# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000032
**Filing Date:** 2025-7
**Character Count:** 23813
**Document Hash:** c4ff399cf3dbe633e54ee57b80ff8bf8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000032.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0002033536-25-000032

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20151231

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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:** 251110385

**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:** 12-31-2015

**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:** 205

**Form 13F Information Table Value Total:** $1386125278

      (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 |
| THE ADT CORPORATION | COM | 00101J106 |  | 7295075 | 221197 | SH |  | SOLE |  | 221197 | 0 | 0 |
| AMC NETWORKS INC | CL A | 00164V103 |  | 7833184 | 104890 | SH |  | SOLE |  | 104890 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 4522578 | 172100 | SH |  | SOLE |  | 172100 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 16082475 | 179981 | SH |  | SOLE |  | 179981 | 0 | 0 |
| ALCOA INC | COM | 013817101 |  | 12187869 | 1234840 | SH |  | SOLE |  | 1234840 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 3241859 | 39890 | SH |  | SOLE |  | 39890 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 19594279 | 25820 | SH |  | SOLE |  | 25820 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 12572640 | 16160 | SH |  | SOLE |  | 16160 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1216601 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| AMBEV SA | SPONSORED ADR | 02319V103 |  | 1908790 | 427980 | SH |  | SOLE |  | 427980 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 8094784 | 116388 | SH |  | SOLE |  | 116388 | 0 | 0 |
| AMERIGAS PARTNERS L P | UNIT L P INT | 030975106 |  | 2186871 | 63813 | SH |  | SOLE |  | 63813 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 11718594 | 111330 | SH |  | SOLE |  | 111330 | 0 | 0 |
| ASHLAND INC NEW | COM | 044209104 |  | 1335099 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| ATLANTIC TELE NETWORK INC | COM NEW | 049079205 |  | 668709 | 8548 | SH |  | SOLE |  | 8548 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 4020160 | 65980 | SH |  | SOLE |  | 65980 | 0 | 0 |
| BB CORP | COM | 054937107 |  | 5531602 | 146300 | SH |  | SOLE |  | 146300 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 18334647 | 474659 | SH |  | SOLE |  | 474659 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 2868114 | 15172 | SH |  | SOLE |  | 15172 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 6104202 | 108200 | SH |  | SOLE |  | 108200 | 0 | 0 |
| BANK N S HALIFAX | COM | 064149107 |  | 34950675 | 864248 | SH |  | SOLE |  | 864248 | 0 | 0 |
| BAXALTA INC | COM | 07177M103 |  | 14230337 | 364600 | SH |  | SOLE |  | 364600 | 0 | 0 |
| BAXTER INTL INC | COM | 071813109 |  | 11940948 | 313000 | SH |  | SOLE |  | 313000 | 0 | 0 |
| BEMIS INC | COM | 081437105 |  | 1826658 | 40874 | SH |  | SOLE |  | 40874 | 0 | 0 |
| BLACKBERRY LTD | COM | 09228F103 |  | 308779 | 33283 | SH |  | SOLE |  | 33283 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 7937520 | 23310 | SH |  | SOLE |  | 23310 | 0 | 0 |
| BLACKSTONE GROUP L P | COM UNIT LTD | 09253U108 |  | 2603031 | 89023 | SH |  | SOLE |  | 89023 | 0 | 0 |
| CIGNA CORPORATION | COM | 125509109 |  | 2049351 | 14005 | SH |  | SOLE |  | 14005 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 2884160 | 31834 | SH |  | SOLE |  | 31834 | 0 | 0 |
