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
AGNICO EAGLE MINES LTD COM 008474108   34,287,491 316,516 SH   OTR 1 302,943 13,573 0
ALPHABET INC CLASS A CAP STK CL A 02079K305   649,488 4,200 SH   SOLE   4,200 0 0
APPLE INC. COM 037833100   1,237,930 5,573 SH   SOLE   5,573 0 0
ASML HOLDLING NV COM N07059210   463,841 700 SH   SOLE   700 0 0
ATS CORPORATION COM 00217Y104   20,112,653 806,997 SH   OTR 1 779,755 27,242 0
BERKSHIRE HATHAWAY INC. - CL B CL B NEW 084670702   1,828,347 3,433 SH   SOLE   3,433 0 0
CAMECO CORP COM 13321L108   11,654,979 283,159 SH   OTR 1 273,275 9,884 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101   21,666,199 385,212 SH   OTR 1 368,899 16,313 0
CANADIAN NATIONAL RAILWAY CO COM 136375102   214,063 2,200 SH   SOLE   2,200 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101   21,422,281 696,293 SH   OTR 1 666,424 29,869 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108   13,459,651 191,818 SH   OTR 1 183,590 8,228 0
CENOVUS ENERGY INC COM 15135U109   18,506,737 1,331,784 SH   OTR 1 1,274,650 57,134 0
CENOVUS ENERGY INC - WARRANT *W EXP 01/01/202 15135U117   369,588 39,402 SH   SOLE   39,402 0 0
CGI INC CL A SUB VTG 12532H104   16,042,493 160,720 SH   OTR 1 153,823 6,897 0
CHUBB LTD COM H1467J104   1,176,855 3,897 SH   SOLE   3,897 0 0
COLGATE PALMOLIVE CO COM 194162103   1,370,925 14,631 SH   SOLE   14,631 0 0
ENBRIDGE INC COM 29250N105   30,752,885 694,942 SH   OTR 1 665,195 29,747 0
EQUINOX GOLD CORP COM 29446Y502   3,916,852 570,000 SH   SOLE   570,000 0 0
GREENBRIER COMPANIES INC COM 393657101   2,909,245 56,799 SH   SOLE   56,799 0 0
HENRY SCHEIN INC. COM 806407102   2,840,691 41,476 SH   SOLE   41,476 0 0
HUDBAY MINERALS INC COM 443628102   18,379,352 2,424,596 SH   OTR 1 2,324,024 100,572 0
ING GROEP NV - ADR SPONSORED ADR 456837103   1,375,375 70,208 SH   SOLE   70,208 0 0
JPMORGAN CHASE & CO COM 46625H100   922,328 3,760 SH   SOLE   3,760 0 0
MANULIFE FINANCIAL CORP COM 56501R106   21,657,687 695,153 SH   OTR 1 666,035 29,118 0
MICROSOFT CORP COM 594918104   678,705 1,808 SH   SOLE   1,808 0 0
NIKE INC CL B 654106103   25,392 400 SH   SOLE   400 0 0
NUTRIEN LTD COM 67077M108   20,184,885 406,762 SH   OTR 1 389,311 17,451 0
OSHKOSH CORP. COM 688239201   3,502,316 37,227 SH   SOLE   37,227 0 0
RESTAURANT BRANDS INTERNATIONAL INC. COM 76131D103   10,785,142 161,810 SH   OTR 1 155,052 6,758 0
ROYAL BANK OF CANADA COM 780087102   23,233,274 206,282 SH   OTR 1 197,870 8,412 0
SOUTH BOW CORPORATION COM 83671M105   9,271 363 SH   SOLE   363 0 0
TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD - ADR SPONSORED ADR 874039100   698,860 4,210 SH   SOLE   4,210 0 0
TC ENERGY CORP COM 87807B107   85,750 1,816 SH   SOLE   1,816 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   737,443 1,482 SH   SOLE   1,482 0 0
WABTEC CORP COM 929740108   540,060 2,978 SH   SOLE   2,978 0 0
WEST FRASER TIMBER CO LTD COM 952845105   11,713,900 152,530 SH   OTR 1 145,991 6,539 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102   1,186,579 10,484 SH   SOLE   10,484 0 0