# EDGAR Filing Document

**Accession Number:** 0001123778
**File Stem:** 0001123778-23-000001
**Filing Date:** 2023-2
**Character Count:** 25991
**Document Hash:** 8d707a8761dc52ecbac79ee9c73b7f73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123778-23-000001.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001123778-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**EFFECTIVENESS DATE**: 20230210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jarislowsky, Fraser Ltd
- **CENTRAL INDEX KEY:** 0001123778
- **IRS NUMBER:** 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:** 23609611

**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:** 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:** 12-31-2022

**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:** Maxime Menard<br>**Title:** President and CEO<br>**Phone:** 514-842-2727

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

(s) Maxime Menard  Montreal, A8  02-10-2023<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:** 206

**Form 13F Information Table Value Total:** $15284041

      (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 |  | 13128 | 109473 | SH |  | SOLE |  | 109073 | 400 | 0 |
| Abbott Laboratories | Common Stock | 002824100 |  | 250095 | 2277945 | SH |  | SOLE |  | 2031580 | 246365 | 0 |
| Abbvie Inc | Common Stock | 00287Y109 |  | 24352 | 150686 | SH |  | SOLE |  | 150686 | 0 | 0 |
| Abcam PLC - ADR | ADR | 000380204 |  | 63739 | 4096350 | SH |  | SOLE |  | 2653063 | 1443287 | 0 |
| Accenture Plc | Common Stock | G1151C101 |  | 1178 | 4415 | SH |  | SOLE |  | 4415 | 0 | 0 |
| Aflac Incorporated | Common Stock | 001055102 |  | 2186 | 30400 | SH |  | SOLE |  | 30400 | 0 | 0 |
| Air Products  Chemicals Inc. | Common Stock | 009158106 |  | 462 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Alarm.com Holdings Inc. | Common Stock | 011642105 |  | 22294 | 450582 | SH |  | SOLE |  | 425245 | 25337 | 0 |
| Alcon Inc. | Common Stock | H01301128 |  | 17991 | 262461 | SH |  | SOLE |  | 262461 | 0 | 0 |
| Alibaba Group Holding-SP ADR | ADR | 01609W102 |  | 795 | 9027 | SH |  | SOLE |  | 9027 | 0 | 0 |
| Alithya Group Inc. | Common Stock | 01643B106 |  | 3258 | 2175166 | SH |  | SOLE |  | 2175166 | 0 | 0 |
| Allstate Corporation | Common Stock | 020002101 |  | 4683 | 34537 | SH |  | SOLE |  | 34537 | 0 | 0 |
| Alphabet Inc - A | Common Stock | 02079K305 |  | 167995 | 1904058 | SH |  | SOLE |  | 1553728 | 350330 | 0 |
| Alphabet Inc - C | Common Stock | 02079K107 |  | 158983 | 1791762 | SH |  | SOLE |  | 1776130 | 15632 | 0 |
| Altria Group Inc. | Common Stock | 02209S103 |  | 4412 | 96525 | SH |  | SOLE |  | 96525 | 0 | 0 |
| Amazon.Com Inc | Common Stock | 023135106 |  | 233219 | 2776420 | SH |  | SOLE |  | 2344614 | 431806 | 0 |
| Ambev SA ADR | ADR | 02319V103 |  | 72 | 26513 | SH |  | SOLE |  | 26513 | 0 | 0 |
