UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F AMENDMENT
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2005
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: Natcan Investment Management Inc
Address: 1100 University, Suite 400
Montreal, Quebec H4E 2Y7
13F File Number: 28-
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: Michel Lajoie
Title: Manager, Compliance
Phone: 514-871-7266
Signature, Place, and Date of Signing:
Michel Lajoie Montreal, Canada January 10, 2006
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form13F Information Table Entry Total: 352
Form13F Information Table Value Total: $9,807,576 (thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.
NONE
<TABLE> <C> <C>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
1 800 FLOWERS COM CL A 68243Q106 599 80000 SH SOLE 599 0 0
3M CO COM 88579Y101 840 9300 SH SOLE 840 0 0
ABBOTT LABS COM 002824100 11746 255500 SH SOLE 11746 0 0
ABER DIAMOND CORP COM 002893105 38346 892400 SH SOLE 38346 0 0
ABGENIX INC COM 00339B107 1278 51000 SH SOLE 1278 0 0
ABITIBI-CONSOLIDATED INC COM 003924107 74268 15937423.13 SH SOLE 74268 0 0
ACCENTURE LTD BERMUDA CL A G1150G111 2420 71900 SH SOLE 2420 0 0
ACE CASH EXPRESS INC COM 004403101 5717 210000 SH SOLE 5717 0 0
ACXIOM CORP COM 005125109 1099 40986 SH SOLE 1099 0 0
AEROFLEX INC COM 007768104 1253 100000 SH SOLE 1253 0 0
AETERNA ZENTARIS INC COM 007975204 10446 1770500 SH SOLE 10446 0 0
AGNICO EAGLE MINES LTD COM 008474108 3580 155500 SH SOLE 3580 0 0
AGRIUM INC COM 008916108 85224 3326473 SH SOLE 85224 0 0
ALCAN INC COM 013716105 311295 6517910 SH SOLE 311295 0 0
ALCATEL SPONSORED ADR 013904305 1080 74700 SH SOLE 1080 0 0
ALCOA INC COM 013817101 5871 170300 SH SOLE 5871 0 0
ALCON INC COM SHS H01301102 37077 245379 SH SOLE 37077 0 0
ALLERGAN INC COM 018490102 4648 36930 SH SOLE 4648 0 0
ALLSTATE CORP COM 020002101 3020 47900 SH SOLE 3020 0 0
ALTRIA GROUP INC COM 02209S103 37908 435145 SH SOLE 37908 0 0
AMDOCS LTD ORD G02602103 1382 43100 SH SOLE 1382 0 0
AMERICA MOVIL S A DE C V SPON ADR L SHS 02364W105 1811 53100 SH SOLE 1811 0 0
AMERICAN EXPRESS CO COM 025816109 17824 297088 SH SOLE 17824 0 0
AMERICAN INTL GROUP INC COM 026874107 29290 368200 SH SOLE 29290 0 0
AMERICAN ITALIAN PASTA CO CL A 027070101 951 120000 SH SOLE 951 0 0
AMERIPRISE FINL INC COM 03076C106 13694 286477 SH SOLE 13694 0 0
AMGEN INC COM 031162100 19014 206800 SH SOLE 19014 0 0
AMYLIN PHARMACEUTICALS INC COM 032346108 1122 24100 SH SOLE 1122 0 0
ANADARKO PETE CORP COM 032511107 5558 50315 SH SOLE 5558 0 0
ANALOG DEVICES INC COM 032654105 259 6200 SH SOLE 259 0 0
ANGIOTECH PHARMACEUTICALS IN COM 034918102 83685 5455350 SH SOLE 83685 0 0
ANGIOTECH PHARMACEUTICALS IN COM 034918102 27890 1819100 SH SOLE 27890 0 0
ANORMED INC COM 035910108 9672 2027640 SH SOLE 9672 0 0
