# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000012
**Filing Date:** 2025-7
**Character Count:** 31691
**Document Hash:** 050f49e82d2f6308dffbf862c1984c57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000012.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000012

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20101231

**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:** 251106528

**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:** 12-31-2010

**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:** 289

**Form 13F Information Table Value Total:** $1165904842

      (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 |  | 205659 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 172889 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| AEGON N V | NY REGISTRY SH | 007924103 |  | 90723 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 5853211 | 76000 | SH |  | SOLE |  | 76000 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 12596208 | 136920 | SH |  | SOLE |  | 136920 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 280583 | 3830 | SH |  | SOLE |  | 3830 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR L SHS | 02364W105 |  | 1246399 | 21737 | SH |  | SOLE |  | 21737 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR A SHS | 02364W204 |  | 85469 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| AMERICAN EAGLE OUTFITTERS NE | COM | 02553E106 |  | 54422 | 3720 | SH |  | SOLE |  | 3720 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 12894926 | 300441 | SH |  | SOLE |  | 300441 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 87839 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| ANADARKO PETE CORP | COM | 032511107 |  | 913919 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| ANNALY CAP MGMT INC | COM | 035710409 |  | 164863 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| APOLLO INVT CORP | COM | 03761U106 |  | 29168 | 2635 | SH |  | SOLE |  | 2635 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3322368 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L104 |  | 114389 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 72748 | 1575 | SH |  | SOLE |  | 1575 | 0 | 0 |
| ATLANTIC TELE NETWORK INC | COM NEW | 049079205 |  | 22045 | 575 | SH |  | SOLE |  | 575 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 2447471 | 64070 | SH |  | SOLE |  | 64070 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2772170 | 59900 | SH |  | SOLE |  | 59900 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 71950 | 3195 | SH |  | SOLE |  | 3195 | 0 | 0 |
| AVNET INC | COM | 053807103 |  | 49544 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 42519989 | 1196671 | SH |  | SOLE |  | 1196671 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 3965183 | 89771 | SH |  | SOLE |  | 89771 | 0 | 0 |
| BAKER HUGHES INC | COM | 057224107 |  | 4068787 | 71170 | SH |  | SOLE |  | 71170 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 202383 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 967039 | 10346 | SH |  | SOLE |  | 10346 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 286809 | 21500 | SH |  | SOLE |  | 21500 | 0 | 0 |
| BANK HAWAII CORP | COM | 062540109 |  | 91586 | 1940 | SH |  | SOLE |  | 1940 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 2791359 | 48300 | SH |  | SOLE |  | 48300 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 5220973 | 172880 | SH |  | SOLE |  | 172880 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 67780144 | 1180632 | SH |  | SOLE |  | 1180632 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 17774329 | 332800 | SH |  | SOLE |  | 332800 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 4083581 | 48315 | SH |  | SOLE |  | 48315 | 0 | 0 |
| BIOMED REALTY TRUST INC | COM | 09063H107 |  | 281613 | 15100 | SH |  | SOLE |  | 15100 | 0 | 0 |
| BOB EVANS FARMS INC | COM | 096761101 |  | 68721 | 2085 | SH |  | SOLE |  | 2085 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 65259 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| BOSTON PRIVATE FINL HLDGS IN | COM | 101119105 |  | 2288477 | 349386 | SH |  | SOLE |  | 349386 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 3135568 | 414210 | SH |  | SOLE |  | 414210 | 0 | 0 |
| BREITBURN ENERGY PARTNERS LP | COM UT LTD PTN | 106776107 |  | 137821 | 6850 | SH |  | SOLE |  | 6850 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 105919 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| BROADCOM CORP | CL A | 111320107 |  | 1262949 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 18491591 | 1597891 | SH |  | SOLE |  | 1597891 | 0 | 0 |
