Cardinal Capital Management, Inc. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNI	Canadian National Railway Co.	974,350 (+31.3%)	$132,268 (+88.9%)	3.0%	$89.11	+7.9%	COM	136375102
IFCZF	Intact Financial Corp	534,672 (+4.6%)	$152,772 (+53.6%)	3.4%	$192.66	+2.2%	COM	45823T106
PBA	Pembina Pipeline Corp.	3,274,336 (+10.0%)	$171,214 (+42.2%)	3.8%	$25.90	+48.5%	COM	706327103
BN	Brookfield Corp.	3,077,748 (+42.2%)	$193,960 (+30.5%)	4.4%	$28.27	+61.1%	COM	11271J107
CP	Canadian Pacific Kansas City Ltd.	1,549,556 (+3.7%)	$156,583 (+40.6%)	3.5%	$81.23	-9.4%	COM	13646K108
MSFT	Microsoft Corp.	55,217 (+5837.3%)	$36,631 (+7504.6%)	0.8%	$496.74	+0.8%	COM	594918104
TSM	Taiwan Semiconductor Manufacturing Co. Ltd.	98,806 (+40.4%)	$41,188 (+109.6%)	0.9%	$318.91	—	SPONSORED ADR	874039100
SBGSY	Schneider Electric SE - ADR	566,826 (+37.3%)	$42,714 (+84.7%)	1.0%	$59.46	—	SPONSORED ADR	80687P106
MRK	Merck & Co. Inc.	304,534 (+3.6%)	$43,972 (+78.3%)	1.0%	$70.35	+32.5%	COM	58933Y105
NXPI	NXP Semiconductors NV	144,019 (+21.5%)	$42,882 (+58.8%)	1.0%	$220.13	-2.9%	SPONSORED ADR	N6596X109
BKNG	Booking Holdings Inc.	7,107 (+1.9%)	$52,209 (+38.7%)	1.2%	$3705.95	+38.6%	COM	09857L108
MDT	Medtronic PLC	295,210 (+2.0%)	$38,900 (+41.1%)	0.9%	$80.15	+21.2%	SPONSORED ADR	G5960L103
HON	Honeywell International Inc.	138,726 (+6.1%)	$37,125 (+34.8%)	0.8%	$115.60	+68.7%	COM	438516106
APD	Air Products & Chemicals Inc.	124,278 (+3.4%)	$42,111 (+28.4%)	0.9%	$234.22	+7.4%	COM	009158106
USB	US Bancorp	285,196 (+17.3%)	$20,875 (+77.7%)	0.5%	$45.19	+7.8%	COM	902973304
TMUS	T-Mobile US Inc.	176,744 (+3.3%)	$49,226 (+20.2%)	1.1%	$145.35	+45.4%	COM	872590104
CARR	Carrier Global Corp.	410,196 (+11.3%)	$29,732 (+35.1%)	0.7%	$66.40	-16.4%	COM	14448C104
URI	United Rentals Inc.	41,773 (+1.7%)	$46,375 (+18.3%)	1.0%	$706.44	+22.7%	COM	911363109
HD	Home Depot Inc./The	87,850 (+3.0%)	$41,467 (+20.0%)	0.9%	$314.39	+16.0%	COM	437076102
ETR	Entergy Corp.	148,190 (+15.0%)	$18,789 (+56.5%)	0.4%	$88.08	+7.3%	COM	29364G103
SAP	SAP SE - ADR	83,841 (+5.0%)	$27,937 (+31.0%)	0.6%	$126.62	—	SPONSORED ADR	803054204
FTS	Fortis Inc./Canada	11,715 (+7.0%)	$835 (+50.3%)	0.0%	$33.65	+51.1%	COM	349553107
ADI	Analog Devices Inc.	1,240 (+2.1%)	$461 (+54.5%)	0.0%	$207.60	+20.7%	COM	032654105
AEM	Agnico-Eagle Mines Ltd.	1,565 (+7.6%)	$364 (+48.6%)	0.0%	$139.01	+20.7%	COM	008474108
TXN	Texas Instruments Inc.	1,645 (+4.8%)	$391 (+35.7%)	0.0%	$164.59	+3.7%	COM	882508104

Exited Positions (9)

