# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000010
**Filing Date:** 2025-7
**Character Count:** 24310
**Document Hash:** 9c90f858dce09c323b3b2583c42edbf2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000010.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20100630

**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:** 251106523

**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:** 06-30-2010

**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:** 210

**Form 13F Information Table Value Total:** $972965566

      (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 |
| AMERICA MOVIL SAB DE CV | SPON ADR L SHS | 02364W105 |  | 1032507 | 21737 | SH |  | SOLE |  | 21737 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR A SHS | 02364W204 |  | 95380 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L104 |  | 101687 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 36806129 | 1256812 | SH |  | SOLE |  | 1256812 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 213002 | 20700 | SH |  | SOLE |  | 20700 | 0 | 0 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 651000 | 62000 | SH |  | SOLE |  | 62000 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 694113 | 10346 | SH |  | SOLE |  | 10346 | 0 | 0 |
| BANCO SANTANDER BRASIL S A | ADS REP 1 UNIT | 05967A107 |  | 450387 | 43600 | SH |  | SOLE |  | 43600 | 0 | 0 |
| BOSTON PRIVATE FINL HLDGS IN | COM | 101119105 |  | 1271211 | 197700 | SH |  | SOLE |  | 197700 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 2120016 | 365520 | SH |  | SOLE |  | 365520 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 174580 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 112585104 |  | 8952492 | 394475 | SH |  | SOLE |  | 394475 | 0 | 0 |
| BROOKFIELD PPTYS CORP | COM | 112900105 |  | 944418 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 18021126 | 2070770 | SH |  | SOLE |  | 2070770 | 0 | 0 |
| CIT GROUP INC | COM NEW | 125581801 |  | 44017 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| CNOOC LTD | SPONSORED ADR | 126132109 |  | 341020 | 2004 | SH |  | SOLE |  | 2004 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 1295343 | 26100 | SH |  | SOLE |  | 26100 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 31492268 | 505000 | SH |  | SOLE |  | 505000 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 30467411 | 529657 | SH |  | SOLE |  | 529657 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 13946122 | 418660 | SH |  | SOLE |  | 418660 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 4260939 | 79200 | SH |  | SOLE |  | 79200 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 156701 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1213030 | 30100 | SH |  | SOLE |  | 30100 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 1999771 | 66130 | SH |  | SOLE |  | 66130 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 168196 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 19712240 | 763022 | SH |  | SOLE |  | 763022 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 1981487 | 26110 | SH |  | SOLE |  | 26110 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167107 |  | 71230 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 180035 | 3600 | SH |  | SOLE |  | 3600 | 0 | 0 |
| CHUNGHWA TELECOM CO LTD | SPON ADR NEW10 | 17133Q106 |  | 320395 | 16272 | SH |  | SOLE |  | 16272 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 3811506 | 178860 | SH |  | SOLE |  | 178860 | 0 | 0 |
| CITIGROUP INC | COM | 172967101 |  | 4973728 | 1322800 | SH |  | SOLE |  | 1322800 | 0 | 0 |
| CLIFFS NATURAL RESOURCES INC | COM | 18683K101 |  | 103751 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2012317 | 40150 | SH |  | SOLE |  | 40150 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 2503000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4901814 | 282200 | SH |  | SOLE |  | 282200 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 3693977 | 89356 | SH |  | SOLE |  | 89356 | 0 | 0 |
| COMPANHIA DE BEBIDAS DAS AME | SPON ADR PFD | 20441W203 |  | 575756 | 5700 | SH |  | SOLE |  | 5700 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 7837218 | 159650 | SH |  | SOLE |  | 159650 | 0 | 0 |
| CORUS ENTERTAINMENT INC | COM CL B NON VTG | 220874101 |  | 12378934 | 699100 | SH |  | SOLE |  | 699100 | 0 | 0 |
| CROWN CASTLE INTL CORP | COM | 228227104 |  | 2886904 | 77480 | SH |  | SOLE |  | 77480 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 4083516 | 338600 | SH |  | SOLE |  | 338600 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1200444 | 48230 | SH |  | SOLE |  | 48230 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 2932020 | 93080 | SH |  | SOLE |  | 93080 | 0 | 0 |
| DISCOVERY COMMUNICATNS NEW | COM SER A | 25470F104 |  | 1714794 | 48020 | SH |  | SOLE |  | 48020 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 5876639 | 173250 | SH |  | SOLE |  | 173250 | 0 | 0 |
