Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WRB	BERKLEY W R CORP	42,878	$3.02M	0.2%	$70.43	—	COM	084423102
HWM	HOWMET AEROSPACE INC	11,110	$2.983M	0.2%	$268.46	—	COM	443201108
EME	EMCOR GROUP INC	3,567	$2.956M	0.2%	$828.65	—	COM	29084Q100
COST	COSTCO WHOLESALE CORPORATION	3,078	$2.875M	0.2%	$934.09	—	COM	22160K105
HON	HONEYWELL INTL INC	3,893	$870K	0.1%	$223.56	—	COM	438516205
TRI	THOMSON REUTERS CORP	8,372	$682K	0.0%	$81.52	—	COM	884903881
HONA	HONEYWELL AEROSPACE INC	1,966	$434K	0.0%	$220.75	—	COM	43849R105

Increased Positions (45)

HD HOME DEPOT INC 4.7%

Value $67.67M (+121.1%) Shares 192,166 (+106.8%) Est. Cost $362.95 Unrealized —

MA MASTERCARD INCORPORATED 4.5%

Value $64.72M (+102.8%) Shares 126,217 (+97.7%) Est. Cost $520.60 Unrealized —

V VISA INC 4.6%

Value $66.34M (+93.0%) Shares 193,666 (+70.4%) Est. Cost $329.84 Unrealized —

ADP AUTOMATIC DATA PROCESSING IN 4.6%

Value $66.29M (+79.8%) Shares 296,491 (+63.6%) Est. Cost $234.12 Unrealized —

MSFT MICROSOFT CORP 6.4%

Value $92.3M (+29.8%) Shares 247,817 (+29.1%) Est. Cost $407.34 Unrealized —

KLAC KLA CORP 0.4%

Value $6.363M (+332.5%) Shares 21,121 (+2014.2%) Est. Cost $325.85 Unrealized —

CRM SALESFORCE INC 4.8%

Value $69.17M (-4.4%) Shares 442,226 (+14.2%) Est. Cost $226.01 Unrealized —

TD TORONTO DOMINION BK ONT 0.4%

Value $6.257M (+31.7%) Shares 51,562 (+1.1%) Est. Cost $62.24 Unrealized —

ACN ACCENTURE PLC IRELAND 3.5%

Value $50.36M (-1.8%) Shares 405,346 (+56.9%) Est. Cost $207.85 Unrealized —

HEI HEICO CORP NEW 0.1%

Value $1.629M (+101.1%) Shares 4,581 (+54.9%) Est. Cost $292.63 Unrealized —

SAP SAP SE 0.7%

Value $10.16M (-7.3%) Shares 66,045 (+3.3%) Est. Cost $229.27 Unrealized —

TFII TFI INTERNATIONAL INC 0.2%

Value $2.589M (+34.0%) Shares 18,019 (+1.3%) Est. Cost $110.24 Unrealized —

ALC ALCON AG 0.1%

Value $1.204M (+109.1%) Shares 17,965 (+135.3%) Est. Cost $72.73 Unrealized —

TXN TEXAS INSTRS INC 0.1%

Value $1.577M (+56.4%) Shares 5,299 (+1.9%) Est. Cost $173.14 Unrealized —

DHR DANAHER CORP DEL 0.1%

Value $1.98M (+38.8%) Shares 10,411 (+38.4%) Est. Cost $207.49 Unrealized —

CTAS CINTAS CORP 0.2%

Value $2.883M (+21.9%) Shares 16,977 (+21.3%) Est. Cost $175.24 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value $2.867M (+18.4%) Shares 5,738 (+13.4%) Est. Cost $378.29 Unrealized —

DE DEERE & CO 0.1%

Value $1.74M (+31.7%) Shares 2,747 (+17.1%) Est. Cost $472.41 Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 0.1%

Value $2.024M (-17.0%) Shares 51,260 (+2.4%) Est. Cost $30.74 Unrealized —

VLTO VERALTO CORP 0.1%

Value $1.439M (+40.0%) Shares 16,248 (+39.8%) Est. Cost $97.11 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.1%

