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	198,719	2,095,760	SH		SOLE		2,095,760	0	0
AT&T INC	COM	00206R102	218,444	6,503,256	SH		SOLE		6,503,256	0	0
AXIALL CORP	COM	05463D100	50,802	1,196,175	SH		SOLE		1,196,175	0	0
BANK AMER CORP	COM	060505104	258,873	14,470,261	SH		SOLE		14,470,261	0	0
BANK MONTREAL QUE	COM	063671101	352,592	4,977,391	SH		SOLE		4,977,391	0	0
BANK N S HALIFAX	COM	064149107	168,450	2,947,046	SH		SOLE		2,947,046	0	0
BARRICK GOLD CORP	COM	067901108	653	60,500	SH		SOLE		60,500	0	0
BAXTER INTL INC	COM	071813109	150,002	2,046,695	SH		SOLE		2,046,695	0	0
BB&T CORP	COM	054937107	36,976	950,775	SH		SOLE		950,775	0	0
BCE INC	COM NEW	05534B760	313,560	6,827,348	SH		SOLE		6,827,348	0	0
BROOKFIELD PPTY PARTNERS L P	UNIT LTD PARTN	G16249107	158,399	6,947,406	SH		SOLE		6,947,406	0	0
CAE INC	COM	124765108	114,104	8,777,995	SH		SOLE		8,777,995	0	0
CAMECO CORP	COM	13321L108	80,372	4,894,489	SH		SOLE		4,894,489	0	0
CANADIAN NAT RES LTD	COM	136385101	429,904	13,884,506	SH		SOLE		13,884,506	0	0
CELESTICA INC	SUB VTG SHS	15101Q108	218,914	18,605,268	SH		SOLE		18,605,268	0	0
CENOVUS ENERGY INC	COM	15135U109	119,184	5,768,280	SH		SOLE		5,768,280	0	0
CHEVRON CORP NEW	COM	166764100	26,285	234,307	SH		SOLE		234,307	0	0
CHINA BIOLOGIC PRODS INC	COM	16938C106	6,515	96,900	SH		SOLE		96,900	0	0
CHINA MOBILE LIMITED	SPONSORED ADR	16941M109	26,551	451,400	SH		SOLE		451,400	0	0
CISCO SYS INC	COM	17275R102	220,208	7,916,863	SH		SOLE		7,916,863	0	0
CITIGROUP INC	COM NEW	172967424	250,593	4,631,183	SH		SOLE		4,631,183	0	0
COMCAST CORP NEW	CL A SPL	20030N200	160,376	2,785,990	SH		SOLE		2,785,990	0	0
COMCAST CORP NEW	CL A	20030N101	3,766	64,917	SH		SOLE		64,917	0	0
COMPANHIA DE SANEAMENTO BASI	SPONSORED ADR	20441A102	21,143	3,361,373	SH		SOLE		3,361,373	0	0
COMPANHIA PARANAENSE ENERG C	SPON ADR PFD	20441B407	45,050	3,420,658	SH		SOLE		3,420,658	0	0
CONCORD MED SVCS HLDGS LTD	SPONSORED ADR	206277105	641	100,000	SH		SOLE		100,000	0	0
CONOCOPHILLIPS	COM	20825C104	235,073	3,403,900	SH		SOLE		3,403,900	0	0
DEVON ENERGY CORP NEW	COM	25179M103	176,965	2,891,110	SH		SOLE		2,891,110	0	0
DU PONT E I DE NEMOURS & CO	COM	263534109	125,660	1,699,490	SH		SOLE		1,699,490	0	0
ENCANA CORP	COM	292505104	44,747	3,210,307	SH		SOLE		3,210,307	0	0
ERICSSON	ADR B SEK 10	294821608	71,822	5,935,696	SH		SOLE		5,935,696	0	0
EXAR CORP	COM	300645108	146	14,281	SH		SOLE		14,281	0	0
EXXON MOBIL CORP	COM	30231G102	230	2,490	SH		SOLE		2,490	0	0
FIRST SOLAR INC	COM	336433107	37,033	830,422	SH		SOLE		830,422	0	0
FREEPORT-MCMORAN INC	CL B	35671D857	83,635	3,580,275	SH		SOLE		3,580,275	0	0
FRESH DEL MONTE PRODUCE INC	ORD	G36738105	110,590	3,296,266	SH		SOLE		3,296,266	0	0
GENERAL ELECTRIC CO	COM	369604103	248,463	9,832,337	SH		SOLE		9,832,337	0	0
GERDAU S A	SPON ADR REP PFD	373737105	2,824	795,600	SH		SOLE		795,600	0	0
GILEAD SCIENCES INC	COM	375558103	147,281	1,562,500	SH		SOLE		1,562,500	0	0
GLAXOSMITHKLINE PLC	SPONSORED ADR	37733W105	46,777	1,094,463	SH		SOLE		1,094,463	0	0
GOODYEAR TIRE & RUBR CO	COM	382550101	148,161	5,185,882	SH		SOLE		5,185,882	0	0
HALYARD HEALTH INC	COM	40650V100	7,391	162,551	SH		SOLE		162,551	0	0
HESS CORP	COM	42809H107	115,012	1,558,000	SH		SOLE		1,558,000	0	0
HUDBAY MINERALS INC	COM	443628102	176,348	20,215,505	SH		SOLE		20,215,505	0	0
ICICI BK LTD	ADR	45104G104	18,792	1,627,000	SH		SOLE		1,627,000	0	0
INDIA FD INC	COM	454089103	5,857	226,945	SH		SOLE		226,945	0	0
INFOSYS LTD	SPONSORED ADR	456788108	16,359	520,000	SH		SOLE		520,000	0	0
ING GROEP N V	SPONSORED ADR	456837103	4,298	331,386	SH		SOLE		331,386	0	0
INTEL CORP	COM	458140100	150,802	4,155,459	SH		SOLE		4,155,459	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	176,347	1,099,144	SH		SOLE		1,099,144	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	19,988	425,000	SH		SOLE		425,000	0	0