| American Financial Group Inc/OH | Common Stock | 025932104 |  | 46920 | 341788 | SH |  | SOLE |  | 323727 | 18061 | 0 |
| AMETEK Inc | Common Stock | 031100100 |  | 91559 | 655304 | SH |  | SOLE |  | 551470 | 103834 | 0 |
| Anheuser-Busch Inbev NV ADR | ADR | 03524A108 |  | 669 | 11145 | SH |  | SOLE |  | 11145 | 0 | 0 |
| Apple Inc. | Common Stock | 037833100 |  | 8706 | 67012 | SH |  | SOLE |  | 67012 | 0 | 0 |
| ASML Holding NV-NY Reg Shs | NY Reg Shrs | N07059210 |  | 16427 | 30065 | SH |  | SOLE |  | 30065 | 0 | 0 |
| Automatic Data Processing Inc. | Common Stock | 053015103 |  | 30570 | 127984 | SH |  | SOLE |  | 127984 | 0 | 0 |
| Axos Financial Inc | Common Stock | 05465C100 |  | 34034 | 890487 | SH |  | SOLE |  | 840096 | 50391 | 0 |
| Bank of America Corporation | Common Stock | 060505104 |  | 648 | 19593 | SH |  | SOLE |  | 19593 | 0 | 0 |
| Bank of Montreal | Common Stock | 063671101 |  | 24645 | 272247 | SH |  | SOLE |  | 272247 | 0 | 0 |
| Bank of New York Mellon Corp | Common Stock | 064058100 |  | 239 | 5264 | SH |  | SOLE |  | 5264 | 0 | 0 |
| Bank of Nova Scotia | Common Stock | 064149107 |  | 674453 | 13775260 | SH |  | SOLE |  | 10557359 | 3217901 | 0 |
| Bank OZK | Common Stock | 06417N103 |  | 79888 | 1994226 | SH |  | SOLE |  | 1548439 | 445787 | 0 |
| Baxter International Inc. | Common Stock | 071813109 |  | 2114 | 41479 | SH |  | SOLE |  | 41479 | 0 | 0 |
| BCE Inc. | Common Stock | 05534B760 |  | 10299 | 234585 | SH |  | SOLE |  | 233056 | 1529 | 0 |
| Becton Dickinson and Company | Common Stock | 075887109 |  | 211943 | 833439 | SH |  | SOLE |  | 726581 | 106858 | 0 |
| Berkshire Hathaway Inc - A | Common Stock | 084670108 |  | 468 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| Berkshire Hathaway Inc - B | Common Stock | 084670702 |  | 83731 | 271062 | SH |  | SOLE |  | 271012 | 50 | 0 |
| Berry Global Group Inc | Common Stock | 08579W103 |  | 36285 | 600455 | SH |  | SOLE |  | 567255 | 33200 | 0 |
| Booking Holdings Inc | Common Stock | 09857L108 |  | 97618 | 48439 | SH |  | SOLE |  | 39719 | 8720 | 0 |
| Boston Beer Co Inc/The | Common Stock | 100557107 |  | 14889 | 45185 | SH |  | SOLE |  | 42538 | 2647 | 0 |
| Boston Scientific Corporation | Common Stock | 101137107 |  | 179460 | 3878540 | SH |  | SOLE |  | 3309021 | 569519 | 0 |
| Bristol-Myers Squibb Company | Common Stock | 110122108 |  | 417 | 5805 | SH |  | SOLE |  | 5805 | 0 | 0 |
| Brookfield Asset Management Ltd | Common Stock | 113004105 |  | 140260 | 4901845 | SH |  | SOLE |  | 3547661 | 1354184 | 0 |
| Brookfield Corp | Common Stock | 11271J107 |  | 614866 | 19565784 | SH |  | SOLE |  | 14149013 | 5416771 | 0 |
| Brookfield Infrastructure Partners LP | Ltd Part | G16252101 |  | 565 | 18253 | SH |  | SOLE |  | 18253 | 0 | 0 |
| Brookfield Renewable Energy Partners | MLP | G16258108 |  | 360 | 14268 | SH |  | SOLE |  | 14268 | 0 | 0 |
| Brown-Forman Corp - A | Common Stock | 115637100 |  | 2859 | 43482 | SH |  | SOLE |  | 43482 | 0 | 0 |
