# EDGAR Filing Document

**Accession Number:** 0002077904
**File Stem:** 0002077904-25-000017
**Filing Date:** 2025-7
**Character Count:** 30224
**Document Hash:** 14d77fd08f09d7935d0e3b24daf21749
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002077904-25-000017.hdr.sgml**: 20250721

**ACCESSION NUMBER**: 0002077904-25-000017

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20180331

**FILED AS OF DATE**: 20250721

**DATE AS OF CHANGE**: 20250721

**EFFECTIVENESS DATE**: 20250721

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Credential Securities Inc.
- **CENTRAL INDEX KEY:** 0002077904

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25660
- **FILM NUMBER:** 251136158

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 700 - 1111 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 4T6
- **BUSINESS PHONE:** 1.888.545.5959

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 700 - 1111 WEST GEORGIA STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6E 4T6

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2018

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Credential Securities Inc.<br>**Address:** 700 - 1111 WEST GEORGIA STREET<br>VANCOUVER, A1 V6E 4T6

**Form 13F File Number:** 028-25660

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John H. Bai<br>**Title:** SVP Chief Financial Officer and Chief Risk Officer<br>**Phone:** 6472899343

**Signature, Place, and Date of Signing:**

John H. Bai  Toronto, A6  07-15-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 275

**Form 13F Information Table Value Total:** $418591759

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABB LTD | SPONSORED ADR | 000375204 |  | 2374 | 100 | SH |  | SOLE |  | 0 | 100 | 0 |
| AT INC | COM | 00206R102 |  | 603055 | 16916 | SH |  | SOLE |  | 0 | 13366 | 3550 |
| ABBOTT LABS | COM | 002824100 |  | 1119545 | 18684 | SH |  | SOLE |  | 0 | 13473 | 5211 |
| ABBVIE INC | COM | 00287Y109 |  | 722347 | 7635 | SH |  | SOLE |  | 0 | 6095 | 1540 |
| ADOBE SYS INC | COM | 00724F101 |  | 212406 | 983 | SH |  | SOLE |  | 0 | 886 | 97 |
| ADVANCED DISP SVCS INC DEL | COM | 00790X101 |  | 127852 | 5741 | SH |  | SOLE |  | 0 | 5257 | 484 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 162144 | 3862 | SH |  | SOLE |  | 0 | 3311 | 551 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 616761 | 3879 | SH |  | SOLE |  | 0 | 3059 | 820 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 69066 | 6977 | SH |  | SOLE |  | 0 | 6338 | 639 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 70674 | 385 | SH |  | SOLE |  | 0 | 159 | 226 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1316270 | 1276 | SH |  | SOLE |  | 0 | 927 | 349 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1382490 | 1334 | SH |  | SOLE |  | 0 | 909 | 425 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 833218 | 13370 | SH |  | SOLE |  | 0 | 11026 | 2344 |
| AMAZON COM INC | COM | 023135106 |  | 134292 | 93 | SH |  | SOLE |  | 0 | 93 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 209915 | 1445 | SH |  | SOLE |  | 0 | 1319 | 126 |
| AMGEN INC | COM | 031162100 |  | 382000 | 2241 | SH |  | SOLE |  | 0 | 1717 | 524 |
| ANALOG DEVICES INC | COM | 032654105 |  | 721931 | 7922 | SH |  | SOLE |  | 0 | 6281 | 1641 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 574389 | 5226 | SH |  | SOLE |  | 0 | 3782 | 1444 |
| APPLE INC | COM | 037833100 |  | 2803593 | 16697 | SH |  | SOLE |  | 0 | 13053 | 3644 |
| APPLIED MATLS INC | COM | 038222105 |  | 55443 | 997 | SH |  | SOLE |  | 0 | 427 | 570 |
