# EDGAR Filing Document

**Accession Number:** 0001884799
**File Stem:** 0001062993-26-002742
**Filing Date:** 2026-5
**Character Count:** 23149
**Document Hash:** 17bce8a32ee8210548841bbb5ec2f79d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-002742.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001062993-26-002742

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260518

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Partners Inc.
- **CENTRAL INDEX KEY:** 0001884799

**ORGANIZATION NAME:**
- **EIN:** 890187354
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21632
- **FILM NUMBER:** 26990416

**BUSINESS ADDRESS:**
- **STREET 1:** COMMERCE COURT WEST
- **STREET 2:** 199 BAY STREET, SUITE 2700, PO BOX 201
- **CITY:** TORONTO
- **STATE:** Z4
- **ZIP:** M5L 1E8
- **BUSINESS PHONE:** 4168408001

**MAIL ADDRESS:**
- **STREET 1:** COMMERCE COURT WEST
- **STREET 2:** 199 BAY STREET, SUITE 2700, PO BOX 201
- **CITY:** TORONTO
- **STATE:** Z4
- **ZIP:** M5L 1E8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** Guardian Partners Inc.<br>**Address:** COMMERCE COURT WEST<br>199 BAY STREET SUITE 2700 PO BOX 201<br>TORONTO, Z4 M5L 1E8

**Form 13F File Number:** 028-21632

**CRD Number (if applicable):** 000105078

**SEC File Number (if applicable):** 801-56081

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:** Christina Forster Pazienza<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-350-8119

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

/s/ Christina Forster Pazienza  Toronto, Z4  05-15-2026<br>[Signature]  [City, State]  [Date]

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

[ ] **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).)

[x] **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:** 192

**Form 13F Information Table Value Total:** $1199824267

      (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   |   CRD Number | SEC File Number   |
|---:|:---|:---|---:|:---|
|     1 | GUARDIAN CAPITAL LP                  | 028-14316              |    000105078 | 801-56081         |
|     2 | Pembroke Management LTD              | 028-15085              |    000155405 | 801-72181         |
|     3 | Hardman Johnston Global Advisors LLC | 028-05210              |    000112500 | 801-23854         |
|     4 | Night Owl Capital Management LLC     | 028-12639              |    000106030 | 801-45362         |
|     5 | Mawer Investment Management Ltd.     | 028-14623              |    000159100 | 801-74336         |

