# EDGAR Filing Document

**Accession Number:** 0001475940
**File Stem:** 0001085146-23-000408
**Filing Date:** 2023-1
**Character Count:** 11229
**Document Hash:** 55c4d4b2738527948694ff2b939cee96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000408.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001085146-23-000408

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**EFFECTIVENESS DATE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MONTRUSCO BOLTON INVESTMENTS INC.
- **CENTRAL INDEX KEY:** 0001475940
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13628
- **FILM NUMBER:** 23559656

**BUSINESS ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8
- **BUSINESS PHONE:** 514-842-6464

**MAIL ADDRESS:**
- **STREET 1:** 1501 MCGILL COLLEGE AVENUE
- **STREET 2:** SUITE 1200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 3M8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** MONTRUSCO BOLTON INVESTMENTS INC.<br>**Address:** 1501 MCGILL COLLEGE AVENUE<br>SUITE 1200<br>MONTREAL, A8 H3A 3M8

**Form 13F File Number:** 028-13628

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:** Jean-Claude Ayotte<br>**Title:** V-P Finance and Chief Compliance Officer<br>**Phone:** 514-282-2928

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

/s/  Jean-Claude Ayotte  Montreal, A8  01-27-2023<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:** 66

**Form 13F Information Table Value Total:** $4305684591

      (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 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 | BBG001S5NCQ5 | 93754566 | 278592 | SH |  | SOLE |  | 278592 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 132877753 | 1552751 | SH |  | SOLE |  | 1552751 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 172840885 | 2157821 | SH |  | SOLE |  | 2157821 | 0 | 0 |
| AMGEN INC | COM | 031162100 | BBG001S5NNL6 | 125134938 | 498029 | SH |  | SOLE |  | 498029 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 | BBG001S5ND38 | 74937389 | 489493 | SH |  | SOLE |  | 489493 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 78399242 | 603396 | SH |  | SOLE |  | 603396 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 | BBG001S5Y2B1 | 48099499 | 982400 | SH |  | SOLE |  | 982400 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 | BBG001S5P2C0 | 80227267 | 1827264 | SH |  | SOLE |  | 1827264 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG019Z17GF9 | 23301802 | 814361 | SH |  | SOLE |  | 814361 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 | BBG00B5CBKK4 | 1307042 | 77369 | SH |  | SOLE |  | 77369 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 39697998 | 1263241 | SH |  | SOLE |  | 1263241 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 | BBG001S5P686 | 59549259 | 1923850 | SH |  | SOLE |  | 1923850 | 0 | 0 |
| BROOKFIELD REINS LTD | CL A EXCH LT VTG | G16250105 | BBG011C6S2B2 | 8592557 | 275041 | SH |  | SOLE |  | 275041 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A SUB VTG | 11284V105 | BBG00W5FR7D1 | 18216818 | 662272 | SH |  | SOLE |  | 662272 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 | BBG001SDHPH6 | 6792675 | 268487 | SH |  | SOLE |  | 268487 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG001S8WVQ7 | 52924842 | 445850 | SH |  | SOLE |  | 445850 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 | BBG001S7F4Z8 | 2382880 | 31983 | SH |  | SOLE |  | 31983 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 | BBG001S5YY67 | 2754716 | 31981 | SH |  | SOLE |  | 31981 | 0 | 0 |
| CHARLES RIV LABS INTL INC | COM | 159864107 | BBG001S7Q271 | 93964142 | 443846 | SH |  | SOLE |  | 443846 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 | BBG001S86547 | 155554654 | 969709 | SH |  | SOLE |  | 969709 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 | BBG001S79G88 | 14693354 | 160064 | SH |  | SOLE |  | 160064 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 | BBG001S7W5T3 | 4866221 | 35876 | SH |  | SOLE |  | 35876 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 | BBG001S6D2D0 | 47012263 | 351625 | SH |  | SOLE |  | 351625 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 | BBG001S5QGT0 | 216312491 | 848253 | SH |  | SOLE |  | 848253 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 | BBG001SBJY34 | 3966756 | 56942 | SH |  | SOLE |  | 56942 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 | BBG001SM0K30 | 4733947 | 47212 | SH |  | SOLE |  | 47212 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 119937627 | 3070852 | SH |  | SOLE |  | 3070852 | 0 | 0 |
