# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000014
**Filing Date:** 2025-7
**Character Count:** 28997
**Document Hash:** 875acb8c931cc9595fef5b269ff1efe1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000014.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000014

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20110630

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**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:** 251108762

**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:** 06-30-2011

**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:**

John H. Bai  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:** 261

**Form 13F Information Table Value Total:** $1155405000

      (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 |  | 94229 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1653660 | 26150 | SH |  | SOLE |  | 26150 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 4250740 | 48400 | SH |  | SOLE |  | 48400 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 342969 | 4430 | SH |  | SOLE |  | 4430 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR L SHS | 02364W105 |  | 1171188 | 21737 | SH |  | SOLE |  | 21737 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS NE | COM | 02553E106 |  | 111498 | 8745 | SH |  | SOLE |  | 8745 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 13528905 | 261681 | SH |  | SOLE |  | 261681 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 93359 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ANNALY CAP MGMT INC | COM | 035710409 |  | 2065579 | 114500 | SH |  | SOLE |  | 114500 | 0 | 0 |
| APOLLO INVT CORP | COM | 03761U106 |  | 62627 | 6134 | SH |  | SOLE |  | 6134 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3558101 | 10600 | SH |  | SOLE |  | 10600 | 0 | 0 |
| ARROW ELECTRS INC | COM | 042735100 |  | 1398550 | 33700 | SH |  | SOLE |  | 33700 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 185258 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| ATLANTIC TELE NETWORK INC | COM NEW | 049079205 |  | 87268 | 2275 | SH |  | SOLE |  | 2275 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 3461259 | 89670 | SH |  | SOLE |  | 89670 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 368232 | 6990 | SH |  | SOLE |  | 6990 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 194600 | 7575 | SH |  | SOLE |  | 7575 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 42064376 | 1072521 | SH |  | SOLE |  | 1072521 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 3887376 | 87771 | SH |  | SOLE |  | 87771 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 152619 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 970557 | 10346 | SH |  | SOLE |  | 10346 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 219199 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 214922 | 4620 | SH |  | SOLE |  | 4620 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 14728302 | 231500 | SH |  | SOLE |  | 231500 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 3634451 | 141860 | SH |  | SOLE |  | 141860 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 68925298 | 1143972 | SH |  | SOLE |  | 1143972 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 5998807 | 132100 | SH |  | SOLE |  | 132100 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 6861297 | 125500 | SH |  | SOLE |  | 125500 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 4490317 | 52110 | SH |  | SOLE |  | 52110 | 0 | 0 |
| BEMIS INC | COM | 081437105 |  | 111304 | 3295 | SH |  | SOLE |  | 3295 | 0 | 0 |
| BIOMED REALTY TRUST INC | COM | 09063H107 |  | 367867 | 19120 | SH |  | SOLE |  | 19120 | 0 | 0 |
| BOB EVANS FARMS INC | COM | 096761101 |  | 170828 | 4885 | SH |  | SOLE |  | 4885 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 3614411 | 523070 | SH |  | SOLE |  | 523070 | 0 | 0 |
| BREITBURN ENERGY PARTNERS LP | COM UT LTD PTN | 106776107 |  | 186423 | 9570 | SH |  | SOLE |  | 9570 | 0 | 0 |
