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
Estimated average burden
hours per response: 23.8
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
ADVANTAGE OIL & GAS LTD. COM 00765F101 6,060,339 1,043,600 SH   SOLE   1,043,600 0 0
AUTOMATIC DATA PROCESSING INC. COM 053015103 24,688,675 264,050 SH   SOLE   264,050 0 0
BANCO BILBAO V.A. ADR ADR 05946K101 13,411,346 2,516,200 SH   SOLE   2,516,200 0 0
BCE INC COM COM 05534B109 1,185,883 25,000 SH   SOLE   25,000 0 0
CISCO SYSTEMS INC. COM 17275R102 23,941,857 833,050 SH   SOLE   833,050 0 0
COMCAST CORP COM 20030N101 24,440,001 368,850 SH   SOLE   368,850 0 0
ENERPLUS RESOURCES COM 292766102 191,356 23,336 SH   SOLE   23,336 0 0
EXXON MOBIL CORP. COM 30231G102 334,656 3,600 SH   SOLE   3,600 0 0
GOLDCORP INC COM 380956409 18,445 939,200 SH   SOLE   939,200 0 0
HUDBAY MINERALS INC. COM 443628102 22,625,650 4,856,000 SH   SOLE   4,856,000 0 0
KANSAS CITY SOUTHERN COM 485170302 578,556 6,600 SH   SOLE   6,600 0 0
MAGNA INTERNATIONAL COM 559222401 21,800,617 641,600 SH   SOLE   641,600 0 0
MANULIFE FINANCIAL CORP. COM 56501R106 20,261,419 1,555,800 SH   SOLE   1,555,800 0 0
MITSUBISHI UFJ FINANCIAL GROUP ADR 606816106 19,371,922 4,526,150 SH   SOLE   4,526,150 0 0
NATIONAL FUEL GAS CO. COM 636180101 718,770 13,000 SH   SOLE   13,000 0 0
ROCKWELL AUTOMATION INC. COM 773903109 20,148,200 178,350 SH   SOLE   178,350 0 0
ROYAL BANK OF CANADA COM 780087102 824 10,798 SH   SOLE   10,798 0 0
SIERRA WIRELESS INC. COM 826516106 8,787,357 514,400 SH   SOLE   514,400 0 0
SUN LIFE FINANCIAL INC. COM 866796105 210,381 6,700 SH   SOLE   6,700 0 0
SUNCOR ENERGY INC COM COM 867224107 13,473,898 485,150 SH   SOLE   485,150 0 0
TEXAS INSTRUMENTS INC. COM 882508104 25,511,010 413,000 SH   SOLE   413,000 0 0
THE WALT DISNEY COMPANY COM 254687106 21,997,095 223,525 SH   SOLE   223,525 0 0
THOMSON REUTERS CORP. COM 884903105 23,781,694 588,400 SH   SOLE   588,400 0 0
TORONTO DOMINION BANK COM 891160509 15,272,159 361,520 SH   SOLE   361,520 0 0
TRANSCANADA CORP. COM 89353D107 30,860,824 667,050 SH   SOLE   667,050 0 0
U.S. BANCORP COM 902973304 290,302 7,400 SH   SOLE   7,400 0 0
WADDELL & REED FINANCIAL COM 930059100 269,893 16,900 SH   SOLE   16,900 0 0
WELLS FARGO CORP COM 949746101 18,717,660 399,950 SH   SOLE   399,950 0 0