,000	-6.6%	198,358	-3.6%	0.91%	-9.8%
MA	Buy	MASTERCARD INCORPORATEDcl a	$14,538,000	+101.6%	142,856	+74.4%	0.90%	+95.0%
UNP	Buy	UNION PAC CORP	$12,155,000	+20.5%	124,884	+7.8%	0.75%	+16.5%
PX	Sell	PRAXAIR INC	$12,154,000	+3.7%	100,885	-3.6%	0.75%	+0.3%
XOM	Buy	EXXON MOBIL CORP	$11,906,000	-2.1%	136,710	+5.1%	0.73%	-5.5%
TGA	Buy	TRANSGLOBE ENERGY CORP	$11,847,000	+25.6%	5,988,195	+16.4%	0.73%	+21.4%
CNI	Sell	CANADIAN NATL RY CO	$11,759,000	-39.7%	180,199	-45.7%	0.72%	-41.8%
EL	Buy	LAUDER ESTEE COS INCcl a	$11,604,000	+0.6%	131,336	+3.5%	0.72%	-2.7%
BIIB	Sell	BIOGEN INC	$11,529,000	+8.5%	36,921	-16.2%	0.71%	+4.9%
AMTD	Sell	TD AMERITRADE HLDG CORP	$11,514,000	+3.0%	327,747	-16.8%	0.71%	-0.6%
RIC	Sell	RICHMONT MINES INC	$10,496,000	+6.1%	1,043,469	-2.6%	0.65%	+2.5%
NKE	Sell	NIKE INCcl b	$10,255,000	-21.2%	195,363	-17.3%	0.63%	-23.7%
COST	Buy	COSTCO WHSL CORP NEW	$10,198,000	+48.6%	66,971	+53.3%	0.63%	+43.6%
GIL	Sell	GILDAN ACTIVEWEAR INC	$9,495,000	-22.5%	340,581	-19.1%	0.59%	-25.1%
SWKS	Sell	SKYWORKS SOLUTIONS INC	$9,464,000	-15.5%	124,599	-29.7%	0.58%	-18.3%
WFC	Buy	WELLS FARGO & CO NEW	$9,249,000	+5.8%	208,873	+13.0%	0.57%	+2.3%
AMZN	Buy	AMAZON COM INC	$9,004,000	+56.8%	10,754	+34.0%	0.56%	+51.2%
SLB	Buy	SCHLUMBERGER LTD	$8,959,000	+10.0%	114,256	+10.6%	0.55%	+6.3%
VAR	Sell	VARIAN MED SYS INC	$8,865,000	-27.9%	89,296	-40.4%	0.55%	-30.3%
CPHRF	Sell	CIPHER PHARMACEUTICALS INC	$8,661,000	-26.7%	2,267,387	-0.2%	0.53%	-29.2%
TECK	Sell	TECK RESOURCES LTDcl b	$7,205,000	-10.3%	400,376	-34.7%	0.44%	-13.5%
EOG	Sell	EOG RES INC	$7,090,000	+11.1%	73,566	-4.1%	0.44%	+7.4%
SLW	Buy	SILVER WHEATON CORP	$6,927,000	+1331.2%	256,885	+1142.3%	0.43%	+1277.4%
PAAS	New	PAN AMERICAN SILVER CORP	$5,918,000	–	336,691	–	0.36%	–
JNJ	Sell	JOHNSON & JOHNSON	$5,849,000	-15.7%	49,514	-13.5%	0.36%	-18.5%
GOLD	Sell	BARRICK GOLD CORP	$5,669,000	-22.9%	320,727	-7.4%	0.35%	-25.4%
PEP	Buy	PEPSICO INC	$5,583,000	+30.1%	51,325	+26.7%	0.34%	+25.5%
MSFT	Sell	MICROSOFT CORP	$5,480,000	-41.0%	95,144	-47.7%	0.34%	-43.0%
YUM	Sell	YUM BRANDS INC	$5,248,000	-10.3%	57,792	-18.1%	0.32%	-13.1%
AEM	Sell	AGNICO EAGLE MINES LTD	$5,103,000	-12.7%	94,532	-13.9%	0.32%	-15.5%
PCOM	Sell	POINTS INTL LTD	$5,098,000	-6.2%	569,736	-5.9%	0.31%	-9.5%
ECA	Sell	ENCANA CORP	$4,637,000	+15.0%	444,530	-14.7%	0.29%	+11.3%
DHR	Sell	DANAHER CORP DEL	$4,055,000	-46.5%	51,856	-31.0%	0.25%	-48.3%
GG	Sell	GOLDCORP INC NEW	$4,008,000	-86.2%	243,291	-84.0%	0.25%	-86.6%
FTV	New	FORTIVE CORP	$3,913,000	–	76,869	–	0.24%	–
HSIC	Buy	SCHEIN HENRY INC	$3,689,000	-7.6%	22,633	+0.3%	0.23%	-10.6%
GGG	Buy	GRACO INC	$2,461,000	+3.5%	33,252	+10.5%	0.15%	0.0%
KGC	Sell	KINROSS GOLD CORP	$2,401,000	-64.1%	570,628	-58.4%	0.15%	-65.3%
ABBV	Buy	ABBVIE INC	$1,713,000	+27.9%	27,162	+25.6%	0.11%	+24.7%
AUY	Sell	YAMANA GOLD INC	$1,262,000	-82.4%	293,534	-78.8%	0.08%	-83.0%
M	Buy	MACYS INC	$920,000	+122.8%	24,831	+102.0%	0.06%	+119.2%
CLNY	Buy	COLONY CAP INCcl a	$927,000	+44.6%	50,862	+21.9%	0.06%	+39.0%
PFE	Buy	PFIZER INC	$928,000	+242.4%	27,385	+255.7%	0.06%	+235.3%
QCOM	Sell	QUALCOMM INC	$770,000	+1.4%	11,234	-20.7%	0.05%	-2.1%
RTN	Sell	RAYTHEON CO	$384,000	-3.5%	2,820	-3.8%	0.02%	-4.0%
TAHO	Sell	TAHOE RES INC	$319,000	-97.3%	24,919	-96.9%	0.02%	-97.4%
PAYX	Sell	PAYCHEX INC	$273,000	-7.1%	4,709	-4.8%	0.02%	-10.5%
PG	Sell	PROCTER AND GAMBLE CO	$277,000	+0.7%	3,086	-4.8%	0.02%	-5.6%
CA	Sell	CA INC	$263,000	-4.0%	7,946	-4.8%	0.02%	-5.9%
INTC	New	INTEL CORP	$206,000	–	5,460	–	0.01%	–
AAPL	Sell	APPLE INC	$208,000	-93.4%	1,840	-94.5%	0.01%	-93.6%
BAC	New	BANK AMER CORP	$194,000	–	12,410	–	0.01%	–
CXRXF	Sell	CONCORDIA INTL CORP	$99,000	-99.7%	22,260	-98.7%	0.01%	-99.7%
ERF	Exit	ENERPLUS CORP	$0	–	-22,420	–	-0.01%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-24,880	–	-0.01%	–
IAG	Exit	IAMGOLD CORP	$0	–	-37,640	–	-0.01%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-11,900	–	-0.01%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-19,230	–	-0.01%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-810	–	-0.01%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,430	–	-0.01%	–
SO	Exit	SOUTHERN CO	$0	–	-3,880	–	-0.01%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-3,240	–	-0.02%	–
LOW	Exit	LOWES COS INC	$0	–	-4,840	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,410	–	-0.03%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-438,551	–	-0.06%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-16,378	–	-0.08%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-33,622	–	-0.14%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-98,574	–	-0.19%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-41,140	–	-0.20%	–
SYY	Exit	SYSCO CORP	$0	–	-141,994	–	-0.46%	–

