# EDGAR Filing Document

**Accession Number:** 0001123778
**File Stem:** 0001123778-25-000003
**Filing Date:** 2025-7
**Character Count:** 24335
**Document Hash:** 13175a70136530433329b818700f7a6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123778-25-000003.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001123778-25-000003

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**EFFECTIVENESS DATE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JARISLOWSKY, FRASER Ltd
- **CENTRAL INDEX KEY:** 0001123778

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06075
- **FILM NUMBER:** 251124009

**BUSINESS ADDRESS:**
- **STREET 1:** 1010 SHERBROOKE STREET WEST
- **STREET 2:** 20TH FLOOR
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2R7
- **BUSINESS PHONE:** 5148422727

**MAIL ADDRESS:**
- **STREET 1:** 1010 SHERBROOKE STREET WEST
- **STREET 2:** 20TH FLOOR
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2R7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jarislowsky, Fraser Ltd
- **DATE OF NAME CHANGE:** 20130812

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JARISLOWSKY , FRASER Ltd
- **DATE OF NAME CHANGE:** 20090415

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JARISLOWSKY FRASER LTD
- **DATE OF NAME CHANGE:** 20000925

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** JARISLOWSKY FRASER Ltd<br>**Address:** 1010 SHERBROOKE STREET WEST<br>20TH FLOOR<br>MONTREAL, A8 H3A 2R7

**Form 13F File Number:** 028-06075

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kevin Brown<br>**Title:** Vice-President Asset Management Compliance<br>**Phone:** 416-933-1870

**Signature, Place, and Date of Signing:**

Kevin Brown  Toronto, A6  07-15-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 1

**Form 13F Information Table Entry Total:** 188

**Form 13F Information Table Value Total:** $17504646625

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

| No.   | Name                | Form 13F File Number   |
|:---|:---|:---|
|  | BANK OF NOVA SCOTIA | 028-11475              |

