Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RCL	Royal Caribbean	850,102	$270M	2.0%	$317.53	—	—	V7780T103
AZO	AutoZone	47,043	$150M	1.1%	$3195.93	—	—	053332102
TRI	Thomson Reuters	58,067	$4.741M	0.0%	$81.65	—	—	884903881
HON	Honeywell International	10,573	$2.367M	0.0%	$223.87	—	—	438516205
HONA	Honeywell Aerospace	10,573	$2.337M	0.0%	$221.03	—	—	43849R105

Increased Positions (14)

MRSH Marsh & McLennan 1.9%

Value $262M (+94.0%) Shares 1,573,890 (+101.8%) Est. Cost $173.95 Unrealized —

MAS Masco 2.2%

Value $302M (+58.0%) Shares 3,711,884 (+17.2%) Est. Cost $55.64 Unrealized —

BDX Becton Dickinson & Co 1.9%

Value $255M (+68.3%) Shares 1,684,640 (+74.9%) Est. Cost $160.76 Unrealized —

BN Brookfield Corporation 1.9%

Value $264M (+64.2%) Shares 6,186,707 (+55.5%) Est. Cost $33.90 Unrealized —

FLS Flowserve Corp 1.8%

Value $246M (+66.4%) Shares 3,311,766 (+65.0%) Est. Cost $50.63 Unrealized —

COR Cencora 1.1%

Value $144M (+141.1%) Shares 509,678 (+167.7%) Est. Cost $212.81 Unrealized —

CNQ Canadian Natural Resources Ltd. 2.0%

Value $273M (+39.8%) Shares 6,894,705 (+71.9%) Est. Cost $35.36 Unrealized —

FNV Franco Nevada Corp 1.2%

Value $170M (+14.3%) Shares 813,030 (+35.2%) Est. Cost $124.74 Unrealized —

SU Suncor Energy 2.0%

Value $266M (-1.2%) Shares 4,947,844 (+21.1%) Est. Cost $28.43 Unrealized —

UL Unilever plc 0.0%

Value $695K (+30.1%) Shares 11,572 (+23.3%) Est. Cost $57.51 Unrealized —

SNN Smith & Nephew 0.0%

Value $1.283M (-7.7%) Shares 44,537 (+1.8%) Est. Cost $33.05 Unrealized —

GSK GSK PLC 0.0%

Value $607K (+3.6%) Shares 11,584 (+9.0%) Est. Cost $36.10 Unrealized —

MBB iShares MBS ETF 0.0%

Value $35,000 (+40.0%) Shares 380 (+40.7%) Est. Cost $89.82 Unrealized —

VONV VANGUARD RUSSELL 1000 VAL ETF 0.0%

Value $3,000 (+200.0%) Shares 29 (+81.3%) Est. Cost $80.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MRSH	Marsh & McLennan	1,573,890 (+101.8%)	$262M (+94.0%)	1.9%	$173.95	—	—	571748102
MAS	Masco	3,711,884 (+17.2%)	$302M (+58.0%)	2.2%	$55.64	—	—	574599106
BDX	Becton Dickinson & Co	1,684,640 (+74.9%)	$255M (+68.3%)	1.9%	$160.76	—	—	075887109
BN	Brookfield Corporation	6,186,707 (+55.5%)	$264M (+64.2%)	1.9%	$33.90	—	—	11271J107
FLS	Flowserve Corp	3,311,766 (+65.0%)	$246M (+66.4%)	1.8%	$50.63	—	—	34354P105
COR	Cencora	509,678 (+167.7%)	$144M (+141.1%)	1.1%	$212.81	—	—	03073E105
CNQ	Canadian Natural Resources Ltd.	6,894,705 (+71.9%)	$273M (+39.8%)	2.0%	$35.36	—	—	136385101
FNV	Franco Nevada Corp	813,030 (+35.2%)	$170M (+14.3%)	1.2%	$124.74	—	—	351858105
SU	Suncor Energy	4,947,844 (+21.1%)	$266M (-1.2%)	2.0%	$28.43	—	—	867224107
UL	Unilever plc	11,572 (+23.3%)	$695K (+30.1%)	0.0%	$57.51	—	—	904767803
SNN	Smith & Nephew	44,537 (+1.8%)	$1.283M (-7.7%)	0.0%	$33.05	—	—	83175M205
GSK	GSK PLC	11,584 (+9.0%)	$607K (+3.6%)	0.0%	$36.10	—	—	37733W204
MBB	iShares MBS ETF	380 (+40.7%)	$35,000 (+40.0%)	0.0%	$89.82	—	—	464288588
VONV	VANGUARD RUSSELL 1000 VAL ETF	29 (+81.3%)	$3,000 (+200.0%)	0.0%	$80.86	—	—	92206C714

Exited Positions (12)

