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INVESTMENT FUND

AUDITED FINANCIAL STATEMENTS and SUPPLEMENTARY FUND INFORMATION

as at December 31, 2006

i

CONTENTS

Statement of Portfolio Investments Funds Managed By: AGF Funds Inc. ................................................................................................................... 44 AIM Funds Management Inc. (AIM Trimark) ....................................................................... 58 Beutel, Goodman & Company Ltd. ..................................................................................... 60 GWL Investment Management Ltd. .................................................................................... 67 JPMorgan Asset Management (Canada) Inc. ..................................................................... 86 Laketon Investment Management Ltd................................................................................. 89 London Capital Management Ltd. ....................................................................................... 90 Mackenzie Financial Corporation........................................................................................ 145 Setanta Asset Management Limited .................................................................................. 167

American Growth Fund 2.34A (US$)

No. of Average MarketShares Cost Value

United States Common StockEnergy

Occidental Petroleum Corp. 38,300 1,611 1,870 Transocean Inc. 18,800 1,148 1,521 Materials

Monsanto Co. 118,000 4,222 6,199 Industrials

Danaher Corp. 71,500 4,172 5,179Raytheon Co. 42,000 1,587 2,218Textron Inc. 41,400 3,720 3,882United Technologies Corp. 44,400 2,552 2,776

Consumer Discretionary

Hilton Hotels Corp. 132,000 3,282 4,607Starwood Hotels & Resorts Worldwide Inc. 77,900 3,888 4,869Host Hotels & Resorts 56,621 1,205 1,390J.C. Penney Co. Inc. (Holding Co.) 37,100 1,875 2,870

Consumer Staples

CVS Corp. 63,600 1,745 1,966 Health Care

Amgen Inc. 19,600 1,410 1,339Gilead Sciences Inc. 45,100 2,880 2,928Varian Medical Systems Inc. 61,300 3,117 2,916

Financials

Ameriprise Financial Inc. 59,640 2,555 3,250American Express Co. 54,100 2,826 3,282Citigroup Inc. 59,600 2,933 3,320Goldman Sachs Group Inc. 13,600 1,631 2,710Merrill Lynch & Co. Inc. 59,700 3,941 5,558Wells Fargo & Co. 69,000 2,198 2,454

Information Technology

Apple Inc. 76,500 3,783 6,490Adobe Systems Inc. 75,400 2,644 3,100Corning Inc. 164,000 3,354 3,068Google Inc. 8,000 2,277 3,684Motorola Inc. 125,100 2,899 2,572Paychex Inc. 40,100 1,589 1,586Qualcomm Inc. 87,100 3,655 3,292MEMC Electronic Materials Inc. 80,600 1,917 3,155

Research In Motion Ltd. 19,900 1,712 2,543

Total United States Common Stock 78,328 96,594

Total Common Stock 78,328 96,594

Total Investments 78,328 96,594


(in thousands in dollars)

STATEMENT OF PORTFOLIO INVESTMENTS

44

Asian Growth Fund 2.35A


Global Common StockChina Bank of China Ltd. 679,200 308 435 China Mobile Ltd. 110,500 891 1113

China Petroleum and Chemical Corp. 488,000 347 527 China Shenhua Energy Co. Ltd. 125,600 262 353 Harbin Power Equipment Co. 399,400 397 534 PetroChina Co. Ltd. 432,500 486 715 Hong Kong Cheung Kong (Holdings) Ltd. 38,000 495 545 EganaGoldpfeil (Holdings) Ltd. 1,580,600 718 1043 Esprit Holdings Ltd. 61,000 543 794

Haitian International Holdings Ltd. 194,000 115 102Hong Kong Economic Times Holdings Ltd. 586,700 187 195Industrial and Commercial Bank of China 976,000 511 707Kingboard Chemical Holdings Ltd. 73,400 280 336Kingboard Laminates Holding Ltd. 85,789 99 107

Lifestyle International Holdings Ltd. 278,700 487 836 NWS Holdings Ltd. 177,200 197 473 Peace Mark (Holdings) Ltd. 652,000 385 679 Prime Success International Group Ltd. 930,100 372 1008 Shandong Weigao Group Medical Polymer Co. Ltd. 443,600 293 551 Shanghai Real Estates Ltd. 600,000 214 242 Sun Hung Kai Properties Ltd. 29,900 362 400 Tack Fat Group International Ltd. 2,755,000 389 438 Zhuzhou CSR Times Electric Co. Ltd. 106,000 85 171 Indonesia PT Mitra Adiperkasa TBK 3,003,800 329 354 PT Telekomunikasi Indonesia TBK ADR 479,154 396 628 South Korea Daelim Industrial Co. Ltd. 5,700 550 543 Hana Financial Group Inc. 9,500 518 582 Hynix Semiconductor Inc. 11,800 534 539

Hyundai Heavy Industries Company Ltd. 3,700 573 585Hyundai Mobis 3,900 410 420KCC Corp. 960 260 348Kookmin Bank 7,951 448 747Lotte Shopping Co. Ltd. GDR 18,700 425 443POSCO 1980 385 767

Samsung Electronics Co. Ltd. 2,660 1243 2045 Shinhan Financial Group Co. Ltd. 14,300 658 852

(in thousands of dollars)



45

Asian Growth Fund 2.35A





Global Common Stock (continued)Malaysia Asiatic Development BHD 249,300 195 352

Digi.com BHD 167,000 363 839Genting BHD 77,500 508 845

SP Setia BHD 324,400 449 547 Philippines International Container Terminal Services Inc. 654,800 204 323 Singapore Beauty China Holdings Ltd. 661,400 407 455

DBS Group Holdings Ltd. 50,000 572 860Delong Holdings Ltd. 3,668,900 374 377HTL International Holdings Ltd. 880,600 667 620Keppel Corp. Ltd. 89,900 596 1203Keppel Land Ltd. 135,700 479 712People's Food Holdings Ltd. 424,000 378 403Stats Chippac Ltd. 715,700 623 637

Want Want Holdings Ltd. 178,000 280 338

TaiwanAU Optronics Corp. 222,600 379 361Chipbond Technology Corp. 494,464 726 516Compal Electronics Inc. 361,519 397 376Depo Auto Parts Industrial Co. Ltd. 126,608 486 421E.Sun Financial Holding Co. Ltd. 903,346 695 731Hon Hai Precision Industry Co. Ltd. 103,400 764 860Mediatek Inc. 58,900 633 710Taiwan Semiconductor Manufacturing Co. Ltd. 431,835 978 1043U-Ming Marine Transport Corp. 298,000 377 474

ThailandIndorama Polymers PCL 1,755,600 328 422Italian-Thai Development PCL 2,627,100 407 466

Kasikornbank PCL 143,700 284 295

Total Global Common Stock 27,701 36,343



46

Growth Equity Fund (AGF)

Par Average MarketValue Cost Value

Canadian BondsCorporate - Non Convertible Gateway Telecom Canada 05-04-02 11,000 11 0 Resin Systems Inc. 8.50% 09-30-10 Debenture 276,000 276 254 Total Corporate - Non Convertible 287 254 Corporate - Convertible Bonds Brainhunter Inc. 8% Debenture 11-09-08 281,000 281 281

Total Corporate - Convertible Bonds 281 281

Total Canadian Bonds 568 535

No of. Average MarketCanadian Common Stock Shares Cost ValueEnergy Antrim Energy Inc. 194,000 718 834 Calvalley Petroleum Inc. Class A 334,954 790 2,616 Cameco Corp. 147,300 2,499 6,953 Canadian Natural Resources Ltd. 111,600 2,680 6,936 Celtic Exploration Ltd. 125,500 1,055 1,746 Century Oilfield Services Inc. 475,000 356 1,663 Chariot Resources Ltd 566,500 387 351 CHC Helicopter Corp. Class A Sub Voting 20,400 503 502 Cinch Energy Corp. 310,060 672 332 Connacher Oil & Gas Ltd. 387,700 1,630 1,353 Corridor Resources Inc. 162,200 946 1,006 Culane Energy Corporation Private Placement 53,900 539 523 Cyries Energy Inc. 29,074 302 368 EnCana Corp. 90,112 2,844 4,835 Falcon Oil & Gas Ltd. 59,300 53 227 First Calgary Petroleums Ltd. 202,900 1,577 1,414 Galleon Energy Inc. Class A 78,950 678 1,427 Grande Cache Coal Corporation Purchase Warrants 88,750 26 8 Highpine Oil & Gas Ltd. 46,988 632 738 Kelman Technologies Inc. 618,700 298 181 Midnight Oil Exploration Ltd. 146,600 447 347 Nexen Inc. 108,800 2,979 6,985 Niko Resources Ltd. 1,800 114 150 OPTI Canada Inc. 74,394 838 1,472 OZZ Corp. 401,990 292 209 Pacific Stratus Energy Limited 220,329 661 1,498 Paramount Resources Ltd. Class A 86,800 626 2,083 Pearl Exploration and Production Ltd. Sub. Rec. 206,700 930 952 Petro-Canada 139,600 4,000 6,666 Peerless Energy Inc - A 120,300 421 487 Primeline Energy Holdings Inc 113,100 170 215 Primeline Energy Holdings Inc Purchase Warrants 56,550 0 0 ShawCor Ltd. Class A Sub. voting 162,850 2,217 4,079