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M Company | Common Stock | 88579Y101 |  | 548064 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| Abbott Laboratories | Common Stock | 002824100 |  | 298654702 | 2195829 | SH |  | SOLE |  | 2195829 | 0 | 0 |
| Abbvie Inc | Common Stock | 00287Y109 |  | 16479900 | 88783 | SH |  | SOLE |  | 88783 | 0 | 0 |
| Accenture Plc | Common Stock | G1151C101 |  | 165294240 | 553027 | SH |  | SOLE |  | 553027 | 0 | 0 |
| Adobe Inc. | Common Stock | 00724F101 |  | 334651 | 865 | SH |  | SOLE |  | 865 | 0 | 0 |
| Advanced Micro Devices | Common Stock | 007903107 |  | 219661 | 1548 | SH |  | SOLE |  | 1548 | 0 | 0 |
| Aflac Incorporated | Common Stock | 001055102 |  | 1223336 | 11600 | SH |  | SOLE |  | 11600 | 0 | 0 |
| Agnico Eagle Mines Limited | Common Stock | 008474108 |  | 567869 | 4776 | SH |  | SOLE |  | 4776 | 0 | 0 |
| Alcon Inc. | Common Stock | H01301128 |  | 20705367 | 234542 | SH |  | SOLE |  | 234542 | 0 | 0 |
| Allstate Corporation | Common Stock | 020002101 |  | 2240781 | 11131 | SH |  | SOLE |  | 11131 | 0 | 0 |
| Alphabet Inc - A | Common Stock | 02079K305 |  | 214204392 | 1215482 | SH |  | SOLE |  | 1215482 | 0 | 0 |
| Alphabet Inc - C | Common Stock | 02079K107 |  | 202969283 | 1144198 | SH |  | SOLE |  | 1144198 | 0 | 0 |
| Altria Group Inc. | Common Stock | 02209S103 |  | 545259 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| Amazon.Com Inc | Common Stock | 023135106 |  | 441298816 | 2011481 | SH |  | SOLE |  | 2011481 | 0 | 0 |
| Ambev SA ADR | ADR | 02319V103 |  | 171594 | 71201 | SH |  | SOLE |  | 71201 | 0 | 0 |
| American Financial Group Inc/OH | Common Stock | 025932104 |  | 47122522 | 373366 | SH |  | SOLE |  | 373366 | 0 | 0 |
| AMETEK Inc | Common Stock | 031100100 |  | 112993957 | 624414 | SH |  | SOLE |  | 624414 | 0 | 0 |
| Apple Inc. | Common Stock | 037833100 |  | 10748445 | 52388 | SH |  | SOLE |  | 52388 | 0 | 0 |
| ASML Holding NV-NY Reg Shs | NY Reg Shrs | N07059210 |  | 50122136 | 62544 | SH |  | SOLE |  | 62544 | 0 | 0 |
| Astrazeneca PLC | ADR | 046353108 |  | 1206268 | 17262 | SH |  | SOLE |  | 17262 | 0 | 0 |
| ATS Corp | Common Stock | 00217Y104 |  | 12069625 | 379208 | SH |  | SOLE |  | 379208 | 0 | 0 |
| Autodesk Inc | Common Stock | 052769106 |  | 105882536 | 342031 | SH |  | SOLE |  | 342031 | 0 | 0 |
| Automatic Data Processing Inc. | Common Stock | 053015103 |  | 19019644 | 61672 | SH |  | SOLE |  | 61672 | 0 | 0 |
| Axos Financial Inc | Common Stock | 05465C100 |  | 29401626 | 386660 | SH |  | SOLE |  | 386660 | 0 | 0 |
| Bank of Montreal | Common Stock | 063671101 |  | 707842442 | 6400179 | SH |  | SOLE |  | 6400179 | 0 | 0 |
| Bank of Nova Scotia | Common Stock | 064149107 |  | 75237594 | 1363367 | SH |  | SOLE |  | 1363367 | 0 | 0 |
| Bank OZK | Common Stock | 06417N103 |  | 84811484 | 1802199 | SH |  | SOLE |  | 1802199 | 0 | 0 |