| ARCONIC INC | COM | 03965L100 |  | 92482 | 4014 | SH |  | SOLE |  | 0 | 3640 | 374 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 798698 | 22833 | SH |  | SOLE |  | 0 | 18193 | 4640 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 352014 | 3102 | SH |  | SOLE |  | 0 | 2442 | 660 |
| AUTOZONE INC | COM | 053332102 |  | 232062 | 358 | SH |  | SOLE |  | 0 | 275 | 83 |
| BB CORP | COM | 054937107 |  | 1151814 | 22129 | SH |  | SOLE |  | 0 | 16012 | 6117 |
| BCE INC | COM NEW | 05534B760 |  | 1936832 | 45067 | SH |  | SOLE |  | 0 | 26781 | 18286 |
| BALL CORP | COM | 058498106 |  | 166104 | 4184 | SH |  | SOLE |  | 0 | 3810 | 374 |
| BANK AMER CORP | COM | 060505104 |  | 1362286 | 45455 | SH |  | SOLE |  | 0 | 35016 | 10439 |
| BANK MONTREAL QUE | COM | 063671101 |  | 716709 | 9507 | SH |  | SOLE |  | 0 | 7895 | 1612 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 12882 | 250 | SH |  | SOLE |  | 0 | 0 | 250 |
| BANK N S HALIFAX | COM | 064149107 |  | 26373973 | 428710 | SH |  | SOLE |  | 0 | 258166 | 170544 |
| BARRICK GOLD CORP | COM | 067901108 |  | 102767 | 8265 | SH |  | SOLE |  | 0 | 7556 | 709 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 1773 | 650 | SH |  | SOLE |  | 0 | 650 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 1236490 | 5706 | SH |  | SOLE |  | 0 | 4123 | 1583 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3613687 | 18111 | SH |  | SOLE |  | 0 | 13617 | 4494 |
| BHP BILLITON LTD | SPONSORED ADR | 088606108 |  | 4443 | 100 | SH |  | SOLE |  | 0 | 100 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 186171 | 2297 | SH |  | SOLE |  | 0 | 2084 | 213 |
| BIOGEN INC | COM | 09062X103 |  | 300610 | 1098 | SH |  | SOLE |  | 0 | 742 | 356 |
| BLACKROCK INC | COM | 09247X101 |  | 715889 | 1322 | SH |  | SOLE |  | 0 | 1112 | 210 |
| BOOKING HLDGS INC | COM | 09857L108 |  | 282855 | 136 | SH |  | SOLE |  | 0 | 123 | 13 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 770 | 15 | SH |  | SOLE |  | 0 | 15 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 669944 | 10592 | SH |  | SOLE |  | 0 | 7956 | 2636 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 795349 | 13789 | SH |  | SOLE |  | 0 | 10330 | 3459 |
| BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 112585104 |  | 8991948 | 231483 | SH |  | SOLE |  | 0 | 117996 | 113487 |
| CAE INC | COM | 124765108 |  | 762139 | 41102 | SH |  | SOLE |  | 0 | 28543 | 12559 |
| CDK GLOBAL INC | COM | 12508E101 |  | 94819 | 1497 | SH |  | SOLE |  | 0 | 1361 | 136 |
| CME GROUP INC | COM CL A | 12572Q105 |  | 13699 | 85 | SH |  | SOLE |  | 0 | 0 | 85 |
| CVS HEALTH CORP | COM | 126650100 |  | 2085427 | 33517 | SH |  | SOLE |  | 0 | 25306 | 8211 |
| CA INC | COM | 12673P105 |  | 1499596 | 44262 | SH |  | SOLE |  | 0 | 31953 | 12309 |
| CAMECO CORP | COM | 13321L108 |  | 24022 | 2660 | SH |  | SOLE |  | 0 | 1911 | 749 |
| CAMPBELL SOUP CO | COM | 134429109 |  | 200178 | 4622 | SH |  | SOLE |  | 0 | 4200 | 422 |
| CDN IMPERIAL BK COMM TORONTO | COM | 136069101 |  | 4050592 | 45993 | SH |  | SOLE |  | 0 | 37471 | 8522 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 14774286 | 202495 | SH |  | SOLE |  | 0 | 118811 | 83684 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 23818164 | 758840 | SH |  | SOLE |  | 0 | 428300 | 330540 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 2304671 | 13130 | SH |  | SOLE |  | 0 | 10795 | 2335 |
