# EDGAR Filing Document

**Accession Number:** 0001361974
**File Stem:** 0001361974-26-000005
**Filing Date:** 2026-2
**Character Count:** 20733
**Document Hash:** 7a412c7067d02ce055ac57a12193f3c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001361974-26-000005.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001361974-26-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Beutel, Goodman & Co Ltd.
- **CENTRAL INDEX KEY:** 0001361974

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11939
- **FILM NUMBER:** 26630277

**BUSINESS ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8
- **BUSINESS PHONE:** 416-485-1010

**MAIL ADDRESS:**
- **STREET 1:** 20 EGLINTON AVENUE WEST
- **STREET 2:** SUITE 2000
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4R 1K8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Beutel, Goodman & CO Ltd.
- **DATE OF NAME CHANGE:** 20060505

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Beutel Goodman  Co Ltd.<br>**Address:** 20 EGLINTON AVENUE WEST<br>SUITE 2000<br>TORONTO, A6 M4R 1K8

**Form 13F File Number:** 028-11939

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:** Michal Pomotov<br>**Title:** CCO  General Counsel<br>**Phone:** 416-480-6461

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

Michal Pomotov  Toronto, Z4  02-13-2026<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:** 0

**Form 13F Information Table Entry Total:** 174

**Form 13F Information Table Value Total:** $16278315

      (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.]

