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	186,401	2,098,410	SH		SOLE		2,098,410	0	0
ASTRAZENECA PLC	SPONSORED ADR	046353108	37,013	518,105	SH		SOLE		518,105	0	0
AT&T INC	COM	00206R102	226,200	6,418,856	SH		SOLE		6,418,856	0	0
AXIALL CORP	COM	05463D100	42,936	1,199,000	SH		SOLE		1,199,000	0	0
BANK AMER CORP	COM	060505104	248,307	14,563,486	SH		SOLE		14,563,486	0	0
BANK MONTREAL QUE	COM	063671101	372,701	5,067,618	SH		SOLE		5,067,618	0	0
BANK N S HALIFAX	COM	064149107	176,874	2,861,844	SH		SOLE		2,861,844	0	0
BARRICK GOLD CORP	COM	067901108	889	60,500	SH		SOLE		60,500	0	0
BAXTER INTL INC	COM	071813109	147,914	2,060,945	SH		SOLE		2,060,945	0	0
BB&T CORP	COM	054937107	34,122	917,000	SH		SOLE		917,000	0	0
BCE INC	COM NEW	05534B760	294,055	6,881,954	SH		SOLE		6,881,954	0	0
BROOKFIELD PPTY PARTNERS L P	UNIT LTD PARTN	G16249107	147,150	7,003,206	SH		SOLE		7,003,206	0	0
CAE INC	COM	124765108	107,303	8,856,045	SH		SOLE		8,856,045	0	0
CAMECO CORP	COM	13321L108	86,931	4,930,764	SH		SOLE		4,930,764	0	0
CANADIAN NAT RES LTD	COM	136385101	541,191	13,940,856	SH		SOLE		13,940,856	0	0
CANADIAN PAC RY LTD	COM	13645T100	4,235	20,420	SH		SOLE		20,420	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	189,523	18,715,193	SH		SOLE		18,715,193	0	0
CENOVUS ENERGY INC	COM	15135U109	149,319	5,554,505	SH		SOLE		5,554,505	0	0
CHEVRON CORP NEW	COM	166764100	28,080	235,332	SH		SOLE		235,332	0	0
CHINA BIOLOGIC PRODS INC	COM	16938C106	5,229	96,900	SH		SOLE		96,900	0	0
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	26,540	451,750	SH		SOLE		451,750	0	0
CISCO SYS INC	COM	17275R102	203,258	8,075,413	SH		SOLE		8,075,413	0	0
CITIGROUP INC	COM NEW	172967424	241,121	4,653,048	SH		SOLE		4,653,048	0	0
COMCAST CORP NEW	CL A SPL	20030N200	152,720	2,854,582	SH		SOLE		2,854,582	0	0
COMCAST CORP NEW	CL A	20030N101	3,499	65,067	SH		SOLE		65,067	0	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	27,367	3,374,523	SH		SOLE		3,374,523	0	0
COMPANHIA PARANAENSE ENERG C	SPON ADR PFD	20441B407	46,969	3,435,933	SH		SOLE		3,435,933	0	0
CONCORD MED SVCS HLDGS LTD	SPONSORED ADR	206277105	720	100,000	SH		SOLE		100,000	0	0
CONOCOPHILLIPS	COM	20825C104	260,879	3,409,295	SH		SOLE		3,409,295	0	0
DEVON ENERGY CORP NEW	COM	25179M103	197,932	2,903,085	SH		SOLE		2,903,085	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	123,292	1,718,115	SH		SOLE		1,718,115	0	0
ENCANA CORP	COM	292505104	68,323	3,220,182	SH		SOLE		3,220,182	0	0
ERICSSON	ADR B SEK 10	294821608	77,053	6,120,196	SH		SOLE		6,120,196	0	0
EXAR CORP	COM	300645108	128	14,281	SH		SOLE		14,281	0	0
EXXON MOBIL CORP	COM	30231G102	234	2,490	SH		SOLE		2,490	0	0
FIRST SOLAR INC	COM	336433107	55,283	840,047	SH		SOLE		840,047	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	117,101	3,586,560	SH		SOLE		3,586,560	0	0
FRESH DEL MONTE PRODUCE INC	ORD	G36738105	105,665	3,312,391	SH		SOLE		3,312,391	0	0
GENERAL ELECTRIC CO	COM	369604103	253,106	9,879,237	SH		SOLE		9,879,237	0	0
GERDAU S A	SPON ADR REP PFD	373737105	3,819	795,600	SH		SOLE		795,600	0	0
GILEAD SCIENCES INC	COM	375558103	102,719	964,950	SH		SOLE		964,950	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	903	19,650	SH		SOLE		19,650	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	117,864	5,218,690	SH		SOLE		5,218,690	0	0
HESS CORP	COM	42809H107	147,739	1,566,355	SH		SOLE		1,566,355	0	0
HUDBAY MINERALS INC	COM	443628102	169,756	19,881,090	SH		SOLE		19,881,090	0	0
ICICI BK LTD	ADR	45104G104	15,977	325,400	SH		SOLE		325,400	0	0
INDIA FD INC	COM	454089103	6,159	226,945	SH		SOLE		226,945	0	0
INFOSYS LTD	SPONSORED ADR	456788108	15,727	260,000	SH		SOLE		260,000	0	0
ING GROEP N V	SPONSORED ADR	456837103	4,842	341,261	SH		SOLE		341,261	0	0