Q2 2016

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$161,203,000	–	3,773,520	–	10.29%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$153,213,000	–	2,606,474	–	9.78%	–
AGU	New	AGRIUM INC	$132,730,000	–	1,474,695	–	8.47%	–
TU	New	TELUS CORP	$95,453,000	–	2,979,926	–	6.09%	–
TRI	New	THOMSON REUTERS CORP	$88,187,000	–	2,191,105	–	5.63%	–
FSM	New	FORTUNA SILVER MINES INC	$77,303,000	–	11,117,819	–	4.93%	–
BNS	New	BANK N S HALIFAX	$62,412,000	–	1,280,279	–	3.98%	–
PBA	New	PEMBINA PIPELINE CORP	$49,960,000	–	1,652,637	–	3.19%	–
IMO	New	IMPERIAL OIL LTD	$46,869,000	–	1,488,954	–	2.99%	–
MGA	New	MAGNA INTL INC	$38,169,000	–	1,093,051	–	2.44%	–
CXRXF	New	CONCORDIA INTL CORP	$35,473,000	–	1,655,382	–	2.26%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$32,103,000	–	5,774,532	–	2.05%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$31,538,000	–	742,146	–	2.01%	–
GG	New	GOLDCORP INC NEW	$28,983,000	–	1,522,641	–	1.85%	–
CP	New	CANADIAN PAC RY LTD	$27,533,000	–	214,977	–	1.76%	–
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$24,107,000	–	529,840	–	1.54%	–
DSGX	New	DESCARTES SYS GROUP INC	$21,172,000	–	1,112,762	–	1.35%	–
CNI	New	CANADIAN NATL RY CO	$19,500,000	–	331,945	–	1.24%	–
SPGI	New	S&P GLOBAL INC	$19,100,000	–	178,472	–	1.22%	–
STN	New	STANTEC INC	$17,752,000	–	735,866	–	1.13%	–
KLDX	New	KLONDEX MNS LTD	$17,238,000	–	4,773,460	–	1.10%	–
GOOGL	New	ALPHABET INCcap stk cl a	$16,895,000	–	24,075	–	1.08%	–
TJX	New	TJX COS INC NEW	$15,842,000	–	205,687	–	1.01%	–
BK	New	BANK NEW YORK MELLON CORP	$15,422,000	–	398,189	–	0.98%	–
RHT	New	RED HAT INC	$13,020,000	–	179,719	–	0.83%	–
NKE	New	NIKE INCcl b	$13,007,000	–	236,283	–	0.83%	–
VAR	New	VARIAN MED SYS INC	$12,293,000	–	149,933	–	0.78%	–
GIL	New	GILDAN ACTIVEWEAR INC	$12,259,000	–	420,739	–	0.78%	–
XOM	New	EXXON MOBIL CORP	$12,167,000	–	130,051	–	0.78%	–
TAHO	New	TAHOE RES INC	$11,896,000	–	798,399	–	0.76%	–
CPHRF	New	CIPHER PHARMACEUTICALS INC	$11,809,000	–	2,272,032	–	0.75%	–
PX	New	PRAXAIR INC	$11,725,000	–	104,613	–	0.75%	–
EL	New	LAUDER ESTEE COS INCcl a	$11,533,000	–	126,943	–	0.74%	–
SWKS	New	SKYWORKS SOLUTIONS INC	$11,196,000	–	177,270	–	0.72%	–
AMTD	New	TD AMERITRADE HLDG CORP	$11,184,000	–	393,915	–	0.71%	–
BIIB	New	BIOGEN INC	$10,627,000	–	44,049	–	0.68%	–
UNP	New	UNION PAC CORP	$10,083,000	–	115,803	–	0.64%	–
WOOF	New	VCA INC	$10,002,000	–	148,255	–	0.64%	–
RIC	New	RICHMONT MINES INC	$9,892,000	–	1,071,412	–	0.63%	–
TGA	New	TRANSGLOBE ENERGY CORP	$9,430,000	–	5,145,721	–	0.60%	–
MSFT	New	MICROSOFT CORP	$9,292,000	–	181,878	–	0.59%	–
WFC	New	WELLS FARGO & CO NEW	$8,746,000	–	184,782	–	0.56%	–
SLB	New	SCHLUMBERGER LTD	$8,145,000	–	103,308	–	0.52%	–
TECK	New	TECK RESOURCES LTDcl b	$8,035,000	–	613,455	–	0.51%	–
DHR	New	DANAHER CORP DEL	$7,584,000	–	75,192	–	0.48%	–
GOLD	New	BARRICK GOLD CORP	$7,352,000	–	346,200	–	0.47%	–
MA	New	MASTERCARD INCcl a	$7,213,000	–	81,914	–	0.46%	–
SYY	New	SYSCO CORP	$7,190,000	–	141,994	–	0.46%	–
AUY	New	YAMANA GOLD INC	$7,171,000	–	1,385,891	–	0.46%	–
JNJ	New	JOHNSON & JOHNSON	$6,941,000	–	57,222	–	0.44%	–
COST	New	COSTCO WHSL CORP NEW	$6,862,000	–	43,699	–	0.44%	–
KGC	New	KINROSS GOLD CORP	$6,689,000	–	1,370,098	–	0.43%	–
EOG	New	EOG RES INC	$6,381,000	–	76,738	–	0.41%	–
YUM	New	YUM BRANDS INC	$5,850,000	–	70,551	–	0.37%	–
AEM	New	AGNICO EAGLE MINES LTD	$5,848,000	–	109,849	–	0.37%	–
AMZN	New	AMAZON COM INC	$5,743,000	–	8,025	–	0.37%	–
PCOM	New	POINTS INTL LTD	$5,434,000	–	605,731	–	0.35%	–
PEP	New	PEPSICO INC	$4,292,000	–	40,510	–	0.27%	–
ECA	New	ENCANA CORP	$4,032,000	–	521,056	–	0.26%	–
HSIC	New	SCHEIN HENRY INC	$3,991,000	–	22,573	–	0.26%	–
AAPL	New	APPLE INC	$3,175,000	–	33,214	–	0.20%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$3,118,000	–	41,140	–	0.20%	–
CNQ	New	CANADIAN NAT RES LTD	$3,025,000	–	98,574	–	0.19%	–
GGG	New	GRACO INC	$2,378,000	–	30,104	–	0.15%	–
TRIP	New	TRIPADVISOR INC	$2,162,000	–	33,622	–	0.14%	–
ABBV	New	ABBVIE INC	$1,339,000	–	21,625	–	0.08%	–
FNV	New	FRANCO NEVADA CORP	$1,239,000	–	16,378	–	0.08%	–
PPPMF	New	PRIMERO MNG CORP	$908,000	–	438,551	–	0.06%	–
QCOM	New	QUALCOMM INC	$759,000	–	14,169	–	0.05%	–
CLNY	New	COLONY CAP INCcl a	$641,000	–	41,730	–	0.04%	–
SLW	New	SILVER WHEATON CORP	$484,000	–	20,679	–	0.03%	–
MCD	New	MCDONALDS CORP	$410,000	–	3,410	–	0.03%	–
M	New	MACYS INC	$413,000	–	12,292	–	0.03%	–
RTN	New	RAYTHEON CO	$398,000	–	2,930	–	0.02%	–
LOW	New	LOWES COS INC	$383,000	–	4,840	–	0.02%	–
ACN	New	ACCENTURE PLC IRELAND	$367,000	–	3,240	–	0.02%	–
PAYX	New	PAYCHEX INC	$294,000	–	4,947	–	0.02%	–
PG	New	PROCTER & GAMBLE CO	$275,000	–	3,242	–	0.02%	–
CA	New	CA INC	$274,000	–	8,346	–	0.02%	–
PFE	New	PFIZER INC	$271,000	–	7,699	–	0.02%	–
UNH	New	UNITEDHEALTH GROUP INC	$202,000	–	1,430	–	0.01%	–
SO	New	SOUTHERN CO	$208,000	–	3,880	–	0.01%	–
LMT	New	LOCKHEED MARTIN CORP	$201,000	–	810	–	0.01%	–
AGI	New	ALAMOS GOLD INC NEW	$165,000	–	19,230	–	0.01%	–
IAG	New	IAMGOLD CORP	$155,000	–	37,640	–	0.01%	–
AG	New	FIRST MAJESTIC SILVER CORP	$161,000	–	11,900	–	0.01%	–
ERF	New	ENERPLUS CORP	$147,000	–	22,420	–	0.01%	–
BTEGF	New	BAYTEX ENERGY CORP	$144,000	–	24,880	–	0.01%	–

Q4 2015

			Value		Shares		↓ Weighting
NG	Exit	NOVAGOLD RES INC	$0	–	-34,770	–	-0.01%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-20,280	–	-0.01%	–
PVG	Exit	PRETIUM RES INC	$0	–	-24,410	–	-0.01%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,280	–	-0.02%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,250	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-6,980	–	-0.03%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,680	–	-0.03%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-21,174	–	-0.05%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-59,624	–	-0.19%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-187,963	–	-0.24%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-24,123	–	-0.30%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-81,967	–	-0.31%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-59,095	–	-0.32%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-48,968	–	-0.36%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-93,115	–	-0.39%	–
NKE	Exit	NIKE INCcl b	$0	–	-39,227	–	-0.41%	–
EOG	Exit	EOG RES INC	$0	–	-66,944	–	-0.42%	–
AMZN	Exit	AMAZON COM INC	$0	–	-10,190	–	-0.45%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-37,714	–	-0.47%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-108,224	–	-0.48%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-42,211	–	-0.48%	–
SYY	Exit	SYSCO CORP	$0	–	-145,142	–	-0.48%	–
AAPL	Exit	APPLE INC	$0	–	-52,782	–	-0.50%	–
EL	Exit	LAUDER ESTEE COS INCcl a	$0	–	-75,138	–	-0.52%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-89,084	–	-0.52%	–
AGU	Exit	AGRIUM INC	$0	–	-69,334	–	-0.53%	–
RHT	Exit	RED HAT INC	$0	–	-88,123	–	-0.54%	–
CPHRF	Exit	CIPHER PHARMACEUTICALS INC	$0	–	-1,920,607	–	-0.61%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-77,900	–	-0.62%	–
GGG	Exit	GRACO INC	$0	–	-115,320	–	-0.66%	–
RBA	Exit	RITCHIE BROS AUCTIONEERS	$0	–	-322,279	–	-0.71%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-431,486	–	-0.72%	–
BIIB	Exit	BIOGEN INC	$0	–	-29,683	–	-0.74%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-118,106	–	-0.75%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-100,236	–	-0.77%	–
PSGLQ	Exit	PERFORMANCE SPORTS GROUP LTD	$0	–	-680,503	–	-0.78%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-307,110	–	-0.85%	–
YUM	Exit	YUM BRANDS INC	$0	–	-130,405	–	-0.89%	–
PEP	Exit	PEPSICO INC	$0	–	-114,599	–	-0.92%	–
RBYCF	Exit	RUBICON MINERALS CORP	$0	–	-15,286,897	–	-0.94%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-151,553	–	-0.95%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-288,640	–	-0.97%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-151,388	–	-1.05%	–
PX	Exit	PRAXAIR INC	$0	–	-124,496	–	-1.08%	–
UNP	Exit	UNION PAC CORP	$0	–	-148,945	–	-1.13%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,279,024	–	-1.18%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-159,848	–	-1.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-328,269	–	-1.24%	–
TJX	Exit	TJX COS INC NEW	$0	–	-210,865	–	-1.29%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-25,524	–	-1.39%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-7,863,910	–	-1.57%	–
BB	Exit	BLACKBERRY LTD	$0	–	-3,021,200	–	-1.58%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-104,133	–	-1.58%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-587,601	–	-1.60%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-1,046,448	–	-1.83%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-4,203,383	–	-1.87%	–
TGA	Exit	TRANSGLOBE ENERGY CORP	$0	–	-8,594,643	–	-1.92%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-935,653	–	-1.92%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-2,033,390	–	-2.17%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-1,453,825	–	-2.20%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-12,843,696	–	-2.40%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-199,177	–	-2.44%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-662,513	–	-2.49%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-859,868	–	-2.66%	–
MGA	Exit	MAGNA INTL INC	$0	–	-689,932	–	-2.82%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-601,813	–	-2.91%	–
CXRX	Exit	CONCORDIA HEALTHCARE CORP	$0	–	-821,163	–	-2.99%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-1,168,200	–	-3.00%	–
STN	Exit	STANTEC INC	$0	–	-1,651,540	–	-3.08%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-1,249,330	–	-3.37%	–
TU	Exit	TELUS CORP	$0	–	-1,701,317	–	-4.57%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-1,970,957	–	-9.29%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-3,059,932	–	-10.28%	–