**NONE**

### 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 | 88579Y101 |  | 3220 | 20115 | SH |  | SOLE |  | 20115 | 0 | 0 |
| Abbott Lab | Common | 002824100 |  | 3270 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| Accenture PLC Ireland | Shs Class A | G1151C101 |  | 4164 | 15520 | SH |  | SOLE |  | 15520 | 0 | 0 |
| Agnico-Eagle Mines Ltd. | Common | 008474108 |  | 6849 | 40337 | SH |  | SOLE |  | 40337 | 0 | 0 |
| Alamos Gold | Class A | 011532108 |  | 79592 | 2058525 | SH |  | SOLE |  | 1974343 | 0 | 84182 |
| Algonquin Power  Utilities | Common | 015857105 |  | 1613 | 262070 | SH |  | SOLE |  | 262070 | 0 | 0 |
| Alphabet | Class C | 02079K107 |  | 2970 | 9465 | SH |  | SOLE |  | 16158 | 0 | 0 |
| Alphabet Inc. Cl A | Cap STK Cl A | 02079K305 |  | 5057 | 16158 | SH |  | SOLE |  | 9465 | 0 | 0 |
| Altria Group | Common | 02209S103 |  | 1037 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| Amazon | Common | 023135106 |  | 99 | 431 | SH |  | SOLE |  | 431 | 0 | 0 |
| Amdocs Ltd | Ordinary | G02602103 |  | 381162 | 4734354 | SH |  | SOLE |  | 4460508 | 0 | 274528 |
| American Express Co | Common | 025816109 |  | 283062 | 765136 | SH |  | SOLE |  | 733659 | 0 | 31597 |
| Ameriprise Financial | Common | 03076C106 |  | 355545 | 725099 | SH |  | SOLE |  | 691617 | 0 | 33608 |
| Amgen Inc | Common | 031162100 |  | 387028 | 1182453 | SH |  | SOLE |  | 1134388 | 0 | 48248 |
| Apple | Common | 037833100 |  | 12310 | 45283 | SH |  | SOLE |  | 45283 | 0 | 0 |
| Applied Materials | Common | 038222105 |  | 180256 | 701414 | SH |  | SOLE |  | 672911 | 0 | 28610 |
| ATS Corp | Common | 00217Y104 |  | 161008 | 5837138 | SH |  | SOLE |  | 5727207 | 0 | 109931 |
| Bank of America Corp. | Common | 060505104 |  | 27 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Bank of Montreal | Common | 063671101 |  | 648983 | 4990717 | SH |  | SOLE |  | 4918569 | 0 | 72148 |
| Bank of Nova Scotia | Common | 064149107 |  | 17986 | 243554 | SH |  | SOLE |  | 243554 | 0 | 0 |
| BCE | Com New | 05534B760 |  | 186 | 7808 | SH |  | SOLE |  | 7808 | 0 | 0 |
| Berkshire Hathaway Inc. Cl. B | Cl B New | 084670702 |  | 130 | 260 | SH |  | SOLE |  | 260 | 0 | 0 |
| BHP Group | Spons ADS | 088606108 |  | 18 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| BlackRock | Common | 09290D101 |  | 158546 | 148127 | SH |  | SOLE |  | 142328 | 0 | 5820 |
| Boyd Group Services | Common | 103310108 |  | 250643 | 1571469 | SH |  | SOLE |  | 1487041 | 0 | 84428 |
| Brookfield Asset Management | Class A Ltd Vtg | 113004105 |  | 101596 | 1936911 | SH |  | SOLE |  | 1906522 | 0 | 30389 |
| Brookfield Business Partners | Unit LTD LP | G16234109 |  | 20716 | 584663 | SH |  | SOLE |  | 584663 | 0 | 0 |
| Brookfield Business Partners | Cl A Exc Sub Vtg | 11259V106 |  | 11824 | 330454 | SH |  | SOLE |  | 295895 | 0 | 34559 |
| Brookfield Corporation | Cl A Ltd Vt Sh | 11271J107 |  | 197740 | 4301067 | SH |  | SOLE |  | 4233169 | 0 | 67898 |
| Brookfield Infrastructure Corporation-NEW | Com Sub Vtg A | 11276H106 |  | 48 | 1074 | SH |  | SOLE |  | 1074 | 0 | 0 |
| Brookfield Infrastructure Partners L.P. | LP INT UNIT | G16252101 |  | 520 | 14977 | SH |  | SOLE |  | 14977 | 0 | 0 |
| Brookfield Renewable | Cl A Ex Sub Vtg | 11285B108 |  | 575 | 14973 | SH |  | SOLE |  | 14973 | 0 | 0 |
| Brookfield Renewable Partners | Partnership Unit | G16258108 |  | 9454 | 349407 | SH |  | SOLE |  | 349407 | 0 | 0 |