| BROOKFIELD RESIDENTIAL PPTYS | COM | 11283W104 |  | 470494 | 47429 | SH |  | SOLE |  | 47429 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 16609895 | 1231126 | SH |  | SOLE |  | 1231126 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 3417433 | 11720 | SH |  | SOLE |  | 11720 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1502405 | 57300 | SH |  | SOLE |  | 57300 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 5833013 | 221100 | SH |  | SOLE |  | 221100 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 22137952 | 280337 | SH |  | SOLE |  | 280337 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 30613322 | 382687 | SH |  | SOLE |  | 382687 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 24497152 | 584285 | SH |  | SOLE |  | 584285 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 285539 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| CAPELLA EDUCATION COMPANY | COM | 139594105 |  | 508475 | 12150 | SH |  | SOLE |  | 12150 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 3034858 | 80650 | SH |  | SOLE |  | 80650 | 0 | 0 |
| CASH STORE FINL SVCS INC | COM | 14756F103 |  | 1707468 | 128634 | SH |  | SOLE |  | 128634 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 19996903 | 529754 | SH |  | SOLE |  | 529754 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 6043777 | 98900 | SH |  | SOLE |  | 98900 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 296179 | 2880 | SH |  | SOLE |  | 2880 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 279240 | 4460 | SH |  | SOLE |  | 4460 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 256637 | 8795 | SH |  | SOLE |  | 8795 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 10683481 | 684400 | SH |  | SOLE |  | 684400 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 5345534 | 128375 | SH |  | SOLE |  | 128375 | 0 | 0 |
| CLIFFS NATURAL RESOURCES INC | COM | 18683K101 |  | 2033900 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 286619 | 4250 | SH |  | SOLE |  | 4250 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 4406148 | 65480 | SH |  | SOLE |  | 65480 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1906839 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 9422677 | 371850 | SH |  | SOLE |  | 371850 | 0 | 0 |
| COMMERCE BANCSHARES INC | COM | 200525103 |  | 151918 | 3533 | SH |  | SOLE |  | 3533 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 1250801 | 20962 | SH |  | SOLE |  | 20962 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 200767 | 3415 | SH |  | SOLE |  | 3415 | 0 | 0 |
| COMPASS DIVERSIFIED HOLDINGS | SH BEN INT | 20451Q104 |  | 114440 | 6940 | SH |  | SOLE |  | 6940 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 303390 | 4035 | SH |  | SOLE |  | 4035 | 0 | 0 |
| CORPORATE OFFICE PPTYS TR | SH BEN INT | 22002T108 |  | 320741 | 10310 | SH |  | SOLE |  | 10310 | 0 | 0 |
| CORRECTIONS CORP AMER NEW | COM NEW | 22025Y407 |  | 3697386 | 170780 | SH |  | SOLE |  | 170780 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 71499 | 1450 | SH |  | SOLE |  | 1450 | 0 | 0 |
| CTRIP COM INTL LTD | AMERICAN DEP SHS | 22943F100 |  | 867199 | 20130 | SH |  | SOLE |  | 20130 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 150367 | 2645 | SH |  | SOLE |  | 2645 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 398591 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 160475 | 3225 | SH |  | SOLE |  | 3225 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 436984 | 5300 | SH |  | SOLE |  | 5300 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 5250916 | 314992 | SH |  | SOLE |  | 314992 | 0 | 0 |
| DEVRY INC DEL | COM | 251893103 |  | 679402 | 11490 | SH |  | SOLE |  | 11490 | 0 | 0 |
| DIAGEO P L C | SPON ADR NEW | 25243Q205 |  | 128535 | 1570 | SH |  | SOLE |  | 1570 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1916730 | 49850 | SH |  | SOLE |  | 49850 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 2312422 | 37430 | SH |  | SOLE |  | 37430 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 2974456 | 76190 | SH |  | SOLE |  | 76190 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 2244322 | 83900 | SH |  | SOLE |  | 83900 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 2381822 | 58150 | SH |  | SOLE |  | 58150 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 6941756 | 136595 | SH |  | SOLE |  | 136595 | 0 | 0 |