Q3 2015

			Value		Shares		↓ Weighting
TD	Buy	TORONTO DOMINION BK ONT	$120,051,000	-5.7%	3,059,932	+2.2%	10.28%	+9.0%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$108,478,000	-3.0%	1,970,957	+7.9%	9.29%	+12.1%
TU	Buy	TELUS CORP	$53,360,000	-7.4%	1,701,317	+1.7%	4.57%	+6.9%
IMO	Buy	IMPERIAL OIL LTD	$39,399,000	+30.7%	1,249,330	+60.2%	3.37%	+51.0%
STN	Sell	STANTEC INC	$35,945,000	-40.1%	1,651,540	-19.6%	3.08%	-30.9%
GIL	Buy	GILDAN ACTIVEWEAR INC	$35,097,000	+24.9%	1,168,200	+38.2%	3.00%	+44.3%
CXRX	Buy	CONCORDIA HEALTHCARE CORP	$34,875,000	-12.1%	821,163	+49.6%	2.99%	+1.6%
CNI	Sell	CANADIAN NATL RY CO	$34,016,000	-5.6%	601,813	-3.6%	2.91%	+9.1%
MGA	Sell	MAGNA INTL INC	$32,940,000	-23.7%	689,932	-10.3%	2.82%	-11.9%
GIB	Sell	GROUPE CGI INCcl a sub vtg	$31,010,000	-20.2%	859,868	-13.4%	2.66%	-7.7%
BNS	Buy	BANK N S HALIFAX	$29,071,000	-2.7%	662,513	+14.5%	2.49%	+12.4%
CP	Buy	CANADIAN PAC RY LTD	$28,456,000	+49.6%	199,177	+67.7%	2.44%	+72.8%
FSM	Buy	FORTUNA SILVER MINES INC	$28,069,000	-34.4%	12,843,696	+9.4%	2.40%	-24.2%
DSGX	Sell	DESCARTES SYS GROUP INC	$25,635,000	-2.7%	1,453,825	-11.3%	2.20%	+12.4%
GG	Buy	GOLDCORP INC NEW	$25,374,000	-19.8%	2,033,390	+4.3%	2.17%	-7.4%
PBA	Buy	PEMBINA PIPELINE CORP	$22,409,000	-25.7%	935,653	+0.3%	1.92%	-14.1%
TGA	Sell	TRANSGLOBE ENERGY CORP	$22,373,000	-37.0%	8,594,643	-3.4%	1.92%	-27.2%
AAVVF	Sell	ADVANTAGE OIL & GAS LTD	$21,852,000	-25.2%	4,203,383	-8.9%	1.87%	-13.6%
POT	Buy	POTASH CORP SASK INC	$21,410,000	-24.2%	1,046,448	+14.8%	1.83%	-12.4%
AMTD	Buy	TD AMERITRADE HLDG CORP	$18,632,000	-12.0%	587,601	+2.2%	1.60%	+1.7%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$18,501,000	+101.0%	104,133	+151.1%	1.58%	+132.3%
BB	Buy	BLACKBERRY LTD	$18,456,000	+15.8%	3,021,200	+55.1%	1.58%	+33.8%
PPPMF	Sell	PRIMERO MNG CORP	$18,300,000	-40.4%	7,863,910	-0.1%	1.57%	-31.2%
GOOGL	Sell	GOOGLE INCcl a	$16,273,000	+2.2%	25,524	-13.4%	1.39%	+18.1%
TJX	Sell	TJX COS INC NEW	$15,037,000	+3.0%	210,865	-4.4%	1.29%	+18.9%
MSFT	Buy	MICROSOFT CORP	$14,466,000	+22.8%	328,269	+23.0%	1.24%	+41.8%
MHFI	Sell	MCGRAW HILL FINL INC	$13,805,000	-26.0%	159,848	-14.0%	1.18%	-14.5%
PCOM	Sell	POINTS INTL LTD	$13,738,000	-13.6%	1,279,024	-0.1%	1.18%	-0.2%
UNP	Sell	UNION PAC CORP	$13,150,000	-8.1%	148,945	-0.7%	1.13%	+6.2%
PX	Buy	PRAXAIR INC	$12,614,000	-13.0%	124,496	+2.7%	1.08%	+0.6%
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$12,239,000	-9.3%	151,388	-0.2%	1.05%	+4.8%
BK	Buy	BANK NEW YORK MELLON CORP	$11,287,000	+16.6%	288,640	+25.1%	0.97%	+34.5%
VAR	Buy	VARIAN MED SYS INC	$11,118,000	-10.0%	151,553	+3.4%	0.95%	+3.9%
RBYCF	Buy	RUBICON MINERALS CORP	$10,946,000	-14.4%	15,286,897	+24.5%	0.94%	-1.2%
PEP	Sell	PEPSICO INC	$10,795,000	+0.4%	114,599	-0.5%	0.92%	+15.9%
YUM	Buy	YUM BRANDS INC	$10,410,000	+4.0%	130,405	+17.4%	0.89%	+20.2%
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$9,880,000	–	307,110	–	0.85%	–
PSGLQ	Sell	PERFORMANCE SPORTS GROUP LTD	$9,075,000	-66.5%	680,503	-54.8%	0.78%	-61.3%
MA	Sell	MASTERCARD INCcl a	$9,023,000	-45.0%	100,236	-42.9%	0.77%	-36.5%
XOM	Sell	EXXON MOBIL CORP	$8,769,000	-24.2%	118,106	-15.1%	0.75%	-12.4%
BIIB	Sell	BIOGEN INC	$8,648,000	-27.9%	29,683	-0.0%	0.74%	-16.8%
CNQ	Sell	CANADIAN NAT RES LTD	$8,365,000	-30.7%	431,486	-2.9%	0.72%	-19.9%
RBA	Buy	RITCHIE BROS AUCTIONEERS	$8,293,000	-3.3%	322,279	+4.9%	0.71%	+11.6%
GGG	Buy	GRACO INC	$7,682,000	+13.7%	115,320	+21.3%	0.66%	+31.3%
JNJ	Sell	JOHNSON & JOHNSON	$7,272,000	-6.2%	77,900	-2.0%	0.62%	+8.5%
CPHRF	Buy	CIPHER PHARMACEUTICALS INC	$7,091,000	-51.2%	1,920,607	+13.1%	0.61%	-43.6%
RHT	New	RED HAT INC	$6,334,000	–	88,123	–	0.54%	–
AGU	New	AGRIUM INC	$6,185,000	–	69,334	–	0.53%	–
SLB	Buy	SCHLUMBERGER LTD	$6,136,000	+16.2%	89,084	+45.4%	0.52%	+34.3%
EL	Buy	LAUDER ESTEE COS INCcl a	$6,062,000	+16.2%	75,138	+24.8%	0.52%	+34.1%
AAPL	Sell	APPLE INC	$5,822,000	-28.9%	52,782	-19.2%	0.50%	-18.0%
SYY	Sell	SYSCO CORP	$5,650,000	-21.6%	145,142	-27.3%	0.48%	-9.4%
HSIC	Sell	SCHEIN HENRY INC	$5,602,000	-8.5%	42,211	-2.0%	0.48%	+5.7%
WFC	Sell	WELLS FARGO & CO NEW	$5,557,000	-10.3%	108,224	-1.8%	0.48%	+3.7%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$5,467,000	-14.8%	37,714	-4.4%	0.47%	-1.7%
AMZN	Buy	AMAZON COM INC	$5,216,000	+54.0%	10,190	+30.6%	0.45%	+78.1%
EOG	Sell	EOG RES INC	$4,864,000	-44.8%	66,944	-33.5%	0.42%	-36.3%
NKE	Sell	NIKE INCcl b	$4,824,000	-39.9%	39,227	-47.2%	0.41%	-30.6%
WCN	New	WASTE CONNECTIONS INC	$4,524,000	–	93,115	–	0.39%	–
DHR	Sell	DANAHER CORP DEL	$4,163,000	-45.2%	48,968	-44.8%	0.36%	-36.8%
TRIP	Buy	TRIPADVISOR INC	$3,677,000	+9.0%	59,095	+52.7%	0.32%	+26.0%
FNV	Sell	FRANCO NEVADA CORP	$3,595,000	-20.4%	81,967	-13.4%	0.31%	-8.1%
COST	Sell	COSTCO WHSL CORP NEW	$3,487,000	+5.1%	24,123	-1.8%	0.30%	+21.5%
WLL	Buy	WHITING PETE CORP NEW	$2,821,000	-14.1%	187,963	+92.3%	0.24%	-0.4%
BEN	Buy	FRANKLIN RES INC	$2,222,000	-5.1%	59,624	+24.9%	0.19%	+9.8%
AEM	Sell	AGNICO EAGLE MINES LTD	$534,000	-94.2%	21,174	-93.5%	0.05%	-93.2%
LLY	Buy	LILLY ELI & CO	$392,000	+11.7%	4,680	+11.4%	0.03%	+30.8%
SBUX	Buy	STARBUCKS CORP	$397,000	+16.8%	6,980	+9.9%	0.03%	+36.0%
MCD	New	MCDONALDS CORP	$222,000	–	2,250	–	0.02%	–
JPM	New	JPMORGAN CHASE & CO	$200,000	–	3,280	–	0.02%	–
PVG	New	PRETIUM RES INC	$147,000	–	24,410	–	0.01%	–
NG	Buy	NOVAGOLD RES INC	$125,000	+13.6%	34,770	+8.5%	0.01%	+37.5%
SSRI	New	SILVER STD RES INC	$132,000	–	20,280	–	0.01%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-19,810	–	-0.01%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-28,180	–	-0.02%	–
BCE	Exit	BCE INC	$0	–	-47,420	–	-0.15%	–
SLH	Exit	SOLERA HOLDINGS INC	$0	–	-120,119	–	-0.40%	–
MEOH	Exit	METHANEX CORP	$0	–	-107,692	–	-0.45%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-2,141,663	–	-0.60%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-350,261	–	-1.06%	–