OTEX Open Text Corp 0.8%

Value $114M Shares 5,118,468 Est. Cost $28.34 Unrealized —

TRI Thomson Reuters Corp-NEW 0.0%

Value $5.388M Shares 59,891 Est. Cost $166.55 Unrealized —

HON Honeywell Intl. 0.0%

Value $4.883M Shares 21,605 Est. Cost $198.41 Unrealized —

BEPC Brookfield Renewable 0.0%

Value $559K Shares 14,073 Est. Cost $26.31 Unrealized —

SOLS Solstice Advanced Materials 0.0%

Value $365K Shares 4,795 Est. Cost $47.08 Unrealized —

BIPC Brookfield Infrastructure Corporation-NEW 0.0%

Value $38,000 Shares 987 Est. Cost $37.89 Unrealized —

VSNT Versant Media Group Inc 0.0%

Value $30,000 Shares 837 Est. Cost $32.14 Unrealized —

MA MasterCard Incorporated 0.0%

Value $12,000 Shares 25 Est. Cost $540.00 Unrealized —

WCN Waste Connections 0.0%

Value $12,000 Shares 76 Est. Cost $167.37 Unrealized —

UNH United Health Group Inc. 0.0%

Value $4,000 Shares 18 Est. Cost $499.48 Unrealized —

SOLV Solventum Corp 0.0%

Value $0 Shares 12 Est. Cost $74.47 Unrealized —

NKE Nike 0.0%

Value $0 Shares 1 Est. Cost $63.98 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OTEX	Open Text Corp	5,118,468	$114M	0.8%	$28.34	—	—	683715106
TRI	Thomson Reuters Corp-NEW	59,891	$5.388M	0.0%	$166.55	—	—	884903808
HON	Honeywell Intl.	21,605	$4.883M	0.0%	$198.41	—	—	438516106
BEPC	Brookfield Renewable	14,073	$559K	0.0%	$26.31	—	—	11285B108
SOLS	Solstice Advanced Materials	4,795	$365K	0.0%	$47.08	—	—	83443Q103
BIPC	Brookfield Infrastructure Corporation-NEW	987	$38,000	0.0%	$37.89	—	—	11276H106
VSNT	Versant Media Group Inc	837	$30,000	0.0%	$32.14	—	—	925283103
MA	MasterCard Incorporated	25	$12,000	0.0%	$540.00	—	—	57636Q104
WCN	Waste Connections	76	$12,000	0.0%	$167.37	—	—	94106B101
UNH	United Health Group Inc.	18	$4,000	0.0%	$499.48	—	—	91324P102
SOLV	Solventum Corp	12	$0	0.0%	$74.47	—	—	83444M101
NKE	Nike	1	$0	0.0%	$63.98	—	—	654106103

Decreased Positions (95)

