# EDGAR Filing Document

**Accession Number:** 0002033536
**File Stem:** 0002033536-25-000008
**Filing Date:** 2025-7
**Character Count:** 23731
**Document Hash:** b47a56287f2e83f73b16d14eb128a881
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002033536-25-000008.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0002033536-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20091231

**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:** 251106488

**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:** 12-31-2009

**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:** 204

**Form 13F Information Table Value Total:** $1049699113

      (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 |
| AOL INC | COM | 00184X105 |  | 186938 | 8030 | SH |  | SOLE |  | 8030 | 0 | 0 |
| AMERICA MOVIL SAB DE CV | SPON ADR A SHS | 02364W204 |  | 93919 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L104 |  | 173850 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 37964120 | 1370112 | SH |  | SOLE |  | 1370112 | 0 | 0 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 |  | 398683 | 22100 | SH |  | SOLE |  | 22100 | 0 | 0 |
| BANCO SANTANDER SA | ADR | 05964H105 |  | 460319 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| BANCO SANTANDER CHILE NEW | SP ADR REP COM | 05965X109 |  | 42560 | 657 | SH |  | SOLE |  | 657 | 0 | 0 |
| BANCO SANTANDER BRASIL S A | ADS REP 1 UNIT | 05967A107 |  | 1165383 | 83600 | SH |  | SOLE |  | 83600 | 0 | 0 |
| BOSTON PRIVATE FINL HLDGS IN | COM | 101119105 |  | 691245 | 119800 | SH |  | SOLE |  | 119800 | 0 | 0 |
| BRASIL TELECOM SA | SPONS ADR PFD | 10553M101 |  | 1422010 | 48816 | SH |  | SOLE |  | 48816 | 0 | 0 |
| BRISTOL MYERS SQUIBB CO | COM | 110122108 |  | 219675 | 8700 | SH |  | SOLE |  | 8700 | 0 | 0 |
| BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 112585104 |  | 10107693 | 452275 | SH |  | SOLE |  | 452275 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 22563074 | 2692647 | SH |  | SOLE |  | 2692647 | 0 | 0 |
| CNOOC LTD | SPONSORED ADR | 126132109 |  | 1614192 | 10384 | SH |  | SOLE |  | 10384 | 0 | 0 |
| CVS CAREMARK CORPORATION | COM | 126650100 |  | 1373756 | 42650 | SH |  | SOLE |  | 42650 | 0 | 0 |
| CDN IMPERIAL BK OF COMMERCE | COM | 136069101 |  | 35468474 | 544700 | SH |  | SOLE |  | 544700 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 30695862 | 560310 | SH |  | SOLE |  | 560310 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 16598585 | 228580 | SH |  | SOLE |  | 228580 | 0 | 0 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 12729728 | 234600 | SH |  | SOLE |  | 234600 | 0 | 0 |
| CANON INC | ADR | 138006309 |  | 1017795 | 24050 | SH |  | SOLE |  | 24050 | 0 | 0 |
| CARNIVAL CORP | PAIRED CTF | 143658300 |  | 3944771 | 124480 | SH |  | SOLE |  | 124480 | 0 | 0 |
| CATERPILLAR INC DEL | COM | 149123101 |  | 159572 | 2800 | SH |  | SOLE |  | 2800 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 18674119 | 737522 | SH |  | SOLE |  | 737522 | 0 | 0 |
| CERNER CORP | COM | 156782104 |  | 1863143 | 22600 | SH |  | SOLE |  | 22600 | 0 | 0 |
| CHESAPEAKE ENERGY CORP | COM | 165167107 |  | 87992 | 3400 | SH |  | SOLE |  | 3400 | 0 | 0 |
| CHUBB CORP | COM | 171232101 |  | 216392 | 4400 | SH |  | SOLE |  | 4400 | 0 | 0 |
| CHUNGHWA TELECOM CO LTD | SPONS ADR NEW 09 | 17133Q403 |  | 781796 | 42100 | SH |  | SOLE |  | 42100 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 4469598 | 186700 | SH |  | SOLE |  | 186700 | 0 | 0 |