| CARMAX INC | COM | 143130102 |  | 6194 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| CELESTICA INC | SUB VTG SHS | 15101Q108 |  | 13290 | 1291 | SH |  | SOLE |  | 0 | 1222 | 69 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 2020869 | 237641 | SH |  | SOLE |  | 0 | 192866 | 44775 |
| CHEVRON CORP NEW | COM | 166764100 |  | 604860 | 5303 | SH |  | SOLE |  | 0 | 3816 | 1487 |
| CISCO SYS INC | COM | 17275R102 |  | 1170510 | 27406 | SH |  | SOLE |  | 0 | 21254 | 6152 |
| CITIGROUP INC | COM NEW | 172967424 |  | 124290 | 1800 | SH |  | SOLE |  | 0 | 771 | 1029 |
| COCA COLA CO | COM | 191216100 |  | 351255 | 8086 | SH |  | SOLE |  | 0 | 5350 | 2736 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 672739 | 8357 | SH |  | SOLE |  | 0 | 6026 | 2331 |
| COLFAX CORP | COM | 194014106 |  | 9570 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1084525 | 15128 | SH |  | SOLE |  | 0 | 10908 | 4220 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 1065206 | 31192 | SH |  | SOLE |  | 0 | 22584 | 8608 |
| COMERICA INC | COM | 200340107 |  | 110028 | 1149 | SH |  | SOLE |  | 0 | 480 | 669 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 1417 | 134 | SH |  | SOLE |  | 0 | 134 | 0 |
| COTY INC | COM CL A | 222070203 |  | 9150 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| CRESCENT PT ENERGY CORP | COM | 22576C101 |  | 247150 | 36437 | SH |  | SOLE |  | 0 | 31869 | 4568 |
| CROWN HOLDINGS INC | COM | 228368106 |  | 66811 | 1317 | SH |  | SOLE |  | 0 | 552 | 765 |
| DXC TECHNOLOGY CO | COM | 23355L106 |  | 77926 | 775 | SH |  | SOLE |  | 0 | 325 | 450 |
| DAVITA INC | COM | 23918K108 |  | 1122485 | 17028 | SH |  | SOLE |  | 0 | 12982 | 4046 |
| DIAGEO P L C | SPON ADR NEW | 25243Q205 |  | 10013975 | 73953 | SH |  | SOLE |  | 0 | 39597 | 34356 |
| DIAMOND OFFSHORE DRILLING IN | COM | 25271C102 |  | 71609 | 4888 | SH |  | SOLE |  | 0 | 4422 | 466 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 130245 | 3716 | SH |  | SOLE |  | 0 | 3395 | 321 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 7178334 | 71476 | SH |  | SOLE |  | 0 | 34554 | 36922 |
| DOLLAR TREE INC | COM | 256746108 |  | 431369 | 4546 | SH |  | SOLE |  | 0 | 3265 | 1281 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 398233 | 5905 | SH |  | SOLE |  | 0 | 4800 | 1105 |
| DOMTAR CORP | COM NEW | 257559203 |  | 837341 | 19922 | SH |  | SOLE |  | 0 | 16358 | 3564 |
| DOWDUPONT INC | COM | 26078J100 |  | 897928 | 14094 | SH |  | SOLE |  | 0 | 11329 | 2765 |
| DR PEPPER SNAPPLE GROUP INC | COM | 26138E109 |  | 17864 | 151 | SH |  | SOLE |  | 0 | 56 | 95 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 547325 | 7065 | SH |  | SOLE |  | 0 | 5756 | 1309 |
| EOG RES INC | COM | 26875P101 |  | 824685 | 7834 | SH |  | SOLE |  | 0 | 5673 | 2161 |
| E TRADE FINANCIAL CORP | COM NEW | 269246401 |  | 245643 | 4434 | SH |  | SOLE |  | 0 | 4039 | 395 |
| EBAY INC | COM | 278642103 |  | 80640 | 2004 | SH |  | SOLE |  | 0 | 848 | 1156 |
| ECOLAB INC | COM | 278865100 |  | 6968678 | 50844 | SH |  | SOLE |  | 0 | 24614 | 26230 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 228658 | 1886 | SH |  | SOLE |  | 0 | 1713 | 173 |
| ENCANA CORP | COM | 292505104 |  | 164053 | 14935 | SH |  | SOLE |  | 0 | 12780 | 2155 |
| ENBRIDGE INC | COM | 29250N105 |  | 3998996 | 127344 | SH |  | SOLE |  | 0 | 97017 | 30327 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1395 | 57 | SH |  | SOLE |  | 0 | 57 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 108983 | 925 | SH |  | SOLE |  | 0 | 841 | 84 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 95626 | 1212 | SH |  | SOLE |  | 0 | 1099 | 113 |