47





No of. Average MarketShares Cost Value

Canadian Common Stock (continued)Energy (continued) ShawCor Ltd. Class B Mult. voting 63,800 1,016 1,632 Sterling Resources Ltd. 92,100 193 179 Suncor Energy Inc. 14,300 1,247 1,313 Sure Energy Inc. 47,571 44 45 Talisman Energy Inc. 301,750 3,016 5,975 Trican Well Service Ltd. 177,300 1,604 3,603 Twin Butte Energy Ltd. 4,060 40 3 UEX Corp. 74,500 204 419 UTS Energy Corp. 859,800 1,585 3,878 Materials Alamos Gold Inc. 36,300 334 351 Alcan Inc. 11,600 544 659 Anvil Mining Ltd. 54,900 429 613 Augusta Resource Corp 256,900 488 642 Augusta Resource Corp. Purchase Warrants 124,500 0 0 Aur Resources Inc. 149,500 930 3,627 Aurelian Resources Inc. 18,600 418 577 Bema Gold Corp. 88,200 488 538 Bema Gold Corp. Purchase Warrants 44,100 63 82 Central Fund of Canada Ltd. Class A 90,700 905 990 Corriente Resources Inc. 127,900 813 524 Crystallex International Corp. 254,700 926 1,077 Cymat Technologies Ltd. 958,500 268 244 Cymat Technologies Ltd. Purchase Warrants 74,150 0 0 Cymat Technologies Ltd. Purchase Warrants 50,500 0 0 Diagem Inc. 260,900 79 29 Duntroon Energy Ltd. 26,625 614 0 Dynatec Corp. 1,285,900 2,467 2,739 EarthRenew Organics Ltd. Special Warrants 111,600 268 268 Eldorado Gold Corp. 800,389 2,238 5,050 Equinox Minerals Ltd. 1,145,000 1,227 2,164 European Goldfields Limited 113,500 557 549 Exall Resources Ltd. Purchase Warrants 42,350 0 76 Farallon Resources Ltd. 220,375 109 137 Farallon Resources Ltd. Purchase Warrants 110,188 1 0 Farallon Resources Ltd. Subscription Receipt 661,125 331 410 First Nickel Inc. 811,800 325 495 First Nickel Inc. Purchase Warrants 811,800 0 89 FNX Mining Co. Inc. 84,200 630 1,538 Formation Capital Corp. 244,100 99 100 Formation Capital Corp. Purchase Warrants 87,850 0 0 GBS Gold International Inc. 93,000 195 324 Global Development Resources Inc. 15,695 75 7 Global Alumina Corp. 635,350 1,979 867 Gold Eagle Mines Ltd. 158,949 567 1,310 Goldcorp Inc. 217,136 1,382 7,189 Grand Cache Coal Corp. 177,500 453 167

48






Canadian Common Stock (continued)Materials (continued) Greystar Resources Ltd. 113,600 361 1,078 High River Gold Mines Ltd. 604,800 978 1,300 IAMGOLD Corp. 651,001 5,030 6,718 IAMGOLD Corp. Purchase Warrants 20,100 2 32 Intergold Ltd. Class A 31,100 43 5 International Nickel Venture Corp. 359,700 435 809 Ivanhoe Mines Ltd. 85,600 648 984 Khan Resources Inc. 121,700 157 448 Khan Resources Inc. Purchase Warrants 60,850 25 120 LionOre Mining International Ltd. 457,450 2,300 6,061 Lundin Mining Corp. 137,685 1,141 5,920 Metallic Ventures Gold Inc. 51,100 172 94 Moto Goldmines Ltd Purchase Warrants 13 0 0 NEMI Northern Energy & Mining Inc. 220,500 345 106 NEMI Northern Energy & Mining Inc Purchase Warrants 51,000 0 0 Neo Material Technologies Inc. 279,700 559 724 Neo Material Technologies Inc. Purchase Warrants 41,450 7 32 Nuinsco Resources Ltd. 167,860 61 139 Palmarejo Gold Corp. 27,300 246 237 Palmarejo Silver & Gold Corp. Purchase Warrants 13,650 14 9 Polaris Minerals Corp. 207,380 895 1,427 Redcorp Ventures Ltd. 399,600 132 312 Redcorp Ventures Ltd. Purchase Warrants 199,800 0 76 Resin Systems Inc. 515,384 798 423 Resin Systems Inc. Purchase Warrants 22,800 0 0 Sherritt International Corp. 120,050 824 1,487 Shore Gold Inc. 249,900 868 1,537 Skye Resources Inc. 79,900 688 923 Skye Resources Inc. Purchase Warrants 11,150 13 26 Southern Star Resources Inc. Purchase Warrants 39,850 0 139 Southwestern Resources Corp. 55,100 582 437 Spur Ventures Inc. 581,300 890 343 Spur Ventures Inc. Purchase Warrants 202,300 0 40 Teck Cominco Ltd. Class B Sub. voting 62,560 1,799 5,499 Tiberon Minerals Ltd. 107,700 257 387 Titanium Corp. Inc. 247,800 572 733 Wesdome Gold Mines Ltd. 455,865 1,190 1,021 West Fraser Timber Co. Ltd. 58,116 2,323 2,405 Western Copper Corp. 196,250 343 236 Western Quebec Mines Inc. 310,750 542 808 Yamana Gold Inc. 293,300 2,618 4,490 Industrials Aecon Group Inc. 291,000 1,833 1,877 Finning International Inc. 66,550 1,810 3,180 FirstService Corp. Sub. voting 134,100 2,268 3,621 Intermap Technologies Corp. 276,050 1,137 1,656 Magellan Aerospace Corp. 577,900 2,126 1,589

49






Canadian Common Stock (continued)Industrials (continued) Martinrea International Inc. 166,300 1,167 1,979 Northstar Aerospace Inc. 453,400 1,459 2,244 Stantec Inc. 257,400 2,799 6,499 The Westaim Corp. 808,950 1,956 1,456 Toromont Industries Corp. 270,600 4,322 6,630 Vector Aerospace Corp. 274,000 1,001 1,630 VRB Power Systems Inc. 693,200 471 388 WestJet Airlines Ltd. 158,813 1,929 2,371 Consumer Discretionary Advantex Marketing International Inc. 1,090,350 350 82 ClubLink Corp. 241,500 1,994 2,500 Devine Entertainment Corp. 322,800 107 38 easyhome Ltd. 83,860 758 1,426 Feel Good Cars Corp. 240,833 187 537 Linamar Corp. 157,700 2,218 2,192 Multivision Communications Corp. 30,800 35 1 The Forzani Group Ltd. Class A 152,850 1,845 2,930 Thomson Corp. 30,800 1,384 1,490 Consumer Staples Agricore United Ltd. limited voting 305,300 2,587 3,679 Concert Industries Ltd. 52,900 335 0 George Weston Ltd. 33,100 3,027 2,502 Loblaw Companies Ltd. 27,500 1,615 1,342 Ridley Inc. 146,500 1,359 1,141 SunOpta Inc. 225,350 1,585 2,313 Health Care 6550568 Canada Inc. Private Placement 195,800 0 0 Adaltis Inc. 173,600 754 415 Allen-Vanguard Corp. 437,500 1,218 1,553 Allen-Vanguard Corp. Purchase Warrants 58,550 0 91 Arius Research Inc. 394,900 293 308 Arius Research Inc. Purchase Warrants 323,000 22 0 Bioniche Life Sciences Inc. 286,400 568 430 Bioniche Life Sciences Inc. Purchase Warrants 24,650 0 0 Capital Diagnostic Corp. 34,560 29 0 Cardiome Pharma Corp. 208,475 1,290 2,714 ConjuChem Biotechnologies Inc. 211,000 479 150 Covalon Technologies Ltd. 638,900 364 383 Covalon Technologies Ltd. Purchase Warrants 180,400 0 0 CryoCath Technologies Inc. 56,800 352 106 GeneNews Ltd. 393,775 548 433 Hemosol Corp. 99,987 691 9 Imaging Dynamics Co. Ltd. 186,100 537 404 LMS Medical Systems Inc. 191,033 579 248 Lorus Therapeutics Inc. 327,300 319 82