| DUPONT FABROS TECHNOLOGY INC | COM | 26613Q106 |  | 358090 | 14210 | SH |  | SOLE |  | 14210 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 4495883 | 163190 | SH |  | SOLE |  | 163190 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 2543924 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 34182491 | 1106858 | SH |  | SOLE |  | 1106858 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 10151738 | 312160 | SH |  | SOLE |  | 312160 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 146460 | 2145 | SH |  | SOLE |  | 2145 | 0 | 0 |
| EXFO INC | SUB VTG SHS | 302046107 |  | 1059772 | 138100 | SH |  | SOLE |  | 138100 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 113931 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| FEDERATED INVS INC PA | CL B | 314211103 |  | 228506 | 9585 | SH |  | SOLE |  | 9585 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 3087366 | 32550 | SH |  | SOLE |  | 32550 | 0 | 0 |
| FIRST NIAGARA FINL GP INC | COM | 33582V108 |  | 132791 | 10060 | SH |  | SOLE |  | 10060 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 127739 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2657825 | 35580 | SH |  | SOLE |  | 35580 | 0 | 0 |
| GLG LIFE TECH CORP | COM NEW | 361793201 |  | 436118 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| GAP INC DEL | COM | 364760108 |  | 94119 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 1838696 | 26590 | SH |  | SOLE |  | 26590 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 141959 | 1905 | SH |  | SOLE |  | 1905 | 0 | 0 |
| GENERAL GROWTH PPTYS INC NEW | COM | 370023103 |  | 7337841 | 439655 | SH |  | SOLE |  | 439655 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 3189007 | 85680 | SH |  | SOLE |  | 85680 | 0 | 0 |
| GENERAL MTRS CO | JR PFD CNV SRB | 37045V209 |  | 160841 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 314431 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 18211883 | 516674 | SH |  | SOLE |  | 516674 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 3273912 | 76315 | SH |  | SOLE |  | 76315 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 20023233 | 413900 | SH |  | SOLE |  | 413900 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 106471 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| GOOGLE INC | CL A | 38259P508 |  | 5990473 | 11830 | SH |  | SOLE |  | 11830 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1717324 | 69810 | SH |  | SOLE |  | 69810 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 68959 | 1170 | SH |  | SOLE |  | 1170 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 2687566 | 54163 | SH |  | SOLE |  | 54163 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 2002793 | 37590 | SH |  | SOLE |  | 37590 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 5224226 | 69880 | SH |  | SOLE |  | 69880 | 0 | 0 |
| HEWLETT PACKARD CO | COM | 428236103 |  | 116479 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 236381 | 9995 | SH |  | SOLE |  | 9995 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 193049 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 3848480 | 59171 | SH |  | SOLE |  | 59171 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 3598874 | 241000 | SH |  | SOLE |  | 241000 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 447209 | 13790 | SH |  | SOLE |  | 13790 | 0 | 0 |
| IMRIS INC | COM | 45322N105 |  | 615373 | 89100 | SH |  | SOLE |  | 89100 | 0 | 0 |
| ING GROEP N V | SPONSORED ADR | 456837103 |  | 1855499 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 472672 | 21330 | SH |  | SOLE |  | 21330 | 0 | 0 |
| INTELLIPHARMACEUTICS INTL IN | COM | 458173101 |  | 198999 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 17155856 | 100005 | SH |  | SOLE |  | 100005 | 0 | 0 |
| IRON MTN INC | COM | 462846106 |  | 160051 | 4695 | SH |  | SOLE |  | 4695 | 0 | 0 |
| ISHARES TR | RSSL MCRCP IDX | 464288869 |  | 5226479 | 102000 | SH |  | SOLE |  | 102000 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 5712889 | 139543 | SH |  | SOLE |  | 139543 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 22803387 | 342805 | SH |  | SOLE |  | 342805 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 2000039 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 143399 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 492181 | 25318 | SH |  | SOLE |  | 25318 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 756775 | 13680 | SH |  | SOLE |  | 13680 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 9597285 | 144190 | SH |  | SOLE |  | 144190 | 0 | 0 |
