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 7,011 634,150 SH   SOLE   0 0 0
Agnico Eagle Mines Ltd COM 008474108 18,329 536,982 SH   SOLE   0 0 0
Brookfield Asset Management Inc. CL A LTD VT SH 112585104 53,128 1,194,516 SH   SOLE   0 0 0
Brookfield Business Partners UNIT LTD LP G16234109 1,298 28,350 SH   SOLE   0 0 0
Cott Corp. COM 22163N106 1,301 80,621 SH   SOLE   0 0 0
Bank of Montreal COM 063671101 61,254 743,168 SH   SOLE   0 0 0
Bank of Nova Scotia COM 064149107 84,545 1,419,446 SH   SOLE   0 0 0
Brookfield Property Partners LP UNIT LTD PARTN G16249107 3,657 175,000 SH   SOLE   0 0 0
Baytex Energy Corp COM 07317Q105 4,765 1,642,024 SH   SOLE   0 0 0
Colliers International Group Inc. SUB VTG SHS 194693107 18,900 244,179 SH   SOLE   0 0 0
Canadian Imperial Bank of Commerce COM 136069101 29,783 318,081 SH   SOLE   0 0 0
Canadian Natural Resources Ltd. COM 136385101 48,028 1,471,100 SH   SOLE   0 0 0
Canadian National Railway COM 136375102 47,757 532,622 SH   SOLE   0 0 0
Canadian Pacific Railway Ltd. COM 13645T100 57,658 272,741 SH   SOLE   0 0 0
Crescent Point Energy Corp. COM 22576C101 5,271 828,800 SH   SOLE   0 0 0
BRP Inc. Sub Voting COM SUN VTG 05577W200 7,598 162,100 SH   SOLE   0 0 0
Encana Corp. COM 292505104 32,788 2,503,288 SH   SOLE   0 0 0
Enbridge Inc. COM 29250N105 48,444 1,502,372 SH   SOLE   0 0 0
Enerplus Corp COM 292766102 29,570 2,396,360 SH   SOLE   0 0 0
Franco-Nevada Corp. COM 351858105 375 6,000 SH   SOLE   0 0 0
New First Service Corp. SUB VTG SH 33767E103 745 8,820 SH   SOLE   0 0 0
Fortuna Silver Mines Inc. COM 349915108 753 172,550 SH   SOLE   0 0 0
Goldcorp Inc. COM 380956409 8,751 859,525 SH   SOLE   0 0 0
CGI Group Class A CL A SUB VTG 39945C109 34,856 540,971 SH   SOLE   0 0 0
Gran Tierra Energy Inc. COM 38500T101 2,014 529,000 SH   SOLE   0 0 0
Kirkland Lake Gold Ltd COM 49741E100 9,251 488,482 SH   SOLE   0 0 0
Mag Silver COM 55903Q104 575 71,140 SH   SOLE   0 0 0
Manulife Financial Corp. COM 56501R106 27,920 1,562,981 SH   SOLE   0 0 0
Magna International Inc. Class A COM 559222401 14,576 277,684 SH   SOLE   0 0 0
Nutrien Ltd COM 67077M108 38,505 667,351 SH   SOLE   0 0 0
Open Text Corp. COM 683715106 12,857 338,139 SH   SOLE   0 0 0
Precision Drilling Corp. COM 2010 74022D308 632 183,250 SH   SOLE   0 0 0
Restaurant Brands International COM 76131D103 40,468 683,821 SH   SOLE   0 0 0
Rogers Comm Inc. Class B CL B 775109200 18,043 351,080 SH   SOLE   0 0 0
Royal Bank of Canada COM 780087102 126,329 1,577,096 SH   SOLE   0 0 0
Shopify Inc - Class A CL A 82509L107 11,608 70,678 SH   SOLE   0 0 0
Sun Life Financial Inc. COM 866796105 17,366 437,139 SH   SOLE   0 0 0
Sandstorm Gold Ltd COM NEW 80013R206 657 176,490 SH   SOLE   0 0 0
SSR Mining Inc COM 784730103 719 82,750 SH   SOLE   0 0 0
Suncor Energy Inc. COM 867224107 51,522 1,332,485 SH   SOLE   0 0 0
Telus Corp. COM 87971M103 20,253 549,874 SH   SOLE   0 0 0
Toronto-Dominion Bank COM NEW 891160509 104,682 1,723,943 SH   SOLE   0 0 0
Teck Resources Ltd. CL B 878742204 15,520 644,422 SH   SOLE   0 0 0
TransCanada Corp. COM 89353D107 19,939 493,184 SH   SOLE   0 0 0
Waste Connections Inc COM 94106B101 47,415 595,185 SH   SOLE   0 0 0
Advanced Disposal Services Inc COM 00790X101 1,344 49,630 SH   SOLE   0 0 0
Bank of America Corp. COM 060505104 2,088 70,880 SH   SOLE   0 0 0
BB&T Corp. COM 054937107 971 20,000 SH   SOLE   0 0 0
Builders Firstsource COM 12008R107 1,101 75,000 SH   SOLE   0 0 0
Citigroup Inc. COM NEW 172967424 638 8,900 SH   SOLE   0 0 0
E Trade Financial Group Inc COM NEW 269246401 4,018 76,700 SH   SOLE   0 0 0
JP Morgan Chase & Company COM 46625H100 4,450 39,440 SH   SOLE   0 0 0
Keysight Technologies Inc COM 49338L103 5,302 80,000 SH   SOLE   0 0 0
Lennar Corp. CL A 526057104 1,401 30,000 SH   SOLE   0 0 0
Lululemon Athletica COM 550021109 1,219 7,500 SH   SOLE   0 0 0
Mastercard Inc CL A 57636Q104 4,452 20,000 SH   SOLE   0 0 0
Mercer Intl Inc COM 588056101 2,153 128,155 SH   SOLE   0 0 0
Nike Inc. CL B 654106103 847 10,000 SH   SOLE   0 0 0
PGT Innovations Inc COM 69336V101 972 45,000 SH   SOLE   0 0 0
PNC Bank Corp. COM 693475105 681 5,000 SH   SOLE   0 0 0
Carrols Restaurant Group Inc COM 14574X104 1,434 98,200 SH   SOLE   0 0 0
TRI Pointe Group Inc COM 87265H109 1,116 90,000 SH   SOLE   0 0 0
United Health Group Inc. COM 91324P102 1,330 5,000 SH   SOLE   0 0 0
Union Pacific COM 907818108 1,384 8,500 SH   SOLE   0 0 0