| CNA FINL CORP | COM | 126117100 |  | 1104447 | 31421 | SH |  | SOLE |  | 31421 | 0 | 0 |
| CSG SYS INTL INC | COM | 126349109 |  | 620546 | 17247 | SH |  | SOLE |  | 17247 | 0 | 0 |
| CAMPBELL SOUP CO | COM | 134429109 |  | 2884993 | 54900 | SH |  | SOLE |  | 54900 | 0 | 0 |
| CDN IMPERIAL BK COMM TORONTO | COM | 136069101 |  | 54541249 | 827782 | SH |  | SOLE |  | 827782 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 25866859 | 462830 | SH |  | SOLE |  | 462830 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 29551747 | 1353402 | SH |  | SOLE |  | 1353402 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 17316207 | 254800 | SH |  | SOLE |  | 254800 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 8478103 | 670500 | SH |  | SOLE |  | 670500 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 11322789 | 188180 | SH |  | SOLE |  | 188180 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 2248188 | 24991 | SH |  | SOLE |  | 24991 | 0 | 0 |
| CHINA MOBILE LIMITED | SPONSORED ADR | 16941M109 |  | 189662 | 3367 | SH |  | SOLE |  | 3367 | 0 | 0 |
| CINEMARK HOLDINGS INC | COM | 17243V102 |  | 1889361 | 56517 | SH |  | SOLE |  | 56517 | 0 | 0 |
| CIPHER PHARMACEUTICALS INC | COM | 17253X105 |  | 2216483 | 472670 | SH |  | SOLE |  | 472670 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 2449896 | 47341 | SH |  | SOLE |  | 47341 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 6297935 | 146600 | SH |  | SOLE |  | 146600 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 410176 | 6834 | SH |  | SOLE |  | 6834 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 11002428 | 246678 | SH |  | SOLE |  | 246678 | 0 | 0 |
| COMMUNICATIONS SALES IN | COM | 20341J104 |  | 806883 | 43172 | SH |  | SOLE |  | 43172 | 0 | 0 |
| COMPASS MINERALS INTL INC | COM | 20451N101 |  | 3504571 | 46560 | SH |  | SOLE |  | 46560 | 0 | 0 |
| COMPASS DIVERSIFIED HOLDINGS | SH BEN INT | 20451Q104 |  | 415650 | 26158 | SH |  | SOLE |  | 26158 | 0 | 0 |
| CONTROLADORA VUELA CIA DE AV | SPON ADR RP 10 | 21240E105 |  | 293950 | 17130 | SH |  | SOLE |  | 17130 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 2673942 | 146277 | SH |  | SOLE |  | 146277 | 0 | 0 |
| CTRIP COM INTL LTD | AMERICAN DEP SHS | 22943F100 |  | 339505 | 7328 | SH |  | SOLE |  | 7328 | 0 | 0 |
| DANAHER CORP DEL | COM | 235851102 |  | 10113703 | 108890 | SH |  | SOLE |  | 108890 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 10957021 | 410683 | SH |  | SOLE |  | 410683 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 276859 | 5981 | SH |  | SOLE |  | 5981 | 0 | 0 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 6949828 | 96700 | SH |  | SOLE |  | 96700 | 0 | 0 |
| DOMTAR CORP | COM NEW | 257559203 |  | 14326794 | 387500 | SH |  | SOLE |  | 387500 | 0 | 0 |
| EBAY INC | COM | 278642103 |  | 4584488 | 166830 | SH |  | SOLE |  | 166830 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 11079037 | 161220 | SH |  | SOLE |  | 161220 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 2668865 | 55799 | SH |  | SOLE |  | 55799 | 0 | 0 |
| EVERTEC INC | COM | 30040P103 |  | 5397645 | 322440 | SH |  | SOLE |  | 322440 | 0 | 0 |
| EXPRESS SCRIPTS HLDG CO | COM | 30219G108 |  | 12482147 | 142800 | SH |  | SOLE |  | 142800 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 3226115 | 41387 | SH |  | SOLE |  | 41387 | 0 | 0 |
