THE ROYAL INSTITUTION FOR THE ADVANCEMENT OF LEARNING/McGILL UNIVERSITY U.S. Equities │ As at December 31, 2018

U.S. Equities Above $500,000 Publicly Traded and Held in Segregated Accounts (in Cdn $)

VIRTU FINANCIAL INC 2,345,616 ELLIE MAE INC 897,864 GRAND CANYON EDUCATION INC 2,115,372 WADDELL & REED FINANCIAL INC 896,182 MARKETAXESS HOLDINGS INC 1,729,046 CARNIVAL PLC 865,011 UNIVERSAL HEALTH SERVICES INC 1,714,559 US SILICA HOLDINGS INC 859,828 MAXIMUS INC 1,635,403 ON SEMICONDUCTOR CORP 827,561 EURONET WORLDWIDE INC 1,630,285 REGAL BELOIT CORP 774,962 IRIDIUM COMMUNICATIONS INC 1,577,559 INNOVIVA INC 738,830 GENTHERM INC 1,527,129 THOR INDUSTRIES INC 717,318 HURON CONSULTING GROUP INC 1,439,707 INC 701,045 CHEMED CORP 1,343,330 CIENA CORP 694,714 ACUSHNET HOLDINGS CORP 1,258,954 SNAP-ON INC 674,686 CBOE GLOBAL MARKETS INC 1,245,303 PULTEGROUP INC 670,896 ENVESTNET INC 1,230,268 JETBLUE AIRWAYS CORP 651,462 CHARLES RIVER LABORATORIES 1,220,264 REV GROUP INC 649,247 HMS HOLDINGS CORP 1,199,586 OSHKOSH CORP 644,776 LAUREATE EDUCATION INC 1,195,560 AMC NETWORKS INC 629,623 FOX FACTORY HOLDING CORP 1,195,215 SHIRE PLC 619,182 MARRIOTT VACATIONS WORLDWID 1,194,826 LEAR CORP 604,088 INTL. FCSTONE INC 1,148,303 REGIONS FINANCIAL CORP 593,918 SOTHEBY'S 1,148,065 ALLISON TRANSMISSION HOLDING 587,728 RLI CORP 1,103,393 UNUM GROUP 585,857 SILICON LABORATORIES INC 1,098,345 AMERICAN RENAL ASSOCIATES HO 585,337 AZZ INC 1,051,760 DXP ENTERPRISES INC/TX 576,974 HERMAN MILLER INC 1,044,165 OWENS CORNING 570,645 TCF FINANCIAL CORP 1,041,672 KEYCORP 563,204 THERMON GROUP HOLDINGS INC 1,023,401 PBF ENERGY INC 562,221 SHUTTERSTOCK INC 1,017,388 WESTROCK CO 556,984 RE/MAX HOLDINGS INC 1,010,312 UNITED THERAPEUTICS CORP 550,322 INC 1,006,852 AVNET INC 547,290 JUNIPER NETWORKS INC 999,700 RENEWABLE ENERGY GROUP INC 540,556 TIVITY HEALTH INC 986,339 HOSPITALITY PROPERTIES TRUST 534,891 TEMPUR SEALY INTERNATIONAL 957,405 HOLLYFRONTIER CORP 516,666 PRIMORIS SERVICES CORP 955,649 HUNTINGTON INGALLS INDUSTRIE 514,652 SPIRIT AEROSYSTEMS HOLDINGS 945,221 CIT GROUP INC 512,238 HEALTHCARE SERVICES GROUP 940,771 VEREIT INC 508,781 KOHL'S CORP 933,254 FEDERAL AGRICULTURAL MORTGA 503,549

Total U.S. equities above $500,000 (publicly traded and held in segregated accounts) 68,239,065

THE ROYAL INSTITUTION FOR THE ADVANCEMENT OF LEARNING/McGILL UNIVERSITY U.S. Equities │ As at December 31, 2018

U.S. Equities Below $500,000 Publicly Traded and Held in Segregated Accounts (in Cdn $)