Q2 2015

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$127,257,000	–	2,995,371	–	9.43%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$111,789,000	–	1,827,214	–	8.28%	–
STN	New	STANTEC INC	$60,058,000	–	2,054,231	–	4.45%	–
TU	New	TELUS CORP	$57,654,000	–	1,672,747	–	4.27%	–
MGA	New	MAGNA INTL INC	$43,190,000	–	769,202	–	3.20%	–
FSM	New	FORTUNA SILVER MINES INC	$42,780,000	–	11,738,146	–	3.17%	–
CXRX	New	CONCORDIA HEALTHCARE CORP	$39,673,000	–	548,801	–	2.94%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$38,837,000	–	992,543	–	2.88%	–
CNI	New	CANADIAN NATL RY CO	$36,030,000	–	624,225	–	2.67%	–
TGA	New	TRANSGLOBE ENERGY CORP	$35,497,000	–	8,898,722	–	2.63%	–
GG	New	GOLDCORP INC NEW	$31,649,000	–	1,949,321	–	2.34%	–
PPPMF	New	PRIMERO MNG CORP	$30,717,000	–	7,874,360	–	2.28%	–
PBA	New	PEMBINA PIPELINE CORP	$30,156,000	–	932,573	–	2.24%	–
IMO	New	IMPERIAL OIL LTD	$30,146,000	–	780,020	–	2.23%	–
BNS	New	BANK N S HALIFAX	$29,880,000	–	578,622	–	2.21%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$29,211,000	–	4,616,189	–	2.16%	–
POT	New	POTASH CORP SASK INC	$28,238,000	–	911,427	–	2.09%	–
GIL	New	GILDAN ACTIVEWEAR INC	$28,092,000	–	845,297	–	2.08%	–
PSGLQ	New	PERFORMANCE SPORTS GROUP LTD	$27,129,000	–	1,506,640	–	2.01%	–
DSGX	New	DESCARTES SYS GROUP INC	$26,337,000	–	1,639,905	–	1.95%	–
AMTD	New	TD AMERITRADE HLDG CORP	$21,161,000	–	574,705	–	1.57%	–
CP	New	CANADIAN PAC RY LTD	$19,023,000	–	118,736	–	1.41%	–
MHFI	New	MCGRAW HILL FINL INC	$18,664,000	–	185,803	–	1.38%	–
MA	New	MASTERCARD INCcl a	$16,411,000	–	175,551	–	1.22%	–
BB	New	BLACKBERRY LTD	$15,932,000	–	1,948,140	–	1.18%	–
GOOGL	New	GOOGLE INCcl a	$15,923,000	–	29,484	–	1.18%	–
PCOM	New	POINTS INTL LTD	$15,903,000	–	1,280,934	–	1.18%	–
TJX	New	TJX COS INC NEW	$14,595,000	–	220,575	–	1.08%	–
CPHRF	New	CIPHER PHARMACEUTICALS INC	$14,518,000	–	1,698,726	–	1.08%	–
PX	New	PRAXAIR INC	$14,499,000	–	121,277	–	1.07%	–
UNP	New	UNION PAC CORP	$14,305,000	–	149,990	–	1.06%	–
OTEX	New	OPEN TEXT CORP	$14,233,000	–	350,261	–	1.06%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$13,497,000	–	151,752	–	1.00%	–
RBYCF	New	RUBICON MINERALS CORP	$12,787,000	–	12,280,191	–	0.95%	–
VAR	New	VARIAN MED SYS INC	$12,360,000	–	146,571	–	0.92%	–
CNQ	New	CANADIAN NAT RES LTD	$12,066,000	–	444,378	–	0.89%	–
BIIB	New	BIOGEN INC	$11,996,000	–	29,697	–	0.89%	–
MSFT	New	MICROSOFT CORP	$11,780,000	–	266,816	–	0.87%	–
XOM	New	EXXON MOBIL CORP	$11,571,000	–	139,072	–	0.86%	–
PEP	New	PEPSICO INC	$10,749,000	–	115,161	–	0.80%	–
YUM	New	YUM BRANDS INC	$10,005,000	–	111,063	–	0.74%	–
BK	New	BANK NEW YORK MELLON CORP	$9,684,000	–	230,726	–	0.72%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$9,205,000	–	41,477	–	0.68%	–
AEM	New	AGNICO EAGLE MINES LTD	$9,195,000	–	323,727	–	0.68%	–
EOG	New	EOG RES INC	$8,807,000	–	100,594	–	0.65%	–
RBA	New	RITCHIE BROS AUCTIONEERS	$8,577,000	–	307,259	–	0.64%	–
AAPL	New	APPLE INC	$8,189,000	–	65,291	–	0.61%	–
TRQ	New	TURQUOISE HILL RES LTD	$8,148,000	–	2,141,663	–	0.60%	–
NKE	New	NIKE INCcl b	$8,025,000	–	74,288	–	0.60%	–
JNJ	New	JOHNSON & JOHNSON	$7,751,000	–	79,529	–	0.57%	–
DHR	New	DANAHER CORP DEL	$7,594,000	–	88,723	–	0.56%	–
SYY	New	SYSCO CORP	$7,206,000	–	199,604	–	0.53%	–
GGG	New	GRACO INC	$6,755,000	–	95,095	–	0.50%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$6,417,000	–	39,452	–	0.48%	–
WFC	New	WELLS FARGO & CO NEW	$6,198,000	–	110,210	–	0.46%	–
HSIC	New	SCHEIN HENRY INC	$6,124,000	–	43,091	–	0.45%	–
MEOH	New	METHANEX CORP	$6,014,000	–	107,692	–	0.45%	–
SLH	New	SOLERA HOLDINGS INC	$5,353,000	–	120,119	–	0.40%	–
SLB	New	SCHLUMBERGER LTD	$5,281,000	–	61,269	–	0.39%	–
EL	New	LAUDER ESTEE COS INCcl a	$5,218,000	–	60,207	–	0.39%	–
FNV	New	FRANCO NEVADA CORP	$4,516,000	–	94,641	–	0.34%	–
AMZN	New	AMAZON COM INC	$3,387,000	–	7,802	–	0.25%	–
TRIP	New	TRIPADVISOR INC	$3,372,000	–	38,697	–	0.25%	–
COST	New	COSTCO WHSL CORP NEW	$3,319,000	–	24,571	–	0.25%	–
WLL	New	WHITING PETE CORP NEW	$3,285,000	–	97,763	–	0.24%	–
BEN	New	FRANKLIN RES INC	$2,341,000	–	47,748	–	0.17%	–
BCE	New	BCE INC	$2,015,000	–	47,420	–	0.15%	–
LLY	New	LILLY ELI & CO	$351,000	–	4,200	–	0.03%	–
SBUX	New	STARBUCKS CORP	$340,000	–	6,350	–	0.02%	–
GOLD	New	BARRICK GOLD CORP	$301,000	–	28,180	–	0.02%	–
PDS	New	PRECISION DRILLING CORP	$133,000	–	19,810	–	0.01%	–
NG	New	NOVAGOLD RES INC	$110,000	–	32,060	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
ERF	Exit	ENERPLUS CORP	$0	–	-13,130	–	-0.02%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-5,470	–	-0.02%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-7,334	–	-0.02%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-52,120	–	-0.02%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-120,000	–	-0.02%	–
THI	Exit	TIM HORTONS INC	$0	–	-5,000	–	-0.03%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-6,350	–	-0.03%	–
ENB	Exit	ENBRIDGE INC	$0	–	-12,600	–	-0.04%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-23,940	–	-0.06%	–
HAL	Exit	HALLIBURTON CO	$0	–	-13,470	–	-0.06%	–
BIIB	Exit	BIOGEN IDEC INC	$0	–	-2,680	–	-0.06%	–
DOW	Exit	DOW CHEM CO	$0	–	-16,710	–	-0.06%	–
INTC	Exit	INTEL CORP	$0	–	-25,660	–	-0.06%	–
AAPL	Exit	APPLE INC	$0	–	-8,980	–	-0.06%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-8,420	–	-0.06%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-11,810	–	-0.06%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-7,240	–	-0.06%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-5,170	–	-0.06%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-29,980	–	-0.10%	–
BCE	Exit	BCE INC	$0	–	-45,511	–	-0.13%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-21,342	–	-0.18%	–
HSIC	Exit	SCHEIN HENRY INC	$0	–	-24,604	–	-0.19%	–
NKE	Exit	NIKE INCcl b	$0	–	-35,865	–	-0.21%	–
AMZN	Exit	AMAZON COM INC	$0	–	-11,678	–	-0.25%	–
GGG	Exit	GRACO INC	$0	–	-61,117	–	-0.30%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-105,306	–	-0.33%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-92,805	–	-0.34%	–
SLH	Exit	SOLERA HOLDINGS INC	$0	–	-120,674	–	-0.46%	–
YUM	Exit	YUM BRANDS INC	$0	–	-101,220	–	-0.49%	–
SYY	Exit	SYSCO CORP	$0	–	-202,205	–	-0.51%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-106,397	–	-0.55%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-14,526	–	-0.56%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-15,726	–	-0.62%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-283,760	–	-0.66%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-152,993	–	-0.67%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-202,960	–	-0.70%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-112,450	–	-0.71%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-274,836	–	-0.71%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-102,402	–	-0.73%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-115,810	–	-0.74%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-111,756	–	-0.76%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-378,988	–	-0.84%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-175,391	–	-0.87%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-486,308	–	-0.88%	–
PX	Exit	PRAXAIR INC	$0	–	-102,733	–	-0.89%	–
PEP	Exit	PEPSICO INC	$0	–	-146,201	–	-0.91%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-186,759	–	-0.95%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-567,775	–	-1.10%	–
UNP	Exit	UNION PAC CORP	$0	–	-158,091	–	-1.15%	–
PSGLQ	Exit	PERFORMANCE SPORTS GROUP LTD	$0	–	-1,054,470	–	-1.15%	–
TJX	Exit	TJX COS INC NEW	$0	–	-295,871	–	-1.17%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-253,614	–	-1.20%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-2,652,901	–	-1.20%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-236,401	–	-1.27%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-348,580	–	-1.29%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-92,965	–	-1.29%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-421,842	–	-1.39%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-669,533	–	-1.52%	–
MHFI	Exit	MCGRAW HILL FINL INC	$0	–	-271,280	–	-1.53%	–
STN	Exit	STANTEC INC	$0	–	-362,756	–	-1.59%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-1,371,364	–	-1.60%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-1,742,248	–	-1.61%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-590,050	–	-1.66%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-137,687	–	-1.75%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-1,398,069	–	-2.16%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-6,695,360	–	-2.18%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-8,804,292	–	-2.38%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-7,650,447	–	-2.60%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-1,001,386	–	-2.61%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-923,274	–	-3.38%	–
BB	Exit	BLACKBERRY LTD	$0	–	-5,170,557	–	-3.45%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-751,347	–	-3.57%	–
TU	Exit	TELUS CORP	$0	–	-1,793,228	–	-4.10%	–
TGA	Exit	TRANSGLOBE ENERGY CORP	$0	–	-10,122,806	–	-4.12%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-1,658,559	–	-4.20%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-991,021	–	-4.74%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-1,818,212	–	-5.13%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-1,659,980	–	-6.88%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-2,418,282	–	-8.00%	–

