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FSD-013-26
Municipality of Clarington Page 1 Report FSD-013-26 If this information is required in an alternate accessible format, please contact the Accessibility Coordinator at 905-623-3379 ext. 2131. Report To: General Government Committee Date of Meeting: April 13, 2026 Report Number: FSD-013-26 Submitted By: Trevor Pinn, Deputy CAO/Treasurer, Finance and Technology Reviewed By: Mary-Anne Dempster, CAO By-law Number: Resolution Number: File Number: Report Subject: 2025 Annual Investment Report Recommendations: 1.That Report FSD-013-26, and any related delegations or communication items, be received. GG-070-26 Report Overview Annually, the Treasurer is required to report to Council on the investment portfolio and results. Council reviewed its Investment Policy in February 2026, this report solely deals with the investment performance in 2025. The Municipality had an investment return of approximately 5.1%, an amount which is roughly double the prime rate, providing revenues to the Municipality from a non -tax source that can be used for future capital and operating pressures. It should be noted that approximately 1/3 of the investment income relates to DC reserve funds and are therefore restricted in use; however this mitigates cost pressures on DC projects and future DC fee increases. This is the first annual report since the Municipality has officially started investing using th e Prudent Investor Standard where money not required immediately has been provided to the ONE JIB. Where applicable delineation between funds invested internally (money required immediately) and funds under control of the ONE JIB (money not required immediately) has been made. 1. Background 1.1 The Municipal Act, and the Municipality’s Investment Policy require the Treasurer of the Municipality to report the state of the Municipality's investments to Council on an annual basis. 1.2 A snapshot summary of key information pertaining to the portfolio follows: Fund Opening Balance, January 2025 Closing Balance, December 2025 Investment Income Return on Average Balance General Fund Development Charges Reserve Fund Non-DC Reserve Fund Fund Opening Balance, January 2025 Closing Balance, December 2025 Investment Income Return on Average Balance Strategic Capital Reserve Fund 9,928,765 9,783,063 164,812 1.67% Total Investments $213,774,850 $245,593,693 $11,189,167 5.12% 1.3 The nature of the investments through the legal list does not reasonably compare with most indices that personal investors may use. This is due to the restricted nature of the investments. However, given that the Bank of Canada bank rate averaged 2.94 percent in 2025, the return is significantly above that rate 1.4 At December 31, 2025, investments were split between Money Required Immediately and Money Not Required Immediately as follows: Fund Money Required Immediately (Legal List) Money Not Required Immediately (ONE JIB) Total General Fund Development Charges Reserve Fund Non-DC Reserve Funds Strategic Capital Reserve Fund Total Investments $223,609,334 $21,984,358 $245,593,693 1.5 The breakdown between money required immediately and money not required immediately is discretionary and is reviewed on an annual basis. Given the long-term nature of development charges, in most cases long term funds will be attributable to those funds. 1.6 It should also be noted that investment income earned on Development Charges must stay within the DC reserve funds. This income is used to fund mitigate inflationary pressures and provide additional funding resources. Investment Environment 1.7 The last five years have seen significant fluctuations in the interest rate market in Canada. Rates were at 2.00% from October 2018 to March 2020 when COVID resulted in the Bank of Canada suddenly cutting rates to 0.50%. The recovery of interest rates started in March 2022, steadily increasing to a high of 5.25 in July 2023. Rates were stable for approximately one year and since July 2024 have been nine rate changes bringing the current rate to 2.50% in November 2025. Rates are expected to remain in the 2.25% to 2.50% range throughout 2026. 1.8 Fixed income investments are impacted by the Bank Rate. Many investments entered into throughout 2021 and 2022 would be at low interest rates. As these matured, they were invested in higher returning investments. With decreasing rates, future returns may not be as high as 2024 and 2025 because of decreasing interest rates. 1.9 The following chart shows the past three years of the Bank of Canada overnight rate: 1.10 Over the long-term, interest rates have been significantly lower than the past 24 months. The legal list, which the Municipality has moved away from, is predominantly a fixed income market. Since January 2016, these rates have averaged 2.1 percent. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% Bank of Canada Bank Rate Monthly 2023 to 2026 2. Performance of the Investment Portfolio 2.1 The Municipality's portfolio consists of several funds, including general funds, trust funds, reserve funds, and other investments. General Fund 2.2 The General Fund is the primary operating fund for the Municipality. This fund has the least number of active investments. The majority of the investments in this fund are in the HISA accounts provided by the investment advisors to the Municipality (ONE Investment, CIBC Woodgundy, BMO Nesbitt Burns and Scotiabank). The HISA accounts offer favourable interest rates for a highly liquid investment. 2.3 The ONE Investment Inc. HISA was established in September 2016 and held low balances throughout 2017. In 2018, the Municipality began being more active with its investments and moved funds from the lower interest -earning bank accounts to the higher HISA account. At December 31, 2025, the ONE Investment HISA had approximately $500 following the withdrawal of funds for Prudent. The HISA will remain open for short term cashflow purposes, there are no fees associated with this account. 2.4 Similarly, the investment accounts at CIBC Woodgundy, and BMO Nesbitt Burns include a HISA portion. These funds are typically available within 3 business days. The balance in these accounts typically result from maturing investments being pooled until a purchase can be made. At December 31, 2025 the balance in the HISA products with our investment advisors was approximately $0.0 million (2024- $16.0 million) across all funds. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 1/ 1 / 2 0 1 6 6/ 1 / 2 0 1 6 11 / 1 / 2 0 1 6 4/ 1 / 2 0 1 7 9/ 1 / 2 0 1 7 2/ 1 / 2 0 1 8 7/ 1 / 2 0 1 8 12 / 1 / 2 0 1 8 5/ 1 / 2 0 1 9 10 / 1 / 2 0 1 9 3/ 1 / 2 0 2 0 8/ 1 / 2 0 2 0 1/ 1 / 2 0 2 1 6/ 1 / 2 0 2 1 11 / 1 / 2 0 2 1 4/ 1 / 2 0 2 2 9/ 1 / 2 0 2 2 2/ 1 / 2 0 2 3 7/ 1 / 2 0 2 3 12 / 1 / 2 0 2 3 5/ 1 / 2 0 2 4 10 / 1 / 2 0 2 4 3/ 1 / 2 0 2 5 8/ 1 / 2 0 2 5 Bank of Canada Bank Rate Monthly 2016 to 2026 Non-Development Charges Reserve Funds 2.5 The Municipality operates a Non-Development Charges Reserve Fund investment portfolio for all reserve funds not established under the Development Charges Act, 1997. There is one exception: the Strategic Capital Reserve Fund, a separate fund. 2.6 The total book value of investments is approximately $116.1 million (2023 - $95.0 million), including approximately $42.8 million (2024 - $37.9 million) in bank balances. At December 31, 2025, the portfolio was comprised of $16.3 million (2024 - $8.7 million) in GICs with maturities in each of 2026 through 2029 and $48.3 million (2024 - $24.8 million) in bonds with maturities from 2026 to 2035. The portfolio includes $116.2 million (2024 - $39.4) in principle-protected notes; these are banknotes which are linked to an index but are issued by a chartered bank. For purposes of this report, the TD Bank Reserve Fund bank account is included in this portfolio. Development Charges Reserve Funds 2.7 The Development Charges Reserve Fund portfolio meets the obligations of the Municipality under the relevant legislation for Development Charges. 2.8 At December 31, 2025, the DC Reserve Fund included $121,100 in HISA, $8.5 million in various government bonds, $37.6 million in financial institutions and $1.6 million in corporate debt, and $22.0 million invested with ONE JIB through the prudent investor standard. Strategic Capital Reserve Funds 2.9 The Municipality established the Strategic Capital Reserve Fund portfolio to hold investments for the Strategic Capital Reserve Fund specifically. This reserve fund was created to provide a funding source for economic development activities. The intent was to keep the $10.0 million capital as a source of internal borrowing for economic development capital investments. Interest earned on the investments is transferred to the general fund to offset the tax levy. 2.10 This fund invests $0 million (2024 - $3.9 million) in GICs. Bonds worth $7.0 million (2023 - $3.6 million) with maturities from June 2024 to January 2032 are also held with an interest rate of 1.4 to 3.1 percent. There is also $2.8 million in PPNs. 2.11 In January 2026, the Municipality expedited its pledge to the Bowmanville Hospital Foundation of $7.5 million to support the Lakeridge Health redevelopment of the Hospital. The pledge was financed from this reserve fund, this reduction will impact the interest earned in this account in 2026. Overall Performance 2.12 The total income for the past five years, excluding trust funds and Elexicon, by fund are summarized below: Fund 2025 Income 2024 Income 2023 Income 2022 Income 2021 Income General Fund $3,760,565 $4,303,907 $4,812,802 $3,808,056 $1,060,573 Development Charges Reserve Fund 4,900,007 5,623,697 1,695,019 1,694,340 624,705 Non-DC Reserve Funds 2,363,783 7,895,269 1,582,907 1,600,751 1,123,800 Strategic Capital Fund 164,812 457,160 (402,115) 372,817 612,865 Total Investment $11,189,167 $18,280,033 $7,688,614 $7,475,964 $3,421,943 3. Compliance with Investment Policy 3.1 The Municipality of invests based on the legal list of investments outlined in O.Reg. 438/97 as amended. The legal list is very prescribed and limits the ability of the Municipality to diversify its investments fully; however, it is relatively secure. Investment Accounts 3.2 The Municipality of Clarington holds its investments through investment accounts with several financial organizations. In determining whether the Municipality is meeting its investment policies, the underlying asset is considered, not the custodian of the investment. 3.3 The Municipality held the following accounts throughout 2025: Institution Accounts Held TD Bank Institution Accounts Held Reserve Fund bank account Guaranteed Investment Certificates (GICs) ONE Investment Inc. Hight Interest Savings Account (HISA) ONE JIB (a joint municipal services board) Prudent Investor investments (see breakdown in paragraph 3.22) BMO Nesbitt Burns General fund investment Reserve Fund investment account CIBC Woodgundy DC Reserve Fund investment account Strategic Capital Reserve Fund investment account Non-DC Reserve Fund investment account ScotiaBank High Interest Savings Account (HISA) 3.4 The investment accounts with BMO Nesbitt Burns, and CIBC Woodgundy hold a variety of investment instruments which could include GICs, government bonds, and bank deposit notes. Diversification Risk 3.5 The Municipality holds investments of several different types. It is essential to diversify the types of investments with an extensive portfolio to reduce the risk to the overall portfolio from variations in any one market. The following table shows the December 31, 2025, investments by type as well as the minimum and maximum percentage allowed per the Investment Policy: Investment Type Book Value at December 31, 2025 Percentage of Holdings Minimum Range Maximum Range High Interest Savings Account $42,789,202 19.1% 0% 100% Federal Debt 1,516,187 0.7% 0% 100% Provincial Debt 12,193,252 5.5% 0% 80% Municipal Debt 2,513,799 1.1% 0% 35% Financial Institutions 160,996,895 72.0% 0% 80% Corporate Debt (non- financial) 3,600,000 1.6% 0% 10% Total Investments Under Municipal Control $223,609,335 3.6 To illustrate the breakdown of the short-term portfolio, the following graph shows the percentage of holdings. For the purposes of the chart, the three levels of government are shown combined. As can be seen, the significant majority of the investment portfolio is with financial institutions. 3.7 The policy guideline for financial institutions is zero percent to 80 percent of the investment portfolio. At December 31, 2025, the Municipality was within this limit. While within the policy limits, the above indicates that the Municipality is concentrated in Canadian financial institutions. 3.8 The above diversification risk table does not include the funds that are invested through the ONE JIB. Those investments are managed professionally and Staff are comfortable that appropriate diversification is being maintained. Please see paragraph 3.22 for additional information. High Interest Savings Account 19% Government Debt 7% Financial Institutions 72% Non-Financial Corporate Debt 2% Book Value of Investments (MRI) at December 31, 2025 Liquidity Risk 3.9 The Municipality attempts to balance cash flows through the timing of the maturity of investments. Staggered maturity dates ensure that cash is readily available to meet the needs of the Municipality and reduces interest rate risk. At December 31, 2025, the maturity dates, and allowable ranges, of investments held by the Municipality were as follows: Timeframe Book Value at December 31, 2025 Percentage of Portfolio Minimum Range Maximum Range Up to 90 Days Up to 1 Year 1 to 5 Years 5 to 10 Years $223,609,335 3.10 The Municipality's Investment Policy indicates the target range for less than 90 days is 20% to 100%, and less than one year is 30% to 100%. The amount shown above that is 90 days to 1 year should be added to the amount held less than 90 days to determine compliance with the requirement. Total amounts maturing less than one year is $64.5 million, which is 30.2% of the investment portfolio. 3.11 The Municipality's HISA and TD Reserve Fund bank accounts are considered to have a maturity of less than 90 days, as they are available to the Municipality within 24 hours . 