# EDGAR Filing Document

**Accession Number:** 0001649888
**File Stem:** 0001085146-23-000488
**Filing Date:** 2023-2
**Character Count:** 19326
**Document Hash:** 6adf614bac7c845e79d10602643e5eda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001085146-23-000488.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001085146-23-000488

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DORCHESTER WEALTH MANAGEMENT Co
- **CENTRAL INDEX KEY:** 0001649888
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16962
- **FILM NUMBER:** 23574454

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 RENE LEVESQUE BLVD. WEST
- **STREET 2:** SUITE 650
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3B 4N4
- **BUSINESS PHONE:** 514-861-5841

**MAIL ADDRESS:**
- **STREET 1:** 1100 RENE LEVESQUE BLVD. WEST
- **STREET 2:** SUITE 650
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3B 4N4

### 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:** DORCHESTER WEALTH MANAGEMENT Co<br>**Address:** 1100 Rene Levesque Blvd. West<br>Suite 650<br>MONTREAL, A8 H3B 4N4

**Form 13F File Number:** 028-16962

**CRD Number (if applicable):** 000221519

**SEC File Number (if applicable):** 801-96255

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:** ISABELLA H. WEHRLI<br>**Title:** PARTNER/CCO<br>**Phone:** 514-861-5841

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

/s/  ISABELLA H. WEHRLI  MONTREAL, A8  01-31-2023<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:** 0

