The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
APPLIED MATLS INC COM 038222105   76,883,998 380,520 SH   SOLE   353,081 0 27,439
BROADCOM INC COM 11135F101   88,157,505 511,058 SH   SOLE   474,628 0 36,430
BROOKFIELD CORP CL A LTD VT SH 11271J107   1,480,553 27,824 SH   SOLE   27,824 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   122,515,327 1,522,119 SH   SOLE   1,412,683 0 109,436
COLLIERS INTL GROUP INC SUB VTG SHS 194693107   1,417,546 9,323 SH   SOLE   9,323 0 0
CANADIAN NATL RY CO COM 136375102   970,000 8,268 SH   SOLE   8,268 0 0
CSX CORP COM 126408103   86,068,631 2,492,575 SH   SOLE   2,313,353 0 179,222
CINTAS CORP COM 172908105   106,349,237 516,559 SH   SOLE   479,299 0 37,260
CORTEVA INC COM 22052L104   103,323,412 1,757,500 SH   SOLE   1,630,065 0 127,435
FIRSTSERVICE CORP NEW COM 33767E202   1,122,512 6,132 SH   SOLE   6,132 0 0
GE AEROSPACE COM NEW 369604301   106,469,801 564,587 SH   SOLE   524,176 0 40,411
INTUIT COM 461202103   89,297,168 143,796 SH   SOLE   133,418 0 10,378
LOWES COS INC COM 548661107   99,607,117 367,757 SH   SOLE   341,304 0 26,453
MASTERCARD INCORPORATED CL A 57636Q104   100,134,490 202,783 SH   SOLE   188,180 0 14,603
MICROCHIP TECHNOLOGY INC. COM 595017104   77,023,617 959,318 SH   SOLE   890,218 0 69,100
MCKESSON CORP COM 58155Q103   85,203,464 172,330 SH   SOLE   159,854 0 12,476
MOODYS CORP COM 615369105   110,116,199 232,024 SH   SOLE   215,275 0 16,749
MARSH & MCLENNAN COS INC COM 571748102   98,326,798 440,749 SH   SOLE   409,047 0 31,702
MSCI INC COM 55354G100   110,016,567 188,730 SH   SOLE   175,084 0 13,646
MICROSOFT CORP COM 594918104   97,577,839 226,767 SH   SOLE   210,518 0 16,249
OLD DOMINION FREIGHT LINE IN COM 679580100   103,890,379 523,008 SH   SOLE   484,911 0 38,097
OPEN TEXT CORP COM 683715106   1,106,040 33,164 SH   SOLE   33,164 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,609,971 2,806 SH   SOLE   2,806 0 0
SHERWIN WILLIAMS CO COM 824348106   110,764,293 290,210 SH   SOLE   269,314 0 20,896
TELUS CORPORATION COM 87971M103   953,488 56,726 SH   SOLE   56,726 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   101,475,796 164,049 SH   SOLE   152,235 0 11,814
THOMSON REUTERS CORP. COM 884903808   1,016,820 5,950 SH   SOLE   5,950 0 0
UNITEDHEALTH GROUP INC COM 91324P102   108,125,605 184,931 SH   SOLE   171,552 0 13,379
VISA INC COM CL A 92826C839   86,173,139 313,414 SH   SOLE   290,768 0 22,646
WASTE CONNECTIONS INC COM 94106B101   1,018,470 5,687 SH   SOLE   5,687 0 0
ZOETIS INC CL A 98978V103   105,405,270 539,489 SH   SOLE   500,924 0 38,565