| Brown-Forman Corp - B | Common Stock | 115637209 |  | 2800 | 42636 | SH |  | SOLE |  | 42636 | 0 | 0 |
| CAE Inc. | Common Stock | 124765108 |  | 282516 | 14616083 | SH |  | SOLE |  | 10114874 | 4501209 | 0 |
| Canadian Imperial Bank of Commerce | Common Stock | 136069101 |  | 1511 | 37402 | SH |  | SOLE |  | 37402 | 0 | 0 |
| Canadian National Railway Company | Common Stock | 136375102 |  | 1126058 | 9486125 | SH |  | SOLE |  | 6945066 | 2541059 | 0 |
| Canadian Natural Resources | Common Stock | 136385101 |  | 728 | 13120 | SH |  | SOLE |  | 13120 | 0 | 0 |
| Canadian Pacific Railway Limited | Common Stock | 13645T100 |  | 3685 | 49469 | SH |  | SOLE |  | 49469 | 0 | 0 |
| Cardinal Health Inc. | Common Stock | 14149Y108 |  | 226 | 2950 | SH |  | SOLE |  | 2950 | 0 | 0 |
| Caterpillar Inc. | Common Stock | 149123101 |  | 262 | 1097 | SH |  | SOLE |  | 1097 | 0 | 0 |
| CDW Corp/DE | Common Stock | 12514G108 |  | 348 | 1949 | SH |  | SOLE |  | 1949 | 0 | 0 |
| Cenovus Energy Inc. | Common Stock | 15135U109 |  | 195 | 10066 | SH |  | SOLE |  | 10066 | 0 | 0 |
| CGI Inc. | Common Stock | 12532H104 |  | 593353 | 6888568 | SH |  | SOLE |  | 5048987 | 1839581 | 0 |
| Chevron Corporation | Common Stock | 166764100 |  | 15998 | 89134 | SH |  | SOLE |  | 89104 | 30 | 0 |
| Chubb Limited | Common Stock | H1467J104 |  | 134518 | 609784 | SH |  | SOLE |  | 497924 | 111860 | 0 |
| Cintas Corporation | Common Stock | 172908105 |  | 361 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Cisco Systems Inc. | Common Stock | 17275R102 |  | 521 | 10955 | SH |  | SOLE |  | 10955 | 0 | 0 |
| Clorox Company | Common Stock | 189054109 |  | 631 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| Coca-Cola Company | Common Stock | 191216100 |  | 7526 | 118316 | SH |  | SOLE |  | 118316 | 0 | 0 |
| Cognizant Technology Solutions Corp | Common Stock | 192446102 |  | 33297 | 582229 | SH |  | SOLE |  | 558921 | 23308 | 0 |
| Colgate-Palmolive Company | Common Stock | 194162103 |  | 59761 | 758492 | SH |  | SOLE |  | 757692 | 800 | 0 |
| Colliers International Group Inc | Common Stock | 194693107 |  | 193265 | 2105360 | SH |  | SOLE |  | 1507162 | 598198 | 0 |
| Comcast Corp - A | Common Stock | 20030N101 |  | 24262 | 693821 | SH |  | SOLE |  | 690221 | 3600 | 0 |
| Cons Staples Select Sector SPDR ETF | ETP | 81369Y308 |  | 372 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| Cooper Cos Inc/the | Common Stock | 216648402 |  | 1355 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| Copart Inc | Common Stock | 217204106 |  | 155733 | 2557624 | SH |  | SOLE |  | 2219042 | 338582 | 0 |
| Costco Wholesale Corporation | Common Stock | 22160K105 |  | 36093 | 79065 | SH |  | SOLE |  | 79040 | 25 | 0 |
| Credicorp Ltd ADR | Common Stock | G2519Y108 |  | 6299 | 46437 | SH |  | SOLE |  | 46437 | 0 | 0 |