| COGNIZANT TECHNOLOGY SOLUTIO | CL A | 192446102 |  | 2266500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 4619640 | 274000 | SH |  | SOLE |  | 274000 | 0 | 0 |
| COMPANHIA DE SANEAMENTO BASI | SPONSORED ADR | 20441A102 |  | 3976782 | 101656 | SH |  | SOLE |  | 101656 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 9044496 | 177100 | SH |  | SOLE |  | 177100 | 0 | 0 |
| CORUS ENTERTAINMENT INC | COM CL B NON VTG | 220874101 |  | 13520987 | 712900 | SH |  | SOLE |  | 712900 | 0 | 0 |
| CROWN CASTLE INTL CORP | COM | 228227104 |  | 2927609 | 74990 | SH |  | SOLE |  | 74990 | 0 | 0 |
| DELL INC | COM | 24702R101 |  | 2759992 | 192200 | SH |  | SOLE |  | 192200 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 2113701 | 84990 | SH |  | SOLE |  | 84990 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 4543057 | 140870 | SH |  | SOLE |  | 140870 | 0 | 0 |
| DIRECTV | COM CL A | 25490A101 |  | 3800232 | 113950 | SH |  | SOLE |  | 113950 | 0 | 0 |
| DOW CHEM CO | COM | 260543103 |  | 140913 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| DRAGONWAVE INC | COM | 26144M103 |  | 2296961 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| E M C CORP MASS | COM | 268648102 |  | 3031918 | 173550 | SH |  | SOLE |  | 173550 | 0 | 0 |
| ENI S P A | SPONSORED ADR | 26874R108 |  | 1875100 | 37050 | SH |  | SOLE |  | 37050 | 0 | 0 |
| EASTMAN KODAK CO | COM | 277461109 |  | 514418 | 121900 | SH |  | SOLE |  | 121900 | 0 | 0 |
| ECLIPSYS CORP | COM | 278856109 |  | 1601239 | 86460 | SH |  | SOLE |  | 86460 | 0 | 0 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 3325284 | 187340 | SH |  | SOLE |  | 187340 | 0 | 0 |
| ENCANA CORP | COM | 292505104 |  | 24036762 | 737522 | SH |  | SOLE |  | 737522 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 23210533 | 499530 | SH |  | SOLE |  | 499530 | 0 | 0 |
| ENERPLUS RES FD | UNIT TR G NEW | 29274D604 |  | 168863 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| EQUIFAX INC | COM | 294429105 |  | 3206381 | 103800 | SH |  | SOLE |  | 103800 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 395501 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 2652875 | 31790 | SH |  | SOLE |  | 31790 | 0 | 0 |
| FIRSTSERVICE CORP | SUB VTG SH | 33761N109 |  | 11133384 | 574000 | SH |  | SOLE |  | 574000 | 0 | 0 |
| FOREST LABS INC | COM | 345838106 |  | 199081 | 6200 | SH |  | SOLE |  | 6200 | 0 | 0 |
| FRANCE TELECOM | SPONSORED ADR | 35177Q105 |  | 1409906 | 55860 | SH |  | SOLE |  | 55860 | 0 | 0 |
| FRESENIUS MED CARE AG KGA | SPONSORED ADR | 358029106 |  | 2575225 | 48580 | SH |  | SOLE |  | 48580 | 0 | 0 |
| GEN-PROBE INC NEW | COM | 36866T103 |  | 1624092 | 37840 | SH |  | SOLE |  | 37840 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 95319 | 6300 | SH |  | SOLE |  | 6300 | 0 | 0 |
| GENERAL MLS INC | COM | 370334104 |  | 2045700 | 28890 | SH |  | SOLE |  | 28890 | 0 | 0 |
| GENZYME CORP | COM | 372917104 |  | 2396589 | 48900 | SH |  | SOLE |  | 48900 | 0 | 0 |
| GERDAU S A | SPONSORED ADR | 373737105 |  | 139645 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 4606625 | 187599 | SH |  | SOLE |  | 187599 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 1886462 | 44650 | SH |  | SOLE |  | 44650 | 0 | 0 |
| GOLD FIELDS LTD NEW | SPONSORED ADR | 38059T106 |  | 270066 | 20600 | SH |  | SOLE |  | 20600 | 0 | 0 |
