# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000007
**Filing Date:** 2025-7
**Character Count:** 24449
**Document Hash:** 8d187a1e2eb21249214e503e8fd4c139
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000007.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000007

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20090930

**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:** 251106482

**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:** 09-30-2009

**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:** 212

**Form 13F Information Table Value Total:** $962808092

      (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 |
| AEGON N V | NY REGISTRY SH | 007924103 |  | 125207 | 14800 | SH |  | SOLE |  | 14800 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 9549294 | 141400 | SH |  | SOLE |  | 141400 | 0 | 0 |
| AGRIUM INC | COM | 008916108 |  | 8525646 | 170800 | SH |  | SOLE |  | 170800 | 0 | 0 |
| ALCOA INC | COM | 013817101 |  | 78719 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| ALLIANZ SE | SP ADR 1/10 SH | 018805101 |  | 189695 | 15200 | SH |  | SOLE |  | 15200 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 3665212 | 119700 | SH |  | SOLE |  | 119700 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR A SHS | 02364W204 |  | 88079 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 15219742 | 448960 | SH |  | SOLE |  | 448960 | 0 | 0 |
| AMERICAN TOWER CORP | CL A | 029912201 |  | 1399213 | 38440 | SH |  | SOLE |  | 38440 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 174666 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 3336659 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L104 |  | 1110485 | 29900 | SH |  | SOLE |  | 29900 | 0 | 0 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1227239 | 42000 | SH |  | SOLE |  | 42000 | 0 | 0 |
| AUTODESK INC | COM | 052769106 |  | 2681306 | 112660 | SH |  | SOLE |  | 112660 | 0 | 0 |
| AUTOLIV INC | COM | 052800109 |  | 4179838 | 124400 | SH |  | SOLE |  | 124400 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 2119840 | 53940 | SH |  | SOLE |  | 53940 | 0 | 0 |
| AXA | SPONSORED ADR | 054536107 |  | 6887739 | 254630 | SH |  | SOLE |  | 254630 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 31140705 | 1265219 | SH |  | SOLE |  | 1265219 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 101136 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| BAKER HUGHES INC | COM | 057224107 |  | 2905997 | 68120 | SH |  | SOLE |  | 68120 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 394263 | 22100 | SH |  | SOLE |  | 22100 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 2323115 | 137300 | SH |  | SOLE |  | 137300 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 9781096 | 193600 | SH |  | SOLE |  | 193600 | 0 | 0 |
| BANK OF NEW YORK MELLON CORP | COM | 064058100 |  | 1630106 | 56230 | SH |  | SOLE |  | 56230 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 25642023 | 562583 | SH |  | SOLE |  | 562583 | 0 | 0 |
| BARCLAYS PLC | ADR | 06738E204 |  | 1654799 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| BARRICK GOLD CORP | COM | 067901108 |  | 12518073 | 331075 | SH |  | SOLE |  | 331075 | 0 | 0 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 2298260 | 32950 | SH |  | SOLE |  | 32950 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 265334 | 4900 | SH |  | SOLE |  | 4900 | 0 | 0 |
| BRASIL TELECOM PARTICIPACOES | SPON ADR PFD | 105530109 |  | 1716259 | 32200 | SH |  | SOLE |  | 32200 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 195923 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 23090849 | 2735697 | SH |  | SOLE |  | 2735697 | 0 | 0 |
| CIGNA CORP | COM | 125509109 |  | 199438 | 7100 | SH |  | SOLE |  | 7100 | 0 | 0 |
| CNOOC LTD | SPONSORED ADR | 126132109 |  | 1406304 | 10384 | SH |  | SOLE |  | 10384 | 0 | 0 |
| CVS CAREMARK CORPORATION | COM | 126650100 |  | 1524310 | 42650 | SH |  | SOLE |  | 42650 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 30982547 | 508800 | SH |  | SOLE |  | 508800 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 26131346 | 531350 | SH |  | SOLE |  | 531350 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 16584732 | 245950 | SH |  | SOLE |  | 245950 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 519869 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 4282467 | 128680 | SH |  | SOLE |  | 128680 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 143723 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 1690477 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167107 |  | 96559 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| CHINA MOBILE LIMITED | SPONSORED ADR | 16941M109 |  | 1890734 | 38500 | SH |  | SOLE |  | 38500 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 221803 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 4427871 | 188100 | SH |  | SOLE |  | 188100 | 0 | 0 |
