Letko, Brosseau & Associates 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AGRIUM INC	COM	008916108	194,114	2,120,065	SH		SOLE		2,120,065	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	44,235	595,276	SH		SOLE		595,276	0	0
AT&T INC	COM	00206R102	227,131	6,423,381	SH		SOLE		6,423,381	0	0
AXIALL CORP	COM	05463D100	32,742	692,665	SH		SOLE		692,665	0	0
BANK MONTREAL QUE	COM	063671101	382,825	5,201,118	SH		SOLE		5,201,118	0	0
BANK N S HALIFAX	COM	064149107	191,028	2,866,764	SH		SOLE		2,866,764	0	0
BANK OF AMERICA CORPORATION	COM	060505104	225,089	14,644,711	SH		SOLE		14,644,711	0	0
BARRICK GOLD CORP	COM	067901108	1,147	62,650	SH		SOLE		62,650	0	0
BAXTER INTL INC	COM	071813109	149,937	2,073,820	SH		SOLE		2,073,820	0	0
BCE INC	COM NEW	05534B760	391,015	8,624,955	SH		SOLE		8,624,955	0	0
BROOKFIELD PPTY PARTNERS L P	UNIT LTD PARTN	G16249107	145,598	6,973,531	SH		SOLE		6,973,531	0	0
CAE INC	COM	124765108	118,983	9,099,287	SH		SOLE		9,099,287	0	0
CAMECO CORP	COM	13321L108	97,825	4,989,894	SH		SOLE		4,989,894	0	0
CANADIAN NAT RES LTD	COM	136385101	658,792	14,344,812	SH		SOLE		14,344,812	0	0
CANADIAN PAC RY LTD	COM	13645T100	34,124	188,455	SH		SOLE		188,455	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	234,714	18,672,143	SH		SOLE		18,672,143	0	0
CENOVUS ENERGY INC	COM	15135U109	176,997	5,462,900	SH		SOLE		5,462,900	0	0
CHEVRON CORP NEW	COM	166764100	33,270	254,847	SH		SOLE		254,847	0	0
CHINA BIOLOGIC PRODS INC	COM	16938C106	4,309	96,900	SH		SOLE		96,900	0	0
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	22,003	452,650	SH		SOLE		452,650	0	0
CISCO SYS INC	COM	17275R102	203,396	8,184,963	SH		SOLE		8,184,963	0	0
CITIGROUP INC	COM NEW	172967424	220,040	4,671,753	SH		SOLE		4,671,753	0	0
COMCAST CORP NEW	CL A	20030N101	3,459	64,437	SH		SOLE		64,437	0	0
COMCAST CORP NEW	CL A SPL	20030N200	158,932	2,980,157	SH		SOLE		2,980,157	0	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	37,073	3,458,348	SH		SOLE		3,458,348	0	0
COMPANHIA PARANAENSE ENERG C	SPON ADR PFD	20441B407	52,996	3,461,508	SH		SOLE		3,461,508	0	0
CONCORD MED SVCS HLDGS LTD	SPONSORED ADR	206277105	803	100,000	SH		SOLE		100,000	0	0
CONOCOPHILLIPS	COM	20825C104	300,386	3,503,860	SH		SOLE		3,503,860	0	0
DEVON ENERGY CORP NEW	COM	25179M103	234,132	2,948,760	SH		SOLE		2,948,760	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	114,290	1,746,490	SH		SOLE		1,746,490	0	0
ENCANA CORP	COM	292505104	77,072	3,254,821	SH		SOLE		3,254,821	0	0
ERICSSON	ADR B SEK 10	294821608	75,669	6,264,021	SH		SOLE		6,264,021	0	0
EXAR CORP	COM	300645108	161	14,281	SH		SOLE		14,281	0	0
EXXON MOBIL CORP	COM	30231G102	210	2,090	SH		SOLE		2,090	0	0
FIRST SOLAR INC	COM	336433107	60,428	850,377	SH		SOLE		850,377	0	0
FREEPORT-MCMORAN COPPER & GO	COM	35671D857	111,452	3,053,475	SH		SOLE		3,053,475	0	0
FRESH DEL MONTE PRODUCE INC	ORD	G36738105	102,344	3,339,116	SH		SOLE		3,339,116	0	0
GENERAL ELECTRIC CO	COM	369604103	259,976	9,892,532	SH		SOLE		9,892,532	0	0
GERDAU S A	SPON ADR REP PFD	373737105	4,686	795,600	SH		SOLE		795,600	0	0
GILEAD SCIENCES INC	COM	375558103	80,663	972,900	SH		SOLE		972,900	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	1,051	19,650	SH		SOLE		19,650	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	147,510	5,309,940	SH		SOLE		5,309,940	0	0
HESS CORP	COM	42809H107	207,545	2,098,750	SH		SOLE		2,098,750	0	0
HUDBAY MINERALS INC	COM	443628102	183,439	19,841,865	SH		SOLE		19,841,865	0	0
ICICI BK LTD	ADR	45104G104	16,237	325,400	SH		SOLE		325,400	0	0
INDIA FD INC	COM	454089103	5,760	226,945	SH		SOLE		226,945	0	0
INFOSYS LTD	SPONSORED ADR	456788108	13,980	260,000	SH		SOLE		260,000	0	0
ING GROEP N V	SPONSORED ADR	456837103	4,803	342,565	SH		SOLE		342,565	0	0
INTEL CORP	COM	458140100	132,977	4,303,459	SH		SOLE		4,303,459	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	195,074	1,076,150	SH		SOLE		1,076,150	0	0
