Nexus Investment Management ULC Activity Q3 2009-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TD	Buy	TORONTO DOMINION BK ONT	$47,987,113	-2.5%	794,075	+0.1%	5.42%	+1.1%
FB	Sell	META PLATFORMS INCcl a	$44,396,256	+3.1%	147,884	-1.5%	5.01%	+6.9%
RY	Sell	ROYAL BK CDA	$43,800,526	-9.4%	499,664	-1.3%	4.94%	-6.1%
JPM	Sell	JPMORGAN CHASE & CO	$38,297,172	-0.7%	264,082	-0.4%	4.32%	+3.0%
MSFT	Sell	MICROSOFT CORP	$33,667,159	-8.2%	106,626	-1.0%	3.80%	-4.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$33,191,655	+8.6%	251,738	-0.4%	3.74%	+12.6%
CSCO	Sell	CISCO SYS INC	$31,992,038	+3.0%	595,090	-0.9%	3.61%	+6.8%
CVE	Sell	CENOVUS ENERGY INC	$31,791,860	+22.7%	1,522,250	-0.1%	3.59%	+27.2%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$30,457,784	-19.8%	1,034,691	-0.4%	3.44%	-16.9%
ROST	Sell	ROSS STORES INC	$30,239,539	+0.5%	267,725	-0.3%	3.41%	+4.2%
EOG	Sell	EOG RES INC	$29,627,741	+10.1%	233,731	-0.6%	3.34%	+14.2%
BNS	Sell	BANK NOVA SCOTIA HALIFAX	$29,374,541	-10.5%	653,350	-0.3%	3.32%	-7.2%
CVS	Sell	CVS HEALTH CORP	$28,448,299	+0.7%	407,452	-0.3%	3.21%	+4.4%
CAE	Buy	CAE INC	$27,565,628	+9.1%	1,177,121	+4.3%	3.11%	+13.1%
TU	Buy	TELUS CORPORATION	$26,806,463	-15.6%	1,636,543	+0.3%	3.02%	-12.5%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$26,483,092	-13.4%	169,905	-0.5%	2.99%	-10.3%
ENB	Buy	ENBRIDGE INC	$25,382,478	-9.8%	762,937	+0.9%	2.86%	-6.4%
KMX	Buy	CARMAX INC	$24,706,555	-15.4%	349,308	+0.1%	2.79%	-12.3%
PFE	Buy	PFIZER INC	$24,597,247	-8.9%	741,551	+0.8%	2.78%	-5.5%
SU	Buy	SUNCOR ENERGY INC NEW	$23,504,434	+18.5%	681,380	+0.9%	2.65%	+22.9%
GILD	Buy	GILEAD SCIENCES INC	$21,880,082	-2.6%	291,968	+0.2%	2.47%	+1.0%
BSX	Sell	BOSTON SCIENTIFIC CORP	$21,609,667	-2.9%	409,274	-0.5%	2.44%	+0.7%
C	Sell	CITIGROUP INC	$21,424,411	-10.7%	520,895	-0.0%	2.42%	-7.4%
MGA	Sell	MAGNA INTL INC	$21,412,504	-5.6%	398,332	-0.8%	2.42%	-2.1%
TRP	Sell	TC ENERGY CORP	$20,924,355	-16.9%	606,585	-2.6%	2.36%	-13.9%
GM	Sell	GENERAL MTRS CO	$20,143,087	-15.1%	610,952	-0.7%	2.27%	-12.0%
WDC	Buy	WESTERN DIGITAL CORP.	$18,901,680	+20.8%	414,238	+0.4%	2.13%	+25.2%
DG	Buy	DOLLAR GEN CORP NEW	$17,042,264	-37.4%	161,080	+0.4%	1.92%	-35.1%
MDT	Sell	MEDTRONIC PLC	$15,193,142	-13.1%	193,889	-2.3%	1.71%	-9.9%
MS	New	MORGAN STANLEY	$13,993,419	–	171,341	–	1.58%	–
AEP	Buy	AMERICAN ELEC PWR CO INC	$7,491,912	-5.4%	99,600	+5.9%	0.84%	-2.0%
BCE	Sell	BCE INC	$4,195,110	-17.0%	109,558	-1.1%	0.47%	-14.0%
PRAA	Sell	PRA GROUP INC	$3,185,325	-22.8%	165,816	-8.2%	0.36%	-20.0%
GLW	Sell	CORNING INC	$3,110,987	-25.1%	102,100	-13.9%	0.35%	-22.3%
FTS	Sell	FORTIS INC	$2,993,265	-13.0%	78,565	-1.5%	0.34%	-9.6%
FSV	Sell	FIRSTSERVICE CORP NEW	$2,869,245	-6.1%	19,671	-0.8%	0.32%	-2.4%
CM	Buy	CANADIAN IMPERIAL BK COMM TO	$2,763,066	-8.7%	71,361	+0.8%	0.31%	-5.2%
OTEX	Sell	OPEN TEXT CORP	$2,220,581	-16.2%	63,130	-0.9%	0.25%	-13.1%
UNP	Buy	UNION PAC CORP	$2,150,333	+5.5%	10,560	+6.0%	0.24%	+9.5%
CVX	Sell	CHEVRON CORP NEW	$1,719,924	+2.2%	10,200	-4.7%	0.19%	+6.0%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,607,536	-27.7%	49,600	-17.1%	0.18%	-25.2%
XOM	Sell	EXXON MOBIL CORP	$1,217,541	+4.6%	10,355	-4.6%	0.14%	+7.9%
JNJ	Sell	JOHNSON & JOHNSON	$1,195,537	-16.7%	7,676	-11.5%	0.14%	-13.5%
COST	Sell	COSTCO WHSL CORP NEW	$810,153	+3.9%	1,434	-1.0%	0.09%	+7.1%
	Sell	THOMSON REUTERS CORP.	$691,466	-15.2%	5,635	-6.6%	0.08%	-12.4%
PG	Sell	PROCTER AND GAMBLE CO	$277,134	-13.0%	1,900	-9.5%	0.03%	-11.4%
DFS	New	DISCOVER FINL SVCS	$263,615	–	3,043	–	0.03%	–
BIIB	New	BIOGEN INC	$236,449	–	920	–	0.03%	–
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.03%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-5,380	–	-0.03%	–
FTV	Exit	FORTIVE CORP	$0	–	-3,655	–	-0.03%	–

Q2 2023

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$49,210,412	–	793,385	–	5.36%	–
RY	New	ROYAL BK CDA	$48,370,650	–	506,111	–	5.26%	–
FB	New	META PLATFORMS INCcl a	$43,066,802	–	150,069	–	4.69%	–
JPM	New	JPMORGAN CHASE & CO	$38,555,708	–	265,097	–	4.20%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$37,996,457	–	1,038,823	–	4.14%	–
MSFT	New	MICROSOFT CORP	$36,661,174	–	107,656	–	3.99%	–
BNS	New	BANK NOVA SCOTIA HALIFAX	$32,813,507	–	655,380	–	3.57%	–
TU	New	TELUS CORPORATION	$31,775,837	–	1,631,688	–	3.46%	–
CSCO	New	CISCO SYS INC	$31,056,159	–	600,235	–	3.38%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$30,594,390	–	170,680	–	3.33%	–
GOOG	New	ALPHABET INCcap stk cl c	$30,560,409	–	252,628	–	3.33%	–
ROST	New	ROSS STORES INC	$30,099,056	–	268,430	–	3.28%	–
KMX	New	CARMAX INC	$29,205,692	–	348,933	–	3.18%	–
CVS	New	CVS HEALTH CORP	$28,242,508	–	408,542	–	3.07%	–
ENB	New	ENBRIDGE INC	$28,127,982	–	756,212	–	3.06%	–
DG	New	DOLLAR GEN CORP NEW	$27,230,165	–	160,385	–	2.96%	–
PFE	New	PFIZER INC	$26,986,613	–	735,731	–	2.94%	–
EOG	New	EOG RES INC	$26,906,561	–	235,115	–	2.93%	–
CVE	New	CENOVUS ENERGY INC	$25,908,104	–	1,524,320	–	2.82%	–
CAE	New	CAE INC	$25,268,333	–	1,128,171	–	2.75%	–
TRP	New	TC ENERGY CORP	$25,189,404	–	622,820	–	2.74%	–
C	New	CITIGROUP INC	$23,986,610	–	520,995	–	2.61%	–
GM	New	GENERAL MTRS CO	$23,719,297	–	615,127	–	2.58%	–
MGA	New	MAGNA INTL INC	$22,683,686	–	401,507	–	2.47%	–
GILD	New	GILEAD SCIENCES INC	$22,466,907	–	291,513	–	2.44%	–
BSX	New	BOSTON SCIENTIFIC CORP	$22,249,868	–	411,349	–	2.42%	–
SU	New	SUNCOR ENERGY INC NEW	$19,831,486	–	675,578	–	2.16%	–
MDT	New	MEDTRONIC PLC	$17,486,881	–	198,489	–	1.90%	–
WDC	New	WESTERN DIGITAL CORP.	$15,642,446	–	412,403	–	1.70%	–
AEP	New	AMERICAN ELEC PWR CO INC	$7,919,010	–	94,050	–	0.86%	–
BCE	New	BCE INC	$5,053,462	–	110,758	–	0.55%	–
GOOGL	New	ALPHABET INCcap stk cl a	$4,391,194	–	36,685	–	0.48%	–
GLW	New	CORNING INC	$4,155,744	–	118,600	–	0.45%	–
PRAA	New	PRA GROUP INC	$4,126,824	–	180,605	–	0.45%	–
FTS	New	FORTIS INC	$3,439,928	–	79,765	–	0.37%	–
FSV	New	FIRSTSERVICE CORP NEW	$3,054,694	–	19,821	–	0.33%	–
CM	New	CANADIAN IMPERIAL BK COMM TO	$3,025,088	–	70,803	–	0.33%	–
DHR	New	DANAHER CORPORATION	$2,994,480	–	12,477	–	0.33%	–
OTEX	New	OPEN TEXT CORP	$2,651,307	–	63,730	–	0.29%	–
EFA	New	ISHARES TRmsci eafe etf	$2,287,375	–	31,550	–	0.25%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,223,962	–	59,800	–	0.24%	–
UNP	New	UNION PAC CORP	$2,038,015	–	9,960	–	0.22%	–
CVX	New	CHEVRON CORP NEW	$1,683,645	–	10,700	–	0.18%	–
KR	New	KROGER CO	$1,670,380	–	35,540	–	0.18%	–
BMO	New	BANK MONTREAL QUE	$1,495,181	–	16,544	–	0.16%	–
JNJ	New	JOHNSON & JOHNSON	$1,436,052	–	8,676	–	0.16%	–
CNQ	New	CANADIAN NAT RES LTD	$1,188,539	–	21,125	–	0.13%	–
XOM	New	EXXON MOBIL CORP	$1,164,199	–	10,855	–	0.13%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$1,082,588	–	32,133	–	0.12%	–
PBA	New	PEMBINA PIPELINE CORP	$959,603	–	30,500	–	0.10%	–
	New	THOMSON REUTERS CORP.	$815,394	–	6,035	–	0.09%	–
TROW	New	PRICE T ROWE GROUP INC	$795,342	–	7,100	–	0.09%	–
COST	New	COSTCO WHSL CORP NEW	$780,113	–	1,449	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$634,384	–	5,235	–	0.07%	–
IMO	New	IMPERIAL OIL LTD	$606,527	–	11,846	–	0.07%	–
T	New	AT&T INC	$582,175	–	36,500	–	0.06%	–
CSX	New	CSX CORP	$540,144	–	15,840	–	0.06%	–
ABBV	New	ABBVIE INC	$465,627	–	3,456	–	0.05%	–
EXC	New	EXELON CORP	$439,992	–	10,800	–	0.05%	–
LLY	New	LILLY ELI & CO	$387,377	–	826	–	0.04%	–
ABT	New	ABBOTT LABS	$358,676	–	3,290	–	0.04%	–
KMB	New	KIMBERLY-CLARK CORP	$338,247	–	2,450	–	0.04%	–
PG	New	PROCTER AND GAMBLE CO	$318,654	–	2,100	–	0.04%	–
MRK	New	MERCK & CO INC	$302,899	–	2,625	–	0.03%	–
WFC	New	WELLS FARGO CO NEW	$277,420	–	6,500	–	0.03%	–
FTV	New	FORTIVE CORP	$273,284	–	3,655	–	0.03%	–
V	New	VISA INC	$260,753	–	1,098	–	0.03%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$245,631	–	5,380	–	0.03%	–
EIX	New	EDISON INTL	$243,075	–	3,500	–	0.03%	–
BHC	New	BAUSCH HEALTH COS INC	$186,475	–	23,300	–	0.02%	–

Q4 2022

			Value		Shares		↓ Weighting
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-24,300	–	-0.02%	–
FTV	Exit	FORTIVE CORP	$0	–	-4,105	–	-0.03%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-8,560	–	-0.03%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-6,920	–	-0.03%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-7,192	–	-0.04%	–
EXC	Exit	EXELON CORP	$0	–	-8,750	–	-0.04%	–
MTB	Exit	M & T BK CORP	$0	–	-2,000	–	-0.04%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-9,000	–	-0.04%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-3,250	–	-0.05%	–
T	Exit	AT&T INC	$0	–	-24,350	–	-0.05%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-4,100	–	-0.05%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-4,975	–	-0.07%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,489	–	-0.09%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-7,100	–	-0.09%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-10,332	–	-0.11%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-22,475	–	-0.13%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-7,476	–	-0.15%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-41,000	–	-0.16%	–
KR	Exit	KROGER CO	$0	–	-30,900	–	-0.17%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-34,408	–	-0.18%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-16,544	–	-0.18%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-63,130	–	-0.21%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-31,550	–	-0.22%	–
UNP	Exit	UNION PAC CORP	$0	–	-10,010	–	-0.24%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-55,275	–	-0.26%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-15,100	–	-0.27%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-19,821	–	-0.30%	–
FTS	Exit	FORTIS INC	$0	–	-76,625	–	-0.36%	–
CM	Exit	CANADIAN IMPERIAL BK COMM TO	$0	–	-67,686	–	-0.37%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-12,792	–	-0.41%	–
GLW	Exit	CORNING INC	$0	–	-117,700	–	-0.42%	–
BCE	Exit	BCE INC	$0	–	-104,121	–	-0.55%	–
PRAA	Exit	PRA GROUP INC	$0	–	-190,003	–	-0.78%	–
AEP	Exit	AMERICAN ELEC PWR CO INC	$0	–	-88,725	–	-0.96%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-81,620	–	-0.97%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-372,038	–	-1.51%	–
CAE	Exit	CAE INC	$0	–	-847,946	–	-1.63%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-184,724	–	-1.86%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-410,234	–	-1.98%	–
MGA	Exit	MAGNA INTL INC	$0	–	-346,722	–	-2.06%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-278,793	–	-2.14%	–
KMX	Exit	CARMAX INC	$0	–	-267,649	–	-2.20%	–
GM	Exit	GENERAL MTRS CO	$0	–	-590,747	–	-2.36%	–
TRP	Exit	TC ENERGY CORP	$0	–	-498,714	–	-2.52%	–
C	Exit	CITIGROUP INC	$0	–	-488,610	–	-2.54%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-153,249	–	-2.59%	–
ROST	Exit	ROSS STORES INC	$0	–	-267,875	–	-2.81%	–
CSCO	Exit	CISCO SYS INC	$0	–	-571,050	–	-2.84%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-238,795	–	-2.86%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-109,335	–	-3.17%	–
EOG	Exit	EOG RES INC	$0	–	-228,480	–	-3.18%	–
ENB	Exit	ENBRIDGE INC	$0	–	-722,897	–	-3.36%	–
BNS	Exit	BANK NOVA SCOTIA HALIFAX	$0	–	-566,811	–	-3.38%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-168,885	–	-3.40%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-977,922	–	-3.46%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-266,072	–	-3.46%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,986,350	–	-3.83%	–
PFE	Exit	PFIZER INC	$0	–	-707,992	–	-3.86%	–
TU	Exit	TELUS CORPORATION	$0	–	-1,595,168	–	-3.98%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-963,114	–	-4.34%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-156,735	–	-4.68%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-399,982	–	-4.75%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-709,134	–	-5.46%	–
RY	Exit	ROYAL BK CDA	$0	–	-504,466	–	-5.70%	–

Q3 2022

			Value		Shares		↓ Weighting
RY	Buy	ROYAL BK CDA	$45,782,000	-4.1%	504,466	+2.4%	5.70%	+4.0%
TD	Buy	TORONTO DOMINION BK ONT	$43,839,000	-3.6%	709,134	+2.2%	5.46%	+4.5%
CVS	Buy	CVS HEALTH CORP	$38,146,000	+4.1%	399,982	+1.1%	4.75%	+12.9%
DG	Sell	DOLLAR GEN CORP NEW	$37,594,000	-2.7%	156,735	-0.4%	4.68%	+5.5%
BIP	Buy	BROOKFIELD INFRAST PARTNERSlp int unit	$34,823,000	-4.7%	963,114	+0.7%	4.34%	+3.4%
TU	Buy	TELUS CORPORATION	$31,928,000	-9.3%	1,595,168	+0.9%	3.98%	-1.6%
PFE	Buy	PFIZER INC	$30,982,000	-15.8%	707,992	+0.8%	3.86%	-8.7%
CVE	Buy	CENOVUS ENERGY INC	$30,757,000	-18.3%	1,986,350	+0.4%	3.83%	-11.4%
JPM	Buy	JPMORGAN CHASE & CO	$27,805,000	-2.0%	266,072	+5.6%	3.46%	+6.3%
SU	Buy	SUNCOR ENERGY INC NEW	$27,759,000	-18.7%	977,922	+0.5%	3.46%	-11.8%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$27,282,000	-10.8%	168,885	+0.8%	3.40%	-3.2%
BNS	Buy	BANK NOVA SCOTIA HALIFAX	$27,174,000	-14.7%	566,811	+5.3%	3.38%	-7.5%
ENB	Buy	ENBRIDGE INC	$27,018,000	-4.4%	722,897	+8.0%	3.36%	+3.7%
EOG	Buy	EOG RES INC	$25,528,000	+2.7%	228,480	+1.5%	3.18%	+11.3%
MSFT	Buy	MICROSOFT CORP	$25,464,000	-8.3%	109,335	+1.1%	3.17%	-0.6%
GOOG	Buy	ALPHABET INCcap stk cl c	$22,960,000	-11.8%	238,795	+1907.5%	2.86%	-4.3%
CSCO	Buy	CISCO SYS INC	$22,842,000	-3.6%	571,050	+2.8%	2.84%	+4.6%
ROST	Buy	ROSS STORES INC	$22,574,000	+23.3%	267,875	+2.8%	2.81%	+33.7%
FB	Buy	META PLATFORMS INCcl a	$20,793,000	-1.9%	153,249	+16.6%	2.59%	+6.4%
C	Buy	CITIGROUP INC	$20,360,000	-7.2%	488,610	+2.4%	2.54%	+0.6%
TRP	Buy	TC ENERGY CORP	$20,248,000	-15.8%	498,714	+7.4%	2.52%	-8.7%
GM	Buy	GENERAL MTRS CO	$18,957,000	+2.7%	590,747	+1.7%	2.36%	+11.4%
KMX	Buy	CARMAX INC	$17,670,000	-26.0%	267,649	+1.4%	2.20%	-19.7%
GILD	Buy	GILEAD SCIENCES INC	$17,199,000	+0.9%	278,793	+1.0%	2.14%	+9.3%
MGA	Buy	MAGNA INTL INC	$16,579,000	-11.7%	346,722	+1.4%	2.06%	-4.2%
BSX	Buy	BOSTON SCIENTIFIC CORP	$15,888,000	+5.5%	410,234	+1.5%	1.98%	+14.4%
MDT	Sell	MEDTRONIC PLC	$14,916,000	-11.6%	184,724	-1.8%	1.86%	-4.2%
CAE	Buy	CAE INC	$13,111,000	-35.7%	847,946	+2.5%	1.63%	-30.3%
WDC	Buy	WESTERN DIGITAL CORP.	$12,110,000	-23.0%	372,038	+6.1%	1.51%	-16.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$7,807,000	-12.1%	81,620	+1902.5%	0.97%	-4.7%
AEP	Buy	AMERICAN ELEC PWR CO INC	$7,670,000	-1.4%	88,725	+9.4%	0.96%	+6.8%
PRAA	Sell	PRA GROUP INC	$6,243,000	-9.9%	190,003	-0.3%	0.78%	-2.4%
BCE	Buy	BCE INC	$4,401,000	-5.8%	104,121	+9.5%	0.55%	+2.0%
GLW	Buy	CORNING INC	$3,416,000	+57.3%	117,700	+70.8%	0.42%	+70.7%
DHR	Sell	DANAHER CORPORATION	$3,304,000	+1.1%	12,792	-0.8%	0.41%	+9.6%
CM	Buy	CANADIAN IMPERIAL BK COMM TO	$2,986,000	-8.6%	67,686	+0.6%	0.37%	-0.8%
FTS	Buy	FORTIS INC	$2,934,000	-16.9%	76,625	+2.6%	0.36%	-10.1%
CVX	Buy	CHEVRON CORP NEW	$2,169,000	+4.2%	15,100	+5.0%	0.27%	+13.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,099,000	-20.8%	55,275	+5.9%	0.26%	-14.1%
UNP	Buy	UNION PAC CORP	$1,950,000	-2.1%	10,010	+7.2%	0.24%	+6.1%
OTEX	Buy	OPEN TEXT CORP	$1,678,000	-25.0%	63,130	+6.8%	0.21%	-18.7%
KR	New	KROGER CO	$1,352,000	–	30,900	–	0.17%	–
JNJ	Sell	JOHNSON & JOHNSON	$1,221,000	-11.5%	7,476	-3.9%	0.15%	-3.8%
XOM	Buy	EXXON MOBIL CORP	$902,000	+7.1%	10,332	+5.1%	0.11%	+15.5%
CNI	Sell	CANADIAN NATL RY CO	$542,000	-4.1%	4,975	-0.9%	0.07%	+3.1%
T	Sell	AT&T INC	$374,000	-27.2%	24,350	-0.6%	0.05%	-20.3%
KMB	Sell	KIMBERLY-CLARK CORP	$366,000	-34.8%	3,250	-21.7%	0.05%	-28.1%
EXC	Sell	EXELON CORP	$328,000	-17.8%	8,750	-0.6%	0.04%	-10.9%
TRQ	New	TURQUOISE HILL RES LTD	$255,000	–	8,560	–	0.03%	–
FTV	Sell	FORTIVE CORP	$239,000	-0.4%	4,105	-6.8%	0.03%	+7.1%
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.02%	–
INTC	Exit	INTEL CORP	$0	–	-9,000	–	-0.04%	–
PEP	Exit	PEPSICO INC	$0	–	-4,250	–	-0.08%	–