**Form 13F Information Table Entry Total:** 143

**Form 13F Information Table Value Total:** $422372311

      (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 CO | COM | 88579Y101 | BBG001S5T7X2 | 375949 | 3135 | SH |  | SOLE |  | 3135 | 0 | 0 |
| ABB LTD | SPONSORED ADR | 000375204 | BBG001SDDMX9 | 250533 | 8225 | SH |  | SOLE |  | 8225 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RZ3 | 286858 | 1775 | SH |  | SOLE |  | 1775 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG001SCXK90 | 2465602 | 9240 | SH |  | SOLE |  | 9240 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG001S77MK3 | 7068364 | 149901 | SH |  | SOLE |  | 149901 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 | BBG001Y2XS16 | 526680 | 6160 | SH |  | SOLE |  | 6160 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 | BBG009HT65S0 | 584332 | 57810 | SH |  | SOLE |  | 57810 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 | BBG001S8LHC5 | 257795 | 39587 | SH |  | SOLE |  | 39587 | 0 | 0 |
| ALITHYA GROUP INC | CL A SUB VTG | 01643B106 | BBG00MFNPGQ3 | 14988 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 1670194 | 18930 | SH |  | SOLE |  | 18930 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 5611463 | 63242 | SH |  | SOLE |  | 63242 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 653150 | 14289 | SH |  | SOLE |  | 14289 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 955080 | 11370 | SH |  | SOLE |  | 11370 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 | BBG001T53FW2 | 255890 | 4262 | SH |  | SOLE |  | 4262 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 30758670 | 236732 | SH |  | SOLE |  | 236732 | 0 | 0 |
| ASA GOLD AND PRECIOUS MTLS L | SHS | G3156P103 | BBG001S5NVT0 | 224309 | 15675 | SH |  | SOLE |  | 15675 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 455979 | 24768 | SH |  | SOLE |  | 24768 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 880761 | 26593 | SH |  | SOLE |  | 26593 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 | BBG001S5Y203 | 10348124 | 115388 | SH |  | SOLE |  | 115388 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 | BBG001S5P6Q6 | 236704 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 | BBG001S5Y2B1 | 10460697 | 215166 | SH |  | SOLE |  | 215166 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 | BBG001S5N9P3 | 391660 | 29355 | SH |  | SOLE |  | 29355 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 | BBG001S5P2C0 | 11941791 | 271877 | SH |  | SOLE |  | 271877 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 2851147 | 9230 | SH |  | SOLE |  | 9230 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 | BBG001S5W4F5 | 380353 | 10889 | SH |  | SOLE |  | 10889 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 834188 | 11594 | SH |  | SOLE |  | 11594 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 | BBG019Z17GF9 | 255022 | 8909 | SH |  | SOLE |  | 8909 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A EXC SUB VTG | 11259V106 | BBG015P1Z2Y7 | 497812 | 33051 | SH |  | SOLE |  | 33051 | 0 | 0 |
| BROOKFIELD BUSINESS PARTNERS | UNIT LTD L P | G16234109 | BBG00B5CBKK4 | 4731710 | 296435 | SH |  | SOLE |  | 296435 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG001SF86D7 | 1122158 | 35694 | SH |  | SOLE |  | 35694 | 0 | 0 |
| BROOKFIELD INFRAST PARTNERS | LP INT UNIT | G16252101 | BBG001S5P686 | 887292 | 33041 | SH |  | SOLE |  | 33041 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE CO | COM SB VTG SHS A | 11275Q107 | BBG00QDWSVL5 | 235156 | 6047 | SH |  | SOLE |  | 6047 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 | BBG001SDHPH6 | 611517 | 30773 | SH |  | SOLE |  | 30773 | 0 | 0 |
| CAE INC | COM | 124765108 | BBG001S5Y4F3 | 668112 | 34551 | SH |  | SOLE |  | 34551 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 | BBG001S5Y5S6 | 262872 | 11601 | SH |  | SOLE |  | 11601 | 0 | 0 |
| CANADIAN IMPERIAL BK COMM TO | COM | 136069101 | BBG001S5YBB1 | 875010 | 21638 | SH |  | SOLE |  | 21638 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 | BBG001S5YC56 | 8263627 | 149853 | SH |  | SOLE |  | 149853 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG001S8WVQ7 | 10297727 | 86715 | SH |  | SOLE |  | 86715 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 | BBG001S7F4Z8 | 695261 | 9328 | SH |  | SOLE |  | 9328 | 0 | 0 |
| CARDINAL HEALTH INC | COM | 14149Y108 | BBG001S7PC34 | 328619 | 4275 | SH |  | SOLE |  | 4275 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 | BBG001T2PJV8 | 3421578 | 192631 | SH |  | SOLE |  | 192631 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 | BBG001S5YY67 | 10273134 | 121743 | SH |  | SOLE |  | 121743 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 708986 | 3950 | SH |  | SOLE |  | 3950 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 8408031 | 176491 | SH |  | SOLE |  | 176491 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 393049 | 8690 | SH |  | SOLE |  | 8690 | 0 | 0 |
