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 INC. COM 053015103 24,190 269,650 SH   SOLE   269,650 0 0
BANCO BILBAO V.A. ADR ADR 05946K101 16,258 2,493,500 SH   SOLE   2,493,500 0 0
BCE INC COM COM 05534B109 1,415 31,500 SH   SOLE   31,500 0 0
CISCO SYSTEMS INC. COM 17275R102 23,743 833,950 SH   SOLE   833,950 0 0
COMCAST CORP COM 20030N101 22,642 370,700 SH   SOLE   370,700 0 0
DIREXION SHARES ETF TRUST COM 25459Y678 335 12,200 SH   SOLE   12,200 0 0
ENERPLUS RESOURCES COM 292766102 91 23,234 SH   SOLE   23,234 0 0
EXXON MOBIL CORP. COM 30231G102 276 3,300 SH   SOLE   3,300 0 0
GOLDCORP INC COM 380956409 15,284 940,900 SH   SOLE   940,900 0 0
HUDBAY MINERALS INC. COM 443628102 17,858 4,866,000 SH   SOLE   4,866,000 0 0
KANSAS CITY SOUTHERN COM 485170302 521 6,100 SH   SOLE   6,100 0 0
MAGNA INTERNATIONAL COM 559222401 27,296 634,200 SH   SOLE   634,200 0 0
MANULIFE FINANCIAL CORP. COM 56501R106 22,009 1,553,300 SH   SOLE   1,553,300 0 0
MITSUBISHI UFJ FINANCIAL GROUP ADR 606816106 20,730 4,516,250 SH   SOLE   4,516,250 0 0
NATIONAL FUEL GAS CO. COM 636180101 616 12,300 SH   SOLE   615,615 0 0
ROCKWELL AUTOMATION INC. COM 773903109 20,239 177,925 SH   SOLE   177,925 0 0
ROYAL BANK OF CANADA COM 780087102 731 12,669 SH   SOLE   12,667 0 0
SUN LIFE FINANCIAL INC. COM 866796105 216 6,700 SH   SOLE   6,700 0 0
SUNCOR ENERGY INC COM COM 867224107 10,737 385,050 SH   SOLE   385,050 0 0
TEXAS INSTRUMENTS INC. COM 882508104 25,885 450,800 SH   SOLE   450,800 0 0
THE WALT DISNEY COMPANY COM 254687106 22,067 222,200 SH   SOLE   222,200 0 0
THOMSON REUTERS CORP. COM 884903105 24,962 615,370 SH   SOLE   615,370 0 0
TORONTO DOMINION BANK COM 891160509 15,362 355,450 SH   SOLE   355,450 0 0
TRANSCANADA CORP. COM 89353D107 26,361 669,660 SH   SOLE   669,660 0 0
U.S. BANCORP COM 902973304 321 7,900 SH   SOLE   7,900 0 0
WADDELL & REED FINANCIAL COM 930059100 398 16,900 SH   SOLE   16,900 0 0
WELLS FARGO CORP COM 949746101 18,834 389,450 SH   SOLE   389,450 0 0