# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000017
**Filing Date:** 2025-7
**Character Count:** 26710
**Document Hash:** 4f53425c64abeeaeeab3a2888d977ce0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000017.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000017

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20120331

**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:** 251108861

**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:** 03-31-2012

**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:** 238

**Form 13F Information Table Value Total:** $1075371016

      (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 |
| ABM INDS INC | COM | 000957100 |  | 253813 | 10445 | SH |  | SOLE |  | 10445 | 0 | 0 |
| AMC NETWORKS INC | CL A | 00164V103 |  | 3307528 | 74110 | SH |  | SOLE |  | 74110 | 0 | 0 |
| AETNA INC NEW | COM | 00817Y108 |  | 1384415 | 27600 | SH |  | SOLE |  | 27600 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 1390183 | 41785 | SH |  | SOLE |  | 41785 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 4902929 | 56900 | SH |  | SOLE |  | 56900 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 640617 | 8760 | SH |  | SOLE |  | 8760 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 11037083 | 190755 | SH |  | SOLE |  | 190755 | 0 | 0 |
| AMERICAN GREETINGS CORP | CL A | 026375105 |  | 188374 | 12280 | SH |  | SOLE |  | 12280 | 0 | 0 |
| APACHE CORP | COM | 037411105 |  | 843695 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3956501 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 284958 | 6405 | SH |  | SOLE |  | 6405 | 0 | 0 |
| ATLANTIC TELE NETWORK INC | COM NEW | 049079205 |  | 116714 | 3210 | SH |  | SOLE |  | 3210 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 2884106 | 68150 | SH |  | SOLE |  | 68150 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 548588 | 9940 | SH |  | SOLE |  | 9940 | 0 | 0 |
| AVISTA CORP | COM | 05379B107 |  | 275240 | 10760 | SH |  | SOLE |  | 10760 | 0 | 0 |
| BB CORP | COM | 054937107 |  | 1440800 | 45900 | SH |  | SOLE |  | 45900 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 35999178 | 900521 | SH |  | SOLE |  | 900521 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 3657148 | 81270 | SH |  | SOLE |  | 81270 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 1506095 | 10332 | SH |  | SOLE |  | 10332 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 1983860 | 207300 | SH |  | SOLE |  | 207300 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 2451294 | 41300 | SH |  | SOLE |  | 41300 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 56219898 | 1005178 | SH |  | SOLE |  | 1005178 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 6601811 | 152154 | SH |  | SOLE |  | 152154 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 |  | 4842834 | 93425 | SH |  | SOLE |  | 93425 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 5343871 | 68820 | SH |  | SOLE |  | 68820 | 0 | 0 |
| BEMIS INC | COM | 081437105 |  | 204556 | 6335 | SH |  | SOLE |  | 6335 | 0 | 0 |
| BIOMED REALTY TRUST INC | COM | 09063H107 |  | 622922 | 32820 | SH |  | SOLE |  | 32820 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 340133 | 1660 | SH |  | SOLE |  | 1660 | 0 | 0 |
| BOB EVANS FARMS INC | COM | 096761101 |  | 335330 | 8890 | SH |  | SOLE |  | 8890 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 1606166 | 268590 | SH |  | SOLE |  | 268590 | 0 | 0 |
| BROOKFIELD RESIDENTIAL PPTYS | COM | 11283W104 |  | 501798 | 47429 | SH |  | SOLE |  | 47429 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 9925036 | 969317 | SH |  | SOLE |  | 969317 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 4609025 | 15930 | SH |  | SOLE |  | 15930 | 0 | 0 |
| CA INC | COM | 12673P105 |  | 115475 | 4190 | SH |  | SOLE |  | 4190 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 4429429 | 206700 | SH |  | SOLE |  | 206700 | 0 | 0 |