| COLGATE PALMOLIVE CO | COM | 194162103 | BBG001S5PVM5 | 1435239 | 18216 | SH |  | SOLE |  | 18216 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 6253930 | 178837 | SH |  | SOLE |  | 178837 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 617644 | 1353 | SH |  | SOLE |  | 1353 | 0 | 0 |
| CUMMINS INC | COM | 231021106 | BBG001S5Q9M3 | 436122 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG001S5QBD8 | 9887179 | 106097 | SH |  | SOLE |  | 106097 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 | BBG001S7V596 | 470422 | 2640 | SH |  | SOLE |  | 2640 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 2398035 | 27601 | SH |  | SOLE |  | 27601 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 | BBG001T5BM30 | 308305 | 1252 | SH |  | SOLE |  | 1252 | 0 | 0 |
| ECHOSTAR CORP | CL A | 278768106 | BBG001T048Z5 | 4205195 | 252110 | SH |  | SOLE |  | 252110 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG001S6Q6D7 | 8930094 | 232321 | SH |  | SOLE |  | 232321 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 | BBG001SSK0K0 | 360772 | 110300 | SH |  | SOLE |  | 110300 | 0 | 0 |
| ERICSSON | ADR B SEK 10 | 294821608 | BBG001S5QXT3 | 424276 | 72650 | SH |  | SOLE |  | 72650 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 3988580 | 23028 | SH |  | SOLE |  | 23028 | 0 | 0 |
| FOCUS FINL PARTNERS INC | COM CL A | 34417P100 | BBG00L0YTFP6 | 1416260 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| FORTIS INC | COM | 349553107 | BBG001S5YVM5 | 488356 | 12208 | SH |  | SOLE |  | 12208 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM | 349915108 | BBG001S982M0 | 428426 | 114000 | SH |  | SOLE |  | 114000 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 | BBG001SM1DK6 | 211932 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 | BBG001S6Y1X7 | 339966 | 3960 | SH |  | SOLE |  | 3960 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 | BBG001S93ZM2 | 397957 | 38450 | SH |  | SOLE |  | 38450 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 411026 | 1197 | SH |  | SOLE |  | 1197 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG001S5RTW7 | 964952 | 3055 | SH |  | SOLE |  | 3055 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 | BBG001S8SMV6 | 569537 | 222300 | SH |  | SOLE |  | 222300 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG001S5SDX0 | 213691 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 | BBG001S5S399 | 5402286 | 38344 | SH |  | SOLE |  | 38344 | 0 | 0 |
| ISHARES INC | MSCI CDA ETF | 464286509 | BBG001S8R7V0 | 383137 | 11706 | SH |  | SOLE |  | 11706 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 11561213 | 65447 | SH |  | SOLE |  | 65447 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 7628316 | 56885 | SH |  | SOLE |  | 56885 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 | BBG001S5R0C2 | 468695 | 116000 | SH |  | SOLE |  | 116000 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 | BBG005CPNTR1 | 753176 | 18501 | SH |  | SOLE |  | 18501 | 0 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 | BBG001S8L5H6 | 1827082 | 7364 | SH |  | SOLE |  | 7364 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG001S5SVL3 | 476184 | 2390 | SH |  | SOLE |  | 2390 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 | BBG001STBM75 | 881045 | 2750 | SH |  | SOLE |  | 2750 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 | BBG001S76KD6 | 9014365 | 510301 | SH |  | SOLE |  | 510301 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 778667 | 2239 | SH |  | SOLE |  | 2239 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG001S5T110 | 3947679 | 14980 | SH |  | SOLE |  | 14980 | 0 | 0 |
| MEDTRONIC PLC | SHS | G5960L103 | BBG001S5T2S9 | 242409 | 3119 | SH |  | SOLE |  | 3119 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 251333 | 297 | SH |  | SOLE |  | 297 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 1285689 | 11588 | SH |  | SOLE |  | 11588 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 689909 | 5733 | SH |  | SOLE |  | 5733 | 0 | 0 |
| METTLER TOLEDO INTERNATIONAL | COM | 592688105 | BBG001SB87G1 | 3305744 | 2287 | SH |  | SOLE |  | 2287 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 5106072 | 21291 | SH |  | SOLE |  | 21291 | 0 | 0 |
| MIDDLEBY CORP | COM | 596278101 | BBG001S8N9X8 | 274495 | 2050 | SH |  | SOLE |  | 2050 | 0 | 0 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 | BBG001S5VQ21 | 309120 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MOSAIC CO NEW | COM | 61945C103 | BBG001S7LJN1 | 210576 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 315816 | 1071 | SH |  | SOLE |  | 1071 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 | BBG001S5YM54 | 201307 | 205000 | SH |  | SOLE |  | 205000 | 0 | 0 |
| NEWELL BRANDS INC | COM | 651229106 | BBG001S5TSW7 | 2148782 | 164280 | SH |  | SOLE |  | 164280 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 6121746 | 154369 | SH |  | SOLE |  | 154369 | 0 | 0 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 4031812 | 34456 | SH |  | SOLE |  | 34456 | 0 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 | BBG001SBRPM3 | 1448042 | 108475 | SH |  | SOLE |  | 108475 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG001SF5LW6 | 267170 | 2945 | SH |  | SOLE |  | 2945 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 | BBG001S5TSK0 | 401960 | 2970 | SH |  | SOLE |  | 2970 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 | BBG00JM9SM69 | 675543 | 9256 | SH |  | SOLE |  | 9256 | 0 | 0 |