| EXELON CORP | COM | 30161N101 |  | 527963 | 13541 | SH |  | SOLE |  | 0 | 11079 | 2462 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 710382 | 9520 | SH |  | SOLE |  | 0 | 6895 | 2625 |
| FACEBOOK INC | CL A | 30303M102 |  | 334940 | 2096 | SH |  | SOLE |  | 0 | 1954 | 142 |
| FEDEX CORP | COM | 31428X106 |  | 352226 | 1467 | SH |  | SOLE |  | 0 | 1389 | 78 |
| 58 COM INC | SPON ADR REP A | 31680Q104 |  | 878 | 11 | SH |  | SOLE |  | 0 | 11 | 0 |
| FISERV INC | COM | 337738108 |  | 1001127 | 14045 | SH |  | SOLE |  | 0 | 10039 | 4006 |
| FIVE BELOW INC | COM | 33829M101 |  | 79353 | 1082 | SH |  | SOLE |  | 0 | 457 | 625 |
| FORTIS INC | COM | 349553107 |  | 2385246 | 70800 | SH |  | SOLE |  | 0 | 59878 | 10922 |
| FRANCO NEVADA CORP | COM | 351858105 |  | 6118779 | 89808 | SH |  | SOLE |  | 0 | 44709 | 45099 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 573710 | 11236 | SH |  | SOLE |  | 0 | 8958 | 2278 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 466691 | 34621 | SH |  | SOLE |  | 0 | 25102 | 9519 |
| GENERAL MLS INC | COM | 370334104 |  | 26669 | 592 | SH |  | SOLE |  | 0 | 221 | 371 |
| GENESEE  WYO INC | CL A | 371559105 |  | 98073 | 1386 | SH |  | SOLE |  | 0 | 1255 | 131 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 1973791 | 68612 | SH |  | SOLE |  | 0 | 53117 | 15495 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 250268 | 6404 | SH |  | SOLE |  | 0 | 4929 | 1475 |
| GOLDCORP INC NEW | COM | 380956409 |  | 238362 | 17294 | SH |  | SOLE |  | 0 | 16468 | 826 |
| GREAT PLAINS ENERGY INC | COM | 391164100 |  | 635 | 20 | SH |  | SOLE |  | 0 | 0 | 20 |
| GROUPE CGI INC | CL A SUB VTG | 39945C109 |  | 3630652 | 63112 | SH |  | SOLE |  | 0 | 50605 | 12507 |
| HDFC BANK LTD | ADR REPS 3 SHS | 40415F101 |  | 92090 | 932 | SH |  | SOLE |  | 0 | 408 | 524 |
| HOME DEPOT INC | COM | 437076102 |  | 404840 | 2274 | SH |  | SOLE |  | 0 | 1800 | 474 |
| HONEYWELL INTL INC | COM | 438516106 |  | 169377 | 1172 | SH |  | SOLE |  | 0 | 505 | 667 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 17391 | 125 | SH |  | SOLE |  | 0 | 0 | 125 |
| IAC INTERACTIVECORP | COM | 44919P508 |  | 595963 | 3811 | SH |  | SOLE |  | 0 | 3075 | 736 |
| ICICI BK LTD | ADR | 45104G104 |  | 1352 | 153 | SH |  | SOLE |  | 0 | 153 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 1266206 | 8082 | SH |  | SOLE |  | 0 | 6369 | 1713 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 2379 | 90 | SH |  | SOLE |  | 0 | 90 | 0 |
| INCYTE CORP | COM | 45337C102 |  | 148910 | 1787 | SH |  | SOLE |  | 0 | 1632 | 155 |
| ING GROEP N V | SPONSORED ADR | 456837103 |  | 605820 | 35805 | SH |  | SOLE |  | 0 | 28765 | 7040 |
| INTEL CORP | COM | 458140100 |  | 519350 | 10028 | SH |  | SOLE |  | 0 | 8051 | 1977 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 140886 | 1943 | SH |  | SOLE |  | 0 | 831 | 1112 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 1186735 | 8668 | SH |  | SOLE |  | 0 | 7012 | 1656 |
| IQVIA HLDGS INC | COM | 46266C105 |  | 677391 | 6903 | SH |  | SOLE |  | 0 | 4550 | 2353 |
| IRON MTN INC NEW | COM | 46284V101 |  | 313057 | 9527 | SH |  | SOLE |  | 0 | 7605 | 1922 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 184650 | 1722 | SH |  | SOLE |  | 0 | 1502 | 220 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 11739 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 105878 | 1010 | SH |  | SOLE |  | 0 | 782 | 228 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 5136 | 60 | SH |  | SOLE |  | 0 | 0 | 60 |