| Barrick Mining Corp | Common Stock | 06849F108 |  | 685008 | 32902 | SH |  | SOLE |  | 32902 | 0 | 0 |
| BCE Inc. | Common Stock | 05534B760 |  | 3920821 | 177151 | SH |  | SOLE |  | 177151 | 0 | 0 |
| Becton Dickinson and Company | Common Stock | 075887109 |  | 162225566 | 941803 | SH |  | SOLE |  | 941803 | 0 | 0 |
| Berkshire Hathaway Inc - A | Common Stock | 084670108 |  | 1457600 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| Berkshire Hathaway Inc - B | Common Stock | 084670702 |  | 110626345 | 227734 | SH |  | SOLE |  | 227734 | 0 | 0 |
| Booking Holdings Inc | Common Stock | 09857L108 |  | 9899600 | 1710 | SH |  | SOLE |  | 1710 | 0 | 0 |
| Boston Scientific Corporation | Common Stock | 101137107 |  | 243710389 | 2268973 | SH |  | SOLE |  | 2268973 | 0 | 0 |
| Broadcom Inc | Common Stock | 11135F101 |  | 116989719 | 424414 | SH |  | SOLE |  | 424414 | 0 | 0 |
| Brookfield Corp | Common Stock | 11271J107 |  | 957783183 | 15506528 | SH |  | SOLE |  | 15506528 | 0 | 0 |
| Brown-Forman Corp - A | Common Stock | 115637100 |  | 362604 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| Brown-Forman Corp - B | Common Stock | 115637209 |  | 365141 | 13569 | SH |  | SOLE |  | 13569 | 0 | 0 |
| Brp Inc. / ca Sub Voting | Common Stock | 05577W200 |  | 3326266 | 68664 | SH |  | SOLE |  | 68664 | 0 | 0 |
| Cadence Design Systems Inc | Common Stock | 127387108 |  | 94326872 | 306107 | SH |  | SOLE |  | 306107 | 0 | 0 |
| CAE Inc. | Common Stock | 124765108 |  | 636124627 | 21748736 | SH |  | SOLE |  | 21748736 | 0 | 0 |
| Canadian Imperial Bank of Commerce | Common Stock | 136069101 |  | 3251728 | 45903 | SH |  | SOLE |  | 45903 | 0 | 0 |
| Canadian National Railway Company | Common Stock | 136375102 |  | 961016928 | 9241703 | SH |  | SOLE |  | 9241703 | 0 | 0 |
| Canadian Natural Resources | Common Stock | 136385101 |  | 1569563 | 50039 | SH |  | SOLE |  | 50039 | 0 | 0 |
| Canadian Pacific Kansas City Ltd | Common Stock | 13646K108 |  | 4926887 | 62144 | SH |  | SOLE |  | 62144 | 0 | 0 |
| Cardinal Health Inc. | Common Stock | 14149Y108 |  | 336000 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Caterpillar Inc. | Common Stock | 149123101 |  | 273688 | 705 | SH |  | SOLE |  | 705 | 0 | 0 |
| CDW Corp/DE | Common Stock | 12514G108 |  | 348071 | 1949 | SH |  | SOLE |  | 1949 | 0 | 0 |
| Cenovus Energy Inc. | Common Stock | 15135U109 |  | 222685 | 16398 | SH |  | SOLE |  | 16398 | 0 | 0 |
| CGI Inc. | Common Stock | 12532H104 |  | 442104399 | 4218244 | SH |  | SOLE |  | 4218244 | 0 | 0 |
| Chevron Corporation | Common Stock | 166764100 |  | 4667278 | 32595 | SH |  | SOLE |  | 32595 | 0 | 0 |
| Chubb Limited | Common Stock | H1467J104 |  | 83113714 | 286876 | SH |  | SOLE |  | 286876 | 0 | 0 |
| Cintas Corporation | Common Stock | 172908105 |  | 713184 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| CME Group Inc. | Common Stock | 12572Q105 |  | 49338460 | 179009 | SH |  | SOLE |  | 179009 | 0 | 0 |
