Timelo Investment Management Inc. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SLV	ISHARES SILVER TR	100,000	$6,814	5.4%	—	—	PUT	46428Q109
TLT	ISHARES TR	45,000	$3,901	3.1%	$86.69	—	20 YR TR BD ETF	464287432
WMT	WALMART INC	30,000	$3,728	2.9%	$122.03	0.0%	COM	931142103
BKD	BROOKDALE SR LIVING INC	257,000	$3,516	2.8%	$13.85	0.0%	COM	112463104
BAM	BROOKFIELD ASSET MANAGMT LTD	65,000	$2,889	2.3%	$51.45	0.0%	CL A LMT VTG SHS	113004105
BIPC	BROOKFIELD INFRASTRUCTURE CO	65,000	$2,569	2.0%	$47.03	0.0%	COM SUB VTG A	11276H106
GIL	GILDAN ACTIVEWEAR INC	39,000	$2,170	1.7%	$67.39	0.0%	COM	375916103
DRVN	DRIVEN BRANDS HLDGS INC	125,000	$1,576	1.2%	$15.81	0.0%	COM	26210V102
POOL	POOL CORP	7,000	$1,416	1.1%	$251.76	0.0%	COM	73278L105
CAE	CAE INC	54,100	$1,409	1.1%	$31.81	0.0%	COM	124765108
TAC	TRANSALTA CORP	105,000	$1,376	1.1%	$12.92	0.0%	COM	89346D107
CVE	CENOVUS ENERGY INC	50,000	$1,327	1.0%	$19.61	0.0%	COM	15135U109
OVV	OVINTIV INC	15,000	$890	0.7%	$43.67	0.0%	COM	69047Q102
GRAL	GRAIL INC	15,000	$775	0.6%	$94.37	0.0%	COM	384747101
WIX	WIX COM LTD	8,000	$721	0.6%	$81.46	0.0%	SHS	M98068105
SOBO	SOUTH BOW CORP	20,000	$666	0.5%	$28.48	0.0%	COM	83671M105
PACH	PIONEER ACQUISITION I CORP	60,000	$608	0.5%	$10.10	0.0%	CL A ORD SHS	G7117W107
CIGI	COLLIERS INTL GROUP INC	5,000	$534	0.4%	$134.30	0.0%	SUB VTG SHS	194693107
OBA	OXLEY BRIDGE ACQ LTD	50,000	$507	0.4%	$10.10	0.0%	USD CL A ORD SHS	G6858G107
MINE	MAYFAIR GOLD CORP	158,750	$491	0.4%	$3.09	—	COM NEW	57808L305
FIGX	FIGX CAP ACQUISITION CORP.	25,000	$253	0.2%	$10.10	0.0%	USD CL A ORD SHS	G3473K100
GDYN	GRID DYNAMICS HLDGS INC	25,000	$143	0.1%	$8.01	0.0%	CL A	39813G109
FCRS	FUTURECREST ACQUISITION CORP	10,000	$101	0.1%	$10.16	0.0%	CL A ORD SHS	G3730U107
MBVI	M3-BRIGADE ACQUISITION VI CO	10,000	$101	0.1%	$10.09	0.0%	ORD SHS CL A	G63221108
PACHW	PIONEER ACQUISITION I CORP	30,000	$5	0.0%	$0.18	—	*W EXP 06/16/203	G7117W115
OBAWW	OXLEY BRIDGE ACQ LTD	25,000	$5	0.0%	$0.20	—	*W EXP 06/17/203	G6858G115
FIGXW	FIGX CAP ACQUISITION CORP.	12,500	$3	0.0%	$0.27	—	*W EXP 06/17/203	G3473K118

Increased Positions (5)

BGSI BOYD GROUP SERVICES INC 1.3%

Value ($000) $1,637 (+470.8%) Shares 12,800 (+611.1%) Est. Cost $165.47 Unrealized +0.5%

MSFT MICROSOFT CORP 2.6%

Value ($000) $3,332 (+37.8%) Shares 9,000 (+80.0%) Est. Cost $471.26 Unrealized -7.8%

GIB CGI INC 2.5%

Value ($000) $3,143 (-14.9%) Shares 43,000 (+7.5%) Est. Cost $91.28 Unrealized -8.1%

PROF PROFOUND MED CORP 5.7%

Value ($000) $7,225 (-6.3%) Shares 1,114,967 (+13.8%) Est. Cost $8.46 Unrealized -12.1%