| DOW CHEM CO | COM | 260543103 |  | 71160 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 3428687 | 187360 | SH |  | SOLE |  | 187360 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 2593222 | 70950 | SH |  | SOLE |  | 70950 | 0 | 0 |
| EASTMAN KODAK CO | COM | 277461109 |  | 1090208 | 251200 | SH |  | SOLE |  | 251200 | 0 | 0 |
| EATON CORP | COM | 278058102 |  | 78528 | 1200 | SH |  | SOLE |  | 1200 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 1223319 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 23218575 | 763822 | SH |  | SOLE |  | 763822 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 15932822 | 340830 | SH |  | SOLE |  | 340830 | 0 | 0 |
| ENERPLUS RES FD | UNIT TR G NEW | 29274D604 |  | 127334 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| EXFO INC | SUB VTG SHS | 302046107 |  | 154535 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 296764 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 1872638 | 26710 | SH |  | SOLE |  | 26710 | 0 | 0 |
| FIFTH THIRD BANCORP | COM | 316773100 |  | 2043827 | 166300 | SH |  | SOLE |  | 166300 | 0 | 0 |
| FIRSTSERVICE CORP | SUB VTG SH | 33761N109 |  | 11769311 | 563800 | SH |  | SOLE |  | 563800 | 0 | 0 |
| FOREST LABS INC | COM | 345838106 |  | 170066 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 578153 | 33400 | SH |  | SOLE |  | 33400 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2608260 | 48580 | SH |  | SOLE |  | 48580 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 2639810 | 58120 | SH |  | SOLE |  | 58120 | 0 | 0 |
| GENERAL GROWTH PPTYS INC | COM | 370021107 |  | 8223215 | 620152 | SH |  | SOLE |  | 620152 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 1122432 | 31600 | SH |  | SOLE |  | 31600 | 0 | 0 |
| GENZYME CORP | COM | 372917104 |  | 2682179 | 52830 | SH |  | SOLE |  | 52830 | 0 | 0 |
| GERDAU S A | SPONSORED ADR | 373737105 |  | 108076 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 6648800 | 230599 | SH |  | SOLE |  | 230599 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 2159634 | 63500 | SH |  | SOLE |  | 63500 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 17121682 | 389600 | SH |  | SOLE |  | 389600 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 210032 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| GROUPE CGI INC | CL A SUB VTG | 39945C109 |  | 13767179 | 921810 | SH |  | SOLE |  | 921810 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1078201 | 61930 | SH |  | SOLE |  | 61930 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 1297992 | 28471 | SH |  | SOLE |  | 28471 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 1434039 | 33180 | SH |  | SOLE |  | 33180 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 3505677 | 69640 | SH |  | SOLE |  | 69640 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1050660 | 37430 | SH |  | SOLE |  | 37430 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 149500 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| ICICI BK LTD | ADR | 45104G104 |  | 1554019 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| INFOSYS TECHNOLOGIES LTD | SPONSORED ADR | 456788108 |  | 1845228 | 30800 | SH |  | SOLE |  | 30800 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 243125 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 6657424 | 53915 | SH |  | SOLE |  | 53915 | 0 | 0 |
| INTERNATIONAL GAME TECHNOLOG | COM | 459902102 |  | 922061 | 58730 | SH |  | SOLE |  | 58730 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 5352382 | 146200 | SH |  | SOLE |  | 146200 | 0 | 0 |
| JAGUAR MNG INC | COM | 47009M103 |  | 4431440 | 497353 | SH |  | SOLE |  | 497353 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 17824307 | 301800 | SH |  | SOLE |  | 301800 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 1652969 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 1036028 | 45400 | SH |  | SOLE |  | 45400 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 223550 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 615702 | 32118 | SH |  | SOLE |  | 32118 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 1042718 | 20730 | SH |  | SOLE |  | 20730 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 6280358 | 103585 | SH |  | SOLE |  | 103585 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 1667250 | 35100 | SH |  | SOLE |  | 35100 | 0 | 0 |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 |  | 77280 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| KRAFT FOODS INC | CL A | 50075N104 |  | 1192800 | 42600 | SH |  | SOLE |  | 42600 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 5033551 | 255640 | SH |  | SOLE |  | 255640 | 0 | 0 |
| LAN AIRLINES S A | SPONSORED ADR | 501723100 |  | 324091 | 17509 | SH |  | SOLE |  | 17509 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 312173 | 14100 | SH |  | SOLE |  | 14100 | 0 | 0 |
| LIHIR GOLD LTD | SPONSORED ADR | 532349107 |  | 493063 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 812119 | 257000 | SH |  | SOLE |  | 257000 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 996495 | 48800 | SH |  | SOLE |  | 48800 | 0 | 0 |