| FACEBOOK INC | CL A | 30303M102 |  | 13149481 | 125640 | SH |  | SOLE |  | 125640 | 0 | 0 |
| FASTENAL CO | COM | 311900104 |  | 4651193 | 113944 | SH |  | SOLE |  | 113944 | 0 | 0 |
| 58 COM INC | SPON ADR REP A | 31680Q104 |  | 292004 | 4427 | SH |  | SOLE |  | 4427 | 0 | 0 |
| FIRSTSERVICE CORP NEW | SUB VTG SH | 33767E103 |  | 11217348 | 277726 | SH |  | SOLE |  | 277726 | 0 | 0 |
| FORD MTR CO DEL | COM PAR $0.01 | 345370860 |  | 1892272 | 134299 | SH |  | SOLE |  | 134299 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM | 349915108 |  | 2565722 | 1141793 | SH |  | SOLE |  | 1141793 | 0 | 0 |
| FRANCO NEVADA CORP | COM | 351858105 |  | 230696 | 5044 | SH |  | SOLE |  | 5044 | 0 | 0 |
| GEO GROUP INC NEW | COM | 36162J106 |  | 3077469 | 106450 | SH |  | SOLE |  | 106450 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 3123254 | 100265 | SH |  | SOLE |  | 100265 | 0 | 0 |
| GENERAL GROWTH PPTYS INC NEW | COM | 370023103 |  | 2516325 | 92478 | SH |  | SOLE |  | 92478 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 2512659 | 88397 | SH |  | SOLE |  | 88397 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 7096661 | 614248 | SH |  | SOLE |  | 614248 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT 99/99/9999 | 387437114 |  | 8746008 | 318876 | SH |  | SOLE |  | 318876 | 0 | 0 |
| GRUPO FINANCIERO SANTANDER M | SPON ADR SHS B | 40053C105 |  | 110550 | 12751 | SH |  | SOLE |  | 12751 | 0 | 0 |
| HDFC BANK LTD | ADR REPS 3 SHS | 40415F101 |  | 1728865 | 28066 | SH |  | SOLE |  | 28066 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 6835231 | 200800 | SH |  | SOLE |  | 200800 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 8887198 | 67200 | SH |  | SOLE |  | 67200 | 0 | 0 |
| HOUGHTON MIFFLIN HARCOURT CO | COM | 44157R109 |  | 3739407 | 171690 | SH |  | SOLE |  | 171690 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 2201640 | 19456 | SH |  | SOLE |  | 19456 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 933939 | 28673 | SH |  | SOLE |  | 28673 | 0 | 0 |
| ING GROEP N V | DBCV   6.500%12/2 | 456837AF0 |  | 558480 | 570000 | SH |  | SOLE |  | 570000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 5665784 | 164464 | SH |  | SOLE |  | 164464 | 0 | 0 |
| INTERPUBLIC GROUP COS INC | COM | 460690100 |  | 577483 | 24806 | SH |  | SOLE |  | 24806 | 0 | 0 |
| IRON MTN INC NEW | COM | 46284V101 |  | 5005707 | 185328 | SH |  | SOLE |  | 185328 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 21123656 | 319910 | SH |  | SOLE |  | 319910 | 0 | 0 |
| JD COM INC | SPON ADR CL A | 47215P106 |  | 287448 | 8909 | SH |  | SOLE |  | 8909 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 15913381 | 154920 | SH |  | SOLE |  | 154920 | 0 | 0 |
| J2 GLOBAL INC | COM | 48123V102 |  | 2691533 | 32696 | SH |  | SOLE |  | 32696 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 4126475 | 149510 | SH |  | SOLE |  | 149510 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 32904530 | 455300 | SH |  | SOLE |  | 455300 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 10253631 | 80547 | SH |  | SOLE |  | 80547 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 3054082 | 64121 | SH |  | SOLE |  | 64121 | 0 | 0 |
| KONINKLIJKE PHILIPS N V | NY REG SH NEW | 500472303 |  | 7081513 | 278252 | SH |  | SOLE |  | 278252 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 2418696 | 55171 | SH |  | SOLE |  | 55171 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 4423649 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 3121439 | 59490 | SH |  | SOLE |  | 59490 | 0 | 0 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 1959826 | 34829 | SH |  | SOLE |  | 34829 | 0 | 0 |
