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 19,184 1,398,977 SH   SOLE   1,398,977 0 0
Agnico Eagle Mines Ltd COM 008474108 19,757 454,292 SH   SOLE   454,292 0 0
Brookfield Asset Management Inc. CL A LTD VT SH 112585104 69,295 1,486,851 SH   SOLE   1,486,851 0 0
Cott Corp. COM 22163N106 865 59,265 SH   SOLE   59,265 0 0
Bausch Health Cos Inc COM 071734107 11,414 462,490 SH   SOLE   462,490 0 0
Bank of Montreal COM 063671101 44,848 599,208 SH   SOLE   599,208 0 0
Bank of Nova Scotia COM 064149107 48,592 912,511 SH   SOLE   912,511 0 0
Brookfield Property Partners LP UNIT LTD PARTN G16249107 4,729 229,842 SH   SOLE   229,842 0 0
Baytex Energy Corp COM 07317Q105 848 498,878 SH   SOLE   498,878 0 0
Colliers International Group Inc. SUB VTG SHS 194693107 13,185 197,319 SH   SOLE   197,319 0 0
Canadian Imperial Bank of Commerce COM 136069101 14,516 183,641 SH   SOLE   183,641 0 0
Canadian Natural Resources Ltd. COM 136385101 37,421 1,362,550 SH   SOLE   1,362,550 0 0
Canadian National Railway COM 136375102 51,018 569,732 SH   SOLE   569,732 0 0
Canadian Pacific Railway Ltd. COM 13645T100 29,091 141,151 SH   SOLE   141,151 0 0
Cenovus Energy Inc. COM 15135U109 11,328 1,304,650 SH   SOLE   1,304,650 0 0
Descartes Systems Group COM 249906108 10,898 299,700 SH   SOLE   299,700 0 0
Encana Corp. COM 292505104 9,535 1,315,898 SH   SOLE   1,315,898 0 0
Enbridge Inc. COM 29250N105 63,135 1,742,656 SH   SOLE   1,742,656 0 0
Enerplus Corp COM 292766102 20,702 2,468,235 SH   SOLE   2,468,235 0 0
New First Service Corp. SUB VTG SHS 33767E103 2,972 33,350 SH   SOLE   33,350 0 0
Fortuna Silver Mines Inc. COM 349915108 620 186,120 SH   SOLE   186,120 0 0
CGI Inc CL A SUB VTG 12532H104 47,737 694,187 SH   SOLE   694,187 0 0
Canada Goose Holdings Inc SHS SUB VTG 135086106 7,295 151,860 SH   SOLE   151,860 0 0
Gran Tierra Energy Inc. COM 38500T101 4,720 2,074,030 SH   SOLE   2,074,030 0 0
Kirkland Lake Gold Ltd COM 49741E100 13,961 458,936 SH   SOLE   458,936 0 0
Mag Silver COM 55903Q104 604 56,510 SH   SOLE   56,510 0 0
Manulife Financial Corp. COM 56501R106 26,581 1,571,281 SH   SOLE   1,571,281 0 0
Methanex Corp. COM 59151K108 8,829 155,400 SH   SOLE   155,400 0 0
Nutrien Ltd COM 67077M108 27,369 518,781 SH   SOLE   518,781 0 0
Open Text Corp. COM 683715106 13,274 345,619 SH   SOLE   345,619 0 0
Pembina Pipeline Corp. COM 706327103 17,092 465,150 SH   SOLE   465,150 0 0
Restaurant Brands International COM 76131D103 41,074 631,116 SH   SOLE   631,116 0 0
Rogers Comm Inc. Class B CL B 775109200 27,248 506,500 SH   SOLE   506,500 0 0
Royal Bank of Canada COM 780087102 107,781 1,428,191 SH   SOLE   1,428,191 0 0
Shopify Inc - Class A CL A 82509L107 14,762 71,490 SH   SOLE   71,490 0 0
Shaw Communications Inc. Class B CL B CONV 82028K200 33,935 1,630,190 SH   SOLE   1,630,190 0 0
Sun Life Financial Inc. COM 866796105 15,307 398,309 SH   SOLE   398,309 0 0
Sandstorm Gold Ltd COM NEW 80013R206 1,341 245,720 SH   SOLE   245,720 0 0
SSR Mining Inc COM 784730103 1,492 118,030 SH   SOLE   118,030 0 0
Suncor Energy Inc. COM 867224107 47,922 1,478,215 SH   SOLE   1,478,215 0 0
Transalta Corp. COM 89346D107 551 75,000 SH   SOLE   75,000 0 0
Toronto-Dominion Bank COM NEW 891160509 100,307 1,847,828 SH   SOLE   1,847,828 0 0
Teck Resources Ltd. CL B 878742204 22,127 956,032 SH   SOLE   956,032 0 0
Thomson Reuters Corporation COM NEW 884903709 20,246 342,072 SH   SOLE   342,072 0 0
TransCanada Corp. COM 89353D107 20,215 449,964 SH   SOLE   449,964 0 0
Canntrust Holdings Inc COM 137800207 449 57,840 SH   SOLE   57,840 0 0
Waste Connections Inc COM 94106B101 48,392 546,164 SH   SOLE   546,164 0 0
Wheaton Precious Metals Corp COM 962879102 24,449 1,026,800 SH   SOLE   1,026,800 0 0
D R Horton Inc COM 23331A109 828 20,000 SH   SOLE   20,000 0 0
E Trade Financial Group Inc COM NEW 269246401 2,322 50,000 SH   SOLE   50,000 0 0
Fiserv Inc. COM 337738108 4,855 55,000 SH   SOLE   55,000 0 0
Home Depot COM 437076102 1,343 7,000 SH   SOLE   7,000 0 0
Keysight Technologies Inc COM 49338L103 3,488 40,000 SH   SOLE   40,000 0 0
Lululemon Athletica COM 550021109 2,048 12,500 SH   SOLE   12,500 0 0
Mastercard Inc CL A 57636Q104 4,120 17,500 SH   SOLE   17,500 0 0
Masco Corp. COM 574599106 2,162 55,000 SH   SOLE   55,000 0 0
Nike Inc. CL B 654106103 1,095 13,000 SH   SOLE   13,000 0 0
O'Reilly Automotive Inc. COM 67103H107 1,359 3,500 SH   SOLE   3,500 0 0
Progressive Corp. COM 743315103 5,046 70,000 SH   SOLE   70,000 0 0
Suntrust Banks Inc. COM 867914103 2,903 49,000 SH   SOLE   49,000 0 0
Carrols Restaurant Group Inc COM 14574X104 498 50,000 SH   SOLE   50,000 0 0
Tcf Financial Corp COM 872275102 3,104 150,000 SH   SOLE   150,000 0 0
TJX Companies Inc. COM 872540109 745 14,000 SH   SOLE   14,000 0 0
Ulta Salon Cosmetcs & Frag COM 90384S303 802 2,300 SH   SOLE   2,300 0 0
Union Pacific COM 907818108 2,801 16,750 SH   SOLE   16,750 0 0
Waste Management Inv. COM 94106L109 715 6,880 SH   SOLE   6,880 0 0