# EDGAR Filing Document

**Accession Number:** 0002053050
**File Stem:** 0002053050-26-000002
**Filing Date:** 2026-4
**Character Count:** 23825
**Document Hash:** 84a5be9f747d8f352268a892938a24dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002053050-26-000002.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0002053050-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOUISBOURG INVESTMENTS INC.
- **CENTRAL INDEX KEY:** 0002053050

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24655
- **FILM NUMBER:** 26883234

**BUSINESS ADDRESS:**
- **STREET 1:** 202-230 CHAMPLAIN STREET
- **CITY:** DIEPPE
- **STATE:** A3
- **ZIP:** E1A 1P1
- **BUSINESS PHONE:** 5063835215

**MAIL ADDRESS:**
- **STREET 1:** 202-230 CHAMPLAIN STREET
- **CITY:** DIEPPE
- **STATE:** A3
- **ZIP:** E1A 1P1

### 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:** LOUISBOURG INVESTMENTS INC.<br>**Address:** 202-230 CHAMPLAIN STREET<br>DIEPPE, A3 E1A 1P1

**Form 13F File Number:** 028-24655

**CRD Number (if applicable):** 000329547

**SEC File Number (if applicable):** 802-129404

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:** Luc Gaudet<br>**Title:** Chief Executive Officer<br>**Phone:** 888-608-7070

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

Luc Gaudet  Dieppe, A3  04-22-2026<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:** 216

