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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   25,000,000 8,130,000 SH   SOLE   0 0 8,130,000
BANK MONTREAL QUE COM 063671101   12,500,000 22,668,750 SH   SOLE   0 0 22,668,750
BANK NOVA SCOTIA HALIFAX COM 064149107   30,000,000 26,997,000 SH   SOLE   0 0 26,997,000
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   2,750,000 13,825,350 SH   SOLE   0 0 13,825,350
CANADIAN IMPERIAL BANK OF CO COM 136069101   20,000,000 22,242,000 SH   SOLE   0 0 22,242,000
MANULIFE FINL CORP COM 56501R106   65,000,000 28,184,000 SH   SOLE   0 0 28,184,000
MARKEL GROUP INC COM 570535104   560,000 10,703,616 SH   SOLE   0 0 10,703,616
ROYAL BK CDA COM 780087102   6,500,000 13,332,800 SH   SOLE   0 0 13,332,800
TORONTO DOMINION BK ONT COM NEW 891160509   20,000,000 22,256,000 SH   SOLE   0 0 22,256,000
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   4,515,000 27,648,957 SH   SOLE   0 0 27,648,957