CCDBF CCL Industries Inc. 2.0%

Value ($000) $88,092 Shares 1,561,966 Est. Cost $55.59 Unrealized +5.3%

NTIOF National Bank of Canada 1.9%

Value ($000) $85,090 Shares 800,544 Est. Cost $92.58 Unrealized +25.8%

— Unilever PLC - ADR 0.6%

Value ($000) $25,650 Shares 432,684 Est. Cost $54.88 Unrealized —

LVMUY LVMH Moet Hennessy Louis Vuitton ADR 0.5%

Value ($000) $22,239 Shares 181,821 Est. Cost $122.31 Unrealized —

NNWWF The North West Co Inc. 0.2%

Value ($000) $6,694 Shares 194,680 Est. Cost $35.46 Unrealized -4.4%

EIFZF Exchange Income Corp. 0.1%

Value ($000) $2,638 Shares 50,530 Est. Cost $50.14 Unrealized +12.0%

SWK Stanley Black & Decker Inc. 0.0%

Value ($000) $738 Shares 9,935 Est. Cost $114.65 Unrealized -39.0%

PEP Pepsico Inc. 0.0%

Value ($000) $447 Shares 3,180 Est. Cost $159.18 Unrealized -8.3%

NPIFF Northland Power Inc. 0.0%

Value ($000) $168 Shares 10,000 Est. Cost $16.37 Unrealized -7.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CCDBF	CCL Industries Inc.	1,561,966	$88,092	2.0%	$55.59	+5.3%	—	124900309
NTIOF	National Bank of Canada	800,544	$85,090	1.9%	$92.58	+25.8%	—	633067103
—	Unilever PLC - ADR	432,684	$25,650	0.6%	$54.88	—	—	904767704
LVMUY	LVMH Moet Hennessy Louis Vuitton ADR	181,821	$22,239	0.5%	$122.31	—	—	502441306
NNWWF	The North West Co Inc.	194,680	$6,694	0.2%	$35.46	-4.4%	—	663278208
EIFZF	Exchange Income Corp.	50,530	$2,638	0.1%	$50.14	+12.0%	—	301283107
SWK	Stanley Black & Decker Inc.	9,935	$738	0.0%	$114.65	-39.0%	—	854502101
PEP	Pepsico Inc.	3,180	$447	0.0%	$159.18	-8.3%	—	713448108
NPIFF	Northland Power Inc.	10,000	$168	0.0%	$16.37	-7.7%	—	666511100

Decreased Positions (37)

SAPIF Saputo Inc. 5.1%

Value ($000) $228,273 (+60.7%) Shares 5,525,855 (-5.4%) Est. Cost $18.99 Unrealized +40.2%

MFC Manulife Financial Corp. 5.1%

Value ($000) $227,759 (+52.4%) Shares 4,569,808 (-4.6%) Est. Cost $17.86 Unrealized +90.1%

ENB Enbridge Inc. 1.3%

Value ($000) $58,117 (-56.1%) Shares 884,856 (-66.2%) Est. Cost $24.97 Unrealized +88.7%

RY Royal Bank of Canada 4.6%

Value ($000) $205,707 (+52.1%) Shares 879,128 (-4.1%) Est. Cost $72.14 Unrealized +112.9%

CM Canadian Imperial Bank of Commerce 4.9%

Value ($000) $216,118 (+47.6%) Shares 1,736,864 (-5.2%) Est. Cost $37.65 Unrealized +127.9%

BNS Bank of Nova Scotia 4.5%

Value ($000) $202,222 (+49.9%) Shares 1,997,649 (-4.2%) Est. Cost $38.74 Unrealized +75.5%

GIL Gildan Activewear Inc. 4.9%

Value ($000) $218,241 (+39.5%) Shares 2,543,896 (-6.0%) Est. Cost $28.38 Unrealized +109.5%

SU Suncor Energy Inc. 4.8%

Value ($000) $213,242 (+39.9%) Shares 3,500,373 (-3.9%) Est. Cost $20.61 Unrealized +105.1%

CDNAF Canadian Tire Corp. Ltd. - Cla 3.8%

Value ($000) $171,453 (+40.2%) Shares 985,701 (-4.0%) Est. Cost $106.77 Unrealized +13.5%

