Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNQ	CANADIAN NAT RES LTD MED TER COM	6,350,644 (+105.7%)	$251M (+66.9%)	6.8%	$36.49	—	COM	136385101
TRP	TC ENERGY CORP COM	4,473,642 (+37.9%)	$296M (+45.9%)	8.0%	$51.33	—	COM	87807B107
TU	TELUS CORPORATION COM	2,208,650 (+2.9%)	$23.32M (-15.3%)	0.6%	$15.64	—	COM	87971M103

Exited Positions (1)

TRI THOMSON REUTERS CORP COM 0.5%

Value $17.84M Shares 198,031 Est. Cost $162.92 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRI	THOMSON REUTERS CORP COM	198,031	$17.84M	0.5%	$162.92	—	—	884903808

Decreased Positions (39)

RY ROYAL BK CDA COM 11.0%

Value $409M (+22.2%) Shares 1,977,134 (-4.6%) Est. Cost $115.08 Unrealized —

TD TORONTO DOMINION BK ONT COM NEW 7.7%

Value $287M (+23.7%) Shares 2,364,122 (-5.0%) Est. Cost $58.99 Unrealized —

AEM AGNICO EAGLE MINES LTD COM 3.0%

Value $112M (-25.9%) Shares 719,467 (-3.2%) Est. Cost $77.99 Unrealized —

BMO BANK MONTREAL MEDIUM COM 4.7%

Value $175M (+23.5%) Shares 991,466 (-5.4%) Est. Cost $87.94 Unrealized —

SU SUNCOR ENERGY INC NEW COM 2.4%

Value $89.71M (-23.0%) Shares 1,670,236 (-5.4%) Est. Cost $36.98 Unrealized —

BNS BANK NOVA SCOTIA B C COM 4.1%

Value $151M (+19.2%) Shares 1,738,562 (-4.9%) Est. Cost $46.33 Unrealized —

CM CANADIAN IMPERIAL BANK OF CO COM 4.0%

Value $150M (+14.8%) Shares 1,301,918 (-5.5%) Est. Cost $45.83 Unrealized —

SHOP SHOPIFY INC CL A SUB VTG SHS 5.3%

Value $197M (-8.5%) Shares 1,725,549 (-5.1%) Est. Cost $82.01 Unrealized —

WPM WHEATON PRECIOUS METALS CORP COM 1.9%

Value $72.14M (-18.2%) Shares 642,347 (-4.6%) Est. Cost $60.59 Unrealized —

KGC KINROSS GOLD CORP COM 1.1%

Value $39.88M (-26.6%) Shares 1,687,005 (-5.2%) Est. Cost $9.33 Unrealized —

B BARRICK MNG CORP COM SHS 2.3%

Value $87.01M (-14.2%) Shares 2,370,106 (-4.6%) Est. Cost $19.29 Unrealized —

FNV FRANCO NEV CORP COM 1.5%

Value $56.83M (-19.6%) Shares 272,806 (-4.6%) Est. Cost $126.11 Unrealized —

CLS CELESTICA INC COM 1.6%

Value $59.22M (+23.4%) Shares 162,633 (-4.6%) Est. Cost $301.37 Unrealized —

NTR NUTRIEN LTD COM 1.2%

Value $42.78M (-20.5%) Shares 680,109 (-4.8%) Est. Cost $50.04 Unrealized —

MFC MANULIFE FINL CORP COM 2.6%

Value $95.59M (+11.8%) Shares 2,360,746 (-5.1%) Est. Cost $28.17 Unrealized —

SLF SUN LIFE FINANCIAL INC. COM 1.7%

Value $61.43M (+19.6%) Shares 783,684 (-4.6%) Est. Cost $55.13 Unrealized —

CNI CANADIAN NATL RY CO COM 2.5%

Value $91.16M (+9.6%) Shares 765,088 (-5.5%) Est. Cost $112.10 Unrealized —

ENB ENBRIDGE INC COM 4.5%

Value $167M (-4.5%) Shares 3,088,830 (-4.6%) Est. Cost $36.78 Unrealized —

CCJ CAMECO CORP COM 1.7%

Value $62.7M (-10.6%) Shares 616,087 (-4.6%) Est. Cost $50.71 Unrealized —

BCE BCE INC COM NEW 0.8%

Value $28.37M (-18.6%) Shares 1,319,114 (-4.6%) Est. Cost $27.32 Unrealized —

CVE CENOVUS ENERGY INC COM 1.3%

Value $47.3M (-11.1%) Shares 1,909,564 (-4.9%) Est. Cost $17.03 Unrealized —

IMO IMPERIAL OIL LTD COM NEW 0.6%

Value $23.78M (-18.2%) Shares 212,062 (-4.6%) Est. Cost $68.51 Unrealized —

RCI ROGERS COMMUNICATIONS INC CL B 0.5%

Value $17.74M (-19.3%) Shares 546,260 (-4.6%) Est. Cost $36.32 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY COM 2.9%