Q3 2014

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$119,600,000	-4.8%	2,418,282	-0.8%	8.00%	+1.4%
BNS	Sell	BANK N S HALIFAX	$102,892,000	-10.4%	1,659,980	-3.4%	6.88%	-4.5%
PBA	Buy	PEMBINA PIPELINE CORP	$76,760,000	+19.5%	1,818,212	+22.0%	5.13%	+27.3%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$70,987,000	+15.6%	991,021	+15.6%	4.74%	+23.2%
BTEGF	Buy	BAYTEX ENERGY CORP	$62,852,000	-13.6%	1,658,559	+5.4%	4.20%	-8.0%
TGA	Buy	TRANSGLOBE ENERGY CORP	$61,685,000	-11.5%	10,122,806	+9.2%	4.12%	-5.7%
TU	Buy	TELUS CORP	$61,360,000	+2.8%	1,793,228	+12.2%	4.10%	+9.5%
CNI	Sell	CANADIAN NATL RY CO	$53,456,000	+7.9%	751,347	-1.2%	3.57%	+14.9%
BB	Buy	BLACKBERRY LTD	$51,634,000	+405.4%	5,170,557	+419.8%	3.45%	+438.5%
GIL	Buy	GILDAN ACTIVEWEAR INC	$50,619,000	+5.0%	923,274	+13.0%	3.38%	+11.8%
CNQ	Sell	CANADIAN NAT RES LTD	$38,987,000	-48.3%	1,001,386	-38.9%	2.61%	-44.9%
AAVVF	Sell	ADVANTAGE OIL & GAS LTD	$38,952,000	-26.2%	7,650,447	-2.5%	2.60%	-21.4%
FSM	Buy	FORTUNA SILVER MINES INC	$35,610,000	-25.6%	8,804,292	+1.9%	2.38%	-20.7%
PPPMF	Sell	PRIMERO MNG CORP	$32,652,000	-40.3%	6,695,360	-1.7%	2.18%	-36.4%
GG	Buy	GOLDCORP INC NEW	$32,301,000	-4.4%	1,398,069	+15.7%	2.16%	+1.8%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$26,137,000	+14.6%	137,687	+9.4%	1.75%	+22.1%
CTRX	New	CATAMARAN CORP	$24,905,000	–	590,050	–	1.66%	–
DSGX	Sell	DESCARTES SYS GROUP INC	$24,024,000	-13.0%	1,742,248	-9.4%	1.61%	-7.3%
PCOM	Buy	POINTS INTL LTD	$23,929,000	+2.8%	1,371,364	+34.2%	1.60%	+9.6%
STN	Buy	STANTEC INC	$23,787,000	+248.5%	362,756	+229.7%	1.59%	+271.5%
MHFI	Sell	MCGRAW HILL FINL INC	$22,910,000	+1.3%	271,280	-0.5%	1.53%	+7.9%
GIB	Buy	GROUPE CGI INCcl a sub vtg	$22,670,000	+4.3%	669,533	+9.3%	1.52%	+11.0%
FNV	Buy	FRANCO NEVADA CORP	$20,750,000	+204.7%	421,842	+256.2%	1.39%	+224.8%
CP	Buy	CANADIAN PAC RY LTD	$19,335,000	+1265.5%	92,965	+1091.9%	1.29%	+1352.8%
OTEX	Sell	OPEN TEXT CORP	$19,323,000	-5.6%	348,580	-18.1%	1.29%	+0.5%
VAR	Buy	VARIAN MED SYS INC	$18,940,000	+7.0%	236,401	+11.1%	1.27%	+14.1%
EGO	New	ELDORADO GOLD CORP NEW	$17,923,000	–	2,652,901	–	1.20%	–
ESRX	Sell	EXPRESS SCRIPTS HLDG CO	$17,913,000	-2.2%	253,614	-4.0%	1.20%	+4.2%
TJX	Buy	TJX COS INC NEW	$17,507,000	+23.9%	295,871	+11.3%	1.17%	+31.9%
PSGLQ	New	PERFORMANCE SPORTS GROUP LTD	$17,173,000	–	1,054,470	–	1.15%	–
UNP	Sell	UNION PAC CORP	$17,140,000	+0.4%	158,091	-7.6%	1.15%	+7.0%
AEM	New	AGNICO EAGLE MINES LTD	$16,456,000	–	567,775	–	1.10%	–
DHR	Sell	DANAHER CORP DEL	$14,190,000	-8.1%	186,759	-4.8%	0.95%	-2.1%
PEP	Sell	PEPSICO INC	$13,610,000	+3.9%	146,201	-0.3%	0.91%	+10.7%
PX	Buy	PRAXAIR INC	$13,253,000	+45.0%	102,733	+49.3%	0.89%	+54.4%
CVE	Sell	CENOVUS ENERGY INC	$13,111,000	-56.6%	486,308	-47.7%	0.88%	-53.7%
MA	Sell	MASTERCARD INCcl a	$12,965,000	-6.9%	175,391	-7.5%	0.87%	-0.8%
AMTD	Buy	TD AMERITRADE HLDG CORP	$12,647,000	+31.0%	378,988	+23.1%	0.84%	+39.4%
SLB	Buy	SCHLUMBERGER LTD	$11,364,000	+13.7%	111,756	+31.9%	0.76%	+21.2%
OXY	Sell	OCCIDENTAL PETE CORP DEL	$11,135,000	-24.1%	115,810	-19.0%	0.74%	-19.2%
JNJ	Sell	JOHNSON & JOHNSON	$10,915,000	-1.4%	102,402	-3.2%	0.73%	+5.0%
BK	Sell	BANK NEW YORK MELLON CORP	$10,644,000	-18.9%	274,836	-21.5%	0.71%	-13.6%
XOM	Sell	EXXON MOBIL CORP	$10,576,000	-9.1%	112,450	-2.7%	0.71%	-3.2%
WFC	Buy	WELLS FARGO & CO NEW	$10,528,000	+22.2%	202,960	+23.9%	0.70%	+30.4%
CL	Buy	COLGATE PALMOLIVE CO	$9,978,000	+69.6%	152,993	+77.3%	0.67%	+80.8%
POT	Sell	POTASH CORP SASK INC	$9,847,000	-66.6%	283,760	-63.3%	0.66%	-64.4%
GOOGL	Sell	GOOGLE INCcl a	$9,253,000	-2.3%	15,726	-2.9%	0.62%	+4.2%
GOOG	New	GOOGLE INCcl c	$8,387,000	–	14,526	–	0.56%	–
WLL	Buy	WHITING PETE CORP NEW	$8,251,000	+26.9%	106,397	+31.3%	0.55%	+35.3%
SYY	Sell	SYSCO CORP	$7,674,000	-26.8%	202,205	-27.8%	0.51%	-22.0%
YUM	Sell	YUM BRANDS INC	$7,286,000	-16.5%	101,220	-5.8%	0.49%	-11.1%
SLH	Buy	SOLERA HOLDINGS INC	$6,801,000	-3.8%	120,674	+14.6%	0.46%	+2.5%
BEN	Sell	FRANKLIN RES INC	$5,068,000	-43.2%	92,805	-39.8%	0.34%	-39.5%
MSFT	Buy	MICROSOFT CORP	$4,882,000	+20.1%	105,306	+8.0%	0.33%	+27.8%
GGG	Sell	GRACO INC	$4,460,000	-14.8%	61,117	-8.8%	0.30%	-9.1%
AMZN	Sell	AMAZON COM INC	$3,765,000	-66.8%	11,678	-66.5%	0.25%	-64.6%
NKE	Sell	NIKE INCcl b	$3,199,000	-30.2%	35,865	-39.3%	0.21%	-25.7%
HSIC	Sell	SCHEIN HENRY INC	$2,866,000	-27.3%	24,604	-25.9%	0.19%	-22.3%
COST	Sell	COSTCO WHSL CORP NEW	$2,675,000	-58.4%	21,342	-61.8%	0.18%	-55.6%
BCE	Buy	BCE INC	$1,950,000	+9.2%	45,511	+15.8%	0.13%	+16.1%
TRP	Buy	TRANSCANADA CORP	$1,547,000	+259.8%	29,980	+233.1%	0.10%	+281.5%
LMT	Sell	LOCKHEED MARTIN CORP	$945,000	+5.4%	5,170	-7.3%	0.06%	+12.5%
GD	Sell	GENERAL DYNAMICS CORP	$920,000	+2.2%	7,240	-6.2%	0.06%	+10.7%
FB	Sell	FACEBOOK INCcl a	$933,000	-5.5%	11,810	-19.5%	0.06%	0.0%
INTC	New	INTEL CORP	$893,000	–	25,660	–	0.06%	–
GILD	Sell	GILEAD SCIENCES INC	$896,000	-4.2%	8,420	-25.4%	0.06%	+1.7%
AAPL	New	APPLE INC	$905,000	–	8,980	–	0.06%	–
DOW	Sell	DOW CHEM CO	$876,000	-2.9%	16,710	-4.7%	0.06%	+3.5%
BIIB	Sell	BIOGEN IDEC INC	$887,000	-3.0%	2,680	-7.6%	0.06%	+3.5%
HAL	Sell	HALLIBURTON CO	$869,000	-12.8%	13,470	-3.9%	0.06%	-7.9%
HPQ	Sell	HEWLETT PACKARD CO	$849,000	-8.0%	23,940	-12.7%	0.06%	-1.7%
THI	Sell	TIM HORTONS INC	$395,000	-32.6%	5,000	-53.2%	0.03%	-29.7%
NG	Sell	NOVAGOLD RES INC	$363,000	-40.2%	120,000	-16.4%	0.02%	-36.8%
SSRI	New	SILVER STD RES INC	$319,000	–	52,120	–	0.02%	–
CPG	Buy	CRESCENT PT ENERGY CORP	$265,000	+6.4%	7,334	+30.6%	0.02%	+12.5%
IMO	Sell	IMPERIAL OIL LTD	$259,000	-14.8%	5,470	-4.9%	0.02%	-10.5%
ERF	Sell	ENERPLUS CORP	$250,000	-98.9%	13,130	-98.5%	0.02%	-98.8%
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-42,750	–	-0.02%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-51,390	–	-0.03%	–
BA	Exit	BOEING CO	$0	–	-6,740	–	-0.05%	–
WAG	Exit	WALGREEN CO	$0	–	-12,560	–	-0.06%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-9,750	–	-0.08%	–
OPEN	Exit	OPENTABLE INC	$0	–	-14,289	–	-0.09%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-56,418	–	-0.36%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-288,566	–	-1.26%	–
ECA	Exit	ENCANA CORP	$0	–	-869,340	–	-1.30%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-1,474,199	–	-1.31%	–
MGA	Exit	MAGNA INTL INC	$0	–	-194,946	–	-1.32%	–
UFS	Exit	DOMTAR CORP	$0	–	-489,406	–	-1.32%	–