Q2 2022

			Value		Shares		↓ Weighting
RY	New	ROYAL BK CDA	$47,721,000	–	492,881	–	5.48%	–
TD	New	TORONTO DOMINION BK ONT	$45,487,000	–	693,719	–	5.22%	–
DG	New	DOLLAR GEN CORP NEW	$38,624,000	–	157,365	–	4.44%	–
CVE	New	CENOVUS ENERGY INC	$37,630,000	–	1,978,050	–	4.32%	–
PFE	New	PFIZER INC	$36,809,000	–	702,067	–	4.23%	–
CVS	New	CVS HEALTH CORP	$36,653,000	–	395,567	–	4.21%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$36,534,000	–	956,314	–	4.20%	–
TU	New	TELUS CORPORATION	$35,195,000	–	1,580,318	–	4.04%	–
SU	New	SUNCOR ENERGY INC NEW	$34,147,000	–	973,392	–	3.92%	–
BNS	New	BANK NOVA SCOTIA B C	$31,864,000	–	538,456	–	3.66%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$30,570,000	–	167,470	–	3.51%	–
JPM	New	JPMORGAN CHASE & CO	$28,375,000	–	251,972	–	3.26%	–
ENB	New	ENBRIDGE INC	$28,254,000	–	669,097	–	3.24%	–
MSFT	New	MICROSOFT CORP	$27,766,000	–	108,110	–	3.19%	–
GOOG	New	ALPHABET INCcap stk cl c	$26,020,000	–	11,895	–	2.99%	–
EOG	New	EOG RES INC	$24,863,000	–	225,124	–	2.86%	–
TRP	New	TC ENERGY CORP	$24,042,000	–	464,164	–	2.76%	–
KMX	New	CARMAX INC	$23,878,000	–	263,899	–	2.74%	–
CSCO	New	CISCO SYS INC	$23,696,000	–	555,730	–	2.72%	–
C	New	CITIGROUP INC	$21,940,000	–	477,055	–	2.52%	–
FB	New	META PLATFORMS INCcl a	$21,186,000	–	131,389	–	2.43%	–
CAE	New	CAE INC	$20,389,000	–	827,471	–	2.34%	–
MGA	New	MAGNA INTL INC	$18,769,000	–	341,847	–	2.16%	–
GM	New	GENERAL MTRS CO	$18,456,000	–	581,097	–	2.12%	–
ROST	New	ROSS STORES INC	$18,302,000	–	260,600	–	2.10%	–
GILD	New	GILEAD SCIENCES INC	$17,054,000	–	275,918	–	1.96%	–
MDT	New	MEDTRONIC PLC	$16,881,000	–	188,084	–	1.94%	–
WDC	New	WESTERN DIGITAL CORP.	$15,723,000	–	350,733	–	1.81%	–
BSX	New	BOSTON SCIENTIFIC CORP	$15,062,000	–	404,134	–	1.73%	–
GOOGL	New	ALPHABET INCcap stk cl a	$8,883,000	–	4,076	–	1.02%	–
AEP	New	AMERICAN ELEC PWR CO INC	$7,781,000	–	81,100	–	0.89%	–
PRAA	New	PRA GROUP INC	$6,929,000	–	190,557	–	0.80%	–
BCE	New	BCE INC	$4,674,000	–	95,096	–	0.54%	–
FTS	New	FORTIS INC	$3,531,000	–	74,700	–	0.41%	–
CM	New	CANADIAN IMP BK COMM	$3,266,000	–	67,252	–	0.38%	–
DHR	New	DANAHER CORPORATION	$3,268,000	–	12,892	–	0.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,649,000	–	52,200	–	0.30%	–
FSV	New	FIRSTSERVICE CORP NEW	$2,404,000	–	19,821	–	0.28%	–
OTEX	New	OPEN TEXT CORP	$2,237,000	–	59,130	–	0.26%	–
GLW	New	CORNING INC	$2,171,000	–	68,900	–	0.25%	–
CVX	New	CHEVRON CORP NEW	$2,081,000	–	14,375	–	0.24%	–
UNP	New	UNION PAC CORP	$1,991,000	–	9,335	–	0.23%	–
EFA	New	ISHARES TRmsci eafe etf	$1,972,000	–	31,550	–	0.23%	–
BMO	New	BANK MONTREAL QUE	$1,591,000	–	16,544	–	0.18%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,530,000	–	34,408	–	0.18%	–
PBA	New	PEMBINA PIPELINE CORP	$1,449,000	–	41,000	–	0.17%	–
JNJ	New	JOHNSON & JOHNSON	$1,380,000	–	7,776	–	0.16%	–
CNQ	New	CANADIAN NAT RES LTD	$1,208,000	–	22,475	–	0.14%	–
XOM	New	EXXON MOBIL CORP	$842,000	–	9,832	–	0.10%	–
TROW	New	PRICE T ROWE GROUP INC	$807,000	–	7,100	–	0.09%	–
COST	New	COSTCO WHSL CORP NEW	$714,000	–	1,489	–	0.08%	–
PEP	New	PEPSICO INC	$708,000	–	4,250	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$565,000	–	5,022	–	0.06%	–
KMB	New	KIMBERLY-CLARK CORP	$561,000	–	4,150	–	0.06%	–
T	New	AT&T INC	$514,000	–	24,500	–	0.06%	–
TRI	New	THOMSON REUTERS CORP.	$427,000	–	4,100	–	0.05%	–
EXC	New	EXELON CORP	$399,000	–	8,800	–	0.05%	–
WFC	New	WELLS FARGO CO NEW	$353,000	–	9,000	–	0.04%	–
INTC	New	INTEL CORP	$337,000	–	9,000	–	0.04%	–
IMO	New	IMPERIAL OIL LTD	$339,000	–	7,192	–	0.04%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$332,000	–	6,920	–	0.04%	–
MTB	New	M & T BK CORP	$319,000	–	2,000	–	0.04%	–
FTV	New	FORTIVE CORP	$240,000	–	4,405	–	0.03%	–
EIX	New	EDISON INTL	$221,000	–	3,500	–	0.02%	–
BHC	New	BAUSCH HEALTH COS INC	$203,000	–	24,300	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
V	Exit	VISA INC	$0	–	-1,000	–	-0.02%	–
MTB	Exit	M & T BK CORP	$0	–	-2,000	–	-0.03%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-7,350	–	-0.03%	–
ABT	Exit	ABBOTT LABS	$0	–	-2,800	–	-0.04%	–
VTRS	Exit	VIATRIS INC	$0	–	-28,552	–	-0.04%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-8,435	–	-0.04%	–
EXC	Exit	EXELON CORP	$0	–	-8,800	–	-0.05%	–
FTV	Exit	FORTIVE CORP	$0	–	-6,165	–	-0.05%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-9,470	–	-0.05%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-4,100	–	-0.05%	–
INTC	Exit	INTEL CORP	$0	–	-9,000	–	-0.05%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-4,150	–	-0.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-9,832	–	-0.06%	–
PEP	Exit	PEPSICO INC	$0	–	-4,250	–	-0.07%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,618	–	-0.07%	–
T	Exit	AT&T INC	$0	–	-24,500	–	-0.07%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-24,300	–	-0.07%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,545	–	-0.08%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-22,475	–	-0.09%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,435	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,776	–	-0.12%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-40,000	–	-0.14%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-7,100	–	-0.15%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-13,975	–	-0.15%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-16,544	–	-0.18%	–
GLW	Exit	CORNING INC	$0	–	-51,250	–	-0.20%	–
FTS	Exit	FORTIS INC	$0	–	-42,500	–	-0.20%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-24,050	–	-0.20%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-41,400	–	-0.24%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-42,476	–	-0.24%	–
CM	Exit	CANADIAN IMP BK COMM	$0	–	-33,056	–	-0.40%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-21,675	–	-0.42%	–
BCE	Exit	BCE INC	$0	–	-85,776	–	-0.46%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-14,197	–	-0.47%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-89,130	–	-0.47%	–
AEP	Exit	AMERICAN ELEC PWR CO INC	$0	–	-61,490	–	-0.54%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,125	–	-1.19%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,745,900	–	-1.89%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-403,934	–	-1.89%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-348,703	–	-2.13%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-957,706	–	-2.13%	–
PRAA	Exit	PRA GROUP INC	$0	–	-471,326	–	-2.14%	–
TRP	Exit	TC ENERGY CORP	$0	–	-449,004	–	-2.32%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-312,318	–	-2.36%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-184,304	–	-2.50%	–
ENB	Exit	ENBRIDGE INC	$0	–	-658,077	–	-2.81%	–
CAE	Exit	CAE INC	$0	–	-880,841	–	-2.82%	–
CSCO	Exit	CISCO SYS INC	$0	–	-542,735	–	-3.19%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-364,777	–	-3.34%	–
MGA	Exit	MAGNA INTL INC	$0	–	-424,797	–	-3.43%	–
C	Exit	CITIGROUP INC	$0	–	-468,200	–	-3.55%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-97,300	–	-3.57%	–
PFE	Exit	PFIZER INC	$0	–	-772,122	–	-3.59%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-12,486	–	-3.59%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-549,831	–	-3.63%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-193,040	–	-3.80%	–
TU	Exit	TELUS CORPORATION	$0	–	-1,611,043	–	-3.80%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-166,265	–	-3.81%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-125,142	–	-3.81%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-635,304	–	-3.83%	–
GM	Exit	GENERAL MTRS CO	$0	–	-704,562	–	-4.01%	–
KMX	Exit	CARMAX INC	$0	–	-311,229	–	-4.30%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-262,497	–	-4.64%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-706,094	–	-5.01%	–
RY	Exit	ROYAL BK CDA	$0	–	-490,006	–	-5.23%	–

Q3 2021

			Value		Shares		↓ Weighting
RY	Sell	ROYAL BK CDA	$48,422,000	-3.4%	490,006	-1.0%	5.23%	+1.0%
TD	Sell	TORONTO DOMINION BK ONT	$46,423,000	-13.9%	706,094	-8.3%	5.01%	-10.0%
JPM	Sell	JPMORGAN CHASE & CO	$42,968,000	-1.5%	262,497	-6.4%	4.64%	+2.9%
KMX	Sell	CARMAX INC	$39,825,000	-3.0%	311,229	-2.1%	4.30%	+1.3%
GM	Buy	GENERAL MTRS CO	$37,137,000	-9.8%	704,562	+1.3%	4.01%	-5.8%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$35,483,000	-4.5%	635,304	-5.2%	3.83%	-0.2%
MSFT	Sell	MICROSOFT CORP	$35,280,000	+2.5%	125,142	-1.5%	3.81%	+7.1%
DG	Sell	DOLLAR GEN CORP NEW	$35,271,000	-4.4%	166,265	-2.5%	3.81%	-0.2%
TU	Sell	TELUS CORPORATION	$35,168,000	-2.8%	1,611,043	-0.3%	3.80%	+1.5%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$35,153,000	-13.4%	193,040	-1.1%	3.80%	-9.5%
BNS	Sell	BANK NOVA SCOTIA B C	$33,610,000	-6.3%	549,831	-0.4%	3.63%	-2.1%
GOOG	Sell	ALPHABET INCcap stk cl c	$33,279,000	+0.1%	12,486	-5.9%	3.59%	+4.6%
PFE	Sell	PFIZER INC	$33,209,000	+8.9%	772,122	-0.9%	3.59%	+13.8%
FB	Sell	FACEBOOK INCcl a	$33,023,000	-4.6%	97,300	-2.2%	3.57%	-0.3%
C	Sell	CITIGROUP INC	$32,858,000	-1.0%	468,200	-0.2%	3.55%	+3.5%
MGA	Sell	MAGNA INTL INC	$31,749,000	-19.6%	424,797	-0.5%	3.43%	-16.0%
CVS	Buy	CVS HEALTH CORP	$30,955,000	+5.3%	364,777	+3.5%	3.34%	+10.0%
CSCO	Sell	CISCO SYS INC	$29,541,000	+2.6%	542,735	-0.1%	3.19%	+7.3%
CAE	Sell	CAE INC	$26,135,000	-4.6%	880,841	-1.0%	2.82%	-0.3%
ENB	Sell	ENBRIDGE INC	$26,037,000	-3.9%	658,077	-2.8%	2.81%	+0.5%
MDT	Sell	MEDTRONIC PLC	$23,103,000	+0.9%	184,304	-0.0%	2.50%	+5.5%
GILD	Sell	GILEAD SCIENCES INC	$21,815,000	+0.4%	312,318	-1.0%	2.36%	+4.9%
TRP	Sell	TC ENERGY CORP	$21,462,000	-5.2%	449,004	-1.9%	2.32%	-0.9%
PRAA	Sell	PRA GROUP INC	$19,862,000	+7.8%	471,326	-1.6%	2.14%	+12.6%
SU	Sell	SUNCOR ENERGY INC NEW	$19,720,000	-16.5%	957,706	-3.0%	2.13%	-12.7%
WDC	Sell	WESTERN DIGITAL CORP.	$19,681,000	-21.0%	348,703	-0.4%	2.13%	-17.4%
BSX	Sell	BOSTON SCIENTIFIC CORP	$17,527,000	+1.4%	403,934	-0.0%	1.89%	+6.0%
CVE	Sell	CENOVUS ENERGY INC	$17,482,000	+4.2%	1,745,900	-0.5%	1.89%	+8.9%
GOOGL	Sell	ALPHABET INCcap stk cl a	$11,028,000	+6.9%	4,125	-2.3%	1.19%	+11.7%
AEP	Buy	AMERICAN ELEC PWR CO INC	$4,992,000	-3.4%	61,490	+0.7%	0.54%	+0.9%
DHR	Sell	DANAHER CORPORATION	$4,322,000	+12.7%	14,197	-0.7%	0.47%	+17.9%
BCE	Sell	BCE INC	$4,267,000	-0.3%	85,776	-1.3%	0.46%	+4.3%
CM	Buy	CANADIAN IMP BK COMM	$3,655,000	-2.2%	33,056	+0.5%	0.40%	+2.3%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$2,260,000	+5.7%	42,476	+1.2%	0.24%	+10.4%
VZ	Buy	VERIZON COMMUNICATIONS INC	$2,236,000	+0.5%	41,400	+4.3%	0.24%	+4.8%
EFA	Buy	ISHARES TRmsci eafe etf	$1,876,000	+21.7%	24,050	+23.0%	0.20%	+27.7%
CVX	Buy	CHEVRON CORP NEW	$1,418,000	+3.6%	13,975	+6.9%	0.15%	+7.7%
JNJ	Buy	JOHNSON & JOHNSON	$1,094,000	+8.4%	6,776	+10.6%	0.12%	+13.5%
UNP	Buy	UNION PAC CORP	$869,000	-7.7%	4,435	+3.5%	0.09%	-3.1%
COST	Sell	COSTCO WHSL CORP NEW	$694,000	+11.8%	1,545	-1.6%	0.08%	+17.2%
CNI	Sell	CANADIAN NATL RY CO	$647,000	+8.6%	5,618	-0.7%	0.07%	+12.9%
WFC	Sell	WELLS FARGO CO NEW	$440,000	-27.9%	9,470	-29.7%	0.05%	-23.8%
VTRS	Sell	VIATRIS INC	$387,000	-65.5%	28,552	-63.6%	0.04%	-63.8%
ABT	Sell	ABBOTT LABS	$331,000	-20.6%	2,800	-22.2%	0.04%	-16.3%
EIX	Exit	EDISON INTL	$0	–	-3,500	–	-0.02%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-6,500	–	-0.04%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-8,000	–	-0.04%	–

Q2 2021

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$53,896,000	–	769,855	–	5.57%	–
RY	New	ROYAL BK CDA	$50,111,000	–	495,107	–	5.18%	–
JPM	New	JPMORGAN CHASE & CO	$43,624,000	–	280,470	–	4.51%	–
GM	New	GENERAL MTRS CO	$41,172,000	–	695,835	–	4.26%	–
KMX	New	CARMAX INC	$41,070,000	–	318,006	–	4.24%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$40,580,000	–	195,125	–	4.19%	–
MGA	New	MAGNA INTL INC	$39,503,000	–	427,100	–	4.08%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$37,163,000	–	670,078	–	3.84%	–
DG	New	DOLLAR GEN CORP NEW	$36,911,000	–	170,580	–	3.82%	–
TU	New	TELUS CORPORATION	$36,195,000	–	1,615,565	–	3.74%	–
BNS	New	BANK NOVA SCOTIA B C	$35,871,000	–	552,106	–	3.71%	–
FB	New	FACEBOOK INCcl a	$34,607,000	–	99,530	–	3.58%	–
MSFT	New	MICROSOFT CORP	$34,434,000	–	127,110	–	3.56%	–
GOOG	New	ALPHABET INCcap stk cl c	$33,238,000	–	13,262	–	3.44%	–
C	New	CITIGROUP INC	$33,186,000	–	469,060	–	3.43%	–
PFE	New	PFIZER INC	$30,497,000	–	778,800	–	3.15%	–
CVS	New	CVS HEALTH CORP	$29,408,000	–	352,445	–	3.04%	–
CSCO	New	CISCO SYS INC	$28,786,000	–	543,135	–	2.98%	–
CAE	New	CAE INC	$27,389,000	–	890,150	–	2.83%	–
ENB	New	ENBRIDGE INC	$27,083,000	–	677,127	–	2.80%	–
WDC	New	WESTERN DIGITAL CORP.	$24,913,000	–	350,053	–	2.58%	–
SU	New	SUNCOR ENERGY INC NEW	$23,614,000	–	986,912	–	2.44%	–
MDT	New	MEDTRONIC PLC	$22,886,000	–	184,375	–	2.37%	–
TRP	New	TC ENERGY CORP	$22,635,000	–	457,889	–	2.34%	–
GILD	New	GILEAD SCIENCES INC	$21,718,000	–	315,396	–	2.24%	–
PRAA	New	PRA GROUP INC	$18,426,000	–	478,978	–	1.90%	–
BSX	New	BOSTON SCIENTIFIC CORP	$17,278,000	–	404,075	–	1.79%	–
CVE	New	CENOVUS ENERGY INC	$16,774,000	–	1,754,960	–	1.73%	–
GOOGL	New	ALPHABET INCcap stk cl a	$10,312,000	–	4,223	–	1.07%	–
AEP	New	AMERICAN ELEC PWR CO INC	$5,168,000	–	61,090	–	0.53%	–
OTEX	New	OPEN TEXT CORP	$4,525,000	–	89,130	–	0.47%	–
BCE	New	BCE INC	$4,280,000	–	86,876	–	0.44%	–
DHR	New	DANAHER CORPORATION	$3,835,000	–	14,292	–	0.40%	–
CM	New	CANADIAN IMP BK COMM	$3,739,000	–	32,877	–	0.39%	–
FSV	New	FIRSTSERVICE CORP NEW	$3,714,000	–	21,675	–	0.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,224,000	–	39,700	–	0.23%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$2,139,000	–	41,961	–	0.22%	–
GLW	New	CORNING INC	$2,096,000	–	51,250	–	0.22%	–
FTS	New	FORTIS INC	$1,879,000	–	42,500	–	0.19%	–
BMO	New	BANK MONTREAL QUE	$1,694,000	–	16,544	–	0.18%	–
EFA	New	ISHARES TRmsci eafe etf	$1,542,000	–	19,550	–	0.16%	–
TROW	New	PRICE T ROWE GROUP INC	$1,406,000	–	7,100	–	0.14%	–
CVX	New	CHEVRON CORP NEW	$1,369,000	–	13,075	–	0.14%	–
PBA	New	PEMBINA PIPELINE CORP	$1,270,000	–	40,000	–	0.13%	–
VTRS	New	VIATRIS INC	$1,121,000	–	78,422	–	0.12%	–
JNJ	New	JOHNSON & JOHNSON	$1,009,000	–	6,126	–	0.10%	–
UNP	New	UNION PAC CORP	$942,000	–	4,285	–	0.10%	–
CNQ	New	CANADIAN NAT RES LTD	$815,000	–	22,475	–	0.08%	–
BHC	New	BAUSCH HEALTH COS INC	$712,000	–	24,300	–	0.07%	–
T	New	AT&T INC	$705,000	–	24,500	–	0.07%	–
PEP	New	PEPSICO INC	$630,000	–	4,250	–	0.06%	–
COST	New	COSTCO WHSL CORP NEW	$621,000	–	1,570	–	0.06%	–
XOM	New	EXXON MOBIL CORP	$620,000	–	9,832	–	0.06%	–
WFC	New	WELLS FARGO CO NEW	$610,000	–	13,470	–	0.06%	–
CNI	New	CANADIAN NATL RY CO	$596,000	–	5,656	–	0.06%	–
KMB	New	KIMBERLY-CLARK CORP	$555,000	–	4,150	–	0.06%	–
INTC	New	INTEL CORP	$505,000	–	9,000	–	0.05%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$448,000	–	8,435	–	0.05%	–
FTV	New	FORTIVE CORP	$430,000	–	6,165	–	0.04%	–
ABT	New	ABBOTT LABS	$417,000	–	3,600	–	0.04%	–
VEA	New	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$412,000	–	8,000	–	0.04%	–
TRI	New	THOMSON REUTERS CORP.	$407,000	–	4,100	–	0.04%	–
EXC	New	EXELON CORP	$390,000	–	8,800	–	0.04%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$353,000	–	6,500	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$303,000	–	7,350	–	0.03%	–
MTB	New	M & T BK CORP	$291,000	–	2,000	–	0.03%	–
V	New	VISA INC	$234,000	–	1,000	–	0.02%	–
EIX	New	EDISON INTL	$202,000	–	3,500	–	0.02%	–