3.12 In addition to the HISA and banks, many of the investments that ha ve maturities in the 1 to 5 year range have expected lives within 12 months. The Municipality purchases “Principal Protected Notes” with an auto-callable function, which means that if the investment meets certain criteria it will be automatically called. 3.13 It is the opinion of the Treasurer that at December 31, 2025 the Municipality was in compliance with the investment policy requirements for liquidity risk . Concentration Risk 3.14 The Municipality attempts to diversify its investment portfolio by restricting the percentage of investments any single institution may have. Diversification mitigates the risk to the Municipality if an investment becomes insolvent. Note that the Canadian Deposit Insurance Corporation (CDIC) only guarantees investments up to $100,000 p er institution, therefore, most of the Municipality's investments are not insured through CDIC. 3.15 At December 31, 2025 the Municipality's investments by institution were as follows: Institution Book Value at December 31, 2025 Percentage of MRI Portfolio Maximum Allowed TD Bank - Savings ONE HISA Royal Bank of Canada Royal Bank of Canada HISA CIBC - HISA National Bank Bank of Nova Scotia Bank of Montreal CIBC TD Bank Province of Ontario Institution Book Value at December 31, 2025 Percentage of MRI Portfolio Maximum Allowed Province of British Columbia 968,290 0.4% 20.0% Province of Manitoba 2,000,000 0.9% 20.0% Regional Municipality of Durham 1,001,760 0.4% 10.0% Quebec Hydro 3,600,000 1.6% 5.0% City of Toronto 1,512,039 0.7% 10.0% Canada Housing Trust No 1 1,516,187 0.7% 100.0% Province of Alberta 1,451,608 0.6% 20.0% ONE JIB Controlled (see 3.22) 21,984,358 N/A N/A $245,593,693 3.16 At December 31, 2025, the Municipality complied with restrictions on per institution investments. Overall Compliance 3.17 The Municipality complied with CP-003 Investment Policy (Legal List) and the Eligible Investment Regulation at December 31, 2025. Prudent Investor Update 3.18 At its meeting of November 21, 2024, the ONE JIB accepted the Municipality as a member municipality. The Municipality’s 2024-2025 investment plan was presented to the Board by PH&N for acceptance and was approved at that same meeting. 3.19 The Municipality transferred funds of $20 million to the ONE JIB on January 13, 2025 for investment. These funds represent the estimated Money Not Required Immediately, which is required to be given to the ONE JIB for investment. 3.20 At the September 11, 2025 ONE JIB Meeting, the annual review of the investment plan occurred. Changes to the investment plan were made in accordance with the updated investment policy approved by Council. The Treasurer identified an additional $250,000 which as MNRI to be transferred to the ONE JIB. The updated plan included these additional funds. 3.21 The 2025-26 investment plan approved by the ONE JIB utilizes funds all operated by RBC Global Asset Management. The model is targets 20% Canadian fixed income, 35% Canadian equities, 35% global equities and 10% alternative investments (5% Canadian Core Real Estate and 5% Global Infrastructure). It is considered a long-term investment plan, MNRI is reviewed annually by Staff based on forecasted needs . 3.22 At December 31, 2025 the ONE JIB fund breakdown was as follows: Fund Description Book Cost Market Value PH&N Short Term Bond & Mortgage Fund RBC QUBE Canadian Equity Fund PH&N Canadian Equity Fund PH&N Canadian Equity Value Fund PH&N US Equity Fund RBC QUBE US Equity Fund RBC QUBE Low Volatility US Equity Fund RBC International Equity Index Fund RBC International Equity Fund Fund Description Book Cost Market Value RBC Emerging Markets Dividend Fund 890,549 816,005 RBC Emerging Markets Equity Fund 840,649 806,983 RBC Canadian Core Real Estate Fund 1,130,000 1,138,238 RBC Global Infrastructure Fund LP 1,130,000 1,131,609 $21,984,360 $23,576,124 3.23 Overall, $20,250,000 of funds have been provided to the ONE JIB for investment. The difference between this amount and the book value above is due to investment income which has been realized and reinvested into the funds, such as dividends or capital gains. 3.24 Compared to the invested amount, the Municipality has in the first year realized a return of approximately $1,734,400, or a 8.6% return based on the increase value of the book value compared to the invested amount. A further unrealized gain $1.6 million brings the annual return to approximately 16% in less than 12 full months of investment. 3.25 The following chart breaks down the value of the ONE JIB Investment at December 31, 2025: 3.26 Included in Attachment #1 is the Statement of Investments as at December 31, 2025. This provides a list of the actual investments that are held by the funds included in Clarington’s portfolio. 4. Other Information Relevant to Council Board Appointments 4.1 As identified last year, the Municipality’s Treasurer sits on the board of ONE Investment as its Vice-Chair (2025-2026, becoming Chair in 2026-2027) and is the Vice-Chair of ONE’s Audit and Risk Committee. 4.2 Internally, processes are in place to ensure that there is a vetting process in place for investment decisions related to ONE Investment. The annual determination of Money Not Required Immediately, is performed by the Financial Planning team and reviewed by the Treasurer. This is the amount that is provided to ONE JIB, which is independent of ONE Investment. 5. Financial Considerations 5.1 The 2025 Annual report provides historical results, historical results are not indicative of future results due to many external economic factors outside of the control of the Municipality. 6. Strategic Plan 6.1 Not Applicable. $20,250,000.00 $1,734,360.00 $1,591,764.00 $- $5,000,000.00 $10,000,000.00 $15,000,000.00 $20,000,000.00 $25,000,000.00 December 31 2025 Breakdown of Prudent Investment Balance At December 31, 2025 Unrealized Gain Reinvested income Initial Investment 7. Climate Change 7.1 Not Applicable. 8. Concurrence 8.1 Not Applicable. 9. Conclusion It is respectfully recommended that the 2024 Annual Investment Report be received for information. Staff Contact: Trevor Pinn, CPA, CA, Deputy CAO/Treasurer, 905-623-3379 ext.2602 or tpinn@clarington.net. Attachments: Attachment 1 – ONE JIB Statement of Investments at December 31, 2025 Interested Parties: Not Applicable Investment Management Report Addendum Statement of Investments For the pooled and mutual funds held by Clarington At December 31, 2025 Attachment 1 to Report FSD-013-26 Clarington Table of Contents PH&N Short Term Bond & Mortgage Fund RBC Commercial Mortgage Fund PH&N Canadian Equity Fund PH&N Canadian Equity Value Fund RBC QUBE Canadian Equity Fund PH&N U.S. Equity Fund RBC QUBE Low Volatility U.S. Equity Fund (CAD) RBC QUBE U.S. Equity Fund PH&N Overseas Equity Fund RBC Emerging Markets Dividend Fund RBC Emerging Markets Equity Fund (CAD) RBC International Equity Fund (CAD) RBC International Equity Index Fund RBC Canadian Core Real Estate Fund RBC Global Infrastructure Fund LP 1 6 7 9 11 13 15 17 19 20 22 24 26 33 34 ONE Investment PH&N Short Term Bond & Mortgage Fund (continued) Clarington PH&N Short Term Bond & Mortgage Fund Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Federal Government (24.60%) 1,842,011 Canadian Government Bond 2.500% Nov 01, 2027 1,843,049 18.65 109,247 Canadian Government Bond 3.250% Sep 01, 2028 111,413 1.13 32,205 Canadian Government Bond 1.250% Mar 01, 2027 31,668 0.32 12,280 Canadian Government Bond 1.000% Sep 01, 2026 12,121 0.12 9,195 Canadian Government Bond 4.000% Mar 01, 2029 9,616 0.10 2,490 Canadian Government Bond 2.250% Jun 01, 2029 2,460 0.02 -Accrued Income 7,336 0.07 Provincial & Municipal Government (7.18%) 336,632 Province of Ontario 1.350% Dec 02, 2030 310,804 3.15 173,478 Province of Quebec 1.500% Sep 01, 2031 158,713 1.61 15,990 Province of Alberta 2.050% Jun 01, 2030 15,420 0.16 -Accrued Income 2,239 0.02 Corporates (59.65%) 142,465 Toronto-Dominion Bank 5.376% Oct 21, 2027 149,244 1.51 119,895 Bank of Montreal 4.537% Dec 18, 2028 124,937 1.26 88,375 TransCanada PipeLines Ltd 5.277% Jul 15, 2030 94,912 0.96 85,205 Toronto-Dominion Bank 4.210% Jun 01, 2027 86,978 0.88 84,261 National Housing Act MBS (97531499) 3.240% May 01, 84,732 0.86 2030 78,045 Federation des Caisses Desjardins du Quebec 3.804% 79,671 0.81 Sep 24, 2029 72,969 National Housing Act MBS (97530957) 3.640% Feb 01, 74,069 0.75 2028 65,960 Toromont Industries Ltd 3.842% Oct 27, 2027 66,872 0.68 64,110 BPC Generation Infrastructure Trust 3.795% Sep 29, 64,480 0.65 2030 59,464 National Housing Act MBS (97529972) 4.040% Oct 01, 60,624 0.61 2027 57,375 Bruce Power LP 3.969% Jun 23, 2026 57,646 0.58 52,513 National Housing Act MBS (97530007) 3.350% Oct 01, 53,070 0.54 2029 51,816 Enbridge Inc 3.200% Jun 08, 2027 51,947 0.53 47,012 National Housing Act MBS (97529921) 3.500% Oct 01, 47,693 0.48 2029 45,720 South Bow Canadian Infrastructure Holdings Ltd 4.323% 46,983 0.48 Feb 01, 2030 44,105 Inter Pipeline Ltd/AB 5.760% Feb 17, 2028 46,382 0.47 43,915 Toyota Credit Canada Inc 4.420% Jun 28, 2027 45,031 0.46 42,884 Coastal Gaslink Pipeline LP 4.673% Jun 30, 2027 44,146 0.45 42,435 Royal Bank of Canada 4.612% Jul 26, 2027 43,716 0.44 42,100 Bank of Montreal 4.309% Jun 01, 2027 43,000 0.44 39,320 Bell Telephone Co of Canada or Bell Canada 5.250% 41,697 0.42 Mar 15, 2029 39,705 Bruce Power LP 4.010% Jun 21, 2029 40,702 0.41 37,260 Emera Inc 4.838% May 02, 2030 39,016 0.39 38,650 CNH Industrial Capital Canada Ltd 3.750% Jun 05, 2029 38,977 0.39 38,319 National Housing Act MBS (97531822) 3.240% Jun 01, 38,506 0.39 2030 324,650 Canadian Government Bond 2.750% Sep 01, 2030 37,585 Canadian Government Bond 2.750% Sep 01, 2027 30,740 Canadian Government Bond 1.250% Jun 01, 2030 10,360 Canadian Government Bond 2.750% Mar 01, 2030 9,675 Canadian Government Bond 1.500% Jun 01, 2026 1,200 Canadian Government Bond 3.500% Sep 01, 2029 190,342 Province of Quebec 1.900% Sep 01, 2030 38,530 Province of Ontario 3.600% Mar 08, 2028 883 Ontario School Boards Financing Corp 5.900% Oct 11, 2027 133,940 Bank of Montreal 4.709% Dec 07, 2027 120,602 National Housing Act MBS (97526381) 3.840% Sep 01, 2028 91,746 Heathrow Funding Ltd 2.694% Oct 13, 2027 GB 84,111 National Housing Act MBS (97530112) 3.721% Oct 01, 2029 79,520 Royal Bank of Canada 4.632% May 01, 2028 72,000 Royal Bank of Canada 5.096% Apr 03, 2034 71,374 National Housing Act MBS (97526483) 3.840% Sep 01, 2028 63,245 Finning International Inc 4.778% Feb 13, 2029 59,130 National Grid Electricity Transmission PLC 5.221% Sep GB 16, 2031 61,555 National Grid Electricity Transmission PLC 2.301% Jun GB 22, 2029 53,911 NextEra Energy Capital Holdings Inc 3.830% Jun 12, 2030 50,787 Finning International Inc 4.445% May 16, 2028 48,371 National Housing Act MBS (97529505) 4.040% Aug 01, 2029 46,215 Enbridge Inc 3.900% Feb 25, 2030 46,245 ARC Resources Ltd 3.577% Jun 17, 2028 42,805 Coastal Gaslink Pipeline LP 4.691% Sep 30, 2029 44,410 Toyota Credit Canada Inc 3.360% May 23, 2028 42,967 National Housing Act MBS (97525555) 3.840% Jun 01, 2028 40,335 Toronto-Dominion Bank 5.491% Sep 08, 2028 42,458 Bruce Power LP 2.680% Dec 21, 2028 38,990 Canadian Imperial Bank of Commerce 5.500% Jan 14, 2028 38,805 CNH Industrial Capital Canada Ltd 5.500% Aug 11, 2026 38,053 407 International Inc 4.220% Feb 14, 2028 36,785 Bank of Montreal 5.039% May 29, 2028 37,917 Ontario Power Generation Inc 3.315% Oct 04, 2027 324,858 37,780 28,781 10,387 9,616 1,238 181,531 39,437 138,632 122,928 91,096 85,956 82,710 75,711 72,836 66,005 63,453 59,543 54,789 52,313 49,806 47,045 46,609 45,077 44,769 43,804 43,038 41,944 41,056 39,652 39,002 38,593 38,183 3.29 0.38 0.29 0.11 0.10 0.01 1.84 0.40 0.01 1.40 1.24 0.92 0.87 0.84 0.77 0.74 0.67 0.64 0.60 0.55 0.53 0.50 0.48 0.47 0.46 0.45 0.44 0.44 0.42 0.42 0.40 0.39 0.39 0.39 37,050 Royal Bank of Canada 5.235% Nov 02, 2026 38,029 0.38 36,811 National Housing Act MBS (97530764) 3.740% Jan 01, 37,384 0.38 2028 ONE Investment Page 1 910 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Corporates (59.65%) 35,490 TELUS Corp 4.800% Dec 15, 2028 37,111 0.38 36,305 Bank of Montreal 4.077% Mar 05, 2035 36,801 0.37 33,280 Ventas Canada Finance Ltd 5.398% Apr 21, 2028 34,973 0.35 33,854 Bank of Nova Scotia 3.934% May 03, 2032 34,284 0.35 32,870 Royal Bank of Canada 5.010% Feb 01, 2033 34,153 0.35 33,695 Toronto-Dominion Bank 3.060% Jan 26, 2032 33,707 0.34 33,060 Toyota Credit Canada Inc 3.310% Aug 18, 2028 33,274 0.34 30,850 Cameco Corp 4.940% May 24, 2031 32,823 0.33 31,840 Toronto-Dominion Bank 3.842% May 29, 2031 32,405 0.33 32,164 National Housing Act MBS (97532465) 3.000% Sep 01, 32,082 0.32 2030 31,577 National Housing Act MBS (97531374) 3.090% Apr 01, 31,584 0.32 29,190 John Deere Financial Inc 5.170% Sep 15, 2028 30,910 0.31 2030 30,205 Groupe Nouveau Pont Ile-Aux-Tourtes Inc 5.131% Jul 31, 30,646 0.31 30,120 Toronto-Dominion Bank 4.859% Mar 04, 2031 30,366 0.31 2030 29,315 Royal Bank of Canada 3.411% Jun 12, 2029 29,545 0.30 27,615 NextEra Energy Capital Holdings Inc 4.850% Apr 30, 29,337 0.30 2031 28,925 Rogers Communications Inc 3.750% Apr 15, 2029 29,272 0.30 29,065 National Housing Act MBS (97528713) 3.240% Apr 01, 29,248 0.30 2029 28,870 TransCanada PipeLines Ltd 3.390% Mar 15, 2028 29,067 0.29 28,524 TriSummit Utilities Inc 3.150% Apr 06, 2026 28,536 0.29 27,830 Royal Bank of Canada 4.279% Feb 04, 2035 28,485 0.29 26,000 Bank of Montreal 6.534% Oct 27, 2032 27,732 0.28 26,882 Brookfield Infrastructure Finance ULC 3.410% Oct 09, 26,914 0.27 26,545 Bank of Nova Scotia 3.734% Jun 27, 2031 26,872 0.27 2029 26,630 National Housing Act MBS (97530466) 3.350% Dec 01, 26,857 0.27 25,075 Bank of Nova Scotia 4.950% Aug 01, 2034 26,261 0.27 2027 25,577 Husky Midstream LP 4.100% Dec 02, 2029 26,171 0.26 25,223 Enbridge Inc 4.210% Feb 22, 2030 25,966 0.26 25,595 North West Redwater Partnership / NWR Financing Co 25,534 0.26 24,935 ENMAX Corp 3.836% Jun 05, 2028 25,333 0.26 Ltd 2.800% Jun 01, 2027 25,112 AIMCo Realty Investors LP 2.195% Nov 04, 2026 24,975 0.25 23,200 Bank of Montreal 6.034% Sep 07, 2033 24,900 0.25 24,305 Royal Bank of Canada 3.985% Jul 22, 2031 24,895 0.25 24,654 National Housing Act MBS (97530467) 3.350% Dec 01, 24,864 0.25 2027 24,140 North West Redwater Partnership / NWR Financing Co 23,906 0.24 23,776 National Housing Act MBS (97526349) 3.140% Aug 01, 23,891 0.24 Ltd 2.000% Dec 01, 2026 2028 22,655 Canadian Imperial Bank of Commerce 5.330% Jan 20, 23,660 0.24 22,775 Canadian Imperial Bank of Commerce 5.000% Dec 