| NUVEI CORPORATION | SUB VTG SHS | 67079A102 | BBG00X2VHWW2 | 6352 | 548400 | SH |  | SOLE |  | 548400 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 | BBG001SBS5H2 | 6143419 | 211044 | SH |  | SOLE |  | 211044 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 7999403 | 97864 | SH |  | SOLE |  | 97864 | 0 | 0 |
| OVINTIV INC | COM | 69047Q102 | BBG00R2NHQ74 | 461461 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| PARK HOTELS  RESORTS INC | COM | 700517105 | BBG00FGXCKN3 | 354879 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 315505 | 4430 | SH |  | SOLE |  | 4430 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 | BBG001SB0CJ5 | 984285 | 29006 | SH |  | SOLE |  | 29006 | 0 | 0 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 6398977 | 35420 | SH |  | SOLE |  | 35420 | 0 | 0 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 9352222 | 182518 | SH |  | SOLE |  | 182518 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG001STP9N1 | 7172854 | 70871 | SH |  | SOLE |  | 70871 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 627610 | 4141 | SH |  | SOLE |  | 4141 | 0 | 0 |
| RESTAURANT BRANDS INTL INC | COM | 76131D103 | BBG0076WG2T4 | 239809 | 3709 | SH |  | SOLE |  | 3709 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 | BBG001S604S4 | 10400793 | 224605 | SH |  | SOLE |  | 224605 | 0 | 0 |
| ROYAL BK CDA SUSTAINABL | COM | 780087102 | BBG001S60869 | 16018615 | 172089 | SH |  | SOLE |  | 172089 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG001S7TCZ5 | 801951 | 6445 | SH |  | SOLE |  | 6445 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 | BBG001S5W3K1 | 937404 | 32546 | SH |  | SOLE |  | 32546 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 | BBG0147BN6H1 | 548144 | 9625 | SH |  | SOLE |  | 9625 | 0 | 0 |
| SILVERCREST METALS INC | COM | 828363101 | BBG009XQLJF5 | 149513 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 380333 | 2242 | SH |  | SOLE |  | 2242 | 0 | 0 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 | BBG001SLBK12 | 3383164 | 87330 | SH |  | SOLE |  | 87330 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 574864 | 5795 | SH |  | SOLE |  | 5795 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 | BBG001S7XWH6 | 1789582 | 38565 | SH |  | SOLE |  | 38565 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG001S5YSF0 | 12204282 | 399829 | SH |  | SOLE |  | 399829 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 | BBG001S5WW27 | 8144109 | 207217 | SH |  | SOLE |  | 207217 | 0 | 0 |
| TELEFONICA BRASIL SA | NEW ADR | 87936R205 | BBG00Y6FQJF9 | 121371 | 16975 | SH |  | SOLE |  | 16975 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 | BBG001S5WMH3 | 39106 | 10954 | SH |  | SOLE |  | 10954 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 | BBG001S60K53 | 4239430 | 219743 | SH |  | SOLE |  | 219743 | 0 | 0 |
| TELUS INTL CDA INC | SUB VTG SHS | 87975H100 | BBG00YTSTFR8 | 1209797 | 61300 | SH |  | SOLE |  | 61300 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 | BBG001SCQG15 | 351541 | 3511 | SH |  | SOLE |  | 3511 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG001S5WQ93 | 399194 | 5015 | SH |  | SOLE |  | 5015 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG001S60L15 | 17001274 | 264865 | SH |  | SOLE |  | 264865 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 | BBG001S5WJZ0 | 999406 | 111775 | SH |  | SOLE |  | 111775 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 4357549 | 8219 | SH |  | SOLE |  | 8219 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 4533726 | 158190 | SH |  | SOLE |  | 158190 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 1972364 | 50060 | SH |  | SOLE |  | 50060 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 | BBG00Y52JV51 | 4630770 | 416062 | SH |  | SOLE |  | 416062 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 4071680 | 19598 | SH |  | SOLE |  | 19598 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 | BBG001S6MDB8 | 277025 | 32828 | SH |  | SOLE |  | 32828 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 | BBG001S5XBY7 | 1071896 | 28691 | SH |  | SOLE |  | 28691 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 8610907 | 60730 | SH |  | SOLE |  | 60730 | 0 | 0 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 98886 | 10431 | SH |  | SOLE |  | 10431 | 0 | 0 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 4150182 | 100513 | SH |  | SOLE |  | 100513 | 0 | 0 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 | BBG001SHY2Q9 | 6807395 | 27833 | SH |  | SOLE |  | 27833 | 0 | 0 |
| YAMANA GOLD INC | COM | 98462Y100 | BBG001S7X4Y9 | 436825 | 79675 | SH |  | SOLE |  | 79675 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 | BBG0039320P7 | 2357257 | 16085 | SH |  | SOLE |  | 16085 | 0 | 0 |

---