# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000011
**Filing Date:** 2025-7
**Character Count:** 26895
**Document Hash:** 51b102d2ae400bbbdc4433174d28cb33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000011.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000011

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20100930

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northwest & Ethical Investments L.P.
- **CENTRAL INDEX KEY:** 0002033536

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24321
- **FILM NUMBER:** 251106526

**BUSINESS ADDRESS:**
- **STREET 1:** 151 YONGE STREET
- **STREET 2:** SUITE 1200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 2W7
- **BUSINESS PHONE:** 4165946633

**MAIL ADDRESS:**
- **STREET 1:** 151 YONGE STREET
- **STREET 2:** SUITE 1200
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5C 2W7

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2010

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Northwest  Ethical Investments L.P.<br>**Address:** 151 YONGE STREET<br>SUITE 1200<br>TORONTO, A6 M5C 2W7

**Form 13F File Number:** 028-24321

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** John H. Bai<br>**Title:** SVP Chief Financial Officer and Chief Administrative Office<br>**Phone:** 6472899343

**Signature, Place, and Date of Signing:**

Sarah MacDonald  Toronto, A6  07-02-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 238

**Form 13F Information Table Value Total:** $1103056604

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AT INC | COM | 00206R102 |  | 200199 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 235919 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| AEGON N V | NY REGISTRY SH | 007924103 |  | 88651 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 5501508 | 77450 | SH |  | SOLE |  | 77450 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 13120519 | 175020 | SH |  | SOLE |  | 175020 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 211384 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR L SHS | 02364W105 |  | 1159233 | 21737 | SH |  | SOLE |  | 21737 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR A SHS | 02364W204 |  | 79259 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 11897850 | 283080 | SH |  | SOLE |  | 283080 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 143285 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 88163 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| ANADARKO PETE CORP | COM | 032511107 |  | 1426249 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ANNALY CAP MGMT INC | COM | 035710409 |  | 202399 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2922624 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L104 |  | 98939 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 4083206 | 127720 | SH |  | SOLE |  | 127720 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 7228763 | 110650 | SH |  | SOLE |  | 110650 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2339388 | 55660 | SH |  | SOLE |  | 55660 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 40514 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 39446093 | 1213312 | SH |  | SOLE |  | 1213312 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 3668245 | 89100 | SH |  | SOLE |  | 89100 | 0 | 0 |
| BAKER HUGHES INC | COM | 057224107 |  | 3044621 | 71470 | SH |  | SOLE |  | 71470 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 279035 | 20700 | SH |  | SOLE |  | 20700 | 0 | 0 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 1544519 | 122000 | SH |  | SOLE |  | 122000 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 998906 | 10346 | SH |  | SOLE |  | 10346 | 0 | 0 |
| BANCO SANTANDER BRASIL S A | ADS REP 1 UNIT | 05967A107 |  | 600371 | 43600 | SH |  | SOLE |  | 43600 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 242534 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 2789742 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 3826475 | 146440 | SH |  | SOLE |  | 146440 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 60818926 | 1140413 | SH |  | SOLE |  | 1140413 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 18164813 | 393400 | SH |  | SOLE |  | 393400 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 2208494 | 46290 | SH |  | SOLE |  | 46290 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 3329311 | 44930 | SH |  | SOLE |  | 44930 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 119771 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| BOSTON PRIVATE FINL HLDGS IN | COM | 101119105 |  | 2315813 | 354100 | SH |  | SOLE |  | 354100 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2434159 | 397090 | SH |  | SOLE |  | 397090 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 189769 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BROADCOM CORP | CL A | 111320107 |  | 1309429 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 19129668 | 1854970 | SH |  | SOLE |  | 1854970 | 0 | 0 |
| CIGNA CORP | COM | 125509109 |  | 128807 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| CNOOC LTD | SPONSORED ADR | 126132109 |  | 389376 | 2004 | SH |  | SOLE |  | 2004 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1443851 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 36310055 | 500900 | SH |  | SOLE |  | 500900 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 31578087 | 494207 | SH |  | SOLE |  | 494207 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 14278819 | 413160 | SH |  | SOLE |  | 413160 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 439167 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1190454 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 2526826 | 66130 | SH |  | SOLE |  | 66130 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 21945452 | 763754 | SH |  | SOLE |  | 763754 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 2827941 | 33670 | SH |  | SOLE |  | 33670 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167107 |  | 77009 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 170204 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 3917032 | 178860 | SH |  | SOLE |  | 178860 | 0 | 0 |