Value $109M (+3.9%) Shares 1,255,756 (-5.7%) Est. Cost $78.77 Unrealized —

GIB CGI INC CL A SUB VTG 0.5%

Value $17.1M (-17.1%) Shares 264,997 (-6.3%) Est. Cost $107.49 Unrealized —

BN BROOKFIELD CORP CL A LTD VT SH 3.5%

Value $129M (-2.7%) Shares 3,022,165 (-7.6%) Est. Cost $36.46 Unrealized —

TECK TECK RESOURCES LTD CL B 1.0%

Value $37.7M (+9.7%) Shares 634,071 (-4.5%) Est. Cost $46.82 Unrealized —

QSR RESTAURANT BRANDS INTL INC COM 1.0%

Value $35.58M (-6.2%) Shares 491,312 (-4.4%) Est. Cost $69.86 Unrealized —

MGA MAGNA INTL INC COM 0.6%

Value $23.76M (+9.6%) Shares 361,974 (-6.9%) Est. Cost $40.99 Unrealized —

GIL GILDAN ACTIVEWEAR INC COM 0.4%

Value $13.48M (-11.7%) Shares 261,950 (-4.6%) Est. Cost $44.23 Unrealized —

WCN WASTE CONNECTIONS INC COM 1.6%

Value $60.08M (-2.3%) Shares 361,031 (-4.8%) Est. Cost $176.93 Unrealized —

CAE CAE INC COM 0.3%

Value $11.37M (-8.4%) Shares 454,829 (-4.7%) Est. Cost $20.30 Unrealized —

BIP BROOKFIELD INFRASTRUCTURE PA LP INT UNIT 0.6%

Value $23.6M (-4.0%) Shares 647,312 (-5.2%) Est. Cost $31.31 Unrealized —

BAM BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 0.6%

Value $23.87M (-3.8%) Shares 532,989 (-4.6%) Est. Cost $45.06 Unrealized —

FTS FORTIS INC COM 1.1%

Value $41.19M (-1.7%) Shares 720,199 (-4.3%) Est. Cost $40.65 Unrealized —

OTEX OPEN TEXT CORP COM 0.2%

Value $7.572M (-8.4%) Shares 342,649 (-7.8%) Est. Cost $29.60 Unrealized —

PBA PEMBINA PIPELINE CORP COM 1.0%

Value $37.99M (-1.4%) Shares 822,347 (-4.6%) Est. Cost $36.66 Unrealized —

EMA EMERA INC COM 0.6%

Value $22.92M (-1.0%) Shares 432,773 (-3.3%) Est. Cost $43.35 Unrealized —

FSV FIRSTSERVICE CORP NEW COM 0.2%

Value $8.311M (-1.9%) Shares 58,540 (-4.1%) Est. Cost $165.41 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RY	ROYAL BK CDA COM	1,977,134 (-4.6%)	$409M (+22.2%)	11.0%	$115.08	—	COM	780087102
TD	TORONTO DOMINION BK ONT COM NEW	2,364,122 (-5.0%)	$287M (+23.7%)	7.7%	$58.99	—	COM	891160509
AEM	AGNICO EAGLE MINES LTD COM	719,467 (-3.2%)	$112M (-25.9%)	3.0%	$77.99	—	COM	008474108
BMO	BANK MONTREAL MEDIUM COM	991,466 (-5.4%)	$175M (+23.5%)	4.7%	$87.94	—	COM	063671101
SU	SUNCOR ENERGY INC NEW COM	1,670,236 (-5.4%)	$89.71M (-23.0%)	2.4%	$36.98	—	COM	867224107
BNS	BANK NOVA SCOTIA B C COM	1,738,562 (-4.9%)	$151M (+19.2%)	4.1%	$46.33	—	COM	064149107
CM	CANADIAN IMPERIAL BANK OF CO COM	1,301,918 (-5.5%)	$150M (+14.8%)	4.0%	$45.83	—	COM	136069101
SHOP	SHOPIFY INC CL A SUB VTG SHS	1,725,549 (-5.1%)	$197M (-8.5%)	5.3%	$82.01	—	CLASS A	82509L107
WPM	WHEATON PRECIOUS METALS CORP COM	642,347 (-4.6%)	$72.14M (-18.2%)	1.9%	$60.59	—	COM	962879102