50






Canadian Common Stock (continued)Health Care (continued) LPBP Inc. Class A 291,650 32 3 MedcomSoft Inc. Private Placement 835,400 334 418 Migenix Inc. 442,100 751 239 Millenium Biologix Corp. 281,307 208 0 NUCRYST Pharmaceuticals Corp. 59,900 710 332 Ondine Biopharma Corp. 188,000 435 269 Orbus Pharma Inc. 335,281 335 117 ORTHOsoft Inc. 513,500 443 385 PreMD Inc. 203,100 806 396 Prometic Life Sciences Inc. Sub. voting 343,850 273 172 Protox Therapeutics Inc. Units 361,200 181 168 Silvio Ventures Inc. 5,672 292 0 Sonomed Inc. 25,300 26 3 Spectral Diagnostics Inc. 225,900 454 181 Tm Bioscience Corp. 236,750 414 199 VSM MedTech Ltd. 190,900 375 10 YM Biosciences Inc. 118,900 330 394 YM Biosciences Inc. Purchase Warrants 30,050 0 24 Financials Brookfield Properties Corp. 66,550 1,605 3,058 Canaccord Capital Inc. 59,500 656 1,107 Canadian Western Bank 151,600 3,196 8,001 First Capital Realty Inc. 49,800 863 1,383 GC-Global Capital Corp. Mult. voting 8,325 14 9 GC-Global Capital Corp. Sub. voting shares 202,775 203 208 Genesis Land Deevelopment Co. 106,300 556 482 Gluskin Sheff & Associates 32,100 587 502 Jovian Capital Corp. 667,530 514 587 Killam Properties Inc. 621,600 1,152 1,573 Parkbridge Lifestyles Communities Inc. 246,432 1,224 1,355 Quest Capital Corp. 305,400 968 919 Simmonds Capital Ltd. 13,000 22 0 Swisslink Financial Corp. 14,500 41 0 TSX Group Inc. 55,200 1,219 2,573 Xceed Mortgage Corp. 175,100 916 1,007 Information Technology Adeptron Technologies Corp. 765,750 562 291 Airiq Inc. 1,430,100 514 200 Ascalade Communications Inc. 170,350 788 457 Ascalade Communications Inc. Purchase Warrants 20,000 0 0 Atlantis Systems Corp. 388,800 207 206 Automated Benefits Corp. 749,800 257 143 Automated Benefits Corp. Purchase Warrants 296,600 0 0 AXIA NetMedia Corp. 175,200 631 701 Azure Dynamics Corporation 1,020,700 883 806 Brainhunter Inc. 664,400 768 341

51






Canadian Common Stock (continued)Information Technology (continued) Brainhunter Inc. Purchase Warrants 140,500 0 0 Cogient Corp. 445,028 115 0 CSI Wireless Inc. 192,100 630 363 Electrovaya Inc. 174,600 650 28 Extreme CCTV Inc. 228,300 670 733 Firan Technology Group Corp. 86,100 116 118 Futureway Communications Inc. 38,825 150 23 Fun Technologies Inc. 179,794 472 518 Grey Island Systems International Inc. 805,172 261 306 Grey Island Systems International Inc. Purchase Warrants 220,730 0 0 Intrinsyc Software International Inc. 299,100 269 179 Intrinsyc Software International Inc. Purchase Warrants 149,550 0 0 ISACSOFT Inc. Class A 65,466 366 27 JumpTV Inc. 110,800 615 825 Kaboose Inc. 628,800 883 1,522 Matrikon Inc. 273,900 825 923 MKS Inc. 508,600 878 1,032 Navitrak International Corp. 59,300 14 0 Open Text Corp. 12,000 237 287 Rand A Technology Corp. 310,600 707 488 Sandvine Corporation 248,800 473 473 Softchoice Corp. 154,590 1,139 1,733 Visiphor Corp. 241,850 171 31 Visiphor Corp. Purchase Warrants 84,921 5 0 Wi-LAN Inc. 471,400 1,144 2,192 Xantrex Technology Inc. 53,675 752 447 Xplore Technologies Corp. 329,400 265 132 Xplore Technologies Corp. Series A Pfd 134,730 51 54 Zarlink Semiconductor Inc. 623,400 1,476 1,577 Telecommunication Services Mobile Knowledge Inc. 185,300 600 0 Stratos Global Corp. 178,600 689 807 Voice Mobility International Inc. 229,700 301 96 Webtech Wirelss Inc. 229,100 859 1,299 Utilities Ventus Energy Inc. Class A 99,200 347 422

Total Canadian Common Stock 182,471 267,673


Bois d'Arc Energy Inc. 57,100 998 974Dunwynn Exploration Inc. 73 118 0Dunwynn Resources Corporation 2,620 0 0GeoGlobal Resources Inc. 62,000 458 568GeoGlobal Resources Inc. Purchase Warrants 31,000 23 0

52






United States Common Stock (continued)Energy (continued)

Goodrich Petroleum Corporation 17,200 628 726Hugoton Royalty Trust 5,015 161 144Pacific Energy Resources Ltd. Subscription Receipts 978,900 1,273 1,226Quicksilver Resources Inc. 71,300 1,670 3,042

Transocean Inc. 27,550 1,513 2,599Ultra Petroleum Corp. 74,800 1,623 4,164XTO Energy Inc. 50,333 1,276 2,762

Materials Central Fund of Canada Ltd. Class A 223,300 2,252 2,432 Crystallex International Corp. 70,800 211 299

Newmont Mining Corp. Holding Co. 59,916 3,035 3,155

Consumer DiscretionaryVisual Bible International Inc. 284,763 463 0Visual Bible International Inc. Private Placement 54,990 47 0Visual Bible International Inc. Private Placement 51,600 34 0Visual Bible International Inc. Purchase Warrants 2,054 0 0

Health CareAssisted Living Concepts Inc. 33,500 331 386


Alliance Distributors Holding Inc. 3,064 230 0C.O.R.E. Holdings Inc. Class B Private Placement 499 167 166

Open Text Corp. 96,900 2,139 2,294Tengtu International Corp. 454,608 304 1Workstream Inc. 97,500 205 127


Global Common StockBermuda Katanga Mining Ltd. 64,500 458 464

South Africa Gold Fields Ltd. ADR 122,500 1,733 2,697

United Kingdom African Copper PLC 296,000 471 408 European Nickel PLC 618,900 462 650 Hochschild Mining PLC 84,100 633 776 Neteller PLC 61,900 463 214 Redline Communications Inc. 253,600 570 576



53





Preferred StocksConv. Pfd. & Equity Related

Fluid Audio Network Inc. Private Placement Con. Preferred 91,300 206 213

Total Preferred Stocks 206 213

Total Stocks 298,736


Investment Fund Units Canadian Oil Sands Trust 228,774 2,771 7,460 Labrador Iron Ore Royalty Income Fund Trust Units 46,300 1,225 1,148 CanWel Building Materials Income Fund 200,200 1,633 745 Extendicare Real Estate Investment Trust 33,500 474 487 Westfield Real Estate Investment Trust 35,000 477 572

Total Investment Fund Units 6,580 10,412


54

Growth & Income Fund (AGF)