INTEL CORP	COM	458140100	146,597	4,210,134	SH		SOLE		4,210,134	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	206,555	1,088,105	SH		SOLE		1,088,105	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	21,267	425,000	SH		SOLE		425,000	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	16,911	406,900	SH		SOLE		406,900	0	0
ISHARES TR	MSCI EAFE ETF	464287465	3,410	53,175	SH		SOLE		53,175	0	0
JOHNSON CTLS INC	COM	478366107	73,541	1,671,375	SH		SOLE		1,671,375	0	0
JOHNSON & JOHNSON	COM	478160104	181,953	1,707,039	SH		SOLE		1,707,039	0	0
KIMBERLY CLARK CORP	COM	494368103	149,906	1,393,566	SH		SOLE		1,393,566	0	0
LIFEPOINT HOSPITALS INC	COM	53219L109	73,859	1,067,480	SH		SOLE		1,067,480	0	0
LOEWS CORP	COM	540424108	120,410	2,890,300	SH		SOLE		2,890,300	0	0
MAGNA INTL INC	COM	559222401	185,463	1,955,475	SH		SOLE		1,955,475	0	0
MANULIFE FINL CORP	COM	56501R106	367,203	19,106,825	SH		SOLE		19,106,825	0	0
MARATHON OIL CORP	COM	565849106	106,157	2,824,081	SH		SOLE		2,824,081	0	0
MEDTRONIC INC	COM	585055106	44,818	723,455	SH		SOLE		723,455	0	0
METLIFE INC	COM	59156R108	540	10,049	SH		SOLE		10,049	0	0
MINDRAY MEDICAL INTL LTD	SPON ADR	602675100	6,997	232,000	SH		SOLE		232,000	0	0
MOBILE TELESYSTEMS OJSC	SPONSORED ADR	607409109	12,091	809,300	SH		SOLE		809,300	0	0
MORGAN STANLEY INDIA INVS FD	COM	61745C105	13,315	535,150	SH		SOLE		535,150	0	0
PENGROWTH ENERGY CORP	COM	70706P104	60,679	11,585,950	SH		SOLE		11,585,950	0	0
PEPSICO INC	COM	713448108	126,367	1,357,474	SH		SOLE		1,357,474	0	0
PFIZER INC	COM	717081103	200,127	6,767,923	SH		SOLE		6,767,923	0	0
PHOTRONICS INC	COM	719405102	11,698	1,453,180	SH		SOLE		1,453,180	0	0
PRECISION DRILLING CORP	COM 2010	74022D308	37,150	3,443,975	SH		SOLE		3,443,975	0	0
PROCTER & GAMBLE CO	COM	742718109	99,021	1,182,480	SH		SOLE		1,182,480	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	232,159	6,207,146	SH		SOLE		6,207,146	0	0
ROYAL BK CDA MONTREAL QUE	COM	780087102	257,956	3,611,701	SH		SOLE		3,611,701	0	0
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	1,055	13,337	SH		SOLE		13,337	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	275,566	3,619,675	SH		SOLE		3,619,675	0	0
SEMICONDUCTOR MFG INTL CORP	SPONSORED ADR	81663N206	23,557	4,628,016	SH		SOLE		4,628,016	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,258	11,460	SH		SOLE		11,460	0	0
STATE STR CORP	COM	857477103	138,554	1,882,274	SH		SOLE		1,882,274	0	0
STATOIL ASA	SPONSORED ADR	85771P102	11,319	416,738	SH		SOLE		416,738	0	0
SUNCOR ENERGY INC NEW	COM	867224107	504,536	13,952,219	SH		SOLE		13,952,219	0	0
SUN LIFE FINL INC	COM	866796105	363,537	10,035,756	SH		SOLE		10,035,756	0	0
TALISMAN ENERGY INC	COM	87425E103	258,532	29,903,324	SH		SOLE		29,903,324	0	0
TECK RESOURCES LTD	CL B	878742204	218,033	11,521,528	SH		SOLE		11,521,528	0	0
TELEFLEX INC	COM	879369106	253	2,404	SH		SOLE		2,404	0	0
TELEFONICA S A	SPONSORED ADR	879382208	461	30,015	SH		SOLE		30,015	0	0
TELUS CORP	COM	87971M103	323,461	9,480,534	SH		SOLE		9,480,534	0	0
THOMPSON CREEK METALS CO INC	COM	884768102	39,405	17,880,499	SH		SOLE		17,880,499	0	0
THOMSON REUTERS CORP	COM	884903105	271,000	7,444,519	SH		SOLE		7,444,519	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	296,551	6,013,647	SH		SOLE		6,013,647	0	0
TOTAL S A	SPONSORED ADR	89151E109	592	9,189	SH		SOLE		9,189	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	122,882	1,250,203	SH		SOLE		1,250,203	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	30,365	728,000	SH		SOLE		728,000	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	256,873	5,138,487	SH		SOLE		5,138,487	0	0
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857W308	104,387	3,173,810	SH		SOLE		3,173,810	0	0
WAL-MART STORES INC	COM	931142103	173,773	2,272,439	SH		SOLE		2,272,439	0	0
WUXI PHARMATECH CAYMAN INC	SPONS ADR SHS	929352102	8,755	250,000	SH		SOLE		250,000	0	0