**Form 13F Information Table Value Total:** $528818288

      (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 |
| ABBOTT LABORATORIES | COM | 002824100 |  | 4811237 | 59288 | SH |  | SOLE |  | 59288 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 303399 | 1395 | SH |  | SOLE |  | 1395 | 0 | 0 |
| ACCENTURE PLC | COM | G1151C101 |  | 1954383 | 12456 | SH |  | SOLE |  | 12456 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 |  | 4332996 | 46369 | SH |  | SOLE |  | 46369 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 162060 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| ALLEGION PLC | COM | G0176J109 |  | 2877953 | 24139 | SH |  | SOLE |  | 24139 | 0 | 0 |
| ALPHABET INC | COM | 02079K305 |  | 1820255 | 6330 | SH |  | SOLE |  | 6330 | 0 | 0 |
| ALPHABET INC | COM | 02079K107 |  | 12232308 | 51083 | SH |  | SOLE |  | 51083 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 94960 | 1439 | SH |  | SOLE |  | 1439 | 0 | 0 |
| AMAZON.COM INC | COM | 023135106 |  | 8322339 | 49421 | SH |  | SOLE |  | 49421 | 0 | 0 |
| AMENTUM HOLDINGS INC | COM | 023939101 |  | 130 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 598145 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 562428 | 2640 | SH |  | SOLE |  | 2640 | 0 | 0 |
| APPLIED MATERIALS INC | COM | 038222105 |  | 3418 | 10 | SH |  | SOLE |  | 10 | 0 | 0 |
| ARCHER AVIATION INC | COM | 03945R102 |  | 3852 | 745 | SH |  | SOLE |  | 745 | 0 | 0 |
| ARISTA NETWORKS INC | COM | 040413205 |  | 159000 | 1295 | SH |  | SOLE |  | 1295 | 0 | 0 |
| ASML HOLDING NV | COM | N07059210 |  | 396249 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| ATS CORP | COM | 00217Y104 |  | 2386946 | 84855 | SH |  | SOLE |  | 84855 | 0 | 0 |
| AURORA CANNABIS INC | COM | 05156X850 |  | 7 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| AUTOMATIC DATA PROCESSING INC | COM | 053015103 |  | 15442 | 76 | SH |  | SOLE |  | 76 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 20267 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| BANK OF MONTREAL | COM | 063671101 |  | 1135467 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP/T | COM | 064058100 |  | 3471788 | 38497 | SH |  | SOLE |  | 38497 | 0 | 0 |
| BANK OF NOVA SCOTIA/THE | COM | 064149107 |  | 6195424 | 89518 | SH |  | SOLE |  | 89518 | 0 | 0 |
| BARRICK MINING CORP | COM | 06849F108 |  | 372977 | 9145 | SH |  | SOLE |  | 9145 | 0 | 0 |
| BCE INC | COM | 05534B760 |  | 2191 | 87 | SH |  | SOLE |  | 87 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 5735925 | 46164 | SH |  | SOLE |  | 46164 | 0 | 0 |
| BERKSHIRE HATHAWAY INC | COM | 084670702 |  | 647878 | 1352 | SH |  | SOLE |  | 1352 | 0 | 0 |
| BERKSHIRE HATHAWAY INC | COM | 084670108 |  | 5745120 | 8 | SH |  | SOLE |  | 8 | 0 | 0 |
| BHP GROUP LTD | COM | 088606108 |  | 922343 | 12680 | SH |  | SOLE |  | 12680 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 3966494 | 84087 | SH |  | SOLE |  | 84087 | 0 | 0 |
| BOYD GROUP INC | COM | 103310108 |  | 6416632 | 51234 | SH |  | SOLE |  | 51234 | 0 | 0 |
| BP PLC | COM | 055622104 |  | 624160 | 13280 | SH |  | SOLE |  | 13280 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 7620658 | 29346 | SH |  | SOLE |  | 29346 | 0 | 0 |
| BROOKFIELD ASSET MANAGEMENT LT | COM | 113004105 |  | 62209 | 1402 | SH |  | SOLE |  | 1402 | 0 | 0 |
| BROOKFIELD CORP | COM | 11271J107 |  | 10714445 | 264944 | SH |  | SOLE |  | 264944 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PART | COM | G16252101 |  | 173807 | 4828 | SH |  | SOLE |  | 4828 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CORP | COM | 11276H106 |  | 473 | 12 | SH |  | SOLE |  | 12 | 0 | 0 |
| BROOKFIELD WEALTH SOLUTIONS LT | COM | G17434104 |  | 2196 | 53 | SH |  | SOLE |  | 53 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 10853 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY CO | COM | 136375102 |  | 29520924 | 287395 | SH |  | SOLE |  | 287395 | 0 | 0 |