Canadian BondsFederal Government Canada Housing Trust 4.10% 12-15-08 13,743,000 13,761 13,740 Canada Housing Trust 3.75% 03-15-10 14,221,000 14,159 14,076 Government of Canada 6.00% 06-01-11 12,312,000 13,337 13,306 Government of Canada 5.25% 06-01-13 2,455,000 2,582 2,623 Government of Canada 5.00% 06-01-14 700,000 747 742 Government of Canada 5.75% 06-01-29 4,297,000 4,733 5,279

Total Federal Government 49,319 49,766

Provincial Ontario Strategic Infrastructure 4.6% 06-01-15 749,000 748 761 Province of Ontario 4.5% 03-08-15 1,071,000 1,080 1,085 Province of Ontario 5.60% 06-02-35 3,525,000 3,695 4,106

Total Provincial 5,523 5,952 Corporate - Non Convertible Canadian Western Bank 5.55% 11-20-09 1,450,000 1,450 1,446

Total Canadian Bonds 56,292 57,164


Canadian Common StockEnergy Cameco Corp. 39,700 1,013 1,874 EnCana Corp. 74,400 4,148 3,992 Flint Energy Services Ltd. 70,800 2,056 2,106 Petro-Canada 36,900 1,416 1,762 Suncor Energy Inc. 50,600 4,370 4,645 Talisman Energy Inc. 217,900 3,327 4,314 TransCanada Corp. 32,200 895 1,308 Trican Well Service Ltd. 157,400 1,776 3,198 Western Oil Sands Inc. Class A 60,700 1,432 1,985 Materials Aber Diamond Corp. 52,500 2,213 2,258 Agnico-Eagle Mines Ltd. 117,300 2,722 5,641 Eldorado Gold Corp. 750,800 3,229 4,738 First Quantum Minerals Ltd. 39,700 977 2,491 Goldcorp Inc. 166,634 2,468 5,517 HudBay Minerals Inc. 202,100 1,641 4,414 Potash Corp. of Saskatchewan Inc. 13,000 1,221 2,171 Teck Cominco Ltd. Class B Sub. voting 24,300 1,197 2,136 Yamana Gold Inc. 248,600 2,091 3,806




55






Canadian Common Stock (continued)Industrials ATS Automation Tooling Systems Inc. 166,200 2,443 1,855 Canadian National Railway Co. 57,900 2,375 2,899 Groupe Laperriere & Verreault Inc. Class A Sub. voting 14,200 373 433 Consumer Discretionary

Tim Hortons Inc. 22,600 613 761 Consumer Staples Shoppers Drug Mart Corp. 46,900 1,754 2,349 Health Care MDS Inc. 94,400 1,931 2,008 Financials Bank of Montreal 51,900 2,728 3,581 Brookfield Properties Corp. 22,250 573 1,022 Canadian Imperial Bank of Commerce 36,200 2,306 3,558 Manulife Financial Corp. 114,100 3,321 4,490 Royal Bank of Canada 114,700 5,056 6,366 Sun Life Financial Inc. 78,500 3,087 3,872 The Bank of Nova Scotia 108,000 3,878 5,627 The Toronto-Dominion Bank 101,500 5,462 7,076 Information Technology Research In Motion Ltd. 22,500 2,137 3,353 Telecommunication Services Rogers Communications Inc. Class B non-voting 79,200 1,270 2,748 TELUS Corp. 37,900 2,130 2,028


United States Common StockIndustrials

Danaher Corp. 34,700 2,628 2,931Textron Inc. 18,900 1,995 2,067

Consumer DiscretionaryTim Hortons Inc. 19,501 397 659

Consumer Staples

PepsiCo Inc. 27,900 1,992 2,035Information Technology

Cisco Systems Inc. 137,200 4,233 4,373 Total United States Common Stock 11,245 12,065

56






Global Common StockFrance AXA 13,800 434 652 BNP Paribas SA 9,340 780 1,188 Lagardere SCA 6,600 491 620

Italy SanPaolo IMI SPA 32,900 496 891

Japan Sony Corp. 41,500 2,316 2,074

Netherlands ABN Amro Holding NV 20,700 730 776

Spain Banco Santander Central Hispano SA 31,700 493 690 Telefonica SA 26,424 528 656 Uralita SA 93,100 480 715

United Kingdom Alliance Boots PLC 17,590 362 336 Kingfisher PLC 92,462 552 504 Royal & Sun Alliance Insurance Group PLC 320,500 829 1,116 Whitbread PLC 24,605 535 941 Total Global Common Stock 9,026 11,159



57

No. of Average MarketUnits Cost Value

Investment Fund Units Quadrus Trimark Balanced Fund Series S 5,900,174 64,857 71,025 Total Investments 64,857 71,025

Top 25 Holdings as at December 31, 2006

Security Description % of TotalGovernment of Canada 5.75% 2029/06/01 5.30%Cash and equivalents 4.90%Toronto-Dominion Bank (The) 3.30%Bank of Nova Scotia (The) 2.80%Canada Housing Trust 4.10% 2008/12/15 2.80%Government of Canada 5.25% 2012/06/01 2.50%Power Corp. of Canada 2.50%Toromont Inds Ltd. 2.40%Time Warner Inc. 2.20%Loblaw Cos. Ltd. 2.10%Canada Housing Trust 4.05% 2011/03/15 2.00%Carnival Corp. 1.90%L.M. Ericsson 1.90%Royal Bank of Canada 1.90%CBS Corp. Cl. B 1.80%Cott Corp. 1.70%Government of Canada 5.00% 2014/06/01 1.70%Yamana Gold Inc. 1.70%Zimmer Hldgs Inc. 1.60%Kingfisher PLC 1.60%Willis Group Hldgs Ltd. 1.60%MacDonald Dettwiler & Associates Ltd. 1.60%Liz Claiborne Inc. 1.50%Government of Canada 3.00% 2007/06/01 1.50%CanWest Global Communications Corp. 1.50%

Balanced Fund 2.31MF




58


Investment Fund Units Quadrus AIM Canadian Equity Growth Fund Series S 6,063,679 103,461 128,552 Total Investments 103,461 128,552


Security Description % of TotalCash and equivalents 9.50%Canadian Natural Resources Ltd. 3.40%Toronto-Dominion Bank (The) 3.10%Power Financial Corp. 2.80%Power Corp. of Canada 2.40%Manulife Financial Corp. 2.30%Canadian National Railway Co. 2.30%Sherritt Int'l Corp. 2.30%Shoppers Drug Mart Corp. 2.30%Bank of Nova Scotia (The) 2.20%Suncor Energy Inc. 2.10%Talisman Energy Inc. 2.10%Nexen Inc. 2.00%Teck Cominco Ltd. 1.90%Brookfield Asset Management Inc. 1.90%National Bank of Canada 1.80%TELUS Corp. 1.80%Trican Well Service Ltd. 1.60%EnCana Corp. 1.60%HudBay Minerals Inc. 1.50%Imperial Tobacco Group PLC 1.50%Royal Bank of Canada 1.40%Vinci SA 1.40%BNP Paribas SA 1.30%Saskatchewan Wheat Pool 1.30%



Canadian Equity Growth Sectors Fund 2.86Las at December 31, 2006

59

Balanced Fund 2.39BG


Canadian BondsFederal Government Canada Generic Residual Zero Coup 03-15-14 625,000 466 468 Canada Generic Residual 06-01-12 175,000 143 141 Canada Generic Residual 06-01-13 345,000 266 267 Canada Generic Strip 06-01-13 510,000 402 394 Canada Generic Strip 12-01-13 80,000 62 61 Canada Generic Strip 06-01-14 570,000 430 424 Canada Generic Strip Zero Cpn 06-01-14 150,000 120 111 Government of Canada 3.75% 06-01-08 80,000 80 80 Government of Canada 4.25% 09-01-08 45,000 45 45 Government of Canada 6.00% 06-01-11 1,690,000 1,821 1,825 Government of Canada 5.25% 06-01-12 50,000 53 53 Government of Canada 5.25% 06-01-13 1,805,000 1,933 1,928 Government of Canada 4.50% 06-01-15 20,000 20 21 Government of Canada 4.00% 06-01-16 1,795,000 1,796 1,783 Total Federal Government 7,637 7,601