07, 23,339 0.24 2033 2026 21,607 Bruce Power LP 4.700% Jun 21, 2031 22,740 0.23 21,475 Toronto-Dominion Bank 4.680% Jan 08, 2029 22,496 0.23 21,460 Enbridge Inc 4.900% May 26, 2028 22,373 0.23 20,170 Choice Properties Real Estate Investment Trust 5.030% 21,429 0.22 Feb 28, 2031 19,555 TransCanada PipeLines Ltd 7.340% Jul 18, 2028 21,396 0.22 20,495 CNH Industrial Capital Canada Ltd 4.800% Mar 25, 2027 20,989 0.21 20,556 Enbridge Pipelines Inc 3.520% Feb 22, 2029 20,742 0.21 20,470 Enbridge Inc 3.550% Feb 25, 2028 20,675 0.21 20,425 Toyota Credit Canada Inc 3.550% Oct 04, 2027 20,673 0.21 20,445 Hyundai Capital Canada Inc 3.577% Nov 22, 2027 20,628 0.21 19,298 TransCanada PipeLines Ltd 7.900% Apr 15, 2027 20,540 0.21 20,460 Keyera Corp 3.702% Oct 15, 2030 20,535 0.21 20,375 Hyundai Capital Canada Inc 3.196% Feb 16, 2027 20,421 0.21 20,059 National Housing Act MBS (97530929) 3.040% Feb 01, 20,047 0.20 2030 19,389 National Housing Act MBS (97532060) 3.240% Jul 01, 19,486 0.20 19,077 North West Redwater Partnership / NWR Financing Co 19,103 0.19 2030 Ltd 3.200% Apr 24, 2026 18,380 Daimler Truck Finance Canada Inc 4.460% Sep 27, 2027 18,874 0.19 17,027 Vancouver Airport Authority 7.425% Dec 07, 2026 17,898 0.18 16,745 Bell Telephone Co of Canada or Bell Canada 5.150% 17,616 0.18 16,585 Canadian Imperial Bank of Commerce 3.800% Dec 10, 16,867 0.17 Nov 14, 2028 2030 16,725 Cenovus Energy Inc 3.600% Mar 10, 2027 16,821 0.17 15,750 Bank of Nova Scotia 5.679% Aug 02, 2033 16,717 0.17 16,260 Teranet Holdings LP 3.719% Feb 23, 2029 16,320 0.17 15,545 John Deere Financial Inc 4.380% Jul 11, 2028 16,103 0.16 15,971 National Housing Act MBS (97532061) 3.240% Jul 01, 16,066 0.16 15,987 Walt Disney Co 3.057% Mar 30, 2027 16,034 0.16 2030 15,899 National Housing Act MBS (97531815) 3.240% Jun 01, 15,997 0.16 15,705 VW Credit Canada Inc 5.800% Nov 17, 2025 15,759 0.16 2030 14,995 Royal Bank of Canada 4.829% Aug 08, 2034 15,651 0.16 15,673 Alectra Inc 2.488% May 17, 2027 15,596 0.16 15,075 George Weston Ltd 4.193% Sep 05, 2029 15,460 0.16 14,704 Fortis Inc/Canada 4.431% May 31, 2029 15,215 0.15 14,430 National Bank of Canada 5.426% Aug 16, 2032 15,017 0.15 13,945 Toronto-Dominion Bank 5.177% Apr 09, 2034 14,702 0.15 13,910 Toyota Credit Canada Inc 5.160% Jul 12, 2028 14,684 0.15 14,370 BMW Canada Inc 3.700% Apr 02, 2029 14,554 0.15 14,430 Toronto-Dominion Bank 3.605% Sep 10, 2031 14,516 0.15 14,435 National Housing Act MBS (97531576) 3.240% May 01, 14,513 0.15 2030 ONE Investment Page 2 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) BONDS AND DEBENTURES (91.42%) Corporates (59.65%) 12,899 407 International Inc 6.470% Jul 27, 2029 14,418 0.15 14,185 Vancouver Airport Fuel Facilities Corp 3.805% Jun 04, 14,391 0.15 2030 14,150 Canadian Imperial Bank of Commerce 4.150% Apr 02, 14,380 0.15 13,995 Enbridge Gas Inc 2.880% Nov 22, 2027 14,012 0.14 2035 13,482 Great Lakes Power Holdings LP/Canada Atlantis Hydro 13,865 0.14 13,864 Enbridge Gas Inc 2.500% Aug 05, 2026 13,833 0.14 Holding LP/Algoma Hydro Hold 5.132% Nov 30, 2029 13,989 RioCan Real Estate Investment Trust 2.829% Nov 08, 13,793 0.14 13,490 Bell Telephone Co of Canada or Bell Canada 3.800% 13,698 0.14 2028 Aug 21, 2028 13,515 Cenovus Energy Inc 3.500% Feb 07, 2028 13,582 0.14 12,680 Rogers Communications Inc 5.700% Sep 21, 2028 13,528 0.14 12,639 CU Inc 5.563% May 26, 2028 13,379 0.14 12,810 Choice Properties Real Estate Investment Trust 4.293% 13,215 0.13 Jan 16, 2030 12,625 Le Carrefour Laval Rec Inc 4.198% Aug 14, 2030 12,866 0.13 12,130 Canadian Imperial Bank of Commerce 5.300% Jan 16, 12,798 0.13 2034 12,480 Toronto-Dominion Bank 4.231% Feb 01, 2035 12,734 0.13 12,566 National Housing Act MBS (97529685) 3.250% Sep 01, 12,648 0.13 2029 12,415 Gildan Activewear Inc 3.630% Mar 13, 2028 12,531 0.13 12,105 National Bank of Canada 4.260% Feb 15, 2035 12,366 0.13 12,160 Whitecap Resources Inc 3.761% Jun 19, 2028 12,281 0.12 11,175 Brookfield Infrastructure Finance ULC 5.710% Jul 27, 12,188 0.12 2030 11,735 Bruce Power LP 4.000% Jun 21, 2030 12,006 0.12 11,815 Royal Bank of Canada 3.626% Dec 10, 2028 11,963 0.12 11,795 ENMAX Corp 3.771% Jun 06, 2030 11,938 0.12 10,106 Greater Toronto Airports Authority 7.100% Jun 04, 2031 11,904 0.12 11,605 Canadian Imperial Bank of Commerce 3.650% Dec 10, 11,749 0.12 11,515 Brookfield Infrastructure Finance ULC 5.598% Sep 01, 11,731 0.12 2028 2055 11,135 Daimler Truck Finance Canada Inc 5.220% Sep 20, 2027 11,592 0.12 10,875 Reliance LP 5.250% May 15, 2031 11,586 0.12 10,780 CNH Industrial Capital Canada Ltd 4.000% Apr 11, 2028 10,971 0.11 10,725 Atco Ltd/Canada 3.878% May 27, 2030 10,907 0.11 10,523 TransCanada PipeLines Ltd 8.290% Feb 05, 2026 10,706 0.11 10,145 Chartwell Retirement Residences 3.650% May 06, 2028 10,223 0.10 10,098 Enbridge Pipelines Inc 3.000% Aug 10, 2026 10,106 0.10 9,875 Manulife Financial Corp 4.064% Dec 06, 2034 10,073 0.10 10,000 Heathrow Funding Ltd 3.661% Jan 13, 2031 GB 9,999 0.10 9,940 Heathrow Funding Ltd 3.400% Mar 08, 2028 GB 9,998 0.10 9,596 NOVA Gas Transmission Ltd 8.460% Jun 05, 2026 9,895 0.10 9,590 Capital Power Corp 5.378% Jan 25, 2027 9,868 0.10 9,280 National Bank of Canada 5.219% Jun 14, 2028 9,803 0.10 9,685 Brookfield Renewable Partners ULC 3.380% Jan 15, 9,684 0.10 2030 8,410 Saputo Inc 3.879% Jul 02, 2030 8,563 0.09 8,345 Canadian Imperial Bank of Commerce 4.200% Apr 07, 8,480 0.09 2032 8,005 Federation des Caisses Desjardins du Quebec 4.264% 8,181 0.08 7,935 Capital Power Corp 4.424% Feb 08, 2030 8,176 0.08 Jan 24, 2035 7,755 Bank of Montreal 4.976% Jul 03, 2034 8,129 0.08 7,675 Federation des Caisses Desjardins du Quebec 5.279% 8,115 0.08 May 15, 2034 7,371 Loblaw Cos Ltd 6.500% Jan 22, 2029 8,029 0.08 7,985 EPCOR Utilities Inc 3.373% Oct 01, 2030 8,006 0.08 7,705 ENMAX Corp 3.876% Oct 18, 2029 7,847 0.08 7,695 Cameco Corp 2.950% Oct 21, 2027 7,683 0.08 7,430 Toronto-Dominion Bank 4.477% Jan 18, 2028 7,673 0.08 7,640 Bank of Nova Scotia 2.950% Mar 08, 2027 7,649 0.08 7,440 TMX Group Ltd 3.779% Jun 05, 2028 7,571 0.08 7,570 John Deere Financial Inc 2.580% Oct 16, 2026 7,561 0.08 7,165 Hyundai Capital Canada Inc 4.813% Feb 01, 2027 7,335 0.07 6,780 Honda Canada Finance Inc 5.730% Sep 28, 2028 7,276 0.07 6,960 Canadian Imperial Bank of Commerce 4.900% Jun 12, 7,271 0.07 6,845 General Motors Financial of Canada Ltd 5.100% Jul 14, 7,145 0.07 2034 2028 6,535 Coastal Gaslink Pipeline LP 4.907% Jun 30, 2031 6,980 0.07 6,484 Greater Toronto Airports Authority 6.450% Dec 03, 2027 6,938 0.07 6,500 Bell Telephone Co of Canada or Bell Canada 3.600% 6,561 0.07 6,440 Pembina Pipeline Corp 4.020% Mar 27, 2028 6,557 0.07 Sep 29, 2027 6,455 Pembina Pipeline Corp 3.620% Apr 03, 2029 6,517 0.07 6,460 Hyundai Capital Canada Inc 3.573% Sep 05, 2028 6,509 0.07 6,049 Bell Telephone Co of Canada or Bell Canada 7.000% 6,465 0.07 6,370 Finning International Inc 2.626% Aug 14, 2026 6,356 0.06 Sep 24, 2027 5,890 General Motors Financial of Canada Ltd 5.200% Feb 09, 6,130 0.06 5,760 NOVA Gas Transmission Ltd 7.000% Jul 16, 2027 6,082 0.06 2028 5,695 Hyundai Capital Canada Inc 5.565% Mar 08, 2028 6,000 0.06 5,640 John Deere Financial Inc 4.630% Apr 04, 2029 5,913 0.06 5,868 Enbridge Gas Inc 8.650% Nov 10, 2025 5,901 0.06 5,625 SmartCentres Real Estate Investment Trust 5.354% May 5,885 0.06 29, 2028 ONE Investment Page 3 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) BONDS AND DEBENTURES (91.42%) 5,739 Corporates (59.65%) National Housing Act MBS (97522371) 2.140% Jul 01, 2027 5,678 0.06 5,276 NAV Canada 7.400% Jun 01, 2027 5,648 0.06 5,500 5,300 5,085 5,069 4,800 4,620 4,330 Choice Properties Real Estate Investment Trust 4.178% Mar 08, 2028 TMX Group Ltd 4.678% Aug 16, 2029 Sienna Senior Living Inc 4.112% Aug 21, 2030 Heathrow Funding Ltd 3.782% Sep 04, 2030 National Bank of Canada 4.333% Aug 15, 2035 Hyundai Capital Canada Inc 4.489% Jul 26, 2027 Caterpillar Financial Services Ltd 4.510% Mar 05, 2027 GB 5,631 5,583 5,164 5,113 4,905 4,733 4,428 0.06 0.06 0.05 0.05 0.05 0.05 0.04 4,965 5,238 4,970 4,990 4,610 4,645 4,105 FortisBC Energy Inc 6.950% Sep 21, 2029 Westcoast Energy Inc 7.300% Dec 18, 2026 Bruce Power LP 4.700% Dec 21, 2027 AT&T Inc 4.000% Nov 25, 2025 Manulife Financial Corp 5.409% Mar 10, 2033 Reliance LP 2.680% Dec 01, 2027 TriSummit Utilities Inc 5.020% Jan 11, 2030 5,616 5,481 5,142 4,994 4,843 4,606 4,328 0.06 0.06 0.05 0.05 0.05 0.05 0.04 4,125 3,580 3,680 3,665 3,695 3,803 Whitecap Resources Inc 4.382% Nov 01, 2029 Nova Scotia Power Inc 7.450% Jul 14, 2031 Ventas Canada Finance Ltd 5.100% Mar 05, 2029 Enbridge Inc 5.700% Nov 09, 2027 Bank of Montreal 3.650% Apr 01, 2027 MPT Finco Inc 3.457% Nov 30, 2029 4,238 4,136 3,867 3,852 3,734 3,685 0.04 0.04 0.04 0.04 0.04 0.04 3,945 3,410 3,850 3,595 3,568 3,224 CT Real Estate Investment Trust 5.828% Jun 14, 2028 Hydro One Inc 7.350% Jun 03, 2030 TriSummit Utilities Inc 3.130% Apr 07, 2027 Capital Power Corp 5.816% Sep 15, 2028 Enbridge Gas Inc 7.600% Oct 29, 2026 Greater Toronto Airports Authority 6.450% Jul 30, 2029 4,183 3,997 3,852 3,834 3,733 3,466 0.04 0.04 0.04 0.04 0.04 0.04 3,160 Brookfield Renewable Partners ULC 5.373% Sep 10, 2055 3,211 0.03 2,875 Chartwell Retirement Residences 4.400% Nov 05, 2029 2,949 0.03 2,835 Caterpillar Financial Services Ltd 5.190% Sep 25, 2026 2,902 0.03 2,565 RioCan Real Estate Investment Trust 5.611% Oct 06, 2027 2,681 0.03 2,400 NOVA Gas Transmission Ltd 6.590% Dec 01, 2027 2,544 0.03 1,954 Greater Toronto Airports Authority 7.050% Jun 12, 2030 2,255 0.02 2,205 Brookfield Property Finance ULC 3.930% Jan 15, 2027 2,198 0.02 2,146 CNH Capital Canada Receivables Trust 5.063% Aug 15, 2031 2,195 0.02 2,100 Canadian Imperial Bank of Commerce 5.050% Oct 07, 2027 2,182 0.02 2,090 Pembina Pipeline Corp 4.240% Jun 15, 2027 2,124 0.02 1,980 1,700 AIMCo Realty Investors LP 3.367% Jun 01, 2027 Daimler Truck Finance Canada Inc 5.770% Sep 25, 2028 1,996 1,824 0.02 0.02 1,712 1,728 Newfoundland Power Inc 6.800% Nov 20, 2028 TransCanada PipeLines Ltd 7.310% Jan 15, 2027 1,840 1,808 0.02 0.02 1,784 Lower Mattagami Energy LP 2.307% Oct 21, 2026 1,776 0.02 1,235 RioCan Real Estate Investment Trust 5.470% Mar 01, 2030 1,316 0.01 1,182 1,062 857 753 Aeroports de Montreal 6.950% Apr 16, 2032 Westcoast Energy Inc 7.150% Mar 20, 2031 NOVA Gas Transmission Ltd 8.875% May 27, 2026 H2O Power LP 3.310% Nov 30, 2029 1,307 1,222 887 745 0.01 0.01 0.01 0.01 1,200 1,100 800 620 Enbridge Gas Inc 6.650% Nov 03, 2027 Enbridge Pipelines Inc 6.050% Feb 12, 2029 Loblaw Cos Ltd 6.650% Nov 08, 2027 Sea To Sky Highway Investment LP 2.629% Aug 31, 2030 1,285 1,177 854 610 0.01 0.01 0.01 0.01 570 220 - Westcoast Energy Inc 6.750% Dec 15, 2027 Enbridge Gas Inc 8.850% Oct 02, 2025 Accrued Income 607 220 56,018 0.01 0.00 0.57 280 0 Enbridge Gas Inc 6.100% May 19, 2028 NAV Canada 7.560% Mar 01, 2027 300 0 0.00 0.00 MORTGAGES (3.83%) 5,499 CMHC Insured (0.06%) Individual mortgage holdings 5,477 0.06 -Accrued Income 8 0.00 ONE Investment Page 4 Clarington PH&N Short Term Bond & Mortgage Fund (continued) Statement of Investments As at September 30, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 373,559 MORTGAGES (3.83%) Conventional (3.78%) Individual mortgage holdings 372,039 3.77 -Accrued Income 1,042 0.01 Total Investments Cash & Short-term Notes Net Assets 9,411,066 95.26 468,787 4.74 9,879,853 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 5 RBC Commercial Mortgage Fund (continued) Clarington RBC Commercial Mortgage Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) CANADIAN MUTUAL FUNDS (99.97%) 22,985,205 6,373,498 - Phillips, Hager & North Conventional Plus Mortgage Fund - Series N Phillips, Hager & North High Yield Mortgage Fund - Series O Accrued Income 226,873 66,307 5,622 39.47 11.54 0.98 21,061,331 5,621,119 Phillips, Hager & North Mortgage Pension Trust - Series OL BlueBay CMBS Opportunities Fund (Canada) - Series N 219,063 56,771 38.11 9.88 Total Investments Cash & Short-term Notes Net Assets 574,636 99.97 189 0.03 574,825 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 6 PH&N Canadian Equity Fund (continued) Clarington PH&N Canadian Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,906,658 883,058 1,666,449 677,168 383,951 277,698 505,001 858,083 318,332 343,158 172,562 128,268 178,283 243,015 533,194 121,005 700,346 109,186 128,190 233,421 181,860 668,521 1,067,275 860,469 1,395,779 411,357 601,741 111,583 862,635 81,760 783,272 690,935 832,492 622,093 CANADIAN EQUITIES (86.47%) Energy (13.29%) Enbridge Inc Suncor Energy Inc Cenovus Energy Inc Keyera Corp Materials (16.10%) Agnico Eagle Mines Ltd Wheaton Precious Metals Corp Teck Resources Ltd - Class B Shares First Quantum Minerals Ltd CCL Industries Inc Alamos Gold Inc Torex Gold Resources Inc Endeavour Mining PLC OceanaGold Corp Equinox Gold Corp B2Gold Corp Aya Gold & Silver Inc Industrials (6.01%) Canadian Pacific Kansas City Ltd Waste Connections Inc RB Global Inc Consumer Discretionary (2.65%) Dollarama Inc Magna International Inc Consumer Staples (2.41%) Alimentation Couche-Tard Inc Financials (31.71%) Royal Bank of Canada Canadian Imperial Bank of Commerce Brookfield Corp Bank of Montreal Brookfield Asset Management Ltd - Class A Shares National Bank of Canada Information Technology (8.19%) Shopify Inc Celestica Inc Telecommunication Services (1.79%) Rogers Communications Inc - Class B Shares Utilities (3.60%) Brookfield Infrastructure Partners LP - Partnership Shares Brookfield Renewable Partners LP - Partnership Shares Real Estate (0.71%) Canadian Apartment Properties REIT 125,229 53,796 38,695 29,414 89,368 44,809 33,184 31,577 27,599 18,187 11,310 9,066 6,935 4,688 3,295 2,377 70,770 26,283 18,115 47,884 13,307 50,112 249,732 107,068 87,962 73,324 43,265 19,260 190,642 33,195 40,581 32,965 30,877 22,937 3.85 1.65 1.19 0.90 2.75 1.38 1.02 0.97 0.85 0.56 0.35 0.28 0.21 0.14 0.10 0.07 2.18 0.81 0.56 1.47 0.41 1.54 7.68 3.29 2.71 2.26 1.33 0.59 5.86 1.02 1.25 1.01 0.95 0.71 1,812,420 373,972 483,160 317,560 1,121,255 1,095,863 113,998 342,522 320,786 755,386 224,746 183,315 43,914 86,332 334,600 406,918 100,853 292,940 681,969 1,403,969 876,400 1,565,323 19,565 375,783 65,716 10,326 185,860 976,581 441,630 320,767 Canadian Natural Resources Ltd Cameco Corp Tourmaline Oil Corp TC Energy Corp Barrick Mining Corp Kinross Gold Corp Franco-Nevada Corp Nutrien Ltd Pan American Silver Corp K92 Mining Inc G Mining Ventures Corp OR Royalties Inc Lundin Gold