### 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 CO | COM | 88579Y101 |  | 298019 | 2051 | SH |  | SOLE |  | 2051 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 429993 | 1977 | SH |  | SOLE |  | 1977 | 0 | 0 |
| ABCELLERA BIOLOGICS INC | COM | 00288U106 |  | 6253184 | 1786415 | SH |  | SOLE |  | 1786415 | 0 | 0 |
| ABIVAX SA | SPONSORED ADS | 00370M103 |  | 300645 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| AFLAC INC | COM | 001055102 |  | 7984560 | 72588 | SH |  | SOLE |  | 72588 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 12877315 | 63453 | SH |  | SOLE |  | 63453 | 0 | 0 |
| ALGONQUIN POWER  UTILITIES | COM | 015857105 |  | 594675 | 97097 | SH |  | SOLE |  | 97097 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1325677 | 10536 | SH |  | SOLE |  | 10536 | 0 | 0 |
| ALMONTY INDS INC | COM NEW | 020398707 |  | 434400 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3278829 | 11401 | SH |  | SOLE |  | 11401 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 16442957 | 57036 | SH |  | SOLE |  | 57036 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 940670 | 14251 | SH |  | SOLE |  | 14251 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 4819643 | 23088 | SH |  | SOLE |  | 23088 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 5515135 | 41959 | SH |  | SOLE |  | 41959 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 7998978 | 26369 | SH |  | SOLE |  | 26369 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 445947 | 5701 | SH |  | SOLE |  | 5701 | 0 | 0 |
| AMPHENOL CORP | CL A | 032095101 |  | 220006 | 1741 | SH |  | SOLE |  | 1741 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 24772759 | 97376 | SH |  | SOLE |  | 97376 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 5154311 | 15038 | SH |  | SOLE |  | 15038 | 0 | 0 |
| ARES MANAGEMENT CORPORATION | CL A COM STK | 03990B101 |  | 205872 | 1887 | SH |  | SOLE |  | 1887 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 227612 | 7841 | SH |  | SOLE |  | 7841 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 1043880 | 5127 | SH |  | SOLE |  | 5127 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 741213 | 15165 | SH |  | SOLE |  | 15165 | 0 | 0 |
| BANK MONTREAL MEDIUM | COM | 063671101 |  | 49854985 | 368162 | SH |  | SOLE |  | 368162 | 0 | 0 |
| BANK NOVA SCOTIA B C | COM | 064149107 |  | 43859085 | 632459 | SH |  | SOLE |  | 632459 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 401099 | 9821 | SH |  | SOLE |  | 9821 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 4056754 | 155891 | SH |  | SOLE |  | 155891 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 2516222 | 5239 | SH |  | SOLE |  | 5239 | 0 | 0 |
| BHP BILLITON LIMITED | SPONSORED ADS | 088606108 |  | 8907563 | 122177 | SH |  | SOLE |  | 122177 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 569033 | 591 | SH |  | SOLE |  | 591 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 643941 | 3226 | SH |  | SOLE |  | 3226 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2016652 | 478 | SH |  | SOLE |  | 478 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 3080519 | 9928 | SH |  | SOLE |  | 9928 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 15185162 | 341610 | SH |  | SOLE |  | 341610 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A SUB VTG SH | 113006100 |  | 238256 | 7550 | SH |  | SOLE |  | 7550 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 20700592 | 508806 | SH |  | SOLE |  | 508806 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A  EX SUB VTG | 11285B108 |  | 1309659 | 23623 | SH |  | SOLE |  | 23623 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 3550791 | 32751 | SH |  | SOLE |  | 32751 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 35719214 | 376970 | SH |  | SOLE |  | 376970 | 0 | 0 |
| CANADIAN NAT RES LTD MED TER | COM | 136385101 |  | 26847088 | 550552 | SH |  | SOLE |  | 550552 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 25715097 | 249906 | SH |  | SOLE |  | 249906 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 1608298 | 20442 | SH |  | SOLE |  | 20442 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 338263 | 1851 | SH |  | SOLE |  | 1851 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 |  | 230139 | 816 | SH |  | SOLE |  | 816 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 3759917 | 142162 | SH |  | SOLE |  | 142162 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 1076264 | 14726 | SH |  | SOLE |  | 14726 | 0 | 0 |
| CHEVRON CORPORATION | COM | 166764100 |  | 14668001 | 70702 | SH |  | SOLE |  | 70702 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 286230 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 536706 | 6906 | SH |  | SOLE |  | 6906 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 5894886 | 19910 | SH |  | SOLE |  | 19910 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 636733 | 7461 | SH |  | SOLE |  | 7461 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 532461 | 4032 | SH |  | SOLE |  | 4032 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 2142050 | 15721 | SH |  | SOLE |  | 15721 | 0 | 0 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 |  | 10350734 | 10360 | SH |  | SOLE |  | 10360 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1449217 | 3701 | SH |  | SOLE |  | 3701 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 852225 | 1584 | SH |  | SOLE |  | 1584 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 321652 | 4476 | SH |  | SOLE |  | 4476 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 2969679 | 15620 | SH |  | SOLE |  | 15620 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 386983 | 1974 | SH |  | SOLE |  | 1974 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 340266 | 1716 | SH |  | SOLE |  | 1716 | 0 | 0 |