APACHE CORP COM 037411105 27066 338800 SH SOLE 27066 0 0
APPLE COMPUTER INC COM 037833100 6672 79600 SH SOLE 6672 0 0
APPLERA CORP COM CE GEN GRP 038020202 3312 259200 SH SOLE 3312 0 0
APPLIED MATLS INC COM 038222105 2138 102200 SH SOLE 2138 0 0
ARCH CAP GROUP LTD ORD G0450A105 1277 20000 SH SOLE 1277 0 0
ASML HLDG NV N Y SHS N07059111 3090 132000 SH SOLE 3090 0 0
AT ROAD INC COM 04648K105 1524 250000 SH SOLE 1524 0 0
AT&T INC COM 00206R102 339 11879 SH SOLE 339 0 0
ATI TECHNOLOGIES INC COM 001941103 15828 799384 SH SOLE 15828 0 0
AURIZON MINES LTD COM 05155P106 800 460000 SH SOLE 800 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 401 7500 SH SOLE 401 0 0
AVALON PHARMACEUTICALS INC COM 05346P106 328 62500 SH SOLE 328 0 0
AVON PRODS INC COM 054303102 569 17100 SH SOLE 569 0 0
AXCAN PHARMA INC COM 054923107 2595 147253 SH SOLE 2595 0 0
BAKER HUGHES INC COM 057224107 482 6800 SH SOLE 482 0 0
BALLARD PWR SYS INC COM 05858H104 233 47900 SH SOLE 233 0 0
BANCO ITAU HLDG FINANCIERA S SP ADR 500 PFD 059602201 2630 93900 SH SOLE 2630 0 0
BANK MONTREAL QUE COM 063671101 363141 5586785 SH SOLE 363141 0 0
BANK NOVA SCOTIA HALIFAX COM 064149107 534121 11576094 SH SOLE 534121 0 0
BANK OF AMERICA CORPORATION COM 060505104 23519 437110 SH SOLE 23519 0 0
BARRICK GOLD CORP COM 067901108 177233 5468454 SH SOLE 177233 0 0
BCE INC COM 05534B109 422547 15161370 SH SOLE 422547 0 0
BEA SYS INC COM 073325102 430 39264 SH SOLE 430 0 0
BECTON DICKINSON & CO COM 075887109 644 9200 SH SOLE 644 0 0
BEMA GOLD CORP COM 08135F107 3853 1143200 SH SOLE 3853 0 0
BHP BILLITON LTD SPONSORED ADR 088606108 507 13000 SH SOLE 507 0 0
BIOGEN IDEC INC COM 09062X103 673 12750 SH SOLE 673 0 0
BIOVAIL CORP COM 09067J109 77420 2812200 SH SOLE 77420 0 0
BJS WHOLESALE CLUB INC COM 05548J106 1844 53500 SH SOLE 1844 0 0
BOSTON SCIENTIFIC CORP COM 101137107 725 25400 SH SOLE 725 0 0
BRIGGS & STRATTON CORP COM 109043109 2035 45000 SH SOLE 2035 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 30440 519370 SH SOLE 30440 0 0
BUNGE LIMITED COM G16962105 16862 255475 SH SOLE 16862 0 0
BURLINGTON NORTHN SANTA FE C COM 12189T104 13195 159810 SH SOLE 13195 0 0
BURLINGTON RES INC COM 122014103 694 6910 SH SOLE 694 0 0
CABELAS INC COM 126804301 1161 60000 SH SOLE 1161 0 0
CAE INC COM 124765108 10897 1279021 SH SOLE 10897 0 0
CAL DIVE INTL INC COM 127914109 1255 30000 SH SOLE 1255 0 0
CAMBIOR INC COM 13201L103 3416 1050936 SH SOLE 3416 0 0
CAMECO CORP COM 13321L108 32490 440300 SH SOLE 32490 0 0
CANADIAN NAT RES LTD COM 136385101 265094 4599930 SH SOLE 265094 0 0
CANADIAN NATL RY CO COM 136375102 398559 4279141 SH SOLE 398559 0 0
CANADIAN PAC RY LTD COM 13645T100 85940 1764322 SH SOLE 85940 0 0
CANON INC ADR 138006309 302 4400 SH SOLE 302 0 0
CAPITAL ONE FINL CORP COM 14040H105 16899 167760 SH SOLE 16899 0 0