| Coca-Cola Company | Common Stock | 191216100 |  | 4226463 | 59738 | SH |  | SOLE |  | 59738 | 0 | 0 |
| Colgate-Palmolive Company | Common Stock | 194162103 |  | 40732471 | 448102 | SH |  | SOLE |  | 448102 | 0 | 0 |
| Colliers International Group Inc | Common Stock | 194693107 |  | 330725822 | 2532836 | SH |  | SOLE |  | 2532836 | 0 | 0 |
| Comcast Corp - A | Common Stock | 20030N101 |  | 6985817 | 195736 | SH |  | SOLE |  | 195736 | 0 | 0 |
| Copart Inc | Common Stock | 217204106 |  | 156764615 | 3194714 | SH |  | SOLE |  | 3194714 | 0 | 0 |
| Costco Wholesale Corporation | Common Stock | 22160K105 |  | 46149022 | 46618 | SH |  | SOLE |  | 46618 | 0 | 0 |
| Credicorp Ltd ADR | Common Stock | G2519Y108 |  | 10424972 | 46640 | SH |  | SOLE |  | 46640 | 0 | 0 |
| Credit Acceptance Corp. | Common Stock | 225310101 |  | 35904116 | 70479 | SH |  | SOLE |  | 70479 | 0 | 0 |
| CVS Health Corporation | Common Stock | 126650100 |  | 2626758 | 38080 | SH |  | SOLE |  | 38080 | 0 | 0 |
| CyberArk Software Ltd ADR | Common Stock | M2682V108 |  | 62384469 | 153324 | SH |  | SOLE |  | 153324 | 0 | 0 |
| Danaher Corporation | Common Stock | 235851102 |  | 111820677 | 566066 | SH |  | SOLE |  | 566066 | 0 | 0 |
| Descartes Systems Group Inc | Common Stock | 249906108 |  | 264073642 | 2604847 | SH |  | SOLE |  | 2604847 | 0 | 0 |
| Diageo Plc ADR | ADR | 25243Q205 |  | 60847864 | 603410 | SH |  | SOLE |  | 603410 | 0 | 0 |
| Dominion Energy | Common Stock | 25746U109 |  | 245070 | 4336 | SH |  | SOLE |  | 4336 | 0 | 0 |
| Duke Energy Corporation | Common Stock | 26441C204 |  | 2877194 | 24383 | SH |  | SOLE |  | 24383 | 0 | 0 |
| Eli Lilly  Company | Common Stock | 532457108 |  | 16017002 | 20547 | SH |  | SOLE |  | 20547 | 0 | 0 |
| Emerson Electric Co. | Common Stock | 291011104 |  | 6061181 | 45460 | SH |  | SOLE |  | 45460 | 0 | 0 |
| Enbridge Inc | Common Stock | 29250N105 |  | 77879651 | 1720893 | SH |  | SOLE |  | 1720893 | 0 | 0 |
| EOG Resources Inc. | Common Stock | 26875P101 |  | 1856945 | 15525 | SH |  | SOLE |  | 15525 | 0 | 0 |
| Exxon Mobil Corporation | Common Stock | 30231G102 |  | 15547670 | 144227 | SH |  | SOLE |  | 144227 | 0 | 0 |
| Fastenal Co | Common Stock | 311900104 |  | 205632 | 4896 | SH |  | SOLE |  | 4896 | 0 | 0 |
| Fiserv Inc. | Common Stock | 337738108 |  | 238427857 | 1382912 | SH |  | SOLE |  | 1382912 | 0 | 0 |
| Fomento Econ.Mexicano SAB de CV ADR | ADR | 344419106 |  | 5813838 | 56456 | SH |  | SOLE |  | 56456 | 0 | 0 |
| Fortis Inc. | Common Stock | 349553107 |  | 624468 | 13105 | SH |  | SOLE |  | 13105 | 0 | 0 |
| Franco Nevada Corporation | Common Stock | 351858105 |  | 458283414 | 2797010 | SH |  | SOLE |  | 2797010 | 0 | 0 |
| Gildan Activewear Inc. | Common Stock | 375916103 |  | 364499823 | 7412206 | SH |  | SOLE |  | 7412206 | 0 | 0 |
| Guidewire Software Inc | Common Stock | 40171V100 |  | 104829874 | 445232 | SH |  | SOLE |  | 445232 | 0 | 0 |