| KINROSS GOLD CORP | COM NO PAR | 496902404 |  | 8119600 | 514100 | SH |  | SOLE |  | 514100 | 0 | 0 |
| KRAFT FOODS INC | CL A | 50075N104 |  | 6654593 | 188890 | SH |  | SOLE |  | 188890 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 7518118 | 303150 | SH |  | SOLE |  | 303150 | 0 | 0 |
| LABOPHARM INC | COM | 504905100 |  | 100495 | 692200 | SH |  | SOLE |  | 692200 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 584354 | 13844 | SH |  | SOLE |  | 13844 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 382782 | 21090 | SH |  | SOLE |  | 21090 | 0 | 0 |
| LIBERTY GLOBAL INC | COM SER A | 530555101 |  | 1226889 | 27240 | SH |  | SOLE |  | 27240 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 160320 | 1980 | SH |  | SOLE |  | 1980 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 997083 | 34100 | SH |  | SOLE |  | 34100 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 8901665 | 164600 | SH |  | SOLE |  | 164600 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 210329 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| MANPOWERGROUP INC | COM | 56418H100 |  | 1789225 | 33350 | SH |  | SOLE |  | 33350 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 26805955 | 1513409 | SH |  | SOLE |  | 1513409 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 1922819 | 36500 | SH |  | SOLE |  | 36500 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 3552797 | 11790 | SH |  | SOLE |  | 11790 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 154658 | 3120 | SH |  | SOLE |  | 3120 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 294275 | 3490 | SH |  | SOLE |  | 3490 | 0 | 0 |
| MERCK  CO INC NEW | COM | 58933Y105 |  | 183507 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 4716425 | 150200 | SH |  | SOLE |  | 150200 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 10432286 | 237800 | SH |  | SOLE |  | 237800 | 0 | 0 |
| METROPCS COMMUNICATIONS INC | COM | 591708102 |  | 1973986 | 114700 | SH |  | SOLE |  | 114700 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 10326157 | 397160 | SH |  | SOLE |  | 397160 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 74799 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MINDRAY MEDICAL INTL LTD | SPON ADR | 602675100 |  | 1851018 | 65990 | SH |  | SOLE |  | 65990 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 962938 | 21523 | SH |  | SOLE |  | 21523 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 4201556 | 182597 | SH |  | SOLE |  | 182597 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 377248 | 520 | SH |  | SOLE |  | 520 | 0 | 0 |
| NATIONAL GRID PLC | SPON ADR NEW | 636274300 |  | 2965799 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 80954 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| NEWS CORP | CL A | 65248E104 |  | 3987632 | 225290 | SH |  | SOLE |  | 225290 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 2492044 | 53090 | SH |  | SOLE |  | 53090 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 3568164 | 47620 | SH |  | SOLE |  | 47620 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 7457276 | 162150 | SH |  | SOLE |  | 162150 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 2731103 | 21800 | SH |  | SOLE |  | 21800 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 219495 | 5325 | SH |  | SOLE |  | 5325 | 0 | 0 |
| OFFICE DEPOT INC | COM | 676220106 |  | 354327 | 83964 | SH |  | SOLE |  | 83964 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 3392795 | 125939 | SH |  | SOLE |  | 125939 | 0 | 0 |
| OWENS  MINOR INC NEW | COM | 690732102 |  | 143477 | 4160 | SH |  | SOLE |  | 4160 | 0 | 0 |
| OWENS ILL INC | COM NEW | 690768403 |  | 2428977 | 94110 | SH |  | SOLE |  | 94110 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 1892700 | 33660 | SH |  | SOLE |  | 33660 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 162354 | 5285 | SH |  | SOLE |  | 5285 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 570482 | 8100 | SH |  | SOLE |  | 8100 | 0 | 0 |