Inc Eldorado Gold Corp Discovery Silver Corp Canadian National Railway Co WSP Global Inc Gildan Activewear Inc Saputo Inc Toronto-Dominion Bank Bank of Nova Scotia Manulife Financial Corp Fairfax Financial Holdings Ltd Sun Life Financial Inc Intact Financial Corp Constellation Software Inc/Canada Open Text Corp TELUS Corp Fortis Inc/Canada Emera Inc 84,259 47,001 29,748 24,001 67,040 42,366 32,434 29,018 22,827 17,140 9,325 8,913 5,007 4,259 2,804 55,239 25,064 25,131 28,172 181,617 88,718 78,016 51,180 32,197 18,777 34,090 8,308 17,666 31,515 21,697 2.59 1.45 0.91 0.74 2.06 1.30 1.00 0.89 0.70 0.53 0.29 0.27 0.15 0.13 0.09 1.70 0.77 0.77 0.87 5.59 2.73 2.40 1.57 0.99 0.58 1.05 0.26 0.54 0.97 0.67 ONE Investment Page 7 Clarington PH&N Canadian Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (12.56%) 5,554,271 Phillips, Hager & North Small Float Fund - Series O Country Market Value ($) 408,218 Total (%) 12.56 UNITS* Security Country Market Value ($) Total (%) Total Investments Cash & Short-term Notes Net Assets 3,219,557 99.02 31,770 0.98 3,251,327 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 8 PH&N Canadian Equity Value Fund (continued) Clarington PH&N Canadian Equity Value Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) CANADIAN EQUITIES (97.81%) Energy (15.16%) 2,173,506 Enbridge Inc 142,756 3.43 1,911,187 Canadian Natural Resources Ltd 88,851 2.13 745,779 TC Energy Corp 56,366 1.35 877,834 Suncor Energy Inc 53,478 1.28 393,960 Cameco Corp 49,513 1.19 363,938 Imperial Oil Ltd 43,156 1.04 974,115 Keyera Corp 42,094 1.01 1,763,338 Cenovus Energy Inc 40,945 0.98 2,308,596 Whitecap Resources Inc 26,549 0.64 938,521 PrairieSky Royalty Ltd 25,368 0.61 478,438 Pembina Pipeline Corp 25,018 0.60 325,308 Tourmaline Oil Corp 20,029 0.48 686,796 ARC Resources Ltd 17,685 0.42 Materials (15.66%) 612,136 Agnico Eagle Mines Ltd 142,481 3.42 1,833,754 Barrick Mining Corp 109,640 2.63 515,640 Wheaton Precious Metals Corp 83,204 2.00 1,629,849 Kinross Gold Corp 63,010 1.51 570,569 Nutrien Ltd 48,339 1.16 686,010 Alamos Gold Inc 36,359 0.87 2,337,649 Capstone Copper Corp 32,213 0.77 108,641 Franco-Nevada Corp 30,909 0.74 1,329,400 IAMGOLD Corp 30,111 0.72 413,570 Teck Resources Ltd - Class B Shares 27,176 0.65 621,140 First Quantum Minerals Ltd 22,858 0.55 206,437 CCL Industries Inc 17,898 0.43 98,279 West Fraser Timber Co Ltd 8,252 0.20 Industrials (11.47%) 849,570 Canadian Pacific Kansas City Ltd 85,849 2.06 545,326 Canadian National Railway Co 74,028 1.78 239,857 Waste Connections Inc 57,738 1.39 439,539 AtkinsRealis Group Inc 38,943 0.93 811,285 CAE Inc 33,863 0.81 123,469 WSP Global Inc 30,685 0.74 166,180 Thomson Reuters Corp 30,100 0.72 117,560 Bombardier Inc - Class B Shares 27,450 0.66 1,377,237 Air Canada 26,567 0.64 672,840 Element Fleet Management Corp 24,256 0.58 525,273 ATS Corp 19,861 0.48 76,350 BOYD GROUP INC 16,692 0.40 240,508 Brookfield Business Partners LP - Partnership Shares 11,681 0.28 Consumer Discretionary (3.76%) 300,469 Dollarama Inc 61,638 1.48 405,636 Gildan Activewear Inc 34,800 0.84 304,372 Restaurant Brands International Inc 28,507 0.68 275,294 Magna International Inc 20,143 0.48 421,668 Pet Valu Holdings Ltd 11,760 0.28 Consumer Staples (3.77%) 829,305 Alimentation Couche-Tard Inc 62,165 1.49 534,717 George Weston Ltd 50,632 1.22 268,151 Premium Brands Holdings Corp 27,274 0.65 353,208 Maple Leaf Foods Inc 8,805 0.21 131,684 Loblaw Cos Ltd 8,171 0.20 Health Care (0.33%) 680,308 Chartwell Retirement Residences - Units 13,674 0.33 Financials (33.29%) 1,367,522 Royal Bank of Canada 319,986 7.68 1,666,782 Toronto-Dominion Bank 215,615 5.17 2,536,818 Brookfield Corp 159,870 3.84 865,525 Canadian Imperial Bank of Commerce 107,697 2.58 593,796 Bank of Montreal 105,844 2.54 1,923,127 Manulife Financial Corp 95,849 2.30 458,400 National Bank of Canada 79,124 1.90 779,995 Bank of Nova Scotia 78,959 1.90 815,861 Power Corp of Canada 59,517 1.43 179,632 Intact Financial Corp 51,326 1.23 19,186 Fairfax Financial Holdings Ltd 50,188 1.20 350,963 Sun Life Financial Inc 30,071 0.72 192,747 Onex Corp 21,773 0.52 146,958 Definity Financial Corp 11,159 0.27 Information Technology (8.72%) 1,126,231 Shopify Inc 248,897 5.97 15,055 Constellation Software Inc/Canada 49,703 1.19 186,157 CGI Inc 23,601 0.57 53,845 Celestica Inc 21,862 0.52 434,172 Open Text Corp 19,407 0.47 13,318 Constellation Software Inc/Canada @0.00 Mar 31, 2040 -0 Equity Warrant Telecommunication Services (1.18%) 352,820 Rogers Communications Inc - Class B Shares 18,280 0.44 497,398 BCE Inc 16,285 0.39 814,331 TELUS Corp 14,731 0.35 Utilities (2.75%) 665,949 AltaGas Ltd 27,870 0.67 388,984 Emera Inc 26,311 0.63 983,990 TransAlta Corp 17,082 0.41 272,777 Atco Ltd/Canada - Class I Shares 15,379 0.37 795,556 Northland Power Inc 14,201 0.34 193,735 Fortis Inc/Canada 13,825 0.33 ONE Investment Page 9 Clarington PH&N Canadian Equity Value Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN EQUITIES (97.81%) Real Estate (1.71%) 100,980 Colliers International Group Inc 1,037,019 Choice Properties Real Estate Investment Trust 324,400 Allied Properties Real Estate Investment Trust Country Market Value ($) 20,372 15,358 4,337 Total (%) 0.49 0.37 0.10 UNITS* Security 246,946 Boardwalk Real Estate Investment Trust 187,546 Granite Real Estate Investment Trust Country Market Value ($) 15,923 15,324 Total (%) 0.38 0.37 55,000 U.S. EQUITIES (0.13%) Other (0.13%) Premium Brands Holdings Corp SUBR 5,363 0.13 Total Investments Cash & Short-term Notes Net Assets 4,080,628 97.94 86,000 2.06 4,166,629 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 10 RBC QUBE Canadian Equity Fund (continued) Clarington RBC QUBE Canadian Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,764,400 409,000 516,200 1,139,210 195,400 570,100 575,300 1,149,500 1,020,400 1,228,000 1,426,700 1,511,500 86,800 169,100 6,900 543,339 131,002 108,524 385,800 228,200 34,900 791,196 112,000 159,800 705,800 368,500 826,600 187,100 1,050,760 1,390,098 262,700 907,425 872,800 229,100 47,550 653,010 70,600 379,104 543,000 75,900 CANADIAN EQUITIES (99.60%) Energy (13.52%) Suncor Energy Inc Cameco Corp Enbridge Inc Enerflex Ltd Gibson Energy Inc Baytex Energy Corp Materials (18.43%) Agnico Eagle Mines Ltd Barrick Mining Corp OceanaGold Corp Wesdome Gold Mines Ltd Orla Mining Ltd Discovery Silver Corp Nutrien Ltd SSR Mining Inc Wheaton Precious Metals Corp Industrials (8.60%) Canadian National Railway Co Waste Connections Inc Thomson Reuters Corp MDA Space Ltd ATS Corp BOYD GROUP INC Consumer Discretionary (5.19%) Magna International Inc Dollarama Inc BRP Inc Consumer Staples (4.73%) George Weston Ltd Loblaw Cos Ltd Health Care (0.56%) Bausch Health Cos Inc Extendicare Inc Financials (35.17%) Royal Bank of Canada Bank of Nova Scotia Intact Financial Corp Brookfield Corp TMX Group Ltd Onex Corp iA Financial Corp Inc Information Technology (9.02%) Shopify Inc Celestica Inc Lightspeed Commerce Inc Telecommunication Services (1.18%) Quebecor Inc - Class B Shares BCE Inc 107,487 51,403 33,904 24,106 4,908 2,531 133,907 68,729 39,694 27,925 26,337 12,666 7,354 5,088 1,113 73,758 31,535 19,657 10,278 8,628 7,630 57,892 22,976 15,509 66,832 22,865 7,877 3,995 245,867 140,720 75,061 57,186 45,586 25,879 8,456 144,315 28,664 6,278 28,073 2,485 3.65 1.74 1.15 0.82 0.17 0.09 4.55 2.33 1.35 0.95 0.89 0.43 0.25 0.17 0.04 2.50 1.07 0.67 0.35 0.29 0.26 1.97 0.78 0.53 2.27 0.78 0.27 0.14 8.35 4.78 2.55 1.94 1.55 0.88 0.29 4.90 0.97 0.21 0.95 0.08 1,163,000 883,480 3,870,500 603,500 30,100 1,986,925 1,252,452 1,179,000 240,900 1,065,300 208,132 514,800 67,571 274,000 311,874 130,200 126,000 228,900 291,300 302,600 111,600 101,200 401,000 410,300 236,200 1,294,901 712,859 1,216,463 21,031 254,025 223,200 6,900 18,888 138,900 61,500 TC Energy Corp Canadian Natural Resources Ltd Tamarack Valley Energy Ltd Parex Resources Inc Precision Drilling Corp Kinross Gold Corp First Quantum Minerals Ltd Hudbay Minerals Inc Lundin Gold Inc Capstone Copper Corp Methanex Corp Fortuna Silver Mines Inc Pan American Silver Corp Stantec Inc Canadian Pacific Kansas City Ltd AtkinsRealis Group Inc Finning International Inc Element Fleet Management Corp Air Canada Linamar Corp Canadian Tire Corp Ltd - Class A Shares Aritzia Inc Alimentation Couche-Tard Inc Empire Co Ltd Chartwell Retirement Residences - Units Toronto-Dominion Bank Canadian Imperial Bank of Commerce Manulife Financial Corp Fairfax Financial Holdings Ltd Bank of Montreal Sun Life Financial Inc National Bank of Canada Constellation Software Inc/Canada Kinaxis Inc Cogeco Communications Inc 87,900 41,073 30,887 11,135 2,965 76,815 46,090 32,128 27,467 14,680 11,331 6,924 4,808 35,488 31,515 11,536 9,371 8,252 5,619 25,104 19,412 11,876 30,059 19,580 4,748 167,508 88,701 60,629 55,015 45,280 19,124 1,191 62,357 24,041 4,088 2.98 1.39 1.05 0.38 0.10 2.61 1.56 1.09 0.93 0.50 0.38 0.24 0.16 1.20 1.07 0.39 0.32 0.28 0.19 0.85 0.66 0.40 1.02 0.66 0.16 5.69 3.01 2.06 1.87 1.54 0.65 0.04 2.12 0.82 0.14 ONE Investment Page 11 Clarington RBC QUBE Canadian Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) CANADIAN EQUITIES (99.60%) Utilities (3.20%) 544,400 Brookfield Infrastructure Partners LP - Partnership Shares 1,986,000 Algonquin Power & Utilities Corp 165,000 Atco Ltd/Canada - Class I Shares 25,973 16,762 9,303 0.88 0.57 0.32 577,200 AltaGas Ltd 794,700 Northland Power Inc 564,392 Superior Plus Corp 24,156 14,185 3,973 0.82 0.48 0.13 Total Investments Cash & Short-term Notes Net Assets 2,934,200 99.60 11,747 0.40 2,945,947 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 12 PH&N U.S. Equity Fund (continued) Clarington PH&N U.S. Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 368,565 123,976 46,547 56,302 180,505 103,584 123,302 112,584 76,769 20,591 115,688 44,694 90,747 14,667 10,856 29,594 18,984 747,492 53,199 238,777 53,149 40,852 22,766 1,188 27,885 383,416 28,573 84,780 71,289 61,822 141,206 48,945 223,552 60,905 62,840 130,317 87,301 28,093 20,185 22,028 234,504 111,880 748,274 256,769 18,736 133,481 82,122 39,409 79,014 19,779 U.S. EQUITIES (97.95%) Energy (2.46%) Exxon Mobil Corp ConocoPhillips Valero Energy Corp Materials (1.34%) Linde PLC Freeport-McMoRan Inc Industrials (8.00%) General Electric Co Howmet Aerospace Inc RTX Corp Union Pacific Corp United Rentals Inc Johnson Controls International plc Republic Services Inc Uber Technologies Inc Lockheed Martin Corp Deere & Co Xylem Inc/NY AMETEK Inc Consumer Discretionary (8.99%) Amazon.com Inc Tesla Inc Starbucks Corp Lowe's Cos Inc DoorDash Inc - Class A Shares McDonald's Corp AutoZone Inc PulteGroup Inc Consumer Staples (3.96%) Walmart Inc Costco Wholesale Corp Procter & Gamble Co Dollar General Corp Health Care (9.73%) Eli Lilly & Co AbbVie Inc Intuitive Surgical Inc Boston Scientific Corp UnitedHealth Group Inc Danaher Corp Dexcom Inc Medtronic PLC IQVIA Holdings Inc Insulet Corp Cardinal Health Inc Financials (14.44%) JPMorgan Chase & Co Berkshire Hathaway Inc - Class B Shares Bank of America Corp Citigroup Inc Blackrock Inc Bank of New York Mellon Corp Morgan Stanley Aon PLC - Class A Shares Intercontinental Exchange Inc S&P Global Inc 60,877 15,929 10,400 32,957 12,583 43,794 34,697 28,340 24,374 22,873 19,015 13,001 10,177 9,737 6,937 5,532 5,350 236,814 32,838 27,598 17,593 12,699 9,550 5,530 4,488 58,636 33,819 16,676 12,991 91,191 44,284 38,048 29,257 27,596 19,745 11,871 11,510 8,692 7,875 6,213 103,712 77,187 56,487 41,125 27,525 21,269 20,011 19,088 17,565 14,187 1.13 0.30 0.19 0.61 0.23 0.82 0.65 0.53 0.45 0.43 0.35 0.24 0.19 0.18 0.13 0.10 0.10 4.41 0.61 0.51 0.33 0.24 0.18 0.10 0.08 1.09 0.63 0.31 0.24 1.70 0.82 0.71 0.54 0.51 0.37 0.22 0.21 0.16 0.15 0.12 1.93 1.44 1.05 0.77 0.51 0.40 0.37 0.36 0.33 0.26 160,292 64,616 34,452 28,088 55,419 100,840 62,330 32,745 16,699 33,506 130,896 18,816 10,376 20,877 38,800 100,981 138,874 152,819 172,558 1,640 36,731 13,570 432,289 126,436 53,396 76,780 164,593 53,310 222,679 165,485 120,644 14,977 24,002 84,778 16,937 7,176 14,190 168,001 442,448 35,896 49,619 194,406 117,103 38,372 53,391 170,773 43,835 Chevron Corp Phillips 66 Sherwin-Williams Co Vulcan Materials Co Caterpillar Inc Boeing Co Eaton Corp PLC Cummins Inc Parker-Hannifin Corp Rockwell Automation Inc Delta Air Lines Inc Trane Technologies PLC GE Vernova Inc Verisk Analytics Inc Builders FirstSource Inc Home Depot Inc TJX Cos Inc O'Reilly Automotive Inc NIKE Inc - Class B Shares Booking Holdings Inc DR Horton Inc Hilton Worldwide Holdings Inc Coca-Cola Co PepsiCo Inc Hershey Co Estee Lauder Cos Inc Johnson & Johnson Thermo Fisher Scientific Inc Merck & Co Inc Gilead Sciences Inc Abbott Laboratories McKesson Corp Stryker Corp CVS Health Corp Elevance Health Inc Regeneron Pharmaceuticals Inc Agilent Technologies Inc Visa Inc - Class A Shares Wells Fargo & Co Goldman Sachs Group Inc Mastercard Inc - Class A Shares Charles Schwab Corp KKR & Co Inc American Express Co Capital One Financial Corp Block Inc Progressive Corp 33,532 11,444 15,322 10,996 43,576 30,051 27,249 22,942 20,146 17,893 12,468 10,051 9,308 6,410 5,479 47,693 29,280 19,131 15,089 12,055 7,261 5,350 41,480 24,906 13,337 11,036 46,753 42,399 32,171 27,879 20,747 16,862 11,579 9,234 8,149 7,602 2,650 80,870 56,599 43,307 38,880 26,659 20,490 19,484 17,761 15,257 13,701 0.62 0.21 0.29 0.20 0.81 0.56 0.51 0.43 0.38 0.33 0.23 0.19 0.17 0.12 0.10 0.89 0.55 0.36 0.28 0.22 0.14 0.10 0.77 0.46 0.25 0.21 0.87 0.79 0.60 0.52 0.39 0.31 0.22 0.17 0.15 0.14 0.05 1.51 1.05 0.81 0.72 0.50 0.38 0.36 0.33 0.28 0.26 ONE Investment Page 13 Clarington PH&N U.S. Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (97.95%) Financials (14.44%) 123,764 Fidelity National Information Services Inc 33,721 Marsh & McLennan Cos Inc 22,650 Allstate Corp Information Technology (35.13%) 1,716,271 NVIDIA Corp 545,885 Microsoft Corp 97,267 Applied Materials Inc 150,415 ServiceNow Inc 165,584 Arista Networks Inc 142,164 Amphenol Corp - Class A Shares 68,311 Analog Devices Inc 10,258 Fair Isaac Corp 51,453 Micron Technology Inc 51,898 First Solar Inc 73,883 Western Digital Corp 36,095 Cadence Design Systems Inc 295,574 Intel Corp 61,165 Datadog Inc - Class A Shares 31,087 Salesforce Inc Telecommunication Services (10.25%) 606,357 Alphabet Inc - Class C Shares 111,513 Take-Two Interactive Software Inc 843,796 AT&T Inc 45,729 Charter Communications Inc - Class A Shares Utilities (2.14%) 153,712 NextEra Energy Inc 83,345 American Electric Power Co Inc 43,764 Vistra Corp 145,410 NiSource Inc 142,702 PPL Corp 47,796 Xcel Energy Inc 13,795 NRG Energy Inc Real Estate (1.35%) 53,641 American Tower Corp 68,336 Prologis Inc 9,132 Equinix Inc 11,551 Essex Property Trust Inc Other (0.16%) 73,997 VanEck Gold Miners ETF/USA 11,290 8,587 6,471 439,332 362,354 34,309 31,626 29,779 26,369 25,428 23,803 20,156 18,608 17,470 15,486 14,970 11,417 11,303 261,162 39,187 28,769 13,102 16,937 13,191 9,691 8,335 6,859 4,845 3,015 12,926 11,974 9,603 4,149 8,711 0.21 0.16 0.12 8.18 6.75 0.64 0.59 0.55 0.49 0.47 0.44 0.38 0.35 0.33 0.29 0.28 0.21 0.21 4.86 0.73 0.54 0.24 0.32 0.25 0.18 0.16 0.13 0.09 0.06 0.24 0.22 0.18 0.08 0.16 25,953 Chubb Ltd 59,979 American International Group Inc 1,003,232 Apple Inc 367,114 Broadcom Inc 36,424 AppLovin Corp - Class A Shares 127,417 Lam Research Corp 97,046 EPAM Systems Inc 108,813 Texas Instruments Inc 209,238 Corning Inc 32,466 CrowdStrike Holdings Inc - Class A Shares 69,690 Keysight Technologies Inc 61,599 Advanced Micro Devices Inc 156,432 Cisco Systems Inc 56,617 Oracle Corp 140,162 Microchip Technology Inc 44,777 Palo Alto Networks Inc 157,425 Meta Platforms Inc - Class A Shares 265,909 Netflix Inc 124,412 Walt Disney Co 27,857 Alphabet Inc - Class A Shares 87,934 Duke Energy Corp 80,460 Ameren Corp 73,089 Southern Co 54,520 Entergy Corp 14,031 Constellation Energy Corp 41,042 Public Service Enterprise Group Inc 34,147 Public Storage 56,808 Mid-America Apartment Communities Inc 85,807 Realty Income Corp 103,678 VICI Properties Inc 11,118 7,043 374,347 174,394 33,687 29,937 27,290 25,911 25,146 20,889 19,436 18,107 16,539 15,146 12,258 11,321 142,628 34,220 19,428 11,968 14,147 11,028 8,748 6,917 6,803 4,523 12,162 10,831 6,639 4,002 0.21 0.13 6.97 3.25 0.63 0.56 0.51 0.48 0.47 0.39 0.36 0.34 0.31 0.28 0.23 0.21 2.66 0.64 0.36 0.22 0.26 0.21 0.16 0.13 0.13 0.08 0.23 0.20 0.12 0.07 Total Investments Cash & Short-term Notes Net Assets 5,260,590 97.95 110,146 2.05 5,370,736 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 14 RBC QUBE Low Volatility U.S. Equity Fund (CAD) (continued) Clarington RBC QUBE Low Volatility U.S. Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 395,493 341,650 193,217 36,997 384,699 75,634 30,614 455,380 177,082 66,021 27,438 15,171 32,170 217,682 15,415 283,096 118,612 591,137 701,075 233,399 20,856 113,838 93,981 99,381 219,374 104,244 219,924 83,132 20,992 275,585 286,068 80,810 57,590 39,638 18,803 55,438 111,992 31,128 18,533 142,953 17,828 20,105 1,843,867 837,545 289,939 U.S. EQUITIES (99.96%) Energy (8.64%) Exxon Mobil Corp Kinder Morgan Inc Devon Energy Corp Chevron Corp Talos Energy Inc APA Corp TechnipFMC PLC Materials (3.56%) Newmont Corp Industrials (9.57%) Automatic Data Processing Inc Cintas Corp General Dynamics Corp Cummins Inc Verisk Analytics Inc Healthcare Services Group Inc FTI Consulting Inc Consumer Discretionary (4.14%) TJX Cos Inc General Motors Co Consumer Staples (19.68%) Colgate-Palmolive Co Altria Group Inc PepsiCo Inc Costco Wholesale Corp Church & Dwight Co Inc Cal-Maine Foods Inc Mondelez International Inc - Class A Shares Health Care (20.35%) Johnson & Johnson Cencora Inc Gilead Sciences Inc AbbVie Inc Regeneron Pharmaceuticals Inc Bristol-Myers Squibb Co Alkermes PLC Financials (10.46%) Mastercard Inc - Class A Shares Visa Inc - Class A Shares Ameriprise Financial Inc Berkshire Hathaway Inc - Class B Shares Old Republic International Corp Information Technology (5.19%) Apple Inc Adobe Inc Palo Alto Networks Inc Extreme Networks Inc Commvault Systems Inc Docusign Inc Telecommunication Services (10.04%) AT&T Inc Verizon Communications Inc Yelp Inc 65,325 12,891 9,714 7,739 5,819 2,539 1,872 62,409 62,521 17,042 12,679 10,629 9,877 5,713 3,614 59,687 13,239 64,114 55,484 45,977 24,685 13,101 10,264 7,343 62,313 48,325 37,050 26,071 22,240 20,403 10,986 63,320 27,722 26,677 12,972 3,473 41,789 14,953 4,686 3,267 3,068 1,888 62,865 46,822 12,094 3.12 0.61 0.46 0.37 0.28 0.12 0.09 2.98 2.98 0.81 0.60 0.51 0.47 0.27 0.17 2.85 0.63 3.06 2.65 2.19 1.18 0.62 0.49 0.35 2.97 2.30 1.77 1.24 1.06 0.97 0.52 3.02 1.32 1.27 0.62 0.17 1.99 0.71 0.22 0.16 0.15 0.09 3.00 2.23 0.58 289,114 146,626 62,152 28,681 149,698 71,463 21,078 89,697 107,880 53,037 128,822 45,129 11,303 4,759 1,883 318,225 470,898 461,233 104,326 77,514 108,260 359,040 336,671 32,371 41,757 14,101 219,137 51,889 76,466 61,791 125,346 15,045 11,067 142,208 55,693 110,704 28,974 5,558 9,798 1,423,764 108,916 EOG Resources Inc Williams Cos Inc ConocoPhillips Cheniere Energy Inc Antero Midstream Corp World Kinect Corp Linde PLC Republic Services Inc Paychex Inc Expeditors International of Washington Inc Rollins Inc Paylocity Holding Corp Illinois Tool Works Inc Waste Connections Inc Booking Holdings Inc Procter & Gamble Co Monster Beverage Corp Coca-Cola Co Walmart Inc Kimberly-Clark Corp Archer-Daniels-Midland Co Merck & Co Inc Boston Scientific Corp McKesson Corp Vertex Pharmaceuticals Inc Eli Lilly & Co Exelixis Inc Incyte Corp Chubb Ltd JPMorgan Chase & Co Loews Corp CME Group Inc SEI Investments Co Cisco Systems Inc Atlassian Corp - Class A Shares Teradata Corp Fortinet Inc International Business Machines Corp Qualys Inc Comcast Corp - Class A Shares T-Mobile US Inc 41,670 12,097 7,986 7,652 3,655 2,298 12,338 26,091 16,611 10,847 10,612 9,446 3,821 1,145 13,841 62,595 49,554 44,258 15,955 10,733 8,543 51,872 44,061 36,446 25,984 20,800 13,183 7,034 32,758 27,328 18,118 5,639 1,246 15,035 12,394 4,625 3,158 2,260 1,787 58,411 30,353 1.99 0.58 0.38 0.36 0.17 0.11 0.59 1.24 0.79 0.52 0.51 0.45 0.18 0.05 0.66 2.99 2.36 2.11 0.76 0.51 0.41 2.47 2.10 1.74 1.24 0.99 0.63 0.34 1.56 1.30 0.86 0.27 0.06 0.72 0.59 0.22 0.15 0.11 0.09 2.79 1.45 ONE Investment Page 15 Clarington RBC QUBE Low Volatility U.S. Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (99.96%) Utilities (8.32%) 401,491 Consolidated Edison Inc 260,953 Public Service Enterprise Group Inc 96,308 Eversource Energy 57,309 Xcel Energy Inc 6,415 Southern Co 54,732 28,761 8,900 5,810 768 2.61 1.37 0.42 0.28 0.04 302,217 Duke Energy Corp 143,028 National Fuel Gas Co 62,399 Southwest Gas Holdings Inc 30,628 Ameren Corp 48,620 15,717 6,853 4,198 2.32 0.75 0.33 0.20 Total Investments Cash & Short-term Notes Net Assets 2,095,861 937 2,096,799 99.96 0.04 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 16 RBC QUBE U.S. Equity Fund (continued) Clarington RBC QUBE U.S. Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 1,309,500 120,900 19,500 399,300 254,275 155,235 212,900 125,199 148,200 19,428 754,688 13,800 664,058 352,101 13,800 182,111 27,000 11,500 130,502 889,199 247,600 93,400 113,320 168,163 449,101 161,200 84,400 459,200 30,372 356,800 106,553 38,000 314,725 501,300 507,032 378,788 750,900 75,800 231,199 9,000 2,638,276 587,419 431,046 221,920 540,517 355,614 219,309 535,845 217,444 186,803 U.S. EQUITIES (99.88%) Energy (1.42%) APA Corp Exxon Mobil Corp Marathon Petroleum Corp Industrials (9.98%) Automatic Data Processing Inc General Dynamics Corp Rockwell Automation Inc 3M Co Expeditors International of Washington Inc A O Smith Corp Trane Technologies PLC Consumer Discretionary (11.73%) Amazon.com Inc Booking Holdings Inc General Motors Co Tapestry Inc MercadoLibre Inc Best Buy Co Inc Ross Stores Inc Hilton Worldwide Holdings Inc Consumer Staples (5.96%) Costco Wholesale Corp Kroger Co Procter & Gamble Co Altria Group Inc Health Care (11.63%) Eli Lilly & Co Cencora Inc Incyte Corp Veeva Systems Inc - Class A Shares Alnylam Pharmaceuticals Inc Dexcom Inc IDEXX Laboratories Inc Centene Corp Merck & Co Inc Cardinal Health Inc Financials (14.48%) Berkshire Hathaway Inc - Class B Shares Morgan Stanley Citigroup Inc Northern Trust Corp Bank of America Corp Moody's Corp SEI Investments Co American Express Co Information Technology (36.62%) NVIDIA Corp Microsoft Corp Lam Research Corp Autodesk Inc NetApp Inc Arista Networks Inc Palo Alto Networks Inc Docusign Inc Atlassian Corp - Class A Shares Manhattan Associates Inc 43,963 19,969 4,353 140,977 117,496 82,898 46,784 25,606 13,604 10,378 239,094 101,436 74,119 61,748 38,152 16,730 6,676 4,534 154,463 76,255 48,703 7,392 167,153 77,957 60,883 49,391 46,065 41,831 28,203 20,152 15,394 10,718 217,133 122,151 81,208 71,014 56,686 53,148 26,028 4,570 675,347 389,924 101,276 90,164 79,449 63,955 55,447 50,306 48,391 44,436 0.56 0.26 0.06 1.80 1.50 1.06 0.60 0.33 0.17 0.13 3.05 1.30 0.95 0.79 0.49 0.21 0.09 0.06 1.97 0.97 0.62 0.09 2.14 1.00 0.78 0.63 0.59 0.53 0.36 0.26 0.20 0.14 2.77 1.56 1.04 0.91 0.72 0.68 0.33 0.06 8.63 4.98 1.29 1.15 1.01 0.82 0.71 0.64 0.62 0.57 129,100 98,441 278,500 128,200 69,522 96,700 16,800 15,483 52,800 207,906 421,532 391,400 126,472 171,985 380,200 53,000 887,411 362,111 268,200 306,617 1,149,028 121,200 276,676 75,500 39,684 27,700 115,300 93,358 38,200 26,584 198,700 147,012 207,024 122,900 126,400 88,900 266,500 251,500 1,624,329 343,100 410,300 180,885 402,100 581,726 212,300 205,600 499,681 18,700 Cheniere Energy Inc Williams Cos Inc General Electric Co Cummins Inc GE Vernova Inc Illinois Tool Works Inc Comfort Systems USA Inc EMCOR Group Inc Otis Worldwide Corp Tesla Inc TJX Cos Inc Airbnb Inc - Class A Shares Expedia Group Inc Deckers Outdoor Corp Ford Motor Co Las Vegas Sands Corp Colgate-Palmolive Co Walmart Inc Archer-Daniels-Midland Co Albertsons Cos Inc - Class A Shares Bristol-Myers Squibb Co Vertex Pharmaceuticals Inc Illumina Inc HCA Healthcare Inc Regeneron Pharmaceuticals Inc McKesson Corp Neurocrine Biosciences Inc Gilead Sciences Inc AbbVie Inc Insulet Corp Mastercard Inc - Class A Shares Ameriprise Financial Inc CME Group Inc Visa Inc - Class A Shares JPMorgan Chase & Co Aon PLC - Class A Shares Corebridge Financial Inc Sycamore Partners LLC - Rights Apple Inc Broadcom Inc QUALCOMM Inc Adobe Inc GoDaddy Inc - Class A Shares Fortinet Inc Palantir Technologies Inc - Class A Shares Western Digital Corp Pure Storage Inc - Class A Shares AppLovin Corp - Class A Shares 34,445 8,122 117,746 89,819 62,365 32,690 21,521 13,001 6,330 128,333 88,875 72,911 49,180 24,472 6,847 4,735 96,248 55,377 21,163 7,226 85,069 75,418 49,808 48,380 42,042 31,187 22,445 15,728 11,980 10,371 155,694 98,941 77,596 59,160 55,902 43,058 11,036 0 606,104 162,986 96,328 86,893 68,480 63,405 51,801 48,614 45,958 17,295 0.44 0.10 1.50 1.15 0.80 0.42 0.27 0.17 0.08 1.64 1.14 0.93 0.63 0.31 0.09 0.06 1.23 0.71 0.27 0.09 1.09 0.96 0.64 0.62 0.54 0.40 0.29 0.20 0.15 0.13 1.99 1.26 0.99 0.76 0.71 0.55 0.14 7.74 2.08 1.23 1.11 0.87 0.81 0.66 0.62 0.59 0.22 ONE Investment Page 17 Clarington RBC QUBE U.S. Equity Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (99.88%) Information Technology (36.62%) 36,000 ServiceNow Inc 9,000 Cadence Design Systems Inc Telecommunication Services (7.69%) 880,987 Alphabet Inc - Class C Shares 344,000 ROBLOX Corp Utilities (0.38%) 60,800 Constellation Energy Corp 7,569 3,861 379,447 38,259 29,481 0.10 0.05 4.85 0.49 0.38 62,600 Cisco Systems Inc 18,780 Zoom Communications Inc 181,376 Meta Platforms Inc - Class A Shares 482,500 Comcast Corp - Class A Shares 6,619 2,224 164,328 19,795 0.08 0.03 2.10 0.25 Total Investments Cash & Short-term Notes Net Assets 7,818,379 99.88 9,351 0.12 7,827,730 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 18 PH&N Overseas Equity Fund (continued) Clarington PH&N Overseas Equity Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.70%) Energy (3.03%) 1,062,681 Shell PLC GB 53,752 3.03 Materials (4.88%) 195,355 Air Liquide SA FR 50,397 2.84 598,051 Antofagasta PLC GB 36,056 2.03 Industrials (17.05%) 171,263 Safran SA FR 81,878 4.62 1,799,300 Mitsubishi Electric Corp JP 72,007 4.06 268,979 Siemens Energy AG DE 51,793 2.92 1,575,947 BAE Systems PLC GB 49,783 2.81 1,083,400 Hitachi Ltd JP 46,635 2.63 Consumer Discretionary (14.09%) 400,708 InterContinental Hotels Group PLC GB 77,290 4.36 456,967 Prosus NV NL 38,836 2.19 1,037,300 Sony Group Corp JP 36,520 2.06 366,123 Industria de Diseno Textil SA ES 33,149 1.87 915,200 Oriental Land Co Ltd/Japan JP 23,239 1.31 21,685 LVMH Moet Hennessy Louis Vuitton SE FR 22,434 1.27 1,083,200 BYD Co Ltd CN 18,169 1.03 Consumer Staples (7.97%) 802,581 Unilever PLC GB 71,974 4.06 558,824 Danone SA FR 69,184 3.90 Health Care (13.01%) 335,430 AstraZeneca PLC GB 85,200 4.81 202,901 Galderma Group AG CH 56,710 3.20 446,431 Eurofins Scientific SE FR 44,809 2.53 231,479 Novartis AG CH 43,780 2.47 Financials (25.98%) 558,737 Erste Group Bank AG AT 91,958 5.19 7,436,799 Intesa Sanpaolo SpA IT 70,534 3.98 1,387,600 Sumitomo Mitsui Financial Group Inc JP 61,253 3.46 982,837 DBS Group Holdings Ltd SG 59,092 3.33 3,666,447 AIA Group Ltd HK 51,799 2.92 1,272,986 Standard Chartered PLC GB 42,633 2.41 1,736,545 ICICI Bank Ltd IN 35,673 2.01 14,121 Partners Group Holding AG CH 23,781 1.34 143,670 London Stock Exchange Group PLC GB 23,720 1.34 Information Technology (7.47%) 37,948 ASML Holding NV NL 56,123 3.17 130,907 Taiwan Semiconductor Manufacturing Co Ltd - ADR TW 54,602 3.08 84,800 Check Point Software Technologies Ltd IL 21,598 1.22 Telecommunication Services (2.42%) 1,875,762 Orange SA FR 42,961 2.42 Utilities (2.81%) 2,367,443 National Grid PLC GB 49,841 2.81 Total Investments 1,749,165 98.70 Cash & Short-term Notes 23,029 1.30 Net Assets 1,772,194 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 19 RBC Emerging Markets Dividend Fund (continued) Clarington RBC Emerging Markets Dividend Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) CANADIAN EQUITIES (0.63%) Utilities (0.19%) 300,344 Axia Energia - Preferred Shares 3,695 0.19 850,162 Davivienda Group SA - Preferred Shares 8,742 0.44 U.S. EQUITIES (1.37%) Consumer Discretionary (0.53%) 224,887 Laureate Education Inc 10,393 0.53 Information Technology (0.84%) 185,100 Globant SA 16,608 0.84 OVERSEAS EQUITIES (98.31%) Materials (4.97%) 2,563,711 Hindalco Industries Ltd IN 34,728 1.76 14,514,858 Cia Brasileira de Aluminio BR 26,104 1.32 3,667,400 Zijin Mining Group Co Ltd - Class A Shares CN 24,777 1.25 9,159,200 Hoa Phat Group JSC VN 12,598 0.64 16,581,446 United Co RUSAL International PJSC RU 0 0.00 Industrials (9.16%) 7,165,000 Weichai Power Co Ltd - Class H Shares CN 23,866 1.21 2,039,300 Zhejiang Dingli Machinery Co Ltd - Class A Shares CN 22,715 1.15 626,297 Corp America Airports SA AR 22,350 1.13 1,968,062 KEC International Ltd IN 22,150 1.12 3,902,266 Beijing New Building Materials PLC - Class A Shares CN 19,136 0.97 