| ISHARES TR | US CR BD ETF | 464288620 |  | 159967 | 1468 | SH |  | SOLE |  | 0 | 1468 | 0 |
| ISHARES SILVER TRUST | ISHARES | 46428Q109 |  | 6164 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3518629 | 32005 | SH |  | SOLE |  | 0 | 23985 | 8020 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3509772 | 27388 | SH |  | SOLE |  | 0 | 20962 | 6426 |
| KELLOGG CO | COM | 487836108 |  | 620524 | 9548 | SH |  | SOLE |  | 0 | 7314 | 2234 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 377745 | 3430 | SH |  | SOLE |  | 0 | 2706 | 724 |
| LAM RESEARCH CORP | COM | 512807108 |  | 447155 | 2201 | SH |  | SOLE |  | 0 | 1788 | 413 |
| LILLY ELI  CO | COM | 532457108 |  | 246377 | 3184 | SH |  | SOLE |  | 0 | 2443 | 741 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1311506 | 3881 | SH |  | SOLE |  | 0 | 3153 | 728 |
| MAGNA INTL INC | COM | 559222401 |  | 878997 | 15625 | SH |  | SOLE |  | 0 | 12457 | 3168 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 15857149 | 855530 | SH |  | SOLE |  | 0 | 469678 | 385852 |
| MARKEL CORP | COM | 570535104 |  | 11689 | 10 | SH |  | SOLE |  | 0 | 0 | 10 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1088184 | 6215 | SH |  | SOLE |  | 0 | 4704 | 1511 |
| MCDONALDS CORP | COM | 580135101 |  | 936138 | 5904 | SH |  | SOLE |  | 0 | 4659 | 1245 |
| MEDICAL PPTYS TRUST INC | COM | 58463J304 |  | 309681 | 23840 | SH |  | SOLE |  | 0 | 18683 | 5157 |
| MERCK  CO INC | COM | 58933Y105 |  | 311568 | 5720 | SH |  | SOLE |  | 0 | 4824 | 896 |
| METHANEX CORP | COM | 59151K108 |  | 447635 | 7427 | SH |  | SOLE |  | 0 | 6252 | 1175 |
| MICROSOFT CORP | COM | 594918104 |  | 5922753 | 64914 | SH |  | SOLE |  | 0 | 49448 | 15466 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 76836 | 1020 | SH |  | SOLE |  | 0 | 427 | 593 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 1053680 | 25256 | SH |  | SOLE |  | 0 | 18652 | 6604 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 89496 | 850 | SH |  | SOLE |  | 0 | 360 | 490 |
| NATIONAL GRID PLC | SPONSORED ADR NE | 636274409 |  | 359733 | 6376 | SH |  | SOLE |  | 0 | 4957 | 1419 |
| NEW GOLD INC CDA | COM | 644535106 |  | 5755 | 2250 | SH |  | SOLE |  | 0 | 0 | 2250 |
| NIKE INC | CL B | 654106103 |  | 251172 | 3793 | SH |  | SOLE |  | 0 | 3438 | 355 |
| NOBLE ENERGY INC | COM | 655044105 |  | 427533 | 14110 | SH |  | SOLE |  | 0 | 10078 | 4032 |
| NOVARTIS A G | SPONSORED ADR | 66987V109 |  | 377441 | 4669 | SH |  | SOLE |  | 0 | 3837 | 832 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 501112 | 10179 | SH |  | SOLE |  | 0 | 8090 | 2089 |
| NUTRIEN LTD | COM | 67077M108 |  | 4678840 | 99141 | SH |  | SOLE |  | 0 | 75366 | 23775 |
| O REILLY AUTOMOTIVE INC NEW | COM | 67103H107 |  | 230301 | 931 | SH |  | SOLE |  | 0 | 847 | 84 |
| OMNICOM GROUP INC | COM | 681919106 |  | 555129 | 7638 | SH |  | SOLE |  | 0 | 5901 | 1737 |
| OPEN TEXT CORP | COM | 683715106 |  | 2857102 | 82306 | SH |  | SOLE |  | 0 | 65385 | 16921 |
| ORACLE CORP | COM | 68389X105 |  | 2820921 | 61646 | SH |  | SOLE |  | 0 | 47615 | 14031 |
| ORIX CORP | SPONSORED ADR | 686330101 |  | 335463 | 3739 | SH |  | SOLE |  | 0 | 2983 | 756 |
| PPL CORP | COM | 69351T106 |  | 509 | 18 | SH |  | SOLE |  | 0 | 18 | 0 |
| PACCAR INC | COM | 693718108 |  | 634408 | 9589 | SH |  | SOLE |  | 0 | 7598 | 1991 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 371349 | 2171 | SH |  | SOLE |  | 0 | 1677 | 494 |
| PAYCHEX INC | COM | 704326107 |  | 446259 | 7248 | SH |  | SOLE |  | 0 | 5705 | 1543 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 3270250 | 104967 | SH |  | SOLE |  | 0 | 68511 | 36456 |