CARDIOME PHARMA CORP COM NEW 14159U202 164 14000 SH SOLE 164 0 0
CAREMARK RX INC COM 141705103 1208 20000 SH SOLE 1208 0 0
CARNIVAL CORP PAIRED CTF 143658300 21135 339017 SH SOLE 21135 0 0
CATERPILLAR INC DEL COM 149123101 626 9300 SH SOLE 626 0 0
CDN IMPERIAL BK OF COMMERCE COM 136069101 430207 5630248 SH SOLE 430207 0 0
CELESTICA INC SUB VTG SHS 15101Q108 5206 421912 SH SOLE 5206 0 0
CEMEX S A SPON ADR 5 ORD 151290889 1646 23800 SH SOLE 1646 0 0
CERNER CORP COM 156782104 2014 19000 SH SOLE 2014 0 0
CHARLES RIV LABS INTL INC COM 159864107 4490 90900 SH SOLE 4490 0 0
CHC HELICOPTER CORP CL A SUB VTG 12541C203 1278 46800 SH SOLE 1278 0 0
CISCO SYS INC COM 17275R102 6759 338627 SH SOLE 6759 0 0
CITIGROUP INC COM 172967101 26735 472512 SH SOLE 26735 0 0
CITY NATL CORP COM 178566105 887 10500 SH SOLE 887 0 0
COCA COLA CO COM 191216100 343 7300 SH SOLE 343 0 0
COGNOS INC COM 19244C109 4513 111300 SH SOLE 4513 0 0
COLGATE PALMOLIVE CO COM 194162103 12947 202456 SH SOLE 12947 0 0
COMCAST CORP NEW CL A 20030N101 441 14602 SH SOLE 441 0 0
COMPANHIA SIDERURGICA NACION SPONSORED ADR 20440W105 828 33200 SH SOLE 828 0 0
COMPANIA ANONIMA NACIONL TEL SPON ADR D 204421101 267 16000 SH SOLE 267 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1782 54000 SH SOLE 1782 0 0
COMPTON PETE CORP COM 204940100 9668 565400 SH SOLE 9668 0 0
COMPUTER SCIENCES CORP COM 205363104 360 6100 SH SOLE 360 0 0
COMVERSE TECHNOLOGY INC COM PAR $0.10 205862402 8324 268520 SH SOLE 8324 0 0
CORNING INC COM 219350105 2200 96000 SH SOLE 2200 0 0
CORUS ENTERTAINMENT INC COM CL B NON VTG 220874101 63093 2022200 SH SOLE 63093 0 0
COSTCO WHSL CORP NEW COM 22160K105 17753 307798 SH SOLE 17753 0 0
COTT CORP QUE COM 22163N106 3832 222381 SH SOLE 3832 0 0
CREE INC COM 225447101 862 29300 SH SOLE 862 0 0
CURTISS WRIGHT CORP COM 231561101 7995 125600 SH SOLE 7995 0 0
CVS CORP COM 126650100 7666 248860 SH SOLE 7666 0 0
CYMER INC COM 232572107 737 17800 SH SOLE 737 0 0
DECTRON INTERNATIONALE INC COM 243666104 318 59854 SH SOLE 318 0 0
DELL INC COM 24702R101 22409 641734 SH SOLE 22409 0 0
DELTA & PINE LD CO COM 247357106 1478 55100 SH SOLE 1478 0 0
DELTA PETE CORP COM NEW 247907207 2405 94742 SH SOLE 2405 0 0
DESERT SUN MNG CORP COM 25043V107 4557 1593300 SH SOLE 4557 0 0
DEVON ENERGY CORP NEW COM 25179M103 26745 366800 SH SOLE 26745 0 0
DIAMONDS TR UNIT SER 1 252787106 482 3867 SH SOLE 482 0 0
DISNEY WALT CO COM DISNEY 254687106 260 9300 SH SOLE 260 0 0
DOMTAR INC COM 257561100 43759 6521519 SH SOLE 43759 0 0
DOREL INDS INC CL B SUB VTG 25822C205 3241 117300 SH SOLE 3241 0 0
DRAXIS HEALTH INC COM 26150J101 20063 3972967 SH SOLE 20063 0 0
DREAMWORKS ANIMATION SKG INC CL A 26153C103 1907 66600 SH SOLE 1907 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 362 7300 SH SOLE 362 0 0
DURATEK INC COM 26658Q102 1044 60000 SH SOLE 1044 0 0
