PORTFOLIOS @ October 31, 2017

SLEEP WELL | PORTFOLIOS @ October 31, 2017

STONE GLOBAL BALANCED FUND – Pure Total Return® (Equity) @ October 31/17 HOLDING % HOLDING % Weightings: Growth 54.3 Weightings: Interest Sensitive 7.4 Increased exposure as we Abbott Labs 0.4 AES 0.3 Becton, Dickinson 0.3 streamlined the names within Bank of America 0.5 CN Rail 0.2 health care sector given BMO, Pref. 0.4 CP Rail 0.2 impressive management Bank of Nova Scotia 0.8 Cargojet 0.2 track record, strong Bank of Nova Scotia, Pref., 3.700% 0.4 Cineplex 0.3 quantitative indicators and Bank of Nova Scotia, Pref. 0.1 Coca-Cola 0.2 technical potential for a Boralex 0.1 Costco Wholesale 0.3 multi-year breakout. Brookfield Asset Management, Cl. A 0.6 Fidelity National Information 0.2 Brookfield Infrastructure Partners 0.4 Jamieson Wellness 0.3 CIBC 0.6 Johnson & Johnson 0.2 JPMorgan Chase 0.4 Matthews International 0.3 Pattern Energy Group 0.1 Maxar Technologies 0.4 Polaris Infrastructure 0.1 Microsoft 0.5 Power Financial 0.5 Open Text 0.2 Pure Multi-Family REIT LP 0.2 Oracle 0.3 RBC 1.1 Park Lawn 0.2 TD Bank 0.8 SNC Lavalin Group 0.3 Stone EuroPlus Fund, Sr. A 18.6 Stone Global Growth Fund, Sr. A 28.4  Stryker 0.6 TFI International 0.4 Transcontinental, Cl. A 0.4 Visa 0.4 Waste Connections 0.3 Zoetis 0.2

Weightings: Inflation 1.6 AltaGas 0.4 Canadian Natural Resources 0.3 CCL Industries 0.2 Ecolab 0.2 Enbridge 0.2 Pembina Pipeline 0.1 Winpak 0.2