| CAMERON INTERNATIONAL CORP | COM | 13342B105 |  | 1828445 | 34610 | SH |  | SOLE |  | 34610 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 17675899 | 231637 | SH |  | SOLE |  | 231637 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 28861920 | 363769 | SH |  | SOLE |  | 363769 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 17920946 | 541586 | SH |  | SOLE |  | 541586 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 2549809 | 53500 | SH |  | SOLE |  | 53500 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 5361529 | 167130 | SH |  | SOLE |  | 167130 | 0 | 0 |
| CASH STORE FINL SVCS INC | COM | 14756F103 |  | 335200 | 57841 | SH |  | SOLE |  | 57841 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 14788085 | 411554 | SH |  | SOLE |  | 411554 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 6495685 | 85290 | SH |  | SOLE |  | 85290 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 435929 | 4065 | SH |  | SOLE |  | 4065 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 439539 | 6360 | SH |  | SOLE |  | 6360 | 0 | 0 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 44344 | 1285 | SH |  | SOLE |  | 1285 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 9876624 | 466980 | SH |  | SOLE |  | 466980 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 4678143 | 127993 | SH |  | SOLE |  | 127993 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 3253478 | 43960 | SH |  | SOLE |  | 43960 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 2377755 | 30900 | SH |  | SOLE |  | 30900 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 11801432 | 393250 | SH |  | SOLE |  | 393250 | 0 | 0 |
| COMMERCE BANCSHARES INC | COM | 200525103 |  | 214188 | 5286 | SH |  | SOLE |  | 5286 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 296671 | 3872 | SH |  | SOLE |  | 3872 | 0 | 0 |
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 |  | 274107 | 6800 | SH |  | SOLE |  | 6800 | 0 | 0 |
| COMPASS DIVERSIFIED HOLDINGS | SH BEN INT | 20451Q104 |  | 146124 | 9880 | SH |  | SOLE |  | 9880 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 3083344 | 40565 | SH |  | SOLE |  | 40565 | 0 | 0 |
| CORPORATE OFFICE PPTYS TR | SH BEN INT | 22002T108 |  | 600209 | 25860 | SH |  | SOLE |  | 25860 | 0 | 0 |
| CORRECTIONS CORP AMER NEW | COM NEW | 22025Y407 |  | 4249462 | 155601 | SH |  | SOLE |  | 155601 | 0 | 0 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 169352 | 3035 | SH |  | SOLE |  | 3035 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 472088 | 31120 | SH |  | SOLE |  | 31120 | 0 | 0 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 312587 | 6110 | SH |  | SOLE |  | 6110 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 2006320 | 24800 | SH |  | SOLE |  | 24800 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 4891969 | 294697 | SH |  | SOLE |  | 294697 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1737129 | 36130 | SH |  | SOLE |  | 36130 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 2982467 | 40320 | SH |  | SOLE |  | 40320 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 3172734 | 72470 | SH |  | SOLE |  | 72470 | 0 | 0 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 4407547 | 132200 | SH |  | SOLE |  | 132200 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 3177172 | 62790 | SH |  | SOLE |  | 62790 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 9768182 | 197977 | SH |  | SOLE |  | 197977 | 0 | 0 |
| DR REDDYS LABS LTD | ADR | 256135203 |  | 370482 | 10720 | SH |  | SOLE |  | 10720 | 0 | 0 |
| DOMTAR CORP | COM NEW | 257559203 |  | 13211537 | 138550 | SH |  | SOLE |  | 138550 | 0 | 0 |
| DR PEPPER SNAPPLE GROUP INC | COM | 26138E109 |  | 291522 | 7250 | SH |  | SOLE |  | 7250 | 0 | 0 |