E M C CORP MASS COM 268648102 1634 102900 SH SOLE 1634 0 0
EAGLE MATERIALS INC CL B 26969P207 810 5900 SH SOLE 810 0 0
EBAY INC COM 278642103 1799 35700 SH SOLE 1799 0 0
ELDORADO GOLD CORP NEW COM 284902103 6365 1118700 SH SOLE 6365 0 0
ELECTRONIC ARTS INC COM 285512109 3712 60860 SH SOLE 3712 0 0
ENBRIDGE INC COM 29250N105 39722 1093064 SH SOLE 39722 0 0
ENCANA CORP COM 292505104 397560 7563934 SH SOLE 397560 0 0
ENDO PHARMACEUTICALS HLDGS I COM 29264F205 829 23500 SH SOLE 829 0 0
ENTREE GOLD INC COM 29383G100 519 300000 SH SOLE 519 0 0
EOG RES INC COM 26875P101 556 6500 SH SOLE 556 0 0
ERICSSON L M TEL CO ADR B SEK 10 294821608 64041 1596750 SH SOLE 64041 0 0
ETHAN ALLEN INTERIORS INC COM 297602104 1917 45000 SH SOLE 1917 0 0
EXELON CORP COM 30161N101 5496 88710 SH SOLE 5496 0 0
EXFO ELECTRO OPTICAL ENGR IN SUB VTG SHS 302043104 1162 221400 SH SOLE 1162 0 0
EXPRESS SCRIPTS INC COM 302182100 1075 11000 SH SOLE 1075 0 0
EXTENDICARE INC CDA SUB VTG SH 30224T871 3566 194900 SH SOLE 3566 0 0
EXXON MOBIL CORP COM 30231G102 33749 515337 SH SOLE 33749 0 0
FAIRMONT HOTELS RESORTS INC COM 305204109 52371 1064675 SH SOLE 52371 0 0
FALCONBRIDGE LTD NEW 2005 COM 306104100 46027 1334115 SH SOLE 46027 0 0
FARO TECHNOLOGIES INC COM 311642102 498 21349 SH SOLE 498 0 0
FEDEX CORP COM 31428X106 205 1700 SH SOLE 205 0 0
FIRST DATA CORP COM 319963104 17094 340892 SH SOLE 17094 0 0
FIRSTSERVICE CORP SUB VTG SH 33761N109 2035 68200 SH SOLE 2035 0 0
FNX MNG CO INC COM 30253R101 1461 107500 SH SOLE 1461 0 0
FORDING CDN COAL TR TR UNIT 345425102 6606 164256 SH SOLE 6606 0 0
FREEPORT-MCMORAN COPPER & GO CL B 35671D857 2747 43800 SH SOLE 2747 0 0
FRONTEER DEV GROUP INC COM 35903Q106 2625 733300 SH SOLE 2625 0 0
FUELCELL ENERGY INC COM 35952H106 100 10100 SH SOLE 100 0 0
GAMMON LAKE RES INC COM 364915108 1320 95600 SH SOLE 1320 0 0
GARDNER DENVER INC COM 365558105 1437 25000 SH SOLE 1437 0 0
GENENTECH INC COM NEW 368710406 237 2200 SH SOLE 237 0 0
GENERAL ELECTRIC CO COM 369604103 28701 702330 SH SOLE 28701 0 0
GILDAN ACTIVEWEAR INC COM 375916103 7720 154400 SH SOLE 7720 0 0
GILEAD SCIENCES INC COM 375558103 1177 19200 SH SOLE 1177 0 0
GLAMIS GOLD LTD COM 376775102 27680 865824 SH SOLE 27680 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 1722 83800 SH SOLE 1722 0 0
GOLDCORP INC NEW *W EXP 05/30/200 380956144 728 150000 SH SOLE 728 0 0
GOLDCORP INC NEW COM 380956409 143610 5544800 SH SOLE 143610 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 309 100000 SH SOLE 309 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 11621 78045 SH SOLE 11621 0 0
GOOGLE INC CL A 38259P508 1306 2700 SH SOLE 1306 0 0
GREEN MTN COFFEE ROASTERS IN COM 393122106 18463 390054 SH SOLE 18463 0 0
GROUPE CGI INC CL A SUB VTG 39945C109 2836 304900 SH SOLE 2836 0 0
