#	Issuer	Ticker	Shares	Value	% of Portfolio
1	Alphabet Inc. Class A	GOOG	137,855	$43.1M	10.50%
2	Wal-Mart Inc.	WMT	336,535	$37.6M	9.14%
3	Microsoft Corp.	MSFT	71,456	$34.6M	8.41%
4	Royal Bank of Canada	780087102	196,684	$33.6M	8.16%
5	American Express	AXP	87,792	$32.5M	7.90%
6	Visa Inc. Cl. A	V	70,464	$24.7M	6.01%
7	Toronto Dominion Bank	TORO	236,946	$22.3M	5.44%
8	Apple Inc.	AAPL	76,293	$20.7M	5.05%
9	Berkshire Hathaway B	BRK-A	40,445	$20.3M	4.95%
10	Novartis AG (ADR)	NVSEF	133,675	$18.4M	4.48%
11	Oracle Corp.	ORCL-PD	93,379	$18.2M	4.43%
12	Bank of Nova Scotia	064149107	200,326	$14.8M	3.60%
13	TC Energy Corp.	TRPRF	263,170	$14.7M	3.57%
14	Canadian National Railway	136375102	143,951	$14.2M	3.47%
15	Pepsico Inc.	PEP	89,380	$13.0M	3.15%
16	Accenture Ltd. Cl. A	ACN	41,365	$11.1M	2.70%
17	Fortis Inc.	FTRSF	206,705	$10.8M	2.62%
18	Canadian Pacific Kansas City	CP	132,151	$9.7M	2.37%
19	Becton Dickinson & Co.	BDX	44,763	$8.7M	2.11%
20	Comcast Corp.	CCZ	165,691	$5.0M	1.20%