| Credit Acceptance Corp. | Common Stock | 225310101 |  | 18505 | 39009 | SH |  | SOLE |  | 36969 | 2040 | 0 |
| CVS Health Corporation | Common Stock | 126650100 |  | 11715 | 125714 | SH |  | SOLE |  | 125714 | 0 | 0 |
| CyberArk Software Ltd ADR | Common Stock | M2682V108 |  | 33231 | 256314 | SH |  | SOLE |  | 182586 | 73728 | 0 |
| Danaher Corporation | Common Stock | 235851102 |  | 96154 | 362274 | SH |  | SOLE |  | 289846 | 72428 | 0 |
| Davita Inc. | Common Stock | 23918K108 |  | 297 | 3990 | SH |  | SOLE |  | 3990 | 0 | 0 |
| Descartes Systems Group Inc | Common Stock | 249906108 |  | 326997 | 4693991 | SH |  | SOLE |  | 3788795 | 905196 | 0 |
| Diageo Plc ADR | ADR | 25243Q205 |  | 129724 | 728009 | SH |  | SOLE |  | 728009 | 0 | 0 |
| Discover Financial Services | Common Stock | 254709108 |  | 293 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Dollar Tree Inc | Common Stock | 256746108 |  | 2157 | 15255 | SH |  | SOLE |  | 15255 | 0 | 0 |
| Dominion Energy | Common Stock | 25746U109 |  | 3103 | 50604 | SH |  | SOLE |  | 50604 | 0 | 0 |
| Duke Energy Corporation | Common Stock | 26441C204 |  | 3990 | 38744 | SH |  | SOLE |  | 38744 | 0 | 0 |
| Eli Lilly  Company | Common Stock | 532457108 |  | 22300 | 60957 | SH |  | SOLE |  | 60957 | 0 | 0 |
| Embecta Corp | Common Stock | 29082K105 |  | 238 | 9411 | SH |  | SOLE |  | 9271 | 140 | 0 |
| Emerson Electric Co. | Common Stock | 291011104 |  | 9281 | 96620 | SH |  | SOLE |  | 96620 | 0 | 0 |
| Enbridge Inc | Common Stock | 29250N105 |  | 116236 | 2976074 | SH |  | SOLE |  | 2973074 | 3000 | 0 |
| EOG Resources Inc. | Common Stock | 26875P101 |  | 5610 | 43317 | SH |  | SOLE |  | 43202 | 115 | 0 |
| Exxon Mobil Corporation | Common Stock | 30231G102 |  | 32808 | 297449 | SH |  | SOLE |  | 297409 | 40 | 0 |
| Fiserv Inc. | Common Stock | 337738108 |  | 212398 | 2101500 | SH |  | SOLE |  | 1882844 | 218656 | 0 |
| Fomento Econ.Mexicano SAB de CV ADR | ADR | 344419106 |  | 5895 | 75462 | SH |  | SOLE |  | 75462 | 0 | 0 |
| Fortis Inc. | Common Stock | 349553107 |  | 1408 | 35230 | SH |  | SOLE |  | 35230 | 0 | 0 |
| Franco Nevada Corporation | Common Stock | 351858105 |  | 434028 | 3186252 | SH |  | SOLE |  | 2242037 | 944215 | 0 |
| Fresenius Medical Care AG KGAa ADR | ADR | 358029106 |  | 280 | 17145 | SH |  | SOLE |  | 17145 | 0 | 0 |
| Gildan Activewear Inc. | Common Stock | 375916103 |  | 368794 | 13476213 | SH |  | SOLE |  | 9741050 | 3735163 | 0 |
| GlaxoSmithKline PLC | ADR | 37733W204 |  | 582 | 16568 | SH |  | SOLE |  | 16568 | 0 | 0 |
| Guidewire Software Inc | Common Stock | 40171V100 |  | 96473 | 1542099 | SH |  | SOLE |  | 1324291 | 217808 | 0 |
| Haleon PLC | Common Stock | 405552100 |  | 152 | 19011 | SH |  | SOLE |  | 19011 | 0 | 0 |
| Hartford Financial Services Grp Inc. | Common Stock | 416515104 |  | 272 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| HDFC Bank Ltd ADR | ADR | 40415F101 |  | 100763 | 1472934 | SH |  | SOLE |  | 1032586 | 440348 | 0 |