| DIREXION SHARES ETF TRUST | DAILY S 500 BE | 25460E190 |  | 203094 | 5001 | SH |  | SOLE |  | 5001 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 3188469 | 32991 | SH |  | SOLE |  | 32991 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 16328435 | 124370 | SH |  | SOLE |  | 124370 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 868709 | 2960 | SH |  | SOLE |  | 2960 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 3353566 | 3638 | SH |  | SOLE |  | 3638 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 9665135 | 186438 | SH |  | SOLE |  | 186438 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 17458184 | 132889 | SH |  | SOLE |  | 132889 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 44826248 | 823668 | SH |  | SOLE |  | 823668 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 233777 | 12751 | SH |  | SOLE |  | 12751 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NAT GAS ETF | 33733E807 |  | 16240092 | 511001 | SH |  | SOLE |  | 511001 | 0 | 0 |
| FORTIS INC | COM | 349553107 |  | 17164107 | 307724 | SH |  | SOLE |  | 307724 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 416365 | 1682 | SH |  | SOLE |  | 1682 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 1304533 | 22135 | SH |  | SOLE |  | 22135 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 1341271 | 1532 | SH |  | SOLE |  | 1532 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2749274 | 3241 | SH |  | SOLE |  | 3241 | 0 | 0 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 203586 | 1501 | SH |  | SOLE |  | 1501 | 0 | 0 |
| HECLA MINING COMPANY | COM | 422704106 |  | 353970 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 810384 | 2462 | SH |  | SOLE |  | 2462 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 2407185 | 19472 | SH |  | SOLE |  | 19472 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 20265761 | 154756 | SH |  | SOLE |  | 154756 | 0 | 0 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 18615187 | 712635 | SH |  | SOLE |  | 712635 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 2354044 | 5429 | SH |  | SOLE |  | 5429 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 9288688 | 117400 | SH |  | SOLE |  | 117400 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 275299 | 476 | SH |  | SOLE |  | 476 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 1322400 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| ISHARES INC | MSCI WORLD ETF | 464286392 |  | 553424 | 293 | SH |  | SOLE |  | 293 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 2111450 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| ISHARES INC | MSCI GBL GOLD MN | 46434G855 |  | 3317160 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 209244 | 2311 | SH |  | SOLE |  | 2311 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 251804 | 2590 | SH |  | SOLE |  | 2590 | 0 | 0 |
| ISHARES TR | TIPS BD ETF | 464287176 |  | 362112 | 3301 | SH |  | SOLE |  | 3301 | 0 | 0 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 281628 | 4001 | SH |  | SOLE |  | 4001 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 464738 | 5833 | SH |  | SOLE |  | 5833 | 0 | 0 |
| ISHARES TR | IBOXX INV CP ETF | 464287242 |  | 671661 | 6157 | SH |  | SOLE |  | 6157 | 0 | 0 |
| ISHARES TR | ULTRA SHORT DUR | 46434V878 |  | 377752 | 7447 | SH |  | SOLE |  | 7447 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 830445 | 8353 | SH |  | SOLE |  | 8353 | 0 | 0 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 1478376 | 17889 | SH |  | SOLE |  | 17889 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 6142877 | 61026 | SH |  | SOLE |  | 61026 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 22882247 | 165370 | SH |  | SOLE |  | 165370 | 0 | 0 |
| ISHARES U S ETF TR | INT RT HDG C B | 46431W705 |  | 322133 | 3481 | SH |  | SOLE |  | 3481 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 23548331 | 96086 | SH |  | SOLE |  | 96086 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 28275150 | 95888 | SH |  | SOLE |  | 95888 | 0 | 0 |
| LAMAR ADVERTISING CO | CL A | 512816109 |  | 394293 | 3113 | SH |  | SOLE |  | 3113 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 11749468 | 210434 | SH |  | SOLE |  | 210434 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 6821480 | 196504 | SH |  | SOLE |  | 196504 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 231679 | 1401 | SH |  | SOLE |  | 1401 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 12352403 | 24658 | SH |  | SOLE |  | 24658 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 16928267 | 54320 | SH |  | SOLE |  | 54320 | 0 | 0 |
| MDA SPACE LTD | COM | 55293N109 |  | 2685443 | 106123 | SH |  | SOLE |  | 106123 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1554385 | 12884 | SH |  | SOLE |  | 12884 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 650963 | 1135 | SH |  | SOLE |  | 1135 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 26586115 | 71634 | SH |  | SOLE |  | 71634 | 0 | 0 |
| MITSUBISHI UFJ FINANCIAL GRO | SPONSORED ADS | 606822104 |  | 9498535 | 558229 | SH |  | SOLE |  | 558229 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 1021815 | 6209 | SH |  | SOLE |  | 6209 | 0 | 0 |
| MP MATERIALS CORP | COM CL A | 553368101 |  | 721166 | 14901 | SH |  | SOLE |  | 14901 | 0 | 0 |
| NASDAQ INC | COM | 631103108 |  | 2794499 | 32826 | SH |  | SOLE |  | 32826 | 0 | 0 |
| NATIONAL GRID PLC | SPONSORED ADR NE | 636274409 |  | 14521286 | 171170 | SH |  | SOLE |  | 171170 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 260011 | 2872 | SH |  | SOLE |  | 2872 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 1110387 | 96001 | SH |  | SOLE |  | 96001 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 5058896 | 95518 | SH |  | SOLE |  | 95518 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 1238983 | 8091 | SH |  | SOLE |  | 8091 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 2414055 | 65512 | SH |  | SOLE |  | 65512 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 26443646 | 350388 | SH |  | SOLE |  | 350388 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3653534 | 20889 | SH |  | SOLE |  | 20889 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 388506 | 9737 | SH |  | SOLE |  | 9737 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 664471 | 29827 | SH |  | SOLE |  | 29827 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 5573335 | 37782 | SH |  | SOLE |  | 37782 | 0 | 0 |