| CIGNA CORP | COM | 125509109 |  | 65987 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1234050 | 19100 | SH |  | SOLE |  | 19100 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 36206739 | 459737 | SH |  | SOLE |  | 459737 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 30759126 | 461097 | SH |  | SOLE |  | 461097 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 16609411 | 372485 | SH |  | SOLE |  | 372485 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 616079 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 3021585 | 65530 | SH |  | SOLE |  | 65530 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 26094468 | 779854 | SH |  | SOLE |  | 779854 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 4591098 | 48460 | SH |  | SOLE |  | 48460 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 355873 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| CHIMERA INVT CORP | COM | 16934Q109 |  | 86309 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 111526 | 1870 | SH |  | SOLE |  | 1870 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 118678 | 3745 | SH |  | SOLE |  | 3745 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 7674854 | 379380 | SH |  | SOLE |  | 379380 | 0 | 0 |
| CITIGROUP INC | COM | 172967101 |  | 6034343 | 1275760 | SH |  | SOLE |  | 1275760 | 0 | 0 |
| CLIFFS NATURAL RESOURCES INC | COM | 18683K101 |  | 124815 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| CLOROX CO DEL | COM | 189054109 |  | 112954 | 1785 | SH |  | SOLE |  | 1785 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2640663 | 40150 | SH |  | SOLE |  | 40150 | 0 | 0 |
| COCA COLA ENTERPRISES INC NE | COM | 19122T109 |  | 59696 | 2385 | SH |  | SOLE |  | 2385 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1905539 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 7700483 | 350500 | SH |  | SOLE |  | 350500 | 0 | 0 |
| COMMERCE BANCSHARES INC | COM | 200525103 |  | 59713 | 1503 | SH |  | SOLE |  | 1503 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 2187222 | 41362 | SH |  | SOLE |  | 41362 | 0 | 0 |
| COMPANIA CERVECERIAS UNIDAS | SPONSORED ADR | 204429104 |  | 90222 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| COMPASS DIVERSIFIED HOLDINGS | SH BEN INT | 20451Q104 |  | 51653 | 2920 | SH |  | SOLE |  | 2920 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 10011378 | 147010 | SH |  | SOLE |  | 147010 | 0 | 0 |
| CORPORATE OFFICE PPTYS TR | SH BEN INT | 22002T108 |  | 266317 | 7620 | SH |  | SOLE |  | 7620 | 0 | 0 |
| CORRECTIONS CORP AMER NEW | COM NEW | 22025Y407 |  | 5114244 | 204080 | SH |  | SOLE |  | 204080 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 110634 | 2020 | SH |  | SOLE |  | 2020 | 0 | 0 |
| CULLEN FROST BANKERS INC | COM | 229899109 |  | 76399 | 1250 | SH |  | SOLE |  | 1250 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 64550 | 1390 | SH |  | SOLE |  | 1390 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 4291175 | 316692 | SH |  | SOLE |  | 316692 | 0 | 0 |
| DIAGEO P L C | SPON ADR NEW | 25243Q205 |  | 52402 | 705 | SH |  | SOLE |  | 705 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1959371 | 52250 | SH |  | SOLE |  | 52250 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 293260 | 5690 | SH |  | SOLE |  | 5690 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 2626823 | 70030 | SH |  | SOLE |  | 70030 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 2045382 | 49050 | SH |  | SOLE |  | 49050 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 5566042 | 139395 | SH |  | SOLE |  | 139395 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 1737119 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| DONNELLEY R R  SONS CO | COM | 257867101 |  | 104819 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| DOW CHEM CO | COM | 260543103 |  | 102419 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| DUPONT FABROS TECHNOLOGY INC | COM | 26613Q106 |  | 287142 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 2338317 | 102110 | SH |  | SOLE |  | 102110 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 3182084 | 72750 | SH |  | SOLE |  | 72750 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1600759 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 33903005 | 1159158 | SH |  | SOLE |  | 1159158 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 17104484 | 302330 | SH |  | SOLE |  | 302330 | 0 | 0 |
