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 51,202 540,014 SH   SOLE   540,014 0 0
Bank of Montreal COM 063671101 63,305 893,704 SH   SOLE   893,704 0 0
Bank of Nova Scotia COM 064149107 60,081 1,051,167 SH   SOLE   1,051,167 0 0
Baxter International Inc. COM 071813109 9,756 133,110 SH   SOLE   133,110 0 0
Baytex Energy Corp. COM 07317Q105 6,506 390,650 SH   SOLE   390,650 0 0
Becton Dickinson and Co. COM 075887109 11,372 81,722 SH   SOLE   81,722 0 0
BHP Billiton Ltd. ADR SPONSORED ADR 088606108 2,993 63,255 SH   SOLE   63,255 0 0
Canadian Imperial Bank of Comm COM 136069101 62,136 722,027 SH   SOLE   722,027 0 0
Canadian National Railway Co. COM 136375102 37,197 539,283 SH   SOLE   529,283 0 0
Canadian Natural Resources Ltd COM 136385101 47,419 1,531,620 SH   SOLE   1,531,620 0 0
Cenovus Energy Inc. COM 15135U109 43,826 2,121,226 SH   SOLE   2,121,226 0 0
Cisco Systems Inc. COM 17275R102 11,055 397,445 SH   SOLE   397,445 0 0
CSX Corp. COM 126408103 6,074 167,660 SH   SOLE   167,660 0 0
Deere & Co. COM 244199105 9,643 109,002 SH   SOLE   109,002 0 0
General Electric Co. COM 369604103 9,562 378,391 SH   SOLE   378,391 0 0
General Mills Inc. COM 370334104 9,967 186,899 SH   SOLE   186,899 0 0
Granite Real Estate Investment UNIT 99/99/9999 387437114 773 21,725 SH   SOLE   21,725 0 0
Honeywell International Inc. COM 438516106 10,579 105,875 SH   SOLE   105,875 0 0
Intel Corporation COM 458140100 11,678 321,785 SH   SOLE   321,785 0 0
Johnson & Johnson COM 478160104 6,124 58,563 SH   SOLE   58,563 0 0
Magna International Inc. COM 559222401 59,355 546,928 SH   SOLE   546,928 0 0
McDonald's Corp. COM 580135101 8,493 90,645 SH   SOLE   90,645 0 0
Microsoft Corp. COM 594918104 11,762 253,210 SH   SOLE   253,210 0 0
Norfolk Southern Corp. COM 655844108 11,011 100,455 SH   SOLE   100,455 0 0
Novartis AG ADR SPONSORED ADR 66987V109 2,833 30,575 SH   SOLE   30,575 0 0
Oracle Corp COM 68389X105 6,739 149,845 SH   SOLE   149,845 0 0
PNC Financial Services Group I COM 693475105 11,297 123,826 SH   SOLE   123,826 0 0
Potash Corp of Saskatchewan In COM 73755L107 53,392 1,508,253 SH   SOLE   1,508,253 0 0
Rio Tinto PLC ADR SPONSORED ADR 767204100 1,303 28,300 SH   SOLE   28,300 0 0
Royal Bank of Canada COM 780087102 67,792 980,183 SH   SOLE   980,183 0 0
Sanofi ADR SPONSORED ADR 80105N105 327 7,175 SH   SOLE   7,175 0 0
SAP SE ADR SPON ADR 803054204 998 14,325 SH   SOLE   14,325 0 0
Sun Life Financial Inc. COM 866796105 34,540 955,969 SH   SOLE   955,969 0 0
Suncor Energy Inc. COM 867224107 51,037 1,604,600 SH   SOLE   1,604,600 0 0
Toronto-Dominion Bank COM NEW 891160509 67,522 1,411,201 SH   SOLE   1,411,201 0 0
Unilever PLC ADR SPON ADR NEW 904767704 1,303 32,195 SH   SOLE   32,195 0 0
United Technologies Corp. COM 913017109 10,129 88,080 SH   SOLE   88,080 0 0
US Bancorp COM NEW 902973304 11,095 246,822 SH   SOLE   246,822 0 0
Vermilion Energy Inc. COM 923725105 13,492 274,650 SH   SOLE   274,650 0 0
VF Corporation COM 918204108 8,264 110,340 SH   SOLE   110,340 0 0
Wells Fargo & Co. COM 949746101 12,007 219,022 SH   SOLE   219,022 0 0