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
Agrium Inc. COM 008916108 1,503 15,425 SH   SOLE   15,425 0 0
Bank of Montreal COM 063671101 2,152 27,500 SH   SOLE   27,500 0 0
Bank of Nova Scotia COM 064149107 2,184 30,850 SH   SOLE   30,850 0 0
Baytex Energy Corp. COM 07317Q105 353 7,200 SH   SOLE   7,200 0 0
Becton Dickinson and Co. COM 075887109 9,382 74,477 SH   SOLE   74,477 0 0
Canadian Imperial Bank of Comm COM 136069101 2,070 21,400 SH   SOLE   21,400 0 0
Canadian National Railway Co. COM 136375102 1,804 26,100 SH   SOLE   26,100 0 0
Canadian Natural Resources Ltd COM 136385101 2,204 45,150 SH   SOLE   45,150 0 0
Cenovus Energy Inc. COM 15135U109 1,947 56,575 SH   SOLE   56,575 0 0
Cisco Systems Inc. COM 17275R102 9,714 367,145 SH   SOLE   367,145 0 0
CSX Corp. COM 126408103 5,967 181,815 SH   SOLE   181,815 0 0
Deere & Co. COM 244199105 9,481 98,342 SH   SOLE   98,342 0 0
General Electric Co. COM 369604103 9,318 333,025 SH   SOLE   333,025 0 0
General Mills Inc. COM 370334104 9,453 168,975 SH   SOLE   168,975 0 0
Honeywell International Inc. COM 438516106 9,741 98,420 SH   SOLE   98,420 0 0
Intel Corporation COM 458140100 10,467 318,205 SH   SOLE   318,205 0 0
International Business Machine COM 459200101 3,381 17,507 SH   SOLE   17,507 0 0
Magna International Inc. COM 559222401 2,832 24,725 SH   SOLE   24,725 0 0
McDonald's Corp. COM 580135101 9,114 84,975 SH   SOLE   84,975 0 0
Medtronic Inc. COM 585055106 10,362 152,640 SH   SOLE   152,640 0 0
Microsoft Corp. COM 594918104 11,036 248,575 SH   SOLE   248,575 0 0
Norfolk Southern Corp. COM 655844108 10,377 94,590 SH   SOLE   94,590 0 0
Oracle Corp COM 68389X105 4,639 107,615 SH   SOLE   107,615 0 0
PNC Financial Services Group I COM 693475105 10,846 114,400 SH   SOLE   114,400 0 0
Potash Corp of Saskatchewan In COM 73755L107 1,590 39,400 SH   SOLE   39,400 0 0
Royal Bank of Canada COM 780087102 2,322 30,575 SH   SOLE   30,575 0 0
Sun Life Financial Inc. COM 866796105 1,815 46,500 SH   SOLE   46,500 0 0
Suncor Energy Inc. COM 867224107 2,199 48,525 SH   SOLE   48,525 0 0
Tim Hortons Inc. COM 88706M103 1,618 27,800 SH   SOLE   27,800 0 0
Toronto-Dominion Bank COM 891160509 2,301 42,100 SH   SOLE   42,100 0 0
Union Pacific Corp. COM 907818108 21,289 200,000 SH   SOLE   200,000 0 0
United Technologies Corp. COM 913017109 9,775 79,520 SH   SOLE   79,520 0 0
US Bancorp COM 902973304 10,556 228,861 SH   SOLE   228,861 0 0
Vermilion Energy Inc. COM 923725105 584 7,875 SH   SOLE   7,875 0 0
VF Corporation COM 918204108 9,453 140,935 SH   SOLE   140,935 0 0
Wells Fargo & Co. COM 949746101 11,510 205,690 SH   SOLE   205,690 0 0
BHP Billiton Ltd. ADR ADR 088606108 2,702 37,040 SH   SOLE   37,040 0 0
Novartis AG ADR ADR 66987V109 2,766 28,665 SH   SOLE   28,665 0 0
Rio Tinto PLC ADR 767204100 972 16,850 SH   SOLE   16,850 0 0
Siemens AG ADR ADR 826197501 907 6,450 SH   SOLE   6,450 0 0
Taiwan Semiconductor SP ADR ADR 874039100 960 42,200 SH   SOLE   42,200 0 0
Unilever PLC ADR ADR 904767704 864 17,925 SH   SOLE   17,925 0 0