| CANADIAN NATURAL RESOURCES LTD | COM | 136385101 |  | 6474377 | 132989 | SH |  | SOLE |  | 132989 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY L | COM | 13646K108 |  | 1636121 | 20833 | SH |  | SOLE |  | 20833 | 0 | 0 |
| CANOPY GROWTH CORP | COM | 138035704 |  | 2 | 2 | SH |  | SOLE |  | 2 | 0 | 0 |
| CAPITAL ONE FINANCIAL CORP | COM | 14040H105 |  | 158714 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| CBOE GLOBAL MARKETS INC | COM | 12503M108 |  | 146437 | 521 | SH |  | SOLE |  | 521 | 0 | 0 |
| CBRE GROUP INC | COM | 12504L109 |  | 3003152 | 26241 | SH |  | SOLE |  | 26241 | 0 | 0 |
| CENCORA INC | COM | 03073E105 |  | 121258 | 386 | SH |  | SOLE |  | 386 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 5964305 | 225180 | SH |  | SOLE |  | 225180 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 1579327 | 46713 | SH |  | SOLE |  | 46713 | 0 | 0 |
| CGI INC | COM | 12532H104 |  | 5750183 | 78812 | SH |  | SOLE |  | 78812 | 0 | 0 |
| CHEVRON CORP | COM | 166764100 |  | 103450 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM | 172573107 |  | 7728 | 81 | SH |  | SOLE |  | 81 | 0 | 0 |
| CISCO SYSTEMS INC | COM | 17275R102 |  | 236494 | 3048 | SH |  | SOLE |  | 3048 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 118435 | 401 | SH |  | SOLE |  | 401 | 0 | 0 |
| COCA-COLA CO/THE | COM | 191216100 |  | 25249 | 332 | SH |  | SOLE |  | 332 | 0 | 0 |
| COEUR MINING INC | COM | 192108504 |  | 5489868 | 292481 | SH |  | SOLE |  | 292481 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIONS | COM | 192446102 |  | 3910166 | 78029 | SH |  | SOLE |  | 78029 | 0 | 0 |
| COINBASE GLOBAL INC | COM | 19260Q107 |  | 4016 | 23 | SH |  | SOLE |  | 23 | 0 | 0 |
| COLGATE-PALMOLIVE CO | COM | 194162103 |  | 22501 | 264 | SH |  | SOLE |  | 264 | 0 | 0 |
| COLLIERS INTERNATIONAL GROUP I | COM | 194693107 |  | 8096657 | 75882 | SH |  | SOLE |  | 75882 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 4548019 | 44113 | SH |  | SOLE |  | 44113 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 5387180 | 175086 | SH |  | SOLE |  | 175086 | 0 | 0 |
| COSTCO WHOLESALE CORP | COM | 22160K105 |  | 2192146 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| CRISPR THERAPEUTICS AG | COM | H17182108 |  | 3806 | 80 | SH |  | SOLE |  | 80 | 0 | 0 |
| DANAHER CORP | COM | 235851102 |  | 2893855 | 19094 | SH |  | SOLE |  | 19094 | 0 | 0 |
| DEFINIUM THERAPEUTICS INC | COM | 24477V105 |  | 983 | 52 | SH |  | SOLE |  | 52 | 0 | 0 |
| DESCARTES SYSTEMS GROUP INC/TH | COM | 249906108 |  | 5697472 | 79704 | SH |  | SOLE |  | 79704 | 0 | 0 |
| DOCEBO INC | COM | 25609L105 |  | 1654111 | 94572 | SH |  | SOLE |  | 94572 | 0 | 0 |
| DOLLAR GENERAL CORP | COM | 256677105 |  | 2725541 | 30014 | SH |  | SOLE |  | 30014 | 0 | 0 |
| DOLLAR TREE INC | COM | 256746108 |  | 3677228 | 41631 | SH |  | SOLE |  | 41631 | 0 | 0 |
| DUKE ENERGY CORP | COM | 26441C204 |  | 104752 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 22878 | 86 | SH |  | SOLE |  | 86 | 0 | 0 |
| ELEMENTAL ROYALTY CORP | COM | 28620K106 |  | 2205360 | 117375 | SH |  | SOLE |  | 117375 | 0 | 0 |
| EMBECTA CORP | COM | 29082K105 |  | 150 | 17 | SH |  | SOLE |  | 17 | 0 | 0 |
| EMERA INC | COM | 290876101 |  | 331088 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 971528 | 17958 | SH |  | SOLE |  | 17958 | 0 | 0 |
| ENERGY FUELS INC/CANADA | COM | 292671708 |  | 6213247 | 339500 | SH |  | SOLE |  | 339500 | 0 | 0 |
| ENTEGRIS INC | COM | 29362U104 |  | 2539441 | 28329 | SH |  | SOLE |  | 28329 | 0 | 0 |
| ENTERGY CORP | COM | 29364G103 |  | 157304 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 5417771 | 375900 | SH |  | SOLE |  | 375900 | 0 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 5981542 | 279600 | SH |  | SOLE |  | 279600 | 0 | 0 |
| FIRSTSERVICE CORP | COM | 33767E202 |  | 4218733 | 30387 | SH |  | SOLE |  | 30387 | 0 | 0 |
| FORTIS INC/CANADA | COM | 349553107 |  | 1060895 | 19054 | SH |  | SOLE |  | 19054 | 0 | 0 |
| FOX CORP | COM | 35137L105 |  | 183960 | 3150 | SH |  | SOLE |  | 3150 | 0 | 0 |
| FRANCO-NEVADA CORP | COM | 351858105 |  | 7371858 | 29832 | SH |  | SOLE |  | 29832 | 0 | 0 |