| GOLDCORP INC NEW | COM | 380956409 |  | 16119625 | 408000 | SH |  | SOLE |  | 408000 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 2127384 | 12600 | SH |  | SOLE |  | 12600 | 0 | 0 |
| GROUPE CGI INC | CL A SUB VTG | 39945C109 |  | 20322681 | 1493660 | SH |  | SOLE |  | 1493660 | 0 | 0 |
| GRUPO TELEVISA SA DE CV | SP ADR REP ORD | 40049J206 |  | 1355835 | 65310 | SH |  | SOLE |  | 65310 | 0 | 0 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 4073143 | 71346 | SH |  | SOLE |  | 71346 | 0 | 0 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 567891 | 37190 | SH |  | SOLE |  | 37190 | 0 | 0 |
| HEINZ H J CO | COM | 423074103 |  | 4544105 | 106270 | SH |  | SOLE |  | 106270 | 0 | 0 |
| HESS CORP | COM | 42809H107 |  | 3466649 | 57300 | SH |  | SOLE |  | 57300 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1017468 | 35170 | SH |  | SOLE |  | 35170 | 0 | 0 |
| HONDA MOTOR LTD | AMERN SHS | 438128308 |  | 223739 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 1074590 | 33300 | SH |  | SOLE |  | 33300 | 0 | 0 |
| ICICI BK LTD | ADR | 45104G104 |  | 354474 | 9400 | SH |  | SOLE |  | 9400 | 0 | 0 |
| ING GROEP N V | SPONSORED ADR | 456837103 |  | 3113949 | 317426 | SH |  | SOLE |  | 317426 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 255000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 3310460 | 25290 | SH |  | SOLE |  | 25290 | 0 | 0 |
| INTERNATIONAL FLAVORS | COM | 459506101 |  | 410371 | 9975 | SH |  | SOLE |  | 9975 | 0 | 0 |
| INTERNATIONAL GAME TECHNOLOG | COM | 459902102 |  | 2148977 | 114490 | SH |  | SOLE |  | 114490 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 5202499 | 124850 | SH |  | SOLE |  | 124850 | 0 | 0 |
| JAGUAR MNG INC | COM | 47009M103 |  | 7523182 | 666703 | SH |  | SOLE |  | 666703 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 20209925 | 313770 | SH |  | SOLE |  | 313770 | 0 | 0 |
| JOY GLOBAL INC | COM | 481165108 |  | 928260 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| JUNIPER NETWORKS INC | COM | 48203R104 |  | 998524 | 37440 | SH |  | SOLE |  | 37440 | 0 | 0 |
| KB FINANCIAL GROUP INC | SPONSORED ADR | 48241A105 |  | 267013 | 5251 | SH |  | SOLE |  | 5251 | 0 | 0 |
| KLA-TENCOR CORP | COM | 482480100 |  | 858076 | 23730 | SH |  | SOLE |  | 23730 | 0 | 0 |
| KT CORP | SPONSORED ADR | 48268K101 |  | 659646 | 39218 | SH |  | SOLE |  | 39218 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 2615577 | 49165 | SH |  | SOLE |  | 49165 | 0 | 0 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 5350684 | 83985 | SH |  | SOLE |  | 83985 | 0 | 0 |
| KNIGHT TRANSN INC | COM | 499064103 |  | 611107 | 31680 | SH |  | SOLE |  | 31680 | 0 | 0 |
| KOHLS CORP | COM | 500255104 |  | 1822294 | 33790 | SH |  | SOLE |  | 33790 | 0 | 0 |
| KOREA ELECTRIC PWR | SPONSORED ADR | 500631106 |  | 260266 | 17900 | SH |  | SOLE |  | 17900 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 3036387 | 147900 | SH |  | SOLE |  | 147900 | 0 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 74700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| LIHIR GOLD LTD | SPONSORED ADR | 532349107 |  | 1323213 | 45300 | SH |  | SOLE |  | 45300 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 1053017 | 45020 | SH |  | SOLE |  | 45020 | 0 | 0 |
