UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
03-31-2023
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:
PCJ Investment Counsel Ltd.
Address:
130 KING STREET WEST
SUITE 1400
TORONTO, A6 M5X 1C8
Form 13F File Number:
028-12690

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:
Heiki Altosaar
Title:
Chief Compliance Officer
Phone:
416-862-2020


Signature, Place, and Date of Signing:

Heiki Altosaar
                         [Signature]
Toronto, ONTARIO, CANADA
                 [City, State]
05-05-2023
                           [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 reported are 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:
76
Form 13F Information table Value Total:
252404588
          (thousands)

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


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ABSOLUTE SOFTWARE CORPCOM00386B1094,218,464539,142SHSOLE1539,142 0 0
AECOMCOM00766T1001,226,01314,540SHSOLE114,540 0 0
AGNICO EAGLE MINES LTDCOM0084741083,451,36267,705SHSOLE167,705 0 0
ALGOMA STL GROUP INCCOM0156581073,460,786427,530SHSOLE1427,530 0 0
ATI INCCOM01741R1023,354,49585,010SHSOLE185,010 0 0
BANK AMERICA CORPCOM060505104534,82018,700SHSOLE118,700 0 0
BANK MONTREAL QUECOM0636711014,627,09251,951SHSOLE151,951 0 0
BANK NOVA SCOTIA HALIFAXCOM0641491071,646,23132,687SHSOLE132,687 0 0
BARRICK GOLD CORPCOM067901108621,13633,460SHSOLE133,460 0 0
BROOKFIELD CORPCL A LTD VT SH11271J1074,573,067140,378SHSOLE1140,378 0 0
BRP INCCOM SUN VTG05577W2001,548,36019,800SHSOLE119,800 0 0
CAE INCCOM1247651085,094,966225,218SHSOLE1225,218 0 0
CAMECO CORPCOM13321L1082,275,71286,940SHSOLE186,940 0 0
CANADIAN NAT RES LTDCOM1363851014,812,01286,955SHSOLE186,955 0 0
CANADIAN NATL RY COCOM1363751023,901,40033,066SHSOLE133,066 0 0
CANADIAN PAC RY LTDCOM13645T10017,703,055230,020SHSOLE1230,020 0 0
CENOVUS ENERGY INCCOM15135U1093,279,907188,000SHSOLE1188,000 0 0
CGI INCCL A SUB VTG12532H1041,645,02017,070SHSOLE117,070 0 0
COLLIERS INTL GROUP INCSUB VTG SHS1946931073,872,93136,695SHSOLE136,695 0 0
CRESCENT PT ENERGY CORPCOM22576C1012,985,717423,000SHSOLE1423,000 0 0
DELTA AIR LINES INC DELCOM NEW2473617021,047,60030,000SHSOLE130,000 0 0
DENISON MINES CORPCOM2483561071,563,6281,437,660SHSOLE11,437,660 0 0
DOCEBO INCCOM25609L1055,549,201136,317SHSOLE1136,317 0 0
ENBRIDGE INCCOM29250N1053,268,45685,728SHSOLE185,728 0 0
ENDEAVOUR SILVER CORPCOM29258Y1031,665,325431,190SHSOLE1431,190 0 0
ENERFLEX LTDCOM29269R1051,564,049262,600SHSOLE1262,600 0 0
ENERGY FUELS INCCOM NEW2926717081,768,608317,030SHSOLE1317,030 0 0
ENERPLUS CORPCOM2927661025,551,384385,170SHSOLE1385,170 0 0
ERO COPPER CORPCOM2960061092,661,974150,475SHSOLE1150,475 0 0
FEDEX CORPCOM31428X1061,462,3366,400SHSOLE16,400 0 0
FIRST CTZNS BANCSHARES INC NCL A31946M1031,459,6501,500SHSOLE11,500 0 0
FIRSTSERVICE CORP NEWCOM33767E202704,4745,000SHSOLE15,000 0 0