| MSG NETWORK INC | CL A | 553573106 |  | 520769 | 25037 | SH |  | SOLE |  | 25037 | 0 | 0 |
| MADISON SQUARE GARDEN CO NEW | CL A | 55825T103 |  | 1350382 | 8346 | SH |  | SOLE |  | 8346 | 0 | 0 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 1091473 | 16070 | SH |  | SOLE |  | 16070 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 13258611 | 326978 | SH |  | SOLE |  | 326978 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 21317488 | 1422543 | SH |  | SOLE |  | 1422543 | 0 | 0 |
| MARTIN MIDSTREAM PRTNRS L P | UNIT L P INT | 573331105 |  | 996983 | 45944 | SH |  | SOLE |  | 45944 | 0 | 0 |
| MASCO CORP | COM | 574599106 |  | 3926058 | 138730 | SH |  | SOLE |  | 138730 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 12555545 | 128960 | SH |  | SOLE |  | 128960 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 9273989 | 78500 | SH |  | SOLE |  | 78500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 8592852 | 154882 | SH |  | SOLE |  | 154882 | 0 | 0 |
| MITEL NETWORKS CORP | COM | 60671Q104 |  | 7267978 | 942730 | SH |  | SOLE |  | 942730 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 4269509 | 45459 | SH |  | SOLE |  | 45459 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2191262 | 68886 | SH |  | SOLE |  | 68886 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 4997602 | 73011 | SH |  | SOLE |  | 73011 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM | 635309107 |  | 571278 | 36364 | SH |  | SOLE |  | 36364 | 0 | 0 |
| NATIONAL FUEL GAS CO N J | COM | 636180101 |  | 2965182 | 69361 | SH |  | SOLE |  | 69361 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 5055595 | 44200 | SH |  | SOLE |  | 44200 | 0 | 0 |
| NOVARTIS A G | SPONSORED ADR | 66987V109 |  | 1350827 | 15700 | SH |  | SOLE |  | 15700 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 1621993 | 40248 | SH |  | SOLE |  | 40248 | 0 | 0 |
| OCCIDENTAL PETE CORP DEL | COM | 674599105 |  | 4074042 | 60258 | SH |  | SOLE |  | 60258 | 0 | 0 |
| OMNICOM GROUP INC | COM | 681919106 |  | 5063469 | 66924 | SH |  | SOLE |  | 66924 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 6944352 | 190100 | SH |  | SOLE |  | 190100 | 0 | 0 |
| OWENS  MINOR INC NEW | COM | 690732102 |  | 2882033 | 80101 | SH |  | SOLE |  | 80101 | 0 | 0 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 73355 | 2593 | SH |  | SOLE |  | 2593 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 6601741 | 69266 | SH |  | SOLE |  | 69266 | 0 | 0 |
| PARKER HANNIFIN CORP | COM | 701094104 |  | 6635370 | 68420 | SH |  | SOLE |  | 68420 | 0 | 0 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 8182647 | 226040 | SH |  | SOLE |  | 226040 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 326550 | 14990 | SH |  | SOLE |  | 14990 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 2418262 | 24202 | SH |  | SOLE |  | 24202 | 0 | 0 |
| PERFORMANCE SPORTS GROUP LTD | COM | 71377G100 |  | 1302821 | 135166 | SH |  | SOLE |  | 135166 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 11054953 | 645575 | SH |  | SOLE |  | 645575 | 0 | 0 |
| PRAXAIR INC | COM | 74005P104 |  | 2655333 | 25931 | SH |  | SOLE |  | 25931 | 0 | 0 |
| PRECISION DRILLING CORP | COM 2010 | 74022D308 |  | 2990237 | 756583 | SH |  | SOLE |  | 756583 | 0 | 0 |