| Brookfield Wealth Solutions Ltd. | Cl A Exchangeab | G17434104 |  | 4 | 106 | SH |  | SOLE |  | 106 | 0 | 0 |
| CAE Inc | Common | 124765108 |  | 203403 | 6679818 | SH |  | SOLE |  | 6347088 | 0 | 332730 |
| Canadian Imperial Bk | Common | 136069101 |  | 18137 | 199807 | SH |  | SOLE |  | 199807 | 0 | 0 |
| Canadian Natural Resources Ltd. | Common | 136385101 |  | 218242 | 6434851 | SH |  | SOLE |  | 6339650 | 0 | 95201 |
| Canadian Pacific Kansas City | Common | 13646K108 |  | 327155 | 4437890 | SH |  | SOLE |  | 4370730 | 0 | 67160 |
| Carlyle Group | Common | 14316J108 |  | 143940 | 2435137 | SH |  | SOLE |  | 2325327 | 0 | 110230 |
| Cdn Natl Railway | Common | 136375102 |  | 260409 | 2629511 | SH |  | SOLE |  | 2504591 | 0 | 124920 |
| Cencora | Common | 03073E105 |  | 67454 | 199716 | SH |  | SOLE |  | 192613 | 0 | 7131 |
| Cenovus Energy | Common | 15135U109 |  | 2356 | 139111 | SH |  | SOLE |  | 139111 | 0 | 0 |
| CGI Group | Cl A Sub Vtg | 12532H104 |  | 370864 | 4009805 | SH |  | SOLE |  | 3830183 | 0 | 179622 |
| Chevron Corporation | Common | 166764100 |  | 364 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| Chubb Limited | Common | H1467J104 |  | 462317 | 1481216 | SH |  | SOLE |  | 1387113 | 0 | 94331 |
| Cisco Systems | Common | 17275R102 |  | 7940 | 103085 | SH |  | SOLE |  | 103085 | 0 | 0 |
| Citigroup | Com New | 172967424 |  | 17 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| Colgate Palmolive | Common | 194162103 |  | 110 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| Colliers Intl | Sub Vtg | 194693107 |  | 235716 | 1601611 | SH |  | SOLE |  | 1513385 | 0 | 88226 |
| Comcast Corp | Common | 20030N101 |  | 313203 | 10478547 | SH |  | SOLE |  | 9783993 | 0 | 696147 |
| Consolidated Edison | Common | 209115104 |  | 9 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Consumer Staples Select Sector SPDR | SBI CONS STPLS | 81369Y308 |  | 0 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| Corning Inc. | Common | 219350105 |  | 1002 | 11450 | SH |  | SOLE |  | 11450 | 0 | 0 |
| CostCo Wholesale | Common | 22160K105 |  | 2668 | 3094 | SH |  | SOLE |  | 3094 | 0 | 0 |
| Cummins Inc | Common | 231021106 |  | 175412 | 343643 | SH |  | SOLE |  | 327801 | 0 | 15903 |
| CVS Health | Common | 126650100 |  | 868 | 10940 | SH |  | SOLE |  | 10940 | 0 | 0 |
| Deere  Co. | Common | 244199105 |  | 23 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| Denison Mines Corp | Common | 248356107 |  | 10056 | 3787059 | SH |  | SOLE |  | 3623506 | 0 | 163553 |
| Diageo PLC | Spons ADR New | 25243Q205 |  | 2776 | 32180 | SH |  | SOLE |  | 32180 | 0 | 0 |
| Docebo | Common | 25609L105 |  | 34853 | 1566943 | SH |  | SOLE |  | 1501346 | 0 | 65597 |
| Duke Energy Holding Corp. | Com New | 26441C204 |  | 11 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Eaton Corporation PLC | SHS | G29183103 |  | 2867 | 9003 | SH |  | SOLE |  | 9003 | 0 | 0 |
| Ebay Inc | Common | 278642103 |  | 393462 | 4517362 | SH |  | SOLE |  | 4330092 | 0 | 187980 |
| Ecolab Inc. | Common | 278865100 |  | 52 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Edison International | Common | 281020107 |  | 45 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| Elevance Health | Common | 036752103 |  | 286713 | 817896 | SH |  | SOLE |  | 767253 | 0 | 50768 |
| Emera | Common | 290876101 |  | 14231 | 288413 | SH |  | SOLE |  | 288413 | 0 | 0 |
| Emerson Electric | Common | 291011104 |  | 893 | 6730 | SH |  | SOLE |  | 6730 | 0 | 0 |