WAB WABTEC CORP 1.7%

Value $228M (-44.6%) Shares 846,411 (-48.7%) Est. Cost $117.21 Unrealized —

CMCSA Comcast Corp 0.8%

Value $103M (-62.4%) Shares 4,194,096 (-56.0%) Est. Cost $35.78 Unrealized —

RY Royal Bank Cda 3.3%

Value $451M (-22.3%) Shares 2,180,246 (-39.5%) Est. Cost $73.70 Unrealized —

QCOM Qualcomm 1.4%

Value $191M (-38.3%) Shares 1,036,274 (-57.0%) Est. Cost $135.50 Unrealized —

DOX Amdocs Ltd 1.7%

Value $233M (-32.4%) Shares 4,614,159 (-12.7%) Est. Cost $66.80 Unrealized —

MFC Manulife Fincl Corp 1.8%

Value $240M (-31.1%) Shares 5,907,934 (-41.6%) Est. Cost $19.48 Unrealized —

MRK Merck& Co Inc 2.0%

Value $266M (-26.9%) Shares 2,073,206 (-31.6%) Est. Cost $84.10 Unrealized —

RCI Rogers Communications 2.0%

Value $267M (-26.7%) Shares 8,202,734 (-13.6%) Est. Cost $43.39 Unrealized —

TD Toronto Dominion Bk 5.7%

Value $780M (+13.5%) Shares 6,420,709 (-13.0%) Est. Cost $48.17 Unrealized —

OMC Omnicom Group 1.7%

Value $225M (-27.6%) Shares 3,091,223 (-25.1%) Est. Cost $66.50 Unrealized —

TRP TC Energy 1.1%

Value $151M (-35.8%) Shares 2,288,376 (-39.4%) Est. Cost $35.48 Unrealized —

MDT Medtronic PLC 2.3%

Value $307M (-20.8%) Shares 3,922,276 (-12.2%) Est. Cost $83.89 Unrealized —

BGSI Boyd Group Services 1.0%

Value $141M (-35.6%) Shares 1,491,881 (-13.4%) Est. Cost $160.78 Unrealized —

NTR Nutrien 1.5%

Value $202M (-27.5%) Shares 3,207,250 (-13.3%) Est. Cost $45.82 Unrealized —

NTAP NetApp 2.2%

Value $298M (-20.1%) Shares 1,925,379 (-47.1%) Est. Cost $76.78 Unrealized —

GFL GFL Environmental 1.5%

Value $210M (-23.8%) Shares 5,720,668 (-13.8%) Est. Cost $39.98 Unrealized —

GIB CGI Group 1.5%

Value $208M (-23.3%) Shares 3,226,849 (-13.5%) Est. Cost $95.18 Unrealized —

CMI Cummins Inc 0.9%

Value $116M (-33.6%) Shares 162,137 (-49.9%) Est. Cost $156.24 Unrealized —

BMO Bank of Montreal 3.5%

Value $476M (+13.7%) Shares 2,695,594 (-13.1%) Est. Cost $70.17 Unrealized —

QSR Restaurant Brands International 2.4%

Value $321M (-14.7%) Shares 4,424,521 (-13.2%) Est. Cost $63.76 Unrealized —

GEN Gen Digital 1.1%

Value $143M (-26.9%) Shares 5,745,414 (-44.7%) Est. Cost $18.52 Unrealized —

CB Chubb Limited 2.4%

Value $326M (-13.5%) Shares 957,066 (-17.3%) Est. Cost $280.39 Unrealized —

CIGI Colliers Intl 1.2%

Value $167M (-23.0%) Shares 1,777,779 (-12.5%) Est. Cost $105.71 Unrealized —

SYY Sysco 0.6%

Value $79.1M (-38.6%) Shares 946,382 (-47.6%) Est. Cost $82.24 Unrealized —

SLF Sun Life Fncl Inc 1.0%

Value $137M (-24.6%) Shares 1,743,457 (-40.0%) Est. Cost $37.36 Unrealized —

AMGN Amgen Inc 1.4%

Value $189M (-17.5%) Shares 520,577 (-19.8%) Est. Cost $213.01 Unrealized —

AMP Ameriprise Financial 1.9%

Value $255M (-13.0%) Shares 555,992 (-15.7%) Est. Cost $276.26 Unrealized —

GIL Gildan Activewear 1.1%

Value $152M (-20.0%) Shares 2,945,188 (-13.8%) Est. Cost $67.39 Unrealized —

ELV Elevance Health 1.6%

Value $224M (-13.8%) Shares 578,463 (-34.8%) Est. Cost $386.35 Unrealized —

KMB Kimberly Clark Corp 1.1%

Value $143M (-19.5%) Shares 1,303,647 (-29.2%) Est. Cost $108.54 Unrealized —

UNP Union Pacific Corp. 2.1%

Value $286M (+10.7%) Shares 1,052,679 (-1.3%) Est. Cost $243.31 Unrealized —

CAE CAE Inc 1.0%

Value $136M (-16.1%) Shares 5,417,594 (-13.0%) Est. Cost $19.73 Unrealized —

BAM Brookfield Asset Management 1.5%

Value $205M (-10.7%) Shares 4,579,477 (-11.7%) Est. Cost $43.23 Unrealized —

FTS Fortis Inc 1.5%

Value $199M (-10.0%) Shares 3,470,773 (-12.6%) Est. Cost $36.90 Unrealized —

CG Carlyle Group 0.4%

Value $53.48M (-27.2%) Shares 1,270,059 (-16.4%) Est. Cost $29.07 Unrealized —

BLK BlackRock 0.9%

Value $121M (-12.1%) Shares 126,149 (-12.1%) Est. Cost $961.85 Unrealized —

ATS ATS Corp 1.0%

Value $138M (-9.8%) Shares 4,796,922 (-12.1%) Est. Cost $32.13 Unrealized —

AMAT Applied Materials 1.2%

Value $167M (+9.9%) Shares 231,052 (-48.1%) Est. Cost $180.78 Unrealized —

CP Canadian Pacific Kansas City 2.3%

Value $308M (-4.4%) Shares 3,556,364 (-13.5%) Est. Cost $76.96 Unrealized —

EBAY Ebay Inc 2.8%

Value $376M (-3.4%) Shares 3,366,801 (-21.3%) Est. Cost $55.03 Unrealized —

MDALF MDA Space 0.3%

Value $36.38M (-25.4%) Shares 880,713 (-54.4%) Est. Cost $25.60 Unrealized —

RBA RB Global 1.3%

Value $174M (+5.3%) Shares 1,491,437 (-13.5%) Est. Cost $56.38 Unrealized —

SEIC SEI Investments 1.0%