| Haleon PLC | Common Stock | 405552100 |  | 7571157 | 730102 | SH |  | SOLE |  | 730102 | 0 | 0 |
| HDFC Bank Ltd ADR | ADR | 40415F101 |  | 139190398 | 1815448 | SH |  | SOLE |  | 1815448 | 0 | 0 |
| Hilton Worldwide Holdings Inc. | Common Stock | 43300A203 |  | 384861 | 1445 | SH |  | SOLE |  | 1445 | 0 | 0 |
| Home Depot Inc. | Common Stock | 437076102 |  | 1186080 | 3235 | SH |  | SOLE |  | 3235 | 0 | 0 |
| Honeywell International Inc. | Common Stock | 438516106 |  | 223099 | 958 | SH |  | SOLE |  | 958 | 0 | 0 |
| Illinois Tool Works Inc. | Common Stock | 452308109 |  | 262579 | 1062 | SH |  | SOLE |  | 1062 | 0 | 0 |
| Imperial Oil Limited | Common Stock | 453038408 |  | 2136406 | 26947 | SH |  | SOLE |  | 26947 | 0 | 0 |
| Infosys Ltd ADR | ADR | 456788108 |  | 5762255 | 310969 | SH |  | SOLE |  | 310969 | 0 | 0 |
| ING Groep N.V. ADR | ADR | 456837103 |  | 1670364 | 76377 | SH |  | SOLE |  | 76377 | 0 | 0 |
| Interactive Brokers Group Inc | Common Stock | 45841N107 |  | 233647402 | 4216701 | SH |  | SOLE |  | 4216701 | 0 | 0 |
| Intercontinental Hotels-ADR | ADR | 45857P806 |  | 852247 | 7389 | SH |  | SOLE |  | 7389 | 0 | 0 |
| International Flavors  Fragrances | Common Stock | 459506101 |  | 1397450 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| IQVIA Holdings Inc | Common Stock | 46266C105 |  | 124972494 | 793023 | SH |  | SOLE |  | 793023 | 0 | 0 |
| iShares 1-5 Year Investment Grade Corporate Bond ETF | ETF | 464288646 |  | 6802610 | 128935 | PRN |  | SOLE |  | 128935 | 0 | 0 |
| iShares 5-10 Year Inv. Grade Corp. Bond ETF | ETP | 464288638 |  | 2956262 | 55475 | PRN |  | SOLE |  | 55475 | 0 | 0 |
| iShares Barclays 1-3 Yr Trsry Bond ETF | ETF | 464287457 |  | 2061639 | 24881 | PRN |  | SOLE |  | 24881 | 0 | 0 |
| iShares Core 1-5 Year USD Bond ETF | ETP | 46432F859 |  | 1563756 | 32143 | PRN |  | SOLE |  | 32143 | 0 | 0 |
| iShares MSCI EAFE Index Fund | ETP | 464287465 |  | 1251460 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| iShares MSCI Emerging Market | ETP | 464287234 |  | 402369 | 8341 | SH |  | SOLE |  | 8341 | 0 | 0 |
| iShares S 500 ETF | ETP | 464287200 |  | 346462 | 558 | SH |  | SOLE |  | 558 | 0 | 0 |
| iShares US Technology ETF | ETP | 464287721 |  | 499883 | 2885 | SH |  | SOLE |  | 2885 | 0 | 0 |
| JD.com Inc ADR | ADR | 47215P106 |  | 2454723 | 75206 | SH |  | SOLE |  | 75206 | 0 | 0 |
| Johnson  Johnson | Common Stock | 478160104 |  | 72227226 | 472846 | SH |  | SOLE |  | 472846 | 0 | 0 |
| JPMorgan Chase  Co. | Common Stock | 46625H100 |  | 268479852 | 926080 | SH |  | SOLE |  | 926080 | 0 | 0 |
| Kimberly-Clark Corporation | Common Stock | 494368103 |  | 2508783 | 19460 | SH |  | SOLE |  | 19460 | 0 | 0 |
| LCI Industries | Common Stock | 50189K103 |  | 21816569 | 239243 | SH |  | SOLE |  | 239243 | 0 | 0 |
| Linde PLC | Common Stock | G54950103 |  | 1694678 | 3612 | SH |  | SOLE |  | 3612 | 0 | 0 |