| GALAXY DIGITAL INC | COM | 36317J209 |  | 662 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| GAMING AND LEISURE PROPERTIES | COM | 36467J108 |  | 20632 | 465 | SH |  | SOLE |  | 465 | 0 | 0 |
| GE HEALTHCARE TECHNOLOGIES INC | COM | 36266G107 |  | 180797 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 8645027 | 155548 | SH |  | SOLE |  | 155548 | 0 | 0 |
| GOLDMAN SACHS ACTIVEBETA US SM | COM | 381430602 |  | 2236 | 30 | SH |  | SOLE |  | 30 | 0 | 0 |
| GOLDMAN SACHS GROUP INC/THE | COM | 38141G104 |  | 484911 | 758 | SH |  | SOLE |  | 758 | 0 | 0 |
| GREENFIRE RESOURCES LTD | COM | 39525U107 |  | 2612744 | 411980 | SH |  | SOLE |  | 411980 | 0 | 0 |
| STATE STREET HEALTH CARE SELEC | COM | 81369Y209 |  | 49114 | 335 | SH |  | SOLE |  | 335 | 0 | 0 |
| HOME DEPOT INC/THE | COM | 437076102 |  | 1315560 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 5974795 | 285900 | SH |  | SOLE |  | 285900 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 5973691 | 318300 | SH |  | SOLE |  | 318300 | 0 | 0 |
| IMPERIAL OIL LTD | COM | 453038408 |  | 337256 | 2580 | SH |  | SOLE |  | 2580 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 4231 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| INTELLIA THERAPEUTICS INC | COM | 45826J105 |  | 2564 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| INVESCO LTD | COM | G491BT108 |  | 210716 | 8675 | SH |  | SOLE |  | 8675 | 0 | 0 |
| INVESCO S 500 EQUAL WEIGHT E | COM | 46137V357 |  | 133732 | 770 | SH |  | SOLE |  | 770 | 0 | 0 |
| ISHARES CORE MSCI EAFE ETF | COM | 46432F842 |  | 8617436 | 95189 | SH |  | SOLE |  | 95189 | 0 | 0 |
| ISHARES GLOBAL INFRASTRUCTURE | COM | 464288372 |  | 1273469 | 19007 | SH |  | SOLE |  | 19007 | 0 | 0 |
| ISHARES GOLD TRUST | COM | 464285204 |  | 12342 | 140 | SH |  | SOLE |  | 140 | 0 | 0 |
| ISHARES MSCI EAFE ETF | COM | 464287465 |  | 84503 | 870 | SH |  | SOLE |  | 870 | 0 | 0 |
| ISHARES CORE S 500 ETF | COM | 464287200 |  | 12045192 | 18440 | SH |  | SOLE |  | 18440 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 4376716 | 41937 | SH |  | SOLE |  | 41937 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4411439 | 21016 | SH |  | SOLE |  | 21016 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 5983308 | 196100 | SH |  | SOLE |  | 196100 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 4113360 | 56845 | SH |  | SOLE |  | 56845 | 0 | 0 |
| KLA CORP | COM | 482480100 |  | 372908 | 290 | SH |  | SOLE |  | 290 | 0 | 0 |
| KROGER CO/THE | COM | 501044101 |  | 217080 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 148522 | 955 | SH |  | SOLE |  | 955 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | COM | 53229C107 |  | 6004150 | 672764 | SH |  | SOLE |  | 672764 | 0 | 0 |
| LINDE PLC | COM | G54950103 |  | 24788 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 115438 | 191 | SH |  | SOLE |  | 191 | 0 | 0 |
| MANULIFE FINANCIAL CORP | COM | 56501R106 |  | 397586 | 11565 | SH |  | SOLE |  | 11565 | 0 | 0 |
| MARA HOLDINGS INC | COM | 565788106 |  | 938 | 115 | SH |  | SOLE |  | 115 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748BC5 |  | 3359025 | 25445 | SH |  | SOLE |  | 25445 | 0 | 0 |
| MASTERCARD INC | COM | 57636Q104 |  | 56961 | 114 | SH |  | SOLE |  | 114 | 0 | 0 |
| MCDONALD'S CORP | COM | 580135101 |  | 2802225 | 10569 | SH |  | SOLE |  | 10569 | 0 | 0 |
| MCKESSON CORP | COM | 58155Q103 |  | 107305 | 124 | SH |  | SOLE |  | 124 | 0 | 0 |
| MDA SPACE LTD | COM | 55293N109 |  | 173811 | 6875 | SH |  | SOLE |  | 6875 | 0 | 0 |
| META PLATFORMS INC | COM | 30303M102 |  | 6780835 | 14892 | SH |  | SOLE |  | 14892 | 0 | 0 |
| METALLA ROYALTY  STREAMING LT | COM | 59124U605 |  | 2313696 | 360342 | SH |  | SOLE |  | 360342 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 1189 | 20 | SH |  | SOLE |  | 20 | 0 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 37 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 12844415 | 42820 | SH |  | SOLE |  | 42820 | 0 | 0 |