Q2 2014

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$125,665,000	–	2,436,772	–	7.89%	–
BNS	New	BANK N S HALIFAX	$114,777,000	–	1,718,505	–	7.20%	–
CNQ	New	CANADIAN NAT RES LTD	$75,387,000	–	1,637,736	–	4.73%	–
BTEGF	New	BAYTEX ENERGY CORP	$72,747,000	–	1,573,319	–	4.56%	–
TGA	New	TRANSGLOBE ENERGY CORP	$69,699,000	–	9,268,366	–	4.37%	–
PBA	New	PEMBINA PIPELINE CORP	$64,233,000	–	1,490,263	–	4.03%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$61,393,000	–	857,266	–	3.85%	–
TU	New	TELUS CORP	$59,672,000	–	1,598,168	–	3.74%	–
PPPMF	New	PRIMERO MNG CORP	$54,678,000	–	6,811,710	–	3.43%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$52,809,000	–	7,845,047	–	3.31%	–
CNI	New	CANADIAN NATL RY CO	$49,559,000	–	760,627	–	3.11%	–
GIL	New	GILDAN ACTIVEWEAR INC	$48,214,000	–	816,839	–	3.03%	–
FSM	New	FORTUNA SILVER MINES INC	$47,851,000	–	8,638,762	–	3.00%	–
GG	New	GOLDCORP INC NEW	$33,780,000	–	1,208,219	–	2.12%	–
CVE	New	CENOVUS ENERGY INC	$30,179,000	–	929,328	–	1.89%	–
POT	New	POTASH CORP SASK INC	$29,448,000	–	772,952	–	1.85%	–
DSGX	New	DESCARTES SYS GROUP INC	$27,600,000	–	1,922,688	–	1.73%	–
PCOM	New	POINTS INTL LTD	$23,266,000	–	1,021,924	–	1.46%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$22,806,000	–	125,815	–	1.43%	–
MHFI	New	MCGRAW HILL FINL INC	$22,627,000	–	272,515	–	1.42%	–
ERF	New	ENERPLUS CORP	$22,059,000	–	873,804	–	1.38%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$21,745,000	–	612,433	–	1.36%	–
UFS	New	DOMTAR CORP	$21,071,000	–	489,406	–	1.32%	–
MGA	New	MAGNA INTL INC	$21,022,000	–	194,946	–	1.32%	–
PDS	New	PRECISION DRILLING CORP	$20,913,000	–	1,474,199	–	1.31%	–
ECA	New	ENCANA CORP	$20,633,000	–	869,340	–	1.30%	–
OTEX	New	OPEN TEXT CORP	$20,470,000	–	425,850	–	1.28%	–
VET	New	VERMILION ENERGY INC	$20,116,000	–	288,566	–	1.26%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$18,311,000	–	264,115	–	1.15%	–
VAR	New	VARIAN MED SYS INC	$17,693,000	–	212,814	–	1.11%	–
UNP	New	UNION PAC CORP	$17,065,000	–	171,080	–	1.07%	–
DHR	New	DANAHER CORP DEL	$15,447,000	–	196,204	–	0.97%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$14,674,000	–	142,980	–	0.92%	–
TJX	New	TJX COS INC NEW	$14,129,000	–	265,835	–	0.89%	–
MA	New	MASTERCARD INCcl a	$13,931,000	–	189,621	–	0.87%	–
BK	New	BANK NEW YORK MELLON CORP	$13,123,000	–	350,131	–	0.82%	–
PEP	New	PEPSICO INC	$13,104,000	–	146,677	–	0.82%	–
XOM	New	EXXON MOBIL CORP	$11,638,000	–	115,598	–	0.73%	–
AMZN	New	AMAZON COM INC	$11,334,000	–	34,896	–	0.71%	–
JNJ	New	JOHNSON & JOHNSON	$11,072,000	–	105,833	–	0.70%	–
SYY	New	SYSCO CORP	$10,489,000	–	280,085	–	0.66%	–
BB	New	BLACKBERRY LTD	$10,217,000	–	994,750	–	0.64%	–
SLB	New	SCHLUMBERGER LTD	$9,992,000	–	84,713	–	0.63%	–
AMTD	New	TD AMERITRADE HLDG CORP	$9,653,000	–	307,911	–	0.61%	–
GOOGL	New	GOOGLE INCcl a	$9,473,000	–	16,202	–	0.59%	–
PX	New	PRAXAIR INC	$9,142,000	–	68,817	–	0.57%	–
BEN	New	FRANKLIN RES INC	$8,919,000	–	154,203	–	0.56%	–
YUM	New	YUM BRANDS INC	$8,727,000	–	107,480	–	0.55%	–
WFC	New	WELLS FARGO & CO NEW	$8,612,000	–	163,855	–	0.54%	–
SLH	New	SOLERA HOLDINGS INC	$7,071,000	–	105,304	–	0.44%	–
STN	New	STANTEC INC	$6,825,000	–	110,011	–	0.43%	–
FNV	New	FRANCO NEVADA CORP	$6,810,000	–	118,425	–	0.43%	–
WLL	New	WHITING PETE CORP NEW	$6,501,000	–	81,005	–	0.41%	–
COST	New	COSTCO WHSL CORP NEW	$6,426,000	–	55,801	–	0.40%	–
CL	New	COLGATE PALMOLIVE CO	$5,882,000	–	86,277	–	0.37%	–
SIAL	New	SIGMA ALDRICH CORP	$5,725,000	–	56,418	–	0.36%	–
GGG	New	GRACO INC	$5,233,000	–	67,021	–	0.33%	–
NKE	New	NIKE INCcl b	$4,582,000	–	59,085	–	0.29%	–
MSFT	New	MICROSOFT CORP	$4,066,000	–	97,501	–	0.26%	–
HSIC	New	SCHEIN HENRY INC	$3,942,000	–	33,219	–	0.25%	–
BCE	New	BCE INC	$1,786,000	–	39,301	–	0.11%	–
OPEN	New	OPENTABLE INC	$1,480,000	–	14,289	–	0.09%	–
CP	New	CANADIAN PAC RY LTD	$1,416,000	–	7,800	–	0.09%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$1,235,000	–	9,750	–	0.08%	–
HAL	New	HALLIBURTON CO	$996,000	–	14,020	–	0.06%	–
FB	New	FACEBOOK INCcl a	$987,000	–	14,670	–	0.06%	–
GILD	New	GILEAD SCIENCES INC	$935,000	–	11,280	–	0.06%	–
HPQ	New	HEWLETT PACKARD CO	$923,000	–	27,410	–	0.06%	–
WAG	New	WALGREEN CO	$931,000	–	12,560	–	0.06%	–
DOW	New	DOW CHEM CO	$902,000	–	17,530	–	0.06%	–
BIIB	New	BIOGEN IDEC INC	$914,000	–	2,900	–	0.06%	–
GD	New	GENERAL DYNAMICS CORP	$900,000	–	7,720	–	0.06%	–
LMT	New	LOCKHEED MARTIN CORP	$897,000	–	5,580	–	0.06%	–
BA	New	BOEING CO	$858,000	–	6,740	–	0.05%	–
ENB	New	ENBRIDGE INC	$599,000	–	12,600	–	0.04%	–
NG	New	NOVAGOLD RES INC	$607,000	–	143,610	–	0.04%	–
THI	New	TIM HORTONS INC	$586,000	–	10,690	–	0.04%	–
HBM	New	HUDBAY MINERALS INC	$476,000	–	51,390	–	0.03%	–
BMO	New	BANK MONTREAL QUE	$468,000	–	6,350	–	0.03%	–
TRP	New	TRANSCANADA CORP	$430,000	–	9,000	–	0.03%	–
GTE	New	GRAN TIERRA ENERGY INC	$348,000	–	42,750	–	0.02%	–
IMO	New	IMPERIAL OIL LTD	$304,000	–	5,750	–	0.02%	–
CPG	New	CRESCENT PT ENERGY CORP	$249,000	–	5,614	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
TLM	Exit	TALISMAN ENERGY INC	$0	–	-11,000	–	-0.01%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-2,000	–	-0.02%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-5,750	–	-0.02%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-6,000	–	-0.02%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-6,350	–	-0.03%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-10,000	–	-0.03%	–
TCPTF	Exit	THOMPSON CREEK METALS CO INC	$0	–	-128,600	–	-0.04%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-48,400	–	-0.04%	–
TAHO	Exit	TAHOE RES INC	$0	–	-27,500	–	-0.04%	–
ENB	Exit	ENBRIDGE INC	$0	–	-13,600	–	-0.04%	–
EFA	Exit	ISHARESmsci eafe etf	$0	–	-13,055	–	-0.06%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-68,700	–	-0.07%	–
C	Exit	CITIGROUP INC	$0	–	-20,000	–	-0.07%	–
F	Exit	FORD MTR CO DEL	$0	–	-59,000	–	-0.07%	–
RTN	Exit	RAYTHEON CO	$0	–	-12,900	–	-0.07%	–
MS	Exit	MORGAN STANLEY	$0	–	-37,800	–	-0.08%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-16,100	–	-0.08%	–
LOW	Exit	LOWES COS INC	$0	–	-21,400	–	-0.08%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-30,800	–	-0.08%	–
TWX	Exit	TIME WARNER INC	$0	–	-16,000	–	-0.08%	–
BA	Exit	BOEING CO	$0	–	-9,400	–	-0.08%	–
PWE	Exit	PENN WEST PETE LTD NEW	$0	–	-107,400	–	-0.09%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-78,255	–	-0.10%	–
TSM	Exit	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$0	–	-167,669	–	-0.21%	–
OPEN	Exit	OPENTABLE INC	$0	–	-41,220	–	-0.22%	–
VAR	Exit	VARIAN MED SYS INC	$0	–	-51,457	–	-0.29%	–
APA	Exit	APACHE CORP	$0	–	-45,657	–	-0.29%	–
SM	Exit	SM ENERGY CO	$0	–	-53,921	–	-0.31%	–
NKE	Exit	NIKE INCcl b	$0	–	-59,665	–	-0.32%	–
GGG	Exit	GRACO INC	$0	–	-68,658	–	-0.38%	–
PX	Exit	PRAXAIR INC	$0	–	-42,835	–	-0.38%	–
AMZN	Exit	AMAZON COM INC	$0	–	-16,914	–	-0.40%	–
SIAL	Exit	SIGMA ALDRICH CORP	$0	–	-62,403	–	-0.40%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-161,046	–	-0.40%	–
ECL	Exit	ECOLAB INC	$0	–	-59,455	–	-0.44%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-32,119	–	-0.44%	–
SLH	Exit	SOLERA HOLDINGS INC	$0	–	-118,300	–	-0.47%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-153,339	–	-0.52%	–
MCO	Exit	MOODYS CORP	$0	–	-119,533	–	-0.63%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-100,205	–	-0.65%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-125,601	–	-0.65%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-75,809	–	-0.65%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-1,610,100	–	-0.65%	–
OXY	Exit	OCCIDENTAL PETE CORP DEL	$0	–	-97,511	–	-0.68%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-365,587	–	-0.72%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-161,173	–	-0.72%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-232,762	–	-0.72%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-114,163	–	-0.75%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-144,564	–	-0.77%	–
YUM	Exit	YUM BRANDS INC	$0	–	-145,795	–	-0.78%	–
SYY	Exit	SYSCO CORP	$0	–	-343,087	–	-0.82%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-275,524	–	-0.85%	–
PCOM	Exit	POINTS INTL LTD	$0	–	-534,093	–	-0.92%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-167,545	–	-1.08%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-521,636	–	-1.18%	–
TJX	Exit	TJX COS INC NEW	$0	–	-286,406	–	-1.21%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-527,895	–	-1.24%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-334,592	–	-1.26%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-26,946	–	-1.36%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-21,183	–	-1.39%	–
THI	Exit	TIM HORTONS INC	$0	–	-321,190	–	-1.40%	–
ERF	Exit	ENERPLUS CORP	$0	–	-1,200,902	–	-1.49%	–
PGHEF	Exit	PENGROWTH ENERGY CORP	$0	–	-3,449,154	–	-1.52%	–
UNP	Exit	UNION PAC CORP	$0	–	-135,425	–	-1.57%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-815,375	–	-1.59%	–
PEP	Exit	PEPSICO INC	$0	–	-272,500	–	-1.62%	–
MGA	Exit	MAGNA INTL INC	$0	–	-263,665	–	-1.63%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-208,845	–	-1.63%	–
MEOH	Exit	METHANEX CORP	$0	–	-424,701	–	-1.63%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-707,769	–	-1.67%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-5,931,887	–	-1.71%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-375,715	–	-1.74%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-6,408,662	–	-1.75%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-445,503	–	-2.49%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-580,271	–	-2.78%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-384,271	–	-2.92%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-3,420,048	–	-2.94%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-1,230,549	–	-3.06%	–
TU	Exit	TELUS CORP	$0	–	-1,378,046	–	-3.42%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,585,040	–	-3.54%	–
GIB	Exit	GROUPE CGI INCcl a sub vtg	$0	–	-1,693,058	–	-4.45%	–
TGA	Exit	TRANSGLOBE ENERGY CORP	$0	–	-7,898,856	–	-4.64%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-1,424,992	–	-4.95%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-1,267,209	–	-5.44%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-4,775,647	–	-5.56%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-953,669	–	-6.43%	–

