# EDGAR Filing Document

**Accession Number:** 0001938757
**File Stem:** 0001938757-23-000019
**Filing Date:** 2023-3
**Character Count:** 18002
**Document Hash:** 592c34d407f52c6eed4bb4328dc347c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001938757-23-000019.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001938757-23-000019

**CONFORMED SUBMISSION TYPE**: 13F-HR/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220331

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Triasima Portfolio Management inc.
- **CENTRAL INDEX KEY:** 0001938757
- **IRS NUMBER:** 896679610
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22571
- **FILM NUMBER:** 23722211

**BUSINESS ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8
- **BUSINESS PHONE:** 514-906-0667

**MAIL ADDRESS:**
- **STREET 1:** 900 DE MAISONNEUVE BLVD. WEST
- **STREET 2:** SUITE 2520
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 0A8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2022

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [x] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Triasima Portfolio Management inc.<br>**Address:** 900 DE MAISONNEUVE BLVD. WEST<br>SUITE 2520<br>MONTREAL, A8 H3A 0A8

**Form 13F File Number:** 028-22571

**CRD Number (if applicable):** 000304577

**SEC File Number (if applicable):** 801-119229

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Mathieu Tanguay<br>**Title:** Compliance Chief Officer<br>**Phone:** 514 906-0667

**Signature, Place, and Date of Signing:**

Mathieu Tanguay  Montreal, A8  03-10-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 148