| CITIGROUP INC | COM | 172967101 |  | 5043869 | 1293300 | SH |  | SOLE |  | 1293300 | 0 | 0 |
| CLIFFS NATURAL RESOURCES INC | COM | 18683K101 |  | 140623 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2349576 | 40150 | SH |  | SOLE |  | 40150 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 3223499 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 5174495 | 286200 | SH |  | SOLE |  | 286200 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 2665156 | 58562 | SH |  | SOLE |  | 58562 | 0 | 0 |
| COMPANHIA DE BEBIDAS DAS AME | SPON ADR PFD | 20441W203 |  | 705545 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 8605884 | 149850 | SH |  | SOLE |  | 149850 | 0 | 0 |
| CORRECTIONS CORP AMER NEW | COM NEW | 22025Y407 |  | 4701538 | 190500 | SH |  | SOLE |  | 190500 | 0 | 0 |
| CORUS ENTERTAINMENT INC | COM CL B NON VTG | 220874101 |  | 14090935 | 671800 | SH |  | SOLE |  | 671800 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 976919 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 4162750 | 321200 | SH |  | SOLE |  | 321200 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1340591 | 47810 | SH |  | SOLE |  | 47810 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 2149168 | 64910 | SH |  | SOLE |  | 64910 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 2039009 | 46820 | SH |  | SOLE |  | 46820 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 6192462 | 148750 | SH |  | SOLE |  | 148750 | 0 | 0 |
| DONNELLEY R R  SONS CO | COM | 257867101 |  | 101759 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| DOW CHEM CO | COM | 260543103 |  | 82379 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 2126861 | 104720 | SH |  | SOLE |  | 104720 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 2692272 | 62350 | SH |  | SOLE |  | 62350 | 0 | 0 |
| EASTMAN KODAK CO | COM | 277461109 |  | 1051678 | 250400 | SH |  | SOLE |  | 250400 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1474479 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 33831864 | 1120622 | SH |  | SOLE |  | 1120622 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 17610756 | 336530 | SH |  | SOLE |  | 336530 | 0 | 0 |
| EXFO INC | SUB VTG SHS | 302046107 |  | 1215595 | 211100 | SH |  | SOLE |  | 211100 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 376918 | 6100 | SH |  | SOLE |  | 6100 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2298238 | 26880 | SH |  | SOLE |  | 26880 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 417681 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2999328 | 48580 | SH |  | SOLE |  | 48580 | 0 | 0 |
| GAP INC DEL | COM | 364760108 |  | 126751 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 2914867 | 60150 | SH |  | SOLE |  | 60150 | 0 | 0 |
| GENERAL GROWTH PPTYS INC | COM | 370021107 |  | 9562050 | 612952 | SH |  | SOLE |  | 612952 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1154661 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| GERDAU S A | SPONSORED ADR | 373737105 |  | 111601 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 7352983 | 261649 | SH |  | SOLE |  | 261649 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 2485807 | 62900 | SH |  | SOLE |  | 62900 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 16637666 | 383300 | SH |  | SOLE |  | 383300 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 115663 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| GOOGLE INC | CL A | 38259P508 |  | 5741624 | 10920 | SH |  | SOLE |  | 10920 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1251367 | 66140 | SH |  | SOLE |  | 66140 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 1592116 | 31471 | SH |  | SOLE |  | 31471 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 1571734 | 33180 | SH |  | SOLE |  | 33180 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 4236536 | 71660 | SH |  | SOLE |  | 71660 | 0 | 0 |
| HEWLETT PACKARD CO | COM | 428236103 |  | 231384 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1633101 | 51550 | SH |  | SOLE |  | 51550 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 185067 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 127425 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| IESI BFC LTD | COM | 44951D108 |  | 128009 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| ICICI BK LTD | ADR | 45104G104 |  | 2143549 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| INFOSYS TECHNOLOGIES LTD | SPONSORED ADR | 456788108 |  | 2746247 | 40800 | SH |  | SOLE |  | 40800 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 240374 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 7305934 | 54465 | SH |  | SOLE |  | 54465 | 0 | 0 |
| INTERNATIONAL GAME TECHNOLOG | COM | 459902102 |  | 1009619 | 69870 | SH |  | SOLE |  | 69870 | 0 | 0 |
| ISHARES TR | RUSL 3000 VALU | 464287663 |  | 435704 | 5630 | SH |  | SOLE |  | 5630 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 5489692 | 144200 | SH |  | SOLE |  | 144200 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 19094521 | 308175 | SH |  | SOLE |  | 308175 | 0 | 0 |