BROS DUTCH BROS INC 1.9%

Value ($000) $2,432 (-11.7%) Shares 48,000 (+6.7%) Est. Cost $60.56 Unrealized -6.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	12,800 (+611.1%)	$1,637 (+470.8%)	1.3%	$165.47	+0.5%	COM	103310108
MSFT	MICROSOFT CORP	9,000 (+80.0%)	$3,332 (+37.8%)	2.6%	$471.26	-7.8%	COM	594918104
GIB	CGI INC	43,000 (+7.5%)	$3,143 (-14.9%)	2.5%	$91.28	-8.1%	CL A SUB VTG	12532H104
PROF	PROFOUND MED CORP	1,114,967 (+13.8%)	$7,225 (-6.3%)	5.7%	$8.46	-12.1%	COM NEW	74319B502
BROS	DUTCH BROS INC	48,000 (+6.7%)	$2,432 (-11.7%)	1.9%	$60.56	-6.1%	CL A	26701L100

Exited Positions (22)

CMG CHIPOTLE MEXICAN GRILL INC 2.7%

Value ($000) $3,441 Shares 93,000 Est. Cost $39.03 Unrealized -0.6%

FSV FIRSTSERVICE CORP NEW 2.5%

Value ($000) $3,111 Shares 20,000 Est. Cost $162.42 Unrealized -3.0%

DECK DECKERS OUTDOOR CORP 2.0%

Value ($000) $2,488 Shares 24,000 Est. Cost $104.51 Unrealized +4.8%

CNQ CANADIAN NAT RES LTD 1.7%

Value ($000) $2,200 Shares 65,000 Est. Cost $32.08 Unrealized +15.9%

QSR RESTAURANT BRANDS INTL INC 1.6%

Value ($000) $2,047 Shares 30,000 Est. Cost $68.91 Unrealized -0.8%

NOA NORTH AMERN CONSTR GROUP LTD 1.6%

Value ($000) $2,014 Shares 140,156 Est. Cost $14.66 Unrealized +6.1%

BCE BCE INC 1.5%

Value ($000) $1,906 Shares 80,000 Est. Cost $22.22 Unrealized +12.6%

TRI THOMSON REUTERS CORP 1.2%

Value ($000) $1,583 Shares 12,000 Est. Cost $141.15 Unrealized -24.2%

CNI CANADIAN NATL RY CO 1.2%

Value ($000) $1,483 Shares 15,000 Est. Cost $96.14 Unrealized +6.2%

MOS MOSAIC CO NEW 1.0%

Value ($000) $1,325 Shares 55,000 Est. Cost $26.75 Unrealized +4.2%

AMZN AMAZON COM INC 0.9%

Value ($000) $1,154 Shares 5,000 Est. Cost $228.79 Unrealized -0.9%

CP CANADIAN PACIFIC KANSAS CITY 0.6%

Value ($000) $736 Shares 10,000 Est. Cost $76.24 Unrealized +1.3%

PACHU PIONEER ACQUISITION I CORP 0.5%

Value ($000) $613 Shares 60,000 Est. Cost $10.01 Unrealized —

CRCL CIRCLE INTERNET GROUP INC 0.4%

Value ($000) $555 Shares 7,000 Est. Cost $103.35 Unrealized -32.5%

OBAWU OXLEY BRIDGE ACQ LTD 0.4%

Value ($000) $511 Shares 50,000 Est. Cost $10.01 Unrealized —

TFII TFI INTL INC 0.2%

Value ($000) $289 Shares 2,800 Est. Cost $91.50 Unrealized +24.7%

FIGXU FIGX CAP ACQUISITION CORP. 0.2%

Value ($000) $255 Shares 25,000 Est. Cost $10.02 Unrealized —

NFGC NEW FOUND GOLD CORP 0.2%

Value ($000) $208 Shares 70,000 Est. Cost $2.45 Unrealized +20.8%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.2%

