The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Barrick Gold Corp. COM 067901108 14,943 1,138,218 SH   SOLE   931,818 0 206,400
Agnico Eagle Mines Ltd COM 008474108 25,337 553,012 SH   SOLE   421,312 0 131,700
Brookfield Asset Management Inc. CL A LTD VT SH 112585104 57,770 1,424,966 SH   SOLE   1,137,656 0 287,310
Brookfield Business Partners UNIT LTD LP G16234109 575 15,000 SH   SOLE   15,000 0 0
Bank of Montreal COM 063671101 64,491 834,828 SH   SOLE   680,928 0 153,900
Bank of Nova Scotia COM 064149107 105,485 1,864,058 SH   SOLE   1,525,715 0 338,343
Colliers International Group Inc. SUB VTG SHS 194693107 7,640 100,480 SH   SOLE   100,480 0 0
Canadian Imperial Bank of Commerce COM 136069101 17,531 201,651 SH   SOLE   201,651 0 0
Canadian Natural Resources Ltd. COM 136385101 76,521 2,121,380 SH   SOLE   1,695,880 0 425,500
Canadian National Railway COM 136375102 44,184 540,519 SH   SOLE   439,272 0 101,247
Canadian Pacific Railway Ltd. COM 13645T100 80,980 442,181 SH   SOLE   358,281 0 83,900
Crescent Point Energy Corp. COM 22576C101 11,101 1,511,700 SH   SOLE   1,511,700 0 0
Encana Corp. COM 292505104 37,103 2,842,548 SH   SOLE   2,288,348 0 554,200
Enbridge Inc. COM 29250N105 72,416 2,026,792 SH   SOLE   1,647,792 0 379,000
Enerplus Corp COM 292766102 28,033 2,224,170 SH   SOLE   1,770,170 0 454,000
Franco-Nevada Corp. COM 351858105 373 5,110 SH   SOLE   5,110 0 0
New First Service Corp. SUB VTG SH 33767E103 670 8,820 SH   SOLE   8,820 0 0
Fortuna Silver Mines Inc. COM 349915108 982 172,760 SH   SOLE   172,760 0 0
Goldcorp Inc. COM 380956409 23,045 1,679,455 SH   SOLE   1,254,255 0 425,200
CGI Group Class A CL A SUB VTG 39945C109 61,434 970,038 SH   SOLE   544,804 0 425,234
Gran Tierra Energy Inc. COM 38500T101 782 226,200 SH   SOLE   226,200 0 0
Hudbay Minerals Inc. COM 443628102 492 88,331 SH   SOLE   88,331 0 0
Kirkland Lake Gold Ltd COM 49741E100 1,521 71,882 SH   SOLE   71,882 0 0
Mag Silver COM 55903Q104 768 71,140 SH   SOLE   71,140 0 0
Maxar Technologies Ltd COM 57778L103 4,572 91,130 SH   SOLE   91,130 0 0
Manulife Financial Corp. COM 56501R106 49,725 2,769,306 SH   SOLE   2,038,681 0 730,625
Magna International Inc. Class A COM 559222401 15,865 272,950 SH   SOLE   211,834 0 61,116
Nevsun Resources Ltd. COM 64156L101 699 201,150 SH   SOLE   201,150 0 0
Nutrien Ltd COM 67077M108 33,200 610,631 SH   SOLE   483,211 0 127,420
Norbord Inc. COM NEW 65548P403 205 5,000 SH   SOLE   5,000 0 0
Open Text Corp. COM 683715106 26,854 763,464 SH   SOLE   603,784 0 159,680
Precision Drilling Corp. COM 2010 74022D308 1,175 355,440 SH   SOLE   355,440 0 0
Restaurant Brands International COM 76131D103 39,506 655,321 SH   SOLE   384,921 0 270,400
Rogers Comm Inc. Class B CL B 775109200 24,873 524,020 SH   SOLE   524,020 0 0
Royal Bank of Canada COM 780087102 138,676 1,842,825 SH   SOLE   1,480,447 0 362,378
Shopify Inc - Class A CL A 82509L107 12,084 82,918 SH   SOLE   64,418 0 18,500
Sun Life Financial Inc. COM 866796105 31,156 775,779 SH   SOLE   655,379 0 120,400
Sandstorm Gold Ltd COM NEW 80013R206 793 176,490 SH   SOLE   176,490 0 0
SSR Mining Inc COM 784730103 711 72,130 SH   SOLE   72,130 0 0
Suncor Energy Inc. COM 867224107 72,403 1,780,241 SH   SOLE   1,433,685 0 346,556
Telus Corp. COM 87971M103 35,533 1,000,904 SH   SOLE   762,104 0 238,800
Toronto-Dominion Bank COM NEW 891160509 144,133 2,491,786 SH   SOLE   1,961,754 0 530,032
Teck Resources Ltd. CL B 878742204 22,920 900,282 SH   SOLE   649,882 0 250,400
TransCanada Corp. COM 89353D107 17,684 408,975 SH   SOLE   337,675 0 71,300
Waste Connections Inc COM 94106B101 65,767 873,614 SH   SOLE   529,096 0 344,518
Wheaton Precious Metals Corp COM 962879102 8,635 391,414 SH   SOLE   391,414 0 0
Advanced Disposal Services Inc COM 00790X101 1,951 78,730 SH   SOLE   78,730 0 0
Bank of America Corp. COM 060505104 1,128 40,000 SH   SOLE   40,000 0 0
BB&T Corp. COM 054937107 3,279 65,000 SH   SOLE   65,000 0 0
Builders Firstsource COM 12008R107 1,651 90,241 SH   SOLE   90,241 0 0
Cott Corp COM 22163N106 1,618 97,765 SH   SOLE   97,765 0 0
E Trade Financial Group Inc COM NEW 269246401 4,893 80,000 SH   SOLE   80,000 0 0
JP Morgan Chase & Company COM 46625H100 2,605 25,000 SH   SOLE   25,000 0 0
Keysight Technologies Inc COM 49338L103 5,460 92,500 SH   SOLE   92,500 0 0
Lennar Corp. CL A 526057104 1,312 25,000 SH   SOLE   25,000 0 0
Lululemon Athletica COM 550021109 1,561 12,500 SH   SOLE   12,500 0 0
Mastercard Inc CL A 57636Q104 4,029 20,500 SH   SOLE   20,500 0 0
Mercer Intl Inc COM 588056101 4,620 270,000 SH   SOLE   270,000 0 0
Nike Inc. CL B 654106103 1,195 15,000 SH   SOLE   15,000 0 0
Oci Partners Mlp COM UNIT REP LP 67091N108 1,150 100,000 SH   SOLE   100,000 0 0
Rayonier Advanced Materials COM 75508B104 1,282 75,000 SH   SOLE   75,000 0 0
Carrols Restaurant Group Inc COM 14574X104 1,559 105,000 SH   SOLE   105,000 0 0
TRI Pointe Group Inc COM 87265H109 3,272 200,000 SH   SOLE   200,000 0 0
Union Pacific COM 907818108 1,063 7,500 SH   SOLE   7,500 0 0