| JOHNSON CTLS INC | COM | 478366107 |  | 2744999 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 3023759 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 1377887 | 45400 | SH |  | SOLE |  | 45400 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 252932 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 712375 | 34818 | SH |  | SOLE |  | 34818 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 1047070 | 20730 | SH |  | SOLE |  | 20730 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 7245593 | 111385 | SH |  | SOLE |  | 111385 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 2541806 | 48250 | SH |  | SOLE |  | 48250 | 0 | 0 |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 |  | 77579 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| KRAFT FOODS INC | CL A | 50075N104 |  | 1468936 | 47600 | SH |  | SOLE |  | 47600 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 5590010 | 258080 | SH |  | SOLE |  | 258080 | 0 | 0 |
| LAN AIRLINES S A | SPONSORED ADR | 501723100 |  | 354015 | 12025 | SH |  | SOLE |  | 12025 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 491384 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 133951 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 2198969 | 477000 | SH |  | SOLE |  | 477000 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 1554389 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| MACERICH CO | COM | 554382101 |  | 1821079 | 42400 | SH |  | SOLE |  | 42400 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 434383 | 13600 | SH |  | SOLE |  | 13600 | 0 | 0 |
| MANPOWER INC | COM | 56418H100 |  | 3044823 | 58330 | SH |  | SOLE |  | 58330 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 25830112 | 2049300 | SH |  | SOLE |  | 2049300 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 297899 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 1146878 | 5120 | SH |  | SOLE |  | 5120 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 126666 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| MCGRAW HILL COS INC | COM | 580645109 |  | 5739216 | 173600 | SH |  | SOLE |  | 173600 | 0 | 0 |
| MERCK  CO INC NEW | COM | 58933Y105 |  | 338651 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 5159989 | 134200 | SH |  | SOLE |  | 134200 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 7503488 | 306390 | SH |  | SOLE |  | 306390 | 0 | 0 |
| MINDRAY MEDICAL INTL LTD | SPON ADR | 602675100 |  | 398602 | 13480 | SH |  | SOLE |  | 13480 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 3654827 | 77400 | SH |  | SOLE |  | 77400 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3867354 | 156700 | SH |  | SOLE |  | 156700 | 0 | 0 |
| NATIONAL GRID PLC | SPON ADR NEW | 636274300 |  | 2564399 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 144462 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 6888602 | 686800 | SH |  | SOLE |  | 686800 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 1794526 | 48240 | SH |  | SOLE |  | 48240 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 1815648 | 30510 | SH |  | SOLE |  | 30510 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 5960532 | 123560 | SH |  | SOLE |  | 123560 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 1299407 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| OFFICE DEPOT INC | COM | 676220106 |  | 396519 | 86200 | SH |  | SOLE |  | 86200 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 4036030 | 117600 | SH |  | SOLE |  | 117600 | 0 | 0 |
| OWENS ILL INC | COM NEW | 690768403 |  | 1800327 | 64160 | SH |  | SOLE |  | 64160 | 0 | 0 |
| POSCO | SPONSORED ADR | 693483109 |  | 227959 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 207044 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 2490902 | 59820 | SH |  | SOLE |  | 59820 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2058974 | 30990 | SH |  | SOLE |  | 30990 | 0 | 0 |
| PETROCHINA CO LTD | SPONSORED     ADR | 71646E100 |  | 93135 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 482390 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 9123277 | 531350 | SH |  | SOLE |  | 531350 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 1742803 | 26800 | SH |  | SOLE |  | 26800 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 10798911 | 75400 | SH |  | SOLE |  | 75400 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 11166414 | 186200 | SH |  | SOLE |  | 186200 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 3221700 | 154370 | SH |  | SOLE |  | 154370 | 0 | 0 |
| QUAD / GRAPHICS INC | COM CL A | 747301109 |  | 745043 | 15947 | SH |  | SOLE |  | 15947 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2517242 | 55790 | SH |  | SOLE |  | 55790 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 114479 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1676611 | 33220 | SH |  | SOLE |  | 33220 | 0 | 0 |
| REED ELSEVIER P L C | SPONS ADR NEW | 758205207 |  | 1370249 | 40600 | SH |  | SOLE |  | 40600 | 0 | 0 |
| REPSOL YPF S A | SPONSORED ADR | 76026T205 |  | 113212 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 299522 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 2287562 | 110702 | SH |  | SOLE |  | 110702 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 2969198 | 114200 | SH |  | SOLE |  | 114200 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 36075458 | 964700 | SH |  | SOLE |  | 964700 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 28267642 | 543200 | SH |  | SOLE |  | 543200 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 288070 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 1753704 | 56920 | SH |  | SOLE |  | 56920 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 1161229 | 66470 | SH |  | SOLE |  | 66470 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 1774476 | 83860 | SH |  | SOLE |  | 83860 | 0 | 0 |
| SANDISK CORP | COM | 80004C101 |  | 1693229 | 46200 | SH |  | SOLE |  | 46200 | 0 | 0 |
