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 IN COM 053015103 27,339 208,500 SH   SOLE   208,500 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 23,839 4,506,400 SH   SOLE   4,506,400 0 0
BANCO SANTANDER SA ADR 05964H105 48 10,800 SH   SOLE   10,800 0 0
CISCO SYS INC COM 17275R102 32,539 750,950 SH   SOLE   750,950 0 0
CRESCENT PT ENERGY CORP COM 22576C101 39 12,710 SH   SOLE   12,710 0 0
DENISON MINES CORP COM 248356107 84 181,300 SH   SOLE   181,300 0 0
ENERPLUS CORP COM 292766102 93 11,953 SH   SOLE   11,953 0 0
EXXON MOBIL CORP COM 30231G102 501 7,350 SH   SOLE   7,350 0 0
FIFTH THIRD BANCORP COM 316773100 574 24,400 SH   SOLE   24,400 0 0
GOLDCORP INC NEW COM 380956409 25,960 2,648,800 SH   SOLE   2,648,800 0 0
HUDBAY MINERALS INC COM 443628102 22,930 4,842,500 SH   SOLE   4,842,500 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 382 4,000 SH   SOLE   4,000 0 0
MAGNA INTL INC COM 559222401 24,162 531,900 SH   SOLE   531,900 0 0
MANULIFE FINL CORP COM 56501R106 21,910 1,543,100 SH   SOLE   1,543,100 0 0
MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS 606822104 21,140 4,340,950 SH   SOLE   4,340,950 0 0
NEW GOLD INC CDA COM 644535106 8 10,000 SH   SOLE   10,000 0 0
NUTRIEN LTD COM 67077M108 23,273 495,150 SH   SOLE   495,150 0 0
ROCKWELL AUTOMATION INC COM 773903109 22,483 149,410 SH   SOLE   149,410 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 13,517 197,350 SH   SOLE   197,350 0 0
SIERRA WIRELESS INC COM 826516106 10,738 799,200 SH   SOLE   799,200 0 0
SUN LIFE FINL INC COM 866796105 213 6,400 SH   SOLE   6,400 0 0
SUNCOR ENERGY INC NEW COM 867224107 22,689 811,750 SH   SOLE   811,750 0 0
TELUS CORP COM 87971M103 24,327 733,400 SH   SOLE   733,400 0 0
TEXAS INSTRS INC COM 882508104 25,800 273,020 SH   SOLE   273,020 0 0
DISNEY WALT CO COM DISNEY 254687106 27,190 247,975 SH   SOLE   247,975 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 22,815 458,650 SH   SOLE   458,650 0 0
TRANSCANADA CORP COM 89353D107 22,086 618,050 SH   SOLE   618,050 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 29,198 519,350 SH   SOLE   519,350 0 0