| MITSUBISHI UFJ FINANCIAL GROUP | COM | 606822104 |  | 882983 | 52032 | SH |  | SOLE |  | 52032 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | COM | 60871R209 |  | 158891 | 3690 | SH |  | SOLE |  | 3690 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM | 620076307 |  | 25170 | 58 | SH |  | SOLE |  | 58 | 0 | 0 |
| NAVITAS SEMICONDUCTOR CORP | COM | 63942X106 |  | 2631 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 3413346 | 43101 | SH |  | SOLE |  | 43101 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 33016 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| NIKE INC | COM | 654106103 |  | 237690 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| NIO INC | COM | 62914V106 |  | 96 | 16 | SH |  | SOLE |  | 16 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 5428593 | 72059 | SH |  | SOLE |  | 72059 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 750792 | 4305 | SH |  | SOLE |  | 4305 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 2446 | 110 | SH |  | SOLE |  | 110 | 0 | 0 |
| OR ROYALTIES INC | COM | 68390D106 |  | 8427622 | 221772 | SH |  | SOLE |  | 221772 | 0 | 0 |
| O'REILLY AUTOMOTIVE INC | COM | 67103H107 |  | 36093 | 391 | SH |  | SOLE |  | 391 | 0 | 0 |
| ORGANIGRAM GLOBAL INC | COM | 68617J100 |  | 6636 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| OTIS WORLDWIDE CORP | COM | 68902V107 |  | 5202398 | 83707 | SH |  | SOLE |  | 83707 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 |  | 20560 | 347 | SH |  | SOLE |  | 347 | 0 | 0 |
| PACIFIC BIOSCIENCES OF CALIFOR | COM | 69404D108 |  | 2508 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| PAN AMERICAN SILVER CORP | COM | 697900108 |  | 10919 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 110544 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| PAYPAL HOLDINGS INC | COM | 70450Y103 |  | 226 | 5 | SH |  | SOLE |  | 5 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 5785093 | 129498 | SH |  | SOLE |  | 129498 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 47736 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| PROCTER  GAMBLE CO/THE | COM | 742718109 |  | 19788 | 137 | SH |  | SOLE |  | 137 | 0 | 0 |
| RTX CORP | COM | 75513E101 |  | 122492 | 635 | SH |  | SOLE |  | 635 | 0 | 0 |
| RECURSION PHARMACEUTICALS INC | COM | 75629V104 |  | 3592 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| REPUBLIC SERVICES INC | COM | 760759100 |  | 20369 | 93 | SH |  | SOLE |  | 93 | 0 | 0 |
| RESTAURANT BRANDS INTERNATIONA | COM | 76131D103 |  | 4435378 | 60059 | SH |  | SOLE |  | 60059 | 0 | 0 |
| RIO TINTO PLC | COM | 767204100 |  | 1033653 | 11080 | SH |  | SOLE |  | 11080 | 0 | 0 |
| ROBINHOOD MARKETS INC | COM | 770700102 |  | 1940 | 28 | SH |  | SOLE |  | 28 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | COM | 775109200 |  | 4870653 | 126901 | SH |  | SOLE |  | 126901 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 16631 | 47 | SH |  | SOLE |  | 47 | 0 | 0 |
| ROSS STORES INC | COM | 778296103 |  | 1219987 | 6092 | SH |  | SOLE |  | 6092 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 4231242 | 26227 | SH |  | SOLE |  | 26227 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 12724 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 7993138 | 54137 | SH |  | SOLE |  | 54137 | 0 | 0 |
| SAP SE | COM | 803054204 |  | 3026993 | 17680 | SH |  | SOLE |  | 17680 | 0 | 0 |
| SHELL PLC | COM | 780259305 |  | 1347570 | 14490 | SH |  | SOLE |  | 14490 | 0 | 0 |
| SHOPIFY INC | COM | 82509L107 |  | 14638107 | 123616 | SH |  | SOLE |  | 123616 | 0 | 0 |
| SNAP-ON INC | COM | 833034101 |  | 214300 | 590 | SH |  | SOLE |  | 590 | 0 | 0 |
| SOUNDHOUND AI INC | COM | 836100107 |  | 6870 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| SOUTH BOW CORP | COM | 83671M105 |  | 39676 | 1195 | SH |  | SOLE |  | 1195 | 0 | 0 |
| STATE STREET SPDR S 500 ETF | COM | 78462F103 |  | 282898 | 435 | SH |  | SOLE |  | 435 | 0 | 0 |
| STATE STREET SPDR S DIVIDEND | COM | 78464A763 |  | 72970 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| SSR MINING INC | COM | 784730103 |  | 6607249 | 225400 | SH |  | SOLE |  | 225400 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 6778526 | 78568 | SH |  | SOLE |  | 78568 | 0 | 0 |