| Lowe's Companies Inc. | Common Stock | 548661107 |  | 683359 | 3080 | SH |  | SOLE |  | 3080 | 0 | 0 |
| M Bank Corporation | Common Stock | 55261F104 |  | 418048 | 2155 | SH |  | SOLE |  | 2155 | 0 | 0 |
| Magna International Inc - A(Short) | Common Stock | 559222401 |  | 659302 | 17090 | SH |  | SOLE |  | 17090 | 0 | 0 |
| Manulife Financial Corporation | Common Stock | 56501R106 |  | 107884334 | 3380967 | SH |  | SOLE |  | 3380967 | 0 | 0 |
| Marsh  McLennan Companies Inc. | Common Stock | 571748102 |  | 507900 | 2323 | SH |  | SOLE |  | 2323 | 0 | 0 |
| Mastercard Inc - A | Common Stock | 57636Q104 |  | 316231173 | 562749 | SH |  | SOLE |  | 562749 | 0 | 0 |
| McDonald's Corporation | Common Stock | 580135101 |  | 4097684 | 14025 | SH |  | SOLE |  | 14025 | 0 | 0 |
| Medtronic Inc. Plc | Common Stock | G5960L103 |  | 611671 | 7017 | SH |  | SOLE |  | 7017 | 0 | 0 |
| MercadoLibre Inc | Common Stock | 58733R102 |  | 16065983 | 6147 | SH |  | SOLE |  | 6147 | 0 | 0 |
| Merck  Co. Inc. | Common Stock | 58933Y105 |  | 2703314 | 34150 | SH |  | SOLE |  | 34150 | 0 | 0 |
| Meta Platforms Inc | Common Stock | 30303M102 |  | 127649713 | 172946 | SH |  | SOLE |  | 172946 | 0 | 0 |
| MetLife Inc. | Common Stock | 59156R108 |  | 1108187 | 13780 | SH |  | SOLE |  | 13780 | 0 | 0 |
| Microsoft Corporation | Common Stock | 594918104 |  | 695157335 | 1397554 | SH |  | SOLE |  | 1397554 | 0 | 0 |
| Mondelez International Inc. | Common Stock | 609207105 |  | 96098290 | 1424945 | SH |  | SOLE |  | 1424945 | 0 | 0 |
| Monster Beverage Corp | Common Stock | 61174X109 |  | 68260060 | 1089720 | SH |  | SOLE |  | 1089720 | 0 | 0 |
| National Grid Plc ADR | ADR | 636274409 |  | 2780776 | 37371 | SH |  | SOLE |  | 37371 | 0 | 0 |
| NIKE Inc | Common Stock | 654106103 |  | 2903760 | 40875 | SH |  | SOLE |  | 40875 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 |  | 6467621 | 53447 | SH |  | SOLE |  | 53447 | 0 | 0 |
| Novo Nordisk A/S Sponsored ADR | ADR | 670100205 |  | 4958396 | 71840 | SH |  | SOLE |  | 71840 | 0 | 0 |
| NU Holdings Ltd/Cayman Islands | Common Stock | G6683N103 |  | 8907572 | 649240 | SH |  | SOLE |  | 649240 | 0 | 0 |
| Nutrien Ltd | Common Stock | 67077M108 |  | 10675357 | 183571 | SH |  | SOLE |  | 183571 | 0 | 0 |
| NVIDIA Corporation | Common Stock | 67066G104 |  | 1150167 | 7280 | SH |  | SOLE |  | 7280 | 0 | 0 |
| Open Text Corporation | Common Stock | 683715106 |  | 613334771 | 21032718 | SH |  | SOLE |  | 21032718 | 0 | 0 |
| Oracle Corporation | Common Stock | 68389X105 |  | 311990038 | 1427023 | SH |  | SOLE |  | 1427023 | 0 | 0 |
| Pembina Pipeline Corporation | Common Stock | 706327103 |  | 16556564 | 441843 | SH |  | SOLE |  | 441843 | 0 | 0 |
| PepsiCo Inc. | Common Stock | 713448108 |  | 171668901 | 1300128 | SH |  | SOLE |  | 1300128 | 0 | 0 |
| Pfizer Inc. | Common Stock | 717081103 |  | 3450321 | 142340 | SH |  | SOLE |  | 142340 | 0 | 0 |