| Hilton Worldwide Holdings Inc. | Common Stock | 43300A203 |  | 1086 | 8601 | SH |  | SOLE |  | 8601 | 0 | 0 |
| Home Depot Inc. | Common Stock | 437076102 |  | 836 | 2649 | SH |  | SOLE |  | 2649 | 0 | 0 |
| Honeywell International Inc. | Common Stock | 438516106 |  | 664 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| HSBC Holdings Sponsored ADR | ADR | 404280406 |  | 641 | 20585 | SH |  | SOLE |  | 20585 | 0 | 0 |
| Illinois Tool Works Inc. | Common Stock | 452308109 |  | 300 | 1363 | SH |  | SOLE |  | 1363 | 0 | 0 |
| Imperial Oil Limited | Common Stock | 453038408 |  | 2265 | 46547 | SH |  | SOLE |  | 46547 | 0 | 0 |
| Infosys Ltd ADR | ADR | 456788108 |  | 3940 | 218793 | SH |  | SOLE |  | 218793 | 0 | 0 |
| ING Groep N.V. ADR | ADR | 456837103 |  | 970 | 79757 | SH |  | SOLE |  | 79757 | 0 | 0 |
| Interactive Brokers Group Inc | Common Stock | 45841N107 |  | 162287 | 2243093 | SH |  | SOLE |  | 1860872 | 382221 | 0 |
| Intercontinental Hotels-ADR | ADR | 45857P806 |  | 754 | 12938 | SH |  | SOLE |  | 12938 | 0 | 0 |
| International Business Machines Corp | Common Stock | 459200101 |  | 718 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| International Flavors  Fragrances | Common Stock | 459506101 |  | 4570 | 43594 | SH |  | SOLE |  | 43594 | 0 | 0 |
| IQVIA Holdings Inc | Common Stock | 46266C105 |  | 149313 | 728748 | SH |  | SOLE |  | 652246 | 76502 | 0 |
| iShares 5-10 Year Inv. Grade Corp. Bond ETF | ETP | 464288638 |  | 211 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| iShares Core 1-5 Year USD Bond ETF | ETP | 46432F859 |  | 263 | 5670 | SH |  | SOLE |  | 5670 | 0 | 0 |
| iShares Core MSCI Emerging Markets ETF | ETP | 46434G103 |  | 1298 | 27798 | SH |  | SOLE |  | 27798 | 0 | 0 |
| iShares MSCI EAFE Index Fund | ETP | 464287465 |  | 2654 | 40445 | SH |  | SOLE |  | 40445 | 0 | 0 |
| Johnson  Johnson | Common Stock | 478160104 |  | 127978 | 724477 | SH |  | SOLE |  | 723679 | 798 | 0 |
| JPMorgan Chase  Co. | Common Stock | 46625H100 |  | 158372 | 1181002 | SH |  | SOLE |  | 1179502 | 1500 | 0 |
| Kimberly-Clark Corporation | Common Stock | 494368103 |  | 9975 | 73487 | SH |  | SOLE |  | 73487 | 0 | 0 |
| LCI Industries | Common Stock | 50189K103 |  | 55351 | 598721 | SH |  | SOLE |  | 479394 | 119327 | 0 |
| Lowe's Companies Inc. | Common Stock | 548661107 |  | 860 | 4320 | SH |  | SOLE |  | 4320 | 0 | 0 |
| Lululemon Athletica Inc | Common Stock | 550021109 |  | 237 | 740 | SH |  | SOLE |  | 740 | 0 | 0 |
| M Bank Corporation | Common Stock | 55261F104 |  | 3949 | 27225 | SH |  | SOLE |  | 27225 | 0 | 0 |
| Magna International Inc - A | Common Stock | 559222401 |  | 440598 | 7848896 | SH |  | SOLE |  | 5677611 | 2171285 | 0 |
| Manulife Financial Corporation | Common Stock | 56501R106 |  | 428271 | 24028426 | SH |  | SOLE |  | 17584772 | 6443654 | 0 |