FIVE BELOW INCCOM33829M1011,742,5068,460SHSOLE18,460 0 0
FRANCO NEV CORPCOM3518581052,432,81216,680SHSOLE116,680 0 0
GFL ENVIRONMENTAL INCSUB VTG SHS36168Q1048,413,955244,180SHSOLE1244,180 0 0
GRIFFON CORPCOM3984331021,737,21554,271SHSOLE154,271 0 0
HUDBAY MINERALS INCCOM4436281022,141,990408,330SHSOLE1408,330 0 0
HUMANA INCCOM4448591022,427,3005,000SHSOLE15,000 0 0
IAMGOLD CORPCOM4509131081,104,727404,640SHSOLE1404,640 0 0
LAS VEGAS SANDS CORPCOM5178341071,769,80530,806SHSOLE130,806 0 0
M & T BK CORPCOM55261F104538,0654,500SHSOLE14,500 0 0
MANULIFE FINL CORPCOM56501R1062,390,705130,291SHSOLE1130,291 0 0
NEXGEN ENERGY LTDCOM65340P1061,014,258264,290SHSOLE1264,290 0 0
NUTRIEN LTDCOM67077M1082,038,55127,605SHSOLE127,605 0 0
OLLIES BARGAIN OUTLET HLDGSCOM681116109234,0784,040SHSOLE14,040 0 0
ORLA MNG LTD NEWCOM68634K1061,578,769332,890SHSOLE1332,890 0 0
OSISKO DEVELOPMENT CORPCOM NEW68828E809945,904194,000SHSOLE1194,000 0 0
OSISKO GOLD ROYALTIES LTDCOM68827L10110,944,024692,340SHSOLE1692,340 0 0
PEMBINA PIPELINE CORPCOM7063271032,073,07864,000SHSOLE164,000 0 0
PNC FINL SVCS GROUP INCCOM693475105533,8204,200SHSOLE14,200 0 0
PRECISION DRILLING CORPCOM NEW74022D4072,097,51540,820SHSOLE140,820 0 0
RADIUS GLOBAL INFRASTRCTRE ICOM CL A7504811031,874,093127,750SHSOLE1127,750 0 0
RAYTHEON TECHNOLOGIES CORPCOM75513E1012,511,90525,650SHSOLE125,650 0 0
RESTAURANT BRANDS INTL INCCOM76131D1031,819,19827,100SHSOLE127,100 0 0
RITCHIE BROS AUCTIONEERSCOM7677441059,192,707163,330SHSOLE1163,330 0 0
ROGERS COMMUNICATIONS INCCL B7751092004,907,746105,880SHSOLE1105,880 0 0
ROYAL BK CDA SUSTAINABLCOM78008710215,189,588158,859SHSOLE1158,859 0 0
SANDSTORM GOLD LTDCOM NEW80013R2061,629,561280,213SHSOLE1280,213 0 0
SHOPIFY INCCL A82509L1075,841,376121,840SHSOLE1121,840 0 0
STANTEC INCCOM85472N1096,710,843114,860SHSOLE1114,860 0 0
SUN LIFE FINANCIAL INC.COM8667961053,124,82466,890SHSOLE166,890 0 0
SUNCOR ENERGY INC NEWCOM8672241073,154,354101,605SHSOLE1101,605 0 0
SUNOPTA INCCOM8676EP1082,384,699310,810SHSOLE1310,810 0 0
TC ENERGY CORPCOM87807B1076,289,069161,655SHSOLE1161,655 0 0
TECK RESOURCES LTDCL B8787422041,005,93227,550SHSOLE127,550 0 0
THOMSON REUTERS CORP.COM NEW884903709660,9085,080SHSOLE15,080 0 0
TORONTO DOMINION BK ONTCOM NEW8911605097,568,150126,361SHSOLE1126,361 0 0
TRANSALTA CORPCOM89346D1073,624,977414,470SHSOLE1414,470 0 0
TRIPLE FLAG PRECIOUS METALCOM89679M1044,280,489287,402SHSOLE1287,402 0 0
TRUIST FINL CORPCOM89832Q1091,023,00030,000SHSOLE130,000 0 0
UBER TECHNOLOGIES INCCOM90353T100681,55021,500SHSOLE121,500 0 0
UNITED RENTALS INCCOM91136310910,986,29827,760SHSOLE127,760 0 0
VALVOLINE INCCOM92047W1011,657,55447,440SHSOLE147,440 0 0
VISA INCCOM CL A92826C8391,950,2298,650SHSOLE18,650 0 0
WELLS FARGO CO NEWCOM949746101523,32014,000SHSOLE114,000 0 0
WHEATON PRECIOUS METALS CORPCOM9628791024,553,91094,560SHSOLE194,560 0 0