Value ($000) $204 Shares 5,000 Est. Cost $40.00 Unrealized +23.4%

CEPV CANTOR EQUITY PARTNERS V INC 0.1%

Value ($000) $103 Shares 10,000 Est. Cost $10.25 Unrealized -0.4%

FCRS/U FUTURECREST ACQUISITION CORP 0.1%

Value ($000) $102 Shares 10,000 Est. Cost $10.60 Unrealized —

MBVIU M3-BRIGADE ACQUISITION VI CO 0.1%

Value ($000) $101 Shares 10,000 Est. Cost $10.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMG	CHIPOTLE MEXICAN GRILL INC	93,000	$3,441	2.7%	$39.03	-0.6%	—	169656105
FSV	FIRSTSERVICE CORP NEW	20,000	$3,111	2.5%	$162.42	-3.0%	—	33767E202
DECK	DECKERS OUTDOOR CORP	24,000	$2,488	2.0%	$104.51	+4.8%	—	243537107
CNQ	CANADIAN NAT RES LTD	65,000	$2,200	1.7%	$32.08	+15.9%	—	136385101
QSR	RESTAURANT BRANDS INTL INC	30,000	$2,047	1.6%	$68.91	-0.8%	—	76131D103
NOA	NORTH AMERN CONSTR GROUP LTD	140,156	$2,014	1.6%	$14.66	+6.1%	—	656811106
BCE	BCE INC	80,000	$1,906	1.5%	$22.22	+12.6%	—	05534B760
TRI	THOMSON REUTERS CORP	12,000	$1,583	1.2%	$141.15	-24.2%	—	884903808
CNI	CANADIAN NATL RY CO	15,000	$1,483	1.2%	$96.14	+6.2%	—	136375102
MOS	MOSAIC CO NEW	55,000	$1,325	1.0%	$26.75	+4.2%	—	61945C103
AMZN	AMAZON COM INC	5,000	$1,154	0.9%	$228.79	-0.9%	—	023135106
CP	CANADIAN PACIFIC KANSAS CITY	10,000	$736	0.6%	$76.24	+1.3%	—	13646K108
PACHU	PIONEER ACQUISITION I CORP	60,000	$613	0.5%	$10.01	—	—	G7117W123
CRCL	CIRCLE INTERNET GROUP INC	7,000	$555	0.4%	$103.35	-32.5%	—	172573107
OBAWU	OXLEY BRIDGE ACQ LTD	50,000	$511	0.4%	$10.01	—	—	G6858G123
TFII	TFI INTL INC	2,800	$289	0.2%	$91.50	+24.7%	—	87241L109
FIGXU	FIGX CAP ACQUISITION CORP.	25,000	$255	0.2%	$10.02	—	—	G3473K126
NFGC	NEW FOUND GOLD CORP	70,000	$208	0.2%	$2.45	+20.8%	—	64440N103
FIGR	FIGURE TECHNOLOGY SOLUTIO	5,000	$204	0.2%	$40.00	+23.4%	—	349381103
CEPV	CANTOR EQUITY PARTNERS V INC	10,000	$103	0.1%	$10.25	-0.4%	—	G1828S109
FCRS/U	FUTURECREST ACQUISITION CORP	10,000	$102	0.1%	$10.60	—	—	G3730U123
MBVIU	M3-BRIGADE ACQUISITION VI CO	10,000	$101	0.1%	$10.12	—	—	G63221124

Decreased Positions (14)

SPY STATE STR SPDR S&P 500 ETF T 35.9%

Value ($000) $45,524 (-75.3%) Shares 70,000 (-74.1%) Est. Cost — Unrealized —

TU TELUS CORPORATION 2.0%

Value ($000) $2,502 (-73.8%) Shares 195,000 (-73.1%) Est. Cost $14.08 Unrealized -2.9%

ELV ELEVANCE HEALTH INC FORMERLY 1.6%

Value ($000) $2,049 (-63.5%) Shares 7,000 (-56.3%) Est. Cost $311.71 Unrealized +12.8%

EFXT ENERFLEX LTD 2.1%

Value ($000) $2,682 (-56.9%) Shares 128,200 (-68.2%) Est. Cost $10.57 Unrealized +66.0%

ITRN ITURAN LOCATION AND CONTROL 1.5%

Value ($000) $1,911 (-63.9%) Shares 39,000 (-68.3%) Est. Cost $37.78 Unrealized +20.7%

WFG WEST FRASER TIMBER LTD 0.3%

Value ($000) $405 (-88.2%) Shares 6,200 (-89.0%) Est. Cost $62.58 Unrealized +10.8%

PLTR PALANTIR TECHNOLOGIES INC 1.2%

Value ($000) $1,463 (-58.9%) Shares 10,000 (-50.0%) Est. Cost — Unrealized —

BAX BAXTER INTL INC 0.5%

Value ($000) $622 (-77.1%) Shares 37,000 (-73.9%) Est. Cost $23.76 Unrealized -13.9%

BTI BRITISH AMERN TOB PLC 1.4%

Value ($000) $1,754 (-52.3%) Shares 30,000 (-53.8%) Est. Cost $53.08 Unrealized —

MOH MOLINA HEALTHCARE INC 1.7%

Value ($000) $2,133 (-44.1%) Shares 16,000 (-27.3%) Est. Cost $164.37 Unrealized +2.6%