HAIN CELESTIAL GROUP INC COM 405217100 3898 158000 SH SOLE 3898 0 0
HALLIBURTON CO COM 406216101 5432 75200 SH SOLE 5432 0 0
HARRIS INTERACTIVE INC COM 414549105 942 187531 SH SOLE 942 0 0
HEALTH MGMT ASSOC INC NEW CL A 421933102 358 14000 SH SOLE 358 0 0
HOME DEPOT INC COM 437076102 520 11025 SH SOLE 520 0 0
HONEYWELL INTL INC COM 438516106 317 7300 SH SOLE 317 0 0
HUMMINGBIRD INC COM 44544R101 42544 1678250 SH SOLE 42544 0 0
HYDROGENICS CORP COM 448882100 5939 1682500 SH SOLE 5939 0 0
IAC INTERACTIVECORP COM NEW 44919P300 911 27600 SH SOLE 911 0 0
IAMGOLD CORP COM 450913108 9166 1000699 SH SOLE 9166 0 0
ICICI BK LTD ADR 45104G104 1387 41300 SH SOLE 1387 0 0
IMMUNOGEN INC COM 45253H101 90 15000 SH SOLE 90 0 0
IMPERIAL OIL LTD COM NEW 453038408 15049 130400 SH SOLE 15049 0 0
INCO LTD COM 453258402 176443 3493922 SH SOLE 176443 0 0
INCO LTD *W EXP 08/21/200 453258139 1645 78800 SH SOLE 1645 0 0
INSPIRE PHARMACEUTICALS INC COM 457733103 89 15000 SH SOLE 89 0 0
INTEL CORP COM 458140100 21450 737090 SH SOLE 21450 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 2770 28900 SH SOLE 2770 0 0
INTUIT COM 461202103 280 4500 SH SOLE 280 0 0
INVESTORS FINL SERVICES CORP COM 461915100 1322 30782 SH SOLE 1322 0 0
IPSCO INC COM 462622101 32433 335360 SH SOLE 32433 0 0
ISHARES TR MSCI EAFE IDX 464287465 18364 264900 SH SOLE 18364 0 0
IVANHOE MINES LTD COM 46579N103 71719 8589098 SH SOLE 71719 0 0
JABIL CIRCUIT INC COM 466313103 259 6000 SH SOLE 259 0 0
JACUZZI BRANDS INC COM 469865109 372 38000 SH SOLE 372 0 0
JOHNSON & JOHNSON COM 478160104 29527 421389 SH SOLE 29527 0 0
JP MORGAN CHASE & CO COM 46625H100 407 8800 SH SOLE 407 0 0
JUNIPER NETWORKS INC COM 48203R104 239 9200 SH SOLE 239 0 0
KINROSS GOLD CORP COM NO PAR 496902404 9837 915892 SH SOLE 9837 0 0
KLA-TENCOR CORP COM 482480100 2789 48500 SH SOLE 2789 0 0
LAFARGE NORTH AMERICA INC COM 505862102 4514 70900 SH SOLE 4514 0 0
LIFEPOINT HOSPITALS INC COM 53219L109 765 17500 SH SOLE 765 0 0
LINEAR TECHNOLOGY CORP COM 535678106 303 7200 SH SOLE 303 0 0
LKQ CORP COM 501889208 1009 25000 SH SOLE 1009 0 0
LOUISIANA PAC CORP COM 546347105 871 27200 SH SOLE 871 0 0
LUCENT TECHNOLOGIES INC COM 549463107 354 114000 SH SOLE 354 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 12270 415800 SH SOLE 12270 0 0
MAGNA INTL INC CL A 559222401 94940 1130242 SH SOLE 94940 0 0
MANHATTAN ASSOCS INC COM 562750109 470 19700 SH SOLE 470 0 0
MANULIFE FINL CORP COM 56501R106 580732 8506408 SH SOLE 580732 0 0
MARVEL ENTERTAINMENT INC COM 57383T103 1749 91600 SH SOLE 1749 0 0
MCDONALDS CORP COM 580135101 287 7300 SH SOLE 287 0 0
MDS INC COM 55269P302 45506 2262875 SH SOLE 45506 0 0
MEDCO HEALTH SOLUTIONS INC COM 58405U102 8555 131500 SH SOLE 8555 0 0
MEDTRONIC INC COM 585055106 537 8000 SH SOLE 537 0 0
MERCK & CO INC COM 589331107 304 8200 SH SOLE 304 0 0