| COACH INC | COM | 189754104 |  | 227147 | 6900 | SH |  | SOLE |  | 6900 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 1932999 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 6692321 | 396230 | SH |  | SOLE |  | 396230 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 3719263 | 98056 | SH |  | SOLE |  | 98056 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 7356563 | 162900 | SH |  | SOLE |  | 162900 | 0 | 0 |
| CONTINENTAL AIRLS INC | CL B | 210795308 |  | 64115 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| CORUS ENTERTAINMENT INC | COM CL B NON VTG | 220874101 |  | 13382038 | 787500 | SH |  | SOLE |  | 787500 | 0 | 0 |
| CROWN CASTLE INTL CORP | COM | 228227104 |  | 2855325 | 91050 | SH |  | SOLE |  | 91050 | 0 | 0 |
| DEAN FOODS CO NEW | COM | 242370104 |  | 2420328 | 136050 | SH |  | SOLE |  | 136050 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 5572950 | 365200 | SH |  | SOLE |  | 365200 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 1948574 | 86990 | SH |  | SOLE |  | 86990 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 4510852 | 164270 | SH |  | SOLE |  | 164270 | 0 | 0 |
| DONNELLEY R R  SONS CO | COM | 257867101 |  | 178583 | 8400 | SH |  | SOLE |  | 8400 | 0 | 0 |
| DOW CHEM CO | COM | 260543103 |  | 132956 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 3328421 | 195330 | SH |  | SOLE |  | 195330 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 1794599 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| EASTMAN KODAK CO | COM | 277461109 |  | 1441647 | 301600 | SH |  | SOLE |  | 301600 | 0 | 0 |
| EATON CORP | COM | 278058102 |  | 133552 | 2360 | SH |  | SOLE |  | 2360 | 0 | 0 |
| ECLIPSYS CORP | COM | 278856109 |  | 1760930 | 91240 | SH |  | SOLE |  | 91240 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 3372991 | 177060 | SH |  | SOLE |  | 177060 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 37819926 | 654042 | SH |  | SOLE |  | 654042 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 17764723 | 458200 | SH |  | SOLE |  | 458200 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 6174765 | 211900 | SH |  | SOLE |  | 211900 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 377354 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2391242 | 31790 | SH |  | SOLE |  | 31790 | 0 | 0 |
| FOREST LABS INC | COM | 345838106 |  | 182527 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| FORTUNE BRANDS INC | COM | 349631101 |  | 1972350 | 45890 | SH |  | SOLE |  | 45890 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 1478176 | 54910 | SH |  | SOLE |  | 54910 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2416369 | 48580 | SH |  | SOLE |  | 48580 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 103445 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 2715546 | 42180 | SH |  | SOLE |  | 42180 | 0 | 0 |
| GENZYME CORP | COM | 372917104 |  | 2057028 | 36260 | SH |  | SOLE |  | 36260 | 0 | 0 |
| GERDAU S A | SPONSORED ADR | 373737105 |  | 110207 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 3000482 | 152038 | SH |  | SOLE |  | 152038 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 1858944 | 47050 | SH |  | SOLE |  | 47050 | 0 | 0 |
| GOLD FIELDS LTD NEW | SPONSORED ADR | 38059T106 |  | 283867 | 20600 | SH |  | SOLE |  | 20600 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 14755556 | 368100 | SH |  | SOLE |  | 368100 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2414984 | 13100 | SH |  | SOLE |  | 13100 | 0 | 0 |
| GOOGLE INC | CL A | 38259P508 |  | 5394846 | 10880 | SH |  | SOLE |  | 10880 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1357812 | 73040 | SH |  | SOLE |  | 73040 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 4194920 | 73146 | SH |  | SOLE |  | 73146 | 0 | 0 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 575278 | 39950 | SH |  | SOLE |  | 39950 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 7342220 | 184710 | SH |  | SOLE |  | 184710 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 3414487 | 63870 | SH |  | SOLE |  | 63870 | 0 | 0 |
| HEWLETT PACKARD CO | COM | 428236103 |  | 1517328 | 32140 | SH |  | SOLE |  | 32140 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1004059 | 37690 | SH |  | SOLE |  | 37690 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 297037 | 9800 | SH |  | SOLE |  | 9800 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1069927 | 33300 | SH |  | SOLE |  | 33300 | 0 | 0 |
| IESI BFC LTD | COM | 44951D108 |  | 187707 | 14500 | SH |  | SOLE |  | 14500 | 0 | 0 |
| ICICI BK LTD | ADR | 45104G104 |  | 2639431 | 68450 | SH |  | SOLE |  | 68450 | 0 | 0 |
| ING GROEP N V | SPONSORED ADR | 456837103 |  | 3565999 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 244624 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1828836 | 15290 | SH |  | SOLE |  | 15290 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 363179 | 9575 | SH |  | SOLE |  | 9575 | 0 | 0 |
| INTERNATIONAL GAME TECHNOLOG | COM | 459902102 |  | 2459244 | 114490 | SH |  | SOLE |  | 114490 | 0 | 0 |