KGC	KINROSS GOLD CORP COM	1,687,005 (-5.2%)	$39.88M (-26.6%)	1.1%	$9.33	—	COM	496902404
B	BARRICK MNG CORP COM SHS	2,370,106 (-4.6%)	$87.01M (-14.2%)	2.3%	$19.29	—	SHS	06849F108
FNV	FRANCO NEV CORP COM	272,806 (-4.6%)	$56.83M (-19.6%)	1.5%	$126.11	—	COM	351858105
CLS	CELESTICA INC COM	162,633 (-4.6%)	$59.22M (+23.4%)	1.6%	$301.37	—	COM	15101Q207
NTR	NUTRIEN LTD COM	680,109 (-4.8%)	$42.78M (-20.5%)	1.2%	$50.04	—	COM	67077M108
MFC	MANULIFE FINL CORP COM	2,360,746 (-5.1%)	$95.59M (+11.8%)	2.6%	$28.17	—	COM	56501R106
SLF	SUN LIFE FINANCIAL INC. COM	783,684 (-4.6%)	$61.43M (+19.6%)	1.7%	$55.13	—	COM	866796105
CNI	CANADIAN NATL RY CO COM	765,088 (-5.5%)	$91.16M (+9.6%)	2.5%	$112.10	—	COM	136375102
ENB	ENBRIDGE INC COM	3,088,830 (-4.6%)	$167M (-4.5%)	4.5%	$36.78	—	COM	29250N105
CCJ	CAMECO CORP COM	616,087 (-4.6%)	$62.7M (-10.6%)	1.7%	$50.71	—	COM	13321L108
BCE	BCE INC COM NEW	1,319,114 (-4.6%)	$28.37M (-18.6%)	0.8%	$27.32	—	COM	05534B760
CVE	CENOVUS ENERGY INC COM	1,909,564 (-4.9%)	$47.3M (-11.1%)	1.3%	$17.03	—	COM	15135U109
IMO	IMPERIAL OIL LTD COM NEW	212,062 (-4.6%)	$23.78M (-18.2%)	0.6%	$68.51	—	COM	453038408
RCI	ROGERS COMMUNICATIONS INC CL B	546,260 (-4.6%)	$17.74M (-19.3%)	0.5%	$36.32	—	CLASS B	775109200
CP	CANADIAN PACIFIC KANSAS CITY COM	1,255,756 (-5.7%)	$109M (+3.9%)	2.9%	$78.77	—	COM	13646K108
GIB	CGI INC CL A SUB VTG	264,997 (-6.3%)	$17.1M (-17.1%)	0.5%	$107.49	—	CLASS A	12532H104
BN	BROOKFIELD CORP CL A LTD VT SH	3,022,165 (-7.6%)	$129M (-2.7%)	3.5%	$36.46	—	SHS	11271J107
TECK	TECK RESOURCES LTD CL B	634,071 (-4.5%)	$37.7M (+9.7%)	1.0%	$46.82	—	CLASS B	878742204
QSR	RESTAURANT BRANDS INTL INC COM	491,312 (-4.4%)	$35.58M (-6.2%)	1.0%	$69.86	—	COM	76131D103
MGA	MAGNA INTL INC COM	361,974 (-6.9%)	$23.76M (+9.6%)	0.6%	$40.99	—	COM	559222401
GIL	GILDAN ACTIVEWEAR INC COM	261,950 (-4.6%)	$13.48M (-11.7%)	0.4%	$44.23	—	COM	375916103
WCN	WASTE CONNECTIONS INC COM	361,031 (-4.8%)	$60.08M (-2.3%)	1.6%	$176.93	—	COM	94106B101
CAE	CAE INC COM	454,829 (-4.7%)	$11.37M (-8.4%)	0.3%	$20.30	—	COM	124765108
BIP	BROOKFIELD INFRASTRUCTURE PA LP INT UNIT	647,312 (-5.2%)	$23.6M (-4.0%)	0.6%	$31.31	—	UNIT	G16252101
BAM	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS	532,989 (-4.6%)	$23.87M (-3.8%)	0.6%	$45.06	—	CLASS A	113004105
FTS	FORTIS INC COM	720,199 (-4.3%)	$41.19M (-1.7%)	1.1%	$40.65	—	COM	349553107
OTEX	OPEN TEXT CORP COM	342,649 (-7.8%)	$7.572M (-8.4%)	0.2%	$29.60	—	COM	683715106
PBA	PEMBINA PIPELINE CORP COM	822,347 (-4.6%)	$37.99M (-1.4%)	1.0%	$36.66	—	COM	706327103
EMA	EMERA INC COM	432,773 (-3.3%)	$22.92M (-1.0%)	0.6%	$43.35	—	COM	290876101
FSV	FIRSTSERVICE CORP NEW COM	58,540 (-4.1%)	$8.311M (-1.9%)	0.2%	$165.41	—	COM	33767E202