| PEPSICO INC | COM | 713448108 |  | 6270231 | 57446 | SH |  | SOLE |  | 0 | 30148 | 27298 |
| P T TELEKOMUNIKASI INDONESIA | SPONSORED ADR | 715684106 |  | 1346 | 51 | SH |  | SOLE |  | 0 | 51 | 0 |
| PFIZER INC | COM | 717081103 |  | 1334126 | 37581 | SH |  | SOLE |  | 0 | 28559 | 9022 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 381237 | 3835 | SH |  | SOLE |  | 0 | 3166 | 669 |
| PRAXAIR INC | COM | 74005P104 |  | 7822931 | 54228 | SH |  | SOLE |  | 0 | 26355 | 27873 |
| PRECISION DRILLING CORP | COM 2010 | 74022D308 |  | 2345 | 850 | SH |  | SOLE |  | 0 | 850 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 946999 | 11945 | SH |  | SOLE |  | 0 | 8459 | 3486 |
| PRUDENTIAL PLC | ADR | 74435K204 |  | 8995564 | 176004 | SH |  | SOLE |  | 0 | 85029 | 90975 |
| PULTE GROUP INC | COM | 745867101 |  | 461105 | 15636 | SH |  | SOLE |  | 0 | 12415 | 3221 |
| QORVO INC | COM | 74736K101 |  | 297651 | 4225 | SH |  | SOLE |  | 0 | 3838 | 387 |
| RAYTHEON CO | COM NEW | 755111507 |  | 1515794 | 7043 | SH |  | SOLE |  | 0 | 5727 | 1316 |
| REGENERON PHARMACEUTICALS | COM | 75886F107 |  | 222118 | 645 | SH |  | SOLE |  | 0 | 587 | 58 |
| RELX PLC | SPONSORED ADR | 759530108 |  | 2360 | 113 | SH |  | SOLE |  | 0 | 113 | 0 |
| RELX NV | SPONSORED ADR | 75955B102 |  | 140846 | 6778 | SH |  | SOLE |  | 0 | 2941 | 3837 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 685149 | 10345 | SH |  | SOLE |  | 0 | 8227 | 2118 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 283 | 5 | SH |  | SOLE |  | 0 | 5 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 65881 | 1279 | SH |  | SOLE |  | 0 | 542 | 737 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 874130 | 27884 | SH |  | SOLE |  | 0 | 23163 | 4721 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 88220 | 504 | SH |  | SOLE |  | 0 | 214 | 290 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 7926896 | 178117 | SH |  | SOLE |  | 0 | 104514 | 73603 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 9344052 | 121144 | SH |  | SOLE |  | 0 | 85982 | 35162 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 9829 | 150 | SH |  | SOLE |  | 0 | 0 | 150 |
| ROYAL DUTCH SHELL PLC | SPONS ADR A | 780259206 |  | 891744 | 13975 | SH |  | SOLE |  | 0 | 11199 | 2776 |
| RYANAIR HLDGS PLC | SPONSORED ADR NE | 783513203 |  | 3806 | 31 | SH |  | SOLE |  | 0 | 31 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 126281 | 663 | SH |  | SOLE |  | 0 | 292 | 371 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 12579 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 |  | 22500 | 625 | SH |  | SOLE |  | 0 | 625 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 9551068 | 90876 | SH |  | SOLE |  | 0 | 44020 | 46856 |
| SCHLUMBERGER LTD | COM | 806857108 |  | 109283 | 1687 | SH |  | SOLE |  | 0 | 709 | 978 |
| SCHWAB CHARLES CORP NEW | COM | 808513105 |  | 378112 | 7270 | SH |  | SOLE |  | 0 | 5387 | 1883 |
| SEALED AIR CORP NEW | COM | 81211K100 |  | 146470 | 3423 | SH |  | SOLE |  | 0 | 3098 | 325 |
| SERVICENOW INC | COM | 81762P102 |  | 253377 | 1532 | SH |  | SOLE |  | 0 | 1386 | 146 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 203393 | 10584 | SH |  | SOLE |  | 0 | 8671 | 1913 |
| SHIRE PLC | SPONSORED ADR | 82481R106 |  | 6461714 | 43254 | SH |  | SOLE |  | 0 | 21003 | 22251 |
| SIGNATURE BK NEW YORK N Y | COM | 82669G104 |  | 4256 | 30 | SH |  | SOLE |  | 0 | 30 | 0 |