3,482,000 SITC International Holdings Co Ltd HK 17,102 0.86 2,866,279 KOC Holding AS TR 15,435 0.78 207,777 Contemporary Amperex Technology Co Ltd - Class A CN 14,996 0.76 Shares 9,297,874 Xinyi Glass Holdings Ltd HK 13,571 0.69 897,780 Ayala Corp PH 9,800 0.50 Consumer Discretionary (17.62%) 3,477,000 Alibaba Group Holding Ltd - Class W Shares CN 87,625 4.43 622,728 Naspers Ltd - Class N Shares ZA 57,003 2.88 2,200,897 Midea Group Co Ltd - Class A Shares CN 33,776 1.71 2,227,553 Pepco Group NV PL 25,434 1.29 77,629 Hyundai Motor Co KR 22,003 1.11 6,041,690 Samsonite Group SA HK 21,178 1.07 922,900 Meituan - Class W Shares CN 16,787 0.85 165,200 Trip.com Group Ltd CN 16,258 0.82 4,694,370 Lojas Renner SA BR 15,815 0.80 491,276 United Electronics Co SA 15,182 0.77 28,309,000 Topsports International Holdings Ltd CN 14,552 0.74 129,275,500 Mitra Adiperkasa Tbk PT ID 12,381 0.63 721,457 Mr Price Group Ltd ZA 10,476 0.53 Consumer Staples (2.58%) 1,021,924 Migros Ticaret AS TR 17,043 0.86 2,643,776 Cencosud SA CL 11,661 0.59 1,224,231 Grupo Comercial Chedraui SA de CV MX 11,507 0.58 2,687,780 SLC Agricola SA BR 10,805 0.55 Health Care (1.88%) 14,379,135 Netcare Ltd ZA 18,902 0.96 3,108,500 Hypera SA BR 18,344 0.93 Financials (29.17%) 5,552,500 China Merchants Bank Co Ltd - Class H Shares CN 51,845 2.62 4,479,411 Ping An Insurance Group Co of China Ltd CN 51,643 2.61 3,138,194 Shriram Finance Ltd IN 47,801 2.42 2,460,007 Axis Bank Ltd IN 47,745 2.41 898,100 HDFC Bank Ltd - ADR IN 45,042 2.28 2,489,471 Emirates NBD Bank PJSC AE 25,887 1.31 185,672 DB Insurance Co Ltd KR 23,141 1.17 63,928,776 Bank Negara Indonesia Persero Tbk PT ID 22,924 1.16 4,976,800 Chailease Holding Co Ltd TW 22,897 1.16 245,335 Hana Financial Group Inc KR 21,971 1.11 54,720 Credicorp Ltd PE 21,555 1.09 13,210,638 Ho Chi Minh City Development Joint Stock Commercial VN 20,451 1.03 Bank 6,712,267 Commercial International Bank - Egypt (CIB) - GDR EG 19,692 1.00 132,971 OTP Bank Nyrt HU 19,569 0.99 6,067,834 BDO Unibank Inc PH 19,021 0.96 1,303,200 AIA Group Ltd HK 18,411 0.93 1,317,787 Saudi National Bank SA 18,254 0.92 11,376,250 Habib Bank Ltd PK 18,036 0.91 4,966,100 B3 SA - Brasil Bolsa Balcao BR 17,278 0.87 2,711,932 Alpha Bank SA GR 15,645 0.79 1,308,886 Regional SAB de CV MX 14,232 0.72 3,955,355 Gentera SAB de CV MX 13,892 0.70 Information Technology (26.17%) 2,713,289 Taiwan Semiconductor Manufacturing Co Ltd TW 183,068 9.26 1,246,191 Samsung Electronics Co Ltd - Preferred Shares KR 106,170 5.37 77,100 SK hynix Inc KR 47,925 2.42 4,157,351 ASE Technology Holding Co Ltd TW 44,993 2.27 8,626,931 Redington Ltd IN 35,911 1.82 1,413,098 Taiwan Union Technology Corp TW 30,501 1.54 400,638 MediaTek Inc TW 24,968 1.26 394,609 Lotes Co Ltd TW 22,332 1.13 ONE Investment Page 20 Clarington RBC Emerging Markets Dividend Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) OVERSEAS EQUITIES (98.31%) 860,854 2,135,955 1,142,700 8,253,500 4,813,390 Information Technology (26.17%) Innodisk Corp Telecommunication Services (1.52%) MTN Group Ltd Utilities (0.76%) Axia Energia - Preferred Shares Real Estate (4.49%) China Resources Land Ltd Aldar Properties PJSC TW ZA BR CN AE 21,662 30,014 15,004 39,630 15,636 1.10 1.52 0.76 2.00 0.79 42,861,278 14,208,758 7,255,604 Sistema AFK PAO Growthpoint Properties Ltd Kinh Bac City Development Holding Corp RU ZA VN 0 20,228 13,346 1.02 0.67 Total Investments Cash & Short-term Notes Net Assets 1,983,825 100.30 (6,023) (0.30) 1,977,802 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 21 RBC Emerging Markets Equity Fund (CAD) (continued) Clarington RBC Emerging Markets Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) U.S. EQUITIES (1.83%) 22,440 Consumer Discretionary (1.44%) MercadoLibre Inc 62,039 0.74 525,117 MakeMyTrip Ltd 59,188 0.70 364,000 Information Technology (0.39%) Globant SA 32,659 0.39 OVERSEAS EQUITIES (98.57%) 33,498 Energy (0.00%) Rosneft Oil Co PJSC RU 0 0.00 6,982,581 Materials (5.01%) Antofagasta PLC GB 420,980 5.01 1,614,622 Industrials (4.90%) Contemporary Amperex Technology Co Ltd - Class A Shares CN 116,531 1.39 6,022,686 SM Investments Corp PH 98,197 1.17 22,214,850 984,168 NARI Technology Co Ltd - Class A Shares Voltronic Power Technology Corp CN TW 98,110 41,582 1.17 0.49 4,702,000 WEG SA BR 57,132 0.68 4,846,445 2,722,900 1,517,429 Consumer Discretionary (12.61%) Mahindra & Mahindra Ltd Yum China Holdings Inc Naspers Ltd - Class N Shares IN CN ZA 274,721 178,419 138,902 3.27 2.12 1.65 9,653,744 9,480,543 4,360,960 Alibaba Group Holding Ltd - Class W Shares Midea Group Co Ltd - Class A Shares Meituan - Class W Shares CN CN CN 243,287 145,495 79,323 2.89 1.73 0.94 1,407,100 28,249,851 3,215,007 16,150,300 4,315,442 Consumer Staples (11.35%) Fomento Economico Mexicano SAB de CV - ADR Raia Drogasil SA Clicks Group Ltd Wal-Mart de Mexico SAB de CV President Chain Store Corp MX BR ZA MX TW 195,198 165,931 89,916 69,096 41,704 2.32 1.97 1.07 0.82 0.50 1,867,137 31,912,118 6,566,225 2,647,663 Unilever PLC Uni-President Enterprises Corp Marico Ltd Dino Polska SA GB TW IN PL 167,442 107,398 75,229 41,723 1.99 1.28 0.90 0.50 5,583,965 Health Care (2.02%) Dr Reddy's Laboratories Ltd - ADR IN 107,606 1.28 1,662,958 Shenzhen Mindray Bio-Medical Electronics Co Ltd - Class A Shares CN 62,242 0.74 9,668,600 2,989,807 14,138,938 8,382,017 1,960,533 3,040,549 55,389,703 48,390 Financials (27.76%) HDFC Bank Ltd - ADR Hong Kong Exchanges & Clearing Ltd Ping An Insurance Group Co of China Ltd Discovery Ltd Shinhan Financial Group Co Ltd Kotak Mahindra Bank Ltd E.Sun Financial Holding Co Ltd Sberbank of Russia PJSC IN HK CN ZA KR IN TW RU 484,909 214,709 163,008 157,958 143,291 102,373 81,652 0 5.77 2.55 1.94 1.88 1.70 1.22 0.97 0.00 18,316,096 55,337,971 343,550 388,780 182,225,553 11,510,521 15,319 AIA Group Ltd B3 SA - Brasil Bolsa Balcao Samsung Fire & Marine Insurance Co Ltd Credicorp Ltd Bank Central Asia Tbk PT Kasikornbank PCL - NVDR Sberbank of Russia PJSC - ADR HK BR KR PE ID TH RU 258,766 192,528 162,459 153,149 120,779 97,443 0 3.08 2.29 1.93 1.82 1.44 1.16 11,948,735 655,700 4,181,867 4,572,047 Information Technology (26.53%) Taiwan Semiconductor Manufacturing Co Ltd SK hynix Inc Delta Electronics Inc Advantech Co Ltd TW KR TW TW 806,191 407,582 175,087 57,377 9.59 4.85 2.08 0.68 5,317,890 4,421,286 1,833,320 Samsung Electronics Co Ltd - Preferred Shares Tata Consultancy Services Ltd MediaTek Inc KR IN TW 453,059 216,820 114,254 5.39 2.58 1.36 4,695,760 Telecommunication Services (7.40%) Tencent Holdings Ltd CN 494,625 5.88 3,377,611 NetEase Inc CN 127,605 1.52 ONE Investment Page 22 Clarington RBC Emerging Markets Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) 25,787,741 OVERSEAS EQUITIES (98.57%) Real Estate (1.00%) Aldar Properties PJSC AE 83,771 1.00 Total Investments Cash & Short-term Notes Net Assets 8,439,445 100.40 (33,998) (0.40) 8,405,447 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 23 RBC International Equity Fund (CAD) (continued) Clarington RBC International Equity Fund (CAD) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) U.S. EQUITIES (0.77%) Consumer Discretionary (0.30%) 77,200 Sea Ltd - ADR 13,517 0.30 Telecommunication Services (0.47%) 26,397 Spotify Technology SA 21,040 0.47 OVERSEAS EQUITIES (98.31%) Energy (2.72%) 970,977 Shell PLC GB 49,114 1.09 512,546 TotalEnergies SE FR 45,866 1.02 3,170,316 Paladin Energy Ltd AU 27,581 0.61 Materials (6.32%) 220,204 Air Liquide SA FR 56,807 1.26 1,935,710 Fortescue Ltd AU 38,850 0.86 349,611 Rio Tinto PLC GB 38,653 0.86 2,742,682 Amcor PLC AU 31,494 0.70 86,208 Heidelberg Materials AG DE 30,677 0.68 348,389 Novonesis Novozymes B DK 30,594 0.68 172,999 CRH PLC GB 29,506 0.65 214,174 Holcim AG CH 28,618 0.63 Industrials (17.12%) 2,961,100 Mitsubishi Heavy Industries Ltd JP 99,218 2.20 852,557 Ryanair Holdings PLC - ADR IE 84,475 1.87 156,989 Siemens AG DE 60,350 1.34 125,786 Schneider Electric SE FR 47,232 1.05 2,177,326 Rolls-Royce Holdings PLC GB 46,219 1.02 835,588 Assa Abloy AB - Class B Shares SE 44,305 0.98 285,400 Fujikura Ltd JP 43,441 0.96 1,703,818 Atlas Copco AB - Class A Shares SE 41,633 0.92 110,453 DSV A/S DK 38,182 0.85 15,017 Rheinmetall AG DE 37,604 0.83 818,400 Hitachi Ltd JP 35,228 0.78 383,663 DCC PLC GB 32,806 0.73 349,148 Ashtead Group PLC GB 32,673 0.72 164,753 Siemens Energy AG DE 31,724 0.70 529,618 RELX PLC NL 29,608 0.66 54,167 Safran SA FR 25,896 0.57 120,271 Vinci SA FR 23,224 0.51 650,400 Obayashi Corp JP 18,682 0.41 Consumer Discretionary (10.78%) 99,826 LVMH Moet Hennessy Louis Vuitton SE FR 103,274 2.29 2,930,800 Sony Group Corp JP 103,185 2.29 120,200 Fast Retailing Co Ltd JP 59,820 1.33 2,185,300 Ryohin Keikaku Co Ltd JP 52,962 1.17 1,529,900 Asics Corp JP 50,410 1.12 887,200 Sanrio Co Ltd JP 38,103 0.84 326,939 Mercedes-Benz Group AG DE 31,108 0.69 233,228 Prosus NV NL 19,821 0.44 201,331 Accor SA FR 15,579 0.35 118,748 Amadeus IT Group SA ES 12,063 0.27 Consumer Staples (6.61%) 656,508 Unilever PLC GB 58,875 1.31 602,116 British American Tobacco PLC GB 46,851 1.04 316,843 Nestle SA CH 43,166 0.96 359,290 Heineken NV NL 40,688 0.90 312,493 Coca-Cola Europacific Partners PLC NL 38,902 0.86 59,426 L'Oreal SA FR 35,017 0.78 1,065,612 Diageo PLC GB 31,516 0.70 147,714 Magnum Ice Cream Co NV GB 3,218 0.07 Health Care (11.20%) 532,328 AstraZeneca PLC GB 135,213 3.00 476,610 Novartis AG CH 90,142 2.00 134,815 Roche Holding AG CH 76,416 1.69 907,812 Novo Nordisk A/S - Class B Shares DK 63,196 1.40 145,412 EssilorLuxottica SA FR 63,108 1.40 3,651,011 Haleon PLC GB 25,323 0.56 127,804 CSL Ltd AU 20,187 0.45 1,715,485 Telix Pharmaceuticals Ltd AU 17,602 0.39 15,341 Lonza Group AG CH 14,197 0.31 Financials (24.02%) 1,962,500 DBS Group Holdings Ltd SG 117,994 2.62 160,916 Allianz SE DE 102,123 2.26 7,880,284 Intesa Sanpaolo SpA IT 74,740 1.66 4,294,242 Sampo Oyj FI 71,311 1.58 1,121,937 UBS Group AG CH 71,105 1.58 1,835,505 ING Groep NV NL 70,814 1.57 3,132,900 Mitsubishi UFJ Financial Group Inc JP 68,247 1.51 2,595,325 Bank of Ireland Group PLC IE 68,128 1.51 1,760,911 National Australia Bank Ltd AU 67,956 1.51 2,049,794 Banco Bilbao Vizcaya Argentaria SA ES 65,996 1.46 4,856,730 NatWest Group PLC GB 58,477 1.30 3,254,782 Banco Santander SA ES 52,583 1.17 1,261,994 DNB Bank ASA NO 48,259 1.07 3,151,767 AIA Group Ltd HK 44,527 0.99 746,900 Tokio Marine Holdings Inc JP 37,896 0.84 223,044 London Stock Exchange Group PLC GB 36,825 0.82 74,468 Deutsche Boerse AG DE 26,863 0.60 Information Technology (10.58%) 102,915 ASML Holding NV NL 152,206 3.37 1,864,770 Taiwan Semiconductor Manufacturing Co Ltd TW 125,818 2.79 2,046,200 NEC Corp JP 95,027 2.11 130,582 SAP SE DE 43,547 0.97 1,592,106 Hexagon AB - Class B Shares SE 25,739 0.57 1,028,600 TDK Corp JP 19,974 0.44 ONE Investment Page 24 Clarington RBC International Equity Fund (CAD) (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security Country Market Value ($) Total (%) UNITS* Security Country Market Value ($) Total (%) OVERSEAS EQUITIES (98.31%) 18,147 284,000 318,126 564,461 3,451,618 1,355,164 757,802 Information Technology (10.58%) ASM International NV Telecommunication Services (4.12%) Konami Group Corp Tencent Holdings Ltd Deutsche Telekom AG Utilities (3.97%) Iberdrola SA Redeia Corp SA Real Estate (0.86%) Goodman Group NL JP CN DE ES ES AU 15,079 52,938 33,510 25,219 102,583 33,158 21,404 0.33 1.17 0.74 0.56 2.27 0.73 0.47 471,200 792,400 2,968,266 1,123,900 Nintendo Co Ltd SoftBank Group Corp Terna - Rete Elettrica Nazionale Mitsui Fudosan Co Ltd JP JP IT JP 43,665 30,511 43,343 17,531 0.97 0.68 0.96 0.39 Total Investments Cash & Short-term Notes Net Assets 4,469,858 99.08 41,607 0.92 4,511,465 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 25 RBC International Equity Index Fund (continued) Clarington RBC International Equity Index Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) U.S. EQUITIES (1.08%) Industrials (0.13%) 1,926 AerCap Holdings NV 380 0.13 Consumer Discretionary (0.24%) 4,084 Sea Ltd - ADR 715 0.24 Financials (0.05%) 618 Futu Holdings Ltd - ADR 139 0.05 Information Technology (0.23%) 551 CyberArk Software Ltd 337 0.11 2,269 Nebius Group NV 261 0.09 472 Monday.com Ltd 96 0.03 Telecommunication Services (0.44%) 1,669 Spotify Technology SA 1,330 0.44 OVERSEAS EQUITIES (98.11%) Energy (3.10%) 61,545 Shell PLC GB 3,113 1.04 21,203 TotalEnergies SE FR 1,897 0.63 167,978 BP PLC GB 1,345 0.45 21,838 Eni SpA IT 568 0.19 20,241 Woodside Energy Group Ltd AU 433 0.14 12,167 Repsol SA ES 312 0.10 28,972 ENEOS Holdings Inc JP 281 0.09 8,171 Equinor ASA NO 264 0.09 9,300 Inpex Corp JP 255 0.08 32,613 Santos Ltd AU 184 0.06 4,286 Neste Oyj FI 133 0.04 1,473 OMV AG AT 113 0.04 4,717 Galp Energia SGPS SA PT 111 0.04 3,173 Aker BP ASA NO 111 0.04 3,728 Tenaris SA IT 99 0.03 9,224 Idemitsu Kosan Co Ltd JP 96 0.03 Materials (5.51%) 54,144 BHP Group Ltd AU 2,243 0.75 6,177 Air Liquide SA FR 1,594 0.53 11,872 Rio Tinto PLC GB 1,313 0.44 107,323 Glencore PLC GB 805 0.27 17,937 Shin-Etsu Chemical Co Ltd JP 765 0.25 5,447 Holcim AG CH 728 0.24 9,529 BASF SE DE 688 0.23 11,949 Anglo American PLC GB 678 0.23 4,031 Rio Tinto Ltd AU 540 0.18 99 Givaudan SA CH 538 0.18 1,429 Heidelberg Materials AG DE 509 0.17 1,628 Sika AG CH 454 0.15 18,489 Fortescue Ltd AU 371 0.12 14,224 Northern Star Resources Ltd AU 344 0.11 3,708 Novonesis Novozymes B DK 326 0.11 5,008 ArcelorMittal SA FR 316 0.10 51,300 Nippon Steel Corp JP 288 0.10 4,251 Antofagasta PLC GB 256 0.09 21,506 Evolution Mining Ltd AU 247 0.08 3,076 Boliden AB SE 234 0.08 7,100 Nitto Denko Corp JP 232 0.08 5,688 UPM-Kymmene Oyj FI 226 0.08 1,776 DSM-Firmenich AG NL 197 0.07 1,879 Akzo Nobel NV NL 179 0.06 1,461 Symrise AG DE 162 0.05 15,333 Norsk Hydro ASA NO 162 0.05 50,000 South32 Ltd AU 162 0.05 2,877 Sumitomo Metal Mining Co Ltd JP 158 0.05 12,335 Asahi Kasei Corp JP 150 0.05 2,062 Endeavour Mining PLC GB 148 0.05 2,271 Fresnillo PLC GB 139 0.05 13,903 Toray Industries Inc JP 124 0.04 6,500 JX Advanced Metals Corp JP 112 0.04 6,100 Svenska Cellulosa AB SCA - Class B Shares SE 111 0.04 9,258 Lynas Rare Earths Ltd AU 104 0.03 12,900 Mitsubishi Chemical Group Corp JP 104 0.03 11,200 Nippon Paint Holdings Co Ltd JP 103 0.03 5,800 JFE Holdings Inc JP 101 0.03 5,848 Stora Enso Oyj - Class R Shares FI 100 0.03 1,663 Yara International ASA NO 93 0.03 89 EMS-Chemie Holding AG CH 84 0.03 726 Syensqo SA BE 80 0.03 1,700 Nippon Sanso Holdings Corp JP 70 0.02 744 Buzzi SpA