Value $1.755M (-18.7%) Shares 14,279 (+4.0%) Est. Cost $135.28 Unrealized —

LIN LINDE PLC 0.1%

Value $1.781M (+25.7%) Shares 3,437 (+20.3%) Est. Cost $457.20 Unrealized —

AON AON PLC 0.1%

Value $1.773M (+21.7%) Shares 5,353 (+18.6%) Est. Cost $338.28 Unrealized —

WM WASTE MGMT INC DEL 0.1%

Value $1.137M (+37.9%) Shares 5,109 (+42.6%) Est. Cost $221.16 Unrealized —

UL UNILEVER PLC 0.1%

Value $1.561M (+24.7%) Shares 26,001 (+18.4%) Est. Cost $63.94 Unrealized —

AME AMETEK INC 0.2%

Value $2.162M (+16.5%) Shares 8,951 (+3.2%) Est. Cost $178.42 Unrealized —

DPZ DOMINOS PIZZA INC 0.1%

Value $1.366M (+26.5%) Shares 4,620 (+53.3%) Est. Cost $391.72 Unrealized —

MRK MERCK & CO INC 0.2%

Value $2.37M (+13.0%) Shares 18,475 (+5.9%) Est. Cost $81.32 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.2%

Value $2.162M (-11.1%) Shares 19,261 (+3.7%) Est. Cost $60.10 Unrealized —

VRSK VERISK ANALYTICS INC 0.2%

Value $2.871M (+10.0%) Shares 16,016 (+16.3%) Est. Cost $200.32 Unrealized —

BGSI BOYD GROUP SERVICES INC 0.1%

Value $1.007M (-20.2%) Shares 10,658 (+7.6%) Est. Cost $155.99 Unrealized —

BIP BROOKFIELD INFRASTRUCTURE PA 0.2%

Value $2.188M (+12.2%) Shares 60,033 (+10.8%) Est. Cost $37.81 Unrealized —

WMT WALMART INC 0.2%

Value $2.855M (-7.6%) Shares 25,244 (+1.5%) Est. Cost $121.90 Unrealized —

MEOH METHANEX CORP 0.1%

Value $1.063M (-17.9%) Shares 23,063 (+5.9%) Est. Cost $38.22 Unrealized —

BN BROOKFIELD CORP 0.2%

Value $2.408M (+10.0%) Shares 56,554 (+4.5%) Est. Cost $35.91 Unrealized —

BDX BECTON DICKINSON & CO 0.1%

Value $1.345M (+13.4%) Shares 8,903 (+18.0%) Est. Cost $191.63 Unrealized —

NVS NOVARTIS AG 0.1%

Value $1.948M (+5.2%) Shares 12,450 (+2.7%) Est. Cost $115.30 Unrealized —

AQN ALGONQUIN POWER & UTILITIES 0.0%

Value $702K (+15.2%) Shares 119,645 (+19.9%) Est. Cost $5.74 Unrealized —

AAPL APPLE INC 0.0%

Value $506K (+22.3%) Shares 1,751 (+7.4%) Est. Cost $186.33 Unrealized —

GOOG ALPHABET INC 0.0%

Value $389K (+27.5%) Shares 1,102 (+3.6%) Est. Cost $214.86 Unrealized —

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $1.649M (-3.1%) Shares 3,596 (+2.4%) Est. Cost $496.40 Unrealized —