| MAKITA CORP | ADR NEW | 560877300 |  | 500407 | 14200 | SH |  | SOLE |  | 14200 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 |  | 28378124 | 1536500 | SH |  | SOLE |  | 1536500 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 940346 | 15060 | SH |  | SOLE |  | 15060 | 0 | 0 |
| MEDICIS PHARMACEUTICAL CORP | CL A NEW | 584690309 |  | 1082000 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| MERCK  CO INC NEW | COM | 58933Y105 |  | 263087 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| METLIFE INC | COM | 59156R108 |  | 2509850 | 71000 | SH |  | SOLE |  | 71000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 8064398 | 264580 | SH |  | SOLE |  | 264580 | 0 | 0 |
| MILLIPORE CORP | COM | 601073109 |  | 1490409 | 20600 | SH |  | SOLE |  | 20600 | 0 | 0 |
| MINDRAY MEDICAL INTL LTD | SPON ADR | 602675100 |  | 1153280 | 34000 | SH |  | SOLE |  | 34000 | 0 | 0 |
| MOLSON COORS BREWING CO | CL B | 60871R209 |  | 14655595 | 324526 | SH |  | SOLE |  | 324526 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3417320 | 115450 | SH |  | SOLE |  | 115450 | 0 | 0 |
| MYLAN INC | COM | 628530107 |  | 829350 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| NATIONAL BK GREECE S A | SPONSORED ADR | 633643408 |  | 1013126 | 194458 | SH |  | SOLE |  | 194458 | 0 | 0 |
| NETAPP INC | COM | 64110D104 |  | 1133880 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| NEWMONT MINING CORP | COM | 651639106 |  | 123006 | 2600 | SH |  | SOLE |  | 2600 | 0 | 0 |
| NEXEN INC | COM | 65334H102 |  | 13176281 | 546800 | SH |  | SOLE |  | 546800 | 0 | 0 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 7729082 | 601485 | SH |  | SOLE |  | 601485 | 0 | 0 |
| NORDSTROM INC | COM | 655664100 |  | 1767011 | 47020 | SH |  | SOLE |  | 47020 | 0 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 5309168 | 101320 | SH |  | SOLE |  | 101320 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 1495391 | 36787 | SH |  | SOLE |  | 36787 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 1226500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| OVERSEAS SHIPHOLDING GROUP I | COM | 690368105 |  | 2992995 | 68100 | SH |  | SOLE |  | 68100 | 0 | 0 |
| POSCO | SPONSORED ADR | 693483109 |  | 235980 | 1800 | SH |  | SOLE |  | 1800 | 0 | 0 |
| PALL CORP | COM | 696429307 |  | 1342296 | 37080 | SH |  | SOLE |  | 37080 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 2579887 | 84200 | SH |  | SOLE |  | 84200 | 0 | 0 |
| PERKINELMER INC | COM | 714046109 |  | 1945137 | 94470 | SH |  | SOLE |  | 94470 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 3080127 | 64600 | SH |  | SOLE |  | 64600 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 8027246 | 441300 | SH |  | SOLE |  | 441300 | 0 | 0 |
| POTASH CORP SASK INC | COM | 73755L107 |  | 13563729 | 124100 | SH |  | SOLE |  | 124100 | 0 | 0 |
| PROCTER  GAMBLE CO | COM | 742718109 |  | 18552780 | 306000 | SH |  | SOLE |  | 306000 | 0 | 0 |
| PROGRESSIVE CORP OHIO | COM | 743315103 |  | 2684107 | 149200 | SH |  | SOLE |  | 149200 | 0 | 0 |
| PROLOGIS | SH BEN INT | 743410102 |  | 1464830 | 107000 | SH |  | SOLE |  | 107000 | 0 | 0 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 2100620 | 34790 | SH |  | SOLE |  | 34790 | 0 | 0 |
| RF MICRODEVICES INC | COM | 749941100 |  | 1240200 | 260000 | SH |  | SOLE |  | 260000 | 0 | 0 |
| REED ELSEVIER P L C | SPONS ADR NEW | 758205207 |  | 1334553 | 40700 | SH |  | SOLE |  | 40700 | 0 | 0 |
| REPSOL YPF S A | SPONSORED ADR | 76026T205 |  | 138631 | 5200 | SH |  | SOLE |  | 5200 | 0 | 0 |