**Form 13F Information Table Value Total:** $2079382

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| INVESCO ACTIVELY MANAGED ETF | ULTRA SHRT DUR | 46090A887 |  | 1002 | 20115 | SH |  | SOLE |  | 20115 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 1597 | 21696 | SH |  | SOLE |  | 21696 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 580 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 799 | 1770 | SH |  | SOLE |  | 1770 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 4087 | 9844 | SH |  | SOLE |  | 9844 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 41541 | 1425704 | SH |  | SOLE |  | 801550 | 0 | 624154 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 82540 | 1332411 | SH |  | SOLE |  | 605489 | 0 | 726922 |
| CRESCENT PT ENERGY CORP | COM | 22576C101 |  | 3625 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 21954 | 1316373 | SH |  | SOLE |  | 302300 | 0 | 1014073 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 3004 | 326167 | SH |  | SOLE |  | 139364 | 0 | 186803 |
| ENBRIDGE INC | COM | 29250N105 |  | 17171 | 372841 | SH |  | SOLE |  | 372841 | 0 | 0 |
| ENERPLUS CORP | COM | 292766102 |  | 2915 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 49618 | 1024835 | SH |  | SOLE |  | 625835 | 0 | 399000 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 3194 | 220509 | SH |  | SOLE |  | 99014 | 0 | 121495 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 17298 | 460200 | SH |  | SOLE |  | 181200 | 0 | 279000 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 37662 | 1156313 | SH |  | SOLE |  | 284416 | 0 | 871897 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 36 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VERMILION ENERGY INC | COM | 923725105 |  | 17044 | 811347 | SH |  | SOLE |  | 332423 | 0 | 478924 |
| BP PLC | SPONSORED ADR | 055622104 |  | 804 | 27330 | SH |  | SOLE |  | 27330 | 0 | 0 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 1074 | 45430 | SH |  | SOLE |  | 45430 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 968 | 11320 | SH |  | SOLE |  | 11320 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 2050 | 37905 | SH |  | SOLE |  | 37905 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 585 | 11575 | SH |  | SOLE |  | 11575 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 49790 | 2029285 | SH |  | SOLE |  | 1012785 | 0 | 1016500 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 32682 | 533851 | SH |  | SOLE |  | 194850 | 0 | 339001 |
| B2GOLD CORP | COM | 11777Q209 |  | 5674 | 1235190 | SH |  | SOLE |  | 1235190 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 36613 | 229975 | SH |  | SOLE |  | 117975 | 0 | 112000 |
| LITHIUM AMERS CORP NEW | COM NEW | 53680Q207 |  | 21367 | 554300 | SH |  | SOLE |  | 216130 | 0 | 338170 |
| NUTRIEN LTD | COM | 67077M108 |  | 90232 | 872575 | SH |  | SOLE |  | 486575 | 0 | 386000 |
| SSR MNG INC | COM | 784730103 |  | 13855 | 637000 | SH |  | SOLE |  | 307000 | 0 | 330000 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 49169 | 1217150 | SH |  | SOLE |  | 707650 | 0 | 509500 |
| TASEKO MINES LTD | COM | 876511106 |  | 209 | 90870 | SH |  | SOLE |  | 90870 | 0 | 0 |
| WEST FRASER TIMBER CO LTD | COM | 952845105 |  | 25168 | 305750 | SH |  | SOLE |  | 179750 | 0 | 126000 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 3718 | 665550 | SH |  | SOLE |  | 665550 | 0 | 0 |
| ALCOA CORP | COM | 013872106 |  | 3530 | 39210 | SH |  | SOLE |  | 39210 | 0 | 0 |
| CF INDS HLDGS INC | COM | 125269100 |  | 1787 | 17340 | SH |  | SOLE |  | 17340 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1384 | 27820 | SH |  | SOLE |  | 27820 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 277 | 17930 | SH |  | SOLE |  | 17930 | 0 | 0 |
| ICL GROUP LTD | SHS | M53213100 |  | 351 | 29065 | SH |  | SOLE |  | 29065 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 |  | 340 | 5120 | SH |  | SOLE |  | 5120 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 507 | 6380 | SH |  | SOLE |  | 6380 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 322 | 3865 | SH |  | SOLE |  | 3865 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 82505 | 614780 | SH |  | SOLE |  | 278780 | 0 | 336000 |
| STANTEC INC | COM | 85472N109 |  | 39639 | 789865 | SH |  | SOLE |  | 433985 | 0 | 355880 |
| TFI INTL INC | COM | 87241L109 |  | 7302 | 68532 | SH |  | SOLE |  | 68032 | 0 | 500 |
| THOMSON REUTERS CORP. | COM NEW | 884903709 |  | 1618 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 37389 | 267242 | SH |  | SOLE |  | 100072 | 0 | 167170 |