| Markel Corporation | Common Stock | 570535104 |  | 434 | 330 | SH |  | SOLE |  | 330 | 0 | 0 |
| Marsh  McLennan Companies Inc. | Common Stock | 571748102 |  | 281 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| Mastercard Inc - A | Common Stock | 57636Q104 |  | 260369 | 748769 | SH |  | SOLE |  | 671465 | 77304 | 0 |
| McCormick  Company Incorporated | Common Stock | 579780206 |  | 513 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| McDonald's Corporation | Common Stock | 580135101 |  | 5084 | 19293 | SH |  | SOLE |  | 19293 | 0 | 0 |
| Medtronic Inc. Plc | Common Stock | G5960L103 |  | 925 | 11906 | SH |  | SOLE |  | 11906 | 0 | 0 |
| Merck  Co. Inc. | Common Stock | 58933Y105 |  | 5404 | 48710 | SH |  | SOLE |  | 48710 | 0 | 0 |
| Meta Platforms Inc | Common Stock | 30303M102 |  | 96383 | 800926 | SH |  | SOLE |  | 664394 | 136532 | 0 |
| MetLife Inc. | Common Stock | 59156R108 |  | 5647 | 78040 | SH |  | SOLE |  | 78040 | 0 | 0 |
| Microsoft Corporation | Common Stock | 594918104 |  | 471126 | 1964501 | SH |  | SOLE |  | 1700466 | 264035 | 0 |
| Mondelez International Inc. | Common Stock | 609207105 |  | 68551 | 1028529 | SH |  | SOLE |  | 1000799 | 27730 | 0 |
| Monster Beverage Corp | Common Stock | 61174X109 |  | 69536 | 684891 | SH |  | SOLE |  | 527223 | 157668 | 0 |
| National Grid Plc ADR | ADR | 636274409 |  | 1883 | 31218 | SH |  | SOLE |  | 31218 | 0 | 0 |
| NIKE Inc | Common Stock | 654106103 |  | 9711 | 83001 | SH |  | SOLE |  | 83001 | 0 | 0 |
| Novartis AG ADR | ADR | 66987V109 |  | 7741 | 85334 | SH |  | SOLE |  | 85334 | 0 | 0 |
| Novo Nordisk A/S Sponsored ADR | ADR | 670100205 |  | 9689 | 71596 | SH |  | SOLE |  | 71596 | 0 | 0 |
| Nutrien Ltd | Common Stock | 67077M108 |  | 33065 | 453233 | SH |  | SOLE |  | 452558 | 675 | 0 |
| Open Text Corporation | Common Stock | 683715106 |  | 492454 | 16631315 | SH |  | SOLE |  | 12290031 | 4341284 | 0 |
| Oracle Corporation | Common Stock | 68389X105 |  | 144079 | 1762657 | SH |  | SOLE |  | 1646942 | 115715 | 0 |
| Parker Hannifin Corporation | Common Stock | 701094104 |  | 1697 | 5835 | SH |  | SOLE |  | 5835 | 0 | 0 |
| Pembina Pipeline Corporation | Common Stock | 706327103 |  | 17986 | 530255 | SH |  | SOLE |  | 530255 | 0 | 0 |
| PepsiCo Inc. | Common Stock | 713448108 |  | 195289 | 1080979 | SH |  | SOLE |  | 1068815 | 12164 | 0 |
| Pfizer Inc. | Common Stock | 717081103 |  | 20704 | 404073 | SH |  | SOLE |  | 402573 | 1500 | 0 |
| Philip Morris International Inc. | Common Stock | 718172109 |  | 5770 | 57020 | SH |  | SOLE |  | 57020 | 0 | 0 |
| Procter  Gamble Company | Common Stock | 742718109 |  | 107519 | 709418 | SH |  | SOLE |  | 708786 | 632 | 0 |
| Progressive Corp/The | Common Stock | 743315103 |  | 23841 | 183805 | SH |  | SOLE |  | 173897 | 9908 | 0 |
| Public Service Enterprises Group | Common Stock | 744573106 |  | 417 | 6820 | SH |  | SOLE |  | 6820 | 0 | 0 |