Q4 2020

			Value		Shares		↓ Weighting
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-74,000	–	-0.01%	–
V	Exit	VISA INC	$0	–	-1,000	–	-0.03%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-6,500	–	-0.04%	–
EXC	Exit	EXELON CORP	$0	–	-8,800	–	-0.05%	–
VEA	Exit	VANGUARD TAX-MANAGED INTL FDftse dev mkt etf	$0	–	-8,000	–	-0.05%	–
TRI	Exit	THOMSON REUTERS CORP.	$0	–	-4,100	–	-0.05%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-9,415	–	-0.06%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-16,070	–	-0.06%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-11,932	–	-0.06%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-28,100	–	-0.07%	–
INTC	Exit	INTEL CORP	$0	–	-8,500	–	-0.07%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-28,675	–	-0.07%	–
ABT	Exit	ABBOTT LABS	$0	–	-4,300	–	-0.07%	–
PEP	Exit	PEPSICO INC	$0	–	-3,375	–	-0.07%	–
FTV	Exit	FORTIVE CORP	$0	–	-7,190	–	-0.08%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,582	–	-0.08%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-3,975	–	-0.09%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,656	–	-0.09%	–
AAPL	Exit	APPLE INC	$0	–	-5,500	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-22,300	–	-0.10%	–
UNP	Exit	UNION PAC CORP	$0	–	-4,285	–	-0.13%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-40,500	–	-0.13%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-12,350	–	-0.14%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-7,100	–	-0.14%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-6,276	–	-0.14%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-16,544	–	-0.15%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-19,550	–	-0.19%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-23,950	–	-0.22%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-45,041	–	-0.23%	–
FTS	Exit	FORTIS INC	$0	–	-40,000	–	-0.25%	–
OVV	Exit	OVINTIV INC	$0	–	-252,865	–	-0.31%	–
CM	Exit	CANADIAN IMP BK COMM	$0	–	-32,837	–	-0.37%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-21,700	–	-0.43%	–
BCE	Exit	BCE INC	$0	–	-75,576	–	-0.47%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-14,970	–	-0.49%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-90,115	–	-0.58%	–
PPL	Exit	PPL CORP	$0	–	-171,700	–	-0.71%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,533	–	-1.01%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,723,650	–	-1.02%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-612,956	–	-1.13%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-299,788	–	-1.66%	–
CAE	Exit	CAE INC	$0	–	-864,500	–	-1.91%	–
BSX	Exit	BOSTON SCIENTIFIC CORP	$0	–	-352,150	–	-2.04%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-139,145	–	-2.19%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-290,941	–	-2.78%	–
TRP	Exit	TC ENERGY CORP	$0	–	-445,951	–	-2.83%	–
MGA	Exit	MAGNA INTL INC	$0	–	-416,760	–	-2.89%	–
ENB	Exit	ENBRIDGE INC	$0	–	-661,077	–	-2.92%	–
CSCO	Exit	CISCO SYS INC	$0	–	-496,610	–	-2.96%	–
C	Exit	CITIGROUP INC	$0	–	-458,285	–	-2.99%	–
PRAA	Exit	PRA GROUP INC	$0	–	-508,650	–	-3.08%	–
GM	Exit	GENERAL MTRS CO	$0	–	-687,300	–	-3.08%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-14,020	–	-3.12%	–
BNS	Exit	BANK NOVA SCOTIA B C	$0	–	-554,881	–	-3.49%	–
PFE	Exit	PFIZER INC	$0	–	-724,575	–	-4.03%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-103,815	–	-4.12%	–
TU	Exit	TELUS CORPORATION	$0	–	-1,572,940	–	-4.19%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-309,670	–	-4.52%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-144,195	–	-4.59%	–
KMX	Exit	CARMAX INC	$0	–	-336,176	–	-4.68%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-681,018	–	-4.91%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-203,545	–	-5.14%	–
RY	Exit	ROYAL BK CDA	$0	–	-497,382	–	-5.28%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-174,595	–	-5.54%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-792,095	–	-5.55%	–

Q3 2020

			Value		Shares		↓ Weighting
TD	Buy	TORONTO DOMINION BK ONT	$36,644,000	+5.0%	792,095	+0.9%	5.55%	+3.4%
DG	Sell	DOLLAR GEN CORP NEW	$36,599,000	+9.9%	174,595	-0.1%	5.54%	+8.2%
RY	Buy	ROYAL BK CDA	$34,894,000	+4.7%	497,382	+0.9%	5.28%	+3.1%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$32,446,000	+16.0%	681,018	-0.2%	4.91%	+14.2%
KMX	Sell	CARMAX INC	$30,898,000	+2.6%	336,176	-0.0%	4.68%	+1.0%
MSFT	Sell	MICROSOFT CORP	$30,329,000	-19.4%	144,195	-22.0%	4.59%	-20.6%
JPM	Buy	JPMORGAN CHASE & CO	$29,812,000	+3.0%	309,670	+0.7%	4.52%	+1.5%
TU	Buy	TELUS CORPORATION	$27,655,000	+5.7%	1,572,940	+0.5%	4.19%	+4.1%
FB	Sell	FACEBOOK INCcl a	$27,189,000	+15.2%	103,815	-0.1%	4.12%	+13.5%
PFE	Buy	PFIZER INC	$26,592,000	+12.7%	724,575	+0.4%	4.03%	+10.9%
BNS	Buy	BANK NOVA SCOTIA B C	$23,034,000	+1.3%	554,881	+0.6%	3.49%	-0.3%
GM	Buy	GENERAL MTRS CO	$20,337,000	+19.7%	687,300	+2.4%	3.08%	+17.9%
PRAA	Buy	PRA GROUP INC	$20,321,000	+3.4%	508,650	+0.0%	3.08%	+1.8%
C	Buy	CITIGROUP INC	$19,757,000	-15.4%	458,285	+0.2%	2.99%	-16.8%
CSCO	Buy	CISCO SYS INC	$19,561,000	-13.3%	496,610	+2.7%	2.96%	-14.6%
ENB	Buy	ENBRIDGE INC	$19,297,000	-3.3%	661,077	+0.4%	2.92%	-4.8%
MGA	Buy	MAGNA INTL INC	$19,055,000	+4.4%	416,760	+1.4%	2.89%	+2.8%
TRP	Buy	TC ENERGY CORP	$18,706,000	-0.5%	445,951	+1.0%	2.83%	-2.0%
GILD	Buy	GILEAD SCIENCES INC	$18,385,000	-17.3%	290,941	+0.7%	2.78%	-18.6%
MDT	New	MEDTRONIC PLC	$14,460,000	–	139,145	–	2.19%	–
BSX	New	BOSTON SCIENTIFIC CORP	$13,456,000	–	352,150	–	2.04%	–
CAE	Buy	CAE INC	$12,637,000	-7.5%	864,500	+2.3%	1.91%	-8.9%
WDC	Buy	WESTERN DIGITAL CORP.	$10,957,000	-16.4%	299,788	+1.0%	1.66%	-17.7%
SU	Buy	SUNCOR ENERGY INC NEW	$7,479,000	-26.2%	612,956	+1.7%	1.13%	-27.3%
CVE	Buy	CENOVUS ENERGY INC	$6,713,000	-16.4%	1,723,650	+0.1%	1.02%	-17.7%
GOOGL	Sell	ALPHABET INCcap stk cl a	$6,644,000	+2.2%	4,533	-1.1%	1.01%	+0.6%
PPL	Buy	PPL CORP	$4,672,000	+8.4%	171,700	+2.9%	0.71%	+6.8%
BCE	Buy	BCE INC	$3,132,000	+6.4%	75,576	+6.8%	0.47%	+4.6%
CM	Buy	CANADIAN IMP BK COMM	$2,453,000	+12.6%	32,837	+0.4%	0.37%	+10.7%
OVV	Sell	OVINTIV INC	$2,063,000	-14.6%	252,865	-0.1%	0.31%	-16.1%
FTS	Buy	FORTIS INC	$1,634,000	+10.4%	40,000	+2.4%	0.25%	+8.3%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,489,000	-1.7%	45,041	-2.4%	0.23%	-3.0%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,425,000	+248.4%	23,950	+222.6%	0.22%	+242.9%
BMO	Buy	BANK MONTREAL QUE	$966,000	+28.1%	16,544	+16.4%	0.15%	+25.9%
JNJ	Buy	JOHNSON & JOHNSON	$934,000	+10.3%	6,276	+4.1%	0.14%	+8.5%
CVX	Buy	CHEVRON CORP NEW	$889,000	-16.6%	12,350	+3.3%	0.14%	-17.7%
T	Buy	AT&T INC	$636,000	-3.0%	22,300	+2.8%	0.10%	-5.0%
AAPL	Sell	APPLE INC	$637,000	-98.1%	5,500	-94.1%	0.10%	-98.2%
CNI	Sell	CANADIAN NATL RY CO	$602,000	+19.9%	5,656	-0.7%	0.09%	+18.2%
KMB	Buy	KIMBERLY CLARK CORP	$587,000	+19.6%	3,975	+14.4%	0.09%	+17.1%
ABT	Buy	ABBOTT LABS	$468,000	+38.5%	4,300	+16.2%	0.07%	+36.5%
INTC	Buy	INTEL CORP	$440,000	+67.3%	8,500	+93.2%	0.07%	+67.5%
RCI	Sell	ROGERS COMMUNICATIONS INCcl b	$373,000	-12.0%	9,415	-11.1%	0.06%	-13.8%
EXC	Buy	EXELON CORP	$315,000	+42.5%	8,800	+44.3%	0.05%	+41.2%
V	New	VISA INC	$200,000	–	1,000	–	0.03%	–
MTB	Exit	M & T BK CORP	$0	–	-2,000	–	-0.03%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-10,300	–	-0.04%	–

Q2 2020

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$37,626,000	–	184,885	–	5.79%	–
TD	New	TORONTO DOMINION BK ONT	$34,914,000	–	784,745	–	5.37%	–
AAPL	New	APPLE INC	$34,220,000	–	93,805	–	5.26%	–
RY	New	ROYAL BK CDA	$33,328,000	–	492,752	–	5.13%	–
DG	New	DOLLAR GEN CORP NEW	$33,293,000	–	174,755	–	5.12%	–
KMX	New	CARMAX INC	$30,111,000	–	336,244	–	4.63%	–
JPM	New	JPMORGAN CHASE & CO	$28,930,000	–	307,570	–	4.45%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$27,981,000	–	682,043	–	4.30%	–
TU	New	TELUS CORPORATION	$26,160,000	–	1,564,570	–	4.02%	–
PFE	New	PFIZER INC	$23,604,000	–	721,825	–	3.63%	–
FB	New	FACEBOOK INCcl a	$23,596,000	–	103,915	–	3.63%	–
C	New	CITIGROUP INC	$23,365,000	–	457,235	–	3.59%	–
BNS	New	BANK NOVA SCOTIA B C	$22,745,000	–	551,365	–	3.50%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$22,630,000	–	203,545	–	3.48%	–
CSCO	New	CISCO SYS INC	$22,560,000	–	483,710	–	3.47%	–
GILD	New	GILEAD SCIENCES INC	$22,233,000	–	288,966	–	3.42%	–
ENB	New	ENBRIDGE INC	$19,951,000	–	658,193	–	3.07%	–
GOOG	New	ALPHABET INCcap stk cl c	$19,819,000	–	14,020	–	3.05%	–
PRAA	New	PRA GROUP INC	$19,657,000	–	508,450	–	3.02%	–
TRP	New	TC ENERGY CORP	$18,801,000	–	441,451	–	2.89%	–
MGA	New	MAGNA INTL INC	$18,253,000	–	411,135	–	2.81%	–
GM	New	GENERAL MTRS CO	$16,986,000	–	671,400	–	2.61%	–
CAE	New	CAE INC	$13,669,000	–	845,350	–	2.10%	–
WDC	New	WESTERN DIGITAL CORP.	$13,108,000	–	296,898	–	2.02%	–
SU	New	SUNCOR ENERGY INC NEW	$10,132,000	–	602,806	–	1.56%	–
CVE	New	CENOVUS ENERGY INC	$8,031,000	–	1,722,350	–	1.24%	–
GOOGL	New	ALPHABET INCcap stk cl a	$6,499,000	–	4,583	–	1.00%	–
PPL	New	PPL CORP	$4,311,000	–	166,850	–	0.66%	–
OTEX	New	OPEN TEXT CORP	$3,821,000	–	90,115	–	0.59%	–
BCE	New	BCE INC	$2,943,000	–	70,792	–	0.45%	–
DHR	New	DANAHER CORPORATION	$2,647,000	–	14,970	–	0.41%	–
OVV	New	OVINTIV INC	$2,417,000	–	253,135	–	0.37%	–
CM	New	CANADIAN IMP BK COMM	$2,179,000	–	32,700	–	0.34%	–
FSV	New	FIRSTSERVICE CORP NEW	$2,180,000	–	21,700	–	0.34%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,514,000	–	46,141	–	0.23%	–
FTS	New	FORTIS INC	$1,480,000	–	39,050	–	0.23%	–
EFA	New	ISHARES TRmsci eafe etf	$1,190,000	–	19,550	–	0.18%	–
CVX	New	CHEVRON CORP NEW	$1,066,000	–	11,950	–	0.16%	–
PBA	New	PEMBINA PIPELINE CORP	$1,009,000	–	40,500	–	0.16%	–
TROW	New	PRICE T ROWE GROUP INC	$877,000	–	7,100	–	0.14%	–
JNJ	New	JOHNSON & JOHNSON	$847,000	–	6,026	–	0.13%	–
BMO	New	BANK MONTREAL QUE	$754,000	–	14,210	–	0.12%	–
UNP	New	UNION PAC CORP	$724,000	–	4,285	–	0.11%	–
T	New	AT&T INC	$656,000	–	21,700	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$534,000	–	11,932	–	0.08%	–
BHC	New	BAUSCH HEALTH COS INC	$513,000	–	28,100	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$502,000	–	5,694	–	0.08%	–
CNQ	New	CANADIAN NAT RES LTD	$496,000	–	28,675	–	0.08%	–
KMB	New	KIMBERLY CLARK CORP	$491,000	–	3,475	–	0.08%	–
FTV	New	FORTIVE CORP	$486,000	–	7,190	–	0.08%	–
COST	New	COSTCO WHSL CORP NEW	$480,000	–	1,582	–	0.07%	–
PEP	New	PEPSICO INC	$446,000	–	3,375	–	0.07%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$424,000	–	10,590	–	0.06%	–
VZ	New	VERIZON COMMUNICATIONS INC	$409,000	–	7,423	–	0.06%	–
WFC	New	WELLS FARGO CO NEW	$411,000	–	16,070	–	0.06%	–
ABT	New	ABBOTT LABS	$338,000	–	3,700	–	0.05%	–
VEA	New	VANGUARD TAX-MANAGED FDSftse dev mkt etf	$310,000	–	8,000	–	0.05%	–
TRI	New	THOMSON REUTERS CORP.	$278,000	–	4,100	–	0.04%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$257,000	–	6,500	–	0.04%	–
INTC	New	INTEL CORP	$263,000	–	4,400	–	0.04%	–
BAC	New	BK OF AMERICA CORP	$245,000	–	10,300	–	0.04%	–
EXC	New	EXELON CORP	$221,000	–	6,100	–	0.03%	–
MTB	New	M & T BK CORP	$208,000	–	2,000	–	0.03%	–
TRQ	New	TURQUOISE HILL RES LTD	$54,000	–	74,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-42,000	–	-0.00%	–
EXC	Exit	EXELON CORP	$0	–	-4,800	–	-0.03%	–
VWO	Exit	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$0	–	-6,500	–	-0.04%	–
T	Exit	AT&T INC	$0	–	-7,000	–	-0.04%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,500	–	-0.04%	–
EIX	Exit	EDISON INTL	$0	–	-3,900	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,600	–	-0.04%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,600	–	-0.04%	–
VEA	Exit	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$0	–	-8,000	–	-0.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,332	–	-0.05%	–
PEP	Exit	PEPSICO INC	$0	–	-3,000	–	-0.06%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-2,950	–	-0.06%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-6,000	–	-0.06%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,098	–	-0.06%	–
MTB	Exit	M & T BK CORP	$0	–	-3,100	–	-0.07%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-11,590	–	-0.08%	–
BAC	Exit	BANK AMER CORP	$0	–	-19,400	–	-0.08%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.08%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-25,475	–	-0.10%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-6,000	–	-0.10%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-33,100	–	-0.10%	–
FTV	Exit	FORTIVE CORP	$0	–	-11,825	–	-0.12%	–
BMO	Exit	BANK MONTREAL QUE	$0	–	-11,120	–	-0.12%	–
SYY	Exit	SYSCO CORP	$0	–	-10,700	–	-0.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-7,276	–	-0.13%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-20,100	–	-0.14%	–
FTS	Exit	FORTIS INC	$0	–	-27,400	–	-0.16%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-20,690	–	-0.19%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-30,071	–	-0.23%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-16,150	–	-0.26%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-51,361	–	-0.27%	–
FSV	Exit	FIRSTSERVICE CORP NEW	$0	–	-22,700	–	-0.33%	–
BCE	Exit	BCE INC	$0	–	-59,987	–	-0.41%	–
CM	Exit	CDN IMPERIAL BK COMM TORONTO	$0	–	-39,020	–	-0.46%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-23,970	–	-0.49%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-90,115	–	-0.52%	–
ECA	Exit	ENCANA CORP	$0	–	-1,040,375	–	-0.68%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-4,868	–	-0.85%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-809,435	–	-1.03%	–
HPQ	Exit	HP INC	$0	–	-631,750	–	-1.70%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-459,291	–	-2.06%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,600,100	–	-2.14%	–
PRAA	Exit	PRA GROUP INC	$0	–	-475,750	–	-2.29%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-282,888	–	-2.40%	–
GM	Exit	GENERAL MTRS CO	$0	–	-452,025	–	-2.41%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-273,041	–	-2.46%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-14,987	–	-2.60%	–
MGA	Exit	MAGNA INTL INC	$0	–	-345,955	–	-2.62%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-108,810	–	-2.76%	–
ENB	Exit	ENBRIDGE INC	$0	–	-565,948	–	-2.83%	–
CAE	Exit	CAE INC	$0	–	-828,000	–	-2.99%	–
TRP	Exit	TC ENERGY CORP	$0	–	-406,301	–	-2.99%	–
CSCO	Exit	CISCO SYS INC	$0	–	-432,285	–	-3.04%	–
TU	Exit	TELUS CORP	$0	–	-685,560	–	-3.47%	–
PFE	Exit	PFIZER INC	$0	–	-683,345	–	-3.49%	–
AAPL	Exit	APPLE INC	$0	–	-121,416	–	-3.87%	–
C	Exit	CITIGROUP INC	$0	–	-401,410	–	-3.94%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-421,540	–	-4.01%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-204,790	–	-4.05%	–
KMX	Exit	CARMAX INC	$0	–	-328,800	–	-4.12%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-186,875	–	-4.22%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-533,174	–	-4.31%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERSlp int unit	$0	–	-678,699	–	-4.78%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-303,640	–	-5.08%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-470,739	–	-5.43%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-746,230	–	-6.19%	–

