PCJ Absolute Return II Fund

Quarterly Portfolio Disclosures

As of December 31, 2025

Summary of Investment Portfolio

Energy

14.45

-14.83

-0.39

Materials (ex. Gold & Precious Metals)

9.96

-8.20

1.76

Gold & Precious Metals

1.94

-0.65

1.29

Industrials

24.13

-8.42

15.70

Consumer Discretionary

4.45

-5.72

-1.26

Consumer Staples

14.05

-10.23

3.82

Health Care

8.17

0.00

8.17

Financials

6.99

-5.43

1.55

Information Technology

3.03

-1.42

1.62

Communication Services

0.41

-0.99

-0.58

Utilities

1.16

-0.18

0.98

Real Estate

5.37

-7.77

-2.40

Index Funds

0.00

-21.03

Cash

90.89

-0.13

90.76

Top 25 Holdings - Long

% of Net
Asset Value

Premium Brands Holdings Corporation

8.56

CRH PLC

7.90

CAE Inc.

5.75

George Weston Ltd.

5.49

Brookfield Business Partners

4.89

Black Diamond Group

4.80

Chartwell Retirement Residences

4.58

Keyera Corp.

3.65

European Residential REIT

3.31

Extendicare Inc

3.20

Carvana Co

3.12

Advantage Energy Ltd

2.94

Boyd Group Services Inc

2.72

Brookfield Corp

2.34

Enerflex Ltd.

2.29

RB Global Inc

1.74

Fairfax Financial Holdings Ltd.

1.74

ADENTRA Inc

1.69

Cenovus Energy inc.

1.65

Capital One Financial Corp.

1.65

CGI Inc

1.53

Gildan Activewear Inc

1.33

American Express Co.

1.26

Kelt Exploration Ltd.

1.19

Pembina Pipeline Corp

1.17

Top 25 Holdings - Short

% of Net
Asset Value

Advanced Drainage Systems In

-0.72

Packaging Corp Of America

-0.74

Brookfield Business Corp

-0.76

Copart Inc

-0.80

3M Company

-0.83

Apple Inc.

-0.85

Canadian Tire Corp. Ltd. Class A

-0.85

Illinois Tool Works Inc.

-1.00

CarMax Inc

-1.00

CT Real Estate Investment Trust

-1.04

Saputo Group Inc.

-1.07

Choice Properties REIT

-1.13

ARC Resources Ltd

-1.15

Power Corp. of Canada

-1.18

Richelieu Hardware Ltd.

-1.23

StorageVault Canada Inc.

-1.25

Whitecap Resources Inc.

-1.28

Riocan REIT Units

-1.39

PrairieSky Royalty Ltd.

-1.44

Gibson Energy

-2.11

TC Energy Corp

-2.35

Imperial Oil Limited

-2.53

Vulcan Materials Co

-3.16

Martin Marietta Materials

-3.28

Loblaw Companies Ltd.

-4.54

For further information, please contact Connor, Clark & Lunn Funds Inc. Toll Free at 1-888-824-3120.

The Summary of Investment Portfolio may change due to ongoing portfolio transactions of the Fund. Updates are available quarterly. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

CC&L Funds Inc.

September 19, 2025