| RESEARCH IN MOTION LTD | COM | 760975102 |  | 23713116 | 349520 | SH |  | SOLE |  | 349520 | 0 | 0 |
| RITCHIE BROS AUCTIONEERS | COM | 767744105 |  | 2468979 | 109077 | SH |  | SOLE |  | 109077 | 0 | 0 |
| ROBERT HALF INTL INC | COM | 770323103 |  | 1467477 | 54900 | SH |  | SOLE |  | 54900 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 40823456 | 1307000 | SH |  | SOLE |  | 1307000 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 49502666 | 918608 | SH |  | SOLE |  | 918608 | 0 | 0 |
| ROYAL DUTCH SHELL PLC | SPON ADR B | 780259107 |  | 319715 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| RYANAIR HLDGS PLC | SPONSORED ADR | 783513104 |  | 1263019 | 47110 | SH |  | SOLE |  | 47110 | 0 | 0 |
| SK TELECOM LTD | SPONSORED ADR | 78440P108 |  | 937063 | 57630 | SH |  | SOLE |  | 57630 | 0 | 0 |
| SXC HEALTH SOLUTIONS CORP | COM | 78505P100 |  | 6864886 | 125389 | SH |  | SOLE |  | 125389 | 0 | 0 |
| SAFEWAY INC | COM NEW | 786514208 |  | 1589085 | 74640 | SH |  | SOLE |  | 74640 | 0 | 0 |
| SANOFI AVENTIS | SPONSORED ADR | 80105N105 |  | 914990 | 23300 | SH |  | SOLE |  | 23300 | 0 | 0 |
| SAP AG | SPON ADR | 803054204 |  | 1271827 | 27170 | SH |  | SOLE |  | 27170 | 0 | 0 |
| SHANDA INTERACTIVE ENTMT LTD | SPONSORED ADR | 81941Q203 |  | 497164 | 9450 | SH |  | SOLE |  | 9450 | 0 | 0 |
| SHAW COMMUNICATIONS INC | CL B CONV | 82028K200 |  | 25370174 | 1225308 | SH |  | SOLE |  | 1225308 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1559128 | 25290 | SH |  | SOLE |  | 25290 | 0 | 0 |
| SOLERA HOLDINGS INC | COM | 83421A104 |  | 1080300 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 4260189 | 372720 | SH |  | SOLE |  | 372720 | 0 | 0 |
| SPRINT NEXTEL CORP | COM SER 1 | 852061100 |  | 1408001 | 384700 | SH |  | SOLE |  | 384700 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 4585967 | 157884 | SH |  | SOLE |  | 157884 | 0 | 0 |
| STATE STR CORP | COM | 857477103 |  | 169806 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| STATOIL ASA | SPONSORED ADR | 85771P102 |  | 2441180 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| SUN LIFE FINL INC | COM | 866796105 |  | 11915887 | 412270 | SH |  | SOLE |  | 412270 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 |  | 21757361 | 611966 | SH |  | SOLE |  | 611966 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 548250 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TELEFONICA S A | SPONSORED ADR | 879382208 |  | 275616 | 3300 | SH |  | SOLE |  | 3300 | 0 | 0 |
| TELUS CORP | NON-VTG SHS | 87971M202 |  | 34159320 | 1091638 | SH |  | SOLE |  | 1091638 | 0 | 0 |
| TEVA PHARMACEUTICAL INDS LTD | ADR | 881624209 |  | 5035975 | 89640 | SH |  | SOLE |  | 89640 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 2119820 | 44450 | SH |  | SOLE |  | 44450 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903105 |  | 22496010 | 693500 | SH |  | SOLE |  | 693500 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 11887945 | 143800 | SH |  | SOLE |  | 143800 | 0 | 0 |
| TIM HORTONS INC | COM | 88706M103 |  | 8274628 | 269600 | SH |  | SOLE |  | 269600 | 0 | 0 |
| TIME WARNER INC | COM NEW | 887317303 |  | 2568195 | 88133 | SH |  | SOLE |  | 88133 | 0 | 0 |
| TIME WARNER CABLE INC | COM | 88732J207 |  | 653051 | 15778 | SH |  | SOLE |  | 15778 | 0 | 0 |
| TOMKINS PLC | SPONSORED ADR | 890030208 |  | 171113 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 64170017 | 1018198 | SH |  | SOLE |  | 1018198 | 0 | 0 |