| SUMITOMO MITSUI FINANCIAL GROU | COM | 86562M209 |  | 881877 | 44652 | SH |  | SOLE |  | 44652 | 0 | 0 |
| SUN LIFE FINANCIAL INC | COM | 866796105 |  | 319177 | 5105 | SH |  | SOLE |  | 5105 | 0 | 0 |
| SUNBELT RENTALS HOLDINGS INC | COM | 866966104 |  | 2047705 | 32587 | SH |  | SOLE |  | 32587 | 0 | 0 |
| SUNCOR ENERGY INC | COM | 867224107 |  | 5427263 | 82220 | SH |  | SOLE |  | 82220 | 0 | 0 |
| TSMC | COM | 874039100 |  | 10979870 | 37609 | SH |  | SOLE |  | 37609 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 685869 | 10975 | SH |  | SOLE |  | 10975 | 0 | 0 |
| TECK RESOURCES LTD | COM | 878742204 |  | 9095907 | 175850 | SH |  | SOLE |  | 175850 | 0 | 0 |
| TELUS CORP | COM | 87971M103 |  | 50527 | 3939 | SH |  | SOLE |  | 3939 | 0 | 0 |
| TEMPUS AI INC | COM | 88023B103 |  | 3165 | 70 | SH |  | SOLE |  | 70 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 8178 | 22 | SH |  | SOLE |  | 22 | 0 | 0 |
| TETRA TECH INC | COM | 88162G103 |  | 3015576 | 119970 | SH |  | SOLE |  | 119970 | 0 | 0 |
| WALT DISNEY CO/THE | COM | 254687106 |  | 4615475 | 59204 | SH |  | SOLE |  | 59204 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 6560576 | 72832 | SH |  | SOLE |  | 72832 | 0 | 0 |
| TILRAY BRANDS INC | COM | 88688T209 |  | 6 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| TJX COS INC/THE | COM | 872540109 |  | 1700326 | 10647 | SH |  | SOLE |  | 10647 | 0 | 0 |
| T-MOBILE US INC | COM | 872590104 |  | 7421427 | 44318 | SH |  | SOLE |  | 44318 | 0 | 0 |
| TORONTO-DOMINION BANK/THE | COM | 891160509 |  | 4404362 | 47254 | SH |  | SOLE |  | 47254 | 0 | 0 |
| TOTALENERGIES SE | COM | F92124100 |  | 749675 | 8240 | SH |  | SOLE |  | 8240 | 0 | 0 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 2223017 | 5455 | SH |  | SOLE |  | 5455 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 3613109 | 18022 | SH |  | SOLE |  | 18022 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 5144607 | 8706 | SH |  | SOLE |  | 8706 | 0 | 0 |
| UNIVERSAL HEALTH SERVICES INC | COM | 913903100 |  | 213869 | 1195 | SH |  | SOLE |  | 1195 | 0 | 0 |
| VANGUARD FTSE EMERGING MARKETS | COM | 922042858 |  | 4036569 | 74682 | SH |  | SOLE |  | 74682 | 0 | 0 |
| VANGUARD FTSE DEVELOPED MARKET | COM | 921943858 |  | 640800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VANGUARD S 500 ETF | COM | 922908363 |  | 8285885 | 13866 | SH |  | SOLE |  | 13866 | 0 | 0 |
| VERISIGN INC | COM | 92343E102 |  | 22601 | 91 | SH |  | SOLE |  | 91 | 0 | 0 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 19544 | 103 | SH |  | SOLE |  | 103 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 2679 | 6 | SH |  | SOLE |  | 6 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 162 | 12 | SH |  | SOLE |  | 12 | 0 | 0 |
| VISA INC | COM | 92826C839 |  | 2962909 | 12724 | SH |  | SOLE |  | 12724 | 0 | 0 |
| WESTINGHOUSE AIR BRAKE TECHNOL | COM | 929740108 |  | 1000 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 2112760 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 38916 | 240 | SH |  | SOLE |  | 240 | 0 | 0 |
| WASTE MANAGEMENT INC | COM | 94106L109 |  | 22749 | 99 | SH |  | SOLE |  | 99 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 29780 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| WELLS FARGO  CO | COM | 949746101 |  | 1925649 | 31843 | SH |  | SOLE |  | 31843 | 0 | 0 |
| WESTERN COPPER  GOLD CORP | COM | 95805V108 |  | 3799 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 250203 | 925 | SH |  | SOLE |  | 925 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 11210663 | 85578 | SH |  | SOLE |  | 85578 | 0 | 0 |
| WILLIS TOWERS WATSON PLC | COM | G96629103 |  | 5086286 | 22466 | SH |  | SOLE |  | 22466 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 102 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| YUM! BRANDS INC | COM | 988498101 |  | 24566 | 158 | SH |  | SOLE |  | 158 | 0 | 0 |

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