| PRICELINE GRP INC | COM NEW | 741503403 |  | 20896429 | 16390 | SH |  | SOLE |  | 16390 | 0 | 0 |
| PRIMERO MNG CORP | COM | 74164W106 |  | 2253131 | 999471 | SH |  | SOLE |  | 999471 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 9370379 | 118000 | SH |  | SOLE |  | 118000 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 12254471 | 245163 | SH |  | SOLE |  | 245163 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 4679943 | 65785 | SH |  | SOLE |  | 65785 | 0 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 7320489 | 297460 | SH |  | SOLE |  | 297460 | 0 | 0 |
| REALOGY HLDGS CORP | COM | 75605Y106 |  | 5926971 | 161630 | SH |  | SOLE |  | 161630 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 3019384 | 68638 | SH |  | SOLE |  | 68638 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 9779751 | 405976 | SH |  | SOLE |  | 405976 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 46291322 | 1342571 | SH |  | SOLE |  | 1342571 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 21097183 | 393778 | SH |  | SOLE |  | 393778 | 0 | 0 |
| SLM CORP | COM | 78442P106 |  | 5693589 | 873250 | SH |  | SOLE |  | 873250 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 584161 | 28876 | SH |  | SOLE |  | 28876 | 0 | 0 |
| SEVENTY SEVEN ENERGY INC | COM | 818097107 |  | 9228 | 8789 | SH |  | SOLE |  | 8789 | 0 | 0 |
| SINCLAIR BROADCAST GROUP INC | CL A | 829226109 |  | 4097762 | 125930 | SH |  | SOLE |  | 125930 | 0 | 0 |
| SKYWORKS SOLUTIONS INC | COM | 83088M102 |  | 1384399 | 18019 | SH |  | SOLE |  | 18019 | 0 | 0 |
| SOCIEDAD QUIMICA MINERA DE C | SPON ADR SER B | 833635105 |  | 773706 | 40700 | SH |  | SOLE |  | 40700 | 0 | 0 |
| SPECTRA ENERGY PARTNERS LP | COM | 84756N109 |  | 1856721 | 38925 | SH |  | SOLE |  | 38925 | 0 | 0 |
| SPROUTS FMRS MKT INC | COM | 85208M102 |  | 1329499 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 3047868 | 122910 | SH |  | SOLE |  | 122910 | 0 | 0 |
| STOCK YDS BANCORP INC | COM | 861025104 |  | 518402 | 13718 | SH |  | SOLE |  | 13718 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 15161822 | 486305 | SH |  | SOLE |  | 486305 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 31820720 | 1232925 | SH |  | SOLE |  | 1232925 | 0 | 0 |
| SYMANTEC CORP | COM | 871503108 |  | 22595999 | 1076000 | SH |  | SOLE |  | 1076000 | 0 | 0 |
| SYNCHRONY FINL | COM | 87165B103 |  | 5690014 | 187110 | SH |  | SOLE |  | 187110 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 4488802 | 109483 | SH |  | SOLE |  | 109483 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 3676969 | 50640 | SH |  | SOLE |  | 50640 | 0 | 0 |
| TATA MTRS LTD | SPONSORED ADR | 876568502 |  | 214600 | 7282 | SH |  | SOLE |  | 7282 | 0 | 0 |
| TEGNA INC | COM | 87901J105 |  | 2901878 | 113710 | SH |  | SOLE |  | 113710 | 0 | 0 |
| TELUS CORP | COM | 87971M103 |  | 19644758 | 710624 | SH |  | SOLE |  | 710624 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 7000296 | 49350 | SH |  | SOLE |  | 49350 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 11135527 | 172190 | SH |  | SOLE |  | 172190 | 0 | 0 |
| TOPBUILD CORP | COM | 89055F103 |  | 30 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 69988751 | 1785857 | SH |  | SOLE |  | 1785857 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 1411294 | 778184 | SH |  | SOLE |  | 778184 | 0 | 0 |
| TRANSMONTAIGNE PARTNERS L P | COM UNIT L P | 89376V100 |  | 384433 | 14366 | SH |  | SOLE |  | 14366 | 0 | 0 |