| PETSMART INC | COM | 716768106 |  | 76448 | 1685 | SH |  | SOLE |  | 1685 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 12126291 | 588655 | SH |  | SOLE |  | 588655 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 1236065 | 13800 | SH |  | SOLE |  | 13800 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 16644494 | 291400 | SH |  | SOLE |  | 291400 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 10986483 | 172825 | SH |  | SOLE |  | 172825 | 0 | 0 |
| PROGRESSIVE WASTE SOLUTIONS | COM | 74339G101 |  | 5408030 | 217200 | SH |  | SOLE |  | 217200 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 3094485 | 54490 | SH |  | SOLE |  | 54490 | 0 | 0 |
| RAYTHEON CO | COM NEW | 755111507 |  | 189429 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| REGAL ENTMT GROUP | CL A | 758766109 |  | 149557 | 12110 | SH |  | SOLE |  | 12110 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 202495 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 688581 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 2594690 | 95993 | SH |  | SOLE |  | 95993 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 41893209 | 1057808 | SH |  | SOLE |  | 1057808 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 18757776 | 328100 | SH |  | SOLE |  | 328100 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 215249 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 2745635 | 93580 | SH |  | SOLE |  | 93580 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 1505722 | 80520 | SH |  | SOLE |  | 80520 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 139778 | 8365 | SH |  | SOLE |  | 8365 | 0 | 0 |
| SAFETY INS GROUP INC | COM | 78648T100 |  | 147770 | 3515 | SH |  | SOLE |  | 3515 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 2375558 | 101650 | SH |  | SOLE |  | 101650 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 2728184 | 67916 | SH |  | SOLE |  | 67916 | 0 | 0 |
| SARA LEE CORP | COM | 803111103 |  | 234810 | 12365 | SH |  | SOLE |  | 12365 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | COM | 808513105 |  | 3596790 | 218650 | SH |  | SOLE |  | 218650 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 18625269 | 816752 | SH |  | SOLE |  | 816752 | 0 | 0 |
| SILVER WHEATON CORP | COM | 828336107 |  | 1750464 | 53031 | SH |  | SOLE |  | 53031 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 154790 | 2025 | SH |  | SOLE |  | 2025 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 183526 | 4545 | SH |  | SOLE |  | 4545 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2876581 | 251890 | SH |  | SOLE |  | 251890 | 0 | 0 |
| SPECTRA ENERGY CORP | COM | 847560109 |  | 227228 | 8290 | SH |  | SOLE |  | 8290 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 3414494 | 633487 | SH |  | SOLE |  | 633487 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 5363052 | 184700 | SH |  | SOLE |  | 184700 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 2880347 | 63880 | SH |  | SOLE |  | 63880 | 0 | 0 |
| STATOIL ASA | SPONSORED ADR | 85771P102 |  | 1224144 | 48100 | SH |  | SOLE |  | 48100 | 0 | 0 |
| STRAYER ED INC | COM | 863236105 |  | 658490 | 5210 | SH |  | SOLE |  | 5210 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 2135893 | 70900 | SH |  | SOLE |  | 70900 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 7858843 | 200484 | SH |  | SOLE |  | 200484 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 324427 | 10405 | SH |  | SOLE |  | 10405 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 5090531 | 108517 | SH |  | SOLE |  | 108517 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 10314364 | 202900 | SH |  | SOLE |  | 202900 | 0 | 0 |
| TELECOMUNICACOES DE SAO PAUL | SPON ADR PFD | 87929A102 |  | 249301 | 8394 | SH |  | SOLE |  | 8394 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 134694 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 4572364 | 94823 | SH |  | SOLE |  | 94823 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 271744 | 2865 | SH |  | SOLE |  | 2865 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 8750656 | 240601 | SH |  | SOLE |  | 240601 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 402148 | 19390 | SH |  | SOLE |  | 19390 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 88883173 | 1048058 | SH |  | SOLE |  | 1048058 | 0 | 0 |