Value $131M (-5.8%) Shares 1,494,684 (-15.7%) Est. Cost $53.75 Unrealized —

AXP American Express Co 1.4%

Value $194M (-3.5%) Shares 573,168 (-13.7%) Est. Cost $127.38 Unrealized —

TFPM Triple Flag Precious Metals 0.3%

Value $35.37M (-14.4%) Shares 1,181,147 (-1.0%) Est. Cost $13.31 Unrealized —

PPG PPG Industries 2.9%

Value $391M (-1.3%) Shares 3,227,294 (-13.1%) Est. Cost $120.62 Unrealized —

CM Canadian Imperial Bk 0.2%

Value $22.33M (+19.9%) Shares 194,002 (-1.6%) Est. Cost $68.85 Unrealized —

CNI Cdn Natl Railway 1.8%

Value $251M (+1.3%) Shares 2,105,136 (-12.9%) Est. Cost $79.65 Unrealized —

WFC Wells Fargo 1.2%

Value $160M (-1.6%) Shares 1,941,758 (-5.2%) Est. Cost $89.92 Unrealized —

CSCO Cisco Systems 0.0%

Value $5.297M (-32.7%) Shares 45,100 (-55.5%) Est. Cost $60.10 Unrealized —

EPRX Eupraxia Pharmaceuticals 0.2%

Value $23.81M (-9.7%) Shares 3,627,864 (-1.1%) Est. Cost $5.44 Unrealized —

BNS Bank of Nova Scotia 0.1%

Value $13.43M (+22.7%) Shares 154,626 (-2.4%) Est. Cost $47.37 Unrealized —

DNN Denison Mines Corp 0.1%

Value $11.34M (-14.1%) Shares 3,697,952 (-1.1%) Est. Cost $0.49 Unrealized —

BBUC Brookfield Business Corporation 0.2%

Value $26.85M (-6.0%) Shares 898,787 (-1.1%) Est. Cost $31.44 Unrealized —

SPYG SPDR Portfolio S&P 500 Growth 0.2%

Value $27.05M (+5.7%) Shares 227,125 (-13.2%) Est. Cost $67.16 Unrealized —

ACN Accenture PLC 0.0%

Value $1.715M (-40.9%) Shares 13,788 (-5.9%) Est. Cost $349.45 Unrealized —

AAPL Apple 0.1%

Value $11.73M (+11.1%) Shares 40,549 (-2.5%) Est. Cost $230.77 Unrealized —

IMO Imperial Oil 0.0%

Value $2.662M (-29.3%) Shares 23,717 (-17.7%) Est. Cost $67.07 Unrealized —

TSM Taiwan Semiconductor Manufacturing 0.0%

Value $4.276M (+25.7%) Shares 8,955 (-11.0%) Est. Cost $165.99 Unrealized —

MICC Magnum Ice Cream Company 0.1%

Value $13.83M (-5.6%) Shares 794,297 (-18.9%) Est. Cost $16.48 Unrealized —

GOOG Alphabet 0.0%

Value $5.168M (+18.5%) Shares 14,627 (-3.8%) Est. Cost $233.83 Unrealized —

PEP PepsiCo Inc 0.0%

Value $3.078M (-14.9%) Shares 22,739 (-2.4%) Est. Cost $144.11 Unrealized —

NVO Novo Nordisk ADR 0.0%

Value $2.656M (+25.3%) Shares 55,413 (-4.0%) Est. Cost $69.43 Unrealized —

COST CostCo Wholesale 0.0%

Value $2.567M (-16.8%) Shares 2,745 (-11.4%) Est. Cost $970.56 Unrealized —

TU TELUS 0.0%

Value $1.821M (-22.0%) Shares 172,271 (-5.5%) Est. Cost $14.67 Unrealized —

BEP Brookfield Renewable Partners 0.1%

Value $11.65M (+4.1%) Shares 336,133 (-2.4%) Est. Cost $22.16 Unrealized —

JPM JPMorgan Chase & Co. 0.1%

Value $9.678M (+4.8%) Shares 29,568 (-5.8%) Est. Cost $250.91 Unrealized —

ETN Eaton Corporation PLC 0.0%

Value $3.431M (+14.2%) Shares 8,053 (-4.2%) Est. Cost $308.54 Unrealized —

EFA iShares MSCI EAFE ETF 0.0%

Value $3.248M (-11.5%) Shares 31,277 (-17.2%) Est. Cost $24.11 Unrealized —

WMT Wal-Mart Stores 0.0%

Value $1.773M (-18.0%) Shares 15,655 (-10.0%) Est. Cost $92.95 Unrealized —

ABT Abbott Lab 0.0%

Value $2.147M (-14.9%) Shares 23,670 (-3.7%) Est. Cost $124.69 Unrealized —

VZ Verizon Communications 0.0%

Value $1.662M (-17.9%) Shares 39,270 (-2.7%) Est. Cost $39.58 Unrealized —

DCBO Docebo 0.2%

Value $27.64M (+1.3%) Shares 1,545,997 (-1.0%) Est. Cost $28.11 Unrealized —

CVS CVS Health 0.0%

Value $62,000 (-85.3%) Shares 600 (-89.8%) Est. Cost $57.99 Unrealized —

GOOGL Alphabet Inc. Cl A 0.0%

Value $2.783M (+12.7%) Shares 7,790 (-9.3%) Est. Cost $219.22 Unrealized —

JCI Johnson Controls International 0.1%

Value $9.116M (+3.4%) Shares 62,395 (-7.3%) Est. Cost $81.59 Unrealized —

DEO Diageo PLC 0.0%

Value $1.933M (-10.0%) Shares 24,060 (-16.6%) Est. Cost $104.79 Unrealized —

MMM 3M Company 0.0%

Value $2.794M (+7.8%) Shares 17,260 (-3.3%) Est. Cost $144.58 Unrealized —

CVE Cenovus Energy 0.0%

Value $2.324M (-8.0%) Shares 93,731 (-1.9%) Est. Cost $14.15 Unrealized —

DIS Walt Disney 0.0%

Value $1.145M (-12.0%) Shares 11,900 (-11.9%) Est. Cost $106.29 Unrealized —

MSFT Microsoft 0.1%

Value $10.84M (-0.9%) Shares 29,057 (-1.7%) Est. Cost $404.47 Unrealized —

ENB Enbridge Inc. 0.0%

Value $3.266M (-2.9%) Shares 60,266 (-3.2%) Est. Cost $41.39 Unrealized —

AQN Algonquin Power & Utilities 0.0%

Value $1.4M (-5.7%) Shares 238,225 (-2.1%) Est. Cost $4.61 Unrealized —

EMA Emera 0.1%

Value $14.19M (-0.5%) Shares 267,668 (-3.0%) Est. Cost $43.35 Unrealized —