| DUPONT FABROS TECHNOLOGY INC | COM | 26613Q106 |  | 653058 | 26710 | SH |  | SOLE |  | 26710 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 6938733 | 232220 | SH |  | SOLE |  | 232220 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 4120159 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 17030775 | 868579 | SH |  | SOLE |  | 868579 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 7214217 | 186054 | SH |  | SOLE |  | 186054 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 203279 | 3025 | SH |  | SOLE |  | 3025 | 0 | 0 |
| EXFO INC | SUB VTG SHS | 302046107 |  | 789334 | 112500 | SH |  | SOLE |  | 112500 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 1996450 | 21710 | SH |  | SOLE |  | 21710 | 0 | 0 |
| FORTUNA SILVER MINES INC | COM | 349915108 |  | 1609252 | 357290 | SH |  | SOLE |  | 357290 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2202866 | 31180 | SH |  | SOLE |  | 31180 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 2290478 | 34490 | SH |  | SOLE |  | 34490 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 199226 | 2715 | SH |  | SOLE |  | 2715 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 3255353 | 162200 | SH |  | SOLE |  | 162200 | 0 | 0 |
| GENERAL GROWTH PPTYS INC NEW | COM | 370023103 |  | 7018569 | 413100 | SH |  | SOLE |  | 413100 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 540859 | 13710 | SH |  | SOLE |  | 13710 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 499175 | 7955 | SH |  | SOLE |  | 7955 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 16477788 | 599744 | SH |  | SOLE |  | 599744 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 16897674 | 375500 | SH |  | SOLE |  | 375500 | 0 | 0 |
| GOOGLE INC | CL A | 38259P508 |  | 8477191 | 13220 | SH |  | SOLE |  | 13220 | 0 | 0 |
| GRUPO AEROPORTUARIO DEL SURE | SPON ADR SER B | 40051E202 |  | 106891 | 1560 | SH |  | SOLE |  | 1560 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 4188773 | 94363 | SH |  | SOLE |  | 94363 | 0 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 6170021 | 185900 | SH |  | SOLE |  | 185900 | 0 | 0 |
| HASBRO INC | COM | 418056107 |  | 107588 | 2930 | SH |  | SOLE |  | 2930 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 2190728 | 40910 | SH |  | SOLE |  | 40910 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 5432240 | 92150 | SH |  | SOLE |  | 92150 | 0 | 0 |
| HILLENBRAND INC | COM | 431571108 |  | 333922 | 14550 | SH |  | SOLE |  | 14550 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 1614059 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| HOWARD HUGHES CORP | COM | 44267D107 |  | 3756384 | 58813 | SH |  | SOLE |  | 58813 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 2638912 | 241000 | SH |  | SOLE |  | 241000 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 1932831 | 20900 | SH |  | SOLE |  | 20900 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 2416175 | 42300 | SH |  | SOLE |  | 42300 | 0 | 0 |
| IMAX CORP | COM | 45245E109 |  | 123666 | 5060 | SH |  | SOLE |  | 5060 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 1398336 | 30827 | SH |  | SOLE |  | 30827 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 649199 | 23095 | SH |  | SOLE |  | 23095 | 0 | 0 |
| INTELLIPHARMACEUTICS INTL IN | COM | 458173101 |  | 70499 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 11390201 | 54590 | SH |  | SOLE |  | 54590 | 0 | 0 |
| IRON MTN INC | COM | 462846106 |  | 193103 | 6705 | SH |  | SOLE |  | 6705 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 8479675 | 184421 | SH |  | SOLE |  | 184421 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 12969713 | 196630 | SH |  | SOLE |  | 196630 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 2042197 | 27785 | SH |  | SOLE |  | 27785 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 4313336 | 188520 | SH |  | SOLE |  | 188520 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 314212 | 22952 | SH |  | SOLE |  | 22952 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 475112 | 6430 | SH |  | SOLE |  | 6430 | 0 | 0 |