| INTERNATIONAL ROYALTY CORP | COM | 460277106 |  | 1964161 | 487495 | SH |  | SOLE |  | 487495 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 10015059 | 228550 | SH |  | SOLE |  | 228550 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 18494118 | 303730 | SH |  | SOLE |  | 303730 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 1012303 | 37465 | SH |  | SOLE |  | 37465 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 270268 | 5251 | SH |  | SOLE |  | 5251 | 0 | 0 |
| KLA-TENCOR CORP | COM | 482480100 |  | 850955 | 23730 | SH |  | SOLE |  | 23730 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 681608 | 39218 | SH |  | SOLE |  | 39218 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 3035272 | 61655 | SH |  | SOLE |  | 61655 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 5528490 | 93735 | SH |  | SOLE |  | 93735 | 0 | 0 |
| KNIGHT TRANSN INC | COM | 499064103 |  | 599716 | 35740 | SH |  | SOLE |  | 35740 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 1927717 | 33790 | SH |  | SOLE |  | 33790 | 0 | 0 |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 |  | 272795 | 17900 | SH |  | SOLE |  | 17900 | 0 | 0 |
| LAM RESEARCH CORP | COM | 512807108 |  | 940763 | 27540 | SH |  | SOLE |  | 27540 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 154927 | 9200 | SH |  | SOLE |  | 9200 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 950883 | 45410 | SH |  | SOLE |  | 45410 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 505763 | 16200 | SH |  | SOLE |  | 16200 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 21891395 | 1043200 | SH |  | SOLE |  | 1043200 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 225042 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1196186 | 20960 | SH |  | SOLE |  | 20960 | 0 | 0 |
| MCGRAW HILL COS INC | COM | 580645109 |  | 3368759 | 134000 | SH |  | SOLE |  | 134000 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 389214 | 10120 | SH |  | SOLE |  | 10120 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 10675610 | 412345 | SH |  | SOLE |  | 412345 | 0 | 0 |
| MILLIPORE CORP | COM | 601073109 |  | 1521939 | 21640 | SH |  | SOLE |  | 21640 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 6728750 | 217900 | SH |  | SOLE |  | 217900 | 0 | 0 |
| NATIONAL BK GREECE S A | SPONSORED ADR | 633643408 |  | 2247680 | 311745 | SH |  | SOLE |  | 311745 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 114451 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 7275419 | 497635 | SH |  | SOLE |  | 497635 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 1773761 | 58080 | SH |  | SOLE |  | 58080 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 1722115 | 29610 | SH |  | SOLE |  | 29610 | 0 | 0 |
| NOVARTIS A G | SPONSORED ADR | 66987V109 |  | 684159 | 13580 | SH |  | SOLE |  | 13580 | 0 | 0 |
| OFFICE DEPOT INC | COM | 676220106 |  | 660675 | 99800 | SH |  | SOLE |  | 99800 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 5216851 | 139600 | SH |  | SOLE |  | 139600 | 0 | 0 |
| POSCO | SPONSORED ADR | 693483109 |  | 187091 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 2624085 | 90330 | SH |  | SOLE |  | 90330 | 0 | 0 |
| PERKINELMER INC | COM | 714046109 |  | 1865508 | 96960 | SH |  | SOLE |  | 96960 | 0 | 0 |
| PETROCHINA CO LTD | SPONSORED     ADR | 71646E100 |  | 147874 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 3240539 | 70600 | SH |  | SOLE |  | 70600 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 8015164 | 484300 | SH |  | SOLE |  | 484300 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 8342412 | 92100 | SH |  | SOLE |  | 92100 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 14798560 | 255500 | SH |  | SOLE |  | 255500 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 2485672 | 149920 | SH |  | SOLE |  | 149920 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 2064634 | 39560 | SH |  | SOLE |  | 39560 | 0 | 0 |
| REED ELSEVIER P L C | SPONS ADR NEW | 758205207 |  | 1072351 | 35650 | SH |  | SOLE |  | 35650 | 0 | 0 |
| REPSOL YPF S A | SPONSORED ADR | 76026T205 |  | 141231 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 2695891 | 109077 | SH |  | SOLE |  | 109077 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 3180041 | 127100 | SH |  | SOLE |  | 127100 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 30689508 | 1088500 | SH |  | SOLE |  | 1088500 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 46337697 | 863308 | SH |  | SOLE |  | 863308 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 306734 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 656593 | 22610 | SH |  | SOLE |  | 22610 | 0 | 0 |
| SEI INVESTMENTS CO | COM | 784117103 |  | 3391256 | 172320 | SH |  | SOLE |  | 172320 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 1149605 | 65880 | SH |  | SOLE |  | 65880 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 147899 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| SAKS INC | COM | 79377W108 |  | 1652485 | 242300 | SH |  | SOLE |  | 242300 | 0 | 0 |
| SANOFI AVENTIS | SPONSORED ADR | 80105N105 |  | 1053259 | 28505 | SH |  | SOLE |  | 28505 | 0 | 0 |
| SAP AG | SPON ADR | 803054204 |  | 1108858 | 22690 | SH |  | SOLE |  | 22690 | 0 | 0 |
