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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   8,118,774 245,800 SH   SOLE   0 0 245,800
BANK MONTREAL QUE COM 063671101   17,177,500 125,000 SH   SOLE   0 0 125,000
BANK NOVA SCOTIA HALIFAX COM 064149107   20,469,000 300,000 SH   SOLE   0 0 300,000
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   13,681,980 25,690 SH   SOLE   0 0 25,690
CANADIAN IMPERIAL BK COMM COM 136069101   16,190,000 200,000 SH   SOLE   0 0 200,000
MANULIFE FINL CORP COM 56501R106   269,011 600,000 SH   SOLE   0 0 600,000
MARKEL GROUP INC COM 570535104   10,469,816 5,600 SH   SOLE   0 0 5,600
ROYAL BK CDA COM 780087102   1,053,652 65,000 SH   SOLE   0 0 65,000
TORONTO DOMINION BK ONT COM NEW 891160509   17,246,000 200,000 SH   SOLE   0 0 200,000
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   24,246,450 45,000 SH   SOLE   0 0 45,000