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
AUTOMATIC DATA PROCESSING IN COM 053015103 22,385 163,775 SH   SOLE 163,775 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 19,984 6,530,750 SH   SOLE 6,530,750 0 0
BLACKBERRY LTD COM 09228F103 64 15,690 SH   SOLE 15,690 0 0
CISCO SYS INC COM 17275R102 25,445 647,300 SH   SOLE 647,300 0 0
CORNING INC COM 219350105 922 44,900 SH   SOLE 44,900 0 0
DENISON MINES CORP COM 248356107 55 210,300 SH   SOLE 210,300 0 0
ENERPLUS CORP COM 292766102 18 12,167 SH   SOLE 12,167 0 0
EXXON MOBIL CORP COM 30231G102 378 9,950 SH   SOLE 9,950 0 0
FIFTH THIRD BANCORP COM 316773100 425 28,600 SH   SOLE 28,600 0 0
HUDBAY MINERALS INC COM 443628102 15,463 8,244,815 SH   SOLE 8,244,815 0 0
IMPERIAL OIL LTD COM NEW 453038408 16,034 1,429,800 SH   SOLE 1,429,800 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 458 3,600 SH   SOLE 3,600 0 0
MAGNA INTL INC COM 559222401 18,098 571,600 SH   SOLE 571,600 0 0
MANULIFE FINL CORP COM 56501R106 28,228 2,266,100 SH   SOLE 2,266,100 0 0
MASTERCARD INC CL A 57636Q104 471 1,950 SH   SOLE 1,950 0 0
MCEWEN MNG INC COM 58039P107 26 40,000 SH   SOLE 40,000 0 0
NEW GOLD INC CDA COM 644535106 13 25,000 SH   SOLE 25,000 0 0
NEWMONT CORP COM 651639106 24,725 546,050 SH   SOLE 546,050 0 0
NUTRIEN LTD COM 67077M108 28,043 826,920 SH   SOLE 826,920 0 0
ROCKWELL AUTOMATION INC COM 773903109 20,540 136,105 SH   SOLE 136,105 0 0
ROYAL BK CDA COM 780087102 8,972 146,023 SH   SOLE 146,023 0 0
SUN LIFE FINL INC COM 866796105 205 6,400 SH   SOLE 6,400 0 0
TC ENERGY CORP COM 87807B107 27,249 617,970 SH   SOLE 617,970 0 0
TECK RESOURCES LTD CL B 878742204 261 34,765 SH   SOLE 34,765 0 0
TELUS CORPORATION COM 87971M103 23,660 1,508,600 SH   SOLE 1,508,600 0 0
TEXAS INSTRS INC COM 882508104 20,943 209,575 SH   SOLE 209,575 0 0
DISNEY WALT CO COM DISNEY 254687106 21,020 217,600 SH   SOLE 217,600 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 23,101 547,780 SH   SOLE 547,780 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 25,989 483,700 SH   SOLE 483,700 0 0