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 6,057 325,650 SH   SOLE   325,650 0 0
Agnico Eagle Mines Ltd COM 008474108 4,730 76,682 SH   SOLE   76,682 0 0
Algonquin Power & Utilities Co COM 015857105 5,675 400,700 SH   SOLE   400,700 0 0
Brookfield Asset Management Inc. CL A LTD VT SH 112585104 14,576 251,976 SH   SOLE   251,976 0 0
Brookfield Business Partners UNIT LTD LP G16234109 1,243 30,000 SH   SOLE   30,000 0 0
BCE Inc. COM NEW 05534B760 3,662 78,940 SH   SOLE   78,940 0 0
Bausch Health Cos Inc COM 071734107 1,946 64,940 SH   SOLE   64,940 0 0
Bank of Montreal COM 063671101 5,891 75,903 SH   SOLE   75,903 0 0
Bank of Nova Scotia COM 064149107 7,940 140,374 SH   SOLE   140,374 0 0
Colliers International Group Inc. SHS 194693107 1,510 19,364 SH   SOLE   19,364 0 0
Canadian Imperial Bank of Commerce COM 136069101 1,910 22,919 SH   SOLE   22,919 0 0
Canadian Natural Resources Ltd. COM 136385101 6,192 191,210 SH   SOLE   191,210 0 0
Canadian National Railway COM 136375102 5,975 65,956 SH   SOLE   65,956 0 0
Canadian Pacific Railway Ltd. COM 13645T100 8,189 32,085 SH   SOLE   32,085 0 0
Cenovus Energy Inc. COM 15135U109 1,778 174,640 SH   SOLE   174,640 0 0
BRP Inc. Sub Voting COM SUN VTG 05577W200 753 16,500 SH   SOLE   16,500 0 0
Descartes Systems Group COM 249906108 5,709 133,450 SH   SOLE   133,450 0 0
Enbridge Inc. COM 29250N105 8,277 207,882 SH   SOLE   207,882 0 0
Equinox Gold Corp COM 29446Y502 914 118,624 SH   SOLE   118,624 0 0
Enerplus Corp COM 292766102 4,785 670,920 SH   SOLE   670,920 0 0
Franco-Nevada Corp. COM 351858105 1,810 17,500 SH   SOLE   17,500 0 0
New First Service Corp. COM 33767E202 6,617 71,010 SH   SOLE   71,010 0 0
CGI Inc CL A SUB VTG 12532H104 2,984 35,609 SH   SOLE   35,609 0 0
Kirkland Lake Gold Ltd COM 49741E100 1,818 41,196 SH   SOLE   41,196 0 0
Mag Silver COM 55903Q104 1,308 110,590 SH   SOLE   110,590 0 0
Manulife Financial Corp. COM 56501R106 8,662 426,175 SH   SOLE   426,175 0 0
Magna International Inc. Class A COM 559222401 1,812 33,000 SH   SOLE   33,000 0 0
Nutrien Ltd COM 67077M108 2,126 44,344 SH   SOLE   44,344 0 0
Norbord Inc. COM NEW 65548P403 9,494 354,750 SH   SOLE   354,750 0 0
Open Text Corp. COM 683715106 3,245 73,583 SH   SOLE   73,583 0 0
Pembina Pipeline Corp. COM 706327103 1,913 51,550 SH   SOLE   51,550 0 0
Pretium Resources Inc COM 74139C102 557 50,000 SH   SOLE   50,000 0 0
Restaurant Brands International COM 76131D103 1,575 24,679 SH   SOLE   24,679 0 0
Royal Bank of Canada COM 780087102 13,061 164,835 SH   SOLE   164,835 0 0
Shopify Inc - Class A CL A 82509L107 3,747 9,411 SH   SOLE   9,411 0 0
Shaw Communications Inc. Class B CL B CONV 82028K200 4,341 213,640 SH   SOLE   213,640 0 0
Sun Life Financial Inc. COM 866796105 1,153 25,260 SH   SOLE   25,260 0 0
Sandstorm Gold Ltd COM NEW 80013R206 1,707 228,410 SH   SOLE   228,410 0 0
SSR Mining Inc COM 784730103 947 49,140 SH   SOLE   49,140 0 0
Suncor Energy Inc. COM 867224107 6,413 195,399 SH   SOLE   195,399 0 0
Toronto-Dominion Bank COM NEW 891160509 12,376 220,361 SH   SOLE   220,361 0 0
Teck Resources Ltd. CL B 878742204 1,074 61,830 SH   SOLE   61,830 0 0
TC Energy Corp COM 87807B107 5,629 105,539 SH   SOLE   105,539 0 0
Waste Connections Inc COM 94106B101 1,870 20,554 SH   SOLE   20,554 0 0
Bank of America Corp. COM 060505104 704 20,000 SH   SOLE   20,000 0 0
E Trade Financial Group Inc COM NEW 269246401 1,361 30,000 SH   SOLE   30,000 0 0
Fidelity National Info Svcs COM 31620M106 1,391 10,000 SH   SOLE   10,000 0 0
Fiserv Inc. COM 337738108 2,602 22,500 SH   SOLE   22,500 0 0
FNF Group COM 31620R303 680 15,000 SH   SOLE   15,000 0 0
JP Morgan Chase & Company COM 46625H100 1,394 10,000 SH   SOLE   10,000 0 0
Louisiana-Pacific Corp. COM 546347105 890 30,000 SH   SOLE   30,000 0 0
Lululemon Athletica COM 550021109 1,158 5,000 SH   SOLE   5,000 0 0
Mastercard Inc CL A 57636Q104 2,090 7,000 SH   SOLE   7,000 0 0
Nike Inc. CL B 654106103 760 7,500 SH   SOLE   7,500 0 0
Ross Stores Inc COM 778296103 2,328 20,000 SH   SOLE   20,000 0 0
Schwab (Charles) Corp. COM 808513105 1,427 30,000 SH   SOLE   30,000 0 0
Sherwin-Williams COM 824348106 875 1,500 SH   SOLE   1,500 0 0
TCF Financial Corp COM 872307103 702 15,000 SH   SOLE   15,000 0 0
Truist Financial Corp COM 89832Q109 2,394 42,500 SH   SOLE   42,500 0 0
TJX Companies Inc. COM 872540109 1,221 20,000 SH   SOLE   20,000 0 0
Trex Co Inc COM 89531P105 1,348 15,000 SH   SOLE   15,000 0 0
Union Pacific COM 907818108 1,356 7,500 SH   SOLE   7,500 0 0
United Rentals Inc COM 911363109 3,335 20,000 SH   SOLE   20,000 0 0
Weyerhaeuser Company COM 962166104 302 10,000 SH   SOLE   10,000 0 0