| Enbridge Inc. | Common | 29250N105 |  | 3117 | 65066 | SH |  | SOLE |  | 65066 | 0 | 0 |
| Enerflex Ltd. | Common | 29269R105 |  | 1 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Eupraxia Pharmaceuticals | Common | 29842P105 |  | 27926 | 3709373 | SH |  | SOLE |  | 3559507 | 0 | 149866 |
| Exxon Mobil Corp. | Common | 30231G102 |  | 168 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| Flowserve Corp | Common | 34354P105 |  | 187538 | 2703070 | SH |  | SOLE |  | 2579461 | 0 | 123980 |
| Fortis Inc | Common | 349553107 |  | 224867 | 4319468 | SH |  | SOLE |  | 4259823 | 0 | 59645 |
| Franco Nevada Corp | Common | 351858105 |  | 192504 | 927474 | SH |  | SOLE |  | 914428 | 0 | 13046 |
| Gen Digital | Common | 668771108 |  | 354321 | 13031328 | SH |  | SOLE |  | 12458039 | 0 | 575230 |
| GFL Environmental | Sub Vtg Shs | 36168Q104 |  | 308493 | 7172103 | SH |  | SOLE |  | 7059258 | 0 | 112845 |
| Global X Cloud Computing ETF | ETF | 37954Y442 |  | 6 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| GSK PLC | Spons ADR | 37733W204 |  | 702 | 14320 | SH |  | SOLE |  | 14320 | 0 | 0 |
| Harley Davidson Inc | Common | 412822108 |  | 130674 | 6377492 | SH |  | SOLE |  | 6081642 | 0 | 296952 |
| Health Care Select Sector SPDR | SBI HEALTHCARE | 81369Y209 |  | 439 | 2842 | SH |  | SOLE |  | 2842 | 0 | 0 |
| Home Depot | Common | 437076102 |  | 62 | 181 | SH |  | SOLE |  | 181 | 0 | 0 |
| Honeywell Intl. | Common | 438516106 |  | 4734 | 24270 | SH |  | SOLE |  | 24270 | 0 | 0 |
| IBM Corp. | Common | 459200101 |  | 62 | 210 | SH |  | SOLE |  | 210 | 0 | 0 |
| Imperial Oil | Com New | 453038408 |  | 2937 | 33960 | SH |  | SOLE |  | 33960 | 0 | 0 |
| Invesco Aerospace  Defense ETF | ETF | 46137V100 |  | 7 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| Invesco QQQ Trust | Unit Ser 1 | 46090E103 |  | 187 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| Invesco S 500 Equal Weight Energy ETF | ETF | 46137V365 |  | 13 | 175 | SH |  | SOLE |  | 175 | 0 | 0 |
| iShares Biotechnology ETF | ETF | 464287556 |  | 7 | 45 | SH |  | SOLE |  | 45 | 0 | 0 |
| iShares Core S 500 ETF | CORE S ETF | 464287200 |  | 749 | 1094 | SH |  | SOLE |  | 1094 | 0 | 0 |
| iShares MBS ETF | MBS ETF | 464288588 |  | 25 | 270 | SH |  | SOLE |  | 270 | 0 | 0 |
| iShares MSCI EAFE ETF | ETF | 464287465 |  | 3805 | 39652 | SH |  | SOLE |  | 39652 | 0 | 0 |
| iShares Select Dividend ETF | ETF | 464287168 |  | 27 | 195 | SH |  | SOLE |  | 195 | 0 | 0 |
| iShares US Healthcare ETF | ETF | 464287762 |  | 29 | 460 | SH |  | SOLE |  | 460 | 0 | 0 |
| Johnson  Johnson | Common | 478160104 |  | 8579 | 41456 | SH |  | SOLE |  | 41456 | 0 | 0 |
| Johnson Controls International | SHS | G51502105 |  | 8372 | 69915 | SH |  | SOLE |  | 69915 | 0 | 0 |
| JPMorgan Chase  Co. | Common | 46625H100 |  | 10351 | 32125 | SH |  | SOLE |  | 32125 | 0 | 0 |
| Kimberly Clark Corp | Common | 494368103 |  | 327254 | 3243674 | SH |  | SOLE |  | 3021807 | 0 | 222382 |
| KKR  CO Inc. | Common | 48251W104 |  | 15 | 125 | SH |  | SOLE |  | 125 | 0 | 0 |
| Magna Intl Inc | Common | 559222401 |  | 42 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Magnum Ice Cream Company | Ord Shs | N5505D105 |  | 4555 | 287388 | SH |  | SOLE |  | 287388 | 0 | 0 |
| Manulife Fincl Corp | Common | 56501R106 |  | 400847 | 11024527 | SH |  | SOLE |  | 10863368 | 0 | 161159 |
| Masco | Common | 574599106 |  | 210102 | 3310790 | SH |  | SOLE |  | 3065347 | 0 | 245988 |
| MasterCard Incorporated | CL A | 57636Q104 |  | 4 | 8 | SH |  | SOLE |  | 8 | 0 | 0 |