| PAMPA ENERGIA SA | SPONS ADR LVL I | 697660207 |  | 619500 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 224865 | 2441 | SH |  | SOLE |  | 2441 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 11957461 | 266886 | SH |  | SOLE |  | 266886 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 8895212 | 57130 | SH |  | SOLE |  | 57130 | 0 | 0 |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 |  | 1411206 | 68001 | SH |  | SOLE |  | 68001 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1906226 | 67721 | SH |  | SOLE |  | 67721 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1230443 | 7441 | SH |  | SOLE |  | 7441 | 0 | 0 |
| PLANET LABS PBC | COM CL A | 72703X106 |  | 1677000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| PRECISION DRILLING CORP | COM NEW | 74022D407 |  | 331870 | 3373 | SH |  | SOLE |  | 3373 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 689144 | 4768 | SH |  | SOLE |  | 4768 | 0 | 0 |
| PUBLIC SVC ENTERPRISE GROUP | COM | 744573106 |  | 392850 | 4853 | SH |  | SOLE |  | 4853 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3191992 | 24725 | SH |  | SOLE |  | 24725 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 |  | 702321 | 9493 | SH |  | SOLE |  | 9493 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 1304920 | 91301 | SH |  | SOLE |  | 91301 | 0 | 0 |
| ROCKET LAB CORP | COM | 773121108 |  | 1027520 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 14270391 | 371138 | SH |  | SOLE |  | 371138 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 552028 | 1557 | SH |  | SOLE |  | 1557 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 81441003 | 503889 | SH |  | SOLE |  | 503889 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 10996445 | 56852 | SH |  | SOLE |  | 56852 | 0 | 0 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 214712 | 2327 | SH |  | SOLE |  | 2327 | 0 | 0 |
| SANOFI SA | SPONSORED ADR | 80105N105 |  | 9859629 | 204086 | SH |  | SOLE |  | 204086 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 8628716 | 50264 | SH |  | SOLE |  | 50264 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 1026270 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 813184 | 7756 | SH |  | SOLE |  | 7756 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1730337 | 18601 | SH |  | SOLE |  | 18601 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1308695 | 11032 | SH |  | SOLE |  | 11032 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 365412 | 1959 | SH |  | SOLE |  | 1959 | 0 | 0 |
| SNAP ON INC | COM | 833034101 |  | 365036 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 574977 | 3801 | SH |  | SOLE |  | 3801 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 462964 | 13937 | SH |  | SOLE |  | 13937 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 206665 | 479 | SH |  | SOLE |  | 479 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 1046951 | 11395 | SH |  | SOLE |  | 11395 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 3021665 | 85261 | SH |  | SOLE |  | 85261 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 5135375 | 57160 | SH |  | SOLE |  | 57160 | 0 | 0 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 7852173 | 12040 | SH |  | SOLE |  | 12040 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 9162505 | 145822 | SH |  | SOLE |  | 145822 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 19434688 | 293897 | SH |  | SOLE |  | 293897 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 11798756 | 34838 | SH |  | SOLE |  | 34838 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 11651249 | 184625 | SH |  | SOLE |  | 184625 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 1525925 | 29501 | SH |  | SOLE |  | 29501 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 5101686 | 396789 | SH |  | SOLE |  | 396789 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 419839 | 1126 | SH |  | SOLE |  | 1126 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 9073714 | 46611 | SH |  | SOLE |  | 46611 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 1834824 | 19373 | SH |  | SOLE |  | 19373 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 65623564 | 702815 | SH |  | SOLE |  | 702815 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 947179 | 72056 | SH |  | SOLE |  | 72056 | 0 | 0 |
| TRANSFORCE INC | COM | 87241L109 |  | 4276678 | 39300 | SH |  | SOLE |  | 39300 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 1065582 | 3648 | SH |  | SOLE |  | 3648 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 1598471 | 22158 | SH |  | SOLE |  | 22158 | 0 | 0 |
| UGI CORP NEW | COM | 902681105 |  | 208723 | 5731 | SH |  | SOLE |  | 5731 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 2548020 | 44618 | SH |  | SOLE |  | 44618 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 813247 | 3350 | SH |  | SOLE |  | 3350 | 0 | 0 |
| UNITED PARCEL SVCS INC | CL B | 911312106 |  | 209589 | 2126 | SH |  | SOLE |  | 2126 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3591741 | 13243 | SH |  | SOLE |  | 13243 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 635500 | 1976 | SH |  | SOLE |  | 1976 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 1291017 | 6793 | SH |  | SOLE |  | 6793 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 658654 | 2173 | SH |  | SOLE |  | 2173 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 1500239 | 9951 | SH |  | SOLE |  | 9951 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 15116685 | 121299 | SH |  | SOLE |  | 121299 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 2506785 | 15432 | SH |  | SOLE |  | 15432 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 235415 | 789 | SH |  | SOLE |  | 789 | 0 | 0 |
| WATSCO INC | COM | 942622200 |  | 257563 | 708 | SH |  | SOLE |  | 708 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 4486595 | 56213 | SH |  | SOLE |  | 56213 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 1982432 | 15106 | SH |  | SOLE |  | 15106 | 0 | 0 |
| YUM CHINA HLDGS INC | COM | 98850P109 |  | 337632 | 6919 | SH |  | SOLE |  | 6919 | 0 | 0 |

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