| SIX FLAGS ENTMT CORP NEW | COM | 83001A102 |  | 652131 | 10476 | SH |  | SOLE |  | 0 | 8513 | 1963 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 146064 | 1457 | SH |  | SOLE |  | 0 | 1323 | 134 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 91395 | 737 | SH |  | SOLE |  | 0 | 314 | 423 |
| SNAP ON INC | COM | 833034101 |  | 69201 | 469 | SH |  | SOLE |  | 0 | 199 | 270 |
| SONY CORP | SPONSORED ADR | 835699307 |  | 2126 | 44 | SH |  | SOLE |  | 0 | 44 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 127786 | 5447 | SH |  | SOLE |  | 0 | 4967 | 480 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 7865 | 600 | SH |  | SOLE |  | 0 | 0 | 600 |
| STANTEC INC | COM | 85472N109 |  | 2574546 | 105635 | SH |  | SOLE |  | 0 | 80293 | 25342 |
| STARBUCKS CORP | COM | 855244109 |  | 202522 | 3499 | SH |  | SOLE |  | 0 | 2879 | 620 |
| STATOIL ASA | SPONSORED ADR | 85771P102 |  | 1230792 | 52064 | SH |  | SOLE |  | 0 | 41714 | 10350 |
| SUMITOMO MITSUI FINL GROUP I | SPONSORED ADR | 86562M209 |  | 4652 | 548 | SH |  | SOLE |  | 0 | 548 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 1271020 | 31071 | SH |  | SOLE |  | 0 | 26555 | 4516 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 2587885 | 75104 | SH |  | SOLE |  | 0 | 62666 | 12438 |
| SYNTEL INC | COM | 87162H103 |  | 15318 | 600 | SH |  | SOLE |  | 0 | 0 | 600 |
| TJX COS INC NEW | COM | 872540109 |  | 626049 | 7675 | SH |  | SOLE |  | 0 | 5527 | 2148 |
| TRI POINTE GROUP INC | COM | 87265H109 |  | 16430 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADR | 874039100 |  | 91787 | 2098 | SH |  | SOLE |  | 0 | 910 | 1188 |
| TARGA RES CORP | COM | 87612G101 |  | 435996 | 9909 | SH |  | SOLE |  | 0 | 7906 | 2003 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 31325 | 1219 | SH |  | SOLE |  | 0 | 1178 | 41 |
| TELUS CORP | COM | 87971M103 |  | 960528 | 27468 | SH |  | SOLE |  | 0 | 23930 | 3538 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1007545 | 9701 | SH |  | SOLE |  | 0 | 7887 | 1814 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 11537190 | 55881 | SH |  | SOLE |  | 0 | 29533 | 26348 |
| THOMSON REUTERS CORP | COM | 884903105 |  | 2011769 | 52154 | SH |  | SOLE |  | 0 | 40618 | 11536 |
| 3M CO | COM | 88579Y101 |  | 2126044 | 9681 | SH |  | SOLE |  | 0 | 7347 | 2334 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 28937230 | 510657 | SH |  | SOLE |  | 0 | 309416 | 201241 |
| TOTAL S A | SPONSORED ADR | 89151E109 |  | 929686 | 16118 | SH |  | SOLE |  | 0 | 12902 | 3216 |
| TRANSALTA CORP | COM | 89346D107 |  | 25021 | 4631 | SH |  | SOLE |  | 0 | 4293 | 338 |
| TRANSCANADA CORP | COM | 89353D107 |  | 8520405 | 207188 | SH |  | SOLE |  | 0 | 109766 | 97422 |
| TRINITY INDS INC | COM | 896522109 |  | 6528 | 200 | SH |  | SOLE |  | 0 | 200 | 0 |
| TURKCELL ILETISIM HIZMETLERI | SPON ADR NEW | 900111204 |  | 1978 | 207 | SH |  | SOLE |  | 0 | 207 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 1414404 | 28008 | SH |  | SOLE |  | 0 | 20284 | 7724 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 99883 | 489 | SH |  | SOLE |  | 0 | 444 | 45 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 404865 | 7287 | SH |  | SOLE |  | 0 | 4393 | 2894 |
| UNILEVER N V | N Y SHS NEW | 904784709 |  | 797552 | 14141 | SH |  | SOLE |  | 0 | 11449 | 2692 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 10466 | 100 | SH |  | SOLE |  | 0 | 0 | 100 |
| UNITED TECHNOLOGIES CORP | COM | 913017109 |  | 7982786 | 63436 | SH |  | SOLE |  | 0 | 30792 | 32644 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 8339491 | 37943 | SH |  | SOLE |  | 0 | 19004 | 18939 |