Q3 2019

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$43,517,000	-0.7%	746,230	-0.5%	6.19%	+1.9%
RY	Sell	ROYAL BK CDA MONTREAL QUE	$38,191,000	+1.9%	470,739	-0.2%	5.43%	+4.6%
JPM	Sell	JPMORGAN CHASE & CO	$35,735,000	+4.4%	303,640	-0.8%	5.08%	+7.3%
BIP	Sell	BROOKFIELD INFRAST PARTNERSlp int unit	$33,610,000	+14.1%	678,699	-1.2%	4.78%	+17.2%
BNS	Sell	BANK N S HALIFAX	$30,288,000	+4.7%	533,174	-1.0%	4.31%	+7.5%
DG	Sell	DOLLAR GEN CORP NEW	$29,702,000	-5.5%	186,875	-19.7%	4.22%	-3.0%
KMX	Sell	CARMAX INC	$28,934,000	-0.9%	328,800	-2.3%	4.12%	+1.7%
MSFT	Sell	MICROSOFT CORP	$28,472,000	-21.4%	204,790	-24.3%	4.05%	-19.3%
TRI	Sell	THOMSON REUTERS CORP	$28,178,000	-7.0%	421,540	-10.3%	4.01%	-4.5%
C	Sell	CITIGROUP INC	$27,729,000	-1.6%	401,410	-0.2%	3.94%	+1.1%
AAPL	Sell	APPLE INC	$27,194,000	-1.7%	121,416	-13.2%	3.87%	+0.9%
PFE	Buy	PFIZER INC	$24,553,000	-17.0%	683,345	+0.1%	3.49%	-14.8%
TU	Sell	TELUS CORP	$24,401,000	-4.2%	685,560	-0.5%	3.47%	-1.6%
CSCO	Sell	CISCO SYS INC	$21,359,000	-20.4%	432,285	-11.8%	3.04%	-18.2%
TRP	Sell	TC ENERGY CORP	$21,041,000	+3.6%	406,301	-0.9%	2.99%	+6.4%
CAE	Sell	CAE INC	$21,039,000	-13.7%	828,000	-8.7%	2.99%	-11.4%
ENB	Sell	ENBRIDGE INC	$19,866,000	-3.0%	565,948	-0.2%	2.83%	-0.3%
FB	Buy	FACEBOOK INCcl a	$19,377,000	-7.5%	108,810	+0.3%	2.76%	-5.0%
MGA	Sell	MAGNA INTL INC	$18,443,000	+4.9%	345,955	-2.1%	2.62%	+7.8%
GOOG	Buy	ALPHABET INCcap stk cl c	$18,269,000	+12.8%	14,987	+0.1%	2.60%	+15.8%
GILD	Sell	GILEAD SCIENCES INC	$17,305,000	-7.3%	273,041	-1.2%	2.46%	-4.8%
GM	Sell	GENERAL MTRS CO	$16,942,000	-2.9%	452,025	-0.2%	2.41%	-0.2%
WDC	Buy	WESTERN DIGITAL CORP	$16,871,000	+26.0%	282,888	+0.4%	2.40%	+29.4%
PRAA	Sell	PRA GROUP INC	$16,076,000	+19.2%	475,750	-0.7%	2.29%	+22.4%
CVE	Sell	CENOVUS ENERGY INC	$15,014,000	+4.2%	1,600,100	-2.1%	2.14%	+7.0%
SU	Sell	SUNCOR ENERGY INC NEW	$14,489,000	+0.7%	459,291	-0.5%	2.06%	+3.4%
HPQ	Buy	HP INC	$11,953,000	-8.8%	631,750	+0.2%	1.70%	-6.3%
GE	Sell	GENERAL ELECTRIC CO	$7,236,000	-15.9%	809,435	-1.3%	1.03%	-13.7%
ECA	Sell	ENCANA CORP	$4,767,000	-11.7%	1,040,375	-1.1%	0.68%	-9.4%
CM	Buy	CDN IMPERIAL BK COMM TORONTO	$3,220,000	+18.4%	39,020	+12.8%	0.46%	+21.5%
FSV	Sell	FIRSTSERVICE CORP NEW	$2,328,000	+5.7%	22,700	-0.9%	0.33%	+8.5%
JNJ	Sell	JOHNSON & JOHNSON	$941,000	-37.0%	7,276	-32.2%	0.13%	-35.3%
CVX	Sell	CHEVRON CORP NEW	$712,000	-41.3%	6,000	-38.5%	0.10%	-39.9%
CNI	Sell	CANADIAN NATL RY CO	$458,000	-3.8%	5,098	-0.8%	0.06%	-1.5%
KMB	Sell	KIMBERLY CLARK CORP	$419,000	-40.7%	2,950	-44.3%	0.06%	-38.8%
PEP	Sell	PEPSICO INC	$411,000	-47.8%	3,000	-50.0%	0.06%	-46.8%
XOM	Sell	EXXON MOBIL CORP	$376,000	-47.4%	5,332	-42.9%	0.05%	-46.5%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$312,000	-53.5%	2,600	-60.0%	0.04%	-52.7%
EIX	Sell	EDISON INTL	$294,000	-62.7%	3,900	-66.7%	0.04%	-61.5%
T	Sell	AT&T INC	$265,000	-53.5%	7,000	-58.8%	0.04%	-51.9%
VWO	Buy	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$262,000	+1.2%	6,500	+6.6%	0.04%	+2.8%
JWN	Exit	NORDSTROM INC	$0	–	-7,000	–	-0.03%	–

Q2 2019

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$43,836,000	–	750,230	–	6.07%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$37,480,000	–	471,639	–	5.19%	–
MSFT	New	MICROSOFT CORP	$36,218,000	–	270,368	–	5.02%	–
JPM	New	JPMORGAN CHASE & CO	$34,218,000	–	306,060	–	4.74%	–
DG	New	DOLLAR GEN CORP NEW	$31,440,000	–	232,615	–	4.36%	–
TRI	New	THOMSON REUTERS CORP	$30,308,000	–	469,822	–	4.20%	–
PFE	New	PFIZER INC	$29,583,000	–	682,895	–	4.10%	–
BIP	New	BROOKFIELD INFRAST PARTNERSlp int unit	$29,445,000	–	686,999	–	4.08%	–
KMX	New	CARMAX INC	$29,208,000	–	336,380	–	4.04%	–
BNS	New	BANK N S HALIFAX	$28,922,000	–	538,474	–	4.01%	–
C	New	CITIGROUP INC	$28,167,000	–	402,210	–	3.90%	–
AAPL	New	APPLE INC	$27,670,000	–	139,804	–	3.83%	–
CSCO	New	CISCO SYS INC	$26,817,000	–	489,990	–	3.71%	–
TU	New	TELUS CORP	$25,472,000	–	689,060	–	3.53%	–
CAE	New	CAE INC	$24,392,000	–	907,225	–	3.38%	–
FB	New	FACEBOOK INCcl a	$20,946,000	–	108,530	–	2.90%	–
ENB	New	ENBRIDGE INC	$20,472,000	–	566,808	–	2.84%	–
TRP	New	TC ENERGY CORP	$20,315,000	–	409,801	–	2.81%	–
GILD	New	GILEAD SCIENCES INC	$18,666,000	–	276,291	–	2.58%	–
MGA	New	MAGNA INTL INC	$17,576,000	–	353,255	–	2.43%	–
GM	New	GENERAL MTRS CO	$17,447,000	–	452,825	–	2.42%	–
GOOG	New	ALPHABET INCcap stk cl c	$16,191,000	–	14,979	–	2.24%	–
CVE	New	CENOVUS ENERGY INC	$14,411,000	–	1,634,000	–	2.00%	–
SU	New	SUNCOR ENERGY INC NEW	$14,392,000	–	461,391	–	1.99%	–
PRAA	New	PRA GROUP INC	$13,486,000	–	479,250	–	1.87%	–
WDC	New	WESTERN DIGITAL CORP	$13,394,000	–	281,688	–	1.86%	–
HPQ	New	HP INC	$13,107,000	–	630,450	–	1.82%	–
GE	New	GENERAL ELECTRIC CO	$8,607,000	–	819,735	–	1.19%	–
ECA	New	ENCANA CORP	$5,398,000	–	1,051,875	–	0.75%	–
GOOGL	New	ALPHABET INCcap stk cl a	$5,271,000	–	4,868	–	0.73%	–
OTEX	New	OPEN TEXT CORP	$3,716,000	–	90,115	–	0.52%	–
DHR	New	DANAHER CORPORATION	$3,426,000	–	23,970	–	0.48%	–
BCE	New	BCE INC	$2,729,000	–	59,987	–	0.38%	–
CM	New	CDN IMPERIAL BK COMM TORONTO	$2,720,000	–	34,588	–	0.38%	–
FSV	New	FIRSTSERVICE CORP NEW	$2,202,000	–	22,897	–	0.30%	–
PBA	New	PEMBINA PIPELINE CORP	$1,912,000	–	51,361	–	0.26%	–
TROW	New	PRICE T ROWE GROUP INC	$1,772,000	–	16,150	–	0.24%	–
JNJ	New	JOHNSON & JOHNSON	$1,494,000	–	10,726	–	0.21%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,439,000	–	30,071	–	0.20%	–
EFA	New	ISHARES TRmsci eafe etf	$1,360,000	–	20,690	–	0.19%	–
CVX	New	CHEVRON CORP NEW	$1,213,000	–	9,750	–	0.17%	–
FTS	New	FORTIS INC	$1,082,000	–	27,400	–	0.15%	–
FTV	New	FORTIVE CORP	$964,000	–	11,825	–	0.13%	–
WFC	New	WELLS FARGO CO NEW	$951,000	–	20,100	–	0.13%	–
BMO	New	BANK MONTREAL QUE	$840,000	–	11,120	–	0.12%	–
BHC	New	BAUSCH HEALTH COS INC	$835,000	–	33,100	–	0.12%	–
EIX	New	EDISON INTL	$789,000	–	11,700	–	0.11%	–
PEP	New	PEPSICO INC	$787,000	–	6,000	–	0.11%	–
SYY	New	SYSCO CORP	$757,000	–	10,700	–	0.10%	–
XOM	New	EXXON MOBIL CORP	$715,000	–	9,332	–	0.10%	–
KMB	New	KIMBERLY CLARK CORP	$706,000	–	5,300	–	0.10%	–
CNQ	New	CANADIAN NAT RES LTD	$687,000	–	25,475	–	0.10%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$671,000	–	6,500	–	0.09%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$620,000	–	11,590	–	0.09%	–
T	New	AT&T INC	$570,000	–	17,000	–	0.08%	–
BAC	New	BANK AMER CORP	$563,000	–	19,400	–	0.08%	–
COST	New	COSTCO WHSL CORP NEW	$529,000	–	2,000	–	0.07%	–
MTB	New	M & T BK CORP	$527,000	–	3,100	–	0.07%	–
CNI	New	CANADIAN NATL RY CO	$476,000	–	5,140	–	0.07%	–
QSR	New	RESTAURANT BRANDS INTL INC	$417,000	–	6,000	–	0.06%	–
VEA	New	VANGUARD TAX MANAGED INTL FDftse dev mkt etf	$334,000	–	8,000	–	0.05%	–
ABT	New	ABBOTT LABS	$294,000	–	3,500	–	0.04%	–
CCK	New	CROWN HOLDINGS INC	$281,000	–	4,600	–	0.04%	–
VWO	New	VANGUARD INTL EQUITY INDEX Fftse emr mkt etf	$259,000	–	6,100	–	0.04%	–
EXC	New	EXELON CORP	$230,000	–	4,800	–	0.03%	–
JWN	New	NORDSTROM INC	$223,000	–	7,000	–	0.03%	–
TRQ	New	TURQUOISE HILL RES LTD	$52,000	–	42,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-30,000	–	-0.01%	–
EXC	Exit	EXELON CORP	$0	–	-4,800	–	-0.03%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,600	–	-0.03%	–
MKL	Exit	MARKEL CORP	$0	–	-200	–	-0.03%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-10,500	–	-0.04%	–
ABT	Exit	ABBOTT LABS	$0	–	-3,500	–	-0.04%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-8,000	–	-0.04%	–
PPL	Exit	PPL CORP	$0	–	-12,800	–	-0.05%	–
JWN	Exit	NORDSTROM INC	$0	–	-7,000	–	-0.06%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,140	–	-0.07%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.07%	–
MTB	Exit	M & T BK CORP	$0	–	-3,500	–	-0.08%	–
T	Exit	AT&T INC	$0	–	-17,000	–	-0.08%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-5,300	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-6,150	–	-0.10%	–
EIX	Exit	EDISON INTL	$0	–	-10,700	–	-0.10%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,900	–	-0.11%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-14,915	–	-0.11%	–
SYY	Exit	SYSCO CORP	$0	–	-10,700	–	-0.11%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-9,332	–	-0.11%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-25,475	–	-0.12%	–
BHC	Exit	BAUSCH HEALTH COS INC	$0	–	-33,600	–	-0.12%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-7,450	–	-0.12%	–
FTS	Exit	FORTIS INC	$0	–	-27,400	–	-0.13%	–
FTV	Exit	FORTIVE CORP	$0	–	-11,875	–	-0.14%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,400	–	-0.18%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-20,700	–	-0.20%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-31,971	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-10,806	–	-0.21%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-29,900	–	-0.22%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-51,661	–	-0.25%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-16,150	–	-0.25%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-22,700	–	-0.27%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-37,800	–	-0.32%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-24,170	–	-0.38%	–
BCE	Exit	BCE INC	$0	–	-70,602	–	-0.41%	–
CM	Exit	CDN IMPERIAL BK M TORONTO	$0	–	-34,223	–	-0.46%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-91,940	–	-0.50%	–
GOOGL	Exit	ALPHABET INC CAP STKcl a	$0	–	-4,771	–	-0.82%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-757,534	–	-1.22%	–
ECA	Exit	ENCANA CORP	$0	–	-1,006,522	–	-1.89%	–
HPQ	Exit	HP INC	$0	–	-514,800	–	-1.90%	–
ENB	Exit	ENBRIDGE INC	$0	–	-412,388	–	-1.90%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-229,888	–	-1.92%	–
GM	Exit	GENERAL MTRS CO	$0	–	-402,365	–	-1.94%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-1,416,726	–	-2.03%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-405,617	–	-2.35%	–
MGA	Exit	MAGNA INTL INC	$0	–	-313,430	–	-2.35%	–
PRAA	Exit	PRA GROUP INC	$0	–	-467,453	–	-2.41%	–
GOOG	Exit	ALPHABET INC CAP STKcl c	$0	–	-14,450	–	-2.47%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-451,325	–	-2.50%	–
CAE	Exit	CAE INC	$0	–	-917,425	–	-2.66%	–
WMT	Exit	WALMART INC	$0	–	-214,869	–	-2.89%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-261,423	–	-2.89%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-455,225	–	-2.97%	–
TU	Exit	TELUS CORP	$0	–	-637,008	–	-3.36%	–
CSCO	Exit	CISCO SYS INC	$0	–	-485,545	–	-3.38%	–
KMX	Exit	CARMAX INC	$0	–	-319,725	–	-3.42%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-237,213	–	-3.71%	–
C	Exit	CITIGROUP INC	$0	–	-378,668	–	-3.89%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-695,186	–	-3.97%	–
PFE	Exit	PFIZER INC	$0	–	-683,837	–	-4.31%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-282,858	–	-4.63%	–
AAPL	Exit	APPLE INC	$0	–	-145,759	–	-4.71%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-562,443	–	-4.79%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-314,302	–	-5.07%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-469,902	–	-5.38%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-738,405	–	-6.41%	–

Q3 2018

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$44,836,000	+4.2%	738,405	-0.7%	6.41%	+0.5%
RY	Sell	ROYAL BK CDA MONTREAL QUE	$37,638,000	+5.6%	469,902	-0.7%	5.38%	+1.9%
JPM	Sell	JPMORGAN CHASE & CO	$35,466,000	+6.6%	314,302	-1.6%	5.07%	+2.8%
BNS	Sell	BANK N S HALIFAX	$33,499,000	+4.9%	562,443	-0.2%	4.79%	+1.2%
AAPL	Sell	APPLE INC	$32,904,000	+20.4%	145,759	-1.2%	4.71%	+16.2%
MSFT	Sell	MICROSOFT CORP	$32,350,000	+10.7%	282,858	-4.5%	4.63%	+6.8%
PFE	Sell	PFIZER INC	$30,137,000	+20.0%	683,837	-1.2%	4.31%	+15.8%
BIP	Sell	BROOKFIELD INFRAST PARTNERS LP INTunit	$27,734,000	+3.8%	695,186	-0.2%	3.97%	+0.2%
C	Sell	CITIGROUP INC	$27,166,000	+6.9%	378,668	-0.3%	3.89%	+3.2%
DG	Buy	DOLLAR GEN CORP NEW	$25,927,000	+11.1%	237,213	+0.2%	3.71%	+7.2%
KMX	Sell	CARMAX INC	$23,874,000	+1.6%	319,725	-0.9%	3.42%	-2.0%
CSCO	Sell	CISCO SYS INC	$23,622,000	+12.5%	485,545	-0.5%	3.38%	+8.6%
TU	Buy	TELUS CORP	$23,462,000	+4.3%	637,008	+0.6%	3.36%	+0.6%
TRI	Buy	THOMSON REUTERS CORP	$20,756,000	+13.0%	455,225	+0.0%	2.97%	+9.0%
GILD	Buy	GILEAD SCIENCES INC	$20,184,000	+9.0%	261,423	+0.0%	2.89%	+5.2%
WMT	Sell	WALMART INC	$20,178,000	+9.1%	214,869	-0.5%	2.89%	+5.3%
CAE	Sell	CAE INC	$18,609,000	-4.4%	917,425	-2.1%	2.66%	-7.8%
SU	Sell	SUNCOR ENERGY INC NEW	$17,450,000	-6.5%	451,325	-1.6%	2.50%	-9.8%
GOOG	Sell	ALPHABET INC CAP STKcl c	$17,246,000	+6.4%	14,450	-0.6%	2.47%	+2.7%
PRAA	Buy	PRA GROUP INC	$16,828,000	-6.6%	467,453	+0.0%	2.41%	-9.9%
MGA	Buy	MAGNA INTL INC	$16,452,000	-8.5%	313,430	+1.4%	2.35%	-11.7%
TRP	Sell	TRANSCANADA CORP	$16,398,000	-6.7%	405,617	-0.2%	2.35%	-10.0%
CVE	Sell	CENOVUS ENERGY INC	$14,215,000	-3.4%	1,416,726	-0.0%	2.03%	-6.8%
GM	Buy	GENERAL MTRS CO	$13,548,000	-12.9%	402,365	+1.9%	1.94%	-16.0%
WDC	Sell	WESTERN DIGITAL CORP	$13,458,000	-24.4%	229,888	-0.1%	1.92%	-27.1%
ENB	Buy	ENBRIDGE INC	$13,297,000	-5.4%	412,388	+4.9%	1.90%	-8.7%
HPQ	Buy	HP INC	$13,266,000	+17.4%	514,800	+3.4%	1.90%	+13.3%
ECA	Buy	ENCANA CORP	$13,182,000	+0.4%	1,006,522	+0.2%	1.89%	-3.0%
GE	Sell	GENERAL ELECTRIC CO	$8,553,000	-17.8%	757,534	-0.9%	1.22%	-20.7%
GOOGL	Sell	ALPHABET INC CAP STKcl a	$5,759,000	+4.3%	4,771	-2.4%	0.82%	+0.7%
CM	Buy	CDN IMPERIAL BK M TORONTO	$3,204,000	+8.6%	34,223	+0.9%	0.46%	+4.8%
PBA	Sell	PEMBINA PIPELINE CORP	$1,754,000	-2.3%	51,661	-0.4%	0.25%	-5.6%
JNJ	Buy	JOHNSON & JOHNSON	$1,493,000	+14.8%	10,806	+0.7%	0.21%	+10.9%
EFA	Sell	ISHARES TRmsci eafe etf	$1,407,000	+0.5%	20,700	-1.0%	0.20%	-3.4%
CVX	Sell	CHEVRON CORP NEW	$1,272,000	-6.0%	10,400	-2.8%	0.18%	-9.5%
FTV	Sell	FORTIVE CORP	$1,000,000	+4.8%	11,875	-4.0%	0.14%	+1.4%
FTS	Sell	FORTIS INC	$888,000	-1.3%	27,400	-2.7%	0.13%	-4.5%
BHC	New	BAUSCH HEALTH COS INC	$862,000	–	33,600	–	0.12%	–
RCI	Sell	ROGERS COMMUNICATIONS INCcl b	$766,000	+4.9%	14,915	-2.9%	0.11%	+1.9%
PEP	Sell	PEPSICO INC	$688,000	-4.3%	6,150	-6.8%	0.10%	-8.4%
CNI	Sell	CANADIAN NATL RY CO	$461,000	+8.7%	5,140	-0.9%	0.07%	+4.8%
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-33,600	–	-0.12%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-24,000	–	-0.17%	–

