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
3M CO COM 88579Y101 7,785 44,130 SH   SOLE   44,130 0 0
AFLAC INC COM 001055102 13,118 247,970 SH   SOLE   247,970 0 0
ALGONQUIN POWER & UTILITIES COM 015857105 15,906 1,122,820 SH   SOLE   1,122,820 0 0
ALLEGHANY CORP COM 017175100 1,542 1,928 SH   SOLE   1,928 0 0
AMERICAN EXPRESS CO COM 025816109 16,921 135,924 SH   SOLE   135,924 0 0
APACHE CORP COM 037411105 7,102 277,520 SH   SOLE   277,520 0 0
AT&T INC COM 00206R102 82,489 2,110,785 SH   SOLE   2,110,785 0 0
AUTOZONE INC COM 053332102 6,552 5,500 SH   SOLE   5,500 0 0
BANK OF AMERICA CORP COM 060505104 8,065 228,992 SH   SOLE   228,992 0 0
BANK OF NOVA SCOTIA COM 064149107 113,827 2,012,339 SH   SOLE   2,012,339 0 0
BANK OZK COM 06417N103 8,182 268,230 SH   SOLE   268,230 0 0
BERKSHIRE HATHAWAY INC-CL B CL B 084670702 35,018 154,605 SH   SOLE   154,605 0 0
BOOKING HOLDINGS INC COM 09857L108 11,686 5,690 SH   SOLE   5,690 0 0
C.H. ROBINSON WORLDWIDE INC COM 12541W209 6,855 87,660 SH   SOLE   87,660 0 0
CAN IMPERIAL BK OF COMMERCE COM 136069101 93,674 1,124,113 SH   SOLE   1,124,113 0 0
CANADIAN NATL RAILWAY CO COM 136375102 65,982 728,374 SH   SOLE   728,374 0 0
CANADIAN NATURAL RESOURCES COM 136385101 158,306 4,887,674 SH   SOLE   4,887,674 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 101,122 396,126 SH   SOLE   396,126 0 0
CENOVUS ENERGY INC COM 15135U109 67,992 6,679,415 SH   SOLE   6,679,415 0 0
CGI INC COM 12532H104 83,711 998,912 SH   SOLE   998,912 0 0
CHEVRON CORP COM 166764100 12,621 104,730 SH   SOLE   104,730 0 0
CITIGROUP INC COM 172967424 19,814 248,020 SH   SOLE   248,020 0 0
CITRIX SYSTEMS INC COM 177376100 20,535 185,170 SH   SOLE   185,170 0 0
COGNIZANT TECH SOLUTIONS-A COM 192446102 6,528 105,250 SH   SOLE   105,250 0 0
CUMMINS INC COM 231021106 7,280 40,680 SH   SOLE   40,680 0 0
ENBRIDGE INC COM 29250N105 131,699 3,307,785 SH   SOLE   3,307,785 0 0
EOG RESOURCES INC COM 26875P101 6,187 73,860 SH   SOLE   73,860 0 0
EXXON MOBIL CORP COM 30231G102 21,483 307,865 SH   SOLE   307,865 0 0
FORTIS INC COM 349553107 56,238 1,353,495 SH   SOLE   1,353,495 0 0
HORMEL FOODS CORP COM 440452100 8,601 190,661 SH   SOLE   190,661 0 0
INTEL CORP COM 458140100 22,864 382,025 SH   SOLE   382,025 0 0
JOHNSON & JOHNSON COM 478160104 21,711 148,840 SH   SOLE   148,840 0 0
JPMORGAN CHASE & CO COM 46625H100 14,248 102,210 SH   SOLE   102,210 0 0
LOEWS CORP COM 540424108 7,476 142,420 SH   SOLE   142,420 0 0
MACY'S INC COM 55616P104 6,481 381,215 SH   SOLE   381,215 0 0
MAGNA INTERNATIONAL INC COM 559222401 31,351 570,983 SH   SOLE   570,983 0 0
MCKESSON CORP COM 58155Q103 7,659 55,370 SH   SOLE   55,370 0 0
MERCK & CO. INC. COM 58933Y105 6,095 67,010 SH   SOLE   67,010 0 0
MICROSOFT CORP COM 594918104 13,448 85,275 SH   SOLE   85,275 0 0
MOLSON COORS BEVERAGE CO - B COM 60871R209 17,307 321,095 SH   SOLE   321,095 0 0
MSC INDUSTRIAL DIRECT CO-A COM 553530106 21,561 274,770 SH   SOLE   274,770 0 0
NATIONAL OILWELL VARCO INC COM 637071101 6,638 264,975 SH   SOLE   264,975 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205 23,036 398,000 SH   SOLE   398,000 0 0
NUTRIEN LTD COM 67077M108 58,021 1,210,210 SH   SOLE   1,210,210 0 0
OPEN TEXT CORP COM 683715106 126,000 2,855,466 SH   SOLE   2,855,466 0 0
ORACLE CORP COM 68389X105 6,352 119,890 SH   SOLE   119,890 0 0
PACCAR INC COM 693718108 7,470 94,440 SH   SOLE   94,440 0 0
PEMBINA PIPELINE CORP COM 706327103 56 1,500 SH   SOLE   1,500 0 0
PEPSICO INC COM 713448108 15,363 112,410 SH   SOLE   112,410 0 0
ROGERS COMMUNICATIONS INC-B CL B 775109200 45,364 912,311 SH   SOLE   912,311 0 0
ROYAL BANK OF CANADA COM 780087102 76,770 968,867 SH   SOLE   968,867 0 0
STANTEC INC COM 85472N109 124,774 4,408,742 SH   SOLE   4,408,742 0 0
SUNCOR ENERGY INC COM 867224107 125,833 3,833,957 SH   SOLE   3,833,957 0 0
TC ENERGY CORP COM 87807B107 62,977 1,180,826 SH   SOLE   1,180,826 0 0
TECK RESOURCES LTD-CLS B COM 878742204 21,725 1,250,995 SH   SOLE   1,250,995 0 0
TELUS CORP COM 87971M103 61,524 1,586,745 SH   SOLE   1,586,745 0 0
TORONTO-DOMINION BANK COM 891160509 103,839 1,848,874 SH   SOLE   1,848,874 0 0
UNILEVER N V -NY SHARES COM 904784709 7,233 125,880 SH   SOLE   125,880 0 0
UNION PACIFIC CORP COM 907818108 7,618 42,140 SH   SOLE   42,140 0 0
UNITEDHEALTH GROUP INC COM 91324P102 22,675 77,130 SH   SOLE   77,130 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 14,614 238,020 SH   SOLE   238,020 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 34,473 584,680 SH   SOLE   584,680 0 0
WELLS FARGO & CO COM 949746101 26,490 492,370 SH   SOLE   492,370 0 0
WILLIAMS-SONOMA INC COM 969904101 7,110 96,810 SH   SOLE   96,810 0 0
WINMARK CORP COM 974250102 27,508 138,718 SH   SOLE   138,718 0 0