Provincial Ontario Hydro 10.00% 10-17-14 685,000 962 943 Province of British Colombia 0.00% 01-09-12 240,000 187 195 Province of British Columbia 5.75% 01-09-12 550,000 601 590 Province of British Columbia 0% 08-23-13 165,000 119 125 Province of British Columbia 8.50% 08-23-13 480,000 610 599 Province of Ontario 0% 06-02-11 175,000 141 146 Province of Ontario 0% 06-02-12 310,000 237 248 Province of Ontario 0% 12-02-12 660,000 497 517 Province of Ontario 4.40% 11-19-08 10,000 10 10 Province of Ontario 5.0% 11-18-11 565,000 640 658 Province of Ontario 5.00% 03-08-14 95,000 98 99 Province of Ontario 4.5% 03-08-15 565,000 560 573 Province of Ontario 4.40% 03-08-16 130,000 130 130 Province of Ontario 5% 06-02-19 290,000 282 301 Province of Ontario 8.10% 09-08-23 35,000 47 49 Province of Ontario Generic Residual 0.00% 12-02-11 65,000 51 53 Province of Ontario Generic Residual 0.00% 12-02-12 80,000 60 63 Province of Ontario Generic Residual 0.00% 02-18-13 200,000 149 155 Province of Ontario Generic Residual 0.00% 12-02-14 350,000 240 249 Province of Ontario PKG INT 5.5% 12-02-18 65,000 72 71

Total Provincial 5,693 5,774 Municipal City of Toronto 4.85% 07-28-16 20,000 20 21 Hydro Ottawa Holding Inc. 4.93% 02-09-15 65,000 66 67

Total Municipal 86 88




60






Canadian Bonds (continued)Corporate - Non Convertible Alliance Pipeline Limited Partnership 5.546% 12-31-23 60,602 61 64 Alliance Pipeline Limited Partnership 6.765% 12-31-25 98,696 99 115 Altalink Limited Partnership 5.43% 06-05-13 185,000 189 194 Canadian Utilities Inc. 7.05% 06-01-11 70,000 77 77 Canadian Utilities Inc. 5.096% 11-18-14 90,000 91 93 Canadian Utilities Inc. 6.145% 11-22-17 65,000 71 73 Canadian Utilities Ltd. 9.92% 04-01-22 130,000 191 199 Centra Gas Ontario Inc. 8.65% 10-19-18 15,000 20 20 CU Inc. 6.80% 08-13-19 215,000 233 256 CU Inc. 4.801% 11-22-21 40,000 40 40 CU Inc. 11.77% 11-30-20 55,000 93 93 Enbridge Gas Distribution 5.16% 09-24-14 70,000 70 73 Enbridge Gas Distribution 4.77% 12-17-21 125,000 125 124 Enbridge Gas Distribution 6.16% 12-16-33 70,000 75 80 Enbridge Inc. 6.90% 11-15-32 135,000 138 169 Enbridge Pipelines Inc. 6.35% 11-17-23 115,000 113 133 Fortis Alberta Inc. 5.33% 10-31-14 85,000 87 89 Fortis Alberta Inc. 6.22% 10-31-34 90,000 92 104 Fortis Alberta Inc. 5.40% 04-21-36 115,000 115 120 Fortis BC Inc. 5.48% 11-28-14 155,000 165 163 Gaz Metropolitain Inc. 10.45% 10-31-16 25,000 36 36 Gaz Metropolitain Inc. 9.00% 05-16-25 30,000 45 44 Hydro One Inc. 3.95% 02-24-09 25,000 25 25 Hydro One Inc. 7.15% 06-03-10 200,000 217 219 Hydro One Inc. 6.40% 12-01-11 135,000 145 148 Hydro One Inc. 5.77% 11-15-12 210,000 217 226 Hydro One Inc. 4.64% 03-03-16 340,000 338 343 Interprovincial Pipeline Ltd. 8.20% 02-15-24 15,000 20 21 Newfoundland Power Inc. 7.52% 11-01-32 66,000 69 85 Nova Gas Transmission Ltd. 12.20% 02-28-16 281,000 432 436 Nova Gas Transmission Ltd. 6.59% 12-01-27 65,000 63 76 Nova Scotia Power Corp. 8.40% 10-23-15 55,000 68 69 Nova Scotia Power Inc. 5.75% 10-01-13 40,000 41 42 The Consumers Gas Co. Ltd. 7.60% 10-29-26 60,000 77 78 Trans Quebec & MRTS Pipelines 3.906% 09-22-10 370,000 370 363 TransCanada PipeLines 4.65% 10-03-16 35,000 35 35 TransCanada Pipelines Ltd. 11.90% 08-20-15 [CC+50] 45,000 67 68 TransCanada Pipelines Ltd. 9.45% 03-20-18 245,000 327 345 TransCanada Pipelines Ltd. 8.29% 02-05-26 170,000 203 231 Union Gas Limited 4.85% 04-25-22 65,000 65 65 Union Gas Ltd. 7.20% 06-01-10 245,000 265 267 Union Gas Ltd. 6.65% 05-04-11 270,000 292 294 Union Gas Ltd. 7.90% 02-24-14 75,000 89 90 Union Gas Ltd. 4.64% 06-30-16 65,000 65 65 Union Gas Ltd. 9.70% 11-06-17 65,000 90 92 Union Gas Ltd. 8.75% 08-03-18 65,000 86 87 Vancouver International Airport Authority 4.424% 65,000 65 64 Westcoast Energy Inc. 6.75% 12-15-27 170,000 174 199 Westcoast Energy Inc. 7.20% 01-26-10 75,000 81 81

61






Canadian Bonds (continued)Corporate - Non Convertible Westcoast Energy Inc. 8.30% 12-30-13 15,000 18 18 Westcoast Energy Inc. 8.50% 11-23-15 140,000 174 177 Westcoast Energy Inc. 8.50% 09-04-18 80,000 100 105 Westcoast Energy Inc. 9.90% 01-10-20 65,000 88 95 Westcoast Energy Inc. 8.85% 07-21-25 100,000 129 141 Westcoast Energy Inc. 7.30% 12-18-26 120,000 131 148

Total Corporate - Non Convertible 6,852 7,157



Canadian Common StockEnergy Enbridge Inc. 14,400 345 580 Husky Energy Inc. 14,572 376 1,137 Nexen Inc. 14,900 304 957 Petro-Canada 19,800 620 945 Talisman Energy Inc. 45,840 357 908 Materials Alcan Inc. 12,600 541 715 Barrick Gold Corp. 13,800 380 495 Kinross Gold Corp. 21,400 269 296 NOVA Chemicals Corp. 4,800 168 156 Industrials Canadian Pacific Railway Ltd. 3,500 107 215 Quebecor World Inc. Sub. voting 14,600 406 197 Consumer Discretionary Magna International Inc. Class A Sub. voting 6,400 501 601 Quebecor Inc. Class B Sub. voting 12,800 310 459 Thomson Corp. 20,600 857 997 Consumer Staples Molson Coors Canada Inc. Class B non-voting Exch. 13,184 1,030 1,172 Shoppers Drug Mart Corp. 13,900 584 696 Health Care MDS Inc. 11,100 185 236 Financials Bank of Montreal 14,900 606 1,028 Canadian Imperial Bank of Commerce 5,200 257 510 Manulife Financial Corp. 44,300 870 1,744 Onex Corp. Sub. voting 8,400 158 238

62






Canadian Common Stock (continued)Financials (continued) Sun Life Financial Inc. 33,900 1,261 1,673 The Bank of Nova Scotia 12,400 323 646 The Toronto-Dominion Bank 24,500 940 1,708 Information Technology Open Text Corp. 14,900 345 356 Telecommunication Services BCE Inc. 32,963 904 1,035 Bell Aliant Regional Communications Income Fund 2,675 89 72 Utilities TransAlta Corp. 17,200 342 458



Chevron Corp. 8,300 506 712ConocoPhillips 4,177 301 350Devon Energy Corp. 3,300 155 258

Industrials

3M Co. 5,600 500 509Masco Corp. 12,900 454 449United Technologies Corp. 6,000 331 437


Comcast Corp. Class A 12,300 395 607Lowe's Co. Inc. 6,400 211 232McDonald's Corp. 6,200 227 320

Consumer Staples

Anheuser-Busch Co. Inc. 7,000 368 402CVS Corp. 13,300 376 479Kellogg Co. 4,300 220 250Kimberly-Clark Corp. 5,300 396 420