Q2 2018

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$43,048,000	–	743,631	–	6.38%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$35,644,000	–	473,292	–	5.28%	–
JPM	New	JPMORGAN CHASE & CO	$33,280,000	–	319,387	–	4.93%	–
BNS	New	BANK N S HALIFAX	$31,925,000	–	563,713	–	4.73%	–
MSFT	New	MICROSOFT CORP	$29,221,000	–	296,328	–	4.33%	–
AAPL	New	APPLE INC	$27,319,000	–	147,580	–	4.05%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$26,726,000	–	696,449	–	3.96%	–
C	New	CITIGROUP INC	$25,405,000	–	379,635	–	3.77%	–
PFE	New	PFIZER INC	$25,117,000	–	692,320	–	3.72%	–
KMX	New	CARMAX INC	$23,506,000	–	322,581	–	3.48%	–
DG	New	DOLLAR GEN CORP NEW	$23,340,000	–	236,712	–	3.46%	–
TU	New	TELUS CORP	$22,502,000	–	633,323	–	3.34%	–
CSCO	New	CISCO SYS INC	$20,990,000	–	487,790	–	3.11%	–
CAE	New	CAE INC	$19,474,000	–	937,259	–	2.89%	–
SU	New	SUNCOR ENERGY INC NEW	$18,663,000	–	458,514	–	2.77%	–
GILD	New	GILEAD SCIENCES INC	$18,517,000	–	261,391	–	2.74%	–
WMT	New	WALMART INC	$18,490,000	–	215,879	–	2.74%	–
TRI	New	THOMSON REUTERS CORP	$18,370,000	–	455,150	–	2.72%	–
PRAA	New	PRA GROUP INC	$18,014,000	–	467,293	–	2.67%	–
MGA	New	MAGNA INTL INC	$17,975,000	–	309,005	–	2.66%	–
WDC	New	WESTERN DIGITAL CORP	$17,808,000	–	230,046	–	2.64%	–
TRP	New	TRANSCANADA CORP	$17,581,000	–	406,265	–	2.61%	–
GOOG	New	ALPHABET INC CAP STKcl c	$16,210,000	–	14,530	–	2.40%	–
GM	New	GENERAL MTRS CO	$15,563,000	–	395,000	–	2.31%	–
CVE	New	CENOVUS ENERGY INC	$14,716,000	–	1,417,050	–	2.18%	–
ENB	New	ENBRIDGE INC	$14,059,000	–	393,188	–	2.08%	–
ECA	New	ENCANA CORP	$13,123,000	–	1,004,594	–	1.94%	–
HPQ	New	HP INC	$11,299,000	–	497,966	–	1.68%	–
GE	New	GENERAL ELECTRIC CO	$10,409,000	–	764,769	–	1.54%	–
GOOGL	New	ALPHABET INC CAP STKcl a	$5,521,000	–	4,889	–	0.82%	–
OTEX	New	OPEN TEXT CORP	$3,236,000	–	91,940	–	0.48%	–
CM	New	CDN IMPERIAL BK M TORONTO	$2,951,000	–	33,915	–	0.44%	–
BCE	New	BCE INC	$2,860,000	–	70,602	–	0.42%	–
DHR	New	DANAHER CORP DEL	$2,385,000	–	24,170	–	0.35%	–
QSR	New	RESTAURANT BRANDS INTL INC	$2,280,000	–	37,800	–	0.34%	–
TROW	New	PRICE T ROWE GROUP INC	$1,875,000	–	16,150	–	0.28%	–
PBA	New	PEMBINA PIPELINE CORP	$1,796,000	–	51,861	–	0.27%	–
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$1,727,000	–	22,700	–	0.26%	–
WFC	New	WELLS FARGO CO NEW	$1,658,000	–	29,900	–	0.25%	–
EFA	New	ISHARES TRmsci eafe etf	$1,400,000	–	20,900	–	0.21%	–
CVX	New	CHEVRON CORP NEW	$1,353,000	–	10,700	–	0.20%	–
JNJ	New	JOHNSON & JOHNSON	$1,301,000	–	10,726	–	0.19%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,297,000	–	31,971	–	0.19%	–
SBUX	New	STARBUCKS CORP	$1,172,000	–	24,000	–	0.17%	–
FTV	New	FORTIVE CORP	$954,000	–	12,375	–	0.14%	–
CNQ	New	CANADIAN NAT RES LTD	$920,000	–	25,475	–	0.14%	–
FTS	New	FORTIS INC	$900,000	–	28,150	–	0.13%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$791,000	–	7,450	–	0.12%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$781,000	–	33,600	–	0.12%	–
XOM	New	EXXON MOBIL CORP	$772,000	–	9,332	–	0.11%	–
SYY	New	SYSCO CORP	$731,000	–	10,700	–	0.11%	–
BAC	New	BANK AMER CORP	$730,000	–	25,900	–	0.11%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$730,000	–	15,365	–	0.11%	–
PEP	New	PEPSICO INC	$719,000	–	6,600	–	0.11%	–
EIX	New	EDISON INTL	$677,000	–	10,700	–	0.10%	–
MTB	New	M & T BK CORP	$596,000	–	3,500	–	0.09%	–
KMB	New	KIMBERLY CLARK CORP	$558,000	–	5,300	–	0.08%	–
T	New	AT&T INC	$546,000	–	17,000	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$424,000	–	5,185	–	0.06%	–
COST	New	COSTCO WHSL CORP NEW	$418,000	–	2,000	–	0.06%	–
JWN	New	NORDSTROM INC	$362,000	–	7,000	–	0.05%	–
PPL	New	PPL CORP	$365,000	–	12,800	–	0.05%	–
HRL	New	HORMEL FOODS CORP	$298,000	–	8,000	–	0.04%	–
TECK	New	TECK RESOURCES LTDcl b	$267,000	–	10,500	–	0.04%	–
MKL	New	MARKEL CORP	$217,000	–	200	–	0.03%	–
ABT	New	ABBOTT LABS	$213,000	–	3,500	–	0.03%	–
CCK	New	CROWN HOLDINGS INC	$206,000	–	4,600	–	0.03%	–
EXC	New	EXELON CORP	$204,000	–	4,800	–	0.03%	–
TRQ	New	TURQUOISE HILL RES LTD	$85,000	–	30,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-30,000	–	-0.02%	–
MKL	Exit	MARKEL CORP	$0	–	-200	–	-0.03%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-10,500	–	-0.04%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-8,000	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,600	–	-0.04%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.05%	–
JWN	Exit	NORDSTROM INC	$0	–	-7,000	–	-0.05%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,185	–	-0.07%	–
PPL	Exit	PPL CORP	$0	–	-12,500	–	-0.07%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-37,055	–	-0.08%	–
MTB	Exit	M & T BK CORP	$0	–	-3,500	–	-0.09%	–
SYY	Exit	SYSCO CORP	$0	–	-10,700	–	-0.09%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-5,300	–	-0.10%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,900	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-17,000	–	-0.10%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-19,000	–	-0.10%	–
PEP	Exit	PEPSICO INC	$0	–	-6,600	–	-0.12%	–
EIX	Exit	EDISON INTL	$0	–	-10,100	–	-0.12%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-9,632	–	-0.12%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-15,915	–	-0.13%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-25,975	–	-0.14%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-7,450	–	-0.14%	–
FTV	Exit	FORTIVE CORP	$0	–	-12,775	–	-0.14%	–
MMM	Exit	3M CO	$0	–	-4,700	–	-0.15%	–
FTS	Exit	FORTIS INC	$0	–	-30,500	–	-0.17%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,300	–	-0.19%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-24,000	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-10,026	–	-0.20%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-19,600	–	-0.21%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-22,700	–	-0.23%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-36,971	–	-0.24%	–
MGA	Exit	MAGNA INTL INC	$0	–	-28,905	–	-0.24%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-29,900	–	-0.26%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-24,320	–	-0.33%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-26,200	–	-0.37%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-37,800	–	-0.38%	–
CM	Exit	CDN IMPERIAL BK M TORONTO	$0	–	-33,578	–	-0.46%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-92,290	–	-0.46%	–
BCE	Exit	BCE INC	$0	–	-64,302	–	-0.47%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-522,210	–	-0.82%	–
ECA	Exit	ENCANA CORP	$0	–	-656,394	–	-1.20%	–
GOOGL	Exit	ALPHABET INC CAP STKcl a	$0	–	-10,445	–	-1.59%	–
HPQ	Exit	HP INC	$0	–	-523,450	–	-1.63%	–
ENB	Exit	ENBRIDGE INC	$0	–	-282,788	–	-1.84%	–
PRAA	Exit	PRA GROUP INC	$0	–	-468,450	–	-2.10%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-461,714	–	-2.52%	–
CAE	Exit	CAE INC	$0	–	-949,625	–	-2.59%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-234,090	–	-2.59%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-214,550	–	-2.62%	–
GOOG	Exit	ALPHABET INC CAP STKcl c	$0	–	-17,986	–	-2.70%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-764,635	–	-2.89%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-387,566	–	-2.99%	–
CSCO	Exit	CISCO SYS INC	$0	–	-603,600	–	-3.17%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-258,416	–	-3.27%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-459,325	–	-3.28%	–
TU	Exit	TELUS CORP	$0	–	-607,685	–	-3.41%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-259,600	–	-3.50%	–
PFE	Exit	PFIZER INC	$0	–	-652,470	–	-3.64%	–
KMX	Exit	CARMAX INC	$0	–	-321,800	–	-3.81%	–
C	Exit	CITIGROUP INC	$0	–	-378,990	–	-4.31%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-672,174	–	-4.52%	–
AAPL	Exit	APPLE INC	$0	–	-192,655	–	-4.64%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-328,050	–	-4.90%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-420,940	–	-4.90%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-566,659	–	-5.68%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-472,794	–	-5.70%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-756,007	–	-6.64%	–

Q3 2017

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$42,451,000	+11.2%	756,007	-0.3%	6.64%	+6.7%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$36,484,000	+10.8%	472,794	+4.1%	5.70%	+6.3%
BNS	Sell	BANK N S HALIFAX	$36,326,000	+6.5%	566,659	-0.2%	5.68%	+2.2%
MSFT	Sell	MICROSOFT CORP	$31,356,000	+8.0%	420,940	-0.0%	4.90%	+3.7%
JPM	Buy	JPMORGAN CHASE & CO	$31,332,000	+4.6%	328,050	+0.1%	4.90%	+0.4%
AAPL	Buy	APPLE INC	$29,692,000	+7.1%	192,655	+0.1%	4.64%	+2.7%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP INTunit	$28,917,000	+6.5%	672,174	+1.1%	4.52%	+2.1%
C	Buy	CITIGROUP INC	$27,568,000	+10.1%	378,990	+1.2%	4.31%	+5.6%
KMX	Buy	CARMAX INC	$24,396,000	+21.8%	321,800	+1.3%	3.81%	+16.8%
PFE	Buy	PFIZER INC	$23,293,000	+6.7%	652,470	+0.4%	3.64%	+2.4%
WDC	Buy	WESTERN DIGITAL CORP	$22,429,000	-2.4%	259,600	+0.1%	3.50%	-6.4%
TU	Buy	TELUS CORP	$21,800,000	+7.2%	607,685	+3.1%	3.41%	+2.9%
TRI	Buy	THOMSON REUTERS CORP	$21,019,000	-0.6%	459,325	+0.4%	3.28%	-4.7%
GILD	Buy	GILEAD SCIENCES INC	$20,937,000	+15.9%	258,416	+1.3%	3.27%	+11.2%
CSCO	Sell	CISCO SYS INC	$20,299,000	+6.7%	603,600	-0.7%	3.17%	+2.3%
TRP	Buy	TRANSCANADA CORP	$19,105,000	+4.6%	387,566	+1.1%	2.99%	+0.4%
GE	Buy	GENERAL ELECTRIC CO	$18,489,000	-9.8%	764,635	+0.8%	2.89%	-13.4%
GOOG	Sell	ALPHABET INC CAP STKcl c	$17,251,000	+5.5%	17,986	-0.0%	2.70%	+1.2%
WMT	Buy	WAL-MART STORES INC	$16,765,000	+4.1%	214,550	+0.8%	2.62%	-0.2%
DG	Buy	DOLLAR GEN CORP NEW	$16,587,000	0.0%	234,090	+1.7%	2.59%	-4.1%
CAE	Sell	CAE INC	$16,570,000	+1.2%	949,625	-0.1%	2.59%	-2.9%
SU	Sell	SUNCOR ENERGY INC NEW	$16,139,000	+19.3%	461,714	-0.4%	2.52%	+14.4%
PRAA	Buy	PRA GROUP INC	$13,421,000	-18.3%	468,450	+8.1%	2.10%	-21.6%
ENB	Buy	ENBRIDGE INC	$11,781,000	+34.0%	282,788	+27.9%	1.84%	+28.5%
HPQ	Buy	HP INC	$10,448,000	+14.7%	523,450	+0.4%	1.63%	+10.0%
GOOGL	Sell	ALPHABET INC CAP STKcl a	$10,170,000	+3.9%	10,445	-0.8%	1.59%	-0.3%
ECA	Sell	ENCANA CORP	$7,707,000	+33.5%	656,394	-0.1%	1.20%	+28.1%
CVE	Sell	CENOVUS ENERGY INC	$5,222,000	+35.1%	522,210	-0.5%	0.82%	+29.5%
CM	Buy	CDN IMPERIAL BK M TORONTO	$2,930,000	+9.2%	33,578	+1.6%	0.46%	+4.8%
MGA	Buy	MAGNA INTL INC	$1,539,000	+17.5%	28,905	+2.1%	0.24%	+13.1%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,523,000	+4.5%	36,971	-0.5%	0.24%	+0.4%
EFA	New	ISHARES TRmsci eafe etf	$1,342,000	–	19,600	–	0.21%	–
JNJ	Buy	JOHNSON & JOHNSON	$1,303,000	+4.2%	10,026	+6.0%	0.20%	0.0%
CVX	Sell	CHEVRON CORP NEW	$1,210,000	+12.5%	10,300	-0.1%	0.19%	+8.0%
FTS	Buy	FORTIS INC	$1,092,000	+5.4%	30,500	+3.4%	0.17%	+1.2%
MMM	Buy	3M CO	$987,000	+10.3%	4,700	+9.3%	0.15%	+5.5%
XOM	Buy	EXXON MOBIL CORP	$790,000	+12.5%	9,632	+10.7%	0.12%	+7.9%
EIX	Buy	EDISON INTL	$779,000	+9.4%	10,100	+11.0%	0.12%	+5.2%
T	Sell	AT&T INC	$666,000	+3.6%	17,000	-0.2%	0.10%	-1.0%
CNI	Sell	CANADIAN NATL RY CO	$428,000	+0.7%	5,185	-1.0%	0.07%	-2.9%
MKL	New	MARKEL CORP	$214,000	–	200	–	0.03%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,300	–	-0.03%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-7,800	–	-0.04%	–
F	Exit	FORD MTR CO DEL	$0	–	-47,000	–	-0.09%	–
SJM	Exit	SMUCKER J M CO	$0	–	-131,095	–	-2.53%	–

Q2 2017

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$38,175,000	–	758,407	–	6.22%	–
BNS	New	BANK N S HALIFAX	$34,109,000	–	567,659	–	5.56%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$32,926,000	–	453,994	–	5.36%	–
JPM	New	JPMORGAN CHASE & CO	$29,949,000	–	327,670	–	4.88%	–
MSFT	New	MICROSOFT CORP	$29,024,000	–	421,060	–	4.73%	–
AAPL	New	APPLE INC	$27,728,000	–	192,531	–	4.52%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$27,156,000	–	664,724	–	4.42%	–
C	New	CITIGROUP INC	$25,043,000	–	374,440	–	4.08%	–
WDC	New	WESTERN DIGITAL CORP	$22,978,000	–	259,350	–	3.74%	–
PFE	New	PFIZER INC	$21,821,000	–	649,630	–	3.56%	–
TRI	New	THOMSON REUTERS CORP	$21,154,000	–	457,425	–	3.45%	–
GE	New	GENERAL ELECTRIC CO	$20,492,000	–	758,685	–	3.34%	–
TU	New	TELUS CORP	$20,328,000	–	589,495	–	3.31%	–
KMX	New	CARMAX INC	$20,036,000	–	317,727	–	3.26%	–
CSCO	New	CISCO SYS INC	$19,027,000	–	607,890	–	3.10%	–
TRP	New	TRANSCANADA CORP	$18,259,000	–	383,466	–	2.98%	–
GILD	New	GILEAD SCIENCES INC	$18,057,000	–	255,116	–	2.94%	–
DG	New	DOLLAR GEN CORP NEW	$16,587,000	–	230,090	–	2.70%	–
PRAA	New	PRA GROUP INC	$16,430,000	–	433,500	–	2.68%	–
CAE	New	CAE INC	$16,370,000	–	950,525	–	2.67%	–
GOOG	New	ALPHABET INC CAP STKcl c	$16,349,000	–	17,991	–	2.66%	–
WMT	New	WAL-MART STORES INC	$16,107,000	–	212,825	–	2.62%	–
SJM	New	SMUCKER J M CO	$15,513,000	–	131,095	–	2.53%	–
SU	New	SUNCOR ENERGY INC NEW	$13,532,000	–	463,678	–	2.20%	–
GOOGL	New	ALPHABET INC CAP STKcl a	$9,784,000	–	10,524	–	1.59%	–
HPQ	New	HP INC	$9,110,000	–	521,150	–	1.48%	–
ENB	New	ENBRIDGE INC	$8,795,000	–	221,037	–	1.43%	–
ECA	New	ENCANA CORP	$5,775,000	–	657,064	–	0.94%	–
CVE	New	CENOVUS ENERGY INC	$3,866,000	–	525,060	–	0.63%	–
OTEX	New	OPEN TEXT CORP	$2,910,000	–	92,290	–	0.47%	–
BCE	New	BCE INC	$2,892,000	–	64,302	–	0.47%	–
CM	New	CDN IMPERIAL BK M TORONTO	$2,683,000	–	33,052	–	0.44%	–
QSR	New	RESTAURANT BRANDS INTL INC	$2,363,000	–	37,800	–	0.38%	–
DHR	New	DANAHER CORP DEL	$2,052,000	–	24,320	–	0.33%	–
TROW	New	PRICE T ROWE GROUP INC	$1,944,000	–	26,200	–	0.32%	–
WFC	New	WELLS FARGO CO NEW	$1,657,000	–	29,900	–	0.27%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,457,000	–	37,171	–	0.24%	–
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$1,455,000	–	22,700	–	0.24%	–
SBUX	New	STARBUCKS CORP	$1,399,000	–	24,000	–	0.23%	–
MGA	New	MAGNA INTL INC	$1,310,000	–	28,305	–	0.21%	–
JNJ	New	JOHNSON & JOHNSON	$1,251,000	–	9,460	–	0.20%	–
CVX	New	CHEVRON CORP NEW	$1,076,000	–	10,310	–	0.18%	–
FTS	New	FORTIS INC	$1,036,000	–	29,500	–	0.17%	–
MMM	New	3M CO	$895,000	–	4,300	–	0.15%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$824,000	–	7,450	–	0.13%	–
FTV	New	FORTIVE CORP	$809,000	–	12,775	–	0.13%	–
PEP	New	PEPSICO INC	$762,000	–	6,600	–	0.12%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$751,000	–	15,915	–	0.12%	–
CNQ	New	CANADIAN NAT RES LTD	$749,000	–	25,975	–	0.12%	–
EIX	New	EDISON INTL	$712,000	–	9,100	–	0.12%	–
XOM	New	EXXON MOBIL CORP	$702,000	–	8,700	–	0.11%	–
KMB	New	KIMBERLY CLARK CORP	$684,000	–	5,300	–	0.11%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$642,000	–	37,055	–	0.10%	–
T	New	AT&T INC	$643,000	–	17,030	–	0.10%	–
BAC	New	BANK AMER CORP	$628,000	–	25,900	–	0.10%	–
PBA	New	PEMBINA PIPELINE CORP	$629,000	–	19,000	–	0.10%	–
MTB	New	M & T BK CORP	$567,000	–	3,500	–	0.09%	–
SYY	New	SYSCO CORP	$539,000	–	10,700	–	0.09%	–
F	New	FORD MTR CO DEL	$526,000	–	47,000	–	0.09%	–
PPL	New	PPL CORP	$483,000	–	12,500	–	0.08%	–
CNI	New	CANADIAN NATL RY CO	$425,000	–	5,240	–	0.07%	–
JWN	New	NORDSTROM INC	$335,000	–	7,000	–	0.06%	–
COST	New	COSTCO WHSL CORP NEW	$320,000	–	2,000	–	0.05%	–
CCK	New	CROWN HOLDINGS INC	$274,000	–	4,600	–	0.04%	–
HRL	New	HORMEL FOODS CORP	$273,000	–	8,000	–	0.04%	–
IMO	New	IMPERIAL OIL LTD	$227,000	–	7,800	–	0.04%	–
PXD	New	PIONEER NAT RES CO	$207,000	–	1,300	–	0.03%	–
TECK	New	TECK RESOURCES LTDcl b	$182,000	–	10,500	–	0.03%	–
TRQ	New	TURQUOISE HILL RES LTD	$80,000	–	30,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-27,400	–	-0.02%	–
HRL	Exit	HORMEL FOODS CORP	$0	–	-6,000	–	-0.04%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,300	–	-0.04%	–
ABT	Exit	ABBOTT LABS	$0	–	-6,115	–	-0.05%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,600	–	-0.05%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-5,565	–	-0.07%	–
JWN	Exit	NORDSTROM INC	$0	–	-7,000	–	-0.07%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,605	–	-0.07%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,900	–	-0.07%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-23,300	–	-0.08%	–
PPL	Exit	PPL CORP	$0	–	-13,200	–	-0.08%	–
EEM	Exit	ISHARES TRmsci emg mkt etf	$0	–	-12,400	–	-0.08%	–
F	Exit	FORD MTR CO DEL	$0	–	-47,000	–	-0.10%	–
SYY	Exit	SYSCO CORP	$0	–	-12,100	–	-0.11%	–
FTV	Exit	FORTIVE CORP	$0	–	-11,975	–	-0.11%	–
EIX	Exit	EDISON INTL	$0	–	-8,600	–	-0.11%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-5,200	–	-0.12%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-27,155	–	-0.12%	–
T	Exit	AT&T INC	$0	–	-17,030	–	-0.13%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-16,750	–	-0.13%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-24,000	–	-0.13%	–
MMM	Exit	3M CO	$0	–	-4,200	–	-0.14%	–
PEP	Exit	PEPSICO INC	$0	–	-6,900	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,700	–	-0.14%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-14,200	–	-0.15%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-7,650	–	-0.15%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-28,600	–	-0.17%	–
FSV	Exit	FIRSTSERVICE CORP NEWsub vtg sh	$0	–	-22,700	–	-0.19%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,860	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-9,560	–	-0.21%	–
MGA	Exit	MAGNA INTL INC	$0	–	-26,425	–	-0.21%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,900	–	-0.22%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-34,250	–	-0.22%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-26,000	–	-0.26%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-37,800	–	-0.31%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-26,200	–	-0.32%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-23,950	–	-0.34%	–
CM	Exit	CDN IMPERIAL BK M TORONTO	$0	–	-32,874	–	-0.46%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-41,850	–	-0.49%	–
BCE	Exit	BCE INC	$0	–	-63,010	–	-0.53%	–
ECA	Exit	ENCANA CORP	$0	–	-597,214	–	-1.14%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-448,365	–	-1.17%	–
HPQ	Exit	HP INC	$0	–	-417,200	–	-1.18%	–
GOOGL	Exit	ALPHABET INC CAP STKcl a	$0	–	-11,314	–	-1.66%	–
HPE	Exit	HEWLETT PACKARD ENTERPRISE C	$0	–	-424,550	–	-1.76%	–
ENB	Exit	ENBRIDGE INC	$0	–	-219,955	–	-1.76%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-453,565	–	-2.30%	–
CAE	Exit	CAE INC	$0	–	-938,475	–	-2.43%	–
GOOG	Exit	ALPHABET INC CAP STKcl c	$0	–	-17,402	–	-2.47%	–
PRAA	Exit	PRA GROUP INC	$0	–	-404,800	–	-2.55%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-243,750	–	-2.60%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-207,675	–	-2.73%	–
MTB	Exit	M & T BK CORP	$0	–	-136,340	–	-2.89%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-213,516	–	-3.08%	–
KMX	Exit	CARMAX INC	$0	–	-322,677	–	-3.14%	–
C	Exit	CITIGROUP INC	$0	–	-366,950	–	-3.16%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-435,750	–	-3.29%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-380,295	–	-3.30%	–
TU	Exit	TELUS CORP	$0	–	-563,335	–	-3.39%	–
SJM	Exit	SMUCKER J M CO	$0	–	-138,145	–	-3.42%	–
CSCO	Exit	CISCO SYS INC	$0	–	-604,240	–	-3.50%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-699,385	–	-3.78%	–
PFE	Exit	PFIZER INC	$0	–	-633,040	–	-3.91%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-322,200	–	-3.91%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-629,474	–	-3.98%	–
AAPL	Exit	APPLE INC	$0	–	-193,566	–	-3.99%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-501,299	–	-4.85%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-462,610	–	-4.86%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-465,519	–	-5.26%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-730,771	–	-5.92%	–