ISHARES	MSCI EAFE ETF	464287465	1,318	19,275	SH		SOLE		19,275	0	0
ISHARES	MSCI EMG MKT ETF	464287234	17,538	405,700	SH		SOLE		405,700	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	21,973	425,000	SH		SOLE		425,000	0	0
JOHNSON & JOHNSON	COM	478160104	181,283	1,732,773	SH		SOLE		1,732,773	0	0
JOHNSON CTLS INC	COM	478366107	84,796	1,698,300	SH		SOLE		1,698,300	0	0
KIMBERLY CLARK CORP	COM	494368103	157,887	1,419,591	SH		SOLE		1,419,591	0	0
LIFEPOINT HOSPITALS INC	COM	53219L109	107,110	1,724,805	SH		SOLE		1,724,805	0	0
MAGNA INTL INC	COM	559222401	219,767	2,042,692	SH		SOLE		2,042,692	0	0
MANULIFE FINL CORP	COM	56501R106	384,499	19,353,646	SH		SOLE		19,353,646	0	0
MARATHON OIL CORP	COM	565849106	113,929	2,853,931	SH		SOLE		2,853,931	0	0
MEDTRONIC INC	COM	585055106	46,230	725,055	SH		SOLE		725,055	0	0
METLIFE INC	COM	59156R108	558	10,049	SH		SOLE		10,049	0	0
MINDRAY MEDICAL INTL LTD	SPON ADR	602675100	2,111	67,000	SH		SOLE		67,000	0	0
MOBILE TELESYSTEMS OJSC	SPONSORED ADR	607409109	15,983	809,700	SH		SOLE		809,700	0	0
MORGAN STANLEY INDIA INVS FD	COM	61745C105	12,394	535,150	SH		SOLE		535,150	0	0
OPEN TEXT CORP	COM	683715106	269	5,600	SH		SOLE		5,600	0	0
PENGROWTH ENERGY CORP	COM	70706P104	78,953	11,018,300	SH		SOLE		11,018,300	0	0
PEPSICO INC	COM	713448108	124,913	1,398,174	SH		SOLE		1,398,174	0	0
PFIZER INC	COM	717081103	203,087	6,842,568	SH		SOLE		6,842,568	0	0
PHOTRONICS INC	COM	719405102	16,349	1,901,080	SH		SOLE		1,901,080	0	0
POTASH CORP SASK INC	COM	73755L107	430	11,300	SH		SOLE		11,300	0	0
PRECISION DRILLING CORP	COM 2010	74022D308	49,180	3,474,800	SH		SOLE		3,474,800	0	0
PROCTER & GAMBLE CO	COM	742718109	94,930	1,207,920	SH		SOLE		1,207,920	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	252,308	6,273,031	SH		SOLE		6,273,031	0	0
ROYAL BK CDA MONTREAL QUE	COM	780087102	262,073	3,667,925	SH		SOLE		3,667,925	0	0
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	1,160	13,337	SH		SOLE		13,337	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	304,436	3,695,955	SH		SOLE		3,695,955	0	0
SEMICONDUCTOR MFG INTL CORP	SPONSORED ADR	81663N206	20,451	4,846,191	SH		SOLE		4,846,191	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	1,326	6,775	SH		SOLE		6,775	0	0
STATE STR CORP	COM	857477103	128,699	1,913,449	SH		SOLE		1,913,449	0	0
STATOIL ASA	SPONSORED ADR	85771P102	14,275	463,012	SH		SOLE		463,012	0	0
SUN LIFE FINL INC	COM	866796105	376,010	10,235,306	SH		SOLE		10,235,306	0	0
SUNCOR ENERGY INC NEW	COM	867224107	611,017	14,336,731	SH		SOLE		14,336,731	0	0
TALISMAN ENERGY INC	COM	87425E103	308,131	29,163,204	SH		SOLE		29,163,204	0	0
TECK RESOURCES LTD	CL B	878742204	244,831	10,729,948	SH		SOLE		10,729,948	0	0
TELEFLEX INC	COM	879369106	254	2,404	SH		SOLE		2,404	0	0
TELEFONICA S A	SPONSORED ADR	879382208	515	30,015	SH		SOLE		30,015	0	0
TELUS CORP	COM	87971M103	422,830	11,350,594	SH		SOLE		11,350,594	0	0
THOMPSON CREEK METALS CO INC	COM	884768102	44,612	15,072,174	SH		SOLE		15,072,174	0	0
THOMSON REUTERS CORP	COM	884903105	275,686	7,575,879	SH		SOLE		7,575,879	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	313,403	6,091,197	SH		SOLE		6,091,197	0	0
TOTAL S A	SPONSORED ADR	89151E109	663	9,189	SH		SOLE		9,189	0	0
TRANSALTA CORP	COM	89346D107	214	17,450	SH		SOLE		17,450	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	129,696	1,263,353	SH		SOLE		1,263,353	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	31,399	728,000	SH		SOLE		728,000	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	251,712	5,144,323	SH		SOLE		5,144,323	0	0
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857W308	106,894	3,201,384	SH		SOLE		3,201,384	0	0
WAL-MART STORES INC	COM	931142103	171,937	2,290,354	SH		SOLE		2,290,354	0	0
WUXI PHARMATECH CAYMAN INC	SPONS ADR SHS	929352102	8,215	250,000	SH		SOLE		250,000	0	0