| VAREX IMAGING CORP | COM | 92214X106 |  | 82437 | 2304 | SH |  | SOLE |  | 0 | 1985 | 319 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 28674 | 380 | SH |  | SOLE |  | 0 | 380 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1505373 | 31480 | SH |  | SOLE |  | 0 | 24616 | 6864 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1184946 | 11397 | SH |  | SOLE |  | 0 | 8258 | 3139 |
| VERMILION ENERGY INC | COM | 923725105 |  | 1024766 | 31962 | SH |  | SOLE |  | 0 | 26989 | 4973 |
| VISA INC | COM CL A | 92826C839 |  | 13853349 | 115821 | SH |  | SOLE |  | 0 | 62608 | 53213 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 764549 | 27482 | SH |  | SOLE |  | 0 | 21865 | 5617 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 1021634 | 15607 | SH |  | SOLE |  | 0 | 11304 | 4303 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 552229 | 6564 | SH |  | SOLE |  | 0 | 5056 | 1508 |
| WELBILT INC | COM | 949090104 |  | 61780 | 3178 | SH |  | SOLE |  | 0 | 1390 | 1788 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1659562 | 31665 | SH |  | SOLE |  | 0 | 23340 | 8325 |
| WESTPAC BKG CORP | SPONSORED ADR | 961214301 |  | 420431 | 18964 | SH |  | SOLE |  | 0 | 15110 | 3854 |
| WEYERHAEUSER CO | COM | 962166104 |  | 167405 | 4783 | SH |  | SOLE |  | 0 | 3889 | 894 |
| WINMARK CORP | COM | 974250102 |  | 66306 | 514 | SH |  | SOLE |  | 0 | 438 | 76 |
| WORLDPAY INC | CL A | 981558109 |  | 183843 | 2236 | SH |  | SOLE |  | 0 | 960 | 1276 |
| XPO LOGISTICS INC | COM | 983793100 |  | 30540 | 300 | SH |  | SOLE |  | 0 | 0 | 300 |
| XILINX INC | COM | 983919101 |  | 621841 | 8608 | SH |  | SOLE |  | 0 | 6780 | 1828 |
| ZOETIS INC | CL A | 98978V103 |  | 154233 | 1856 | SH |  | SOLE |  | 0 | 801 | 1055 |
| AON PLC | SHS CL A | G0408V102 |  | 163011 | 1158 | SH |  | SOLE |  | 0 | 510 | 648 |
| AXALTA COATING SYS LTD | COM | G0750C108 |  | 154883 | 5132 | SH |  | SOLE |  | 0 | 4667 | 465 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 773023 | 5135 | SH |  | SOLE |  | 0 | 3754 | 1381 |
| BROOKFIELD PPTY PARTNERS L P | UNIT LTD PARTN | G16249107 |  | 345646 | 18052 | SH |  | SOLE |  | 0 | 17082 | 970 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 213046 | 5137 | SH |  | SOLE |  | 0 | 4003 | 1134 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 64543 | 2081 | SH |  | SOLE |  | 0 | 1845 | 236 |
| COCA COLA EUROPEAN PARTNERS | SHS | G25839104 |  | 91382 | 2193 | SH |  | SOLE |  | 0 | 905 | 1288 |
| EATON CORP PLC | SHS | G29183103 |  | 92216 | 1154 | SH |  | SOLE |  | 0 | 494 | 660 |
| ENSCO PLC | SHS CLASS A | G3157S106 |  | 22792 | 5192 | SH |  | SOLE |  | 0 | 4620 | 572 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 80711 | 2291 | SH |  | SOLE |  | 0 | 985 | 1306 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 511274 | 6375 | SH |  | SOLE |  | 0 | 4617 | 1758 |
| NIELSEN HLDGS PLC | SHS EUR | G6518L108 |  | 6224704 | 195807 | SH |  | SOLE |  | 0 | 102663 | 93144 |
| NORDIC AMERN OFFSHORE LTD | SHS | G65772108 |  | 880 | 800 | SH |  | SOLE |  | 0 | 800 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 408454 | 2986 | SH |  | SOLE |  | 0 | 2381 | 605 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 94311 | 9536 | SH |  | SOLE |  | 0 | 8605 | 931 |
| YANDEX N V | SHS CLASS A | N97284108 |  | 749 | 19 | SH |  | SOLE |  | 0 | 19 | 0 |
| BROADCOM LTD | SHS | Y09827109 |  | 744717 | 3160 | SH |  | SOLE |  | 0 | 2531 | 629 |

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