| SANOFI AVENTIS | SPONSORED ADR | 80105N105 |  | 661674 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| SAP AG | SPON ADR | 803054204 |  | 1651390 | 33490 | SH |  | SOLE |  | 33490 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | COM | 808513105 |  | 4010147 | 288500 | SH |  | SOLE |  | 288500 | 0 | 0 |
| SHAW GROUP INC | COM | 820280105 |  | 117459 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 28145773 | 1279108 | SH |  | SOLE |  | 1279108 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1950633 | 25960 | SH |  | SOLE |  | 25960 | 0 | 0 |
| SILVER WHEATON CORP | COM | 828336107 |  | 2065371 | 77625 | SH |  | SOLE |  | 77625 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1567543 | 75800 | SH |  | SOLE |  | 75800 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2879712 | 220330 | SH |  | SOLE |  | 220330 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 2971069 | 641700 | SH |  | SOLE |  | 641700 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 146873 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 10633347 | 406770 | SH |  | SOLE |  | 406770 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 16787694 | 516060 | SH |  | SOLE |  | 516060 | 0 | 0 |
| SYNOVUS FINL CORP | COM | 87161C105 |  | 627298 | 255000 | SH |  | SOLE |  | 255000 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1338899 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 6386078 | 119500 | SH |  | SOLE |  | 119500 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 9172461 | 223200 | SH |  | SOLE |  | 223200 | 0 | 0 |
| TELECOM CORP NEW ZEALAND LTD | SPONSORED ADR | 879278208 |  | 2030400 | 270000 | SH |  | SOLE |  | 270000 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 244694 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 7685673 | 145700 | SH |  | SOLE |  | 145700 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 84133 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2335585 | 48780 | SH |  | SOLE |  | 48780 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 5852924 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 6918806 | 225736 | SH |  | SOLE |  | 225736 | 0 | 0 |
| TIME WARNER CABLE INC | COM | 88732J207 |  | 1102582 | 20422 | SH |  | SOLE |  | 20422 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 73379702 | 1014998 | SH |  | SOLE |  | 1014998 | 0 | 0 |
| TOTAL S A | SPONSORED ADR | 89151E109 |  | 283799 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| TOYOTA MOTOR CORP | SP ADR REP2COM | 892331307 |  | 164633 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 17193092 | 1814087 | SH |  | SOLE |  | 1814087 | 0 | 0 |
| URS CORP NEW | COM | 903236107 |  | 110141 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1649095 | 56670 | SH |  | SOLE |  | 56670 | 0 | 0 |
| UNILEVER N V | N Y SHS NEW | 904784709 |  | 236051 | 7900 | SH |  | SOLE |  | 7900 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3603258 | 54030 | SH |  | SOLE |  | 54030 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1299069 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| VALE S A | ADR | 91912E105 |  | 140714 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1791961 | 54985 | SH |  | SOLE |  | 54985 | 0 | 0 |
| VIRGIN MEDIA INC | COM | 92769L101 |  | 1018634 | 44250 | SH |  | SOLE |  | 44250 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1085680 | 14620 | SH |  | SOLE |  | 14620 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 8160008 | 328900 | SH |  | SOLE |  | 328900 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 1053326 | 28530 | SH |  | SOLE |  | 28530 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 1887212 | 33900 | SH |  | SOLE |  | 33900 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 256895 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| WASHINGTON POST CO | CL B | 939640108 |  | 2867761 | 7180 | SH |  | SOLE |  | 7180 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 9347795 | 261550 | SH |  | SOLE |  | 261550 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 6327731 | 89400 | SH |  | SOLE |  | 89400 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 1984278 | 113000 | SH |  | SOLE |  | 113000 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 113084 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 8432827 | 477240 | SH |  | SOLE |  | 477240 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 9852703 | 265500 | SH |  | SOLE |  | 265500 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2351466 | 27100 | SH |  | SOLE |  | 27100 | 0 | 0 |
| YINGLI GREEN ENERGY HLDG CO | ADR | 98584B103 |  | 478585 | 34580 | SH |  | SOLE |  | 34580 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 3103303 | 108280 | SH |  | SOLE |  | 108280 | 0 | 0 |
| AXIS CAPITAL HOLDINGS | SHS | G0692U109 |  | 128465 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 7693662 | 181070 | SH |  | SOLE |  | 181070 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F105 |  | 1149835 | 28610 | SH |  | SOLE |  | 28610 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 8452556 | 236700 | SH |  | SOLE |  | 236700 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1572149 | 141000 | SH |  | SOLE |  | 141000 | 0 | 0 |
| WILLIS GROUP HOLDINGS PUBLIC | SHS | G96666105 |  | 874361 | 28370 | SH |  | SOLE |  | 28370 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG | H27013103 |  | 3158196 | 184690 | SH |  | SOLE |  | 184690 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 1127646 | 17540 | SH |  | SOLE |  | 17540 | 0 | 0 |
| ASML HOLDING N V | NY REG SHS | N07059186 |  | 41621 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| TEEKAY CORPORATION | COM | Y8564W103 |  | 1496879 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |

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