| KONINKLIJKE PHILIPS ELECTRS | NY REG SH NEW | 500472303 |  | 7341262 | 360750 | SH |  | SOLE |  | 360750 | 0 | 0 |
| KRAFT FOODS INC | CL A | 50075N104 |  | 7662054 | 201580 | SH |  | SOLE |  | 201580 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 8386001 | 346100 | SH |  | SOLE |  | 346100 | 0 | 0 |
| LSI CORPORATION | COM | 502161102 |  | 453095 | 52200 | SH |  | SOLE |  | 52200 | 0 | 0 |
| LANDAUER INC | COM | 51476K103 |  | 156673 | 2955 | SH |  | SOLE |  | 2955 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 796997 | 13844 | SH |  | SOLE |  | 13844 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 546588 | 20110 | SH |  | SOLE |  | 20110 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 378759 | 4215 | SH |  | SOLE |  | 4215 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 7044809 | 224500 | SH |  | SOLE |  | 224500 | 0 | 0 |
| MACYS INC | COM | 55616P104 |  | 2216933 | 55800 | SH |  | SOLE |  | 55800 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 15280500 | 321000 | SH |  | SOLE |  | 321000 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 23320436 | 1724609 | SH |  | SOLE |  | 1724609 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 2720891 | 6470 | SH |  | SOLE |  | 6470 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 246295 | 4525 | SH |  | SOLE |  | 4525 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1824659 | 18600 | SH |  | SOLE |  | 18600 | 0 | 0 |
| MEDTRONIC INC | COM | 585055106 |  | 294707 | 7520 | SH |  | SOLE |  | 7520 | 0 | 0 |
| MEREDITH CORP | COM | 589433101 |  | 122698 | 3780 | SH |  | SOLE |  | 3780 | 0 | 0 |
| METHANEX CORP | COM | 59151K108 |  | 4388746 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 9303883 | 249100 | SH |  | SOLE |  | 249100 | 0 | 0 |
| METROPCS COMMUNICATIONS INC | COM | 591708102 |  | 827133 | 91700 | SH |  | SOLE |  | 91700 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 7625672 | 236455 | SH |  | SOLE |  | 236455 | 0 | 0 |
| MINDRAY MEDICAL INTL LTD | SPON ADR | 602675100 |  | 1359681 | 41240 | SH |  | SOLE |  | 41240 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 627842 | 13875 | SH |  | SOLE |  | 13875 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 4188106 | 99480 | SH |  | SOLE |  | 99480 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 5037050 | 256469 | SH |  | SOLE |  | 256469 | 0 | 0 |
| NVR INC | COM | 62944T105 |  | 479376 | 660 | SH |  | SOLE |  | 660 | 0 | 0 |
| NATIONAL CINEMEDIA INC | COM | 635309107 |  | 183982 | 12025 | SH |  | SOLE |  | 12025 | 0 | 0 |
| NATIONAL GRID PLC | SPON ADR NEW | 636274300 |  | 2094919 | 41500 | SH |  | SOLE |  | 41500 | 0 | 0 |
| NETEASE COM INC | SPONSORED ADR | 64110W102 |  | 999725 | 17207 | SH |  | SOLE |  | 17207 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 2665837 | 270400 | SH |  | SOLE |  | 270400 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 76647 | 1495 | SH |  | SOLE |  | 1495 | 0 | 0 |
| NORFOLK SOUTHERN CORP | COM | 655844108 |  | 2231306 | 33895 | SH |  | SOLE |  | 33895 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 3895644 | 82100 | SH |  | SOLE |  | 82100 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 3023878 | 21800 | SH |  | SOLE |  | 21800 | 0 | 0 |
| NUCOR CORP | COM | 670346105 |  | 324057 | 7545 | SH |  | SOLE |  | 7545 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 2654938 | 210209 | SH |  | SOLE |  | 210209 | 0 | 0 |
| OWENS  MINOR INC NEW | COM | 690732102 |  | 225185 | 7405 | SH |  | SOLE |  | 7405 | 0 | 0 |
