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$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Apple Inc. CS 037833100 7,569 18,183 SH   SOLE   18,183 0 0
Bank of Nova Scotia CS 064149107 10,336 183,937 SH   SOLE   183,937 0 0
BCE Inc. CS 05534B760 9,550 221,484 SH   SOLE   221,484 0 0
Brookfield Asset Management CS 112585104 10,052 266,201 SH   SOLE   266,201 0 0
Brookfield Infrast. Partners LP C$ CS G16252101 9,832 256,294 SH   SOLE   256,294 0 0
Canadian Natural Resources CS 136385101 4,288 144,739 SH   SOLE   144,739 0 0
Cisco Systems CS 17275R102 3,123 122,470 SH   SOLE   122,470 0 0
CSX Corp CS 126408103 5,092 209,109 SH   SOLE   209,109 0 0
JP Morgan Chase & Co CS 46625H100 7,841 141,365 SH   SOLE   141,365 0 0
Magna International Cl A CS 559222401 8,093 108,105 SH   SOLE   108,105 0 0
Methanex Corp. CS 59151K108 5,678 126,271 SH   SOLE   126,271 0 0
Microsoft Corp. CS 594918104 5,163 142,689 SH   SOLE   142,689 0 0
Molson Coors Brewing Cls. B CS 60871R209 4,076 81,155 SH   SOLE   81,155 0 0
Oaktree Capital Group, LLC CS 674001201 7,606 137,735 SH   SOLE   137,735 0 0
Pembina Pipeline Corp CS 706327103 7,912 245,875 SH   SOLE   245,875 0 0
Potash Corp. Sask CS 73755L107 5,398 134,632 SH   SOLE   134,632 0 0
Progressive Waste Solutions CS 74339G101 5,754 253,933 SH   SOLE   253,933 0 0
Rogers Communications Inc. Cls B CS 775109200 8,156 198,036 SH   SOLE   198,036 0 0
Royal Bank of Canada CS 780087102 436 7,142 SH   SOLE   7,142 0 0
SABESP Corp. (Brazil) CS 20441A102 2,858 263,275 SH   SOLE   263,275 0 0
Staples Inc. CS 855030102 5,425 325,300 SH   SOLE   325,300 0 0
Suncor Energy CS 867224107 5,611 181,071 SH   SOLE   181,071 0 0
Telus Corp. CS 87971M103 6,412 208,912 SH   SOLE   208,912 0 0
Teva Pharmaceuticals CS 881624209 2,881 70,170 SH   SOLE   70,170 0 0
Tim Hortons CS 88706M103 7,587 133,589 SH   SOLE   133,589 0 0
Toronto Dominion Bank CS 891160509 6,308 74,674 SH   SOLE   74,674 0 0
TransCanada Corp. CS 89353D107 6,791 150,100 SH   SOLE   150,100 0 0
Viacom Inc CS 92553P201 6,566 91,905 SH   SOLE   91,905 0 0
Dr Pepper Snapple Group CS 26138E109 3,554 73,700 SH   SOLE   73,700 0 0
Energizer Holdings Inc CS 29266R108 3,153 29,900 SH   SOLE   29,900 0 0
Bed Bath and Beyond Inc CS 075896100 4,379 58,730 SH   SOLE   58,730 0 0
Goldman Sachs Group Inc CS 38141G104 3,654 23,025 SH   SOLE   23,025 0 0