Q3 2013

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$86,043,000	-0.1%	953,669	-11.3%	6.43%	-7.2%
AGI	Sell	ALAMOS GOLD INC	$74,336,000	+6.3%	4,775,647	-17.5%	5.56%	-1.3%
BNS	Sell	BANK N S HALIFAX	$72,736,000	+5.8%	1,267,209	-1.8%	5.44%	-1.8%
GIL	Buy	GILDAN ACTIVEWEAR INC	$66,266,000	+42.5%	1,424,992	+23.9%	4.95%	+32.4%
TGA	Buy	TRANSGLOBE ENERGY CORP	$62,090,000	+28.8%	7,898,856	+1.2%	4.64%	+19.6%
GIB	Buy	GROUPE CGI INCcl a sub vtg	$59,543,000	+55.9%	1,693,058	+29.4%	4.45%	+44.7%
CVE	Buy	CENOVUS ENERGY INC	$47,402,000	+14.6%	1,585,040	+8.9%	3.54%	+6.4%
TU	Buy	TELUS CORP	$45,770,000	+21.6%	1,378,046	+6.6%	3.42%	+12.9%
PBA	Sell	PEMBINA PIPELINE CORP	$40,871,000	+4.3%	1,230,549	-4.2%	3.06%	-3.2%
DSGX	Sell	DESCARTES SYS GROUP INC	$39,328,000	-8.6%	3,420,048	-8.8%	2.94%	-15.2%
CNI	Sell	CANADIAN NATL RY CO	$39,018,000	+4.2%	384,271	-0.4%	2.92%	-3.2%
RY	Sell	ROYAL BK CDA MONTREAL QUE	$37,258,000	+2.1%	580,271	-7.6%	2.78%	-5.2%
OTEX	Sell	OPEN TEXT CORP	$33,360,000	-38.4%	445,503	-44.0%	2.49%	-42.8%
FSM	Buy	FORTUNA SILVER MINES INC	$23,443,000	+29.2%	6,408,662	+17.2%	1.75%	+20.0%
ESRX	Buy	EXPRESS SCRIPTS HLDG CO	$23,212,000	+22.4%	375,715	+22.2%	1.74%	+13.6%
AAVVF	Sell	ADVANTAGE OIL & GAS LTD	$22,853,000	-2.2%	5,931,887	-0.2%	1.71%	-9.2%
CNQ	Sell	CANADIAN NAT RES LTD	$22,289,000	+10.9%	707,769	-1.0%	1.67%	+3.0%
MEOH	Sell	METHANEX CORP	$21,849,000	+8.4%	424,701	-10.1%	1.63%	+0.6%
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$21,821,000	+6.8%	208,845	-12.2%	1.63%	-0.9%
MGA	Sell	MAGNA INTL INC	$21,790,000	-3.0%	263,665	-16.7%	1.63%	-9.9%
PEP	Buy	PEPSICO INC	$21,664,000	+14.4%	272,500	+17.7%	1.62%	+6.2%
GG	Buy	GOLDCORP INC NEW	$21,259,000	+44.5%	815,375	+37.2%	1.59%	+34.1%
UNP	Buy	UNION PAC CORP	$21,037,000	+47.1%	135,425	+46.1%	1.57%	+36.7%
PGHEF	New	PENGROWTH ENERGY CORP	$20,335,000	–	3,449,154	–	1.52%	–
ERF	New	ENERPLUS CORP	$19,920,000	–	1,200,902	–	1.49%	–
THI	Buy	TIM HORTONS INC	$18,667,000	+15.1%	321,190	+6.7%	1.40%	+6.8%
GOOGL	Buy	GOOGLE INCcl a	$18,554,000	+9.8%	21,183	+10.3%	1.39%	+1.9%
MA	Sell	MASTERCARD INCcl a	$18,129,000	+3.4%	26,946	-11.7%	1.36%	-4.0%
BEN	Buy	FRANKLIN RES INC	$16,914,000	+59.5%	334,592	+329.3%	1.26%	+48.0%
POT	Sell	POTASH CORP SASK INC	$16,542,000	-19.7%	527,895	-2.5%	1.24%	-25.4%
TJX	Sell	TJX COS INC NEW	$16,150,000	-0.6%	286,406	-11.8%	1.21%	-7.8%
BK	Sell	BANK NEW YORK MELLON CORP	$15,748,000	-9.7%	521,636	-16.1%	1.18%	-16.2%
XOM	Buy	EXXON MOBIL CORP	$14,416,000	-1.8%	167,545	+3.1%	1.08%	-8.8%
PCOM	Buy	POINTS INTL LTD	$12,309,000	+2187.9%	534,093	+2036.4%	0.92%	+2039.5%
BTEGF	Buy	BAYTEX ENERGY CORP	$11,395,000	+15.7%	275,524	+0.5%	0.85%	+7.4%
SYY	Buy	SYSCO CORP	$10,920,000	+23.2%	343,087	+32.2%	0.82%	+14.3%
YUM	Buy	YUM BRANDS INC	$10,408,000	+36.5%	145,795	+32.6%	0.78%	+26.7%
UNH	Sell	UNITEDHEALTH GROUP INC	$10,352,000	+3.7%	144,564	-5.2%	0.77%	-3.7%
SLB	Buy	SCHLUMBERGER LTD	$10,087,000	+23.3%	114,163	+0.0%	0.75%	+14.6%
WFC	Sell	WELLS FARGO & CO NEW	$9,618,000	-23.3%	232,762	-23.4%	0.72%	-28.8%
AMTD	Sell	TD AMERITRADE HLDG CORP	$9,571,000	+7.3%	365,587	-0.5%	0.72%	-0.4%
CL	Sell	COLGATE PALMOLIVE CO	$9,558,000	-19.2%	161,173	-22.0%	0.72%	-25.0%
OXY	Buy	OCCIDENTAL PETE CORP DEL	$9,121,000	+16.4%	97,511	+11.0%	0.68%	+8.1%
COST	Sell	COSTCO WHSL CORP NEW	$8,727,000	-0.9%	75,809	-4.8%	0.65%	-8.0%
SAND	Buy	SANDSTORM GOLD LTD	$8,725,000	+16.4%	1,610,100	+25.7%	0.65%	+8.1%
DHR	Sell	DANAHER CORP DEL	$8,707,000	-22.8%	125,601	-29.5%	0.65%	-28.3%
JNJ	Sell	JOHNSON & JOHNSON	$8,687,000	-8.0%	100,205	-8.9%	0.65%	-14.6%
MCO	Buy	MOODYS CORP	$8,407,000	+15.5%	119,533	+0.1%	0.63%	+7.2%
FNV	Sell	FRANCO NEVADA CORP	$6,971,000	+23.0%	153,339	-3.4%	0.52%	+14.3%
SLH	Sell	SOLERA HOLDINGS INC	$6,255,000	-5.4%	118,300	-0.5%	0.47%	-12.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$5,948,000	-16.9%	32,119	-14.2%	0.44%	-22.7%
ECL	Buy	ECOLAB INC	$5,872,000	+16.1%	59,455	+0.2%	0.44%	+7.9%
MSFT	Sell	MICROSOFT CORP	$5,364,000	-18.7%	161,046	-15.7%	0.40%	-24.5%
SIAL	Buy	SIGMA ALDRICH CORP	$5,323,000	+6.3%	62,403	+0.1%	0.40%	-1.2%
AMZN	Sell	AMAZON COM INC	$5,288,000	+12.1%	16,914	-0.4%	0.40%	+3.9%
PX	Sell	PRAXAIR INC	$5,149,000	-30.6%	42,835	-33.5%	0.38%	-35.5%
GGG	Sell	GRACO INC	$5,085,000	-24.7%	68,658	-35.7%	0.38%	-30.0%
NKE	Sell	NIKE INCcl b	$4,334,000	+13.5%	59,665	-0.5%	0.32%	+5.5%
SM	Sell	SM ENERGY CO	$4,162,000	-8.5%	53,921	-28.9%	0.31%	-15.0%
APA	Sell	APACHE CORP	$3,887,000	-15.3%	45,657	-16.6%	0.29%	-21.1%
VAR	Sell	VARIAN MED SYS INC	$3,845,000	-48.1%	51,457	-53.1%	0.29%	-51.8%
OPEN	New	OPENTABLE INC	$2,885,000	–	41,220	–	0.22%	–
TSM	Buy	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$2,807,000	+30.2%	167,669	+40.2%	0.21%	+20.7%
MFC	Sell	MANULIFE FINL CORP	$1,297,000	-18.7%	78,255	-21.7%	0.10%	-24.2%
PWE	New	PENN WEST PETE LTD NEW	$1,194,000	–	107,400	–	0.09%	–
BA	New	BOEING CO	$1,104,000	–	9,400	–	0.08%	–
TWX	Sell	TIME WARNER INC	$1,053,000	+6.5%	16,000	-6.4%	0.08%	-1.2%
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$1,032,000	–	30,800	–	0.08%	–
LOW	New	LOWES COS INC	$1,019,000	–	21,400	–	0.08%	–
GILD	Sell	GILEAD SCIENCES INC	$1,012,000	+6.2%	16,100	-13.4%	0.08%	-1.3%
MS	Sell	MORGAN STANLEY	$1,019,000	+8.3%	37,800	-1.8%	0.08%	0.0%
RTN	New	RAYTHEON CO	$994,000	–	12,900	–	0.07%	–
F	Sell	FORD MTR CO DEL	$995,000	+1.0%	59,000	-7.4%	0.07%	-6.3%
C	Buy	CITIGROUP INC	$970,000	+4.2%	20,000	+3.1%	0.07%	-2.7%
BAC	Sell	BANK OF AMERICA CORPORATION	$948,000	-0.5%	68,700	-7.3%	0.07%	-7.8%
EFA	Buy	ISHARESmsci eafe etf	$821,000	+52.6%	13,055	+36.6%	0.06%	+41.9%
ENB	Buy	ENBRIDGE INC	$569,000	+3.6%	13,600	+3.8%	0.04%	-2.3%
TAHO	New	TAHOE RES INC	$496,000	–	27,500	–	0.04%	–
PDS	Sell	PRECISION DRILLING CORP	$481,000	0.0%	48,400	-14.6%	0.04%	-7.7%
TCPTF	Sell	THOMPSON CREEK METALS CO INC	$462,000	+11.3%	128,600	-6.3%	0.04%	+6.1%
VET	New	VERMILION ENERGY INC	$330,000	–	6,000	–	0.02%	–
IMO	Sell	IMPERIAL OIL LTD	$253,000	+13.5%	5,750	-1.7%	0.02%	+5.6%
CP	Sell	CANADIAN PAC RY LTD	$247,000	-98.8%	2,000	-98.8%	0.02%	-98.9%
TLM	Sell	TALISMAN ENERGY INC	$126,000	-71.4%	11,000	-71.5%	0.01%	-74.3%
CAE	Exit	CAE INC	$0	–	-12,000	–	-0.01%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-91,300	–	-0.02%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-32,600	–	-0.04%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-6,100	–	-0.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-18,400	–	-0.08%	–
HD	Exit	HOME DEPOT INC	$0	–	-12,700	–	-0.08%	–
NWSA	Exit	NEWS CORPcl a	$0	–	-31,200	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-7,877	–	-0.25%	–
COA	Exit	COASTAL CONTACTS INC	$0	–	-1,998,137	–	-0.82%	–
BBRY	Exit	RESEARCH IN MOTION LTD	$0	–	-1,545,164	–	-1.31%	–