XLV Health Care Select Sector SPDR 0.0%

Value $285K (-15.4%) Shares 1,802 (-21.7%) Est. Cost $145.82 Unrealized —

PBA Pembina Pipeline Corp. 0.1%

Value $10M (+0.4%) Shares 216,311 (-3.1%) Est. Cost $36.64 Unrealized —

MDLZ Mondelez Int'l Inc. 'A' 0.0%

Value $1.405M (-2.8%) Shares 24,300 (-3.1%) Est. Cost $59.75 Unrealized —

NVS Novartis 0.0%

Value $2.914M (+1.4%) Shares 18,599 (-1.2%) Est. Cost $115.31 Unrealized —

BCE BCE 0.0%

Value $142K (-17.9%) Shares 6,603 (-4.4%) Est. Cost $22.07 Unrealized —

PG Procter & Gamble 0.0%

Value $1.923M (-1.3%) Shares 13,120 (-2.8%) Est. Cost $163.83 Unrealized —

BIP Brookfield Infrastructure Partners L.P. 0.0%

Value $498K (-3.3%) Shares 13,674 (-4.2%) Est. Cost $29.75 Unrealized —

JNJ Johnson & Johnson 0.1%

Value $9.313M (-0.1%) Shares 36,671 (-3.9%) Est. Cost $152.45 Unrealized —

GLW Corning Inc. 0.0%

Value $453K (+1.8%) Shares 1,775 (-45.8%) Est. Cost $48.55 Unrealized —

HD Home Depot 0.0%

Value $58,000 (+5.5%) Shares 166 (-1.2%) Est. Cost $380.72 Unrealized —

SPY SPDR S&P 500 ETF Trust 0.0%

Value $115K (-2.5%) Shares 155 (-14.8%) Est. Cost $559.13 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WAB	WABTEC CORP	846,411 (-48.7%)	$228M (-44.6%)	1.7%	$117.21	—	—	929740108
CMCSA	Comcast Corp	4,194,096 (-56.0%)	$103M (-62.4%)	0.8%	$35.78	—	—	20030N101
RY	Royal Bank Cda	2,180,246 (-39.5%)	$451M (-22.3%)	3.3%	$73.70	—	—	780087102
QCOM	Qualcomm	1,036,274 (-57.0%)	$191M (-38.3%)	1.4%	$135.50	—	—	747525103
DOX	Amdocs Ltd	4,614,159 (-12.7%)	$233M (-32.4%)	1.7%	$66.80	—	—	G02602103
MFC	Manulife Fincl Corp	5,907,934 (-41.6%)	$240M (-31.1%)	1.8%	$19.48	—	—	56501R106
MRK	Merck& Co Inc	2,073,206 (-31.6%)	$266M (-26.9%)	2.0%	$84.10	—	—	58933Y105
RCI	Rogers Communications	8,202,734 (-13.6%)	$267M (-26.7%)	2.0%	$43.39	—	—	775109200
TD	Toronto Dominion Bk	6,420,709 (-13.0%)	$780M (+13.5%)	5.7%	$48.17	—	—	891160509
OMC	Omnicom Group	3,091,223 (-25.1%)	$225M (-27.6%)	1.7%	$66.50	—	—	681919106
TRP	TC Energy	2,288,376 (-39.4%)	$151M (-35.8%)	1.1%	$35.48	—	—	87807B107
MDT	Medtronic PLC	3,922,276 (-12.2%)	$307M (-20.8%)	2.3%	$83.89	—	—	G5960L103
BGSI	Boyd Group Services	1,491,881 (-13.4%)	$141M (-35.6%)	1.0%	$160.78	—	—	103310108
NTR	Nutrien	3,207,250 (-13.3%)	$202M (-27.5%)	1.5%	$45.82	—	—	67077M108
NTAP	NetApp	1,925,379 (-47.1%)	$298M (-20.1%)	2.2%	$76.78	—	—	64110D104
GFL	GFL Environmental	5,720,668 (-13.8%)	$210M (-23.8%)	1.5%	$39.98	—	—	36168Q104
GIB	CGI Group	3,226,849 (-13.5%)	$208M (-23.3%)	1.5%	$95.18	—	—	12532H104
CMI	Cummins Inc	162,137 (-49.9%)	$116M (-33.6%)	0.9%	$156.24	—	—	231021106
BMO	Bank of Montreal	2,695,594 (-13.1%)	$476M (+13.7%)	3.5%	$70.17	—	—	063671101
QSR	Restaurant Brands International	4,424,521 (-13.2%)	$321M (-14.7%)	2.4%	$63.76	—	—	76131D103
GEN	Gen Digital	5,745,414 (-44.7%)	$143M (-26.9%)	1.1%	$18.52	—	—	668771108
CB	Chubb Limited	957,066 (-17.3%)	$326M (-13.5%)	2.4%	$280.39	—	—	H1467J104
CIGI	Colliers Intl	1,777,779 (-12.5%)	$167M (-23.0%)	1.2%	$105.71	—	—	194693107
SYY	Sysco	946,382 (-47.6%)	$79.1M (-38.6%)	0.6%	$82.24	—	—	871829107
SLF	Sun Life Fncl Inc	1,743,457 (-40.0%)	$137M (-24.6%)	1.0%	$37.36	—	—	866796105
AMGN	Amgen Inc	520,577 (-19.8%)	$189M (-17.5%)	1.4%	$213.01	—	—	031162100
AMP	Ameriprise Financial	555,992 (-15.7%)	$255M (-13.0%)	1.9%	$276.26	—	—	03076C106
GIL	Gildan Activewear	2,945,188 (-13.8%)	$152M (-20.0%)	1.1%	$67.39	—	—	375916103
ELV	Elevance Health	578,463 (-34.8%)	$224M (-13.8%)	1.6%	$386.35	—	—	036752103
KMB	Kimberly Clark Corp	1,303,647 (-29.2%)	$143M (-19.5%)	1.1%	$108.54	—	—	494368103
UNP	Union Pacific Corp.	1,052,679 (-1.3%)	$286M (+10.7%)	2.1%	$243.31	—	—	907818108
CAE	CAE Inc	5,417,594 (-13.0%)	$136M (-16.1%)	1.0%	$19.73	—	—	124765108
BAM	Brookfield Asset Management	4,579,477 (-11.7%)	$205M (-10.7%)	1.5%	$43.23	—	—	113004105
FTS	Fortis Inc	3,470,773 (-12.6%)	$199M (-10.0%)	1.5%	$36.90	—	—	349553107
CG	Carlyle Group	1,270,059 (-16.4%)	$53.48M (-27.2%)	0.4%	$29.07	—	—	14316J108
BLK	BlackRock	126,149 (-12.1%)	$121M (-12.1%)	0.9%	$961.85	—	—	09290D101
ATS	ATS Corp	4,796,922 (-12.1%)	$138M (-9.8%)	1.0%	$32.13	—	—	00217Y104
AMAT	Applied Materials	231,052 (-48.1%)	$167M (+9.9%)	1.2%	$180.78	—	—	038222105
CP	Canadian Pacific Kansas City	3,556,364 (-13.5%)	$308M (-4.4%)	2.3%	$76.96	—	—	13646K108
EBAY	Ebay Inc	3,366,801 (-21.3%)	$376M (-3.4%)	2.8%	$55.03	—	—	278642103
MDALF	MDA Space	880,713 (-54.4%)	$36.38M (-25.4%)	0.3%	$25.60	—	—	55293N109