Q3 2016

			Value		Shares		↓ Weighting
TD	Buy	TORONTO DOMINION BK ONT	$32,447,000	+6.5%	730,771	+2.3%	5.92%	+1.8%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$28,839,000	+7.2%	465,519	+1.6%	5.26%	+2.5%
MSFT	Buy	MICROSOFT CORP	$26,646,000	+12.6%	462,610	+0.0%	4.86%	+7.6%
BNS	Sell	BANK N S HALIFAX	$26,569,000	+7.8%	501,299	-1.1%	4.85%	+3.0%
AAPL	Buy	APPLE INC	$21,883,000	+18.5%	193,566	+0.2%	3.99%	+13.3%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP INTunit	$21,816,000	+27.7%	629,474	+65.5%	3.98%	+22.0%
JPM	Sell	JPMORGAN CHASE & CO	$21,455,000	+7.1%	322,200	-0.1%	3.91%	+2.4%
PFE	Buy	PFIZER INC	$21,441,000	-2.8%	633,040	+1.1%	3.91%	-7.1%
GE	Buy	GENERAL ELECTRIC CO	$20,716,000	-4.8%	699,385	+1.2%	3.78%	-9.0%
CSCO	Buy	CISCO SYS INC	$19,167,000	+11.0%	604,240	+0.4%	3.50%	+6.1%
TU	Buy	TELUS CORP	$18,592,000	+3.6%	563,335	+0.4%	3.39%	-0.9%
TRP	Buy	TRANSCANADA CORP	$18,065,000	+8.1%	380,295	+2.3%	3.30%	+3.4%
TRI	Sell	THOMSON REUTERS CORP	$18,022,000	+2.8%	435,750	-0.2%	3.29%	-1.8%
C	Buy	CITIGROUP INC	$17,331,000	+18.9%	366,950	+6.7%	3.16%	+13.6%
KMX	Buy	CARMAX INC	$17,215,000	+12.2%	322,677	+3.1%	3.14%	+7.2%
GILD	Buy	GILEAD SCIENCES INC	$16,893,000	+0.3%	213,516	+5.8%	3.08%	-4.1%
MTB	Buy	M & T BK CORP	$15,829,000	-1.6%	136,340	+0.2%	2.89%	-5.9%
WMT	Buy	WAL-MART STORES INC	$14,978,000	+5.7%	207,675	+7.1%	2.73%	+1.1%
WDC	Buy	WESTERN DIGITAL CORP	$14,252,000	+29.5%	243,750	+4.7%	2.60%	+23.8%
PRAA	Buy	PRA GROUP INC	$13,982,000	+56.0%	404,800	+9.0%	2.55%	+49.0%
GOOG	Buy	ALPHABET INC CAP STKcl c	$13,526,000	+12.9%	17,402	+0.5%	2.47%	+7.9%
CAE	Sell	CAE INC	$13,329,000	+17.7%	938,475	-0.5%	2.43%	+12.5%
SU	Buy	SUNCOR ENERGY INC NEW	$12,593,000	+1.6%	453,565	+0.8%	2.30%	-2.9%
ENB	Sell	ENBRIDGE INC	$9,669,000	-0.4%	219,955	-4.7%	1.76%	-4.8%
HPE	Buy	HEWLETT PACKARD ENTERPRISE C	$9,659,000	+26.7%	424,550	+1.8%	1.76%	+21.1%
GOOGL	Sell	ALPHABET INC CAP STKcl a	$9,097,000	+13.3%	11,314	-0.8%	1.66%	+8.3%
HPQ	Sell	HP INC	$6,479,000	+23.4%	417,200	-0.3%	1.18%	+18.0%
CVE	Sell	CENOVUS ENERGY INC	$6,436,000	+4.2%	448,365	-0.3%	1.17%	-0.4%
ECA	Buy	ENCANA CORP	$6,242,000	+35.7%	597,214	+0.3%	1.14%	+29.7%
BCE	Sell	BCE INC	$2,911,000	-3.2%	63,010	-1.5%	0.53%	-7.5%
CM	Buy	CDN IMPERIAL BK M TORONTO	$2,550,000	+4.3%	32,874	+0.3%	0.46%	-0.2%
SBUX	Sell	STARBUCKS CORP	$1,408,000	-11.9%	26,000	-7.1%	0.26%	-15.7%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,205,000	+10.4%	34,250	+3.2%	0.22%	+5.8%
WFC	Sell	WELLS FARGO & CO NEW	$1,191,000	-16.9%	26,900	-11.1%	0.22%	-20.5%
MGA	Buy	MAGNA INTL INC	$1,135,000	+27.4%	26,425	+3.4%	0.21%	+21.8%
JNJ	Buy	JOHNSON & JOHNSON	$1,129,000	+2.3%	9,560	+5.1%	0.21%	-2.4%
CVX	Sell	CHEVRON CORP NEW	$1,118,000	-3.5%	10,860	-1.8%	0.20%	-7.7%
FSV	New	FIRSTSERVICE CORP NEWsub vtg sh	$1,056,000	–	22,700	–	0.19%	–
CNQ	Buy	CANADIAN NAT RES LTD	$915,000	+7.1%	28,600	+2.6%	0.17%	+2.5%
EFA	Buy	ISHARES TRmsci eafe etf	$840,000	+7.8%	14,200	+1.8%	0.15%	+2.7%
XOM	Buy	EXXON MOBIL CORP	$759,000	-3.6%	8,700	+3.6%	0.14%	-8.0%
PEP	Buy	PEPSICO INC	$751,000	+19.2%	6,900	+16.0%	0.14%	+14.2%
PBA	Sell	PEMBINA PIPELINE CORP	$732,000	-6.8%	24,000	-7.7%	0.13%	-10.7%
RCI	Sell	ROGERS COMMUNICATIONS INCcl b	$711,000	-30.6%	16,750	-34.3%	0.13%	-33.7%
VRX	Buy	VALEANT PHARMACEUTICALS INTL	$666,000	+45.1%	27,155	+18.5%	0.12%	+37.5%
KMB	Sell	KIMBERLY CLARK CORP	$656,000	-10.9%	5,200	-2.8%	0.12%	-14.3%
EIX	Buy	EDISON INTL	$621,000	-2.5%	8,600	+4.9%	0.11%	-7.4%
FTV	New	FORTIVE CORP	$610,000	–	11,975	–	0.11%	–
EEM	Buy	ISHARES TRmsci emg mkt etf	$464,000	+12.6%	12,400	+3.3%	0.08%	+7.6%
CNI	New	CANADIAN NATL RY CO	$364,000	–	5,565	–	0.07%	–
PXD	New	PIONEER NAT RES CO	$241,000	–	1,300	–	0.04%	–
RAD	Exit	RITE AID CORP	$0	–	-165,500	–	-0.24%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-243,500	–	-3.59%	–

Q2 2016

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$30,464,000	–	714,326	–	5.81%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$26,898,000	–	458,369	–	5.13%	–
BNS	New	BANK N S HALIFAX	$24,657,000	–	506,649	–	4.70%	–
MSFT	New	MICROSOFT CORP	$23,665,000	–	462,470	–	4.52%	–
PFE	New	PFIZER INC	$22,056,000	–	626,420	–	4.21%	–
GE	New	GENERAL ELECTRIC CO	$21,762,000	–	691,285	–	4.15%	–
SJM	New	SMUCKER J M CO	$21,055,000	–	138,145	–	4.02%	–
JPM	New	JPMORGAN CHASE & CO	$20,034,000	–	322,405	–	3.82%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$18,827,000	–	243,500	–	3.59%	–
AAPL	New	APPLE INC	$18,465,000	–	193,147	–	3.52%	–
TU	New	TELUS CORP	$17,938,000	–	560,935	–	3.42%	–
TRI	New	THOMSON REUTERS CORP	$17,536,000	–	436,425	–	3.35%	–
CSCO	New	CISCO SYS INC	$17,273,000	–	602,040	–	3.30%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$17,089,000	–	380,350	–	3.26%	–
GILD	New	GILEAD SCIENCES INC	$16,838,000	–	201,841	–	3.21%	–
TRP	New	TRANSCANADA CORP	$16,708,000	–	371,790	–	3.19%	–
MTB	New	M & T BK CORP	$16,082,000	–	136,020	–	3.07%	–
KMX	New	CARMAX INC	$15,344,000	–	312,950	–	2.93%	–
C	New	CITIGROUP INC	$14,578,000	–	343,900	–	2.78%	–
WMT	New	WAL-MART STORES INC	$14,164,000	–	193,975	–	2.70%	–
SU	New	SUNCOR ENERGY INC NEW	$12,396,000	–	449,932	–	2.37%	–
GOOG	New	ALPHABET INC CAP STKcl c	$11,981,000	–	17,311	–	2.29%	–
CAE	New	CAE INC	$11,320,000	–	943,375	–	2.16%	–
WDC	New	WESTERN DIGITAL CORP	$11,002,000	–	232,800	–	2.10%	–
ENB	New	ENBRIDGE INC	$9,709,000	–	230,775	–	1.85%	–
PRAA	New	PRA GROUP INC	$8,964,000	–	371,350	–	1.71%	–
GOOGL	New	ALPHABET INC CAP STKcl a	$8,027,000	–	11,409	–	1.53%	–
HPE	New	HEWLETT PACKARD ENTERPRISE C	$7,622,000	–	417,200	–	1.46%	–
CVE	New	CENOVUS ENERGY INC	$6,177,000	–	449,665	–	1.18%	–
HPQ	New	HP INC	$5,250,000	–	418,300	–	1.00%	–
ECA	New	ENCANA CORP	$4,601,000	–	595,520	–	0.88%	–
BCE	New	BCE INC	$3,006,000	–	63,965	–	0.57%	–
OTEX	New	OPEN TEXT CORP	$2,457,000	–	41,850	–	0.47%	–
CM	New	CDN IMPERIAL BK M TORONTO	$2,444,000	–	32,763	–	0.47%	–
DHR	New	DANAHER CORP DEL	$2,419,000	–	23,950	–	0.46%	–
TROW	New	PRICE T ROWE GROUP INC	$1,912,000	–	26,200	–	0.36%	–
SBUX	New	STARBUCKS CORP	$1,599,000	–	28,000	–	0.30%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,563,000	–	37,800	–	0.30%	–
WFC	New	WELLS FARGO & CO NEW	$1,433,000	–	30,275	–	0.27%	–
RAD	New	RITE AID CORP	$1,240,000	–	165,500	–	0.24%	–
CVX	New	CHEVRON CORP NEW	$1,159,000	–	11,060	–	0.22%	–
JNJ	New	JOHNSON & JOHNSON	$1,104,000	–	9,100	–	0.21%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,091,000	–	33,200	–	0.21%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$1,025,000	–	25,500	–	0.20%	–
MGA	New	MAGNA INTL INC	$891,000	–	25,545	–	0.17%	–
CNQ	New	CANADIAN NAT RES LTD	$854,000	–	27,875	–	0.16%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$824,000	–	7,650	–	0.16%	–
XOM	New	EXXON MOBIL CORP	$787,000	–	8,400	–	0.15%	–
PBA	New	PEMBINA PIPELINE CORP	$785,000	–	26,000	–	0.15%	–
EFA	New	ISHARES TR MSCI EAFE ETFishares tr	$779,000	–	13,950	–	0.15%	–
MMM	New	3M CO	$736,000	–	4,200	–	0.14%	–
T	New	AT&T INC	$736,000	–	17,030	–	0.14%	–
KMB	New	KIMBERLY CLARK CORP	$736,000	–	5,350	–	0.14%	–
EIX	New	EDISON INTL	$637,000	–	8,200	–	0.12%	–
PEP	New	PEPSICO INC	$630,000	–	5,950	–	0.12%	–
SYY	New	SYSCO CORP	$614,000	–	12,100	–	0.12%	–
F	New	FORD MTR CO DEL	$591,000	–	47,000	–	0.11%	–
PPL	New	PPL CORP	$498,000	–	13,200	–	0.10%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$459,000	–	22,910	–	0.09%	–
EEM	New	ISHARES TR MSCI EMG MKT ETFishares tr	$412,000	–	12,000	–	0.08%	–
COST	New	COSTCO WHSL CORP NEW	$409,000	–	2,605	–	0.08%	–
BAC	New	BANK AMER CORP	$344,000	–	25,900	–	0.07%	–
TECK	New	TECK RESOURCES LTDcl b	$305,000	–	23,300	–	0.06%	–
JWN	New	NORDSTROM INC	$266,000	–	7,000	–	0.05%	–
ABT	New	ABBOTT LABS	$240,000	–	6,115	–	0.05%	–
CCK	New	CROWN HOLDINGS INC	$233,000	–	4,600	–	0.04%	–
HRL	New	HORMEL FOODS CORP	$220,000	–	6,000	–	0.04%	–
TRQ	New	TURQUOISE HILL RES LTD	$92,000	–	27,400	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
AUY	Exit	YAMANA GOLD INC	$0	–	-20,000	–	-0.01%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-23,300	–	-0.02%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-4,600	–	-0.04%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.06%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,000	–	-0.07%	–
EXC	Exit	EXELON CORP	$0	–	-13,400	–	-0.08%	–
BAC	Exit	BANK AMER CORP	$0	–	-25,900	–	-0.08%	–
PPL	Exit	PPL CORP	$0	–	-13,200	–	-0.09%	–
SYY	Exit	SYSCO CORP	$0	–	-12,100	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-18,030	–	-0.12%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-5,650	–	-0.13%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-8,400	–	-0.13%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-26,500	–	-0.13%	–
F	Exit	FORD MTR CO DEL	$0	–	-47,000	–	-0.13%	–
PEP	Exit	PEPSICO INC	$0	–	-6,950	–	-0.14%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-9,110	–	-0.15%	–
MMM	Exit	3M CO	$0	–	-5,150	–	-0.15%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,700	–	-0.17%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-26,100	–	-0.17%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-8,700	–	-0.18%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-26,000	–	-0.19%	–
QSR	Exit	RESTAURANT BRANDS INTL INC	$0	–	-26,800	–	-0.20%	–
RAD	Exit	RITE AID CORP	$0	–	-165,500	–	-0.21%	–
MGA	Exit	MAGNA INTL INC	$0	–	-22,800	–	-0.23%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-26,250	–	-0.24%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,900	–	-0.29%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-104,150	–	-0.33%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-28,000	–	-0.33%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-26,200	–	-0.38%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-24,950	–	-0.44%	–
CM	Exit	CDN IMPERIAL BK M TORONTO	$0	–	-31,793	–	-0.48%	–
BCE	Exit	BCE INC	$0	–	-60,480	–	-0.52%	–
ECA	Exit	ENCANA CORP	$0	–	-574,420	–	-0.77%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-22,910	–	-0.85%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-231,075	–	-0.94%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-12,120	–	-1.62%	–
ENB	Exit	ENBRIDGE INC	$0	–	-226,725	–	-1.76%	–
CAE	Exit	CAE INC	$0	–	-916,775	–	-2.02%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-16,971	–	-2.16%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-327,873	–	-2.16%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-416,300	–	-2.23%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-446,879	–	-2.49%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-183,600	–	-2.49%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-353,300	–	-2.71%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-179,425	–	-2.98%	–
TU	Exit	TELUS CORP	$0	–	-477,735	–	-3.14%	–
BIN	Exit	PROGRESSIVE WASTE SOLUTIONS	$0	–	-572,875	–	-3.16%	–
CSCO	Exit	CISCO SYS INC	$0	–	-587,040	–	-3.22%	–
MTB	Exit	M & T BK CORP	$0	–	-127,950	–	-3.26%	–
SJM	Exit	SMUCKER J M CO	$0	–	-140,975	–	-3.36%	–
C	Exit	CITIGROUP INC	$0	–	-325,500	–	-3.38%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-224,525	–	-3.40%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-656,100	–	-3.46%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-425,075	–	-3.56%	–
KMX	Exit	CARMAX INC	$0	–	-293,750	–	-3.65%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-188,675	–	-3.88%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-317,680	–	-4.05%	–
PFE	Exit	PFIZER INC	$0	–	-618,885	–	-4.07%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-452,299	–	-4.16%	–
AAPL	Exit	APPLE INC	$0	–	-183,842	–	-4.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-458,315	–	-4.24%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-431,361	–	-4.97%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-680,276	–	-5.59%	–