ENB ENBRIDGE INC 0.2%

Value $2.472M (+1.7%) Shares 45,668 (+1.6%) Est. Cost $31.17 Unrealized —

META META PLATFORMS INC 0.0%

Value $479K (+2.5%) Shares 851 (+4.2%) Est. Cost $644.26 Unrealized —

ROP ROPER TECHNOLOGIES INC 0.0%

Value $517K (-0.7%) Shares 1,529 (+3.9%) Est. Cost $473.79 Unrealized —

DSGX DESCARTES SYS GROUP INC 0.0%

Value $482K (-0.2%) Shares 6,972 (+3.2%) Est. Cost $98.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HD	HOME DEPOT INC	192,166 (+106.8%)	$67.67M (+121.1%)	4.7%	$362.95	—	COM	437076102
MA	MASTERCARD INCORPORATED	126,217 (+97.7%)	$64.72M (+102.8%)	4.5%	$520.60	—	CL A	57636Q104
V	VISA INC	193,666 (+70.4%)	$66.34M (+93.0%)	4.6%	$329.84	—	COM CL A	92826C839
ADP	AUTOMATIC DATA PROCESSING IN	296,491 (+63.6%)	$66.29M (+79.8%)	4.6%	$234.12	—	COM	053015103
MSFT	MICROSOFT CORP	247,817 (+29.1%)	$92.3M (+29.8%)	6.4%	$407.34	—	COM	594918104
KLAC	KLA CORP	21,121 (+2014.2%)	$6.363M (+332.5%)	0.4%	$325.85	—	COM NEW	482480100
CRM	SALESFORCE INC	442,226 (+14.2%)	$69.17M (-4.4%)	4.8%	$226.01	—	COM	79466L302
TD	TORONTO DOMINION BK ONT	51,562 (+1.1%)	$6.257M (+31.7%)	0.4%	$62.24	—	COM NEW	891160509
ACN	ACCENTURE PLC IRELAND	405,346 (+56.9%)	$50.36M (-1.8%)	3.5%	$207.85	—	SHS CLASS A	G1151C101
HEI	HEICO CORP NEW	4,581 (+54.9%)	$1.629M (+101.1%)	0.1%	$292.63	—	COM	422806109
SAP	SAP SE	66,045 (+3.3%)	$10.16M (-7.3%)	0.7%	$229.27	—	SPON ADR	803054204
TFII	TFI INTERNATIONAL INC	18,019 (+1.3%)	$2.589M (+34.0%)	0.2%	$110.24	—	COM	87241L109
ALC	ALCON AG	17,965 (+135.3%)	$1.204M (+109.1%)	0.1%	$72.73	—	ORD SHS	H01301128
TXN	TEXAS INSTRS INC	5,299 (+1.9%)	$1.577M (+56.4%)	0.1%	$173.14	—	COM	882508104
DHR	DANAHER CORP DEL	10,411 (+38.4%)	$1.98M (+38.8%)	0.1%	$207.49	—	COM	235851102
CTAS	CINTAS CORP	16,977 (+21.3%)	$2.883M (+21.9%)	0.2%	$175.24	—	COM	172908105
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,738 (+13.4%)	$2.867M (+18.4%)	0.2%	$378.29	—	CL B NEW	084670702
DE	DEERE & CO	2,747 (+17.1%)	$1.74M (+31.7%)	0.1%	$472.41	—	COM	244199105
CNQ	CANADIAN NAT RES LTD MED TER	51,260 (+2.4%)	$2.024M (-17.0%)	0.1%	$30.74	—	COM	136385101
VLTO	VERALTO CORP	16,248 (+39.8%)	$1.439M (+40.0%)	0.1%	$97.11	—	COM SHS	92338C103