| OWENS ILL INC | COM NEW | 690768403 |  | 1123119 | 48120 | SH |  | SOLE |  | 48120 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 311808 | 4835 | SH |  | SOLE |  | 4835 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 882522 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 222197 | 7170 | SH |  | SOLE |  | 7170 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 489662 | 7380 | SH |  | SOLE |  | 7380 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 270911 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 13941564 | 615250 | SH |  | SOLE |  | 615250 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 12771792 | 280200 | SH |  | SOLE |  | 280200 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 10919944 | 162475 | SH |  | SOLE |  | 162475 | 0 | 0 |
| PROGRESSIVE WASTE SOLUTIONS | COM | 74339G101 |  | 2001941 | 92300 | SH |  | SOLE |  | 92300 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 2353490 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| RAYTHEON CO | COM NEW | 755111507 |  | 287386 | 5445 | SH |  | SOLE |  | 5445 | 0 | 0 |
| REGAL ENTMT GROUP | CL A | 758766109 |  | 234123 | 17215 | SH |  | SOLE |  | 17215 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 235311 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| RIVERBED TECHNOLOGY INC | COM | 768573107 |  | 2935762 | 104550 | SH |  | SOLE |  | 104550 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 27229684 | 687000 | SH |  | SOLE |  | 687000 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 45002192 | 777750 | SH |  | SOLE |  | 777750 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 4346705 | 119810 | SH |  | SOLE |  | 119810 | 0 | 0 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 241831 | 14710 | SH |  | SOLE |  | 14710 | 0 | 0 |
| SAFETY INS GROUP INC | COM | 78648T100 |  | 207991 | 4995 | SH |  | SOLE |  | 4995 | 0 | 0 |
| SANOFI | SPONSORED ADR | 80105N105 |  | 5207031 | 134375 | SH |  | SOLE |  | 134375 | 0 | 0 |
| SARA LEE CORP | COM | 803111103 |  | 358042 | 16630 | SH |  | SOLE |  | 16630 | 0 | 0 |
| SASOL LTD | SPONSORED ADR | 803866300 |  | 554495 | 11400 | SH |  | SOLE |  | 11400 | 0 | 0 |
| SCHWAB CHARLES CORP NEW | COM | 808513105 |  | 3531569 | 245760 | SH |  | SOLE |  | 245760 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 14763929 | 698752 | SH |  | SOLE |  | 698752 | 0 | 0 |
| SILVER WHEATON CORP | COM | 828336107 |  | 1745083 | 52706 | SH |  | SOLE |  | 52706 | 0 | 0 |
| SMUCKER J M CO | COM NEW | 832696405 |  | 232281 | 2855 | SH |  | SOLE |  | 2855 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 277217 | 6170 | SH |  | SOLE |  | 6170 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 3644716 | 442320 | SH |  | SOLE |  | 442320 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 1795214 | 629900 | SH |  | SOLE |  | 629900 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 5878746 | 184700 | SH |  | SOLE |  | 184700 | 0 | 0 |
| STATOIL ASA | SPONSORED ADR | 85771P102 |  | 2683889 | 99000 | SH |  | SOLE |  | 99000 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 1450049 | 61206 | SH |  | SOLE |  | 61206 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 7113753 | 218084 | SH |  | SOLE |  | 218084 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 441031 | 14770 | SH |  | SOLE |  | 14770 | 0 | 0 |
| TRW AUTOMOTIVE HLDGS CORP | COM | 87264S106 |  | 5499679 | 118400 | SH |  | SOLE |  | 118400 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 4669173 | 80130 | SH |  | SOLE |  | 80130 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 7816301 | 219300 | SH |  | SOLE |  | 219300 | 0 | 0 |
| TELEFONICA BRASIL SA | SPONSORED ADR | 87936R106 |  | 374573 | 12229 | SH |  | SOLE |  | 12229 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 4394924 | 97535 | SH |  | SOLE |  | 97535 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 200276 | 2245 | SH |  | SOLE |  | 2245 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 5108328 | 135320 | SH |  | SOLE |  | 135320 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 492512 | 20530 | SH |  | SOLE |  | 20530 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 83046384 | 980058 | SH |  | SOLE |  | 980058 | 0 | 0 |
