MSU

Maple Securities USA Portfolio holdings

AUM $672M

1-Year Return 1.03%

2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+1.81%

1 Year Return

-1.03%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$1.12B

AUM Growth

-$231M (-17%)

Cap. Flow

-$242M

Cap. Flow % of AUM

-21.53%

Top 10 Holdings % Top 10 Hldgs %

87.62%

Holding

436

New

Increased

Reduced

Closed

278

Top Buys

1	SPDR S&P Oil & Gas Exploration & Production ETF XOP	$40.9M
2	iShares US Real Estate ETF IYR	$17.3M
3	Utilities Select Sector SPDR Fund XLU	$14.1M
4	iShares iBoxx $ Investment Grade Corporate Bond ETF LQD	$8.84M
5	Energy Select Sector SPDR Fund XLE	$8.03M

Top Sells

1	Wells Fargo WFC	$33M
2	Oracle ORCL	$25.8M
3	Consumer Discretionary Select Sector SPDR Fund XLY	$25.1M
4	Technology Select Sector SPDR Fund XLK	$22.9M
5	STI SunTrust Banks, Inc. STI	$9.48M

Sector Composition

1	Healthcare	2.31%
2	Communication Services	2.08%
3	Consumer Staples	1.8%
4	Industrials	0.81%
5	Consumer Discretionary	0.74%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
126	126 Herc Holdings HRI $4.29B	$265K	0.02%	+3,318	New	+$265K
127	127 TripAdvisor TRIP $2.09B	$265K	0.02%	+2,929	New	+$265K
128	VXX 128 DELISTED iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 VXX	$255K	0.02%	+378	New	+$255K
129	129 Seagate STX $39.1B	$255K	0.02%	+4,544	New	+$255K
130	JOYY 130 JOYY Inc. American Depositary Shares JOYY $3.19B	$252K	0.02%	+3,305	New	+$252K
131	131 Blackrock BLK $172B	$251K	0.02%	799 -2,897	-78%	-$910K
132	132 GE Aerospace GE $299B	$251K	0.02%	2,025 +261	+15%	+$32.4K
133	JNPR 133 DELISTED Juniper Networks JNPR	$251K	0.02%	+9,738	New	+$251K
134	134 PPG Industries PPG $24.7B	$245K	0.02%	+2,530	New	+$245K
135	135 Aon AON $80.5B	$233K	0.02%	+2,763	New	+$233K
136	CTXS 136 DELISTED Citrix Systems Inc CTXS	$232K	0.02%	+5,077	New	+$232K
137	137 AutoZone AZO $70.8B	$228K	0.02%	+425	New	+$228K
138	138 PPL Corp PPL $27B	$227K	0.02%	+7,345	New	+$227K
139	139 Direxion Daily Gold Miners Index Bull 2X Shares NUGT $803M	$226K	0.02%	+163	New	+$226K
140	PARA 140 DELISTED Paramount Global Class B PARA	$226K	0.02%	+3,652	New	+$226K
141	141 Walmart WMT $805B	$226K	0.02%	8,874 -2,412	-21%	-$61.4K
142	142 PG&E PCG $33.5B	$225K	0.02%	5,206 -2,030	-28%	-$87.7K
143	143 SPDR Gold Trust GLD $110B	$224K	0.02%	+1,810	New	+$224K
144	144 BlackBerry BB $2.26B	$223K	0.02%	+27,586	New	+$223K
145	145 Chipotle Mexican Grill CMG $55.5B	$220K	0.02%	+19,350	New	+$220K
146	146 Union Pacific UNP $132B	$220K	0.02%	2,340 -2,166	-48%	-$204K
147	147 MetLife MET $54.4B	$215K	0.02%	+4,565	New	+$215K
148	148 Thermo Fisher Scientific TMO $185B	$213K	0.02%	+1,773	New	+$213K
149	149 McDonald's MCD $226B	$211K	0.02%	2,153 -2,756	-56%	-$270K
150	150 Archer Daniels Midland ADM $29.8B	$210K	0.02%	4,849 -162,472	-97%	-$7.04M