TRP TC Energy Corp. 4.1%

Value ($000) $181,157 (+33.4%) Shares 2,396,890 (-4.0%) Est. Cost $35.71 Unrealized +49.4%

ELEEF Element Fleet Management Corp. 2.9%

Value ($000) $128,586 (+34.1%) Shares 3,566,874 (-3.6%) Est. Cost $20.51 Unrealized +27.9%

BMO Bank of Montreal 4.0%

Value ($000) $176,199 (+22.0%) Shares 988,492 (-10.8%) Est. Cost $53.12 Unrealized +138.4%

AMAT Applied Materials Inc. 1.6%

Value ($000) $71,508 (+68.2%) Shares 202,845 (-2.3%) Est. Cost $101.38 Unrealized +136.2%

SLF Sun Life Financial Inc. 2.1%

Value ($000) $92,047 (+33.8%) Shares 1,074,314 (-6.2%) Est. Cost $47.40 Unrealized +27.5%

CMI Cummins Inc. 1.5%

Value ($000) $67,129 (+47.8%) Shares 95,871 (-10.8%) Est. Cost $185.26 Unrealized +151.7%

SONY Sony Group Corp. - ADR 0.0%

Value ($000) $533 (-97.0%) Shares 15,180 (-97.5%) Est. Cost $40.55 Unrealized —

APYRF Allied Properties Real Estate 0.0%

Value ($000) $245 (-98.5%) Shares 18,295 (-98.4%) Est. Cost $11.88 Unrealized —

SIEGY Siemens AG - ADR 1.2%

Value ($000) $53,304 (+40.7%) Shares 277,659 (-1.1%) Est. Cost $96.68 Unrealized —

NEE NextEra Energy Inc. 1.1%

Value ($000) $47,643 (+38.2%) Shares 432,636 (-5.2%) Est. Cost $55.44 Unrealized +48.8%

ENLAY Enel SpA - ADR 0.9%

Value ($000) $39,960 (+48.5%) Shares 2,806,452 (-1.4%) Est. Cost $7.09 Unrealized —

WFC Wells Fargo & Co. 1.3%

Value ($000) $57,596 (+28.9%) Shares 450,511 (-15.5%) Est. Cost $36.16 Unrealized +139.6%

NTR Nutrien Ltd. 1.0%

Value ($000) $44,589 (+31.1%) Shares 526,307 (-9.1%) Est. Cost $54.95 Unrealized +7.1%

BOWFF Boardwalk Real Estate Investment 1.0%

Value ($000) $42,344 (+23.7%) Shares 656,695 (-4.6%) Est. Cost $44.73 Unrealized —

GRTUF Granite Real Estate Investment Trust 0.5%

Value ($000) $22,896 (+35.4%) Shares 280,215 (-7.9%) Est. Cost $48.42 Unrealized —

BDX Becton Dickinson and Co. 0.7%

Value ($000) $32,767 (+21.6%) Shares 123,084 (-14.5%) Est. Cost $224.97 Unrealized -15.7%

TU TELUS Corp. 0.0%

Value ($000) $279 (-94.9%) Shares 15,435 (-95.6%) Est. Cost $20.12 Unrealized -30.0%

ORCL Oracle Corp. 0.8%

Value ($000) $35,824 (-8.9%) Shares 133,990 (-4.2%) Est. Cost $44.33 Unrealized +437.0%

CDW CDW Corp/DE 0.2%

Value ($000) $9,351 (-19.6%) Shares 50,050 (-31.4%) Est. Cost $203.06 Unrealized -27.6%

AVGO Broadcom Inc. 0.8%

Value ($000) $33,429 (+5.4%) Shares 70,413 (-26.8%) Est. Cost $145.76 Unrealized +144.9%

GPN Global Payments Inc. 0.2%

Value ($000) $6,756 (-18.9%) Shares 63,631 (-36.6%) Est. Cost $126.00 Unrealized -36.3%

IBDRY Iberdrola SA-Sponsored ADR 0.1%

Value ($000) $2,527 (+37.1%) Shares 21,323 (-12.0%) Est. Cost $55.14 Unrealized —

COP ConocoPhillips 0.3%

Value ($000) $13,071 (+5.1%) Shares 101,793 (-22.6%) Est. Cost $105.98 Unrealized -15.1%