Health Care

Abbott Laboratories 6,900 346 392Johnson & Johnson 8,230 588 634Pfizer Inc. 20,150 769 609WellPoint Inc. 3,900 270 358Zimmer Holdings Inc. 3,500 222 320

63






United States Common Stock (continued)Financials

Bank of America Corp. 9,600 520 598Citigroup Inc. 9,450 575 614The Allstate Corp. 4,900 283 372Wells Fargo & Co. 8,100 301 336


Cisco Systems Inc. 13,700 294 437First Data Corp. 8,600 314 256International Business Machines Corp. 4,650 499 527Microsoft Corp. 18,100 561 630

Telecommunication Services

Sprint Nextel Corp. 12,400 240 273Verizon Communications Inc. 9,850 451 428



Investment Fund Units Beutel Goodman Cash Management Fund 202,208 2,022 2,022 Total Investment Fund Units 2,022 2,022


64

North American Equity Fund 2.40BG


Canadian Common StockEnergy Enbridge Inc. 62,100 1,644 2,501 Husky Energy Inc. 62,908 2,419 4,909 Nexen Inc. 64,800 2,095 4,160 Petro-Canada 81,900 2,945 3,911 Talisman Energy Inc. 193,595 2,153 3,833 Materials Alcan Inc. 55,100 2,552 3,129 Barrick Gold Corp. 59,800 1,720 2,144 Kinross Gold Corp. 93,600 1,147 1,294 NOVA Chemicals Corp. 20,100 677 653 Industrials Canadian Pacific Railway Ltd. 15,200 578 933 Quebecor World Inc. Sub. voting 61,600 1,368 832 Consumer Discretionary Magna International Inc. Class A Sub. voting 27,600 2,243 2,591 Quebecor Inc. Class B Sub. voting 55,303 1,380 1,984 Thomson Corp. 89,000 3,811 4,306 Consumer Staples Molson Coors Canada Inc. Class B non-voting Exch. 56,336 4,412 5,004 Shoppers Drug Mart Corp. 59,400 2,522 2,975 Health Care MDS Inc. 46,100 828 981 Financials Bank of Montreal 65,000 3,137 4,484 Canadian Imperial Bank of Commerce 21,950 1,326 2,158 Manulife Financial Corp. 192,700 4,839 7,583 Onex Corp. Sub. voting 36,400 709 1,032 Sun Life Financial Inc. 147,100 5,907 7,255 The Bank of Nova Scotia 53,800 1,736 2,803 The Toronto-Dominion Bank 107,400 4,948 7,488 Information Technology Open Text Corp. 64,300 1,339 1,537

Telecommunication Services BCE Inc. 142,557 3,899 4,476 Bell Aliant Regional Communications Income Fund 11,295 374 304 Utilities TransAlta Corp. 73,500 1,527 1,958





65

North American Equity Fund 2.40BG






Chevron Corp. 15,600 973 1,338ConocoPhillips 8,179 574 686Devon Energy Corp. 6,800 356 532

Industrials

3M Co. 11,200 1,003 1,018Masco Corp. 25,150 846 876United Technologies Corp. 11,300 675 824


Comcast Corp. Class A 23,100 774 1,140Lowe's Co. Inc. 13,000 438 472McDonald's Corp. 12,200 452 631

Consumer Staples

Anheuser-Busch Co. Inc. 13,700 705 786CVS Corp. 26,400 793 952Kellogg Co. 8,700 450 508Kimberly-Clark Corp. 10,200 743 808

Health Care

Abbott Laboratories 13,500 667 767Johnson & Johnson 15,600 1,086 1,201Pfizer Inc. 39,000 1,358 1,178WellPoint Inc. 7,500 535 688Zimmer Holdings Inc. 6,900 438 631

Financials

Bank of America Corp. 19,300 1,045 1,202Citigroup Inc. 18,600 1,112 1,208The Allstate Corp. 9,800 569 744Wells Fargo & Co. 15,000 562 622

Information TechnologyCisco Systems Inc. 27,200 593 867First Data Corp. 17,400 624 518International Business Machines Corp. 8,950 928 1,014Microsoft Corp. 34,500 1,014 1,201


Sprint Nextel Corp. 23,700 459 522Verizon Communications Inc. 19,250 818 835


Total Common Stock 84,825 110,988 Investment Fund Units Beutel Goodman Cash Management Fund 1,303,778 13,038 13,038

Total Investment Fund Units 13,038 13,038 Total Investments 97,863 124,026

66

Canadian Equity Fund 2.18G


Canadian Common StockEnergy Alberta Clipper Energy Inc. 306,000 1,856 1,845 Alberta Clipper Energy Inc. Private Placement 317,000 1,902 1,912 Breaker Energy Ltd. Class A 481,100 3,009 2,805 Canadian Natural Resources Ltd. 225,700 13,590 14,027 Canyon Services Group Inc. 224,300 2,931 1,110 Cyries Energy Inc. 380,300 5,050 4,815 EnCana Corp. 457,400 20,686 24,544 Galleon Energy Inc. Class A 295,400 6,609 5,341 Horizon North Logistics Inc. 634,952 2,062 2,260 Husky Energy Inc. 214,100 14,415 16,708 Imperial Oil Ltd. 253,700 11,234 10,891 Nexen Inc. 180,600 11,321 11,595 NuVista Energy Ltd. 390,900 4,238 5,082 Suncor Energy Inc. 254,500 22,149 23,361 SXR Uranium One Inc. 598,800 5,164 9,581

Materials Aber Diamond Corp. 136,100 5,618 5,852 Agnico-Eagle Mines Ltd. 180,500 7,196 8,680 Alcan Inc. 243,100 12,276 13,803

Aurelian Resources Inc. 28,400 1,043 880 Aurelian Resources Inc. Private Placement 55,000 2,063 1,705 Equinox Minerals Ltd. 3,111,000 6,106 5,880 Goldcorp Inc. 387,000 12,360 12,813 HudBay Minerals Inc. 222,700 3,840 4,864 Inmet Mining Corp. 84,200 4,891 5,255 Kinross Gold Corp. 790,600 10,892 10,926 Miramar Mining Corp. 2,158,200 9,336 11,460 Pan American Silver Corp. 97,100 2,839 2,855 Teck Cominco Ltd. Class B Sub. voting 124,200 8,064 10,917 Industrials CAE Inc. 978,200 8,595 10,516 Canadian National Railway Co. 155,500 6,943 7,786 Canadian Pacific Railway Ltd. 170,100 9,913 10,444 SNC-Lavalin Group Inc. 262,600 7,983 8,264 Consumer Discretionary The Forzani Group Ltd. Class A 375,200 6,098 7,193 Gildan Activewear Inc. 87,100 5,165 4,746




67

Canadian Equity Fund 2.18G





Canadian Common Stock (continued)Consumer Discretionary (continued) Reitmans (Canada) Ltd. 234,300 5,281 5,178 Shaw Communications Inc. Class B non-voting 272,500 8,166 10,058 Thomson Corp. 256,200 11,743 12,395 Consumer Staples Metro Inc. Class A Sub. voting 159,300 5,438 6,044 Shoppers Drug Mart Corp. 225,300 9,182 11,285 Financials Bank of Montreal 98,700 6,523 6,810 The Bank of Nova Scotia 435,500 15,336 22,690 Canadian Imperial Bank of Commerce 148,600 9,017 14,607 Manulife Financial Corp. 704,100 21,015 27,706 National Bank of Canada 63,100 2,683 4,154 Onex Corp. Sub. voting 265,900 5,359 7,538 Quest Capital Corp. 631,800 2,028 1,903 Royal Bank of Canada 597,380 19,503 33,155 Sun Life Financial Inc. 277,800 11,420 13,701 The Toronto-Dominion Bank 328,500 15,790 22,903 Information Technology Cognos Inc. 112,900 5,438 5,594 Research In Motion Ltd. 54,300 6,209 8,091 Telecommunication Services Rogers Communications Inc. Class B non-voting 400,000 11,956 13,880 TELUS Corp. 205,600 10,011 11,004 Webtech Wirelss Inc 345,400 1,846 1,958