STONE GLOBAL BALANCED FUND – Pure Total Return® (Fixed Income) @ October 31/17 HOLDING % HOLDING % HOLDING % Weightings: Fixed Income 35.3 Weightings: Fixed Income Cont’d Weightings: Fixed Income Cont’d Alectra, 2.488%, 05/17/27 0.4 Government of Canada, 3.500%, 12/01/45 0.7 TD Bank, 1.693%, 04/02/20 0.4 Algonquin Power, 4.090%, 02/17/27 0.4 Government of Canada, 5.750%, 06/01/33 1.2 Telus, 1.500%, 03/27/18 0.2 AltaGas, 4.500%, 08/15/44 0.0 Government of Canada, 4.000%, 06/01/41 1.2 Telus, 5.050%, 12/04/19 0.8 Anheuser Busch, 4.320%, 05/15/47 0.3 HCA, 3.750%, 03/15/19 0.5 Toronto Hydro, 2.910%, 04/10/23 0.5 Apple, 2.513%, 08/19/24 0.4 Heathrow Funding, 3.250%, 05/21/27 0.2 Transcanada Trust Var. Rt., 05/18/77 0.3 AT&T, 2.850%, 05/25/24 0.6 Honda Canada Finances, 2.537%, 03/01/23 0.3 UPS, 2.125%, 05/21/24 0.4 Bank of America, 2.640%, 03/15/23 0.7 JPMorgan Chase, Var. Rt., 12/31/49 0.5 Walt Disney, 2.758%, 10/07/24 0.4 BMO, 2.700%, 09/11/24 0.4 Lower Mattagami Energy, 3.416%, 06/20/24 0.1 Western Digital, 10.500%, 04/01/24 0.5 BMO, 3.210%, 09/13/18 0.7 Lower Mattagami Energy, 4.331%, 05/18/21 0.4 Bank of Nova Scotia, 2.290%, 06/28/24 0.1 Manulife Financial, Var. Rt., 12/31/08 0.6 Cash & Other Assets (Liabilities) 1.4 Bell Canada, 3.500%, 09/10/18 0.4 McDonalds, 3.125%, 03/04/25 0.3 Blackbird Infrastructure, 1.713%, 10/08/21 0.1 Morgan Stanley, 3.000%, 02/07/24 0.4 Net Asset Value 100.0 BRP Finance, 5.250%, 11/05/18 0.1 Morgan Stanley, 3.125%, 08/05/21 0.4 Canada Housing Trust, 1.200%, 06/15/20 0.3 National Bank of Canada, 2.404%, 10/28/19 0.7 Canada Housing Trust, 2.000%, 12/15/19 0.4 OPB Finance Trust, 2.980%, 01/25/27 0.3 Canada Housing Trust, 2.350%, 12/15/18 0.3 Pembina Pipeline, 4.810%, 03/25/44 0.0 Capital Power, 4.284%, 09/18/24 0.5 Province of Alberta, 3.300%, 12/01/46 0.2 Choice Property REIT, 2.297%, 09/14/20 0.4 Province of BC, 3.200%, 06/18/44 0.8 Choice Property REIT, 3.196%, 03/07/23 0.4 Province of Ontario, 1.350%, 03/08/22 1.6 CIBC, 1.700%, 10/09/18 0.6 Province of Ontario, 2.850%, 06/02/23 0.4 Citigroup, 3.390%, 11/18/21 0.1 Province of Ontario, 2.900%, 12/02/46 0.5 Citigroup, 4.090%, 06/09/25 0.1 Province of Ontario, 3.450%, 06/02/45 0.2 Diamond1 Finance, 6.020%, 06/15/26 0.3 Province of Ontario, 4.650%, 06/02/41 1.1 Emera, 2.900%, 06/16/23 0.3 Province of Ontario, 4.700%, 06/02/37 0.8 Enbridge, 3.160%, 03/11/21 0.5 Province of Québec, 3.500%, 12/01/45 1.0 Enbridge, 5.375%, 09/27/77 0.3 Province of Québec, 4.250%, 12/01/43 0.6 Enercare Solutions, 3.990%, 02/21/24 0.6 Province of Québec, 5.000%, 12/01/38 0.4 Energy Transfer Equity LP, 4.250%, 03/15/23 0.4 Province of Québec, 6.250%, 06/01/32 0.4 Enmax, 3.805%, 12/05/24 0.9 Province of Saskatchewan, 3.900%, 06/02/45 0.2 First Capital Realty, 4.950%, 11/30/18 0.4 PSP Capital, 3.290%, 04/04/24 0.6 First Capital Realty, 3.900%, 10/30/23 0.4 RBC, 2.260%, 03/12/18 0.2 Ford Credit Canada, 3.349%, 09/19/22 0.7 RioCan REIT, 2.830%, 10/3/22 0.4 FortisBC Energy, 2.580%, 04/08/26 0.2 Rogers Communications, 4.000%, 03/13/24 0.2 Goldman Sachs Group, 3.550%, 02/12/21 0.2 Rogers Communications, 6.110%, 08/25/40 0.3 Government of Canada, 0.750%, 03/01/21 0.1 Rogers Communications, 2.800%, 03/13/19 0.4 Government of Canada, 0.750%, 08/01/19 0.3 Sun Life Financial, Var. Rt., 09/19/28 0.4

STONE DIVIDEND GROWTH CLASS – Pure Total Return® @ October 31/17 HOLDING % HOLDING % Weightings: Growth 38.1 Weightings: Interest Sensitive 41.3 Abbott Labs 2.0  AES 1.4 Becton, Dickinson 1.1 Bank of America 2.3 CN Rail 1.1 BMO, Pref. 1.9 CP Rail 1.2 Bank of Nova Scotia 5.3  Cargojet 1.1 Bank of Nova Scotia, Pref., 3.700% 2.0 Cineplex 1.6 Bank of Nova Scotia, Pref. 0.3 Coca-Cola 1.1 Boralex 0.9 Costco Wholesale 1.6 Brookfield Asset Management, Cl. A 3.3 Fidelity National Information 1.0 Brookfield Infrastructure Partners 1.1 Jamieson Wellness 1.8 CIBC 3.2 Johnson & Johnson 1.2 JPMorgan Chase 2.2 Matthews International 1.3 Pattern Energy Group 0.9 Maxar Technologies 2.0 Polaris Infrastructure 1.1 Microsoft 2.8 Power Financial 3.1 Open Text 1.3 Pure Multi-Family REIT LP 0.9 Oracle 1.6 RBC 6.2  Park Lawn 1.2 TD Bank 5.2  SNC Lavalin Group 1.2 Stryker 3.3 Cash & Other Assets (Liabilities) 7.7 TFI International 2.0 Transcontinental, Cl. A 2.1 Net Asset Value 100.0 Visa 1.9 Waste Connections 1.6 Zoetis 1.0

Weightings: Inflation 12.9 AltaGas 3.2 Returning to the exploration and production segment of the Energy sector with a large-cap steady producer Canadian Natural Resources 1.5 with a strong history of sustainable dividends. Taking a risk-adjusted approach to oil exposure with a CCL Industries 1.0 covered-call strategy. Ecolab 1.1 Enbridge 1.0 Goldcorp 1.4  Pembina Pipeline 1.2 Teck Resources, Cl. B 1.4 Winpak 1.1