IT 62 0.02 7,776 ICL Group Ltd IL 61 0.02 2,647 Evonik Industries AG DE 57 0.02 864 Holmen AB - Class B Shares SE 45 0.02 Industrials (18.93%) 8,075 Siemens AG DE 3,104 1.03 5,815 Schneider Electric SE FR 2,184 0.73 48,897 Hitachi Ltd JP 2,105 0.70 6,297 Airbus SE FR 2,007 0.67 89,171 Rolls-Royce Holdings PLC GB 1,893 0.63 3,815 Safran SA FR 1,824 0.61 16,588 ABB Ltd CH 1,678 0.56 8,198 Siemens Energy AG DE 1,579 0.52 491 Rheinmetall AG DE 1,229 0.41 14,957 Recruit Holdings Co Ltd JP 1,154 0.38 34,237 Mitsubishi Heavy Industries Ltd JP 1,147 0.38 63,870 ITOCHU Corp JP 1,108 0.37 19,486 RELX PLC GB 1,077 0.36 34,153 Mitsubishi Corp JP 1,072 0.36 ONE Investment Page 26 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Industrials (18.93%) 26,282 Mitsui & Co Ltd JP 1,071 0.36 5,327 Vinci SA FR 1,029 0.34 32,083 BAE Systems PLC GB 1,013 0.34 20,366 Mitsubishi Electric Corp JP 815 0.27 10,250 Deutsche Post AG DE 767 0.26 2,177 DSV A/S DK 753 0.25 16,965 Volvo AB - Class B Shares SE 741 0.25 28,695 Atlas Copco AB - Class A Shares SE 701 0.23 4,796 Cie de Saint-Gobain SA FR 669 0.22 9,796 Experian PLC GB 606 0.20 2,800 Legrand SA FR 571 0.19 10,701 Assa Abloy AB - Class B Shares SE 567 0.19 14,626 Marubeni Corp JP 559 0.19 11,385 Sumitomo Corp JP 541 0.18 10,088 FANUC Corp JP 539 0.18 11,384 Sandvik AB SE 505 0.17 2,855 Daikin Industries Ltd JP 501 0.17 5,484 Ferrovial SE ES 488 0.16 9,918 Komatsu Ltd JP 432 0.14 9,008 Ryanair Holdings PLC IE 426 0.14 4,501 Ashtead Group PLC GB 421 0.14 32,296 Transurban Group - Units AU 420 0.14 2,732 Fujikura Ltd JP 416 0.14 3,033 Prysmian SpA IT 415 0.14 10,634 Vestas Wind Systems A/S DK 395 0.13 368 Geberit AG CH 392 0.13 10,200 East Japan Railway Co JP 369 0.12 989 Thales SA FR 366 0.12 16,368 Atlas Copco AB - Class B Shares SE 359 0.12 2,490 Wolters Kluwer NV NL 354 0.12 3,629 Kone Oyj - Class B Shares FI 353 0.12 677 Schindler Holding AG CH 341 0.11 4,320 Leonardo SpA IT 339 0.11 7,319 Toyota Tsusho Corp JP 339 0.11 575 MTU Aero Engines AG DE 327 0.11 8,286 Aena SME SA ES 318 0.11 8,291 Central Japan Railway Co JP 315 0.10 641 SMC Corp JP 304 0.10 14,399 Brambles Ltd AU 302 0.10 5,073 Daimler Truck Holding AG - Common Shares - Voting DE 302 0.10 30,255 CK Hutchison Holdings Ltd HK 282 0.09 1,768 SGS SA CH 277 0.09 3,427 Saab AB - Class B Shares SE 273 0.09 1,738 Toyota Industries Corp JP 270 0.09 10,900 IHI Corp JP 263 0.09 5,379 Wartsila OYJ Abp FI 261 0.09 1,915 ACS Actividades de Construccion y Servicios SA ES 261 0.09 15,956 Techtronic Industries Co Ltd HK 252 0.08 300 Elbit Systems Ltd IL 236 0.08 4,500 Kajima Corp JP 230 0.08 27,290 Rentokil Initial PLC GB 223 0.07 7,111 Epiroc AB - Class A Shares SE 220 0.07 4,286 Secom Co Ltd JP 209 0.07 1,593 Taisei Corp JP 207 0.07 2,909 Alfa Laval AB SE 200 0.07 1,681 Kingspan Group PLC IE 199 0.07 296 VAT Group AG CH 195 0.06 4,385 Nippon Yusen KK JP 195 0.06 9,800 Kubota Corp JP 191 0.06 6,500 Obayashi Corp JP 187 0.06 5,678 Computershare Ltd AU 177 0.06 15,900 Keppel Ltd SG 175 0.06 25,547 Grab Holdings Ltd SG 175 0.06 7,304 Metso Oyj FI 174 0.06 9,266 NIDEC CORP JP 173 0.06 4,851 Kongsberg Gruppen ASA NO 171 0.06 1,800 Jardine Matheson Holdings Ltd HK 169 0.06 5,100 Ebara Corp JP 165 0.05 3,750 Bureau Veritas SA FR 164 0.05 3,868 Mitsui OSK Lines Ltd JP 160 0.05 3,649 Smiths Group PLC GB 158 0.05 50 AP Moller - Maersk A/S - Class B Shares DK 157 0.05 3,886 Alstom SA FR 157 0.05 1,500 Fuji Electric Co Ltd JP 156 0.05 3,600 Daifuku Co Ltd JP 156 0.05 1,700 Kawasaki Heavy Industries Ltd JP 155 0.05 17,207 Singapore Technologies Engineering Ltd SG 154 0.05 14,115 Melrose Industries PLC GB 153 0.05 110 Belimo Holding AG - Class R Shares CH 148 0.05 489 Kuehne + Nagel International AG - Class R Shares CH 144 0.05 3,832 SKF AB - Class S Shares SE 139 0.05 1,924 Bouygues SA FR 137 0.05 1,468 GEA Group AG DE 136 0.05 690 Eiffage SA FR 136 0.05 1,581 Intertek Group PLC GB 135 0.04 2,290 Trelleborg AB - Class B Shares SE 133 0.04 2,528 Lifco AB - Class B Shares SE 132 0.04 3,416 Skanska AB - Class B Shares SE 128 0.04 2,611 AddTech AB - Class B Shares SE 126 0.04 3,277 Bunzl PLC GB 126 0.04 824 Knorr-Bremse AG DE 125 0.04 2,251 Rexel SA FR 121 0.04 4,300 West Japan Railway Co JP 118 0.04 17,206 Singapore Airlines Ltd SG 117 0.04 4,200 MINEBEA MITSUMI Inc JP 116 0.04 1,417 Brenntag SE DE 113 0.04 3,172 Indutrade AB SE 113 0.04 29,600 Yangzijiang Shipbuilding Holdings Ltd SG 110 0.04 3,918 Epiroc AB - Class B Shares SE 108 0.04 2,600 Makita Corp JP 108 0.04 4,938 Securitas AB - Class B Shares SE 108 0.04 859 Spirax Group PLC GB 108 0.04 20,000 MTR Corp Ltd HK 105 0.03 4,531 Beijer Ref AB SE 100 0.03 15,022 Auckland International Airport Ltd NZ 99 0.03 2,400 TOPPAN Holdings Inc JP 98 0.03 2,500 Seibu Holdings Inc JP 94 0.03 3,950 Dai Nippon Printing Co Ltd JP 93 0.03 3,625 Getlink SE FR 92 0.03 11,986 International Consolidated Airlines Group SA ES 91 0.03 1,958 AGC Inc JP 89 0.03 197 Dassault Aviation SA FR 87 0.03 2,043 SGH Ltd AU 87 0.03 3,741 Sekisui Chemical Co Ltd JP 86 0.03 988 DCC PLC GB 84 0.03 156 HOCHTIEF AG DE 84 0.03 ONE Investment Page 27 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Industrials (18.93%) 17,000 SITC International Holdings Co Ltd HK 83 0.03 2,400 Hankyu Hanshin Holdings Inc JP 83 0.03 4,300 Kawasaki Kisen Kaisha Ltd JP 82 0.03 6,025 Deutsche Lufthansa AG DE 81 0.03 5,019 Tokyu Corp JP 81 0.03 15,218 Nibe Industrier AB - Class B Shares SE 80 0.03 202 Hikari Tsushin Inc JP 78 0.03 24 AP Moller - Maersk A/S - Class A Shares DK 76 0.03 638 Hensoldt AG DE 75 0.02 596 IMCD NV NL 74 0.02 7,445 Qantas Airways Ltd AU 71 0.02 346 Aeroports de Paris SA FR 62 0.02 2,800 MonotaRO Co Ltd JP 61 0.02 2,348 Japan Airlines Co Ltd JP 60 0.02 1,089 Randstad NV NL 57 0.02 51 Rational AG DE 54 0.02 1,544 Investment AB Latour - Class B Shares SE 51 0.02 1,023 ROCKWOOL A/S - Class B Shares DK 49 0.02 1,800 ANA Holdings Inc JP 47 0.02 3,700 SG Holdings Co Ltd JP 46 0.02 3,300 Tokyo Metro Co Ltd JP 46 0.02 2,558 InPost SA NL 43 0.01 3,806 Swire Pacific Ltd - Class A Shares HK 42 0.01 Consumer Discretionary (9.50%) 101,189 Toyota Motor Corp JP 2,983 0.99 2,655 LVMH Moet Hennessy Louis Vuitton SE FR 2,747 0.91 65,455 Sony Group Corp JP 2,304 0.77 5,689 Cie Financiere Richemont SA CH 1,684 0.56 13,970 Prosus NV NL 1,187 0.39 338 Hermes International SCA FR 1,152 0.38 11,646 Industria de Diseno Textil SA ES 1,054 0.35 2,038 Fast Retailing Co Ltd JP 1,014 0.34 12,055 Wesfarmers Ltd AU 891 0.30 18,123 Compass Group PLC GB 788 0.26 7,710 Mercedes-Benz Group AG DE 734 0.24 1,346 Ferrari NV IT 687 0.23 39,266 Honda Motor Co Ltd JP 529 0.18 1,826 adidas AG DE 496 0.16 4,810 Amadeus IT Group SA ES 489 0.16 25,400 Panasonic Holdings Corp JP 452 0.15 2,995 Bayerische Motoren Werke AG DE 446 0.15 7,609 Sumitomo Electric Industries Ltd JP 421 0.14 795 Kering SA FR 381 0.13 12,076 Bridgestone Corp JP 373 0.12 2,202 Volkswagen AG - Preferred Shares DE 369 0.12 19,200 Denso Corp JP 364 0.12 17,168 Suzuki Motor Corp JP 352 0.12 7,158 Cie Generale des Etablissements Michelin SCA FR 326 0.11 21,528 Stellantis NV IT 324 0.11 5,914 Aristocrat Leisure Ltd AU 314 0.10 1,186 Next PLC GB 300 0.10 1,546 InterContinental Hotels Group PLC GB 298 0.10 11,593 Oriental Land Co Ltd/Japan JP 294 0.10 7,552 Asics Corp JP 249 0.08 6,272 Bandai Namco Holdings Inc JP 229 0.08 2,504 Moncler SpA IT 220 0.07 6,400 Subaru Corp JP 189 0.06 20,875 Pan Pacific International Holdings Corp JP 171 0.06 5,498 Sekisui House Ltd JP 168 0.06 23,749 Galaxy Entertainment Group Ltd HK 161 0.05 1,971 Accor SA FR 153 0.05 17,000 Rakuten Group Inc JP 150 0.05 5,110 H & M Hennes & Mauritz AB - Class B Shares SE 141 0.05 5,700 Ryohin Keikaku Co Ltd JP 138 0.05 1,437 Evolution AB SE 134 0.04 6,100 Isuzu Motors Ltd JP 131 0.04 5,000 Aisin Corp JP 129 0.04 1,112 Continental AG DE 121 0.04 793 Pandora A/S DK 120 0.04 5,889 Pearson PLC GB 114 0.04 4,625 Nitori Holdings Co Ltd JP 111 0.04 1,935 Renault SA FR 110 0.04 748 Shimano Inc JP 107 0.04 22,350 Lottery Corp Ltd AU 105 0.04 17,625 Kingfisher PLC GB 102 0.03 28,570 Sands China Ltd HK 99 0.03 342 Swatch Group AG CH 99 0.03 1,541 Porsche Automobil Holding SE - Preferred Shares DE 99 0.03 13,735 Barratt Redrow PLC GB 97 0.03 9,158 Yamaha Motor Co Ltd JP 93 0.03 2,248 Zalando SE DE 91 0.03 2,100 Sanrio Co Ltd JP 90 0.03 6,101 Entain PLC GB 86 0.03 1,147 Dr Ing hc F Porsche AG - Preferred Shares DE 84 0.03 1,756 Whitbread PLC GB 83 0.03 562 Bayerische Motoren Werke AG - Preferred Shares DE 82 0.03 981 Zensho Holdings Co Ltd JP 77 0.03 22,400 Nissan Motor Co Ltd JP 76 0.03 883 Avolta AG CH 71 0.02 1,929 Delivery Hero SE DE 70 0.02 888 Sodexo SA FR 62 0.02 222 D'ieteren Group BE 55 0.02 4,513 ZOZO Inc JP 51 0.02 28,022 JD Sports Fashion PLC GB 44 0.01 1,138 FDJ UNITED FR 43 0.01 Consumer Staples (7.34%) 27,390 Nestle SA CH 3,732 1.24 23,269 Unilever PLC GB 2,087 0.69 23,150 British American Tobacco PLC GB 1,801 0.60 2,564 L'Oreal SA FR 1,511 0.50 10,553 Anheuser-Busch InBev SA/NV BE 930 0.31 6,911 Danone SA FR 856 0.28 7,208 Reckitt Benckiser Group PLC GB 801 0.27 23,770 Diageo PLC GB 703 0.23 12,900 Japan Tobacco Inc JP 636 0.21 69,400 Tesco PLC GB 566 0.19 9,326 Koninklijke Ahold Delhaize NV NL 525 0.17 23,800 Aeon Co Ltd JP 516 0.17 8,171 Imperial Brands PLC GB 471 0.16 22,000 Seven & i Holdings Co Ltd JP 434 0.14 12 Chocoladefabriken Lindt & Spruengli AG CH 422 0.14 3,075 Heineken NV NL 348 0.12 ONE Investment Page 28 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Consumer Staples (7.34%) 12,845 Woolworths Group Ltd AU 345 0.11 14,194 Coles Group Ltd AU 278 0.09 9,556 Ajinomoto Co Inc JP 277 0.09 5,000 Kao Corp JP 274 0.09 2,102 Coca-Cola Europacific Partners PLC NL 262 0.09 6,436 Essity AB - Class B Shares SE 254 0.08 2,155 Pernod Ricard SA FR 253 0.08 16,416 Asahi Group Holdings Ltd JP 236 0.08 1,759 Kerry Group PLC - Class A Shares IE 221 0.07 1,610 Henkel AG & Co KGaA - Preferred Shares DE 180 0.06 2,402 Coca-Cola HBC AG GB 171 0.06 944 Carlsberg AS - Class B Shares DK 170 0.06 1,073 Beiersdorf AG DE 162 0.05 7,754 Kirin Holdings Co Ltd JP 159 0.05 4,673 Mowi ASA NO 154 0.05 95,174 WH Group Ltd HK 146 0.05 3,619 Associated British Foods PLC GB 142 0.05 22,953 Marks & Spencer Group PLC GB 140 0.05 5,966 Carrefour SA FR 137 0.05 1,303 Heineken Holding NV NL 131 0.04 1,185 Henkel AG & Co KGaA DE 124 0.04 19,802 J Sainsbury PLC GB 119 0.04 5,235 Magnum Ice Cream Co NV GB 114 0.04 7,039 Orkla ASA NO 108 0.04 12,900 Unicharm Corp JP 101 0.03 8,015 Kikkoman Corp JP 100 0.03 4,837 Shiseido Co Ltd JP 97 0.03 2,845 Jeronimo Martins SGPS SA PT 93 0.03 3,900 MatsukiyoCocokara & Co JP 93 0.03 1,716 JDE Peet's NV NL 88 0.03 2,740 Kesko Oyj - Class B Shares FI 85 0.03 36 Barry Callebaut AG CH 81 0.03 24,000 Wilmar International Ltd SG 79 0.03 7,740 Davide Campari-Milano NV - Class M Shares IT 69 0.02 2,700 Tsuruha Holdings Inc JP 68 0.02 1,588 Suntory Beverage & Food Ltd JP 66 0.02 5 Lotus Bakeries NV BE 63 0.02 692 Salmar ASA NO 58 0.02 1,700 Kobe Bussan Co Ltd JP 56 0.02 Health Care (11.25%) 7,801 Roche Holding AG CH 4,426 1.47 16,487 AstraZeneca PLC GB 4,188 1.39 20,167 Novartis AG CH 3,814 1.27 34,237 Novo Nordisk A/S - Class B Shares DK 2,383 0.79 11,795 Sanofi SA FR 1,566 0.52 42,955 GSK PLC GB 1,445 0.48 3,214 EssilorLuxottica SA FR 1,395 0.46 5,162 CSL Ltd AU 815 0.27 657 Argenx SE BE 761 0.25 3,643 Hoya Corp JP 758 0.25 16,500 Takeda Pharmaceutical Co Ltd JP 704 0.23 750 Lonza Group AG CH 694 0.23 95,090 Haleon PLC GB 660 0.22 10,489 Bayer AG DE 624 0.21 5,335 Alcon AG CH 579 0.19 19,175 Daiichi Sankyo Co Ltd JP 559 0.19 12,244 Teva Pharmaceutical Industries Ltd - ADR IL 524 0.17 7,200 Chugai Pharmaceutical Co Ltd JP 518 0.17 1,350 UCB SA BE 516 0.17 1,651 Galderma Group AG CH 461 0.15 4,315 Sandoz Group AG CH 430 0.14 4,671 Otsuka Holdings Co Ltd JP 363 0.12 4,510 Fresenius SE & Co KGaA DE 355 0.12 19,100 Astellas Pharma Inc JP 349 0.12 8,225 Koninklijke Philips NV NL 307 0.10 14,090 Terumo Corp JP 281 0.09 657 Genmab A/S DK 280 0.09 1,378 Merck KGaA DE 270 0.09 3,613 Siemens Healthineers AG DE 260 0.09 12,200 Olympus Corp JP 212 0.07 8,309 Shionogi & Co Ltd JP 206 0.07 552 Sonova Holding AG CH 196 0.07 1,215 Straumann Holding AG - Class R Shares CH 195 0.06 6,445 Fisher & Paykel Healthcare Corp Ltd NZ 192 0.06 8,343 Smith & Nephew PLC GB 190 0.06 720 Cochlear Ltd AU 172 0.06 58,342 Sigma Healthcare Ltd AU 157 0.05 2,416 QIAGEN NV DE 151 0.05 1,266 Coloplast A/S - Class B Shares DK 149 0.05 2,205 Fresenius Medical Care AG DE 145 0.05 638 Pro Medicus Ltd AU 129 0.04 3,027 Eisai Co Ltd JP 123 0.04 1,190 Eurofins Scientific SE FR 119 0.04 300 Sartorius AG - Preferred Shares DE 119 0.04 1,092 Orion Oyj - Class B Shares FI 112 0.04 1,335 Recordati Industria Chimica e Farmaceutica SpA IT 104 0.03 293 Sartorius Stedim Biotech FR 99 0.03 5,303 M3 Inc JP 98 0.03 4,715 Sonic Healthcare Ltd AU 97 0.03 1,958 Swedish Orphan Biovitrum AB SE 96 0.03 453 Ipsen SA FR 87 0.03 416 BioMerieux FR 74 0.02 5,011 Sysmex Corp JP 68 0.02 200 Financiere de Tubize SA BE 67 0.02 2,583 Kyowa Kirin Co Ltd JP 57 0.02 2,986 Grifols SA ES 51 0.02 1,683 Hikma Pharmaceuticals PLC GB 48 0.02 985 Demant A/S DK 46 0.02 Financials (25.01%) 183,104 HSBC Holdings PLC GB 3,955 1.31 122,779 Mitsubishi UFJ Financial Group Inc JP 2,675 0.89 17,957 Commonwealth Bank of Australia AU 2,631 0.87 4,105 Allianz SE DE 2,605 0.87 158,603 Banco Santander SA ES 2,562 0.85 33,661 UBS Group AG CH 2,133 0.71 61,533 Banco Bilbao Vizcaya Argentaria SA ES 1,981 0.66 39,254 Sumitomo Mitsui Financial Group Inc JP 1,733 0.58 14,838 UniCredit SpA IT 1,687 0.56 1,549 Zurich Insurance Group AG CH 1,609 0.53 113,046 AIA Group Ltd HK 1,597 0.53 150,514 Intesa Sanpaolo SpA IT 1,428 0.47 10,731 BNP Paribas SA FR 1,393 0.46 22,605 DBS Group Holdings Ltd SG 1,359 0.45 ONE Investment Page 29 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Financials (25.01%) 26,434 Mizuho Financial Group Inc JP 1,324 0.44 149,077 Barclays PLC GB 1,310 0.44 36,727 Westpac Banking Corp AU 1,294 0.43 32,898 National Australia Bank Ltd AU 1,270 0.42 1,388 Muenchener Rueckversicherungs-Gesellschaft AG in DE 1,254 0.42 31,876 ING Groep NV NL 1,230 0.41 Muenchen - Class R Shares 18,520 AXA SA FR 1,220 0.41 632,086 Lloyds Banking Group PLC GB 1,148 0.38 32,068 ANZ Group Holdings Ltd AU 1,064 0.35 19,761 Deutsche Bank AG DE 1,045 0.35 85,788 NatWest Group PLC GB 1,033 0.34 19,599 Tokio Marine Holdings Inc JP 994 