ISHARES TR	MSCI UTD KNGDM	46434V548	382	21,200	SH		SOLE		21,200	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	15,987	406,900	SH		SOLE		406,900	0	0
ISHARES TR	MSCI EAFE ETF	464287465	2,928	48,125	SH		SOLE		48,125	0	0
JOHNSON CTLS INC	COM	478366107	80,130	1,657,625	SH		SOLE		1,657,625	0	0
JOHNSON & JOHNSON	COM	478160104	176,246	1,685,439	SH		SOLE		1,685,439	0	0
KIMBERLY CLARK CORP	COM	494368103	157,171	1,360,316	SH		SOLE		1,360,316	0	0
LIFEPOINT HOSPITALS INC	COM	53219L109	73,369	1,020,295	SH		SOLE		1,020,295	0	0
LOEWS CORP	COM	540424108	121,971	2,902,685	SH		SOLE		2,902,685	0	0
MAGNA INTL INC	COM	559222401	213,815	1,970,347	SH		SOLE		1,970,347	0	0
MANULIFE FINL CORP	COM	56501R106	360,897	18,876,300	SH		SOLE		18,876,300	0	0
MARATHON OIL CORP	COM	565849106	79,681	2,816,581	SH		SOLE		2,816,581	0	0
MEDTRONIC INC	COM	585055106	51,961	719,680	SH		SOLE		719,680	0	0
METLIFE INC	COM	59156R108	544	10,049	SH		SOLE		10,049	0	0
MINDRAY MEDICAL INTL LTD	SPON ADR	602675100	6,125	232,000	SH		SOLE		232,000	0	0
MOBILE TELESYSTEMS OJSC	SPONSORED ADR	607409109	5,809	809,100	SH		SOLE		809,100	0	0
MORGAN STANLEY INDIA INVS FD	COM	61745C105	14,385	535,150	SH		SOLE		535,150	0	0
PENGROWTH ENERGY CORP	COM	70706P104	36,615	11,605,850	SH		SOLE		11,605,850	0	0
PEPSICO INC	COM	713448108	124,850	1,320,324	SH		SOLE		1,320,324	0	0
PFIZER INC	COM	717081103	208,198	6,683,735	SH		SOLE		6,683,735	0	0
PHOTRONICS INC	COM	719405102	11,613	1,397,445	SH		SOLE		1,397,445	0	0
PRECISION DRILLING CORP	COM 2010	74022D308	20,959	3,443,975	SH		SOLE		3,443,975	0	0
PROCTER & GAMBLE CO	COM	742718109	104,800	1,150,505	SH		SOLE		1,150,505	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	240,440	6,175,221	SH		SOLE		6,175,221	0	0
ROYAL BK CDA MONTREAL QUE	COM	780087102	246,468	3,563,407	SH		SOLE		3,563,407	0	0
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	241,587	3,608,475	SH		SOLE		3,608,475	0	0
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	917	13,187	SH		SOLE		13,187	0	0
SEMICONDUCTOR MFG INTL CORP	SPONSORED ADR	81663N206	19,299	4,269,616	SH		SOLE		4,269,616	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	2,412	11,735	SH		SOLE		11,735	0	0
STATE STR CORP	COM	857477103	145,726	1,856,384	SH		SOLE		1,856,384	0	0
STATOIL ASA	SPONSORED ADR	85771P102	7,313	415,279	SH		SOLE		415,279	0	0
SUNCOR ENERGY INC NEW	COM	867224107	441,705	13,886,777	SH		SOLE		13,886,777	0	0
SUN LIFE FINL INC	COM	866796105	355,867	9,848,330	SH		SOLE		9,848,330	0	0
TALISMAN ENERGY INC	COM	87425E103	219,136	27,936,199	SH		SOLE		27,936,199	0	0
TECK RESOURCES LTD	CL B	878742204	177,052	12,934,368	SH		SOLE		12,934,368	0	0
TELEFLEX INC	COM	879369106	276	2,404	SH		SOLE		2,404	0	0
TELEFONICA S A	SPONSORED ADR	879382208	427	30,015	SH		SOLE		30,015	0	0
TELUS CORP	COM	87971M103	340,722	9,435,939	SH		SOLE		9,435,939	0	0
THOMPSON CREEK METALS CO INC	COM	884768102	29,998	18,031,424	SH		SOLE		18,031,424	0	0
THOMSON REUTERS CORP	COM	884903105	292,098	7,229,854	SH		SOLE		7,229,854	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	283,719	5,929,417	SH		SOLE		5,929,417	0	0
TOTAL S A	SPONSORED ADR	89151E109	470	9,189	SH		SOLE		9,189	0	0
UNITED PARCEL SERVICE INC	CL B	911312106	137,629	1,238,003	SH		SOLE		1,238,003	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	29,135	728,000	SH		SOLE		728,000	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	244,881	5,234,744	SH		SOLE		5,234,744	0	0
VODAFONE GROUP PLC NEW	SPNSR ADR NO PAR	92857W308	107,668	3,150,963	SH		SOLE		3,150,963	0	0
WAL-MART STORES INC	COM	931142103	193,137	2,248,914	SH		SOLE		2,248,914	0	0
WUXI PHARMATECH CAYMAN INC	SPONS ADR SHS	929352102	8,418	250,000	SH		SOLE		250,000	0	0