| McDonald's Corp. | Common | 580135101 |  | 38 | 125 | SH |  | SOLE |  | 125 | 0 | 0 |
| Medtronic PLC | Common | G5960L103 |  | 454518 | 4731611 | SH |  | SOLE |  | 4439675 | 0 | 292627 |
| Merck Co Inc | Common | 58933Y105 |  | 427607 | 4062393 | SH |  | SOLE |  | 3781848 | 0 | 281215 |
| Meta Platforms | CL A | 30303M102 |  | 3 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| Methanex Corp. | Common | 59151K108 |  | 3 | 95 | SH |  | SOLE |  | 95 | 0 | 0 |
| Microsoft | Common | 594918104 |  | 15175 | 31378 | SH |  | SOLE |  | 31378 | 0 | 0 |
| Mondelez Int'l Inc. 'A' | CL A | 609207105 |  | 1357 | 25225 | SH |  | SOLE |  | 25225 | 0 | 0 |
| Morgan Stanley | Com New | 617446448 |  | 88 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| NeoGenomics Inc. | Com New | 64049M209 |  | 0 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| NetApp | Common | 64110D104 |  | 358906 | 3351445 | SH |  | SOLE |  | 3142819 | 0 | 209142 |
| NETFLIX Inc. | Common | 64110L106 |  | 15 | 170 | SH |  | SOLE |  | 170 | 0 | 0 |
| Newmont Mining Corp. | Common | 651639106 |  | 412 | 4131 | SH |  | SOLE |  | 4131 | 0 | 0 |
| Novartis | Sponsored ADR | 66987V109 |  | 2571 | 18655 | SH |  | SOLE |  | 18655 | 0 | 0 |
| Novo Nordisk ADR | ADR | 670100205 |  | 3053 | 60013 | SH |  | SOLE |  | 60013 | 0 | 0 |
| Nutrien | Common | 67077M108 |  | 370669 | 5997348 | SH |  | SOLE |  | 5909919 | 0 | 87429 |
| Omnicom Group | Common | 681919106 |  | 454149 | 5624143 | SH |  | SOLE |  | 5379349 | 0 | 245704 |
| Oneok Inc. | Common | 682680103 |  | 7 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Open Text Corp | Common | 683715106 |  | 181565 | 5567797 | SH |  | SOLE |  | 5485653 | 0 | 82144 |
| Pembina Pipeline Corp. | Common | 706327103 |  | 9105 | 238706 | SH |  | SOLE |  | 238706 | 0 | 0 |
| PepsiCo Inc | Common | 713448108 |  | 3552 | 24750 | SH |  | SOLE |  | 24750 | 0 | 0 |
| Pfizer Inc. | Common | 717081103 |  | 27 | 1100 | SH |  | SOLE |  | 1100 | 0 | 0 |
| PNC Financial Services Group | Common | 693475105 |  | 20 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| PPG Industries | Common | 693506107 |  | 401758 | 3921122 | SH |  | SOLE |  | 3667818 | 0 | 253883 |
| Procter  Gamble | Common | 742718109 |  | 1976 | 13795 | SH |  | SOLE |  | 13795 | 0 | 0 |
| Qualcomm | Common | 747525103 |  | 325085 | 1900527 | SH |  | SOLE |  | 1796603 | 0 | 104200 |
| RB Global | Common | 74935Q107 |  | 280149 | 2717540 | SH |  | SOLE |  | 2676475 | 0 | 41065 |
| Restaurant Brands International | Class B Non VTG | 76131D103 |  | 379082 | 5548020 | SH |  | SOLE |  | 5338323 | 0 | 209697 |
| Rogers Communications | Common | 775109200 |  | 392126 | 10374584 | SH |  | SOLE |  | 9945485 | 0 | 429099 |
| Royal Bank Cda | ADR (2 ORD) | 780087102 |  | 668085 | 3913751 | SH |  | SOLE |  | 3807570 | 0 | 106181 |
| SAP SE ADR | Spons ADR | 803054204 |  | 182 | 750 | SH |  | SOLE |  | 750 | 0 | 0 |
| SEI Investments | Common | 784117103 |  | 154396 | 1882427 | SH |  | SOLE |  | 1795791 | 0 | 86955 |
| Sherwin Williams Co. | Common | 824348106 |  | 162 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Smith  Nephew | Common | 83175M205 |  | 1363 | 41545 | SH |  | SOLE |  | 41545 | 0 | 0 |
| Solstice Advanced Materials | Com Shs | 83443Q103 |  | 282 | 5821 | SH |  | SOLE |  | 5821 | 0 | 0 |
| Solventum Corp | Com Shs | 83444M101 |  | 2 | 36 | SH |  | SOLE |  | 36 | 0 | 0 |
| Somnigroup International | Common | 88023U101 |  | 503 | 5635 | SH |  | SOLE |  | 5635 | 0 | 0 |
