Nicola Wealth Management Ltd.

Q1 2025 13F Holdings Report, Restatement, Stock Holdings

Signature - Title: Richard Chen - Chief Compliance Officer
Location: Vancouver, British Columbia, Canada
Holdings as of: March 31, 2025
Value $: $1.03B
Num holdings: 111
Date filed: 6/6/2025, 03:25 PM
Form type: 13F-HR/A-1 - Restatement
Description: All US holdings of this investor are reported in this report. Top holdings included BNS, TD, MSFT, REET, and V.
Previous filing: Q4 2024 - Feb 6, 2025
SEC: View on sec.gov

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares	Principal
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Filing 2025 Q1 - Restatement compared to 2024 Q4 by default.

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* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Richard Chen	Chief Compliance Officer	Vancouver, British Columbia, Canada	6/6/2025