| M  T BK CORP | COM | 55261F104 |  | 1614050 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| MACERICH CO | COM | 554382101 |  | 1582367 | 42400 | SH |  | SOLE |  | 42400 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 234608 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| MANPOWER INC | COM | 56418H100 |  | 2518689 | 58330 | SH |  | SOLE |  | 58330 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 20060527 | 1377100 | SH |  | SOLE |  | 1377100 | 0 | 0 |
| MARATHON OIL CORP | COM | 565849106 |  | 279810 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| MASTERCARD INC | CL A | 57636Q104 |  | 997650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 210783 | 3200 | SH |  | SOLE |  | 3200 | 0 | 0 |
| MERCK  CO INC NEW | COM | 58933Y105 |  | 167855 | 4800 | SH |  | SOLE |  | 4800 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 5025856 | 133100 | SH |  | SOLE |  | 133100 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6881140 | 299050 | SH |  | SOLE |  | 299050 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 14547526 | 343426 | SH |  | SOLE |  | 343426 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3653253 | 157400 | SH |  | SOLE |  | 157400 | 0 | 0 |
| MYLAN INC | COM | 628530107 |  | 1352976 | 79400 | SH |  | SOLE |  | 79400 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 142001 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| NEXEN INC | COM | 65334H102 |  | 10600307 | 536900 | SH |  | SOLE |  | 536900 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 4763471 | 584475 | SH |  | SOLE |  | 584475 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 1552845 | 48240 | SH |  | SOLE |  | 48240 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 5720749 | 122500 | SH |  | SOLE |  | 122500 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 1069464 | 13200 | SH |  | SOLE |  | 13200 | 0 | 0 |
| OFFICE DEPOT INC | COM | 676220106 |  | 348248 | 86200 | SH |  | SOLE |  | 86200 | 0 | 0 |
| ONCOLYTICS BIOTECH INC | COM | 682310107 |  | 789175 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 1730105 | 46087 | SH |  | SOLE |  | 46087 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 4374423 | 118100 | SH |  | SOLE |  | 118100 | 0 | 0 |
| POSCO | SPONSORED ADR | 693483109 |  | 188639 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| PACCAR INC | COM | 693718108 |  | 171440 | 4300 | SH |  | SOLE |  | 4300 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 2056013 | 59820 | SH |  | SOLE |  | 59820 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 2387681 | 91940 | SH |  | SOLE |  | 91940 | 0 | 0 |
| PERKINELMER INC | COM | 714046109 |  | 530185 | 25650 | SH |  | SOLE |  | 25650 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 284855 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 7455840 | 522850 | SH |  | SOLE |  | 522850 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 701510 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 10685351 | 123600 | SH |  | SOLE |  | 123600 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 9626789 | 160500 | SH |  | SOLE |  | 160500 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 2825596 | 150940 | SH |  | SOLE |  | 150940 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 1479164 | 29720 | SH |  | SOLE |  | 29720 | 0 | 0 |
| RF MICRODEVICES INC | COM | 749941100 |  | 1016600 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| REED ELSEVIER P L C | SPONS ADR NEW | 758205207 |  | 1492102 | 50925 | SH |  | SOLE |  | 50925 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 1184400 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| REPSOL YPF S A | SPONSORED ADR | 76026T205 |  | 104519 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| RESEARCH IN MOTION LTD | COM | 760975102 |  | 18178380 | 368470 | SH |  | SOLE |  | 368470 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 2060280 | 112752 | SH |  | SOLE |  | 112752 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 2696475 | 114500 | SH |  | SOLE |  | 114500 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 32323822 | 985700 | SH |  | SOLE |  | 985700 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 24776362 | 518300 | SH |  | SOLE |  | 518300 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 236571 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 1541962 | 56920 | SH |  | SOLE |  | 56920 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 979103 | 66470 | SH |  | SOLE |  | 66470 | 0 | 0 |
| SXC HEALTH SOLUTIONS CORP | COM | 78505P100 |  | 3751329 | 50839 | SH |  | SOLE |  | 50839 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 1514999 | 77060 | SH |  | SOLE |  | 77060 | 0 | 0 |
| SANDISK CORP | COM | 80004C101 |  | 1943634 | 46200 | SH |  | SOLE |  | 46200 | 0 | 0 |
| SANOFI AVENTIS | SPONSORED ADR | 80105N105 |  | 598194 | 19900 | SH |  | SOLE |  | 19900 | 0 | 0 |
| SAP AG | SPON ADR | 803054204 |  | 1483607 | 33490 | SH |  | SOLE |  | 33490 | 0 | 0 |