| TOWER GROUP INC | COM | 891777104 |  | 109929 | 4615 | SH |  | SOLE |  | 4615 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 18752032 | 1643874 | SH |  | SOLE |  | 1643874 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 86095 | 3375 | SH |  | SOLE |  | 3375 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 2454836 | 75790 | SH |  | SOLE |  | 75790 | 0 | 0 |
| UNISOURCE ENERGY CORP | COM | 909205106 |  | 202514 | 5425 | SH |  | SOLE |  | 5425 | 0 | 0 |
| UNITED CONTL HLDGS INC | COM | 910047109 |  | 1050709 | 46430 | SH |  | SOLE |  | 46430 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 4917668 | 67430 | SH |  | SOLE |  | 67430 | 0 | 0 |
| UNITED TECHNOLOGIES CORP | COM | 913017109 |  | 209325 | 2365 | SH |  | SOLE |  | 2365 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 461736 | 8380 | SH |  | SOLE |  | 8380 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2156043 | 41800 | SH |  | SOLE |  | 41800 | 0 | 0 |
| VALE S A | ADR | 91912E105 |  | 2332349 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 208859 | 5610 | SH |  | SOLE |  | 5610 | 0 | 0 |
| VIRGIN MEDIA INC | COM | 92769L101 |  | 591415 | 19760 | SH |  | SOLE |  | 19760 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 3931569 | 46660 | SH |  | SOLE |  | 46660 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 8635553 | 323187 | SH |  | SOLE |  | 323187 | 0 | 0 |
| WI-LAN INC | COM | 928972108 |  | 1406537 | 174335 | SH |  | SOLE |  | 174335 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 1449497 | 37620 | SH |  | SOLE |  | 37620 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 2177423 | 34700 | SH |  | SOLE |  | 34700 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 288814 | 5435 | SH |  | SOLE |  | 5435 | 0 | 0 |
| WASHINGTON POST CO | CL B | 939640108 |  | 3607157 | 8610 | SH |  | SOLE |  | 8610 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 12175733 | 326690 | SH |  | SOLE |  | 326690 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 5207202 | 54389 | SH |  | SOLE |  | 54389 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 1308851 | 62267 | SH |  | SOLE |  | 62267 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 9444241 | 471505 | SH |  | SOLE |  | 471505 | 0 | 0 |
| WESTPAC BKG CORP | SPONSORED ADR | 961214301 |  | 2246992 | 18700 | SH |  | SOLE |  | 18700 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 8390552 | 132218 | SH |  | SOLE |  | 132218 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 3836106 | 26725 | SH |  | SOLE |  | 26725 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 4050682 | 133290 | SH |  | SOLE |  | 133290 | 0 | 0 |
| BUNGE LIMITED | COM | G16962105 |  | 1856616 | 26927 | SH |  | SOLE |  | 26927 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 964405 | 11201 | SH |  | SOLE |  | 11201 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 10637154 | 234247 | SH |  | SOLE |  | 234247 | 0 | 0 |
| NORDIC AMERICAN TANKER SHIPP | COM | G65773106 |  | 145990 | 6420 | SH |  | SOLE |  | 6420 | 0 | 0 |
| ONEBEACON INSURANCE GROUP LT | CL A | G67742109 |  | 106651 | 7965 | SH |  | SOLE |  | 7965 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1493238 | 138906 | SH |  | SOLE |  | 138906 | 0 | 0 |
| PARTNERRE LTD | COM | G6852T105 |  | 227893 | 3310 | SH |  | SOLE |  | 3310 | 0 | 0 |
| SEADRILL LIMITED | SHS | G7945E105 |  | 230201 | 6525 | SH |  | SOLE |  | 6525 | 0 | 0 |
| SHIP FINANCE INTERNATIONAL L | SHS | G81075106 |  | 168846 | 9370 | SH |  | SOLE |  | 9370 | 0 | 0 |
| ACE LTD | SHS | H0023R105 |  | 52655 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG SHS | H27013103 |  | 2896498 | 154480 | SH |  | SOLE |  | 154480 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 835405 | 12940 | SH |  | SOLE |  | 12940 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 1108972 | 19507 | SH |  | SOLE |  | 19507 | 0 | 0 |
| VISTAPRINT N V | SHS | N93540107 |  | 487590 | 10190 | SH |  | SOLE |  | 10190 | 0 | 0 |

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