| Philip Morris International Inc. | Common Stock | 718172109 |  | 1047247 | 5750 | SH |  | SOLE |  | 5750 | 0 | 0 |
| Procter  Gamble Company | Common Stock | 742718109 |  | 67220613 | 421922 | SH |  | SOLE |  | 421922 | 0 | 0 |
| Progressive Corp/The | Common Stock | 743315103 |  | 24594351 | 92162 | SH |  | SOLE |  | 92162 | 0 | 0 |
| Public Service Enterprises Group | Common Stock | 744573106 |  | 41673898 | 495057 | SH |  | SOLE |  | 495057 | 0 | 0 |
| Relx Plc ADR | ADR | 759530108 |  | 62446278 | 1149177 | SH |  | SOLE |  | 1149177 | 0 | 0 |
| Restaurant Brands International Inc. | Common Stock | 76131D103 |  | 225830896 | 3411337 | SH |  | SOLE |  | 3411337 | 0 | 0 |
| Rogers Communications Inc - B | Common Stock | 775109200 |  | 467215 | 15784 | SH |  | SOLE |  | 15784 | 0 | 0 |
| Ross Stores Inc. | Common Stock | 778296103 |  | 277358 | 2174 | SH |  | SOLE |  | 2174 | 0 | 0 |
| Royal Bank of Canada | Common Stock | 780087102 |  | 260860149 | 1983304 | SH |  | SOLE |  | 1983304 | 0 | 0 |
| SAP AG ADR | ADR | 803054204 |  | 43967082 | 144581 | SH |  | SOLE |  | 144581 | 0 | 0 |
| Sea Ltd | ADR | 81141R100 |  | 14311431 | 89480 | SH |  | SOLE |  | 89480 | 0 | 0 |
| ServisFirst Bancshares Inc | Common Stock | 81768T108 |  | 23732166 | 306182 | SH |  | SOLE |  | 306182 | 0 | 0 |
| Shell PLC - ADR | ADR | 780259305 |  | 1099804 | 15620 | SH |  | SOLE |  | 15620 | 0 | 0 |
| Shopify Inc. Class - A | Common Stock | 82509L107 |  | 585076829 | 5082979 | SH |  | SOLE |  | 5082979 | 0 | 0 |
| SiteOne Landscape Supply Inc | Common Stock | 82982L103 |  | 50923842 | 421067 | SH |  | SOLE |  | 421067 | 0 | 0 |
| Smith  Nephew Plc ADR | ADR | 83175M205 |  | 637869 | 20825 | SH |  | SOLE |  | 20825 | 0 | 0 |
| Sony Corp. ADR | ADR | 835699307 |  | 475750 | 18277 | SH |  | SOLE |  | 18277 | 0 | 0 |
| SPDR Gold Trust | ETP | 78463V107 |  | 1010816 | 3316 | SH |  | SOLE |  | 3316 | 0 | 0 |
| SPDR S 500 ETF Trust | ETP | 78462F103 |  | 31385544 | 50798 | SH |  | SOLE |  | 50798 | 0 | 0 |
| Stantec Inc | Common Stock | 85472N109 |  | 539044286 | 4964066 | SH |  | SOLE |  | 4964066 | 0 | 0 |
| Sun Life Financial Inc. | Common Stock | 866796105 |  | 3901310 | 58750 | SH |  | SOLE |  | 58750 | 0 | 0 |
| Suncor Energy Inc. | Common Stock | 867224107 |  | 4122744 | 110282 | SH |  | SOLE |  | 110282 | 0 | 0 |
| Taiwan Semiconductor Manufactng ADR | ADR | 874039100 |  | 167763181 | 740709 | SH |  | SOLE |  | 740709 | 0 | 0 |
| TC Energy Corp. | Common Stock | 87807B107 |  | 547838095 | 11244354 | SH |  | SOLE |  | 11244354 | 0 | 0 |
| Teck Resources Limited - B | Common Stock | 878742204 |  | 285016 | 7062 | SH |  | SOLE |  | 7062 | 0 | 0 |
| TELUS Corp | Common Stock | 87971M103 |  | 10494602 | 654773 | SH |  | SOLE |  | 654773 | 0 | 0 |
| Texas Instruments Incorporated | Common Stock | 882508104 |  | 479602 | 2310 | SH |  | SOLE |  | 2310 | 0 | 0 |