| TRIBUNE MEDIA CO | CL A | 896047503 |  | 2704799 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 7467899 | 87600 | SH |  | SOLE |  | 87600 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 5620918 | 131730 | SH |  | SOLE |  | 131730 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 4440064 | 102970 | SH |  | SOLE |  | 102970 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 9077454 | 116080 | SH |  | SOLE |  | 116080 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3937731 | 40920 | SH |  | SOLE |  | 40920 | 0 | 0 |
| UNIVERSAL DISPLAY CORP | COM | 91347P105 |  | 55691 | 1023 | SH |  | SOLE |  | 1023 | 0 | 0 |
| VECTREN CORP | COM | 92240G101 |  | 3047197 | 71834 | SH |  | SOLE |  | 71834 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 3464857 | 61401 | SH |  | SOLE |  | 61401 | 0 | 0 |
| VERIFONE SYS INC | COM | 92342Y109 |  | 4700634 | 167760 | SH |  | SOLE |  | 167760 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 36185867 | 782905 | SH |  | SOLE |  | 782905 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 16849286 | 217270 | SH |  | SOLE |  | 217270 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPNSR ADR NO PAR | 92857W308 |  | 1685520 | 52248 | SH |  | SOLE |  | 52248 | 0 | 0 |
| VULCAN MATLS CO | COM | 929160109 |  | 3247973 | 34200 | SH |  | SOLE |  | 34200 | 0 | 0 |
| WAL-MART STORES INC | COM | 931142103 |  | 3680512 | 60041 | SH |  | SOLE |  | 60041 | 0 | 0 |
| WASHINGTON TR BANCORP | COM | 940610108 |  | 255219 | 6458 | SH |  | SOLE |  | 6458 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 5843699 | 107500 | SH |  | SOLE |  | 107500 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 3674003 | 205137 | SH |  | SOLE |  | 205137 | 0 | 0 |
| WEYERHAEUSER CO | COM | 962166104 |  | 8687573 | 289779 | SH |  | SOLE |  | 289779 | 0 | 0 |
| WISDOMTREE TR | INDIA ERNGS FD | 97717W422 |  | 1520083 | 76540 | SH |  | SOLE |  | 76540 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 10623660 | 145430 | SH |  | SOLE |  | 145430 | 0 | 0 |
| AIRCASTLE LTD | COM | G0129K104 |  | 2278784 | 109085 | SH |  | SOLE |  | 109085 | 0 | 0 |
| ALLEGION PUB LTD CO | ORD SHS | G0176J109 |  | 2796985 | 42430 | SH |  | SOLE |  | 42430 | 0 | 0 |
| AMDOCS LTD | SHS | G02602103 |  | 5892467 | 107980 | SH |  | SOLE |  | 107980 | 0 | 0 |
| BELMOND LTD | CL A | G1154H107 |  | 659451 | 69416 | SH |  | SOLE |  | 69416 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 295073 | 3032 | SH |  | SOLE |  | 3032 | 0 | 0 |
| FRONTLINE LTD | SHS | G3682E127 |  | 47475 | 15878 | SH |  | SOLE |  | 15878 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 2827364 | 51137 | SH |  | SOLE |  | 51137 | 0 | 0 |
| WEATHERFORD INTL PLC | ORD SHS | G48833100 |  | 4211528 | 501970 | SH |  | SOLE |  | 501970 | 0 | 0 |
| LAZARD LTD | SHS A | G54050102 |  | 2593970 | 57631 | SH |  | SOLE |  | 57631 | 0 | 0 |
| LIBERTY GLOBAL PLC | SHS CL A | G5480U104 |  | 1071284 | 25290 | SH |  | SOLE |  | 25290 | 0 | 0 |
| LUXOFT HLDG INC | ORD SHS CL A | G57279104 |  | 297798 | 3861 | SH |  | SOLE |  | 3861 | 0 | 0 |
| ATENTO S A | SHS | L0427L105 |  | 107821 | 11070 | SH |  | SOLE |  | 11070 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 211893 | 5649 | SH |  | SOLE |  | 5649 | 0 | 0 |
| CAESARSTONE SDOT-YAM LTD | ORD SHS | M20598104 |  | 2063460 | 47611 | SH |  | SOLE |  | 47611 | 0 | 0 |
| YANDEX N V | SHS CLASS A | N97284108 |  | 105166 | 6690 | SH |  | SOLE |  | 6690 | 0 | 0 |

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