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 3,814 220,340 SH   SOLE   220,340 0 0
Agnico Eagle Mines Ltd COM 008474108 2,534 47,252 SH   SOLE   47,252 0 0
Brookfield Asset Management Inc. CL A LTD VT SH 112585104 13,226 248,946 SH   SOLE   248,946 0 0
BCE Inc. COM NEW 05534B760 2,425 50,110 SH   SOLE   50,110 0 0
Bausch Health Cos Inc COM 071734107 637 29,200 SH   SOLE   29,200 0 0
Bank of Montreal COM 063671101 4,769 64,703 SH   SOLE   64,703 0 0
Bank of Nova Scotia COM 064149107 12,627 222,164 SH   SOLE   222,164 0 0
Colliers International Group Inc. SUB VTG SHS 194693107 2,139 28,480 SH   SOLE   28,480 0 0
Canadian Imperial Bank of Commerce COM 136069101 1,498 18,149 SH   SOLE   18,149 0 0
Canadian Natural Resources Ltd. COM 136385101 5,653 212,330 SH   SOLE   212,330 0 0
Canadian National Railway COM 136375102 5,972 66,466 SH   SOLE   66,466 0 0
Canadian Pacific Railway Ltd. COM 13645T100 5,218 23,465 SH   SOLE   23,465 0 0
Cenovus Energy Inc. COM 15135U109 2,591 276,050 SH   SOLE   276,050 0 0
Descartes Systems Group COM 249906108 4,731 117,180 SH   SOLE   117,180 0 0
Enbridge Inc. COM 29250N105 7,344 209,112 SH   SOLE   209,112 0 0
Equinox Gold Corp COM 29446Y502 577 108,454 SH   SOLE   108,454 0 0
Enerplus Corp COM 292766102 1,496 200,800 SH   SOLE   200,800 0 0
Franco-Nevada Corp. COM 351858105 4,686 51,400 SH   SOLE   51,400 0 0
First Majestic Silver Corp COM 32076V103 998 109,640 SH   SOLE   109,640 0 0
New First Service Corp. COM 33767E202 3,152 30,720 SH   SOLE   30,720 0 0
Fortuna Silver Mines Inc. COM 349915108 350 113,100 SH   SOLE   113,100 0 0
CGI Inc CL A SUB VTG 12532H104 3,418 43,199 SH   SOLE   43,199 0 0
Canada Goose Holdings Inc SHS SUB VTG 135086106 1,104 25,090 SH   SOLE   25,090 0 0
Kirkland Lake Gold Ltd COM 49741E100 3,181 70,956 SH   SOLE   70,956 0 0
Mag Silver COM 55903Q104 1,073 100,930 SH   SOLE   100,930 0 0
Manulife Financial Corp. COM 56501R106 3,777 205,785 SH   SOLE   205,785 0 0
Methanex Corp. COM 59151K108 713 20,070 SH   SOLE   20,070 0 0
Nutrien Ltd COM 67077M108 2,907 58,324 SH   SOLE   58,324 0 0
Norbord Inc. COM NEW 65548P403 1,703 71,030 SH   SOLE   71,030 0 0
Open Text Corp. COM 683715106 1,349 33,053 SH   SOLE   33,053 0 0
Pembina Pipeline Corp. COM 706327103 3,043 82,050 SH   SOLE   82,050 0 0
Restaurant Brands International COM 76131D103 2,588 36,379 SH   SOLE   36,379 0 0
Royal Bank of Canada COM 780087102 15,267 188,085 SH   SOLE   188,085 0 0
Shopify Inc - Class A CL A 82509L107 2,538 8,151 SH   SOLE   8,151 0 0
Shaw Communications Inc. Class B CL B CONV 82028K200 4,413 224,470 SH   SOLE   224,470 0 0
Sun Life Financial Inc. COM 866796105 1,132 25,300 SH   SOLE   25,300 0 0
Sandstorm Gold Ltd COM NEW 80013R206 1,207 213,380 SH   SOLE   213,380 0 0
SSR Mining Inc COM 784730103 1,661 114,470 SH   SOLE   114,470 0 0
Suncor Energy Inc. COM 867224107 6,329 200,529 SH   SOLE   200,529 0 0
Toronto-Dominion Bank COM NEW 891160509 11,984 205,391 SH   SOLE   205,391 0 0
Teck Resources Ltd. CL B 878742204 1,277 78,732 SH   SOLE   78,732 0 0
TC Energy Corp COM 87807B107 6,148 118,659 SH   SOLE   118,659 0 0
Waste Connections Inc COM 94106B101 2,910 31,654 SH   SOLE   31,654 0 0
BB&T Corp. COM 054937107 801 15,000 SH   SOLE   15,000 0 0
Boise Cascade Corp. COM 09739D100 619 19,000 SH   SOLE   19,000 0 0
D R Horton Inc COM 23331A109 527 10,000 SH   SOLE   10,000 0 0
E Trade Financial Group Inc COM NEW 269246401 1,311 30,000 SH   SOLE   30,000 0 0
Fiserv Inc. COM 337738108 3,108 30,000 SH   SOLE   30,000 0 0
FNF Group COM 31620R303 3,553 80,000 SH   SOLE   80,000 0 0
Home Depot COM 437076102 1,624 7,000 SH   SOLE   7,000 0 0
Lennar Corp. CL A 526057104 1,117 20,000 SH   SOLE   20,000 0 0
Lululemon Athletica COM 550021109 1,155 6,000 SH   SOLE   6,000 0 0
Mastercard Inc CL A 57636Q104 1,222 4,500 SH   SOLE   4,500 0 0
Masco Corp. COM 574599106 625 15,000 SH   SOLE   15,000 0 0
Northrop Grumman Corp. COM 666807102 1,312 3,500 SH   SOLE   3,500 0 0
Progressive Corp. COM 743315103 2,704 35,000 SH   SOLE   35,000 0 0
Ross Stores Inc COM 778296103 714 6,500 SH   SOLE   6,500 0 0
Raytheon Company COM NEW 755111507 1,177 6,000 SH   SOLE   6,000 0 0
Sherwin-Williams COM 824348106 1,100 2,000 SH   SOLE   2,000 0 0
TJX Companies Inc. COM 872540109 557 10,000 SH   SOLE   10,000 0 0
Trex Co Inc COM 89531P105 727 8,000 SH   SOLE   8,000 0 0
Weyerhaeuser Company COM 962166104 2,216 80,000 SH   SOLE   80,000 0 0