DLMAF Dollarama Inc. 0.0%

Value ($000) $761 (+51.4%) Shares 3,710 (-2.6%) Est. Cost $103.46 Unrealized +32.8%

BAC Bank of America Corp. 0.0%

Value ($000) $556 (+42.4%) Shares 7,370 (-2.6%) Est. Cost $27.02 Unrealized +94.9%

AAPL Apple Inc. 0.0%

Value ($000) $372 (+34.6%) Shares 997 (-8.1%) Est. Cost $148.29 Unrealized +81.0%

CMCSA Comcast Corp. Class A 0.0%

Value ($000) $204 (-19.6%) Shares 4,970 (-38.4%) Est. Cost $33.41 Unrealized -14.6%

JPM JPMorgan Chase & Co. 0.0%

Value ($000) $329 (+10.6%) Shares 745 (-21.1%) Est. Cost $103.72 Unrealized +198.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SAPIF	Saputo Inc.	5,525,855 (-5.4%)	$228,273 (+60.7%)	5.1%	$18.99	+40.2%	COM	802912105
MFC	Manulife Financial Corp.	4,569,808 (-4.6%)	$227,759 (+52.4%)	5.1%	$17.86	+90.1%	COM	56501R106
ENB	Enbridge Inc.	884,856 (-66.2%)	$58,117 (-56.1%)	1.3%	$24.97	+88.7%	COM	29250N105
RY	Royal Bank of Canada	879,128 (-4.1%)	$205,707 (+52.1%)	4.6%	$72.14	+112.9%	COM	780087102
CM	Canadian Imperial Bank of Commerce	1,736,864 (-5.2%)	$216,118 (+47.6%)	4.9%	$37.65	+127.9%	COM	136069101
BNS	Bank of Nova Scotia	1,997,649 (-4.2%)	$202,222 (+49.9%)	4.5%	$38.74	+75.5%	COM	064149107
GIL	Gildan Activewear Inc.	2,543,896 (-6.0%)	$218,241 (+39.5%)	4.9%	$28.38	+109.5%	COM	375916103
SU	Suncor Energy Inc.	3,500,373 (-3.9%)	$213,242 (+39.9%)	4.8%	$20.61	+105.1%	COM	867224107
CDNAF	Canadian Tire Corp. Ltd. - Cla	985,701 (-4.0%)	$171,453 (+40.2%)	3.8%	$106.77	+13.5%	COM	136681202
TRP	TC Energy Corp.	2,396,890 (-4.0%)	$181,157 (+33.4%)	4.1%	$35.71	+49.4%	COM	87807B107
ELEEF	Element Fleet Management Corp.	3,566,874 (-3.6%)	$128,586 (+34.1%)	2.9%	$20.51	+27.9%	COM	286181201
BMO	Bank of Montreal	988,492 (-10.8%)	$176,199 (+22.0%)	4.0%	$53.12	+138.4%	COM	063671101
AMAT	Applied Materials Inc.	202,845 (-2.3%)	$71,508 (+68.2%)	1.6%	$101.38	+136.2%	COM	038222105
SLF	Sun Life Financial Inc.	1,074,314 (-6.2%)	$92,047 (+33.8%)	2.1%	$47.40	+27.5%	COM	866796105
CMI	Cummins Inc.	95,871 (-10.8%)	$67,129 (+47.8%)	1.5%	$185.26	+151.7%	COM	231021106
SONY	Sony Group Corp. - ADR	15,180 (-97.5%)	$533 (-97.0%)	0.0%	$40.55	—	SPONSORED ADR	835699307
APYRF	Allied Properties Real Estate	18,295 (-98.4%)	$245 (-98.5%)	0.0%	$11.88	—	COM	019456102
SIEGY	Siemens AG - ADR	277,659 (-1.1%)	$53,304 (+40.7%)	1.2%	$96.68	—	SPONSORED ADR	826197501
NEE	NextEra Energy Inc.	432,636 (-5.2%)	$47,643 (+38.2%)	1.1%	$55.44	+48.8%	COM	65339F101
ENLAY	Enel SpA - ADR	2,806,452 (-1.4%)	$39,960 (+48.5%)	0.9%	$7.09	—	SPONSORED ADR	29265W207
WFC	Wells Fargo & Co.	450,511 (-15.5%)	$57,596 (+28.9%)	1.3%	$36.16	+139.6%	COM	949746101
NTR	Nutrien Ltd.	526,307 (-9.1%)	$44,589 (+31.1%)	1.0%	$54.95	+7.1%	COM	67077M108
BOWFF	Boardwalk Real Estate Investment	656,695 (-4.6%)	$42,344 (+23.7%)	1.0%	$44.73	—	COM	096631106
GRTUF	Granite Real Estate Investment Trust	280,215 (-7.9%)	$22,896 (+35.4%)	0.5%	$48.42	—	COM	387437205
BDX	Becton Dickinson and Co.	123,084 (-14.5%)	$32,767 (+21.6%)	0.7%	$224.97	-15.7%	COM	075887109
TU	TELUS Corp.	15,435 (-95.6%)	$279 (-94.9%)	0.0%	$20.12	-30.0%	COM	87971M103
ORCL	Oracle Corp.	133,990 (-4.2%)	$35,824 (-8.9%)	0.8%	$44.33	+437.0%	COM	68389X105
CDW	CDW Corp/DE	50,050 (-31.4%)	$9,351 (-19.6%)	0.2%	$203.06	-27.6%	COM	12514G108
AVGO	Broadcom Inc.	70,413 (-26.8%)	$33,429 (+5.4%)	0.8%	$145.76	+144.9%	COM	11135F101
GPN	Global Payments Inc.	63,631 (-36.6%)	$6,756 (-18.9%)	0.2%	$126.00	-36.3%	COM	37940X102
IBDRY	Iberdrola SA-Sponsored ADR	21,323 (-12.0%)	$2,527 (+37.1%)	0.1%	$55.14	—	SPONSORED ADR	450737101
COP	ConocoPhillips	101,793 (-22.6%)	$13,071 (+5.1%)	0.3%	$105.98	-15.1%	COM	20825C104
DLMAF	Dollarama Inc.	3,710 (-2.6%)	$761 (+51.4%)	0.0%	$103.46	+32.8%	COM	25675T107
BAC	Bank of America Corp.	7,370 (-2.6%)	$556 (+42.4%)	0.0%	$27.02	+94.9%	COM	060505104
AAPL	Apple Inc.	997 (-8.1%)	$372 (+34.6%)	0.0%	$148.29	+81.0%	COM	037833100
CMCSA	Comcast Corp. Class A	4,970 (-38.4%)	$204 (-19.6%)	0.0%	$33.41	-14.6%	COM	20030N101
JPM	JPMorgan Chase & Co.	745 (-21.1%)	$329 (+10.6%)	0.0%	$103.72	+198.4%	COM	46625H100