| TOWER GROUP INC | COM | 891777104 |  | 147700 | 6585 | SH |  | SOLE |  | 6585 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 1427849 | 76287 | SH |  | SOLE |  | 76287 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 19933664 | 1648654 | SH |  | SOLE |  | 1648654 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 152539 | 4815 | SH |  | SOLE |  | 4815 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1911280 | 57830 | SH |  | SOLE |  | 57830 | 0 | 0 |
| UNISOURCE ENERGY CORP | COM | 909205106 |  | 281588 | 7700 | SH |  | SOLE |  | 7700 | 0 | 0 |
| UNITED CMNTY BKS BLAIRSVLE G | COM | 90984P303 |  | 642650 | 65913 | SH |  | SOLE |  | 65913 | 0 | 0 |
| UNITED CONTL HLDGS INC | COM | 910047109 |  | 1723868 | 80180 | SH |  | SOLE |  | 80180 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2271054 | 28135 | SH |  | SOLE |  | 28135 | 0 | 0 |
| UNITED TECHNOLOGIES CORP | COM | 913017109 |  | 280337 | 3380 | SH |  | SOLE |  | 3380 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2062899 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 363566 | 9510 | SH |  | SOLE |  | 9510 | 0 | 0 |
| VIRGIN MEDIA INC | COM | 92769L101 |  | 1785070 | 71460 | SH |  | SOLE |  | 71460 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2691578 | 22810 | SH |  | SOLE |  | 22810 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 5941301 | 214720 | SH |  | SOLE |  | 214720 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 272951 | 4460 | SH |  | SOLE |  | 4460 | 0 | 0 |
| WALGREEN CO | COM | 931422109 |  | 216679 | 6470 | SH |  | SOLE |  | 6470 | 0 | 0 |
| WASHINGTON POST CO | CL B | 939640108 |  | 2017276 | 5400 | SH |  | SOLE |  | 5400 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 11216040 | 320825 | SH |  | SOLE |  | 320825 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 6150768 | 66380 | SH |  | SOLE |  | 66380 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 1411592 | 62267 | SH |  | SOLE |  | 62267 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 877468 | 21200 | SH |  | SOLE |  | 21200 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 3887980 | 220908 | SH |  | SOLE |  | 220908 | 0 | 0 |
| WESTPAC BKG CORP | SPONSORED ADR | 961214301 |  | 2388749 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 8772774 | 105442 | SH |  | SOLE |  | 105442 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 3337416 | 26725 | SH |  | SOLE |  | 26725 | 0 | 0 |
| XEROX CORP | COM | 984121103 |  | 557519 | 69000 | SH |  | SOLE |  | 69000 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 2606611 | 82540 | SH |  | SOLE |  | 82540 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 1549675 | 11756 | SH |  | SOLE |  | 11756 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F113 |  | 9536191 | 174400 | SH |  | SOLE |  | 174400 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 13014414 | 314738 | SH |  | SOLE |  | 314738 | 0 | 0 |
| NORDIC AMERICAN TANKERS LIMI | COM | G65773106 |  | 110524 | 6960 | SH |  | SOLE |  | 6960 | 0 | 0 |
| ONEBEACON INSURANCE GROUP LT | CL A | G67742109 |  | 170280 | 11050 | SH |  | SOLE |  | 11050 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1407028 | 137944 | SH |  | SOLE |  | 137944 | 0 | 0 |
| PARTNERRE LTD | COM | G6852T105 |  | 318742 | 4695 | SH |  | SOLE |  | 4695 | 0 | 0 |
| SEAGATE TECHNOLOGY PLC | SHS | G7945M107 |  | 2977974 | 110500 | SH |  | SOLE |  | 110500 | 0 | 0 |
| ACE LTD | SHS | H0023R105 |  | 1690919 | 23100 | SH |  | SOLE |  | 23100 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG SHS | H27013103 |  | 7173783 | 475400 | SH |  | SOLE |  | 475400 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 1259303 | 23022 | SH |  | SOLE |  | 23022 | 0 | 0 |
| CHECK POINT SOFTWARE TECH LT | ORD | M22465104 |  | 1327233 | 20790 | SH |  | SOLE |  | 20790 | 0 | 0 |
| DIANA SHIPPING INC | COM | Y2066G104 |  | 174523 | 19500 | SH |  | SOLE |  | 19500 | 0 | 0 |

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