| South Bow Corp. | Common | 83671M105 |  | 0 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| SPDR Portfolio S 500 Growth | ETF | 78464A409 |  | 26972 | 252467 | SH |  | SOLE |  | 252467 | 0 | 0 |
| SPDR S 500 ETF Trust | ETF | 78462F103 |  | 122 | 180 | SH |  | SOLE |  | 180 | 0 | 0 |
| Sprott Physical Gold T/U | UNIT | 85207H104 |  | 1303 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| Sprott Physical Silver T/U | TR UNIT | 85207K107 |  | 2188 | 92500 | SH |  | SOLE |  | 92500 | 0 | 0 |
| Starbucks Corp | Common | 855244109 |  | 5 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| Sun Life Fncl Inc | Common | 866796105 |  | 198353 | 3173364 | SH |  | SOLE |  | 3129449 | 0 | 43915 |
| Suncor Energy | Common | 867224107 |  | 197988 | 4454906 | SH |  | SOLE |  | 4391016 | 0 | 63890 |
| Taiwan Semiconductor Manufacturing | Spons ADS | 874039100 |  | 7162 | 23570 | SH |  | SOLE |  | 23570 | 0 | 0 |
| TC Energy | Common | 87807B107 |  | 333362 | 6045999 | SH |  | SOLE |  | 5960179 | 0 | 85820 |
| TE Connectivity Ltd. | Ord Shs | G87052109 |  | 5 | 25 | SH |  | SOLE |  | 25 | 0 | 0 |
| TELUS | Common | 87971M103 |  | 2655 | 201221 | SH |  | SOLE |  | 201221 | 0 | 0 |
| Tesla Motors Inc. | Common | 88160R101 |  | 101 | 225 | SH |  | SOLE |  | 225 | 0 | 0 |
| TFI International | Common | 87241L109 |  | 15 | 145 | SH |  | SOLE |  | 145 | 0 | 0 |
| The Campbells Company | Common | 134429109 |  | 174679 | 6267644 | SH |  | SOLE |  | 5977190 | 0 | 291538 |
| Thermo Fisher Scientific Inc. | Common | 883556102 |  | 1680 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| Thomson Reuters Corp-NEW | Common | 884903808 |  | 8025 | 60738 | SH |  | SOLE |  | 60738 | 0 | 0 |
| TJX companies | Common | 872540109 |  | 153 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| Toronto Dominion Bk | Common | 891160509 |  | 756174 | 8012730 | SH |  | SOLE |  | 7787134 | 0 | 225596 |
| Triple Flag Precious Metals | Common | 89679M104 |  | 40289 | 1210840 | SH |  | SOLE |  | 1159239 | 0 | 51601 |
| UBER Technologies Inc. | Common | 90353T100 |  | 15 | 190 | SH |  | SOLE |  | 190 | 0 | 0 |
| Unilever plc | Spon ADR New | 904767704 |  | 477 | 7298 | SH |  | SOLE |  | 7298 | 0 | 0 |
| Union Pacific Corp. | Common | 907818108 |  | 410 | 1775 | SH |  | SOLE |  | 1775 | 0 | 0 |
| United Health Group Inc. | Common | 91324P102 |  | 5 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| Verizon Communications | Common | 92343V104 |  | 1864 | 45770 | SH |  | SOLE |  | 45770 | 0 | 0 |
| Visa Inc | COM CL A | 92826C839 |  | 50 | 145 | SH |  | SOLE |  | 145 | 0 | 0 |
| Wabash National Corp. | Common | 929566107 |  | 6 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| WABTEC CORP | Common | 929740108 |  | 372026 | 1742919 | SH |  | SOLE |  | 1662334 | 0 | 80890 |
| Wal-Mart Stores | Common | 931142103 |  | 2052 | 18423 | SH |  | SOLE |  | 18423 | 0 | 0 |
| Walt Disney | Common | 254687106 |  | 1827 | 16060 | SH |  | SOLE |  | 16060 | 0 | 0 |
| Waste Management Inc | Common | 94106L109 |  | 175 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Wells Fargo | Common | 949746101 |  | 1408 | 15115 | SH |  | SOLE |  | 15115 | 0 | 0 |
| Western Copper  Gold Corp. | Common | 95805V108 |  | 39 | 14790 | SH |  | SOLE |  | 14790 | 0 | 0 |
| Wheaton Precious Metals Corp. | Common | 962879102 |  | 412 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |

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