ICE	INTERCONTINENTAL EXCHANGE IN	14,279 (+4.0%)	$1.755M (-18.7%)	0.1%	$135.28	—	COM	45866F104
LIN	LINDE PLC	3,437 (+20.3%)	$1.781M (+25.7%)	0.1%	$457.20	—	SHS	G54950103
AON	AON PLC	5,353 (+18.6%)	$1.773M (+21.7%)	0.1%	$338.28	—	SHS CL A	G0403H108
WM	WASTE MGMT INC DEL	5,109 (+42.6%)	$1.137M (+37.9%)	0.1%	$221.16	—	COM	94106L109
UL	UNILEVER PLC	26,001 (+18.4%)	$1.561M (+24.7%)	0.1%	$63.94	—	SPON ADR NEW	904767803
AME	AMETEK INC	8,951 (+3.2%)	$2.162M (+16.5%)	0.2%	$178.42	—	COM	031100100
DPZ	DOMINOS PIZZA INC	4,620 (+53.3%)	$1.366M (+26.5%)	0.1%	$391.72	—	COM	25754A201
MRK	MERCK & CO INC	18,475 (+5.9%)	$2.37M (+13.0%)	0.2%	$81.32	—	COM	58933Y105
WPM	WHEATON PRECIOUS METALS CORP	19,261 (+3.7%)	$2.162M (-11.1%)	0.2%	$60.10	—	COM	962879102
VRSK	VERISK ANALYTICS INC	16,016 (+16.3%)	$2.871M (+10.0%)	0.2%	$200.32	—	COM	92345Y106
BGSI	BOYD GROUP SERVICES INC	10,658 (+7.6%)	$1.007M (-20.2%)	0.1%	$155.99	—	COM	103310108
BIP	BROOKFIELD INFRASTRUCTURE PA	60,033 (+10.8%)	$2.188M (+12.2%)	0.2%	$37.81	—	LP INT UNIT	G16252101
WMT	WALMART INC	25,244 (+1.5%)	$2.855M (-7.6%)	0.2%	$121.90	—	COM	931142103
MEOH	METHANEX CORP	23,063 (+5.9%)	$1.063M (-17.9%)	0.1%	$38.22	—	COM	59151K108
BN	BROOKFIELD CORP	56,554 (+4.5%)	$2.408M (+10.0%)	0.2%	$35.91	—	CL A LTD VT SH	11271J107
BDX	BECTON DICKINSON & CO	8,903 (+18.0%)	$1.345M (+13.4%)	0.1%	$191.63	—	COM	075887109
NVS	NOVARTIS AG	12,450 (+2.7%)	$1.948M (+5.2%)	0.1%	$115.30	—	SPONSORED ADR	66987V109
AQN	ALGONQUIN POWER & UTILITIES	119,645 (+19.9%)	$702K (+15.2%)	0.0%	$5.74	—	COM	015857105
AAPL	APPLE INC	1,751 (+7.4%)	$506K (+22.3%)	0.0%	$186.33	—	COM	037833100
GOOG	ALPHABET INC	1,102 (+3.6%)	$389K (+27.5%)	0.0%	$214.86	—	CAP STK CL C	02079K107
SPOT	SPOTIFY TECHNOLOGY S A	3,596 (+2.4%)	$1.649M (-3.1%)	0.1%	$496.40	—	SHS	L8681T102
ENB	ENBRIDGE INC	45,668 (+1.6%)	$2.472M (+1.7%)	0.2%	$31.17	—	COM	29250N105
META	META PLATFORMS INC	851 (+4.2%)	$479K (+2.5%)	0.0%	$644.26	—	CL A	30303M102
ROP	ROPER TECHNOLOGIES INC	1,529 (+3.9%)	$517K (-0.7%)	0.0%	$473.79	—	COM	776696106
DSGX	DESCARTES SYS GROUP INC	6,972 (+3.2%)	$482K (-0.2%)	0.0%	$98.77	—	COM	249906108