Q3 2015

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$26,715,000	-7.8%	680,276	-0.1%	5.59%	-0.6%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$23,764,000	-9.1%	431,361	+1.1%	4.97%	-2.0%
MSFT	Buy	MICROSOFT CORP	$20,285,000	+0.8%	458,315	+0.6%	4.24%	+8.6%
AAPL	Buy	APPLE INC	$20,278,000	-10.5%	183,842	+1.8%	4.24%	-3.5%
BNS	Buy	BANK N S HALIFAX	$19,866,000	-14.2%	452,299	+0.9%	4.16%	-7.6%
PFE	Buy	PFIZER INC	$19,439,000	-5.8%	618,885	+0.6%	4.07%	+1.5%
JPM	Buy	JPMORGAN CHASE & CO	$19,369,000	-9.1%	317,680	+1.0%	4.05%	-2.0%
GILD	Buy	GILEAD SCIENCES INC	$18,526,000	-15.7%	188,675	+0.5%	3.88%	-9.2%
KMX	Buy	CARMAX INC	$17,425,000	-9.7%	293,750	+0.8%	3.65%	-2.7%
TRI	Buy	THOMSON REUTERS CORP	$17,023,000	+6.3%	425,075	+1.2%	3.56%	+14.5%
GE	Buy	GENERAL ELECTRIC CO	$16,547,000	-3.3%	656,100	+1.8%	3.46%	+4.2%
DVA	Sell	DAVITA HEALTHCARE PARTNERS I	$16,240,000	-9.1%	224,525	-0.2%	3.40%	-2.1%
C	Buy	CITIGROUP INC	$16,148,000	-8.6%	325,500	+1.8%	3.38%	-1.5%
SJM	Buy	SMUCKER J M CO	$16,084,000	+8.2%	140,975	+2.8%	3.36%	+16.5%
MTB	Buy	M & T BK CORP	$15,603,000	+3.3%	127,950	+5.8%	3.26%	+11.3%
CSCO	Buy	CISCO SYS INC	$15,410,000	-3.3%	587,040	+1.1%	3.22%	+4.1%
BIN	Buy	PROGRESSIVE WASTE SOLUTIONS	$15,094,000	-1.4%	572,875	+0.5%	3.16%	+6.2%
TU	Buy	TELUS CORP	$14,998,000	-6.3%	477,735	+3.0%	3.14%	+0.9%
WDC	Buy	WESTERN DIGITAL CORP	$14,253,000	+2.7%	179,425	+1.4%	2.98%	+10.6%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP INTunit	$12,970,000	-16.1%	353,300	+2.0%	2.71%	-9.6%
SU	Buy	SUNCOR ENERGY INC NEW	$11,908,000	-1.9%	446,879	+1.5%	2.49%	+5.7%
WMT	Buy	WAL-MART STORES INC	$11,905,000	-5.5%	183,600	+3.3%	2.49%	+1.8%
HPQ	Buy	HEWLETT PACKARD CO	$10,661,000	-13.4%	416,300	+1.5%	2.23%	-6.7%
TRP	Buy	TRANSCANADA CORP	$10,330,000	-21.0%	327,873	+2.0%	2.16%	-15.0%
GOOG	Buy	GOOGLE INCcl c	$10,325,000	+20.3%	16,971	+3.0%	2.16%	+29.7%
CAE	Buy	CAE INC	$9,678,000	-10.0%	916,775	+1.7%	2.02%	-3.0%
ENB	Sell	ENBRIDGE INC	$8,387,000	-22.5%	226,725	-1.9%	1.76%	-16.5%
GOOGL	Sell	GOOGLE INCcl a	$7,737,000	+11.9%	12,120	-5.3%	1.62%	+20.6%
CNQ	Buy	CANADIAN NAT RES LTD	$4,484,000	+626.7%	231,075	+918.0%	0.94%	+681.7%
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$4,074,000	-41.8%	22,910	-27.3%	0.85%	-37.3%
ECA	Buy	ENCANA CORP	$3,684,000	-40.1%	574,420	+3.1%	0.77%	-35.5%
BCE	Buy	BCE INC	$2,466,000	-2.5%	60,480	+1.7%	0.52%	+5.1%
CM	Buy	CDN IMPERIAL BK M TORONTO	$2,276,000	+12.3%	31,793	+15.8%	0.48%	+20.8%
DHR	Sell	DANAHER CORP DEL	$2,126,000	-1.8%	24,950	-1.4%	0.44%	+6.0%
CVE	Sell	CENOVUS ENERGY INC	$1,574,000	-75.9%	104,150	-74.4%	0.33%	-74.0%
MGA	Buy	MAGNA INTL INC	$1,090,000	+303.7%	22,800	+375.0%	0.23%	+338.5%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$859,000	+4.2%	8,700	+2.4%	0.18%	+12.5%
MMM	Buy	3M CO	$730,000	-6.3%	5,150	+2.0%	0.15%	+1.3%
CVX	Buy	CHEVRON CORP NEW	$719,000	-10.3%	9,110	+9.6%	0.15%	-3.8%
PEP	Buy	PEPSICO INC	$655,000	+4.0%	6,950	+3.0%	0.14%	+12.3%
KMB	Buy	KIMBERLY CLARK CORP	$616,000	+5.7%	5,650	+2.7%	0.13%	+14.2%
T	Sell	AT&T INC	$587,000	-21.4%	18,030	-14.3%	0.12%	-15.2%
PXD	Exit	PIONEER NAT RES CO	$0	–	-2,000	–	-0.05%	–

Q2 2015

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$28,960,000	–	681,076	–	5.62%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$26,137,000	–	426,851	–	5.08%	–
BNS	New	BANK N S HALIFAX	$23,165,000	–	448,199	–	4.50%	–
AAPL	New	APPLE INC	$22,648,000	–	180,572	–	4.40%	–
GILD	New	GILEAD SCIENCES INC	$21,985,000	–	187,775	–	4.27%	–
JPM	New	JPMORGAN CHASE & CO	$21,305,000	–	314,420	–	4.14%	–
PFE	New	PFIZER INC	$20,634,000	–	615,385	–	4.01%	–
MSFT	New	MICROSOFT CORP	$20,120,000	–	455,715	–	3.91%	–
KMX	New	CARMAX INC	$19,304,000	–	291,550	–	3.75%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$17,875,000	–	224,925	–	3.47%	–
C	New	CITIGROUP INC	$17,669,000	–	319,850	–	3.43%	–
GE	New	GENERAL ELECTRIC CO	$17,116,000	–	644,200	–	3.32%	–
TRI	New	THOMSON REUTERS CORP	$16,016,000	–	420,075	–	3.11%	–
TU	New	TELUS CORP	$16,007,000	–	464,035	–	3.11%	–
CSCO	New	CISCO SYS INC	$15,944,000	–	580,640	–	3.10%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$15,456,000	–	346,450	–	3.00%	–
BIN	New	PROGRESSIVE WASTE SOLUTIONS	$15,315,000	–	570,275	–	2.97%	–
MTB	New	M & T BK CORP	$15,110,000	–	120,950	–	2.93%	–
SJM	New	SMUCKER J M CO	$14,871,000	–	137,175	–	2.89%	–
WDC	New	WESTERN DIGITAL CORP	$13,875,000	–	176,925	–	2.70%	–
TRP	New	TRANSCANADA CORP	$13,084,000	–	321,523	–	2.54%	–
WMT	New	WAL-MART STORES INC	$12,604,000	–	177,700	–	2.45%	–
HPQ	New	HEWLETT PACKARD CO	$12,309,000	–	410,150	–	2.39%	–
SU	New	SUNCOR ENERGY INC NEW	$12,136,000	–	440,059	–	2.36%	–
ENB	New	ENBRIDGE INC	$10,824,000	–	231,161	–	2.10%	–
CAE	New	CAE INC	$10,748,000	–	901,575	–	2.09%	–
GOOG	New	GOOGLE INCcl c	$8,580,000	–	16,484	–	1.67%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$6,999,000	–	31,510	–	1.36%	–
GOOGL	New	GOOGLE INCcl a	$6,913,000	–	12,800	–	1.34%	–
CVE	New	CENOVUS ENERGY INC	$6,518,000	–	407,110	–	1.27%	–
ECA	New	ENCANA CORP	$6,153,000	–	557,350	–	1.20%	–
BCE	New	BCE INC	$2,530,000	–	59,480	–	0.49%	–
DHR	New	DANAHER CORP DEL	$2,165,000	–	25,300	–	0.42%	–
TROW	New	PRICE T ROWE GROUP INC	$2,037,000	–	26,200	–	0.40%	–
CM	New	CDN IMPERIAL BK M TORONTO	$2,027,000	–	27,458	–	0.39%	–
WFC	New	WELLS FARGO & CO NEW	$1,513,000	–	26,900	–	0.29%	–
SBUX	New	STARBUCKS CORP	$1,501,000	–	28,000	–	0.29%	–
RAD	New	RITE AID CORP	$1,382,000	–	165,500	–	0.27%	–
OTEX	New	OPEN TEXT CORP	$1,068,000	–	26,250	–	0.21%	–
QSR	New	RESTAURANT BRANDS INTL INC	$1,028,000	–	26,800	–	0.20%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$923,000	–	26,000	–	0.18%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$913,000	–	26,100	–	0.18%	–
PBA	New	PEMBINA PIPELINE CORP	$858,000	–	26,500	–	0.17%	–
JNJ	New	JOHNSON & JOHNSON	$848,000	–	8,700	–	0.16%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$824,000	–	8,500	–	0.16%	–
CVX	New	CHEVRON CORP NEW	$802,000	–	8,310	–	0.16%	–
MMM	New	3M CO	$779,000	–	5,050	–	0.15%	–
T	New	AT&T INC	$747,000	–	21,030	–	0.14%	–
F	New	FORD MTR CO DEL	$705,000	–	47,000	–	0.14%	–
XOM	New	EXXON MOBIL CORP	$699,000	–	8,400	–	0.14%	–
PEP	New	PEPSICO INC	$630,000	–	6,750	–	0.12%	–
CNQ	New	CANADIAN NAT RES LTD	$617,000	–	22,700	–	0.12%	–
KMB	New	KIMBERLY CLARK CORP	$583,000	–	5,500	–	0.11%	–
BAC	New	BANK AMER CORP	$441,000	–	25,900	–	0.09%	–
SYY	New	SYSCO CORP	$437,000	–	12,100	–	0.08%	–
EXC	New	EXELON CORP	$421,000	–	13,400	–	0.08%	–
PPL	New	PPL CORP	$389,000	–	13,200	–	0.08%	–
LLY	New	LILLY ELI & CO	$334,000	–	4,000	–	0.06%	–
PXD	New	PIONEER NAT RES CO	$277,000	–	2,000	–	0.05%	–
MGA	New	MAGNA INTL INC	$270,000	–	4,800	–	0.05%	–
COST	New	COSTCO WHSL CORP NEW	$270,000	–	2,000	–	0.05%	–
CCK	New	CROWN HOLDINGS INC	$243,000	–	4,600	–	0.05%	–
TECK	New	TECK RESOURCES LTDcl b	$231,000	–	23,300	–	0.04%	–
AUY	New	YAMANA GOLD INC	$60,000	–	20,000	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
AUY	Exit	YAMANA GOLD INC	$0	–	-20,000	–	-0.02%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-4,250	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-5,000	–	-0.04%	–
MGA	Exit	MAGNA INTL INC	$0	–	-2,400	–	-0.04%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.05%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,000	–	-0.05%	–
PPL	Exit	PPL CORP	$0	–	-13,200	–	-0.08%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-23,300	–	-0.08%	–
EXC	Exit	EXELON CORP	$0	–	-13,400	–	-0.09%	–
BAC	Exit	BANK AMER CORP	$0	–	-27,600	–	-0.09%	–
SYY	Exit	SYSCO CORP	$0	–	-13,700	–	-0.10%	–
MTB	Exit	M & T BK CORP	$0	–	-4,400	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,900	–	-0.10%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,710	–	-0.11%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-5,500	–	-0.11%	–
PEP	Exit	PEPSICO INC	$0	–	-6,750	–	-0.12%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,400	–	-0.13%	–
F	Exit	FORD MTR CO DEL	$0	–	-47,000	–	-0.13%	–
MMM	Exit	3M CO	$0	–	-5,050	–	-0.14%	–
T	Exit	AT&T INC	$0	–	-21,030	–	-0.14%	–
RAD	Exit	RITE AID CORP	$0	–	-165,500	–	-0.15%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-18,800	–	-0.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,200	–	-0.16%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-22,700	–	-0.17%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-9,600	–	-0.18%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-27,000	–	-0.19%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-14,000	–	-0.20%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-26,500	–	-0.21%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,900	–	-0.26%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-26,250	–	-0.27%	–
THI	Exit	TIM HORTONS INC	$0	–	-21,000	–	-0.31%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-25,500	–	-0.36%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-26,200	–	-0.39%	–
CM	Exit	CDN IMPERIAL BK M TORONTO	$0	–	-24,064	–	-0.41%	–
BCE	Exit	BCE INC	$0	–	-58,480	–	-0.47%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-30,110	–	-0.74%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-13,510	–	-1.50%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-15,815	–	-1.72%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-391,135	–	-1.98%	–
CAE	Exit	CAE INC	$0	–	-900,175	–	-2.06%	–
SIRO	Exit	SIRONA DENTAL SYSTEMS INC	$0	–	-146,790	–	-2.12%	–
ECA	Exit	ENCANA CORP	$0	–	-558,750	–	-2.24%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-346,850	–	-2.49%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-175,225	–	-2.53%	–
TU	Exit	TELUS CORP	$0	–	-404,060	–	-2.60%	–
SJM	Exit	SMUCKER J M CO	$0	–	-140,100	–	-2.62%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-395,250	–	-2.64%	–
KMX	Exit	CARMAX INC	$0	–	-307,400	–	-2.69%	–
CSCO	Exit	CISCO SYS INC	$0	–	-577,165	–	-2.74%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-568,800	–	-2.75%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-418,701	–	-2.88%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-298,523	–	-2.90%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-433,050	–	-2.95%	–
BIN	Exit	PROGRESSIVE WASTE SOLUTIONS	$0	–	-622,850	–	-3.02%	–
C	Exit	CITIGROUP INC	$0	–	-316,675	–	-3.10%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-229,350	–	-3.16%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-182,150	–	-3.34%	–
PFE	Exit	PFIZER INC	$0	–	-609,185	–	-3.40%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-302,245	–	-3.43%	–
AAPL	Exit	APPLE INC	$0	–	-192,002	–	-3.65%	–
ENB	Exit	ENBRIDGE INC	$0	–	-425,446	–	-3.84%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-450,465	–	-3.94%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-197,240	–	-3.96%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-443,149	–	-5.17%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-420,071	–	-5.66%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-701,750	–	-6.53%	–

Q3 2014

			Value		Shares		↓ Weighting
TD	Sell	TORONTO DOMINION BK ONT	$34,605,000	-4.9%	701,750	-0.8%	6.53%	-3.5%
RY	Sell	ROYAL BK CDA MONTREAL QUE	$30,002,000	-0.2%	420,071	-0.2%	5.66%	+1.3%
BNS	Buy	BANK N S HALIFAX	$27,388,000	-6.8%	443,149	+0.5%	5.17%	-5.3%
GILD	Sell	GILEAD SCIENCES INC	$20,996,000	+27.1%	197,240	-1.0%	3.96%	+28.9%
MSFT	Sell	MICROSOFT CORP	$20,884,000	+10.6%	450,465	-0.5%	3.94%	+12.3%
ENB	Sell	ENBRIDGE INC	$20,350,000	-0.4%	425,446	-1.2%	3.84%	+1.1%
AAPL	Buy	APPLE INC	$19,344,000	+8.6%	192,002	+0.2%	3.65%	+10.3%
JPM	Buy	JPMORGAN CHASE & CO	$18,207,000	+8.3%	302,245	+3.6%	3.43%	+10.0%
PFE	Buy	PFIZER INC	$18,014,000	+2.8%	609,185	+3.2%	3.40%	+4.4%
WDC	Sell	WESTERN DIGITAL CORP	$17,727,000	+4.5%	182,150	-0.9%	3.34%	+6.1%
DVA	Sell	DAVITA HEALTHCARE PARTNERS I	$16,775,000	+0.4%	229,350	-0.7%	3.16%	+2.0%
C	Buy	CITIGROUP INC	$16,410,000	+18.6%	316,675	+7.8%	3.10%	+20.3%
BIN	Buy	PROGRESSIVE WASTE SOLUTIONS	$16,010,000	+1.0%	622,850	+0.8%	3.02%	+2.5%
SU	Buy	SUNCOR ENERGY INC NEW	$15,660,000	-15.1%	433,050	+0.1%	2.95%	-13.8%
TRP	Sell	TRANSCANADA CORP	$15,363,000	+7.7%	298,523	-0.2%	2.90%	+9.3%
TRI	Sell	THOMSON REUTERS CORP	$15,242,000	-0.3%	418,701	-0.3%	2.88%	+1.2%
GE	Buy	GENERAL ELECTRIC CO	$14,573,000	+408.3%	568,800	+421.4%	2.75%	+415.8%
CSCO	Buy	CISCO SYS INC	$14,527,000	+3.1%	577,165	+1.8%	2.74%	+4.7%
KMX	Buy	CARMAX INC	$14,279,000	-10.4%	307,400	+0.3%	2.69%	-9.1%
HPQ	Buy	HEWLETT PACKARD CO	$14,020,000	+7.4%	395,250	+2.0%	2.64%	+9.1%
SJM	Buy	SMUCKER J M CO	$13,869,000	-6.6%	140,100	+0.6%	2.62%	-5.2%
TU	Buy	TELUS CORP	$13,786,000	-8.3%	404,060	+0.2%	2.60%	-6.9%
WMT	Buy	WAL-MART STORES INC	$13,399,000	+2.3%	175,225	+0.4%	2.53%	+3.8%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP INTunit	$13,183,000	-8.2%	346,850	+0.8%	2.49%	-6.8%
ECA	Buy	ENCANA CORP	$11,855,000	-9.8%	558,750	+0.6%	2.24%	-8.5%
SIRO	Buy	SIRONA DENTAL SYSTEMS INC	$11,256,000	+5.8%	146,790	+13.7%	2.12%	+7.3%
CAE	Buy	CAE INC	$10,907,000	-6.5%	900,175	+0.9%	2.06%	-5.1%
CVE	Buy	CENOVUS ENERGY INC	$10,515,000	-16.1%	391,135	+1.1%	1.98%	-14.9%
GOOG	Buy	GOOGLE INCcl c	$9,131,000	+4.3%	15,815	+3.9%	1.72%	+5.9%
GOOGL	Sell	GOOGLE INCcl a	$7,949,000	-1.5%	13,510	-2.2%	1.50%	-0.1%
BCE	Buy	BCE INC	$2,499,000	-3.6%	58,480	+2.2%	0.47%	-2.3%
CM	Buy	CDN IMPERIAL BK M TORONTO	$2,160,000	+8.1%	24,064	+9.5%	0.41%	+9.7%
BAM	Sell	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$843,000	+0.6%	18,800	-1.2%	0.16%	+1.9%
RAD	Buy	RITE AID CORP	$801,000	-19.9%	165,500	+18.6%	0.15%	-18.8%
T	Sell	AT&T INC	$741,000	-4.9%	21,030	-4.5%	0.14%	-3.4%
AUY	New	YAMANA GOLD INC	$120,000	–	20,000	–	0.02%	–
TTE	Exit	TOTAL S A SPONSOREDadr	$0	–	-3,000	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-3,900	–	-0.04%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-224,788	–	-3.77%	–

Q2 2014

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$36,397,000	–	707,400	–	6.76%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$30,071,000	–	420,871	–	5.59%	–
BNS	New	BANK N S HALIFAX	$29,373,000	–	440,799	–	5.46%	–
ENB	New	ENBRIDGE INC	$20,429,000	–	430,771	–	3.80%	–
F113PS	New	COVIDIEN PLC	$20,271,000	–	224,788	–	3.77%	–
MSFT	New	MICROSOFT CORP	$18,874,000	–	452,615	–	3.51%	–
SU	New	SUNCOR ENERGY INC NEW	$18,436,000	–	432,572	–	3.43%	–
AAPL	New	APPLE INC	$17,808,000	–	191,632	–	3.31%	–
PFE	New	PFIZER INC	$17,524,000	–	590,435	–	3.26%	–
WDC	New	WESTERN DIGITAL CORP	$16,969,000	–	183,850	–	3.15%	–
JPM	New	JPMORGAN CHASE & CO	$16,805,000	–	291,645	–	3.12%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$16,700,000	–	230,925	–	3.10%	–
GILD	New	GILEAD SCIENCES INC	$16,525,000	–	199,315	–	3.07%	–
KMX	New	CARMAX INC	$15,944,000	–	306,550	–	2.96%	–
BIN	New	PROGRESSIVE WASTE SOLUTIONS	$15,858,000	–	618,100	–	2.95%	–
TRI	New	THOMSON REUTERS CORP	$15,289,000	–	420,151	–	2.84%	–
TU	New	TELUS CORP	$15,026,000	–	403,360	–	2.79%	–
SJM	New	SMUCKER J M CO	$14,848,000	–	139,325	–	2.76%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$14,357,000	–	344,200	–	2.67%	–
TRP	New	TRANSCANADA CORP	$14,265,000	–	299,023	–	2.65%	–
CSCO	New	CISCO SYS INC	$14,087,000	–	566,865	–	2.62%	–
C	New	CITIGROUP INC	$13,842,000	–	293,875	–	2.57%	–
ECA	New	ENCANA CORP	$13,150,000	–	555,350	–	2.44%	–
WMT	New	WAL-MART STORES INC	$13,102,000	–	174,525	–	2.44%	–
HPQ	New	HEWLETT PACKARD CO	$13,053,000	–	387,550	–	2.42%	–
CVE	New	CENOVUS ENERGY INC	$12,540,000	–	387,035	–	2.33%	–
CAE	New	CAE INC	$11,669,000	–	892,375	–	2.17%	–
SIRO	New	SIRONA DENTAL SYSTEMS INC	$10,643,000	–	129,065	–	1.98%	–
GOOG	New	GOOGLE INCcl c added	$8,753,000	–	15,215	–	1.63%	–
GOOGL	New	GOOGLE INCcl a	$8,074,000	–	13,810	–	1.50%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$3,806,000	–	30,110	–	0.71%	–
GE	New	GENERAL ELECTRIC CO	$2,867,000	–	109,100	–	0.53%	–
BCE	New	BCE INC	$2,593,000	–	57,206	–	0.48%	–
TROW	New	PRICE T ROWE GROUP INC	$2,212,000	–	26,200	–	0.41%	–
DHR	New	DANAHER CORP DEL	$2,008,000	–	25,500	–	0.37%	–
CM	New	CDN IMPERIAL BK M TORONTO	$1,999,000	–	21,974	–	0.37%	–
WFC	New	WELLS FARGO & CO NEW	$1,414,000	–	26,900	–	0.26%	–
OTEX	New	OPEN TEXT CORP	$1,259,000	–	26,250	–	0.23%	–
THI	New	TIM HORTONS INC	$1,148,000	–	21,000	–	0.21%	–
PBA	New	PEMBINA PIPELINE CORP	$1,140,000	–	26,500	–	0.21%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$1,086,000	–	27,000	–	0.20%	–
SBUX	New	STARBUCKS CORP	$1,083,000	–	14,000	–	0.20%	–
CNQ	New	CANADIAN NAT RES LTD	$1,042,000	–	22,700	–	0.19%	–
RAD	New	RITE AID CORP	$1,000,000	–	139,500	–	0.19%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$986,000	–	9,600	–	0.18%	–
JNJ	New	JOHNSON & JOHNSON	$858,000	–	8,200	–	0.16%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$838,000	–	19,021	–	0.16%	–
F	New	FORD MTR CO DEL	$810,000	–	47,000	–	0.15%	–
PXD	New	PIONEER NAT RES CO	$781,000	–	3,400	–	0.14%	–
T	New	AT&T INC	$779,000	–	22,030	–	0.14%	–
MMM	New	3M CO	$723,000	–	5,050	–	0.13%	–
CVX	New	CHEVRON CORP NEW	$615,000	–	4,710	–	0.11%	–
KMB	New	KIMBERLY CLARK CORP	$612,000	–	5,500	–	0.11%	–
PEP	New	PEPSICO INC	$603,000	–	6,750	–	0.11%	–
XOM	New	EXXON MOBIL CORP	$594,000	–	5,900	–	0.11%	–
MTB	New	M & T BK CORP	$546,000	–	4,400	–	0.10%	–
TECK	New	TECK RESOURCES LTDcl b	$532,000	–	23,300	–	0.10%	–
SYY	New	SYSCO CORP	$513,000	–	13,700	–	0.10%	–
EXC	New	EXELON CORP	$489,000	–	13,400	–	0.09%	–
PPL	New	PPL CORP	$469,000	–	13,200	–	0.09%	–
BAC	New	BANK OF AMERICA CORPORATION	$424,000	–	27,600	–	0.08%	–
MGA	New	MAGNA INTL INC	$258,000	–	2,400	–	0.05%	–
LLY	New	LILLY ELI & CO	$249,000	–	4,000	–	0.05%	–
CCK	New	CROWN HOLDINGS INC	$249,000	–	5,000	–	0.05%	–
COST	New	COSTCO WHSL CORP NEW	$230,000	–	2,000	–	0.04%	–
IMO	New	IMPERIAL OIL LTD	$224,000	–	4,250	–	0.04%	–
ABBV	New	ABBVIE INC	$220,000	–	3,900	–	0.04%	–
TTE	New	TOTAL S A SPONSOREDadr	$217,000	–	3,000	–	0.04%	–

