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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BCE INC COM NEW 05534B760   7,416,782 162,500 SH   SOLE   0 0 7,416,782
BANK MONTREAL QUE COM 063671101   23,894,449 125,000 SH   SOLE   0 0 23,894,449
BANK NOVA SCOTIA HALIFAX COM 064149107   31,720,459 300,000 SH   SOLE   0 0 31,720,459
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   11,558,640 25,500 SH   SOLE   0 0 11,558,640
CANADIAN IMPERIAL BK COMM COM 136069101   24,911,183 200,000 SH   SOLE   0 0 24,911,183
MANULIFE FINL CORP COM 56501R106   36,294,221 600,000 SH   SOLE   0 0 36,294,221
MARKEL GROUP INC COM 570535104   9,666,888 5,600 SH   SOLE   0 0 9,666,888
ROYAL BK CDA COM 780087102   15,431,893 65,000 SH   SOLE   0 0 15,431,893
TORONTO DOMINION BK ONT COM NEW 891160509   20,966,159 200,000 SH   SOLE   0 0 20,966,159
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   24,246,450 45,000 SH   SOLE   0 0 24,246,450