STONE EUROPLUS FUND – Pure Total Return® @ October 31/17 HOLDING % Weightings: Growth 72.5 AstraZeneca 3.8 Big Yellow Group 3.1 Bunzl 3.3 CTS Eventim 3.1 Davide Campari-Milano 3.6 De'Longhi 3.1 dorma+kaba Group 3.4 Third-quarter results were in line with expectations, but a cautious tone from management on the GlaxoSmithKline 2.0 conference call drove some investors to sell, hitting the share price. Henkel 3.8 Kinepolis Group 4.5 Koninklijke Ahold 2.7 Micro Focus International 3.1 Newbelco 4.4 Novartis, Registered 4.7 Reckitt Benckiser 3.9 Reed Elsevier 4.2 Roche Holding 3.1 Stabilus 3.4 The Berkeley Group Holdings 1.3 The Sage Group 3.4 Unilever 4.6

Weightings: Inflation 3.8 A good set of quarterly results helped the shares reach an all-time high in October. Performance in the ‘fine Givaudan 3.8 fragrance’ business unit was particularly impressive.

Weightings: Interest Sensitive 14.4 An excellent performance from the ‘credit management’ division boosted the third -quarter results of this Cerved Information Solutions 4.5 Italian mid-cap stock. Jupiter Fund Management 2.4 Rubis 3.3 Sampo Group 4.2

Cash & Other Assets (Liabilities) 9.3

Net Asset Value 100.0

This portfolio may contain Warrants, with a 0% value, which are not listed. / indicates increase/decrease in holding from previous month of > 0.40% Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The investment portfolio may change due to ongoing portfolio transactions. STONE GROWTH FUND – Pure Growth® @ October 31/17 HOLDING % HOLDING % Weightings: Growth 77.7 Weightings: Interest Sensitive 10.8 Accenture 2.9 Continues putting up excellent AES 1.8 Allergan 2.7 growth numbers; addition of Bank of America 2.6 Alphabet, Cl. C 5.1  Whole Foods gives it an avenue Intact Financial 2.1  Amazon.com 6.2  in the grocery business and JPMorgan Chase 3.1 Analog Devices 1.9 improves its distribution Logiq Asset Management 0.4 Barracuda Networks 1.8 network. Panton Equity Partners, Cl. A 0.8 BioMarin Pharmaceutical 1.6 Broadcom 1.7 Cash & Other Assets (Liabilities) 9.4 Celgene 2.6  Cognizant Technology Solutions 2.6 Net Asset Value 100.0 Costco Wholesale 1.8 Drone Delivery Canada 0.6 HCA Holdings 2.0 Jamieson Wellness 1.8 Kinaxis 2.4 One of the leading semiconductor companies; company benefits from increased content in mobile phones Mastercard 4.2  and other devices; looking to add to its M&A expertise by buying Qualcomm. Maxar Technologies 1.5 Microsoft 4.8  Open Text 2.7 Palo Alto Networks 2.2  Stone Global Growth Fund, Sr. A 10.9  TJX Companies 2.3 UnitedHealth Group 5.9  Vantiv 2.2 Visa 3.3

Weightings: Inflation 2.1 Orocobre 2.1

STONE GLOBAL GROWTH FUND – Pure Growth® @ October 31/17 HOLDING % HOLDING % Weightings: Growth 81.8 Weightings: Growth Cont’d Their equipment is at the A.O. Smith 1.8 Orpea 1.4 ABB 1.6 forefront of the compound Paypal Holdings 2.5 Abiomed 1.6 semiconductor revolution, Pfizer 1.7 Activision Blizzard 2.3 fulfilling the demand for ever - Rational 2.1 Adobe Systems 2.3 smaller, yet more powerful Rightmove 1.6 Aixtron 1.2 chips to go into electric cars Rollins 1.9 Align Technology 3.6  and other industrial and Salesforce.com 1.7 Alphabet, Cl. C 1.5 consumer applications. The Sartorius Stedim Biotech 1.0 Amadeus IT Holding 1.9 growth optionality doesn’t end Stabilus 1.6 Amazon.com 2.3 there with their specialty LED Tencent Holdings 2.7 Amphenol, Cl. A 1.6 technology now being deployed United Internet 1.3 Biogen 0.9 in high definition displays, Visa 2.1 Broadridge Financial Solutions 1.6 automotive, lighting and other Bunzl 1.6 niche applications. Weightings: Inflation 2.6 Caterpillar 1.3 AptarGroup 1.3 Charter Communications 1.3 Christian Hansen Holding 1.3 Coats Group 1.1 The stock never looks ‘cheap’ CTS Eventim 1.2 but they continue to take Weightings: Interest Sensitive 10.2 Davide Campari-Milano 1.4 market share from traditional AON 1.2 Duerr 1.3 retailers, with the company Aurelius 1.7 EA Industries 2.3 now accounting for more than First Republic Bank 1.4 Eurofins Scientific 2.1 half of the growth in US retail Partners Group Holdings 1.7 Facebook 2.3 spend, and is probably still Rubis 1.2 Global Payments 1.6 holding back profitability in S&P Global 1.6 Hasbro 1.4 order to grow. Svenska Handelsbanken 1.4 Heineken 1.3 Home Depot 1.3 Cash & Other Assets (Liabilities) 5.4 Industria de Diseno Textil 1.5 Infineon Technologies 2.1 Net Asset Value 100.0 Intuit 1.6 Kerry Group 1.5 Legrand 1.5 This is a business run very much for the long term - acquiring and repositioning and cultivating brands Lonza Group, Reg. 1.3 firstly on the on trade, then the off -trade before finally seasonalising the brands to give them year-round Mastercard 2.0 appeal. McCormick 1.3 Monster Beverage 1.7