Q4 2013

			Value		Shares		↓ Weighting
FTR	Exit	FRONTIER MUNICATIONS CORP	$0	–	-21,000	–	-0.02%	–
WIN	Exit	WINDSTREAM HLDGS INC	$0	–	-19,000	–	-0.03%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-20,000	–	-0.04%	–
CCK	Exit	CROWN HOLDINGS INC	$0	–	-5,000	–	-0.04%	–
PEP	Exit	PEPSICO INC	$0	–	-2,780	–	-0.05%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,600	–	-0.05%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-1,900	–	-0.05%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-2,000	–	-0.05%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,710	–	-0.05%	–
CNI	Exit	CANADIAN NATL RY CO	$0	–	-2,540	–	-0.06%	–
SCCO	Exit	SOUTHERN COPPER CORP	$0	–	-10,000	–	-0.06%	–
TTE	Exit	TOTAL S A SPONSOREDadr	$0	–	-5,000	–	-0.06%	–
MMM	Exit	3M CO	$0	–	-2,470	–	-0.06%	–
IMO	Exit	IMPERIAL OIL LTD	$0	–	-6,850	–	-0.06%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONSadr a	$0	–	-5,000	–	-0.07%	–
KMB	Exit	KIMBERLY CLARK CORP	$0	–	-3,950	–	-0.08%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-28,400	–	-0.08%	–
SYY	Exit	SYSCO CORP	$0	–	-16,000	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-15,080	–	-0.11%	–
MTB	Exit	M & T BK CORP	$0	–	-4,890	–	-0.12%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-23,300	–	-0.13%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,500	–	-0.14%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-19,021	–	-0.15%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-8,220	–	-0.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-8,860	–	-0.16%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-27,200	–	-0.18%	–
OTEX	Exit	OPEN TEXT CORP	$0	–	-12,125	–	-0.19%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-28,000	–	-0.20%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-14,000	–	-0.23%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-26,900	–	-0.24%	–
F	Exit	FORD MTR CO DEL	$0	–	-67,000	–	-0.24%	–
THI	Exit	TIM HORTONS INC	$0	–	-21,000	–	-0.26%	–
CM	Exit	CDN IMPERIAL BK OF MERCE	$0	–	-16,873	–	-0.29%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-61,960	–	-0.32%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-25,600	–	-0.38%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-26,200	–	-0.40%	–
WLTGQ	Exit	WALTER ENERGY INC	$0	–	-169,020	–	-0.50%	–
BCE	Exit	BCE INC	$0	–	-59,556	–	-0.54%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-35,110	–	-0.78%	–
SIRO	Exit	SIRONA DENTAL SYSTEMS INC	$0	–	-105,465	–	-1.50%	–
HPQ	Exit	HEWLETT PACKARD CO	$0	–	-360,200	–	-1.61%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-140,515	–	-1.88%	–
ECA	Exit	ENCANA CORP	$0	–	-540,850	–	-1.99%	–
CAE	Exit	CAE INC	$0	–	-870,175	–	-2.03%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-338,635	–	-2.16%	–
AAPL	Exit	APPLE INC	$0	–	-24,856	–	-2.52%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-197,475	–	-2.67%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-170,765	–	-2.69%	–
CSCO	Exit	CISCO SYS INC	$0	–	-541,325	–	-2.70%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP INTunit	$0	–	-333,300	–	-2.70%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-14,670	–	-2.74%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-295,223	–	-2.77%	–
TU	Exit	TELUS CORP	$0	–	-392,450	–	-2.77%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-215,750	–	-2.80%	–
C	Exit	CITIGROUP INC	$0	–	-274,775	–	-2.84%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-258,770	–	-2.85%	–
DVA	Exit	DAVITA HEALTHCARE PARTNERS I	$0	–	-242,200	–	-2.94%	–
RCI	Exit	ROGERS COMMUNICATIONS INCcl b	$0	–	-326,785	–	-3.00%	–
SJM	Exit	SMUCKER J M CO	$0	–	-136,875	–	-3.06%	–
KMX	Exit	CARMAX INC	$0	–	-307,075	–	-3.17%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-417,423	–	-3.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-475,445	–	-3.37%	–
BIN	Exit	PROGRESSIVE WASTE SOLUTIONS	$0	–	-627,550	–	-3.45%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-489,051	–	-3.65%	–
PFE	Exit	PFIZER INC	$0	–	-629,110	–	-3.85%	–
ENB	Exit	ENBRIDGE INC	$0	–	-456,586	–	-4.07%	–
BNS	Exit	BANK N S HALIFAX	$0	–	-436,049	–	-5.33%	–
RY	Exit	ROYAL BK CDA MONTREAL QUE	$0	–	-436,821	–	-5.97%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-364,492	–	-7.00%	–

Q3 2013

			Value		Shares		↓ Weighting
TD	Buy	TORONTO DOMINION BK ONT	$32,866,000	+11.2%	364,492	+3.7%	7.00%	+5.9%
RY	Buy	ROYAL BK CDA MONTREAL QUE	$28,031,000	+10.0%	436,821	+4.6%	5.97%	+4.7%
BNS	Buy	BANK N S HALIFAX	$25,014,000	+3.2%	436,049	+0.7%	5.33%	-1.8%
ENB	Sell	ENBRIDGE INC	$19,098,000	-8.9%	456,586	-4.2%	4.07%	-13.3%
PFE	Sell	PFIZER INC	$18,062,000	-2.9%	629,110	-0.9%	3.85%	-7.6%
TRI	Buy	THOMSON REUTERS CORP	$17,127,000	+3.7%	489,051	+1.1%	3.65%	-1.3%
BIN	Buy	PROGRESSIVE WASTE SOLUTIONS	$16,188,000	+16.0%	627,550	+1.4%	3.45%	+10.4%
MSFT	Buy	MICROSOFT CORP	$15,823,000	-7.7%	475,445	+0.2%	3.37%	-12.2%
SU	Buy	SUNCOR ENERGY INC NEW	$14,948,000	+19.0%	417,423	+2.5%	3.18%	+13.2%
KMX	Sell	CARMAX INC	$14,884,000	-3.1%	307,075	-3.5%	3.17%	-7.8%
SJM	Buy	SMUCKER J M CO	$14,377,000	-2.6%	136,875	+0.0%	3.06%	-7.4%
RCI	Buy	ROGERS COMMUNICATIONS INCcl b	$14,072,000	+7.2%	326,785	+2.0%	3.00%	+2.0%
DVA	Buy	DAVITA HEALTHCARE PARTNERS I	$13,781,000	-10.9%	242,200	+98.0%	2.94%	-15.2%
JPM	Buy	JPMORGAN CHASE & CO	$13,376,000	-4.7%	258,770	+1.8%	2.85%	-9.4%
C	Buy	CITIGROUP INC	$13,329,000	-2.3%	274,775	+1.1%	2.84%	-7.0%
F113PS	Buy	COVIDIEN PLC	$13,148,000	-7.2%	215,750	+0.1%	2.80%	-11.7%
TU	Buy	TELUS CORP	$13,027,000	+13.0%	392,450	+4.0%	2.77%	+7.5%
TRP	Buy	TRANSCANADA CORP	$12,989,000	+0.5%	295,223	+3.0%	2.77%	-4.4%
GOOGL	Buy	GOOGLE INCcl a	$12,850,000	-4.3%	14,670	+0.6%	2.74%	-8.9%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP INTunit	$12,697,000	+4.9%	333,300	+5.2%	2.70%	-0.1%
CSCO	Buy	CISCO SYS INC	$12,684,000	-7.8%	541,325	+0.2%	2.70%	-12.3%
WMT	Buy	WAL-MART STORES INC	$12,630,000	-4.2%	170,765	+0.9%	2.69%	-8.8%
WDC	Sell	WESTERN DIGITAL CORP	$12,520,000	-3.4%	197,475	-1.0%	2.67%	-8.1%
AAPL	Buy	APPLE INC	$11,850,000	+17.3%	24,856	+2.0%	2.52%	+11.6%
CVE	Buy	CENOVUS ENERGY INC	$10,121,000	+3.2%	338,635	+3.1%	2.16%	-1.8%
CAE	Sell	CAE INC	$9,544,000	-1.3%	870,175	-2.3%	2.03%	-6.0%
ECA	Buy	ENCANA CORP	$9,360,000	+0.4%	540,850	+2.7%	1.99%	-4.5%
GILD	Buy	GILEAD SCIENCES INC	$8,834,000	+2643.5%	140,515	+2241.9%	1.88%	+2512.5%
HPQ	Buy	HEWLETT PACKARD CO	$7,557,000	-16.4%	360,200	+3.4%	1.61%	-20.5%
SIRO	New	SIRONA DENTAL SYSTEMS INC	$7,059,000	–	105,465	–	1.50%	–
BCE	Buy	BCE INC	$2,549,000	+1.4%	59,556	+1.7%	0.54%	-3.4%
WLTGQ	Sell	WALTER ENERGY INC	$2,371,000	+23.7%	169,020	-4.0%	0.50%	+17.7%
DHR	Sell	DANAHER CORP DEL	$1,775,000	+2.7%	25,600	-1.9%	0.38%	-2.3%
GE	Buy	GENERAL ELECTRIC CO	$1,480,000	+174.6%	61,960	+179.1%	0.32%	+160.3%
CM	Buy	CDN IMPERIAL BK OF MERCE	$1,346,000	+46.0%	16,873	+35.9%	0.29%	+39.3%
THI	Sell	TIM HORTONS INC	$1,220,000	-2.0%	21,000	-4.5%	0.26%	-6.8%
SBUX	Sell	STARBUCKS CORP	$1,078,000	+4.9%	14,000	-6.7%	0.23%	0.0%
PBA	Sell	PEMBINA PIPELINE CORP	$929,000	0.0%	28,000	-3.4%	0.20%	-4.8%
OTEX	Buy	OPEN TEXT CORP	$907,000	+10.7%	12,125	+5.9%	0.19%	+5.5%
CNQ	Buy	CANADIAN NAT RES LTD	$856,000	+8.6%	27,200	+1.9%	0.18%	+3.4%
JNJ	Buy	JOHNSON & JOHNSON	$768,000	+25.7%	8,860	+30.3%	0.16%	+19.7%
UPS	Buy	UNITED PARCEL SERVICE INCcl b	$751,000	+43.0%	8,220	+41.7%	0.16%	+35.6%
MTB	Buy	M & T BK CORP	$547,000	+1.7%	4,890	+6.3%	0.12%	-3.3%
T	Buy	AT&T INC	$510,000	-1.5%	15,080	+7.7%	0.11%	-6.0%
SYY	Buy	SYSCO CORP	$509,000	-3.0%	16,000	+8.8%	0.11%	-8.5%
BAC	Sell	BANK OF AMERICA CORPORATION	$392,000	+1.3%	28,400	-1.4%	0.08%	-4.6%
KMB	Buy	KIMBERLY CLARK CORP	$372,000	-3.6%	3,950	+3.9%	0.08%	-8.1%
MMM	Buy	3M CO	$295,000	+19.9%	2,470	+14.9%	0.06%	+14.5%
TTE	Sell	TOTAL S A SPONSOREDadr	$290,000	+9.4%	5,000	-3.8%	0.06%	+5.1%
CNI	New	CANADIAN NATL RY CO	$258,000	–	2,540	–	0.06%	–
LLY	Buy	LILLY ELI & CO	$237,000	+2.6%	4,710	+4.7%	0.05%	-3.8%
CVX	Buy	CHEVRON CORP NEW	$231,000	+10.0%	1,900	+11.8%	0.05%	+4.3%
XOM	New	EXXON MOBIL CORP	$224,000	–	2,600	–	0.05%	–
PEP	Buy	PEPSICO INC	$221,000	+3.3%	2,780	+11.2%	0.05%	-2.1%
AUY	New	YAMANA GOLD INC	$208,000	–	20,000	–	0.04%	–
WIN	New	WINDSTREAM HLDGS INC	$153,000	–	19,000	–	0.03%	–
WIN	Exit	WINDSTREAM CORP	$0	–	-19,000	–	-0.03%	–
BBRY	Exit	RESEARCH IN MOTION LTD	$0	–	-112,935	–	-0.28%	–

Q2 2013

			Value		Shares		↓ Weighting
TD	New	TORONTO DOMINION BK ONT	$29,546,000	–	351,490	–	6.61%	–
RY	New	ROYAL BK CDA MONTREAL QUE	$25,476,000	–	417,774	–	5.70%	–
BNS	New	BANK N S HALIFAX	$24,228,000	–	433,068	–	5.42%	–
ENB	New	ENBRIDGE INC	$20,958,000	–	476,376	–	4.69%	–
PFE	New	PFIZER INC	$18,600,000	–	634,800	–	4.16%	–
MSFT	New	MICROSOFT CORP	$17,144,000	–	474,415	–	3.84%	–
TRI	New	THOMSON REUTERS CORP	$16,516,000	–	483,601	–	3.70%	–
DVA	New	DAVITA HEALTHCARE PARTNERS I	$15,461,000	–	122,350	–	3.46%	–
KMX	New	CARMAX INC	$15,366,000	–	318,225	–	3.44%	–
SJM	New	SMUCKER J M CO	$14,767,000	–	136,850	–	3.30%	–
F113PS	New	COVIDIEN PLC	$14,174,000	–	215,620	–	3.17%	–
JPM	New	JPMORGAN CHASE & CO	$14,041,000	–	254,270	–	3.14%	–
BIN	New	PROGRESSIVE WASTE SOLUTIONS	$13,953,000	–	618,750	–	3.12%	–
CSCO	New	CISCO SYS INC	$13,755,000	–	540,325	–	3.08%	–
C	New	CITIGROUP INC	$13,638,000	–	271,775	–	3.05%	–
GOOGL	New	GOOGLE INCcl a	$13,432,000	–	14,585	–	3.01%	–
WMT	New	WAL-MART STORES INC	$13,186,000	–	169,225	–	2.95%	–
RCI	New	ROGERS COMMUNICATIONS INCcl b	$13,131,000	–	320,285	–	2.94%	–
WDC	New	WESTERN DIGITAL CORP	$12,961,000	–	199,550	–	2.90%	–
TRP	New	TRANSCANADA CORP	$12,920,000	–	286,723	–	2.89%	–
SU	New	SUNCOR ENERGY INC NEW	$12,562,000	–	407,224	–	2.81%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP INTunit	$12,100,000	–	316,800	–	2.71%	–
TU	New	TELUS CORP	$11,528,000	–	377,350	–	2.58%	–
AAPL	New	APPLE INC	$10,106,000	–	24,363	–	2.26%	–
CVE	New	CENOVUS ENERGY INC	$9,809,000	–	328,560	–	2.20%	–
CAE	New	CAE INC	$9,665,000	–	890,225	–	2.16%	–
ECA	New	ENCANA CORP	$9,327,000	–	526,850	–	2.09%	–
HPQ	New	HEWLETT PACKARD CO	$9,037,000	–	348,350	–	2.02%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$3,168,000	–	35,110	–	0.71%	–
BCE	New	BCE INC	$2,513,000	–	58,556	–	0.56%	–
TROW	New	PRICE T ROWE GROUP INC	$2,006,000	–	26,200	–	0.45%	–
WLTGQ	New	WALTER ENERGY INC	$1,916,000	–	176,145	–	0.43%	–
DHR	New	DANAHER CORP DEL	$1,728,000	–	26,100	–	0.39%	–
BBRY	New	RESEARCH IN MOTION LTD	$1,245,000	–	112,935	–	0.28%	–
THI	New	TIM HORTONS INC	$1,245,000	–	22,000	–	0.28%	–
WFC	New	WELLS FARGO & CO NEW	$1,161,000	–	26,900	–	0.26%	–
F	New	FORD MTR CO DEL	$1,084,000	–	67,000	–	0.24%	–
SBUX	New	STARBUCKS CORP	$1,028,000	–	15,000	–	0.23%	–
PBA	New	PEMBINA PIPELINE CORP	$929,000	–	29,000	–	0.21%	–
CM	New	CDN IMPERIAL BK OF MERCE	$922,000	–	12,419	–	0.21%	–
OTEX	New	OPEN TEXT CORP	$819,000	–	11,450	–	0.18%	–
CNQ	New	CANADIAN NAT RES LTD	$788,000	–	26,700	–	0.18%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$715,000	–	19,021	–	0.16%	–
JNJ	New	JOHNSON & JOHNSON	$611,000	–	6,800	–	0.14%	–
GE	New	GENERAL ELECTRIC CO	$539,000	–	22,200	–	0.12%	–
MTB	New	M & T BK CORP	$538,000	–	4,600	–	0.12%	–
PXD	New	PIONEER NAT RES CO	$530,000	–	3,500	–	0.12%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$525,000	–	5,800	–	0.12%	–
SYY	New	SYSCO CORP	$525,000	–	14,700	–	0.12%	–
TECK	New	TECK RESOURCES LTDcl b	$521,000	–	23,300	–	0.12%	–
T	New	AT&T INC	$518,000	–	14,000	–	0.12%	–
BAC	New	BANK OF AMERICA CORPORATION	$387,000	–	28,800	–	0.09%	–
KMB	New	KIMBERLY CLARK CORP	$386,000	–	3,800	–	0.09%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONSadr a	$334,000	–	5,000	–	0.08%	–
GILD	New	GILEAD SCIENCES INC	$322,000	–	6,000	–	0.07%	–
SCCO	New	SOUTHERN COPPER CORP	$289,000	–	10,000	–	0.06%	–
IMO	New	IMPERIAL OIL LTD	$274,000	–	6,850	–	0.06%	–
TTE	New	TOTAL S A SPONSOREDadr	$265,000	–	5,200	–	0.06%	–
MMM	New	3M CO	$246,000	–	2,150	–	0.06%	–
LLY	New	LILLY ELI & CO	$231,000	–	4,500	–	0.05%	–
COST	New	COSTCO WHSL CORP NEW	$231,000	–	2,000	–	0.05%	–
CCK	New	CROWN HOLDINGS INC	$215,000	–	5,000	–	0.05%	–
PEP	New	PEPSICO INC	$214,000	–	2,500	–	0.05%	–
CVX	New	CHEVRON CORP NEW	$210,000	–	1,700	–	0.05%	–
WIN	New	WINDSTREAM CORP	$153,000	–	19,000	–	0.03%	–
FTR	New	FRONTIER MUNICATIONS CORP	$89,000	–	21,000	–	0.02%	–

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