0.33 19,452 Investor AB - Class B Shares SE 951 0.32 32,935 Nordea Bank Abp FI 850 0.28 7,545 Societe Generale SA FR 834 0.28 4,988 London Stock Exchange Group PLC GB 824 0.27 35,789 Oversea-Chinese Banking Corp Ltd SG 755 0.25 4,021 Macquarie Group Ltd AU 746 0.25 2,050 Deutsche Boerse AG DE 740 0.25 3,189 Swiss Re AG CH 729 0.24 41,608 CaixaBank SA ES 698 0.23 20,796 Standard Chartered PLC GB 696 0.23 10,605 3i Group PLC GB 638 0.21 8,634 Hong Kong Exchanges & Clearing Ltd HK 620 0.21 269 Adyen NV NL 595 0.20 27,359 Prudential PLC GB 578 0.19 3,287 Erste Group Bank AG AT 541 0.18 8,995 Generali IT 516 0.17 12,536 ORIX Corp JP 503 0.17 13,200 United Overseas Bank Ltd SG 493 0.16 305 Swiss Life Holding AG CH 482 0.16 7,020 Danske Bank A/S DK 481 0.16 15,844 Bank Leumi Le-Israel BM IL 479 0.16 16,261 Skandinaviska Enskilda Banken AB - Class A Shares SE 471 0.16 13,900 MS&AD Insurance Group Holdings Inc JP 448 0.15 7,731 Commerzbank AG DE 448 0.15 2,474 KBC Group NV BE 442 0.15 9,371 Sompo Holdings Inc JP 437 0.15 9,065 Swedbank AB - Class A Shares SE 432 0.14 25,775 Sampo Oyj FI 428 0.14 37,100 Dai-ichi Life Holdings Inc JP 423 0.14 246 Partners Group Holding AG CH 414 0.14 32,639 Aviva PLC GB 412 0.14 13,178 Bank Hapoalim BM IL 409 0.14 33,329 Nomura Holdings Inc JP 381 0.13 18,900 Japan Post Bank Co Ltd JP 365 0.12 9,494 DNB Bank ASA NO 363 0.12 22,813 AIB Group PLC IE 335 0.11 11,393 Credit Agricole SA FR 322 0.11 15,413 Svenska Handelsbanken AB - Class A Shares SE 306 0.10 43,981 BOC Hong Kong Holdings Ltd HK 306 0.10 2,873 NN Group NV NL 304 0.10 20,803 Banca Monte dei Paschi di Siena SpA IT 304 0.10 833 Helvetia Baloise Holding AG CH 301 0.10 6,226 ABN AMRO Bank NV - Dutch Certificates NL 299 0.10 15,729 BPER Banca SPA IT 292 0.10 16,003 QBE Insurance Group Ltd AU 291 0.10 53,306 Banco de Sabadell SA ES 288 0.10 22,000 Resona Holdings Inc JP 287 0.10 5,304 EQT AB SE 284 0.09 57,588 Legal & General Group PLC GB 278 0.09 19,000 Japan Post Holdings Co Ltd JP 275 0.09 644 Hannover Rueck SE DE 275 0.09 6,486 Sumitomo Mitsui Trust Group Inc JP 271 0.09 10,247 Bank of Ireland Group PLC IE 269 0.09 12,148 Banco BPM SpA IT 253 0.08 2,218 Julius Baer Group Ltd CH 238 0.08 6,574 FinecoBank Banca Fineco SpA IT 234 0.08 7,467 Hang Seng Bank Ltd HK 202 0.07 15,800 Daiwa Securities Group Inc JP 190 0.06 26,030 Insurance Australia Group Ltd AU 190 0.06 6,406 SBI Holdings Inc JP 189 0.06 11,673 Suncorp Group Ltd AU 188 0.06 12,308 Israel Discount Bank Ltd - Class A Shares IL 179 0.06 5,006 Poste Italiane SpA IT 172 0.06 834 Euronext NV FR 172 0.06 7,458 Bankinter SA ES 170 0.06 1,725 ASR Nederland NV NL 168 0.06 11,476 Japan Exchange Group Inc JP 168 0.06 1,711 Mizrahi Tefahot Bank Ltd IL 164 0.05 14,592 Aegon Ltd NL 156 0.05 4,885 T&D Holdings Inc JP 155 0.05 2,614 Admiral Group PLC GB 153 0.05 1,498 Ageas SA/NV BE 144 0.05 2,533 Phoenix Financial Ltd IL 144 0.05 25,881 M&G PLC GB 137 0.05 3,807 Tryg A/S DK 137 0.05 3,972 Washington H Soul Pattinson & Co Ltd AU 135 0.04 4,065 Unipol Assicurazioni SpA IT 134 0.04 11,500 Mitsubishi HC Capital Inc JP 132 0.04 27,654 Medibank Pvt Ltd AU 121 0.04 83,472 Banco Comercial Portugues SA - Class R Shares PT 121 0.04 649 Talanx AG DE 118 0.04 10,300 Yokohama Financial Group Inc JP 117 0.04 2,483 ASX Ltd AU 117 0.04 1,818 Industrivarden AB - Class C Shares SE 112 0.04 8,205 Phoenix Group Holdings PLC GB 111 0.04 6,703 Wise PLC GB 110 0.04 939 EXOR NV NL 109 0.04 6,000 Singapore Exchange Ltd SG 108 0.04 11,520 Infratil Ltd NZ 101 0.03 803 Groupe Bruxelles Lambert NV BE 98 0.03 2,373 Gjensidige Forsikring ASA NO 97 0.03 1,460 Raiffeisen Bank International AG AT 89 0.03 61,055 Sony Financial Group Inc JP 89 0.03 5,708 Chiba Bank Ltd JP 87 0.03 753 Amundi SA FR 85 0.03 1,900 Japan Post Insurance Co Ltd JP 78 0.03 1,189 Industrivarden AB - Class A Shares SE 73 0.02 2,409 Edenred SE FR 73 0.02 2,245 Banca Mediolanum SpA IT 70 0.02 9,892 Mapfre SA ES 68 0.02 166 Sofina SA BE 66 0.02 779 L E Lundbergforetagen AB - Class B Shares SE 59 0.02 ONE Investment Page 30 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Financials (25.01%) 7,278 Schroders PLC GB 55 0.02 303 Banque Cantonale Vaudoise CH 53 0.02 2,197 CVC Capital Partners PLC NL 51 0.02 5,748 Nexi SpA IT 39 0.01 Information Technology (8.12%) 4,122 ASML Holding NV NL 6,096 2.03 11,088 SAP SE DE 3,698 1.23 4,829 Tokyo Electron Ltd JP 1,476 0.49 8,192 Advantest Corp JP 1,422 0.47 2,079 Keyence Corp JP 1,032 0.34 13,943 Infineon Technologies AG DE 835 0.28 18,883 Fujitsu Ltd JP 712 0.24 13,845 NEC Corp JP 643 0.21 18,000 Murata Manufacturing Co Ltd JP 511 0.17 56,555 Nokia Oyj FI 500 0.17 1,032 Disco Corp JP 432 0.14 490 ASM International NV NL 407 0.14 20,500 TDK Corp JP 398 0.13 29,099 Telefonaktiebolaget LM Ericsson - Class B Shares SE 389 0.13 1,646 Capgemini SE FR 375 0.12 9,200 Canon Inc JP 374 0.12 22,167 Hexagon AB - Class B Shares SE 358 0.12 18,855 Renesas Electronics Corp JP 354 0.12 11,768 FUJIFILM Holdings Corp JP 343 0.11 7,161 Dassault Systemes SE FR 275 0.09 4,053 Halma PLC GB 264 0.09 7,326 STMicroelectronics NV FR 263 0.09 13,648 Kyocera Corp JP 263 0.09 923 Check Point Software Technologies Ltd IL 235 0.08 882 Lasertec Corp JP 231 0.08 1,631 Logitech International SA - Class R Shares CH 227 0.08 4,100 Nomura Research Institute Ltd JP 214 0.07 10,465 Sage Group PLC GB 209 0.07 1,822 Xero Ltd AU 189 0.06 2,000 Kioxia Holdings Corp JP 183 0.06 804 BE Semiconductor Industries NV NL 173 0.06 3,680 Obic Co Ltd JP 159 0.05 328 Nova Ltd IL 150 0.05 2,238 WiseTech Global Ltd AU 140 0.05 2,500 TIS Inc JP 115 0.04 823 SCREEN Holdings Co Ltd JP 110 0.04 2,300 Yokogawa Electric Corp JP 101 0.03 635 Nice Ltd IL 99 0.03 2,423 Shimadzu Corp JP 89 0.03 580 Nemetschek SE DE 86 0.03 567 Wix.com Ltd IL 81 0.03 1,284 Trend Micro Inc/Japan JP 73 0.02 2,400 Otsuka Corp JP 68 0.02 563 Oracle Corp Japan JP 65 0.02 Telecommunication Services (3.89%) 38,943 Deutsche Telekom AG DE 1,740 0.58 41,008 SoftBank Group Corp JP 1,579 0.53 11,820 Nintendo Co Ltd JP 1,095 0.36 31,370 KDDI Corp JP 745 0.25 305,390 SoftBank Corp JP 575 0.19 318,600 NTT Inc JP 441 0.15 19,234 Orange SA FR 441 0.15 11,850 Universal Music Group NV NL 424 0.14 80,300 Singapore Telecommunications Ltd SG 390 0.13 204,472 Vodafone Group PLC GB 374 0.12 2,444 Publicis Groupe SA FR 348 0.12 277 Swisscom AG CH 276 0.09 41,521 Koninklijke KPN NV NL 266 0.09 5,320 Cellnex Telecom SA ES 235 0.08 13,939 Informa PLC GB 227 0.08 39,457 Telefonica SA ES 222 0.07 64,475 BT Group PLC GB 219 0.07 1,099 Konami Group Corp JP 205 0.07 43,840 Telstra Group Ltd AU 195 0.06 26,332 Telia Co AB SE 154 0.05 4,000 Capcom Co Ltd JP 128 0.04 3,800 Nexon Co Ltd JP 127 0.04 5,497 Tele2 AB - Class B Shares SE 126 0.04 6,183 Telenor ASA NO 123 0.04 3,794 CAR Group Ltd AU 107 0.04 754 Scout24 SE DE 104 0.03 614 REA Group Ltd AU 103 0.03 27,900 LY Corp JP 102 0.03 115,948 Telecom Italia SpA/Milano IT 96 0.03 8,760 Auto Trader Group PLC GB 95 0.03 45,000 HKT Trust & HKT Ltd - Units HK 91 0.03 1,426 Elisa Oyj FI 87 0.03 627 CTS Eventim AG & Co KGaA DE 79 0.03 1,100 Toho Co Ltd/Tokyo JP 77 0.03 7,060 Bollore SE FR 54 0.02 2,807 Infrastrutture Wireless Italiane SpA IT 36 0.01 Utilities (3.65%) 67,737 Iberdrola SA ES 2,013 0.67 86,837 Enel SpA IT 1,239 0.41 52,972 National Grid PLC GB 1,115 0.37 19,501 Engie SA FR 703 0.23 23,970 E.ON SE DE 623 0.21 12,875 SSE PLC GB 518 0.17 6,750 RWE AG DE 491 0.16 6,731 Veolia Environnement SA FR 321 0.11 19,475 CLP Holdings Ltd HK 239 0.08 15,096 Terna - Rete Elettrica Nazionale IT 220 0.07 10,196 Kansai Electric Power Co Inc JP 220 0.07 33,014 EDP SA PT 209 0.07 21,844 Snam SpA IT 199 0.07 18,567 Origin Energy Ltd AU 195 0.06 3,999 Osaka Gas Co Ltd JP 191 0.06 3,500 Tokyo Gas Co Ltd JP 190 0.06 138,909 Hong Kong & China Gas Co Ltd HK 172 0.06 3,461 Endesa SA ES 171 0.06 7,495 United Utilities Group PLC GB 165 0.05 3,003 Severn Trent PLC GB 155 0.05 48,798 Centrica PLC GB 153 0.05 5,808 Orsted AS DK 152 0.05 15,631 Power Assets Holdings Ltd HK 152 0.05 6,844 Chubu Electric Power Co Inc JP 145 0.05 ONE Investment Page 31 Clarington RBC International Equity Index Fund (continued) Statement of Investments As at December 31, 2025 (in thousands of dollars) Market Total Market Total UNITS* Security Country Value ($) (%) UNITS* Security Country Value ($) (%) OVERSEAS EQUITIES (98.11%) Utilities (3.65%) 4,934 Fortum Oyj FI 144 0.05 13,099 APA Group - Units AU 107 0.04 2,434 Naturgy Energy Group SA ES 102 0.03 8,720 CK Infrastructure Holdings Ltd HK 89 0.03 18,838 Meridian Energy Ltd NZ 84 0.03 439 Elia Group SA/NV BE 78 0.03 10,471 Contact Energy Ltd NZ 76 0.03 249 Acciona SA ES 74 0.02 11,043 Sembcorp Industries Ltd SG 71 0.02 685 Verbund AG AT 68 0.02 3,192 EDP Renovaveis SA PT 62 0.02 212 BKW AG CH 62 0.02 Real Estate (1.82%) 21,547 Goodman Group AU 609 0.20 27,956 Mitsui Fudosan Co Ltd JP 436 0.14 11,300 Mitsubishi Estate Co Ltd JP 377 0.13 8,079 Vonovia SE DE 319 0.11 16,598 Sun Hung Kai Properties Ltd HK 277 0.09 5,700 Daiwa House Industry Co Ltd JP 260 0.09 6,760 Sumitomo Realty & Development Co Ltd JP 233 0.08 52,303 Scentre Group AU 201 0.07 1,323 Unibail-Rodamco-Westfield FR 197 0.07 30,537 Link REIT HK 187 0.06 14,033 Segro PLC GB 187 0.06 807 Swiss Prime Site AG CH 172 0.06 64,351 CapitaLand Integrated Commercial Trust SG 164 0.05 21,386 CK Asset Holdings Ltd HK 148 0.05 24,098 Stockland AU 126 0.04 12,608 Hongkong Land Holdings Ltd HK 120 0.04 39,300 CapitaLand Ascendas REIT SG 119 0.04 2,160 Klepierre SA FR 117 0.04 78 Nippon Building Fund Inc JP 98 0.03 53,133 Sino Land Co Ltd HK 96 0.03 38,945 Vicinity Ltd AU 91 0.03 20,976 Wharf Real Estate Investment Co Ltd HK 91 0.03 18,000 Henderson Land Development Co Ltd HK 89 0.03 29,700 CapitaLand Investment Ltd/Singapore SG 86 0.03 7,106 Land Securities Group PLC GB 82 0.03 2,980 Daito Trust Construction Co Ltd JP 78 0.03 759 LEG Immobilien SE DE 76 0.03 7,210 Fastighets AB Balder - Class B Shares SE 73 0.02 4,600 Hulic Co Ltd JP 69 0.02 426 Azrieli Group Ltd IL 66 0.02 2,207 Sagax AB - Class B Shares SE 65 0.02 467 Gecina SA FR 61 0.02 593 Covivio SA/France FR 54 0.02 9,945 Wharf Holdings Ltd HK 38 0.01 Total Investments 298,327 99.20 Cash & Short-term Notes 2,421 0.80 Net Assets 300,748 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 32 RBC Canadian Core Real Estate Fund (continued) Clarington RBC Canadian Core Real Estate Fund Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (99.98%) 421,329,893 Canadian Core Real Estate Limited Partnership Country Market Value ($) 4,363,629 Total (%) 99.98 UNITS* Security Country Market Value ($) Total (%) Total Investments Cash & Short-term Notes Net Assets 4,363,629 775 4,364,405 99.98 0.02 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 33 RBC Global Infrastructure Fund LP (continued) Clarington RBC Global Infrastructure Fund LP Statement of Investments As at December 31, 2025 (in thousands of dollars) UNITS* Security CANADIAN MUTUAL FUNDS (100.00%) 157,991,101 GIF Super Aggregator LP - Series O - Accrued Income Country Market Value ($) 1,936,402 8 Total (%) 99.83 0.00 UNITS* Security 328,468 RBC Canadian Money Market Fund - Series O Country Market Value ($) 3,285 Total (%) 0.17 Total Investments Cash & Short-term Notes Net Assets 1,939,695 100.00 76 0.00 1,939,770 100.00 *Terminology Note: UNITS is a generic term used to imply the following for each respective asset class: Par Value (in local currency) for fixed income securities; Number of Shares for equity securities; Number of Mutual Fund Units for mutual fund holdings; and Notional Value for derivative instruments. ONE Investment Page 34 T O R O N T O 155 University Ave., Suite 800 Toronto, Ontario M5H 3B7 Canada Please note: SI is since inception; RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc. (RBC GAM-US), RBC Global Asset Management (UK) Limited (RBC GAM-UK), and RBC Global Asset Management (Asia) Limited (RBC GAM-Asia), which are separate, but affiliated subsidiaries of RBC. This document has been provided by PH&N Institutional for information purposes only and may not be reproduced, distributed or published without the written consent of PH&N Institutional. It is not intended to provide professional advice and should not be relied upon in that regard. PH&N Institutional takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when printed. The views and opinions expressed herein are those of PH&N Institutional as of the publication date and are subject to change without notice. This information is not intended to be an offer or solicitation to buy or sell securities or to participate in or subscribe for any service. No securities are being offered, except pursuant and subject to the respective offering documents and subscription materials, which may be provided to qualified investors only, and not to any other category of investor. This document is for general information only and is not, nor does it purport to be, a complete description of an investment in any PH&N, BlueBay, or RBC investment fund. If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by PH&N Institutional, its affiliates or any other person as to its accuracy, completeness or correctness. We assume no responsibility for any errors or omissions in such information. Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative funds: (i) may engage in leverage and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; and (iv) are not subject to the same regulatory requirements as prospectus-offered mutual funds. In assessing the suitability of these investments, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the funds mentioned in this material are a suitable investment for them. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund’s offering documents before investing. The performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Mutual funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. This document may contain forward-looking statements about general economic factors which are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility. PH&N Institutional is the institutional business division of RBC GAM Inc., an indirect, wholly-owned subsidiary of RBC. RBC GAM Inc. is the manager and principal portfolio adviser of the PH&N, BlueBay and RBC investment funds. ®/™ Trademark(s) of Royal Bank of Canada. Used under licence. © RBC Global Asset Management Inc., 2026. Publication date: January 14, 2026 ID 27833_5097