| TFI International Inc. | Common Stock | 87241L109 |  | 295994865 | 3304033 | SH |  | SOLE |  | 3304033 | 0 | 0 |
| The Sherwin-Williams Company | Common Stock | 824348106 |  | 122354619 | 356345 | SH |  | SOLE |  | 356345 | 0 | 0 |
| Thomson Reuters Corp | Common Stock | 884903808 |  | 604230773 | 3010760 | SH |  | SOLE |  | 3010760 | 0 | 0 |
| TJX Companies Inc. | Common Stock | 872540109 |  | 110412902 | 894104 | SH |  | SOLE |  | 894104 | 0 | 0 |
| Toronto-Dominion Bank | Common Stock | 891160509 |  | 880595647 | 11996531 | SH |  | SOLE |  | 11996531 | 0 | 0 |
| TotalEnergies SE - ADR | ADR | 89151E109 |  | 3060291 | 49850 | SH |  | SOLE |  | 49850 | 0 | 0 |
| Trane Technologies plc | Common Stock | G8994E103 |  | 262446 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| Travelers Companies Inc. | Common Stock | 89417E109 |  | 278241 | 1040 | SH |  | SOLE |  | 1040 | 0 | 0 |
| Trip.com Group Ltd - ADR | Common Stock | 89677Q107 |  | 10034652 | 171123 | SH |  | SOLE |  | 171123 | 0 | 0 |
| Triple Flag Precious Metals Corp | Common Stock | 89679M104 |  | 12452723 | 526223 | SH |  | SOLE |  | 526223 | 0 | 0 |
| Unilever Plc ADR | ADR | 904767704 |  | 40147216 | 656322 | SH |  | SOLE |  | 656322 | 0 | 0 |
| Union Pacific Corporation | Common Stock | 907818108 |  | 230770 | 1003 | SH |  | SOLE |  | 1003 | 0 | 0 |
| UnitedHealth Group Incorporated | Common Stock | 91324P102 |  | 208862043 | 669494 | SH |  | SOLE |  | 669494 | 0 | 0 |
| US Bancorp | Common Stock | 902973304 |  | 504628 | 11152 | SH |  | SOLE |  | 11152 | 0 | 0 |
| Valero Energy Corporation | Common Stock | 91913Y100 |  | 267764 | 1992 | SH |  | SOLE |  | 1992 | 0 | 0 |
| Verisk Analytics Inc - A | Common Stock | 92345Y106 |  | 30538837 | 98038 | SH |  | SOLE |  | 98038 | 0 | 0 |
| Visa Inc - A | Common Stock | 92826C839 |  | 2124619 | 5984 | SH |  | SOLE |  | 5984 | 0 | 0 |
| Wal-Mart Stores Inc. | Common Stock | 931142103 |  | 1356013 | 13868 | SH |  | SOLE |  | 13868 | 0 | 0 |
| Waste Connections Inc. | Common Stock | 94106B101 |  | 499252 | 2678 | SH |  | SOLE |  | 2678 | 0 | 0 |
| Wells Fargo  Company | Common Stock | 949746101 |  | 921380 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| West Fraser Timber Co. Ltd. | Common Stock | 952845105 |  | 262731 | 3590 | SH |  | SOLE |  | 3590 | 0 | 0 |
| Xcel Energy Inc. | Common Stock | 98389B100 |  | 2383500 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| XP Inc | Common Stock | G98239109 |  | 6568171 | 325157 | SH |  | SOLE |  | 325157 | 0 | 0 |
| Yum China Holdings Inc | Common Stock | 98850P109 |  | 5647498 | 126314 | SH |  | SOLE |  | 126314 | 0 | 0 |
| Zimmer Biomet Holdings Inc | Common Stock | 98956P102 |  | 934902 | 10250 | SH |  | SOLE |  | 10250 | 0 | 0 |
| Zoetis Inc. | Common Stock | 98978V103 |  | 13009660 | 83422 | SH |  | SOLE |  | 83422 | 0 | 0 |

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