STONE SELECT GROWTH CLASS – Pure Growth® @ October 31/17 HOLDING % Weightings: Base Metals 17.8 Cartier Iron 9.6  HudBay Minerals 2.1 Lundin Mining 3.3  Orocobre 1.7 Teck Resources, Cl. B 1.1

Weightings: Chemicals, Fertilizers, & Other 8.9 AES 1.6 Ecolab 1.5 Jamieson Wellness 1.7  LyondellBasell Industries 1.5  Polaris Infrastructure 2.6

Weightings: Energy Exploration & Production 11.0 AltaGas 2.6 Andeavor 2.7 Adding to the exploration and production segment of the E nergy sector with a large-cap Canadian Natural Resources 1.5  steady producer with a history of strong cash flows and sustainable dividends. Taking a Gryphon Petroleum 1.2 risk-adjusted approach to the name with a covered-call strategy. Marathon Petroleum 1.5 Suncor Energy 1.5 

Weightings: Energy Equipment & Services 3.0 Inter Pipeline 3.0 

Working Positions (1 position) 0.2

Cash & Other Assets (Liabilities) 59.1

Net Asset Value 100.0

STONE GALEFORCE DIVIDEND GROWTH POOL – Pure Total Return® @ October 31/17 HOLDING % HOLDING % Weightings: Growth 38.3 Weightings: Interest Sensitive 41.3 Abbott Labs 2.1  AES 1.5 Becton, Dickinson 1.0 Bank of America 2.4 CP Rail 1.3 BMO, Pref. 1.9 Cargojet 0.9 Bank of Nova Scotia 5.2  Cineplex 1.3 Bank of Nova Scotia, Pref., 3.700% 1.6 Coca-Cola 1.1 Bank of Nova Scotia, Pref. 0.2 Costco Wholesale 1.6 Boralex 0.9 Fidelity National Information 1.2 Brookfield Asset Management, Cl. A 3.4 Jamieson Wellness 1.7 Brookfield Infrastructure Partners 1.1 Johnson & Johnson 1.0 CIBC 3.3 Matthews International 1.8 JPMorgan Chase 2.2 Maxar Technologies 2.1 Pattern Energy Group 0.9 Microsoft 2.6 Polaris Infrastructure 1.4 Open Text 1.3 Power Financial 2.8 Oracle 1.6 Pure Multi-Family REIT LP 0.9 Park Lawn 1.3 RBC 6.3  SNC Lavalin Group 1.4 TD Bank 5.3  Stryker 3.5 TFI International 2.1 Cash & Other Assets (Liabilities) 12.5 Transcontinental, Cl. A 1.6 Union Pacific Rail 1.1 Net Asset Value 100.0 Visa 2.0 Waste Connections 1.7 Zoetis 1.0

Weightings: Inflation 7.9 AltaGas 3.4 Canadian Natural Resources 1.6 CCL Industries 1.1 A long-standing core dividend-growth company unloved by the markets currently has resulted in us Ecolab 1.0 building in downside protection on this name on a moderately profitable basis. Enbridge 1.0 Goldcorp 1.4  Pembina Pipeline 0.7 Teck Resources, Cl. B 1.5 Winpak 1.2

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or offering memorandum before investing. The indicated rates of return are the historical annual compounded total returns including changes in security value and reinvestment of all distributions/dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Information contained in this publication is based on sources such as issuer reports, statistical services and industry communications, which we believe to be reliable but are not represented as accurate or complete. Opinions expressed in this publication are current opinions only and are subject to change.