| EXFO INC | SUB VTG SHS | 302046107 |  | 1500581 | 211100 | SH |  | SOLE |  | 211100 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 160863 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| FEDERATED INVS INC PA | CL B | 314211103 |  | 108343 | 4140 | SH |  | SOLE |  | 4140 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2546611 | 27380 | SH |  | SOLE |  | 27380 | 0 | 0 |
| FIRST HORIZON NATL CORP | COM | 320517105 |  | 42407 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| FORD MTR CO DEL | COM PAR $0.01 | 345370860 |  | 1443939 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 408951 | 19400 | SH |  | SOLE |  | 19400 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 1591089 | 27580 | SH |  | SOLE |  | 27580 | 0 | 0 |
| GAP INC DEL | COM | 364760108 |  | 170477 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 3659710 | 62720 | SH |  | SOLE |  | 62720 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 57122 | 805 | SH |  | SOLE |  | 805 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 109739 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| GENERAL GROWTH PPTYS INC NEW | COM | 370023103 |  | 9361157 | 604726 | SH |  | SOLE |  | 604726 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1275365 | 35835 | SH |  | SOLE |  | 35835 | 0 | 0 |
| GENERAL MTRS CO | JR PFD CNV SRB | 37045V209 |  | 91986 | 1700 | SH |  | SOLE |  | 1700 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 127579 | 2485 | SH |  | SOLE |  | 2485 | 0 | 0 |
| GERDAU S A | SPONSORED ADR | 373737105 |  | 96530 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 7418121 | 260249 | SH |  | SOLE |  | 260249 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 2863059 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 17681294 | 383300 | SH |  | SOLE |  | 383300 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 134527 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| GOOGLE INC | CL A | 38259P508 |  | 4873522 | 8205 | SH |  | SOLE |  | 8205 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1059239 | 40850 | SH |  | SOLE |  | 40850 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 29353 | 520 | SH |  | SOLE |  | 520 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 2228966 | 43671 | SH |  | SOLE |  | 43671 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 103310 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 1694003 | 34250 | SH |  | SOLE |  | 34250 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 7582051 | 99060 | SH |  | SOLE |  | 99060 | 0 | 0 |
| HEWLETT PACKARD CO | COM | 428236103 |  | 172609 | 4100 | SH |  | SOLE |  | 4100 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 63886 | 3070 | SH |  | SOLE |  | 3070 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 2013494 | 57430 | SH |  | SOLE |  | 57430 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 541149 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 3236410 | 59471 | SH |  | SOLE |  | 59471 | 0 | 0 |
| IESI BFC LTD | COM | 44951D108 |  | 136199 | 5600 | SH |  | SOLE |  | 5600 | 0 | 0 |
| ICICI BK LTD | ADR | 45104G104 |  | 2177520 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| IMRIS INC | COM | 45322N105 |  | 508836 | 89100 | SH |  | SOLE |  | 89100 | 0 | 0 |
| INFOSYS TECHNOLOGIES LTD | SPONSORED ADR | 456788108 |  | 2343263 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 312400 | 14855 | SH |  | SOLE |  | 14855 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 6804526 | 46365 | SH |  | SOLE |  | 46365 | 0 | 0 |
| INTL PAPER CO | COM | 460146103 |  | 182507 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 6250289 | 147343 | SH |  | SOLE |  | 147343 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 19124946 | 309215 | SH |  | SOLE |  | 309215 | 0 | 0 |
| JOHNSON CTLS INC | COM | 478366107 |  | 3437999 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 3122999 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 1676165 | 45400 | SH |  | SOLE |  | 45400 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 312050 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 969653 | 46618 | SH |  | SOLE |  | 46618 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 1274954 | 24960 | SH |  | SOLE |  | 24960 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 8335148 | 132220 | SH |  | SOLE |  | 132220 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 2774598 | 51060 | SH |  | SOLE |  | 51060 | 0 | 0 |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 |  | 81059 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| KRAFT FOODS INC | CL A | 50075N104 |  | 2605559 | 82690 | SH |  | SOLE |  | 82690 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 6246487 | 279360 | SH |  | SOLE |  | 279360 | 0 | 0 |