| EVOQUA WATER TECHNOLOGIES CO | COM | 30057T105 |  | 3018 | 64234 | SH |  | SOLE |  | 64234 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 396 | 930 | SH |  | SOLE |  | 930 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 335 | 3825 | SH |  | SOLE |  | 3825 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 1596 | 10175 | SH |  | SOLE |  | 10175 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 324 | 1365 | SH |  | SOLE |  | 1365 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 314 | 5285 | SH |  | SOLE |  | 5285 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 293 | 985 | SH |  | SOLE |  | 985 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 1543 | 5165 | SH |  | SOLE |  | 5165 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 502 | 1063 | SH |  | SOLE |  | 1063 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 535 | 4035 | SH |  | SOLE |  | 4035 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 5326 | 19493 | SH |  | SOLE |  | 19493 | 0 | 0 |
| ENCORE WIRE CORP | COM | 292562105 |  | 4218 | 36978 | SH |  | SOLE |  | 36978 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 25821 | 688116 | SH |  | SOLE |  | 417494 | 0 | 270622 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 3079 | 14875 | SH |  | SOLE |  | 14875 | 0 | 0 |
| AUTONATION INC | COM | 05329W102 |  | 294 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| FORD MTR CO DEL | COM | 345370860 |  | 1456 | 86105 | SH |  | SOLE |  | 86105 | 0 | 0 |
| HYATT HOTELS CORP | COM CL A | 448579102 |  | 1238 | 12975 | SH |  | SOLE |  | 12975 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1600 | 5345 | SH |  | SOLE |  | 5345 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 459 | 2270 | SH |  | SOLE |  | 2270 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 4626 | 21211 | SH |  | SOLE |  | 21211 | 0 | 0 |
| SONY GROUP CORPORATION | SPONSORED ADR | 835699307 |  | 2451 | 23860 | SH |  | SOLE |  | 23860 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 4044 | 17328 | SH |  | SOLE |  | 17328 | 0 | 0 |
| TATA MTRS LTD | SPONSORED ADR | 876568502 |  | 218 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 6022 | 10457 | SH |  | SOLE |  | 10457 | 0 | 0 |
| KEURIG DR PEPPER INC | COM | 49271V100 |  | 2452 | 64700 | SH |  | SOLE |  | 64700 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1768 | 11570 | SH |  | SOLE |  | 11570 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 1404 | 10610 | SH |  | SOLE |  | 10610 | 0 | 0 |
| AMERISOURCEBERGEN CORP | COM | 03073E105 |  | 2686 | 17360 | SH |  | SOLE |  | 17360 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 3176 | 31384 | SH |  | SOLE |  | 31384 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2423 | 8260 | SH |  | SOLE |  | 8260 | 0 | 0 |
| ANTHEM INC | COM | 036752103 |  | 2677 | 5450 | SH |  | SOLE |  | 5450 | 0 | 0 |
| EDWARDS LIFESCIENCES CORP | COM | 28176E108 |  | 444 | 3775 | SH |  | SOLE |  | 3775 | 0 | 0 |
| HORIZON THERAPEUTICS PUB L | SHS | G46188101 |  | 458 | 4350 | SH |  | SOLE |  | 4350 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 561 | 1859 | SH |  | SOLE |  | 1859 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 709 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 5616 | 19612 | SH |  | SOLE |  | 19612 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 1427 | 4661 | SH |  | SOLE |  | 4661 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 5775 | 52008 | SH |  | SOLE |  | 52008 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1045 | 1769 | SH |  | SOLE |  | 1769 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 9662 | 18947 | SH |  | SOLE |  | 18947 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 2233 | 11840 | SH |  | SOLE |  | 11840 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 108899 | 925025 | SH |  | SOLE |  | 533025 | 0 | 392000 |
| BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 11271J107 |  | 85740 | 1515854 | SH |  | SOLE |  | 775514 | 0 | 740340 |
| BROOKFIELD ASSET MGMT REINS | CL A EXCH LT VTG | G16250105 |  | 2736 | 47906 | SH |  | SOLE |  | 20894 | 0 | 27012 |
| BANK NOVA SCOTIA B C | COM | 064149107 |  | 94739 | 1321271 | SH |  | SOLE |  | 714271 | 0 | 607000 |
| CANADIAN IMP BK COMM | COM | 136069101 |  | 55322 | 455551 | SH |  | SOLE |  | 306765 | 0 | 148786 |
| ROYAL BK CDA | COM | 780087102 |  | 176856 | 1605635 | SH |  | SOLE |  | 916635 | 0 | 689000 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 44072 | 789005 | SH |  | SOLE |  | 383005 | 0 | 406000 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 150068 | 1890563 | SH |  | SOLE |  | 1075063 | 0 | 815500 |
| AFLAC INC | COM | 001055102 |  | 3615 | 56135 | SH |  | SOLE |  | 56135 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 1427 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 2829 | 15130 | SH |  | SOLE |  | 15130 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 2309 | 56010 | SH |  | SOLE |  | 56010 | 0 | 0 |