MEREDITH CORP COM 589433101 1220 20000 SH SOLE 1220 0 0
MERIDIAN GOLD INC COM 589975101 7257 284801 SH SOLE 7257 0 0
MERRILL LYNCH & CO INC COM 590188108 10120 128160 SH SOLE 10120 0 0
METHANEX CORP COM 59151K108 12401 567300 SH SOLE 12401 0 0
METTLER TOLEDO INTERNATIONAL COM 592688105 1931 30000 SH SOLE 1931 0 0
MICROCHIP TECHNOLOGY INC COM 595017104 426 11362 SH SOLE 426 0 0
MICROSOFT CORP COM 594918104 32770 1074836 SH SOLE 32770 0 0
MIDCAP SPDR TR UNIT SER 1 595635103 12327 78500 SH SOLE 12327 0 0
MILLENNIUM PHARMACEUTICALS I COM 599902103 170 14991 SH SOLE 170 0 0
MILLIPORE CORP COM 601073109 1886 24500 SH SOLE 1886 0 0
MIRAMAR MINING CORP COM 60466E100 42 14300 SH SOLE 42 0 0
MIRAMAR MINING CORP COM 60466E100 203 100000 SH SOLE 203 0 0
MOBILE TELESYSTEMS OJSC SPONSORED ADR 607409109 1600 39200 SH SOLE 1600 0 0
MONRO MUFFLER BRAKE INC COM 610236101 9843 278450 SH SOLE 9843 0 0
MONSANTO CO NEW COM 61166W101 9437 104400 SH SOLE 9437 0 0
MOTOROLA INC COM 620076109 9437 358300 SH SOLE 9437 0 0
NABORS INDUSTRIES LTD SHS G6359F103 9167 103800 SH SOLE 9167 0 0
NASDAQ 100 TR UNIT SER 1 631100104 730 15485 SH SOLE 730 0 0
NATIONAL SEMICONDUCTOR CORP COM 637640103 1357 44800 SH SOLE 1357 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 1024 14000 SH SOLE 1024 0 0
NEWMONT MINING CORP COM 651639106 3032 48700 SH SOLE 3032 0 0
NEXEN INC COM 65334H102 69416 1252542 SH SOLE 69416 0 0
NOKIA CORP SPONSORED ADR 654902204 5099 239000 SH SOLE 5099 0 0
NORTEL NETWORKS CORP NEW COM 656568102 187744 52885670 SH SOLE 187744 0 0
NORTH AMERN PALLADIUM LTD COM 656912102 15101 1539390 SH SOLE 15101 0 0
NORTHGATE MINERALS CORP COM 666416102 22970 10784200 SH SOLE 22970 0 0
NOVA CHEMICALS CORP COM 66977W109 44953 1158292 SH SOLE 44953 0 0
NOVARTIS A G SPONSORED ADR 66987V109 8713 142400 SH SOLE 8713 0 0
NOVELIS INC COM 67000X106 2521 103379 SH SOLE 2521 0 0
NOVELLUS SYS INC COM 670008101 1322 47000 SH SOLE 1322 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 2152 105000 SH SOLE 2152 0 0
ONYX PHARMACEUTICALS INC COM 683399109 6427 191400 SH SOLE 6427 0 0
OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 748 14500 SH SOLE 748 0 0
OPEN TEXT CORP COM 683715106 12634 768024 SH SOLE 12634 0 0
OPSWARE INC COM 68383A101 1506 190200 SH SOLE 1506 0 0
ORACLE CORP COM 68389X105 834 58600 SH SOLE 834 0 0
OREZONE RES INC COM 685921108 752 350000 SH SOLE 752 0 0
PALM INC NEW COM 696643105 1235 33300 SH SOLE 1235 0 0
PATTERSON UTI ENERGY INC COM 703481101 1775 46200 SH SOLE 1775 0 0
PEPSICO INC COM 713448108 22984 333670 SH SOLE 22984 0 0
PERKINELMER INC COM 714046109 687 25000 SH SOLE 687 0 0
PETCO ANIMAL SUPPLIES COM NEW 716016209 1024 40000 SH SOLE 1024 0 0
PETRO-CDA COM 71644E102 218974 4693970 SH SOLE 218974 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2094 25200 SH SOLE 2094 0 0