LEGG MASON INC MDC HOLDINGS INC CNO FINANCIAL GROUP INC QUEST DIAGNOSTICS INC SYKES ENTERPRISES INC HAWAIIAN HOLDINGS INC FOOT LOCKER INC PENSKE AUTOMOTIVE GROUP INC CAMBREX CORP ARBOR REALTY TRUST INC HANCOCK WHITNEY CORP OWENS & MINOR INC GOODYEAR TIRE & RUBBER CO/TH MFA FINANCIAL INC MAGELLAN HEALTH INC HUNTSMAN CORP INDEPENDENT BANK CORP/MI SOUTHWESTERN ENERGY CO DOMTAR CORP F5 NETWORKS INC BERKSHIRE HILLS BANCORP INC VILLAGE SUPER MARKET INC STONERIDGE INC SUPER MICRO COMPUTER INC GLOBAL BRASS & COPPER HOLDIN ASSURANT INC W&T OFFSHORE INC MODINE MANUFACTURING CO LEXINGTON REALTY TRUST SONIC AUTOMOTIVE INC MACK-CALI REALTY CORP PROSPECT CAPITAL CORP FIRST BUSEY CORP ALLY FINANCIAL INC RELIANCE STEEL & ALUMINUM CO RYDER SYSTEM INC MERITOR INC UNIVERSAL HOLDINGS OFFICE DEPOT INC DELUXE CORP SILGAN HOLDINGS INC BLOOMIN' BRANDS INC ADVANCED ENERGY INDUSTRIES FARMERS NATIONAL BANC CORP ENTERCOM COMMUNICATIONS TECH DATA CORP PRESTIGE CONSUMER HEALTHCA AMKOR TECHNOLOGY INC AGCO CORP TTM TECHNOLOGIES INC WEIS MARKETS INC BUILDERS FIRSTSOURCE INC ARES CAPITAL CORP ASSOCIATED BANC-CORP CELANESE CORP BIG LOTS INC WESTERN DIGITAL CORP HERITAGE INSURANCE HOLDINGS DIME COMMUNITY BANCSHARES NEWFIELD EXPLORATION CO MEDICAL PROPERTIES TRUST INC HACKETT GROUP INC/THE PAR PACIFIC HOLDINGS INC KULICKE & SOFFA INDUSTRIES INC MGIC INVESTMENT CORP ASHFORD HOSPITALITY TRUST INC MEET GROUP INC/THE GREAT SOUTHERN BANCORP INC BURFORD CAPITAL LTD SITE CENTERS CORP BANKUNITED INC GANNETT CO INC CO/THE CORP EAGLE PHARMACEUTICALS INC/DE OGE ENERGY CORP TIMKEN CO/THE PITNEY BOWES INC OWENS-ILLINOIS INC AMERICAN FINANCIAL GROUP INC LANNETT CO INC MANPOWERGROUP INC REGIONAL MANAGEMENT CORP GAMESTOP CORP BORGWARNER INC DILLARD'S INC STEEL CORP ENNIS INC CSG SYSTEMS INTERNATIONAL IN CHILDREN'S PLACE INC/THE HOPE BANCORP INC PRINCIPAL FINANCIAL GROUP INC CLEARWATER PAPER CORP EASTMAN CHEMICAL CO AXCELIS TECHNOLOGIES INC TEGNA INC SHOE CARNIVAL INC TOWER INTERNATIONAL INC INDUSTRIAL LOGISTICS PROPERTI CORCEPT THERAPEUTICS INC FIRST FINANCIAL CORP/IN KIMBALL ELECTRONICS INC CNA FINANCIAL CORP WYNDHAM DESTINATIONS INC SELECT INCOME REIT HAVERTY FURNITURE COS INC PZENA INVESTMENT MANAGEMEN RETAIL VALUE INC HCI GROUP INC NAUTILUS INC JERNIGAN CAPITAL INC WHIRLPOOL CORP SYNNEX CORP MURPHY USA INC LANTHEUS HOLDINGS INC BEL FUSE INC LAREDO PETROLEUM INC INTEGER HOLDINGS CORP VECTRUS INC MCDONALDS CORP SHS NPV CITY OFFICE REIT INC NORDSTROM INC RR DONNELLEY & SONS CO FONAR CORP MEDNAX INC COCA COLA CO COM WESTERN UNION CO/THE BRAEMAR HOTELS & RESORTS INC LSC COMMUNICATIONS INC SPARTANNASH CO INSIGHT ENTERPRISES INC GLOBAL WATER RESOURCES INC PENNYMAC MORTGAGE INVESTME SCANSOURCE INC PERKINELMER INC GAIN CAPITAL HOLDINGS INC SABRA HEALTH CARE REIT INC APPLE INC KELLY SERVICES INC GROUP 1 AUTOMOTIVE INC JOHNSON & JOHNSON DYNEX CAPITAL INC HARLEY-DAVIDSON INC JPMORGAN CHASE & CO COM ARROW ELECTRONICS INC WABASH NATIONAL CORP AT&T INC HANMI FINANCIAL CORP J2 GLOBAL INC

Total U.S. equities below $500,000 (publicly traded and held in segregated accounts) 40,450,921

THE ROYAL INSTITUTION FOR THE ADVANCEMENT OF LEARNING/McGILL UNIVERSITY U.S. Equities │ As at December 31, 2018

U.S. Equity Pooled and Exchange Traded Funds (in Cdn $)

SYNTHETIC PASSIVE EXPOSURE TO S&P 500 131,470,520 SSGA S&P 500 R INDEX NL CTF 65,373,199

Total U.S. Equity Pooled and Exchange Traded Funds 196,843,719

Total 305,533,705