| ENVISTA HOLDINGS CORPORATION | COM | 29415F104 | BBG00LN4B6D9 | 136793088 | 4194779 | SH |  | SOLE |  | 4194779 | 0 | 0 |
| EOG RES INC | COM | 26875P101 | BBG001S5ZB93 | 75923976 | 586195 | SH |  | SOLE |  | 586195 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 48247757 | 437423 | SH |  | SOLE |  | 437423 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 | BBG0093LLBP5 | 10873744 | 88857 | SH |  | SOLE |  | 88857 | 0 | 0 |
| FIVE BELOW INC | COM | 33829M101 | BBG001TCDMY9 | 117010057 | 685158 | SH |  | SOLE |  | 685158 | 0 | 0 |
| FORTIS INC | COM | 349553107 | BBG001S5YVM5 | 16545863 | 413784 | SH |  | SOLE |  | 413784 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 | BBG001SLX655 | 51283214 | 1005880 | SH |  | SOLE |  | 1005880 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG001SQ4YC7 | 78323505 | 1082564 | SH |  | SOLE |  | 1082564 | 0 | 0 |
| ISHARES TR | ESG SCRND S SM | 46436E544 | BBG00XDJFMZ8 | 207152 | 6236 | SH |  | SOLE |  | 6236 | 0 | 0 |
| ISHARES TR | ESG SCRND S | 46436E569 | BBG00XDJC7F6 | 1036948 | 36479 | SH |  | SOLE |  | 36479 | 0 | 0 |
| LAMB WESTON HLDGS INC | COM | 513272104 | BBG003CVMLR1 | 124949193 | 1467335 | SH |  | SOLE |  | 1467335 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 | BBG00GVR8YR8 | 103004258 | 324564 | SH |  | SOLE |  | 324564 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG001STBM75 | 2486469 | 7761 | SH |  | SOLE |  | 7761 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 | BBG001S5T7M4 | 73580193 | 472107 | SH |  | SOLE |  | 472107 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 119277738 | 354497 | SH |  | SOLE |  | 354497 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 127055264 | 1106703 | SH |  | SOLE |  | 1106703 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 307260664 | 1326121 | SH |  | SOLE |  | 1326121 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 20055968 | 68014 | SH |  | SOLE |  | 68014 | 0 | 0 |
| NORDSON CORP | COM | 655663102 | BBG001S5TKK7 | 42306705 | 186819 | SH |  | SOLE |  | 186819 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 5792320 | 38218 | SH |  | SOLE |  | 38218 | 0 | 0 |
| PUBLIC STORAGE | COM | 74460D109 | BBG001S5TH79 | 52052297 | 185775 | SH |  | SOLE |  | 185775 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 4696307 | 42717 | SH |  | SOLE |  | 42717 | 0 | 0 |
| ROCKWELL AUTOMATION INC | COM | 773903109 | BBG001S5VRF5 | 44833922 | 174065 | SH |  | SOLE |  | 174065 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 | BBG001S60869 | 134623167 | 1432896 | SH |  | SOLE |  | 1432896 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 | BBG001S5W3K1 | 65562596 | 2277212 | SH |  | SOLE |  | 2277212 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 | BBG004DW5NC7 | 1773956 | 51130 | SH |  | SOLE |  | 51130 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 | BBG001S7XWH6 | 22721369 | 489838 | SH |  | SOLE |  | 489838 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 | BBG001S5WW27 | 85480743 | 2145649 | SH |  | SOLE |  | 2145649 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 | BBG001S60K53 | 43584558 | 2260042 | SH |  | SOLE |  | 2260042 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 | BBG00YTSTFR8 | 921321 | 46702 | SH |  | SOLE |  | 46702 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG001S5WYZ7 | 109434423 | 689603 | SH |  | SOLE |  | 689603 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 | BBG001SCQG15 | 21880555 | 218620 | SH |  | SOLE |  | 218620 | 0 | 0 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 | BBG001S5WSW3 | 25420038 | 222989 | SH |  | SOLE |  | 222989 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 58479016 | 734661 | SH |  | SOLE |  | 734661 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG001S60L15 | 115485838 | 1784847 | SH |  | SOLE |  | 1784847 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 112388709 | 792642 | SH |  | SOLE |  | 792642 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG001SKJ4K1 | 138117949 | 1080397 | SH |  | SOLE |  | 1080397 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 | BBG001T21KQ7 | 118479536 | 739447 | SH |  | SOLE |  | 739447 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 4900632 | 33440 | SH |  | SOLE |  | 33440 | 0 | 0 |

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