| Quest Diagnostics Incorporated | Common Stock | 74834L100 |  | 422 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Relx Plc ADR | ADR | 759530108 |  | 38541 | 1390383 | SH |  | SOLE |  | 1390383 | 0 | 0 |
| Restaurant Brands International Inc. | Common Stock | 76131D103 |  | 512659 | 7932261 | SH |  | SOLE |  | 5725075 | 2207186 | 0 |
| Ritchie Bros. Auctioneers | Common Stock | 767744105 |  | 2251 | 39004 | SH |  | SOLE |  | 37594 | 1410 | 0 |
| Rogers Communications Inc - B | Common Stock | 775109200 |  | 1614 | 34529 | SH |  | SOLE |  | 34529 | 0 | 0 |
| Royal Bank of Canada | Common Stock | 780087102 |  | 218175 | 2322198 | SH |  | SOLE |  | 2022848 | 299350 | 0 |
| Sanofi ADR | ADR | 80105N105 |  | 997 | 20600 | SH |  | SOLE |  | 20600 | 0 | 0 |
| SAP AG ADR | ADR | 803054204 |  | 21281 | 206240 | SH |  | SOLE |  | 206240 | 0 | 0 |
| Sea Ltd | ADR | 81141R100 |  | 3500 | 67287 | SH |  | SOLE |  | 67287 | 0 | 0 |
| ServisFirst Bancshares Inc | Common Stock | 81768T108 |  | 19623 | 284771 | SH |  | SOLE |  | 268963 | 15808 | 0 |
| Shaw Communications Inc - B | Common Stock | 82028K200 |  | 6344 | 220365 | SH |  | SOLE |  | 220365 | 0 | 0 |
| Shell PLC - ADR | ADR | 780259305 |  | 2933 | 51507 | SH |  | SOLE |  | 51507 | 0 | 0 |
| Shopify Inc. Class - A | Common Stock | 82509L107 |  | 411479 | 11859895 | SH |  | SOLE |  | 8328402 | 3531493 | 0 |
| Silvercorp Metals Inc. | Common Stock | 82835P103 |  | 92 | 31500 | SH |  | SOLE |  | 31500 | 0 | 0 |
| Smith  Nephew Plc ADR | ADR | 83175M205 |  | 1561 | 58059 | SH |  | SOLE |  | 58059 | 0 | 0 |
| SPDR Gold Trust | ETP | 78463V107 |  | 1274 | 7514 | SH |  | SOLE |  | 7514 | 0 | 0 |
| SPDR S 500 ETF Trust | ETP | 78462F103 |  | 22793 | 59603 | SH |  | SOLE |  | 59603 | 0 | 0 |
| Stantec Inc | Common Stock | 85472N109 |  | 448488 | 9366193 | SH |  | SOLE |  | 6800845 | 2565348 | 0 |
| Starbucks Corporation | Common Stock | 855244109 |  | 544 | 5486 | SH |  | SOLE |  | 5486 | 0 | 0 |
| Stryker Corporation | Common Stock | 863667101 |  | 966 | 3952 | SH |  | SOLE |  | 3952 | 0 | 0 |
| Sun Life Financial Inc. | Common Stock | 866796105 |  | 12194 | 262894 | SH |  | SOLE |  | 262894 | 0 | 0 |
| Suncor Energy Inc. | Common Stock | 867224107 |  | 5126 | 161713 | SH |  | SOLE |  | 161713 | 0 | 0 |
| Taiwan Semiconductor Manufactng ADR | ADR | 874039100 |  | 26998 | 362451 | SH |  | SOLE |  | 362451 | 0 | 0 |
| TC Energy Corp. | Common Stock | 87807B107 |  | 276392 | 6937712 | SH |  | SOLE |  | 4885014 | 2052698 | 0 |
| TELUS Corp | Common Stock | 87971M103 |  | 19698 | 1021408 | SH |  | SOLE |  | 1021408 | 0 | 0 |
| Texas Instruments Incorporated | Common Stock | 882508104 |  | 264 | 1602 | SH |  | SOLE |  | 1602 | 0 | 0 |
| The Sherwin-Williams Company | Common Stock | 824348106 |  | 101838 | 429100 | SH |  | SOLE |  | 361836 | 67264 | 0 |
| Thomson Reuters Corp. | Common Stock | 884903709 |  | 641517 | 5627486 | SH |  | SOLE |  | 4307279 | 1320207 | 0 |