RBA	RB Global	1,491,437 (-13.5%)	$174M (+5.3%)	1.3%	$56.38	—	—	74935Q107
SEIC	SEI Investments	1,494,684 (-15.7%)	$131M (-5.8%)	1.0%	$53.75	—	—	784117103
AXP	American Express Co	573,168 (-13.7%)	$194M (-3.5%)	1.4%	$127.38	—	—	025816109
TFPM	Triple Flag Precious Metals	1,181,147 (-1.0%)	$35.37M (-14.4%)	0.3%	$13.31	—	—	89679M104
PPG	PPG Industries	3,227,294 (-13.1%)	$391M (-1.3%)	2.9%	$120.62	—	—	693506107
CM	Canadian Imperial Bk	194,002 (-1.6%)	$22.33M (+19.9%)	0.2%	$68.85	—	—	136069101
CNI	Cdn Natl Railway	2,105,136 (-12.9%)	$251M (+1.3%)	1.8%	$79.65	—	—	136375102
WFC	Wells Fargo	1,941,758 (-5.2%)	$160M (-1.6%)	1.2%	$89.92	—	—	949746101
CSCO	Cisco Systems	45,100 (-55.5%)	$5.297M (-32.7%)	0.0%	$60.10	—	—	17275R102
EPRX	Eupraxia Pharmaceuticals	3,627,864 (-1.1%)	$23.81M (-9.7%)	0.2%	$5.44	—	—	29842P105
BNS	Bank of Nova Scotia	154,626 (-2.4%)	$13.43M (+22.7%)	0.1%	$47.37	—	—	064149107
DNN	Denison Mines Corp	3,697,952 (-1.1%)	$11.34M (-14.1%)	0.1%	$0.49	—	—	248356107
BBUC	Brookfield Business Corporation	898,787 (-1.1%)	$26.85M (-6.0%)	0.2%	$31.44	—	—	113006100
SPYG	SPDR Portfolio S&P 500 Growth	227,125 (-13.2%)	$27.05M (+5.7%)	0.2%	$67.16	—	—	78464A409
ACN	Accenture PLC	13,788 (-5.9%)	$1.715M (-40.9%)	0.0%	$349.45	—	—	G1151C101
AAPL	Apple	40,549 (-2.5%)	$11.73M (+11.1%)	0.1%	$230.77	—	—	037833100
IMO	Imperial Oil	23,717 (-17.7%)	$2.662M (-29.3%)	0.0%	$67.07	—	—	453038408
TSM	Taiwan Semiconductor Manufacturing	8,955 (-11.0%)	$4.276M (+25.7%)	0.0%	$165.99	—	—	874039100
MICC	Magnum Ice Cream Company	794,297 (-18.9%)	$13.83M (-5.6%)	0.1%	$16.48	—	—	N5505D105
GOOG	Alphabet	14,627 (-3.8%)	$5.168M (+18.5%)	0.0%	$233.83	—	—	02079K107
PEP	PepsiCo Inc	22,739 (-2.4%)	$3.078M (-14.9%)	0.0%	$144.11	—	—	713448108
NVO	Novo Nordisk ADR	55,413 (-4.0%)	$2.656M (+25.3%)	0.0%	$69.43	—	—	670100205
COST	CostCo Wholesale	2,745 (-11.4%)	$2.567M (-16.8%)	0.0%	$970.56	—	—	22160K105
TU	TELUS	172,271 (-5.5%)	$1.821M (-22.0%)	0.0%	$14.67	—	—	87971M103
BEP	Brookfield Renewable Partners	336,133 (-2.4%)	$11.65M (+4.1%)	0.1%	$22.16	—	—	G16258108
JPM	JPMorgan Chase & Co.	29,568 (-5.8%)	$9.678M (+4.8%)	0.1%	$250.91	—	—	46625H100
ETN	Eaton Corporation PLC	8,053 (-4.2%)	$3.431M (+14.2%)	0.0%	$308.54	—	—	G29183103
EFA	iShares MSCI EAFE ETF	31,277 (-17.2%)	$3.248M (-11.5%)	0.0%	$24.11	—	—	464287465
WMT	Wal-Mart Stores	15,655 (-10.0%)	$1.773M (-18.0%)	0.0%	$92.95	—	—	931142103
ABT	Abbott Lab	23,670 (-3.7%)	$2.147M (-14.9%)	0.0%	$124.69	—	—	002824100
VZ	Verizon Communications	39,270 (-2.7%)	$1.662M (-17.9%)	0.0%	$39.58	—	—	92343V104
DCBO	Docebo	1,545,997 (-1.0%)	$27.64M (+1.3%)	0.2%	$28.11	—	—	25609L105
CVS	CVS Health	600 (-89.8%)	$62,000 (-85.3%)	0.0%	$57.99	—	—	126650100
GOOGL	Alphabet Inc. Cl A	7,790 (-9.3%)	$2.783M (+12.7%)	0.0%	$219.22	—	—	02079K305
JCI	Johnson Controls International	62,395 (-7.3%)	$9.116M (+3.4%)	0.1%	$81.59	—	—	G51502105
DEO	Diageo PLC	24,060 (-16.6%)	$1.933M (-10.0%)	0.0%	$104.79	—	—	25243Q205
MMM	3M Company	17,260 (-3.3%)	$2.794M (+7.8%)	0.0%	$144.58	—	—	88579Y101
CVE	Cenovus Energy	93,731 (-1.9%)	$2.324M (-8.0%)	0.0%	$14.15	—	—	15135U109
DIS	Walt Disney	11,900 (-11.9%)	$1.145M (-12.0%)	0.0%	$106.29	—	—	254687106
MSFT	Microsoft	29,057 (-1.7%)	$10.84M (-0.9%)	0.1%	$404.47	—	—	594918104
ENB	Enbridge Inc.	60,266 (-3.2%)	$3.266M (-2.9%)	0.0%	$41.39	—	—	29250N105
AQN	Algonquin Power & Utilities	238,225 (-2.1%)	$1.4M (-5.7%)	0.0%	$4.61	—	—	015857105
EMA	Emera	267,668 (-3.0%)	$14.19M (-0.5%)	0.1%	$43.35	—	—	290876101
XLV	Health Care Select Sector SPDR	1,802 (-21.7%)	$285K (-15.4%)	0.0%	$145.82	—	—	81369Y209
PBA	Pembina Pipeline Corp.	216,311 (-3.1%)	$10M (+0.4%)	0.1%	$36.64	—	—	706327103
MDLZ	Mondelez Int'l Inc. 'A'	24,300 (-3.1%)	$1.405M (-2.8%)	0.0%	$59.75	—	—	609207105
NVS	Novartis	18,599 (-1.2%)	$2.914M (+1.4%)	0.0%	$115.31	—	—	66987V109
BCE	BCE	6,603 (-4.4%)	$142K (-17.9%)	0.0%	$22.07	—	—	05534B760
PG	Procter & Gamble	13,120 (-2.8%)	$1.923M (-1.3%)	0.0%	$163.83	—	—	742718109
BIP	Brookfield Infrastructure Partners L.P.	13,674 (-4.2%)	$498K (-3.3%)	0.0%	$29.75	—	—	G16252101
JNJ	Johnson & Johnson	36,671 (-3.9%)	$9.313M (-0.1%)	0.1%	$152.45	—	—	478160104
GLW	Corning Inc.	1,775 (-45.8%)	$453K (+1.8%)	0.0%	$48.55	—	—	219350105
HD	Home Depot	166 (-1.2%)	$58,000 (+5.5%)	0.0%	$380.72	—	—	437076102
SPY	SPDR S&P 500 ETF Trust	155 (-14.8%)	$115K (-2.5%)	0.0%	$559.13	—	—	78462F103

