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
Expires: July 31, 2015
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 14,407,915 92,910 SH SOLE 92,910 0 0
ALPHABET INC CAP STK CL A 02079K305 11,198,189 31,335 SH SOLE 31,335 0 0
AMERCIAN ELEC PWR CO INC COM 025537101 18,004,196 131,600 SH SOLE 131,600 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 12,647,576 56,475 SH SOLE 56,475 0 0
CAE INC COM 124765108 11,914,967 476,800 SH SOLE 476,800 0 0
CANADIAN NAT RES LTD MED TER COM 136385101 11,110,457 281,325 SH SOLE 281,325 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 10,126,245 117,025 SH SOLE 117,025 0 0
DENISON MINES CORP COM 248356107 306,122 100,000 SH SOLE 100,000 0 0
EXXON MOBIL CORP COM 30231G102 352,054 2,575 SH SOLE 2,575 0 0
FIFTH THIRD BANCORP COM 316773100 659,529 11,700 SH SOLE 11,700 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106 55,200 20,000 SH SOLE 20,000 0 0
HUDBAY MINERALS INC COM 443628102 3,282,055 139,250 SH SOLE 139,250 0 0
KIMBERLY-CLARK CORP COM 494368103 11,591,712 105,600 SH SOLE 105,600 0 0
MANULIFE FINL CORP COM 56501R106 18,490,988 456,800 SH SOLE 456,800 0 0
MICROSOFT CORP COM 594918104 10,496,783 28,140 SH SOLE 28,140 0 0
NEWMONT CORP COM 651639106 499,690 5,350 SH SOLE 5,350 0 0
ONEOK INC NEW COM 682680103 721,602 8,300 SH SOLE 8,300 0 0
ROYAL BK CDA COM 780087102 15,397,016 74,500 SH SOLE 74,500 0 0
SOUTH BOW CORP COM 83671M105 11,884,270 338,000 SH SOLE 338,000 0 0
TC ENERGY CORP COM 87807B107 19,380,501 293,225 SH SOLE 293,225 0 0
TECK RESOURCES LTD CL B 878742204 9,835,030 165,450 SH SOLE 165,450 0 0
TELUS CORPORATION COM 87971M103 15,476,073 1,466,100 SH SOLE 1,466,100 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 330,898 660 SH SOLE 660 0 0
THOMSON REUTERS CORP COM 884903881 15,550,153 190,743 SH SOLE 190,743 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 25,793,189 212,550 SH SOLE 212,550 0 0
VERISK ANALYTICS INC COM 92345Y106 11,718,821 65,275 SH SOLE 65,275 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 20,325,317 480,050 SH SOLE 480,050 0 0
ZOETIS INC CL A 98978V103 10,831,099 150,725 SH SOLE 150,725 0 0