| TJX Companies Inc. | Common Stock | 872540109 |  | 92215 | 1158490 | SH |  | SOLE |  | 1131200 | 27290 | 0 |
| Toronto-Dominion Bank | Common Stock | 891160509 |  | 134858 | 2084242 | SH |  | SOLE |  | 2079042 | 5200 | 0 |
| TotalEnergies SE - ADR | ADR | 89151E109 |  | 4869 | 78436 | SH |  | SOLE |  | 78436 | 0 | 0 |
| Trip.com Group Ltd - ADR | Common Stock | 89677Q107 |  | 6789 | 197359 | SH |  | SOLE |  | 197359 | 0 | 0 |
| Triple Flag Precious Metals Corp | Common Stock | 89679M104 |  | 2980 | 215373 | SH |  | SOLE |  | 215373 | 0 | 0 |
| Unilever Plc ADR | ADR | 904767704 |  | 28815 | 572300 | SH |  | SOLE |  | 572300 | 0 | 0 |
| Union Pacific Corporation | Common Stock | 907818108 |  | 251 | 1215 | SH |  | SOLE |  | 1215 | 0 | 0 |
| UnitedHealth Group Incorporated | Common Stock | 91324P102 |  | 347944 | 656276 | SH |  | SOLE |  | 563060 | 93216 | 0 |
| US Bancorp | Common Stock | 902973304 |  | 8402 | 192682 | SH |  | SOLE |  | 192682 | 0 | 0 |
| Valero Energy Corporation | Common Stock | 91913Y100 |  | 252 | 1992 | SH |  | SOLE |  | 1992 | 0 | 0 |
| Vanguard Total Stock Market ETF | ETP | 922908769 |  | 4588 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| Verisk Analytics Inc - A | Common Stock | 92345Y106 |  | 95919 | 543698 | SH |  | SOLE |  | 543148 | 550 | 0 |
| Verizon Communications Inc. | Common Stock | 92343V104 |  | 1207 | 30653 | SH |  | SOLE |  | 30653 | 0 | 0 |
| Viatris Inc. | Common Shares | 92556V106 |  | 177 | 15907 | SH |  | SOLE |  | 15907 | 0 | 0 |
| Visa Inc - A | Common Stock | 92826C839 |  | 2825 | 13598 | SH |  | SOLE |  | 13598 | 0 | 0 |
| Vodafone Group Plc-Sponsored ADR | ADR | 92857W308 |  | 233 | 23099 | SH |  | SOLE |  | 23099 | 0 | 0 |
| W.R. Berkley Corp. | Common Stock | 084423102 |  | 225 | 3114 | SH |  | SOLE |  | 3114 | 0 | 0 |
| Walgreens Boots Alliance | Common Stock | 931427108 |  | 815 | 21828 | SH |  | SOLE |  | 21828 | 0 | 0 |
| Wal-Mart Stores Inc. | Common Stock | 931142103 |  | 1442 | 10177 | SH |  | SOLE |  | 10136 | 41 | 0 |
| Walt Disney Company | Common Stock | 254687106 |  | 567 | 6530 | SH |  | SOLE |  | 6530 | 0 | 0 |
| Wells Fargo  Company | Common Stock | 949746101 |  | 6922 | 167647 | SH |  | SOLE |  | 166647 | 1000 | 0 |
| West Fraser Timber Co. Ltd. | Common Stock | 952845105 |  | 216 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Xcel Energy Inc. | Common Stock | 98389B100 |  | 3596 | 51300 | SH |  | SOLE |  | 51300 | 0 | 0 |
| XP Inc | Common Stock | G98239109 |  | 5199 | 338918 | SH |  | SOLE |  | 338918 | 0 | 0 |
| Yum China Holdings Inc | Common Stock | 98850P109 |  | 6687 | 122378 | SH |  | SOLE |  | 122378 | 0 | 0 |
| Zimmer Biomet Holdings Inc | Common Stock | 98956P102 |  | 4835 | 37925 | SH |  | SOLE |  | 37925 | 0 | 0 |
| Zoetis Inc. | Common Stock | 98978V103 |  | 18098 | 123498 | SH |  | SOLE |  | 123498 | 0 | 0 |

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