| SHANDA INTERACTIVE ENTMT LTD | SPONSORED ADR | 81941Q203 |  | 529991 | 13360 | SH |  | SOLE |  | 13360 | 0 | 0 |
| SHAW GROUP INC | COM | 820280105 |  | 119769 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 25205278 | 1394508 | SH |  | SOLE |  | 1394508 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1796172 | 25960 | SH |  | SOLE |  | 25960 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 2384650 | 214640 | SH |  | SOLE |  | 214640 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 2730983 | 644100 | SH |  | SOLE |  | 644100 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 131898 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 10831534 | 410870 | SH |  | SOLE |  | 410870 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 18157161 | 614666 | SH |  | SOLE |  | 614666 | 0 | 0 |
| SYNOVUS FINL CORP | COM | 87161C105 |  | 12700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 1258500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 183249 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| TELUS CORP | NON-VTG SHS | 87971M202 |  | 38307097 | 1054738 | SH |  | SOLE |  | 1054738 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 6136067 | 118024 | SH |  | SOLE |  | 118024 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2416693 | 49270 | SH |  | SOLE |  | 49270 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903105 |  | 32434933 | 902900 | SH |  | SOLE |  | 902900 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 5221238 | 66100 | SH |  | SOLE |  | 66100 | 0 | 0 |
| TIM HORTONS INC | COM | 88706M103 |  | 2466441 | 76800 | SH |  | SOLE |  | 76800 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 6465027 | 223626 | SH |  | SOLE |  | 223626 | 0 | 0 |
| TIME WARNER CABLE INC | COM | 88732J207 |  | 1172945 | 22522 | SH |  | SOLE |  | 22522 | 0 | 0 |
| TOMKINS PLC | SPONSORED ADR | 890030208 |  | 182620 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 63061352 | 969598 | SH |  | SOLE |  | 969598 | 0 | 0 |
| TOYOTA MOTOR CORP | SP ADR REP2COM | 892331307 |  | 157711 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 13724766 | 1868612 | SH |  | SOLE |  | 1868612 | 0 | 0 |
| URS CORP NEW | COM | 903236107 |  | 114115 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1437806 | 53790 | SH |  | SOLE |  | 53790 | 0 | 0 |
| UNILEVER N V | N Y SHS NEW | 904784709 |  | 254076 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3113589 | 54730 | SH |  | SOLE |  | 54730 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1050800 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1834889 | 65485 | SH |  | SOLE |  | 65485 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 7531631 | 364375 | SH |  | SOLE |  | 364375 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 1619626 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 336489 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| WASHINGTON POST CO | CL B | 939640108 |  | 1559824 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 8057174 | 257500 | SH |  | SOLE |  | 257500 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 5997690 | 92700 | SH |  | SOLE |  | 92700 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 2032601 | 113300 | SH |  | SOLE |  | 113300 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 115200 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 693680 | 23000 | SH |  | SOLE |  | 23000 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 7834310 | 525440 | SH |  | SOLE |  | 525440 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 9772225 | 271300 | SH |  | SOLE |  | 271300 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2074544 | 27200 | SH |  | SOLE |  | 27200 | 0 | 0 |
| YINGLI GREEN ENERGY HLDG CO | ADR | 98584B103 |  | 805746 | 79150 | SH |  | SOLE |  | 79150 | 0 | 0 |
| ZIONS BANCORPORATION | COM | 989701107 |  | 1130267 | 52400 | SH |  | SOLE |  | 52400 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 2622707 | 97680 | SH |  | SOLE |  | 97680 | 0 | 0 |
| AXIS CAPITAL HOLDINGS | SHS | G0692U109 |  | 216955 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 5295436 | 137010 | SH |  | SOLE |  | 137010 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F105 |  | 943426 | 23480 | SH |  | SOLE |  | 23480 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 8570765 | 248500 | SH |  | SOLE |  | 248500 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F103 |  | 102196 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1047100 | 141500 | SH |  | SOLE |  | 141500 | 0 | 0 |
| WILLIS GROUP HOLDINGS PUBLIC | SHS | G96666105 |  | 781600 | 26010 | SH |  | SOLE |  | 26010 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG | H27013103 |  | 2426826 | 184690 | SH |  | SOLE |  | 184690 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 833478 | 17540 | SH |  | SOLE |  | 17540 | 0 | 0 |
| TEEKAY CORPORATION | COM | Y8564W103 |  | 1465519 | 56000 | SH |  | SOLE |  | 56000 | 0 | 0 |

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