| BROWN  BROWN INC | COM | 115236101 |  | 5874 | 81280 | SH |  | SOLE |  | 81280 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 4968 | 115420 | SH |  | SOLE |  | 115420 | 0 | 0 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 4437 | 50535 | SH |  | SOLE |  | 50535 | 0 | 0 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 348 | 33395 | SH |  | SOLE |  | 33395 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 3698 | 27130 | SH |  | SOLE |  | 27130 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 3751 | 22010 | SH |  | SOLE |  | 22010 | 0 | 0 |
| MSCI INC | COM | 55354G100 |  | 3078 | 6120 | SH |  | SOLE |  | 6120 | 0 | 0 |
| BANK OZK | COM | 06417N103 |  | 2920 | 68395 | SH |  | SOLE |  | 68395 | 0 | 0 |
| PARK NATL CORP | COM | 700658107 |  | 283 | 2155 | SH |  | SOLE |  | 2155 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 247 | 2931 | SH |  | SOLE |  | 2931 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1538 | 3750 | SH |  | SOLE |  | 3750 | 0 | 0 |
| CELESTICA INC | SUB VTG SHS | 15101Q108 |  | 10198 | 857013 | SH |  | SOLE |  | 737372 | 0 | 119641 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 34815 | 475304 | SH |  | SOLE |  | 230304 | 0 | 245000 |
| NUVEI CORPORATION | SUB VTG SHS | 67079A102 |  | 25634 | 340771 | SH |  | SOLE |  | 116789 | 0 | 223982 |
| SHOPIFY INC | CL A | 82509L107 |  | 9707 | 14347 | SH |  | SOLE |  | 14347 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1051 | 6020 | SH |  | SOLE |  | 6020 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 936 | 2775 | SH |  | SOLE |  | 2775 | 0 | 0 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 326 | 715 | SH |  | SOLE |  | 715 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 2653 | 3972 | SH |  | SOLE |  | 3972 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 2660 | 4225 | SH |  | SOLE |  | 4225 | 0 | 0 |
| BILL COM HLDGS INC | COM | 090043100 |  | 1091 | 4810 | SH |  | SOLE |  | 4810 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 3052 | 11646 | SH |  | SOLE |  | 11646 | 0 | 0 |
| MONOLITHIC PWR SYS INC | COM | 609839105 |  | 1343 | 2765 | SH |  | SOLE |  | 2765 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 12857 | 41703 | SH |  | SOLE |  | 41703 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 4331 | 15873 | SH |  | SOLE |  | 15873 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 3963 | 6366 | SH |  | SOLE |  | 6366 | 0 | 0 |
| SYNOPSYS INC | COM | 871607107 |  | 321 | 963 | SH |  | SOLE |  | 963 | 0 | 0 |
| ATLASSIAN CORP PLC | CL A | G06242104 |  | 2477 | 8430 | SH |  | SOLE |  | 8430 | 0 | 0 |
| WNS HLDGS LTD | SPON ADR | 92932M101 |  | 614 | 7185 | SH |  | SOLE |  | 7185 | 0 | 0 |
| ZSCALER INC | COM | 98980G102 |  | 224 | 930 | SH |  | SOLE |  | 930 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 18948 | 341665 | SH |  | SOLE |  | 341665 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 20006 | 353300 | SH |  | SOLE |  | 146300 | 0 | 207000 |
| TELUS CORPORATION | COM | 87971M103 |  | 62827 | 2403798 | SH |  | SOLE |  | 1459011 | 0 | 944787 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 4890 | 1758 | SH |  | SOLE |  | 1758 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 4082 | 34700 | SH |  | SOLE |  | 34700 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 255 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 18671 | 454700 | SH |  | SOLE |  | 178700 | 0 | 276000 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 |  | 31755 | 479350 | SH |  | SOLE |  | 198350 | 0 | 281000 |
| EXELON CORP | COM | 30161N101 |  | 1989 | 41755 | SH |  | SOLE |  | 41755 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 490 | 5784 | SH |  | SOLE |  | 5784 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 24748 | 189795 | SH |  | SOLE |  | 93595 | 0 | 96200 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 4848 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 |  | 22913 | 297070 | SH |  | SOLE |  | 131070 | 0 | 166000 |
| TRICON RESIDENTIAL INC | COM NPV | 89612W102 |  | 44642 | 2807476 | SH |  | SOLE |  | 1687444 | 0 | 1120032 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 2796 | 69840 | SH |  | SOLE |  | 69840 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 1909 | 9485 | SH |  | SOLE |  | 9485 | 0 | 0 |
| EXTRA SPACE STORAGE INC | COM | 30225T102 |  | 2061 | 10023 | SH |  | SOLE |  | 10023 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 2745 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |

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