Unchanged Positions (49)

AGI Alamos Gold 0.3%

Value $45.77M Shares 1,510,235 Est. Cost $6.14 Unrealized —

AEM Agnico-Eagle Mines Ltd. 0.0%

Value $6.086M Shares 39,187 Est. Cost $94.57 Unrealized —

PSLV Sprott Physical Silver T/U 0.0%

Value $1.726M Shares 92,500 Est. Cost $11.63 Unrealized —

PHYS Sprott Physical Gold T/U 0.0%

Value $1.196M Shares 39,500 Est. Cost $24.05 Unrealized —

IVV iShares Core S&P 500 ETF 0.0%

Value $1.387M Shares 1,849 Est. Cost $634.58 Unrealized —

MO Altria Group 0.0%

Value $1.295M Shares 18,000 Est. Cost $61.42 Unrealized —

CVX Chevron Corporation 0.0%

Value $396K Shares 2,390 Est. Cost $150.48 Unrealized —

WPM Wheaton Precious Metals Corp. 0.0%

Value $393K Shares 3,500 Est. Cost $66.46 Unrealized —

EMR Emerson Electric Co 0.0%

Value $748K Shares 5,230 Est. Cost $118.79 Unrealized —

NEM Newmont Mining Corp. 0.0%

Value $373K Shares 4,000 Est. Cost $43.26 Unrealized —

XOM Exxon Mobil Corp. 0.0%

Value $205K Shares 1,503 Est. Cost $109.37 Unrealized —

QQQ Invesco QQQ Trust 0.0%

Value $224K Shares 305 Est. Cost $492.53 Unrealized —

SGI Somnigroup International 0.0%

Value $441K Shares 5,635 Est. Cost $29.58 Unrealized —

TMO Thermo Fisher Scientific Inc. 0.0%

Value $1.183M Shares 2,360 Est. Cost $539.78 Unrealized —

MS Morgan Stanley 0.0%

Value $104K Shares 500 Est. Cost $125.91 Unrealized —

SAP SAP SE ADR 0.0%

Value $115K Shares 750 Est. Cost $267.83 Unrealized —

SHW Sherwin Williams Co. 0.0%

Value $172K Shares 500 Est. Cost $348.12 Unrealized —

TSLA Tesla Motors Inc. 0.0%

Value $94,000 Shares 225 Est. Cost $333.26 Unrealized —

AMZN Amazon 0.0%

Value $88,000 Shares 371 Est. Cost $192.87 Unrealized —

IBM IBM Corp. 0.0%

Value $59,000 Shares 210 Est. Cost $245.16 Unrealized —

TJX TJX companies 0.0%

Value $151K Shares 1,000 Est. Cost $112.73 Unrealized —

MGA Magna Intl Inc 0.0%

Value $52,000 Shares 800 Est. Cost $44.02 Unrealized —

CL Colgate Palmolive 0.0%

Value $100K Shares 1,100 Est. Cost $87.83 Unrealized —

BRK/B Berkshire Hathaway Inc. Cl. B 0.0%

Value $130K Shares 260 Est. Cost $486.15 Unrealized —

V Visa Inc 0.0%

Value $53,000 Shares 157 Est. Cost $335.78 Unrealized —

MCD McDonald's Corp. 0.0%

Value $33,000 Shares 125 Est. Cost $292.89 Unrealized —

WM Waste Management Inc 0.0%

Value $178K Shares 800 Est. Cost $218.39 Unrealized —

WRN Western Copper & Gold Corp. 0.0%

Value $33,000 Shares 14,790 Est. Cost $1.07 Unrealized —

PFE Pfizer Inc. 0.0%

Value $26,000 Shares 1,100 Est. Cost $24.71 Unrealized —

BAC Bank of America Corp. 0.0%

Value $28,000 Shares 500 Est. Cost $43.62 Unrealized —

NVDA NVIDIA 0.0%

Value $26,000 Shares 132 Est. Cost $186.63 Unrealized —

C Citigroup 0.0%

Value $20,000 Shares 150 Est. Cost $74.53 Unrealized —

DE Deere & Co. 0.0%

Value $31,000 Shares 50 Est. Cost $461.52 Unrealized —

WNC Wabash National Corp. 0.0%

Value $9,000 Shares 700 Est. Cost $13.02 Unrealized —

BHP BHP Group 0.0%

Value $16,000 Shares 200 Est. Cost $48.22 Unrealized —

RSPG Invesco S&P 500 Equal Weight Energy ETF 0.0%

Value $17,000 Shares 175 Est. Cost $80.00 Unrealized —

IYH iShares US Healthcare ETF 0.0%

Value $30,000 Shares 460 Est. Cost $58.70 Unrealized —

ECL Ecolab Inc. 0.0%

Value $55,000 Shares 200 Est. Cost $249.61 Unrealized —

PNC PNC Financial Services Group 0.0%

Value $12,000 Shares 50 Est. Cost $183.33 Unrealized —

OKE Oneok Inc. 0.0%

Value $8,000 Shares 100 Est. Cost $94.96 Unrealized —

DVY iShares Select Dividend ETF 0.0%

Value $30,000 Shares 195 Est. Cost $138.46 Unrealized —

XLP Consumer Staples Select Sector SPDR ⚠ 0.0%

Value $0 Shares 10 Est. Cost $57.14 Unrealized —