Exited Positions (8)

CVS CVS HEALTH CORP 2.7%

Value $38.82M Shares 539,973 Est. Cost $58.52 Unrealized —

SHW SHERWIN WILLIAMS CO 0.2%

Value $2.676M Shares 8,358 Est. Cost $295.44 Unrealized —

MCO MOODYS CORP 0.2%

Value $2.585M Shares 5,931 Est. Cost $359.32 Unrealized —

INTU INTUIT 0.2%

Value $2.43M Shares 5,625 Est. Cost $504.29 Unrealized —

HON HONEYWELL INTL INC 0.1%

Value $1.598M Shares 7,071 Est. Cost $193.01 Unrealized —

LOW LOWES COS INC 0.1%

Value $790K Shares 3,348 Est. Cost $218.13 Unrealized —

TRI THOMSON REUTERS CORP 0.0%

Value $566K Shares 6,286 Est. Cost $143.08 Unrealized —

FDX FEDEX CORP 0.0%

Value $247K Shares 695 Est. Cost $243.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVS	CVS HEALTH CORP	539,973	$38.82M	2.7%	$58.52	—	—	126650100
SHW	SHERWIN WILLIAMS CO	8,358	$2.676M	0.2%	$295.44	—	—	824348106
MCO	MOODYS CORP	5,931	$2.585M	0.2%	$359.32	—	—	615369105
INTU	INTUIT	5,625	$2.43M	0.2%	$504.29	—	—	461202103
HON	HONEYWELL INTL INC	7,071	$1.598M	0.1%	$193.01	—	—	438516106
LOW	LOWES COS INC	3,348	$790K	0.1%	$218.13	—	—	548661107
TRI	THOMSON REUTERS CORP	6,286	$566K	0.0%	$143.08	—	—	884903808
FDX	FEDEX CORP	695	$247K	0.0%	$243.19	—	—	31428X106

Decreased Positions (28)

BMO BANK MONTREAL MEDIUM 3.0%

Value $42.27M (-29.0%) Shares 239,642 (-45.6%) Est. Cost $92.98 Unrealized —

AMZN AMAZON COM INC 4.1%

Value $58.07M (+11.0%) Shares 244,050 (-2.7%) Est. Cost $201.77 Unrealized —

RY ROYAL BK CDA 3.3%

Value $47.2M (-9.7%) Shares 228,376 (-29.5%) Est. Cost $112.76 Unrealized —

CM CANADIAN IMPERIAL BANK OF CO 3.8%

Value $54.55M (-5.8%) Shares 474,658 (-22.5%) Est. Cost $57.14 Unrealized —

BNS BANK NOVA SCOTIA B C 4.1%

Value $58.98M (+5.0%) Shares 679,868 (-16.2%) Est. Cost $47.75 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.2%

Value $2.716M (-46.5%) Shares 5,425 (-47.5%) Est. Cost $506.52 Unrealized —

SLF SUN LIFE FINANCIAL INC. 5.0%

Value $72.19M (+2.5%) Shares 921,226 (-18.2%) Est. Cost $55.56 Unrealized —

TGT TARGET CORP 0.3%

Value $3.964M (-25.8%) Shares 30,400 (-30.9%) Est. Cost $115.93 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.3%

Value $3.618M (-22.2%) Shares 85,597 (-7.6%) Est. Cost $39.76 Unrealized —

GOOGL ALPHABET INC 4.2%

Value $60.48M (-1.6%) Shares 169,507 (-20.7%) Est. Cost $177.84 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.3%

Value $4.164M (+26.8%) Shares 10,035 (-17.2%) Est. Cost $373.37 Unrealized —

FMX FOMENTO ECONOMICO MEXICANO S 1.1%

Value $16.06M (+5.4%) Shares 125,783 (-8.3%) Est. Cost $97.96 Unrealized —

LLY ELI LILLY & CO 0.2%

Value $3.564M (+28.6%) Shares 2,976 (-1.4%) Est. Cost $833.48 Unrealized —

AMAT APPLIED MATLS INC 0.3%

Value $3.872M (+25.2%) Shares 5,364 (-40.8%) Est. Cost $142.12 Unrealized —

WAB WABTEC 0.2%

Value $3.057M (-13.0%) Shares 11,356 (-19.3%) Est. Cost $192.78 Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $1.705M (+36.4%) Shares 3,576 (-3.4%) Est. Cost $233.96 Unrealized —

TRGP TARGA RES CORP 0.2%

Value $3.384M (-8.3%) Shares 12,639 (-14.2%) Est. Cost $201.70 Unrealized —

FTS FORTIS INC 0.4%

Value $5.242M (-4.7%) Shares 91,676 (-7.2%) Est. Cost $41.66 Unrealized —

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value $3.195M (+6.4%) Shares 36,757 (-17.9%) Est. Cost $67.32 Unrealized —

