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 14,707,953 80,335 SH SOLE 80,335 0 0
ALPHABET INC CAP STK CL A 02079K305 10,666,480 31,000 SH SOLE 31,000 0 0
AMERCIAN ELEC PWR CO INC COM 025537101 15,458,792 130,300 SH SOLE 130,300 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 14,419,103 55,875 SH SOLE 55,875 0 0
CAE INC COM 124765108 11,371,122 472,850 SH SOLE 472,850 0 0
CANADIAN NAT RES LTD MED TER COM 136385101 13,058,968 277,725 SH SOLE 277,725 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 9,843,136 115,600 SH SOLE 115,600 0 0
DENISON MINES CORP COM 248356107 259,238 100,000 SH SOLE 100,000 0 0
ENBRIDGE INC. COM 29250N105 943,407 20,300 SH SOLE 20,300 0 0
EXXON MOBIL HOLDINGS CORP COM SHS 30233Q108 419,081 2,575 SH SOLE 2,575 0 0
FIFTH THIRD BANCORP COM 316773100 495,684 9,800 SH SOLE 9,800 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106 60,000 20,000 SH SOLE 20,000 0 0
HUDBAY MINERALS INC COM 443628102 4,048,561 151,500 SH SOLE 151,500 0 0
KIMBERLY-CLARK CORP COM 494368103 10,164,385 104,325 SH SOLE 104,325 0 0
MANULIFE FINL CORP COM 56501R106 16,550,837 388,500 SH SOLE 388,500 0 0
MASTERCARD INCORPORATED CL A 57636Q104 206,801 375 SH SOLE 375 0 0
MICROSOFT CORP COM 594918104 14,266,314 27,815 SH SOLE 27,815 0 0
NEWMONT CORP COM 651639106 568,050 4,925 SH SOLE 4,925 0 0
ONEOK INC NEW COM 30609A109 707,741 8,300 SH SOLE 8,300 0 0
ROYAL BK CDA COM 780087102 14,651,911 74,500 SH SOLE 74,500 0 0
SOUTH BOW CORP COM 83671M105 11,082,184 334,625 SH SOLE 334,625 0 0
TC ENERGY CORP COM 87807B107 16,767,123 289,675 SH SOLE 289,675 0 0
TECK RESOURCES LTD CL B 878742204 10,382,741 157,725 SH SOLE 157,725 0 0
TELUS CORPORATION COM 87971M103 20,914,599 2,491,200 SH SOLE 2,491,200 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 445,533 660 SH SOLE 660 0 0
THOMSON REUTERS CORP COM 884903881 18,372,408 188,843 SH SOLE 188,843 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 22,438,607 190,875 SH SOLE 190,875 0 0
UNION PAC CORP COM 907818108 265,327 975 SH SOLE 975 0 0
VERISK ANALYTICS INC COM 92345Y106 10,956,409 65,275 SH SOLE 65,275 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 21,767,609 474,550 SH SOLE 474,550 0 0
ZOETIS INC CL A 98978V103 14,103,914 201,975 SH SOLE 201,975 0 0