EAT BRINKER INTL INC 1.8%

Value ($000) $2,284 (-20.4%) Shares 16,000 (-20.0%) Est. Cost $143.53 Unrealized +10.5%

CALM CAL MAINE FOODS INC 1.3%

Value ($000) $1,662 (-16.4%) Shares 21,000 (-16.0%) Est. Cost $86.61 Unrealized -6.9%

IREN IREN LIMITED 1.1%

Value ($000) $1,440 (-13.4%) Shares 42,000 (-4.5%) Est. Cost $24.29 Unrealized +98.7%

FURY FURY GOLD MINES LIMITED 0.8%

Value ($000) $1,070 (-12.2%) Shares 1,756,500 (-15.0%) Est. Cost $0.62 Unrealized +16.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	STATE STR SPDR S&P 500 ETF T	70,000 (-74.1%)	$45,524 (-75.3%)	35.9%	—	—	PUT	78462F103
TU	TELUS CORPORATION	195,000 (-73.1%)	$2,502 (-73.8%)	2.0%	$14.08	-2.9%	COM	87971M103
ELV	ELEVANCE HEALTH INC FORMERLY	7,000 (-56.3%)	$2,049 (-63.5%)	1.6%	$311.71	+12.8%	COM	036752103
EFXT	ENERFLEX LTD	128,200 (-68.2%)	$2,682 (-56.9%)	2.1%	$10.57	+66.0%	COM	29269R105
ITRN	ITURAN LOCATION AND CONTROL	39,000 (-68.3%)	$1,911 (-63.9%)	1.5%	$37.78	+20.7%	SHS	M6158M104
WFG	WEST FRASER TIMBER LTD	6,200 (-89.0%)	$405 (-88.2%)	0.3%	$62.58	+10.8%	COM	952845105
PLTR	PALANTIR TECHNOLOGIES INC	10,000 (-50.0%)	$1,463 (-58.9%)	1.2%	—	—	PUT	69608A108
BAX	BAXTER INTL INC	37,000 (-73.9%)	$622 (-77.1%)	0.5%	$23.76	-13.9%	COM	071813109
BTI	BRITISH AMERN TOB PLC	30,000 (-53.8%)	$1,754 (-52.3%)	1.4%	$53.08	—	SPONSORED ADR	110448107
MOH	MOLINA HEALTHCARE INC	16,000 (-27.3%)	$2,133 (-44.1%)	1.7%	$164.37	+2.6%	COM	60855R100
EAT	BRINKER INTL INC	16,000 (-20.0%)	$2,284 (-20.4%)	1.8%	$143.53	+10.5%	COM	109641100
CALM	CAL MAINE FOODS INC	21,000 (-16.0%)	$1,662 (-16.4%)	1.3%	$86.61	-6.9%	COM NEW	128030202
IREN	IREN LIMITED	42,000 (-4.5%)	$1,440 (-13.4%)	1.1%	$24.29	+98.7%	ORDINARY SHARES	Q4982L109
FURY	FURY GOLD MINES LIMITED	1,756,500 (-15.0%)	$1,070 (-12.2%)	0.8%	$0.62	+16.7%	COM	36117T100

Unchanged Positions (5)

VET VERMILION ENERGY INC 0.3%

Value ($000) $345 Shares 25,000 Est. Cost $7.73 Unrealized +22.9%

CNH CNH INDL N V 0.2%

Value ($000) $275 Shares 25,000 Est. Cost $12.21 Unrealized -6.5%

SHY ISHARES TR 1.8%

Value ($000) $2,238 Shares 27,100 Est. Cost $81.66 Unrealized —

CAEP CANTOR EQUITY PARTNERS III I 0.1%

Value ($000) $103 Shares 10,000 Est. Cost $10.53 Unrealized -2.8%

MESHU MESHFLOW ACQUISITION CORP 0.1%

Value ($000) $100 Shares 10,000 Est. Cost $10.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VET	VERMILION ENERGY INC	25,000	$345	0.3%	$7.73	+22.9%	COM	923725105
CNH	CNH INDL N V	25,000	$275	0.2%	$12.21	-6.5%	SHS	N20944109
SHY	ISHARES TR	27,100	$2,238	1.8%	$81.66	—	1 3 YR TREAS BD	464287457
CAEP	CANTOR EQUITY PARTNERS III I	10,000	$103	0.1%	$10.53	-2.8%	SHS CL A	G1828A108
MESHU	MESHFLOW ACQUISITION CORP	10,000	$100	0.1%	$10.00	—	UNIT 11/19/2030	G6032N127