SU SUNCOR ENERGY INC NEW 0.0%

Value $353K (-34.4%) Shares 6,578 (-19.4%) Est. Cost $33.72 Unrealized —

CSCO CISCO SYS INC 0.1%

Value $1.557M (+11.0%) Shares 13,273 (-26.6%) Est. Cost $52.06 Unrealized —

AVGO BROADCOM INC 0.2%

Value $2.644M (-4.7%) Shares 7,011 (-21.9%) Est. Cost $180.53 Unrealized —

TT TRANE TECHNOLOGIES PLC 0.2%

Value $3.029M (-2.8%) Shares 6,177 (-17.5%) Est. Cost $422.16 Unrealized —

MGA MAGNA INTL INC 0.1%

Value $957K (-7.3%) Shares 14,579 (-21.3%) Est. Cost $37.93 Unrealized —

TSLA TESLA INC 0.1%

Value $899K (+7.6%) Shares 2,141 (-4.9%) Est. Cost $174.77 Unrealized —

IEI ISHARES TR 0.0%

Value $276K (-10.7%) Shares 2,350 (-9.8%) Est. Cost $116.84 Unrealized —

IGSB ISHARES TR 0.0%

Value $331K (-7.6%) Shares 6,333 (-7.3%) Est. Cost $51.60 Unrealized —

TRP TC ENERGY CORP 0.0%

Value $632K (+1.3%) Shares 9,568 (-4.2%) Est. Cost $47.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BMO	BANK MONTREAL MEDIUM	239,642 (-45.6%)	$42.27M (-29.0%)	3.0%	$92.98	—	COM	063671101
AMZN	AMAZON COM INC	244,050 (-2.7%)	$58.07M (+11.0%)	4.1%	$201.77	—	COM	023135106
RY	ROYAL BK CDA	228,376 (-29.5%)	$47.2M (-9.7%)	3.3%	$112.76	—	COM	780087102
CM	CANADIAN IMPERIAL BANK OF CO	474,658 (-22.5%)	$54.55M (-5.8%)	3.8%	$57.14	—	COM	136069101
BNS	BANK NOVA SCOTIA B C	679,868 (-16.2%)	$58.98M (+5.0%)	4.1%	$47.75	—	COM	064149107
TMO	THERMO FISHER SCIENTIFIC INC	5,425 (-47.5%)	$2.716M (-46.5%)	0.2%	$506.52	—	COM	883556102
SLF	SUN LIFE FINANCIAL INC.	921,226 (-18.2%)	$72.19M (+2.5%)	5.0%	$55.56	—	COM	866796105
TGT	TARGET CORP	30,400 (-30.9%)	$3.964M (-25.8%)	0.3%	$115.93	—	COM	87612E106
VZ	VERIZON COMMUNICATIONS INC	85,597 (-7.6%)	$3.618M (-22.2%)	0.3%	$39.76	—	COM	92343V104
GOOGL	ALPHABET INC	169,507 (-20.7%)	$60.48M (-1.6%)	4.2%	$177.84	—	CAP STK CL A	02079K305
UNH	UNITEDHEALTH GROUP INC	10,035 (-17.2%)	$4.164M (+26.8%)	0.3%	$373.37	—	COM	91324P102
FMX	FOMENTO ECONOMICO MEXICANO S	125,783 (-8.3%)	$16.06M (+5.4%)	1.1%	$97.96	—	SPON ADR UNITS	344419106
LLY	ELI LILLY & CO	2,976 (-1.4%)	$3.564M (+28.6%)	0.2%	$833.48	—	COM	532457108
AMAT	APPLIED MATLS INC	5,364 (-40.8%)	$3.872M (+25.2%)	0.3%	$142.12	—	COM	038222105
WAB	WABTEC	11,356 (-19.3%)	$3.057M (-13.0%)	0.2%	$192.78	—	COM	929740108
TSM	TAIWAN SEMICONDUCTOR MANUFAC	3,576 (-3.4%)	$1.705M (+36.4%)	0.1%	$233.96	—	SPONSORED ADS	874039100
TRGP	TARGA RES CORP	12,639 (-14.2%)	$3.384M (-8.3%)	0.2%	$201.70	—	COM	87612G101
FTS	FORTIS INC	91,676 (-7.2%)	$5.242M (-4.7%)	0.4%	$41.66	—	COM	349553107
IBKR	INTERACTIVE BROKERS GROUP IN	36,757 (-17.9%)	$3.195M (+6.4%)	0.2%	$67.32	—	COM CL A	45841N107
SU	SUNCOR ENERGY INC NEW	6,578 (-19.4%)	$353K (-34.4%)	0.0%	$33.72	—	COM	867224107
CSCO	CISCO SYS INC	13,273 (-26.6%)	$1.557M (+11.0%)	0.1%	$52.06	—	COM	17275R102
AVGO	BROADCOM INC	7,011 (-21.9%)	$2.644M (-4.7%)	0.2%	$180.53	—	COM	11135F101
TT	TRANE TECHNOLOGIES PLC	6,177 (-17.5%)	$3.029M (-2.8%)	0.2%	$422.16	—	SHS	G8994E103
MGA	MAGNA INTL INC	14,579 (-21.3%)	$957K (-7.3%)	0.1%	$37.93	—	COM	559222401
TSLA	TESLA INC	2,141 (-4.9%)	$899K (+7.6%)	0.1%	$174.77	—	COM	88160R101
IEI	ISHARES TR	2,350 (-9.8%)	$276K (-10.7%)	0.0%	$116.84	—	3 7 YR TREAS BD	464288661
IGSB	ISHARES TR	6,333 (-7.3%)	$331K (-7.6%)	0.0%	$51.60	—	ISHS 1-5YR INVS	464288646
TRP	TC ENERGY CORP	9,568 (-4.2%)	$632K (+1.3%)	0.0%	$47.97	—	COM	87807B107