PPA Invesco Aerospace & Defense ETF 0.0%

Value $8,000 Shares 50 Est. Cost $100.00 Unrealized —

SOBO South Bow Corp. ⚠ 0.0%

Value $0 Shares 10 Est. Cost $24.08 Unrealized —

BNT Brookfield Wealth Solutions Ltd. 0.0%

Value $4,000 Shares 106 Est. Cost $40.23 Unrealized —

META Meta Platforms 0.0%

Value $2,000 Shares 5 Est. Cost $667.32 Unrealized —

TEL TE Connectivity Ltd. 0.0%

Value $5,000 Shares 25 Est. Cost $146.50 Unrealized —

EFXT Enerflex Ltd. 0.0%

Value $2,000 Shares 100 Est. Cost $8.78 Unrealized —

NEO NeoGenomics Inc. ⚠ 0.0%

Value $0 Shares 50 Est. Cost $12.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AGI	Alamos Gold	1,510,235	$45.77M	0.3%	$6.14	—	—	011532108
AEM	Agnico-Eagle Mines Ltd.	39,187	$6.086M	0.0%	$94.57	—	—	008474108
PSLV	Sprott Physical Silver T/U	92,500	$1.726M	0.0%	$11.63	—	—	85207K107
PHYS	Sprott Physical Gold T/U	39,500	$1.196M	0.0%	$24.05	—	—	85207H104
IVV	iShares Core S&P 500 ETF	1,849	$1.387M	0.0%	$634.58	—	—	464287200
MO	Altria Group	18,000	$1.295M	0.0%	$61.42	—	—	02209S103
CVX	Chevron Corporation	2,390	$396K	0.0%	$150.48	—	—	166764100
WPM	Wheaton Precious Metals Corp.	3,500	$393K	0.0%	$66.46	—	—	962879102
EMR	Emerson Electric Co	5,230	$748K	0.0%	$118.79	—	—	291011104
NEM	Newmont Mining Corp.	4,000	$373K	0.0%	$43.26	—	—	651639106
XOM	Exxon Mobil Corp.	1,503	$205K	0.0%	$109.37	—	—	30231G102
QQQ	Invesco QQQ Trust	305	$224K	0.0%	$492.53	—	—	46090E103
SGI	Somnigroup International	5,635	$441K	0.0%	$29.58	—	—	88023U101
TMO	Thermo Fisher Scientific Inc.	2,360	$1.183M	0.0%	$539.78	—	—	883556102
MS	Morgan Stanley	500	$104K	0.0%	$125.91	—	—	617446448
SAP	SAP SE ADR	750	$115K	0.0%	$267.83	—	—	803054204
SHW	Sherwin Williams Co.	500	$172K	0.0%	$348.12	—	—	824348106
TSLA	Tesla Motors Inc.	225	$94,000	0.0%	$333.26	—	—	88160R101
AMZN	Amazon	371	$88,000	0.0%	$192.87	—	—	023135106
IBM	IBM Corp.	210	$59,000	0.0%	$245.16	—	—	459200101
TJX	TJX companies	1,000	$151K	0.0%	$112.73	—	—	872540109
MGA	Magna Intl Inc	800	$52,000	0.0%	$44.02	—	—	559222401
CL	Colgate Palmolive	1,100	$100K	0.0%	$87.83	—	—	194162103
BRK/B	Berkshire Hathaway Inc. Cl. B	260	$130K	0.0%	$486.15	—	—	084670702
V	Visa Inc	157	$53,000	0.0%	$335.78	—	—	92826C839
MCD	McDonald's Corp.	125	$33,000	0.0%	$292.89	—	—	580135101
WM	Waste Management Inc	800	$178K	0.0%	$218.39	—	—	94106L109
WRN	Western Copper & Gold Corp.	14,790	$33,000	0.0%	$1.07	—	—	95805V108
PFE	Pfizer Inc.	1,100	$26,000	0.0%	$24.71	—	—	717081103
BAC	Bank of America Corp.	500	$28,000	0.0%	$43.62	—	—	060505104
NVDA	NVIDIA	132	$26,000	0.0%	$186.63	—	—	67066G104
C	Citigroup	150	$20,000	0.0%	$74.53	—	—	172967424
DE	Deere & Co.	50	$31,000	0.0%	$461.52	—	—	244199105
WNC	Wabash National Corp.	700	$9,000	0.0%	$13.02	—	—	929566107
BHP	BHP Group	200	$16,000	0.0%	$48.22	—	—	088606108
RSPG	Invesco S&P 500 Equal Weight Energy ETF	175	$17,000	0.0%	$80.00	—	—	46137V365
IYH	iShares US Healthcare ETF	460	$30,000	0.0%	$58.70	—	—	464287762
ECL	Ecolab Inc.	200	$55,000	0.0%	$249.61	—	—	278865100
PNC	PNC Financial Services Group	50	$12,000	0.0%	$183.33	—	—	693475105
OKE	Oneok Inc.	100	$8,000	0.0%	$94.96	—	—	682680103
DVY	iShares Select Dividend ETF	195	$30,000	0.0%	$138.46	—	—	464287168
XLP	Consumer Staples Select Sector SPDR ⚠	10	$0	0.0%	$57.14	—	—	81369Y308
PPA	Invesco Aerospace & Defense ETF	50	$8,000	0.0%	$100.00	—	—	46137V100
SOBO	South Bow Corp. ⚠	10	$0	0.0%	$24.08	—	—	83671M105
BNT	Brookfield Wealth Solutions Ltd.	106	$4,000	0.0%	$40.23	—	—	G17434104
META	Meta Platforms	5	$2,000	0.0%	$667.32	—	—	30303M102
TEL	TE Connectivity Ltd.	25	$5,000	0.0%	$146.50	—	—	G87052109
EFXT	Enerflex Ltd.	100	$2,000	0.0%	$8.78	—	—	29269R105
NEO	NeoGenomics Inc. ⚠	50	$0	0.0%	$12.49	—	—	64049M209