Total Canadian Common Stock 441,381 521,370 Total Investments 441,381 521,370

68

Equity/Bond Fund 2.15G


Canadian BondsFederal Government Broadcast Centre Trust 7.53% 05-01-27 363,863 431 470 Canada Housing Trust 3.75% 03-15-10 1,850,000 1,814 1,831 Canada Housing Trust 4.05% 03-15-11 5,000,000 5,003 4,992 Government of Canada 4.50% 06-01-15 10,700,000 10,914 11,018 Government of Canada 5.75% 06-01-33 1,725,000 2,110 2,169 Milit-Air Inc. 5.75% 06-30-19 1,356,732 1,425 1,468

Total Federal Government 21,697 21,948 Provincial Ontario School Board 5.8% 11-07-28 499,656 498 551 Province of Alberta 5.93% 09-16-16 206,717 223 222 Province of British Columbia 6.25% 12-01-09 300,000 289 317 Province of British Columbia 8.00% 09-08-23 765,000 924 1,079 Province of Manitoba 5.25% 03-02-09 25,000 25 26 Province of Manitoba 5.10% 11-15-09 Callable 04 386,000 361 396 Province of Manitoba 6.50% 09-22-17 1,017,000 1,070 1,195 Province of New Brunswick 6.375% 06-15-10 641,000 668 687 Province of Ontario 3.21% 08-13-09 290,448 291 286 Province of Ontario 4.5% 03-08-15 1,375,000 1,385 1,393 Province of Ontario 6.50% 03-08-29 925,000 1,027 1,173 Province of Ontario 5.60% 06-02-35 1,650,000 1,908 1,922 Province of Quebec 5.50% 06-01-09 425,000 463 438 Province of Quebec 5.50% 12-01-14 1,675,000 1,833 1,799 Province of Quebec 5.0% 12-01-15 1,650,000 1,730 1,718 Province of Quebec 6.00% 10-01-29 957,000 922 1,130 Province of Saskatchewan 6.15% 09-01-10 641,000 659 685 Total Provincial 14,276 15,017

Corporate - Non Convertible 407 ETR International Inc. 5.75% 02-14-36 450,000 449 465 Alliance Pipeline LP 7.181% 06-30-23 303,768 347 366 Alliance Pipeline LP 7.217% 12-31-25 351,431 351 426 Bank of Montreal 5.75% 04-02-13 949,000 934 962 Bank of Nova Scotia 4.26% 04-07-08 1,125,000 1,125 1,125 Bank of Nova Scotia 3.318% 08-18-09 180,208 180 178 Bank of Nova Scotia 4.92% 09-15-11 450,000 450 461 Bank of Nova Scotia 4.56% 10-30-13 1,825,000 1,856 1,837 Bell Aliant Regional Communications LP 4.72% 09-26-11 450,000 450 451 BNS Capital Trust/ Batts II 5.65% 12-31-36 200,000 200 208 Canada Mortgage Acceptance Corp. 4.21% 02-15-09 141,367 59 141 Canadian Capital Auto Receivables Asset Trust 4.393% 01-17-09 850,000 850 850 Canadian Pacific Railway Co. 6.91% 10-01-24 471,994 467 547 Consumers Waterheater 4.70% 01-28-08 375,000 375 376 DaimlerChrysler 3.90% 12-13-07 500,000 499 497 GE Capital Canada Funding Co. 3.65% 06-07-10 1,125,000 1,108 1,103 Genesis Trust 4.00% 03-15-10 950,000 950 943




69






Canadian Bonds (continued)Corporate - Non Convertible (continued) Golden Credit Card Trust 4.16% 10-15-08 640,000 640 639 Hydro One Inc. 4.64% 03-03-16 550,000 559 554 Manitoba Telecom Services Inc. 5.25% 06-10-09 575,000 588 583 Manulife Financial Capital Trust 6.70% 06-30-12 825,000 876 912 Master Credit Card Trust Series 2006-1 & 2 Class A 4.444% 11-21-11 450,000 450 453 Molson Coors Capital Finance ULC 5.00% 09-22-15 575,000 574 568 NAV Canada 7.56% 03-01-27 720,000 793 880 RBC Capital Trust 4 4.87% 12-31-15 950,000 950 949 Royal Bank of Scotland 5.37% 11-29-49 550,000 550 568 Thomson Corp. 5.20% 12-01-14 275,000 274 286 TransCanada Pipelines Ltd. 5.65% 01-15-14 650,000 677 692 YPG Holdings Inc. 5.25% 02-15-16 550,000 525 539




Canadian Common StockEnergy Alberta Clipper Energy Inc. 59,700 360 360 Alberta Clipper Energy Inc. Private Placement 44,100 265 266 Breaker Energy Ltd. Class A 103,200 645 602 Canadian Natural Resources Ltd. 31,700 1,909 1,970 Canyon Services Group Inc. 48,200 630 239 Cyries Energy Inc. 53,600 712 679 EnCana Corp. 64,000 2,917 3,433 Galleon Energy Inc. Class A 39,850 891 720 Horizon North Logistics Inc. 96,506 313 344 Husky Energy Inc. 28,900 1,945 2,255 Imperial Oil Ltd. 35,400 1,568 1,520 Nexen Inc. 25,200 1,581 1,618 NuVista Energy Ltd. 52,800 523 686 Suncor Energy Inc. 34,800 3,024 3,194 SXR Uranium One Inc. 80,800 698 1,293 Materials Aber Diamond Corp. 18,900 780 813 Agnico-Eagle Mines Ltd. 25,500 1,017 1,226 Alcan Inc. 32,900 1,688 1,868 Aurelian Resources Inc. 3,900 143 121 Aurelian Resources Inc. Private Placement 7,800 292 242 Equinox Minerals Ltd. 433,200 850 819 Goldcorp Inc. 53,100 1,696 1,758 HudBay Minerals Inc. 30,400 524 664 Inmet Mining Corp. 11,700 680 730 Kinross Gold Corp. 106,400 1,468 1,470

70






Canadian Common Stock (continued)Materials (continued) Miramar Mining Corp. 291,800 1,261 1,549 Pan American Silver Corp. 13,300 389 391 Teck Cominco Ltd. Class B Sub. voting 16,800 1,092 1,477 Industrials CAE Inc. 134,800 1,132 1,449 Canadian National Railway Co. 21,500 954 1,077 Canadian Pacific Railway Ltd. 22,800 1,327 1,400 SNC-Lavalin Group Inc. 36,300 1,109 1,142 Consumer Discretionary The Forzani Group Ltd. Class A 51,500 837 987 Gildan Activewear Inc. 11,800 700 643 Reitmans (Canada) Ltd. 32,100 724 709 Shaw Communications Inc. Class B non-voting 36,700 1,100 1,355 Thomson Corp. 34,800 1,594 1,684 Consumer Staples Metro Inc. Class A Sub. voting 22,900 782 869 Shoppers Drug Mart Corp. 30,700 1,252 1,538 Financials Bank of Montreal 13,400 884 925 The Bank of Nova Scotia 60,500 2,076 3,152 Canadian Imperial Bank of Commerce 20,700 1,280 2,035 Manulife Financial Corp. 95,900 2,818 3,774 National Bank of Canada 8,800 348 579 Onex Corp. Sub. voting 36,900 744 1,046 Quest Capital Corp. 77,100 247 232 Royal Bank of Canada 82,640 2,700 4,587 Sun Life Financial Inc. 37,500 1,523 1,850 The Toronto-Dominion Bank 44,800 2,154 3,123 Information Technology Cognos Inc. 15,400 742 763 Research In Motion Ltd. 5,400 617 805 Telecommunication Services Rogers Communications Inc. Class B non-voting 55,600 1,666 1,929 TELUS Corp. 28,400 1,384 1,520 Webtech Wirelss Inc. 47,100 252 267 Total Canadian Common Stock 60,807 71,747


Chevron Corp. 6,900 526 592ConocoPhillips 3,100 265 260

71






United States Common Stock (continued)Energy (continued)

Devon Energy Corp. 3,700 283 289Exxon Mobil Corp. 11,700 822 1,046Schlumberger Ltd. 4,900 350 361Transocean Inc. 4,000 362 377

Materials Hercules Inc. 12,800 254 288Kinross Gold Corp. 19,800 271 274Pactiv Corp. 7,500 224 312

Industrials

The Boeing Co. 5,000 486 518General Electric Co. 24,000 938 1,041Raytheon Co. 9,700 509 597Rockwell Collins Inc. 5,100 315 376United Technologies Corp. 2,800 196 204