| TOYOTA MOTOR CORP | SP ADR REP2COM | 892331307 |  | 395551 | 4700 | SH |  | SOLE |  | 4700 | 0 | 0 |
| TRANSGLOBE ENERGY CORP | COM | 893662106 |  | 4048563 | 1207187 | SH |  | SOLE |  | 1207187 | 0 | 0 |
| URS CORP NEW | COM | 903236107 |  | 93492 | 2100 | SH |  | SOLE |  | 2100 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1944943 | 60970 | SH |  | SOLE |  | 60970 | 0 | 0 |
| UNILEVER N V | N Y SHS NEW | 904784709 |  | 300669 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 3033151 | 52870 | SH |  | SOLE |  | 52870 | 0 | 0 |
| VALERO ENERGY CORP NEW | COM | 91913Y100 |  | 120600 | 7200 | SH |  | SOLE |  | 7200 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 864196 | 26085 | SH |  | SOLE |  | 26085 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONS ADR NEW | 92857W209 |  | 1300544 | 56325 | SH |  | SOLE |  | 56325 | 0 | 0 |
| WPP PLC | ADR | 92933H101 |  | 1683289 | 34600 | SH |  | SOLE |  | 34600 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 486395 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 8587740 | 254000 | SH |  | SOLE |  | 254000 | 0 | 0 |
| WATERS CORP | COM | 941848103 |  | 3172351 | 51200 | SH |  | SOLE |  | 51200 | 0 | 0 |
| WEBSTER FINL CORP CONN | COM | 947890109 |  | 701516 | 59100 | SH |  | SOLE |  | 59100 | 0 | 0 |
| WELLS FARGO  CO NEW | COM | 949746101 |  | 137648 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 2781450 | 63000 | SH |  | SOLE |  | 63000 | 0 | 0 |
| WESTERN UN CO | COM | 959802109 |  | 3662554 | 194300 | SH |  | SOLE |  | 194300 | 0 | 0 |
| WEYERHAEUSER CO | COM | 962166104 |  | 2260536 | 52400 | SH |  | SOLE |  | 52400 | 0 | 0 |
| WHOLE FOODS MKT INC | COM | 966837106 |  | 3999465 | 145700 | SH |  | SOLE |  | 145700 | 0 | 0 |
| WILLIAMS COS INC DEL | COM | 969457100 |  | 137019 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 873450 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| YAMANA GOLD INC | COM | 98462Y100 |  | 11 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| DEUTSCHE BANK AG | NAMEN AKT | D18190898 |  | 453303 | 6400 | SH |  | SOLE |  | 6400 | 0 | 0 |
| AMDOCS LTD | ORD | G02602103 |  | 2645586 | 92730 | SH |  | SOLE |  | 92730 | 0 | 0 |
| AXIS CAPITAL HOLDINGS | SHS | G0692U109 |  | 289781 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 5215720 | 125680 | SH |  | SOLE |  | 125680 | 0 | 0 |
| COVIDIEN PLC | SHS | G2554F105 |  | 4436529 | 92640 | SH |  | SOLE |  | 92640 | 0 | 0 |
| INGERSOLL-RAND PLC | SHS | G47791101 |  | 5310963 | 148600 | SH |  | SOLE |  | 148600 | 0 | 0 |
| MARVELL TECHNOLOGY GROUP LTD | ORD | G5876H105 |  | 1141250 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| NABORS INDUSTRIES LTD | SHS | G6359F103 |  | 210143 | 9600 | SH |  | SOLE |  | 9600 | 0 | 0 |
| ORIENT-EXPRESS HOTELS LTD | CL A | G67743107 |  | 722981 | 71300 | SH |  | SOLE |  | 71300 | 0 | 0 |
| WILLIS GROUP HOLDINGS LTD | SHS | G96655108 |  | 655279 | 24840 | SH |  | SOLE |  | 24840 | 0 | 0 |
| ALCON INC | COM SHS | H01301102 |  | 1150450 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| WEATHERFORD INTERNATIONAL LT | REG | H27013103 |  | 2754737 | 153810 | SH |  | SOLE |  | 153810 | 0 | 0 |
| NOBLE CORPORATION BAAR | NAMEN -AKT | H5833N103 |  | 488400 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 678960 | 8200 | SH |  | SOLE |  | 8200 | 0 | 0 |

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