| LAN AIRLINES S A | SPONSORED ADR | 501723100 |  | 370128 | 12025 | SH |  | SOLE |  | 12025 | 0 | 0 |
| LABOPHARM INC | COM | 504905100 |  | 661160 | 692200 | SH |  | SOLE |  | 692200 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 636131 | 13844 | SH |  | SOLE |  | 13844 | 0 | 0 |
| LIBERTY GLOBAL INC | COM SER A | 530555101 |  | 963750 | 27240 | SH |  | SOLE |  | 27240 | 0 | 0 |
| LINCOLN NATL CORP IND | COM | 534187109 |  | 91772 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 26914 | 385 | SH |  | SOLE |  | 385 | 0 | 0 |
| MACERICH CO | COM | 554382101 |  | 2008487 | 42400 | SH |  | SOLE |  | 42400 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 546585 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| MANPOWER INC | COM | 56418H100 |  | 1700793 | 27100 | SH |  | SOLE |  | 27100 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 31739574 | 1840709 | SH |  | SOLE |  | 1840709 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 333269 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| MARSHALL  ILSLEY CORP NEW | COM | 571837103 |  | 76119 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 2386770 | 10650 | SH |  | SOLE |  | 10650 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 154013 | 3310 | SH |  | SOLE |  | 3310 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 225289 | 2935 | SH |  | SOLE |  | 2935 | 0 | 0 |
| MCGRAW HILL COS INC | COM | 580645109 |  | 5093758 | 139900 | SH |  | SOLE |  | 139900 | 0 | 0 |
| MERCK  CO INC NEW | COM | 58933Y105 |  | 331567 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| MERCURY GENL CORP NEW | COM | 589400100 |  | 22364 | 520 | SH |  | SOLE |  | 520 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 6928194 | 155900 | SH |  | SOLE |  | 155900 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6053054 | 216800 | SH |  | SOLE |  | 216800 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 64159 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| MINDRAY MEDICAL INTL LTD | SPON ADR | 602675100 |  | 463583 | 17560 | SH |  | SOLE |  | 17560 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 3872056 | 77148 | SH |  | SOLE |  | 77148 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 4225630 | 155297 | SH |  | SOLE |  | 155297 | 0 | 0 |
| NII HLDGS INC | CL B NEW | 62913F201 |  | 893199 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| NATIONAL FUEL GAS CO N J | COM | 636180101 |  | 39371 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| NATIONAL GRID PLC | SPON ADR NEW | 636274300 |  | 2662799 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 141288 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 8165182 | 791200 | SH |  | SOLE |  | 791200 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 2044409 | 48240 | SH |  | SOLE |  | 48240 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 2010551 | 32005 | SH |  | SOLE |  | 32005 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 6994401 | 126230 | SH |  | SOLE |  | 126230 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 1485923 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 78656 | 1795 | SH |  | SOLE |  | 1795 | 0 | 0 |
| OFFICE DEPOT INC | COM | 676220106 |  | 453404 | 83964 | SH |  | SOLE |  | 83964 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 4460758 | 125939 | SH |  | SOLE |  | 125939 | 0 | 0 |
| OWENS  MINOR INC NEW | COM | 690732102 |  | 52090 | 1770 | SH |  | SOLE |  | 1770 | 0 | 0 |
| OWENS ILL INC | COM NEW | 690768403 |  | 2237720 | 72890 | SH |  | SOLE |  | 72890 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 85007 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| POSCO | SPONSORED ADR | 693483109 |  | 215379 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 195227 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 1481944 | 29890 | SH |  | SOLE |  | 29890 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 69392 | 2245 | SH |  | SOLE |  | 2245 | 0 | 0 |
| PEOPLES UNITED FINANCIAL INC | COM | 712704105 |  | 55899 | 3990 | SH |  | SOLE |  | 3990 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2696492 | 41275 | SH |  | SOLE |  | 41275 | 0 | 0 |
| PETMED EXPRESS INC | COM | 716382106 |  | 30009 | 1685 | SH |  | SOLE |  | 1685 | 0 | 0 |
