TORONTO DOMINION BANK

Toronto-Dominion Bank held $69.7B across 3,578 positions, combining megacap technology (NVIDIA 4.2%) with a heavy index-ETF overlay (SPY 4.0%, IWM 3.8%, QQQ 3.1%) and a Canadian core in CIBC, Royal Bank of Canada and Canadian Natural Resources. The Q1 activity was decidedly additive at the top: Invesco QQQ (+$1.9B) and Canadian Natural Resources (+$1.0B) were the largest adds, with iShares Core S&P 500 (IVV, +$640M) and Micron (+$487M) also raised. Funding came from trimming Apple (-$1.1B), Royal Bank of Canada (-$742M), Alphabet (-$665M), Bank of Nova Scotia and Broadcom. New positions in SPY, IWM, eBay, UnitedHealth and SanDisk; exits in Intel, Bank of America and Goldman Sachs. Assets rose from $67.8B to $69.7B.