PFIZER INC COM 717081103 16808 618205 SH SOLE 16808 0 0
PHELPS DODGE CORP COM 717265102 285 1700 SH SOLE 285 0 0
PLACER DOME INC COM 725906101 19001 713780 SH SOLE 19001 0 0
PORTUGAL TELECOM SGPS S A SPONSORED ADR 737273102 244 20800 SH SOLE 244 0 0
POTASH CORP SASK INC COM 73755L107 23633 253850 SH SOLE 23633 0 0
PRECISION DRILLING TR TR UNIT 740215108 25192 656374 SH SOLE 25192 0 0
PRIMUS TELECOMMUNICATIONS GR COM 741929103 5904 6752325 SH SOLE 5904 0 0
PROCTER & GAMBLE CO COM 742718109 5540 82100 SH SOLE 5540 0 0
PROQUEST COMPANY COM 74346P102 553 17000 SH SOLE 553 0 0
PROTEIN DESIGN LABS INC COM 74369L103 10060 303600 SH SOLE 10060 0 0
PRUDENTIAL FINL INC COM 744320102 28777 337230 SH SOLE 28777 0 0
QLT INC COM 746927102 2161 289283 SH SOLE 2161 0 0
QUALCOMM INC COM 747525103 462 9200 SH SOLE 462 0 0
QUEBECOR WORLD INC COM NON-VTG 748203106 19780 1258300 SH SOLE 19780 0 0
QUEST DIAGNOSTICS INC COM 74834L100 18305 304978 SH SOLE 18305 0 0
QUEST SOFTWARE INC COM 74834T103 1759 103400 SH SOLE 1759 0 0
QUESTAR CORP COM 748356102 759 8600 SH SOLE 759 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 1669 38000 SH SOLE 1669 0 0
RAYTHEON CO COM NEW 755111507 1030 22000 SH SOLE 1030 0 0
RED HAT INC COM 756577102 2419 76100 SH SOLE 2419 0 0
REGENERON PHARMACEUTICALS COM 75886F107 185 10000 SH SOLE 185 0 0
RESEARCH IN MOTION LTD COM 760975102 34699 452100 SH SOLE 34699 0 0
RIO NARCEA GOLD MINES INC COM 766909105 18781 11738200 SH SOLE 18781 0 0
RIO TINTO PLC SPONSORED ADR 767204100 597 2800 SH SOLE 597 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 240554 4889300 SH SOLE 240554 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 674022 7422336 SH SOLE 674022 0 0
RUSSELL CORP COM 782352108 6340 404000 SH SOLE 6340 0 0
SAFEWAY INC COM NEW 786514208 414 15000 SH SOLE 414 0 0
SAP AKTIENGESELLSCHAFT SPONSORED ADR 803054204 2312 44000 SH SOLE 2312 0 0
SATYAM COMPUTER SERVICES LTD ADR 804098101 1011 23700 SH SOLE 1011 0 0
SCHERING PLOUGH CORP COM 806605101 1096 45100 SH SOLE 1096 0 0
SCHLUMBERGER LTD COM 806857108 396 3500 SH SOLE 396 0 0
SFBC INTL INC COM 784121105 1027 55000 SH SOLE 1027 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 103403 4098400 SH SOLE 103403 0 0
SIEBEL SYS INC COM 826170102 237 19200 SH SOLE 237 0 0
SIERRA WIRELESS INC COM 826516106 31361 2436760 SH SOLE 31361 0 0
SIGMATEL INC COM 82661W107 2047 134000 SH SOLE 2047 0 0
SILICON LABORATORIES INC COM 826919102 1487 34800 SH SOLE 1487 0 0
SILVER WHEATON CORP COM 828336107 1080 160000 SH SOLE 1080 0 0
SINA CORP ORD G81477104 231 8200 SH SOLE 231 0 0
SPDR TR UNIT SER 1 78462F103 140650 968892 SH SOLE 140650 0 0
ST JUDE MED INC COM 790849103 13678 233700 SH SOLE 13678 0 0
STAPLES INC COM 855030102 20881 788616 SH SOLE 20881 0 0
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