Unchanged Positions (24)

CNI CANADIAN NATL RY CO 5.1%

Value $72.37M Shares 607,648 Est. Cost $100.89 Unrealized —

RCI ROGERS COMMUNICATIONS INC 3.7%

Value $52.69M Shares 1,622,847 Est. Cost $29.44 Unrealized —

MFC MANULIFE FINL CORP 4.3%

Value $61.42M Shares 1,517,412 Est. Cost $30.74 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 4.4%

Value $62.7M Shares 724,607 Est. Cost $76.19 Unrealized —

UBS UBS GROUP AG 0.8%

Value $11.82M Shares 238,892 Est. Cost $33.35 Unrealized —

YUMC YUM CHINA HLDGS INC 0.7%

Value $9.629M Shares 235,975 Est. Cost $47.88 Unrealized —

RACE FERRARI N V 0.8%

Value $11.2M Shares 30,120 Est. Cost $412.11 Unrealized —

MDT MEDTRONIC PLC 0.6%

Value $8.201M Shares 105,000 Est. Cost $88.33 Unrealized —

APH AMPHENOL CORP 0.2%

Value $3.272M Shares 18,587 Est. Cost $133.54 Unrealized —

GE GE AEROSPACE 0.2%

Value $3.439M Shares 9,216 Est. Cost $165.80 Unrealized —

PFE PFIZER INC 0.3%

Value $3.943M Shares 164,000 Est. Cost $24.14 Unrealized —

PEP PEPSICO INC 0.3%

Value $3.649M Shares 26,990 Est. Cost $140.94 Unrealized —

AZN ASTRAZENECA PLC 0.8%

Value $10.88M Shares 58,251 Est. Cost $190.39 Unrealized —

MCK MCKESSON CORP 0.2%

Value $2.752M Shares 3,648 Est. Cost $533.88 Unrealized —

OTEX OPEN TEXT CORP 3.7%

Value $53.36M Shares 2,415,779 Est. Cost $27.08 Unrealized —

HDB HDFC BANK LTD 0.5%

Value $7.559M Shares 293,129 Est. Cost $50.33 Unrealized —

DEO DIAGEO PLC 0.2%

Value $3.227M Shares 40,214 Est. Cost $102.08 Unrealized —

AMT AMERICAN TOWER CORP 0.2%

Value $3.462M Shares 21,199 Est. Cost $188.94 Unrealized —

GIS GENERAL MILLS INC 0.2%

Value $2.536M Shares 73,000 Est. Cost $57.16 Unrealized —

SPGI S&P GLOBAL INC 0.2%

Value $3.416M Shares 8,400 Est. Cost $505.35 Unrealized —

BSY BENTLEY SYS INC 0.0%

Value $603K Shares 20,196 Est. Cost $53.45 Unrealized —

MSCI MSCI INC 0.2%