Q2 2013

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$86,103,000	–	1,075,294	–	6.93%	–
AGI	New	ALAMOS GOLD INC	$69,946,000	–	5,791,707	–	5.63%	–
BNS	New	BANK N S HALIFAX	$68,781,000	–	1,290,594	–	5.54%	–
OTEX	New	OPEN TEXT CORP	$54,182,000	–	794,939	–	4.36%	–
TGA	New	TRANSGLOBE ENERGY CORP	$48,221,000	–	7,801,951	–	3.88%	–
GIL	New	GILDAN ACTIVEWEAR INC	$46,493,000	–	1,149,963	–	3.74%	–
DSGX	New	DESCARTES SYS GROUP INC	$43,046,000	–	3,749,733	–	3.47%	–
CVE	New	CENOVUS ENERGY INC	$41,378,000	–	1,455,005	–	3.33%	–
PBA	New	PEMBINA PIPELINE CORP	$39,183,000	–	1,284,459	–	3.16%	–
GIB	New	GROUPE CGI INCcl a sub vtg	$38,202,000	–	1,308,423	–	3.08%	–
TU	New	TELUS CORP	$37,637,000	–	1,293,256	–	3.03%	–
CNI	New	CANADIAN NATL RY CO	$37,441,000	–	385,709	–	3.01%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$36,496,000	–	628,261	–	2.94%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$23,379,000	–	5,942,787	–	1.88%	–
MGA	New	MAGNA INTL INC	$22,462,000	–	316,525	–	1.81%	–
POT	New	POTASH CORP SASK INC	$20,597,000	–	541,565	–	1.66%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$20,440,000	–	237,779	–	1.65%	–
MEOH	New	METHANEX CORP	$20,165,000	–	472,186	–	1.62%	–
CP	New	CANADIAN PAC RY LTD	$20,158,000	–	166,746	–	1.62%	–
CNQ	New	CANADIAN NAT RES LTD	$20,091,000	–	714,799	–	1.62%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$18,963,000	–	307,395	–	1.53%	–
PEP	New	PEPSICO INC	$18,936,000	–	231,519	–	1.52%	–
FSM	New	FORTUNA SILVER MINES INC	$18,145,000	–	5,468,840	–	1.46%	–
MA	New	MASTERCARD INCcl a	$17,536,000	–	30,524	–	1.41%	–
BK	New	BANK NEW YORK MELLON CORP	$17,447,000	–	622,006	–	1.40%	–
GOOGL	New	GOOGLE INCcl a	$16,903,000	–	19,200	–	1.36%	–
TJX	New	TJX COS INC NEW	$16,255,000	–	324,706	–	1.31%	–
BBRY	New	RESEARCH IN MOTION LTD	$16,229,000	–	1,545,164	–	1.31%	–
THI	New	TIM HORTONS INC	$16,224,000	–	300,895	–	1.31%	–
GG	New	GOLDCORP INC NEW	$14,716,000	–	594,345	–	1.18%	–
XOM	New	EXXON MOBIL CORP	$14,685,000	–	162,535	–	1.18%	–
UNP	New	UNION PAC CORP	$14,298,000	–	92,677	–	1.15%	–
WFC	New	WELLS FARGO & CO NEW	$12,541,000	–	303,885	–	1.01%	–
CL	New	COLGATE PALMOLIVE CO	$11,835,000	–	206,573	–	0.95%	–
DHR	New	DANAHER CORP DEL	$11,278,000	–	178,165	–	0.91%	–
BEN	New	FRANKLIN RES INC	$10,602,000	–	77,946	–	0.85%	–
COA	New	COASTAL CONTACTS INC	$10,134,000	–	1,998,137	–	0.82%	–
UNH	New	UNITEDHEALTH GROUP INC	$9,985,000	–	152,489	–	0.80%	–
BTEGF	New	BAYTEX ENERGY CORP	$9,853,000	–	274,239	–	0.79%	–
JNJ	New	JOHNSON & JOHNSON	$9,440,000	–	109,945	–	0.76%	–
AMTD	New	TD AMERITRADE HLDG CORP	$8,921,000	–	367,267	–	0.72%	–
SYY	New	SYSCO CORP	$8,865,000	–	259,510	–	0.71%	–
COST	New	COSTCO WHSL CORP NEW	$8,804,000	–	79,624	–	0.71%	–
SLB	New	SCHLUMBERGER LTD	$8,179,000	–	114,143	–	0.66%	–
OXY	New	OCCIDENTAL PETE CORP DEL	$7,839,000	–	87,851	–	0.63%	–
YUM	New	YUM BRANDS INC	$7,624,000	–	109,950	–	0.61%	–
SAND	New	SANDSTORM GOLD LTD	$7,493,000	–	1,281,150	–	0.60%	–
PX	New	PRAXAIR INC	$7,418,000	–	64,416	–	0.60%	–
VAR	New	VARIAN MED SYS INC	$7,404,000	–	109,767	–	0.60%	–
MCO	New	MOODYS CORP	$7,279,000	–	119,473	–	0.59%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$7,155,000	–	37,440	–	0.58%	–
GGG	New	GRACO INC	$6,749,000	–	106,773	–	0.54%	–
SLH	New	SOLERA HOLDINGS INC	$6,614,000	–	118,850	–	0.53%	–
MSFT	New	MICROSOFT CORP	$6,599,000	–	191,106	–	0.53%	–
FNV	New	FRANCO NEVADA CORP	$5,667,000	–	158,779	–	0.46%	–
ECL	New	ECOLAB INC	$5,056,000	–	59,350	–	0.41%	–
SIAL	New	SIGMA ALDRICH CORP	$5,009,000	–	62,328	–	0.40%	–
AMZN	New	AMAZON COM INC	$4,717,000	–	16,986	–	0.38%	–
APA	New	APACHE CORP	$4,588,000	–	54,731	–	0.37%	–
SM	New	SM ENERGY CO	$4,551,000	–	75,882	–	0.37%	–
NKE	New	NIKE INCcl b	$3,817,000	–	59,935	–	0.31%	–
AAPL	New	APPLE INC	$3,120,000	–	7,877	–	0.25%	–
TSM	New	TAIWAN SEMICONDUCTOR MFG LTDsponsored adr	$2,156,000	–	119,579	–	0.17%	–
MFC	New	MANULIFE FINL CORP	$1,595,000	–	99,955	–	0.13%	–
NWSA	New	NEWS CORPcl a	$1,017,000	–	31,200	–	0.08%	–
TWX	New	TIME WARNER INC	$989,000	–	17,100	–	0.08%	–
HD	New	HOME DEPOT INC	$984,000	–	12,700	–	0.08%	–
F	New	FORD MTR CO DEL	$985,000	–	63,700	–	0.08%	–
JPM	New	JPMORGAN CHASE & CO	$971,000	–	18,400	–	0.08%	–
GILD	New	GILEAD SCIENCES INC	$953,000	–	18,600	–	0.08%	–
BAC	New	BANK OF AMERICA CORPORATION	$953,000	–	74,100	–	0.08%	–
MS	New	MORGAN STANLEY	$941,000	–	38,500	–	0.08%	–
C	New	CITIGROUP INC	$931,000	–	19,400	–	0.08%	–
GS	New	GOLDMAN SACHS GROUP INC	$923,000	–	6,100	–	0.07%	–
ENB	New	ENBRIDGE INC	$549,000	–	13,100	–	0.04%	–
PCOM	New	POINTS INTL LTD	$538,000	–	25,000	–	0.04%	–
EFA	New	ISHARES TRmsci eafe index	$538,000	–	9,555	–	0.04%	–
PDS	New	PRECISION DRILLING CORP	$481,000	–	56,700	–	0.04%	–
DDC	New	DOMINION DIAMOND CORP	$460,000	–	32,600	–	0.04%	–
TRP	New	TRANSCANADA CORP	$429,000	–	10,000	–	0.04%	–
TLM	New	TALISMAN ENERGY INC	$440,000	–	38,650	–	0.04%	–
TCPTF	New	THOMPSON CREEK METALS CO INC	$415,000	–	137,300	–	0.03%	–
BMO	New	BANK MONTREAL QUE	$367,000	–	6,350	–	0.03%	–
NSU	New	NEVSUN RES LTD	$269,000	–	91,300	–	0.02%	–
IMO	New	IMPERIAL OIL LTD	$223,000	–	5,850	–	0.02%	–
CAE	New	CAE INC	$124,000	–	12,000	–	0.01%	–

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