Unchanged Positions (6)

ABBV AbbVie Inc. 1.4%

Value ($000) $60,127 Shares 191,836 Est. Cost $124.99 Unrealized +82.0%

EQIX Equinix Inc. 0.4%

Value ($000) $17,105 Shares 16,275 Est. Cost $740.66 Unrealized +5.5%

EMA Emera Inc. 0.3%

Value ($000) $14,734 Shares 217,825 Est. Cost $46.62 Unrealized +3.6%

TD Toronto-Dominion Bank 0.1%

Value ($000) $2,265 Shares 17,509 Est. Cost $53.95 Unrealized +56.5%

AMGN Amgen Inc. 0.0%

Value ($000) $382 Shares 850 Est. Cost $160.01 Unrealized +97.5%

PNC PNC Financial Services Group Inc. 0.0%

Value ($000) $286 Shares 1,000 Est. Cost $195.75 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABBV	AbbVie Inc.	191,836	$60,127	1.4%	$124.99	+82.0%	COM	00287Y109
EQIX	Equinix Inc.	16,275	$17,105	0.4%	$740.66	+5.5%	COM	29444U700
EMA	Emera Inc.	217,825	$14,734	0.3%	$46.62	+3.6%	COM	290876101
TD	Toronto-Dominion Bank	17,509	$2,265	0.1%	$53.95	+56.5%	COM	891160509
AMGN	Amgen Inc.	850	$382	0.0%	$160.01	+97.5%	COM	031162100
PNC	PNC Financial Services Group Inc.	1,000	$286	0.0%	$195.75	-1.5%	COM	693475105