Value $2.686M Shares 4,804 Est. Cost $509.17 Unrealized —

MDLZ MONDELEZ INTL INC 0.3%

Value $3.667M Shares 63,500 Est. Cost $59.75 Unrealized —

CPB THE CAMPBELLS COMPANY 0.2%

Value $2.601M Shares 117,000 Est. Cost $37.05 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNI	CANADIAN NATL RY CO	607,648	$72.37M	5.1%	$100.89	—	COM	136375102
RCI	ROGERS COMMUNICATIONS INC	1,622,847	$52.69M	3.7%	$29.44	—	CL B	775109200
MFC	MANULIFE FINL CORP	1,517,412	$61.42M	4.3%	$30.74	—	COM	56501R106
CP	CANADIAN PACIFIC KANSAS CITY	724,607	$62.7M	4.4%	$76.19	—	COM	13646K108
UBS	UBS GROUP AG	238,892	$11.82M	0.8%	$33.35	—	SHS	H42097107
YUMC	YUM CHINA HLDGS INC	235,975	$9.629M	0.7%	$47.88	—	COM	98850P109
RACE	FERRARI N V	30,120	$11.2M	0.8%	$412.11	—	COM	N3167Y103
MDT	MEDTRONIC PLC	105,000	$8.201M	0.6%	$88.33	—	SHS	G5960L103
APH	AMPHENOL CORP	18,587	$3.272M	0.2%	$133.54	—	CL A	032095101
GE	GE AEROSPACE	9,216	$3.439M	0.2%	$165.80	—	COM NEW	369604301
PFE	PFIZER INC	164,000	$3.943M	0.3%	$24.14	—	COM	717081103
PEP	PEPSICO INC	26,990	$3.649M	0.3%	$140.94	—	COM	713448108
AZN	ASTRAZENECA PLC	58,251	$10.88M	0.8%	$190.39	—	ORD	G0593M107
MCK	MCKESSON CORP	3,648	$2.752M	0.2%	$533.88	—	COM	58155Q103
OTEX	OPEN TEXT CORP	2,415,779	$53.36M	3.7%	$27.08	—	COM	683715106
HDB	HDFC BANK LTD	293,129	$7.559M	0.5%	$50.33	—	SPONSORED ADS	40415F101
DEO	DIAGEO PLC	40,214	$3.227M	0.2%	$102.08	—	SPON ADR NEW	25243Q205
AMT	AMERICAN TOWER CORP	21,199	$3.462M	0.2%	$188.94	—	COM	03027X100
GIS	GENERAL MILLS INC	73,000	$2.536M	0.2%	$57.16	—	COM	370334104
SPGI	S&P GLOBAL INC	8,400	$3.416M	0.2%	$505.35	—	COM	78409V104
BSY	BENTLEY SYS INC	20,196	$603K	0.0%	$53.45	—	COM CL B	08265T208
MSCI	MSCI INC	4,804	$2.686M	0.2%	$509.17	—	COM	55354G100
MDLZ	MONDELEZ INTL INC	63,500	$3.667M	0.3%	$59.75	—	CL A	609207105
CPB	THE CAMPBELLS COMPANY	117,000	$2.601M	0.2%	$37.05	—	COM	134429109