| SHANDA INTERACTIVE ENTMT LTD | SPONSORED ADR | 81941Q203 |  | 527359 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 21724427 | 1201908 | SH |  | SOLE |  | 1201908 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1558743 | 25910 | SH |  | SOLE |  | 25910 | 0 | 0 |
| SILICONWARE PRECISION INDS L | SPONSD ADR SPL | 827084864 |  | 502599 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 4916542 | 512140 | SH |  | SOLE |  | 512140 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 2710094 | 686100 | SH |  | SOLE |  | 686100 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 3722023 | 148909 | SH |  | SOLE |  | 148909 | 0 | 0 |
| STATOILHYDRO ASA | SPONSORED ADR | 85771P102 |  | 1532719 | 68000 | SH |  | SOLE |  | 68000 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 13833637 | 442100 | SH |  | SOLE |  | 442100 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 19665830 | 563790 | SH |  | SOLE |  | 563790 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 557249 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 6955319 | 149000 | SH |  | SOLE |  | 149000 | 0 | 0 |
| TELECOM CORP NEW ZEALAND LTD | SPONSORED ADR | 879278208 |  | 127413 | 13300 | SH |  | SOLE |  | 13300 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 273602 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 8924192 | 176507 | SH |  | SOLE |  | 176507 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2098341 | 48050 | SH |  | SOLE |  | 48050 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 9099539 | 123300 | SH |  | SOLE |  | 123300 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 5021130 | 174466 | SH |  | SOLE |  | 174466 | 0 | 0 |
| TIME WARNER CABLE INC | COM | 88732J207 |  | 1461698 | 33922 | SH |  | SOLE |  | 33922 | 0 | 0 |
| TOMKINS PLC | SPONSORED ADR | 890030208 |  | 164262 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 61687277 | 955108 | SH |  | SOLE |  | 955108 | 0 | 0 |
| TOTAL S A | SPONSORED ADR | 89151E109 |  | 349633 | 5900 | SH |  | SOLE |  | 5900 | 0 | 0 |
| TOYOTA MOTOR CORP | SP ADR REP2COM | 892331307 |  | 369278 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 3749708 | 1055235 | SH |  | SOLE |  | 1055235 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 2968092 | 103490 | SH |  | SOLE |  | 103490 | 0 | 0 |
| UNILEVER N V | N Y SHS NEW | 904784709 |  | 748194 | 25925 | SH |  | SOLE |  | 25925 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 2966932 | 52540 | SH |  | SOLE |  | 52540 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 72615 | 2900 | SH |  | SOLE |  | 2900 | 0 | 0 |
| VALE S A | ADR | 91912E105 |  | 150344 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| VALERO ENERGY CORP NEW | COM | 91913Y100 |  | 139607 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 653377 | 21585 | SH |  | SOLE |  | 21585 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 1225685 | 54475 | SH |  | SOLE |  | 54475 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 1486760 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 323993 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 5709038 | 191450 | SH |  | SOLE |  | 191450 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 5608342 | 100400 | SH |  | SOLE |  | 100400 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 1457741 | 116900 | SH |  | SOLE |  | 116900 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 143717 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 913249 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 7441235 | 393300 | SH |  | SOLE |  | 393300 | 0 | 0 |
| WEYERHAEUSER CO | COM | 962166104 |  | 2039205 | 55640 | SH |  | SOLE |  | 55640 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 8628670 | 283000 | SH |  | SOLE |  | 283000 | 0 | 0 |
| WILLIAMS COS INC DEL | COM | 969457100 |  | 116154 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2055809 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| YRC WORLDWIDE INC | COM | 984249102 |  | 1749294 | 393100 | SH |  | SOLE |  | 393100 | 0 | 0 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 1444305 | 134426 | SH |  | SOLE |  | 134426 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 2050942 | 76300 | SH |  | SOLE |  | 76300 | 0 | 0 |
| AXIS CAPITAL HOLDINGS | SHS | G0692U109 |  | 307835 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 5897231 | 158230 | SH |  | SOLE |  | 158230 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F105 |  | 5810681 | 134320 | SH |  | SOLE |  | 134320 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 9615044 | 313500 | SH |  | SOLE |  | 313500 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F103 |  | 200639 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 1643626 | 142800 | SH |  | SOLE |  | 142800 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG | H27013103 |  | 2762271 | 133250 | SH |  | SOLE |  | 133250 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 213824 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |

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