| PETROCHINA CO LTD | SPONSORED     ADR | 71646E100 |  | 833645 | 6340 | SH |  | SOLE |  | 6340 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 503272 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| PETSMART INC | COM | 716768106 |  | 90192 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 9757183 | 557235 | SH |  | SOLE |  | 557235 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 2326775 | 26800 | SH |  | SOLE |  | 26800 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 12857901 | 82800 | SH |  | SOLE |  | 82800 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 10362274 | 161080 | SH |  | SOLE |  | 161080 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 3037524 | 152870 | SH |  | SOLE |  | 152870 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2731350 | 55190 | SH |  | SOLE |  | 55190 | 0 | 0 |
| RPM INTL INC | COM | 749685103 |  | 29834 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| RAYTHEON CO | COM NEW | 755111507 |  | 62558 | 1350 | SH |  | SOLE |  | 1350 | 0 | 0 |
| REED ELSEVIER P L C | SPONS ADR NEW | 758205207 |  | 261767 | 7800 | SH |  | SOLE |  | 7800 | 0 | 0 |
| REGAL ENTMT GROUP | CL A | 758766109 |  | 43144 | 3675 | SH |  | SOLE |  | 3675 | 0 | 0 |
| REPSOL YPF S A | SPONSORED ADR | 76026T205 |  | 122935 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 336801 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 2034870 | 88302 | SH |  | SOLE |  | 88302 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 3381084 | 110493 | SH |  | SOLE |  | 110493 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 42930258 | 1234058 | SH |  | SOLE |  | 1234058 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 31525635 | 599300 | SH |  | SOLE |  | 599300 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 300014 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 2236866 | 72720 | SH |  | SOLE |  | 72720 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 1238334 | 66470 | SH |  | SOLE |  | 66470 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 48759 | 2650 | SH |  | SOLE |  | 2650 | 0 | 0 |
| SAFETY INS GROUP INC | COM | 78648T100 |  | 72782 | 1530 | SH |  | SOLE |  | 1530 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 1938410 | 86190 | SH |  | SOLE |  | 86190 | 0 | 0 |
| SANDISK CORP | COM | 80004C101 |  | 1904651 | 38200 | SH |  | SOLE |  | 38200 | 0 | 0 |
| SANOFI AVENTIS | SPONSORED ADR | 80105N105 |  | 583362 | 18100 | SH |  | SOLE |  | 18100 | 0 | 0 |
| SAP AG | SPON ADR | 803054204 |  | 1063820 | 21020 | SH |  | SOLE |  | 21020 | 0 | 0 |
| SARA LEE CORP | COM | 803111103 |  | 130624 | 7460 | SH |  | SOLE |  | 7460 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | COM | 808513105 |  | 5170640 | 302200 | SH |  | SOLE |  | 302200 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 28248133 | 1315952 | SH |  | SOLE |  | 1315952 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2382686 | 28450 | SH |  | SOLE |  | 28450 | 0 | 0 |
| SILVER WHEATON CORP | COM | 828336107 |  | 2980525 | 76050 | SH |  | SOLE |  | 76050 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 55473 | 845 | SH |  | SOLE |  | 845 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 73018 | 1910 | SH |  | SOLE |  | 1910 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2328479 | 179390 | SH |  | SOLE |  | 179390 | 0 | 0 |
| SPECTRA ENERGY CORP | COM | 847560109 |  | 90337 | 3615 | SH |  | SOLE |  | 3615 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 2679649 | 633487 | SH |  | SOLE |  | 633487 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 60241 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 12253802 | 404770 | SH |  | SOLE |  | 404770 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 19750429 | 513160 | SH |  | SOLE |  | 513160 | 0 | 0 |
| SUNTRUST BKS INC | COM | 867914103 |  | 47215 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| SYNOVUS FINL CORP | COM | 87161C105 |  | 743256 | 281537 | SH |  | SOLE |  | 281537 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 114512 | 3895 | SH |  | SOLE |  | 3895 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 621459 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 7173929 | 119307 | SH |  | SOLE |  | 119307 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 10847115 | 174600 | SH |  | SOLE |  | 174600 | 0 | 0 |
| TELECOM CORP NEW ZEALAND LTD | SPONSORED ADR | 879278208 |  | 1478399 | 176000 | SH |  | SOLE |  | 176000 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 225785 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 6715541 | 128823 | SH |  | SOLE |  | 128823 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 100749 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1728336 | 31220 | SH |  | SOLE |  | 31220 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 4276595 | 49555 | SH |  | SOLE |  | 49555 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 8497413 | 264141 | SH |  | SOLE |  | 264141 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 79151627 | 1060258 | SH |  | SOLE |  | 1060258 | 0 | 0 |
