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
Agrium Inc. COM 008916108 71,640 806,444 SH   SOLE   806,444 0 0
Bank of Montreal COM 063671101 91,614 1,245,650 SH   SOLE   1,245,650 0 0
Bank of Nova Scotia COM 064149107 87,012 1,407,841 SH   SOLE   1,407,841 0 0
Baxter International Inc. COM 071813109 8,963 124,885 SH   SOLE   124,885 0 0
Baytex Energy Corp. COM 07317Q105 13,762 364,200 SH   SOLE   364,200 0 0
Becton Dickinson and Co. COM 075887109 8,909 78,277 SH   SOLE   78,277 0 0
Canadian Imperial Bank of Comm COM 136069101 89,028 991,942 SH   SOLE   991,942 0 0
Canadian National Railway Co. COM 136375102 39,510 556,932 SH   SOLE   556,932 0 0
Canadian Natural Resources Ltd COM 136385101 80,280 2,067,939 SH   SOLE   2,067,939 0 0
Canadian Utilities Ltd. COM 136717832 60,206 1,724,930 SH   SOLE   1,724,930 0 0
Cenovus Energy Inc. COM 15135U109 76,278 2,837,423 SH   SOLE   2,837,423 0 0
Cisco Systems Inc. COM 17275R102 9,556 379,645 SH   SOLE   379,645 0 0
CSX Corp. COM 126408103 5,687 177,390 SH   SOLE   177,390 0 0
Deere & Co. COM 244199105 8,461 103,192 SH   SOLE   103,192 0 0
General Electric Co. COM 369604103 8,996 351,125 SH   SOLE   351,125 0 0
General Mills Inc. COM 370334104 8,884 176,089 SH   SOLE   176,089 0 0
Honeywell International Inc COM 438516106 9,457 101,560 SH   SOLE   101,560 0 0
Intel Corporation COM 458140100 11,075 318,055 SH   SOLE   318,055 0 0
International Business Machine COM 459200101 3,171 16,705 SH   SOLE   16,705 0 0
Magna International Inc. COM 559222401 77,455 816,656 SH   SOLE   816,656 0 0
McDonald's Corp. COM 580135101 8,634 91,070 SH   SOLE   91,070 0 0
Microsoft Corp. COM 594918104 11,643 251,136 SH   SOLE   251,136 0 0
Norfolk Southern Corp. COM 655844108 10,752 96,345 SH   SOLE   96,345 0 0
Oracle Corp COM 68389X105 5,448 142,315 SH   SOLE   142,315 0 0
PNC Financial Services Group I COM 693475105 10,110 118,131 SH   SOLE   118,131 0 0
Potash Corp of Saskatchewan In COM 73755L107 74,507 2,153,394 SH   SOLE   2,153,394 0 0
Royal Bank of Canada COM 780087102 95,958 1,343,528 SH   SOLE   1,343,528 0 0
Sun Life Financial Inc. COM 866796105 59,680 1,647,446 SH   SOLE   1,647,446 0 0
Suncor Energy Inc. COM 867224107 81,664 2,258,318 SH   SOLE   2,258,318 0 0
Toronto-Dominion Bank COM 891160509 92,215 1,869,909 SH   SOLE   1,869,909 0 0
Union Pacific Corp. COM 907818108 21,684 200,000 SH   SOLE   200,000 0 0
United Technologies Corp. COM 913017109 8,757 82,930 SH   SOLE   82,930 0 0
US Bancorp COM 902973304 9,822 234,797 SH   SOLE   234,797 0 0
Vermilion Energy Inc. COM 923725105 14,016 230,425 SH   SOLE   230,425 0 0
VF Corporation COM 918204108 8,814 133,485 SH   SOLE   133,485 0 0
Wells Fargo & Co. COM 949746101 10,946 211,037 SH   SOLE   211,037 0 0
BHP Billiton Ltd. ADR ADR 088606108 2,459 41,755 SH   SOLE   41,755 0 0
Novartis AG ADR ADR 66987V109 2,097 22,275 SH   SOLE   22,275 0 0
Rio Tinto PLC ADR 767204100 930 18,900 SH   SOLE   18,900 0 0
SAP SE-Sponsored ADR ADR 803054204 851 11,800 SH   SOLE   11,800 0 0
Siemens AG ADR ADR 826197501 941 7,900 SH   SOLE   7,900 0 0
Taiwan Semiconductor SP ADR ADR 874039100 989 49,000 SH   SOLE   49,000 0 0
Unilever PLC ADR ADR 904767704 1,001 23,895 SH   SOLE   23,895 0 0