| TOTAL S A | SPONSORED ADR | 89151E109 |  | 294139 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| TOYOTA MOTOR CORP | SP ADR REP2COM | 892331307 |  | 125807 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 21275439 | 1331689 | SH |  | SOLE |  | 1331689 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 83564 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 39645 | 1470 | SH |  | SOLE |  | 1470 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1204009 | 38990 | SH |  | SOLE |  | 38990 | 0 | 0 |
| UNISOURCE ENERGY CORP | COM | 909205106 |  | 82431 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 4286209 | 59055 | SH |  | SOLE |  | 59055 | 0 | 0 |
| UNITED TECHNOLOGIES CORP | COM | 913017109 |  | 96431 | 1225 | SH |  | SOLE |  | 1225 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 754214 | 11930 | SH |  | SOLE |  | 11930 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 902749 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| V F CORP | COM | 918204108 |  | 48690 | 565 | SH |  | SOLE |  | 565 | 0 | 0 |
| VALE S A | ADR | 91912E105 |  | 2283415 | 66052 | SH |  | SOLE |  | 66052 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 68339 | 1910 | SH |  | SOLE |  | 1910 | 0 | 0 |
| VIRGIN MEDIA INC | COM | 92769L101 |  | 482691 | 17720 | SH |  | SOLE |  | 17720 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2442888 | 34710 | SH |  | SOLE |  | 34710 | 0 | 0 |
| VIVO PARTICIPACOES S A | SPON ADR PFD NEW | 92855S200 |  | 35685 | 1095 | SH |  | SOLE |  | 1095 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 8775206 | 332017 | SH |  | SOLE |  | 332017 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 1467870 | 33090 | SH |  | SOLE |  | 33090 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 1546537 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 225426 | 4180 | SH |  | SOLE |  | 4180 | 0 | 0 |
| WASHINGTON POST CO | CL B | 939640108 |  | 3630268 | 8260 | SH |  | SOLE |  | 8260 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 11674698 | 316645 | SH |  | SOLE |  | 316645 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 6472387 | 83289 | SH |  | SOLE |  | 83289 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 2193929 | 111367 | SH |  | SOLE |  | 111367 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 182840 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 8563829 | 461165 | SH |  | SOLE |  | 461165 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 11484840 | 227018 | SH |  | SOLE |  | 227018 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2775123 | 26725 | SH |  | SOLE |  | 26725 | 0 | 0 |
| YINGLI GREEN ENERGY HLDG CO | ADR | 98584B103 |  | 470483 | 47620 | SH |  | SOLE |  | 47620 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 3529619 | 128490 | SH |  | SOLE |  | 128490 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 5319835 | 109710 | SH |  | SOLE |  | 109710 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F105 |  | 1425504 | 31220 | SH |  | SOLE |  | 31220 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 9888757 | 209997 | SH |  | SOLE |  | 209997 | 0 | 0 |
| ONEBEACON INSURANCE GROUP LT | CL A | G67742109 |  | 52755 | 3480 | SH |  | SOLE |  | 3480 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1804387 | 138906 | SH |  | SOLE |  | 138906 | 0 | 0 |
| PARTNERRE LTD | COM | G6852T105 |  | 112489 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| SEADRILL LIMITED | SHS | G7945E105 |  | 99724 | 2940 | SH |  | SOLE |  | 2940 | 0 | 0 |
| WILLIS GROUP HOLDINGS PUBLIC | SHS | G96666105 |  | 982452 | 28370 | SH |  | SOLE |  | 28370 | 0 | 0 |
| ACE LTD | SHS | H0023R105 |  | 1188974 | 19100 | SH |  | SOLE |  | 19100 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG | H27013103 |  | 4172169 | 182990 | SH |  | SOLE |  | 182990 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 1219204 | 17540 | SH |  | SOLE |  | 17540 | 0 | 0 |
| ASML HOLDING N V | NY REG SHS | N07059186 |  | 53675 | 1400 | SH |  | SOLE |  | 1400 | 0 | 0 |
| VISTAPRINT N V | SHS | N93540107 |  | 551999 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| TEEKAY CORPORATION | COM | Y8564W103 |  | 1852479 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |

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