Coach Inc. 6,300 281 316Comcast Corp. Class A 8,100 320 400KB Home 4,200 257 251Time Warner Inc. 15,000 313 381TJX Co. Inc. 11,700 348 389The Walt Disney Co. 11,400 385 456

Consumer Staples

PepsiCo Inc. 5,200 352 379The Procter & Gamble Co. 7,300 456 547Reynolds American Inc. 5,600 348 428

Health Care Abbott Laboratories 6,900 383 392Amgen Inc. 3,200 269 255Applera Corp. - Applied Biosystems Group 9,000 301 385Celgene Corp. 5,900 388 396Johnson & Johnson 5,400 367 416Mindray Medical Intl. Ltd. ADR 6,900 154 192Wyeth 6,700 407 398

Financials

American Express Co. 7,500 489 531American International Group Inc. 6,400 480 535Bank of America Corp. 8,400 471 523Citigroup Inc. 12,300 700 799Goldman Sachs Group Inc. 1,300 216 302JPMorgan Chase & Co. 10,200 484 575Merrill Lynch & Co. Inc. 3,700 314 402MetLife Inc. 5,700 343 392

72






United States Common Stock (continued)Financials (continued)

NYSE Group Inc. 4,500 514 510U.S. Bancorp. 12,300 458 519Wells Fargo & Co. 14,200 531 589


Apple Computer Inc. 3,300 291 326Baidu.com Inc. ADR 2,400 263 315Cisco Systems Inc. 16,300 406 519Hewlett-Packard Co. 11,200 418 538Intel Corp. 10,900 254 257International Business Machines Corp. 3,500 368 397Microsoft Corp. 17,400 501 606Qualcomm Inc. 5,700 261 251Sun Microsystems Inc. 77,300 449 489

Telecommunication ServicesAT&T Inc. 12,600 391 525Verizon Communications Inc. 9,200 388 400

Utilities

Allegheny Energy Inc. 10,800 447 578Duke Energy Corp. 15,300 516 593

Consumer Discretionary Focus Media Holding Limited 3,100 256 240


Total Common Stock 82,146 95,974 Investment Fund Units LL International Equity (54) JF 1,418,721 14,256 20,010

Total Investment Fund Units 14,256 20,010 Total Investments 150,481 171,508

73

Ethics Fund 2.77G

No.of Average MarketShares Cost Value

Canadian Common StockConsumer Discretionary The Forzani Group Ltd. Class A 27,200 434 522 Reitmans Ltd. 16,600 374 367 Thomson Corp. 12,100 552 585 Consumer Staples Metro Inc. Class A Sub. voting 11,800 403 448 Shoppers Drug Mart Corp. 14,100 600 706 Energy Alberta Clipper Energy Inc. 18,300 111 110 Alberta Clipper Energy Inc. Private Placement 22,600 136 136 Breaker Energy Ltd. Class A 122,200 748 712 Canyon Services Group Inc. 24,500 299 121 Cyries Energy Inc. 38,200 494 484 EnCana Corp. 33,200 1,876 1,783 Galleon Energy Inc. Class A 19,650 443 355 Horizon North Logistics Inc. 43,592 142 155 Nexen Inc. 17,900 1,129 1,149 Petro-Canada 11,900 574 568 Savanna Energy Services Corp. 6,700 197 127 STORM EXPLORATION INC. 72,000 435 511 Suncor Energy Inc. 17,800 1,558 1,634

Financials Bank of Montreal 12,900 785 891 The Bank of Nova Scotia 32,000 1,400 1,667 Canadian Imperial Bank of Commerce 11,000 837 1,081 Kingsway Financial Services Inc. 24,600 611 598 Manulife Financial Corp. 49,700 1,609 1,956 Onex Corp. Sub. voting 23,000 473 652 Quest Capital Corp. 154,100 475 464 Royal Bank of Canada 40,740 1,654 2,261 Sun Life Financial Inc. 20,500 897 1,011 The Toronto-Dominion Bank 26,800 1,563 1,868 Health Care Cardiome Pharma Corp. 49,100 605 639 Theratechnologies Inc. 167,800 320 1,191 Information Technology MOSAID Technologies Inc. 12,100 352 334 Industrials Canadian National Railway Co. 11,700 535 586 Canadian Pacific Railway Ltd. 8,700 513 534 Hanfeng Evergree Inc. 104,600 304 441 Research In Motion Ltd. 4,000 457 596 WestJet Airlines Ltd. 41,000 442 612




74

Ethics Fund 2.77G





Canadian Common Stock (continued)Materials Agnico-Eagle Mines Ltd. 10,100 320 486 Agrium Inc. 15,000 486 548 Alcan Inc. 14,200 716 806 Augusta Resource Corp. Purchase Warrant 89,500 0 0 Aurelian Resources Inc. P.P. 1,200 45 37 Aurelian Resources Inc. 13,100 369 406 Cathay Forest Products Corporation 578,400 341 333 Cathay Forest Products Warrant 105,800 5 1 Equinox Minerals Ltd. 272,900 523 516 Goldcorp Inc. 23,500 723 778 Kinross Gold Corp. 38,200 551 528 LionOre Mining International Ltd. 34,800 240 461 Major Drilling Group International Inc. 21,600 515 563 Miramar Mining Corp. 95,000 370 504 Teck Cominco Ltd. Class B Sub. voting 8,000 647 703

Telecommunication Services Rogers Communications Inc. Class B non-voting 23,200 508 805 TELUS Corp. 11,800 625 633 Webtech Wirelss Inc. 51,700 276 293 Total Canadian Common Stock 31,597 36,256

United States Common StockConsumer Discretionary

PHILLIPS-VAN HEUSEN 8,300 407 486

Total United States Common Stock 407 486


Investment Fund Units Trinidad Energy Services Income Trust 25,400 327 351

Total Investment Fund Units 327 351


75

Government Bond Fund 2.14G


Canadian BondsFederal Government Canada Housing Trust 3.70% 09-15-08 56,725,000 56,371 56,334 Canada Housing Trust 3.75% 03-15-10 42,150,000 41,738 41,719 Canada Housing Trust 4.05% 03-15-11 36,650,000 36,397 36,594 Export Development Canada 5.00% 02-09-09 125,000 124 127 Government of Canada 4.00% 09-01-10 5,350,000 5,305 5,354 Government of Canada 4.50% 06-01-15 4,000,000 4,156 4,119 Government of Canada 6.00% 06-01-11 13,275,000 14,652 14,347

Total Federal Governement 158,743 158,594 Provincial Ontario Hydro 5.60% 06-02-08 12,100,000 12,867 12,336 Province of Alberta 5.93% 09-16-16 1,284,592 1,388 1,379 Province of British Columbia 6.25% 12-01-09 150,000 145 159 Province of British Columbia 6.375% 08-23-10 4,900,000 5,412 5,273 Province of Manitoba 5.10% 11-15-09 Callable 04 225,000 217 230 Province of Manitoba 5.25% 03-02-09 450,000 471 461 Province of Manitoba 6.50% 09-22-17 300,000 303 353 Province of New Brunswick 6.375% 06-15-10 3,175,000 3,431 3,404 Province of Ontario 4.5% 03-08-15 14,100,000 14,199 14,288 Province of Ontario 6.10% 12-02-11 2,725,000 2,932 2,960 Province of Ontario 6.20% 11-19-09 1,125,000 1,158 1,188 Province of Quebec 5.0% 12-01-15 16,900,000 17,295 17,592 Province of Quebec 5.50% 06-01-09 1,375,000 1,476 1,417 Province of Saskatchewan 6.15% 09-01-10 1,750,000 1,881 1,870 Total Provincial 63,175 62,910






76

Mid Cap Canada Fund 2.16G


Canadian Common StockEnergy Alberta Clipper Energy Inc. 114,900 698 693 Alberta Clipper Energy Inc. Private Placement 145,300 872 876 Cyries Energy Inc. 254,400 3,282 3,221 Galleon Energy Inc. Class A 454,600 8,073 8,219 Highpine Oil & Gas Ltd. 256,500 4,231 4,027 Horizon North Logistics Inc. 321,309 1,044 1,144 Husky Energy Inc. 47,000 3,694 3,668 NuVista Energy Ltd. 478,500 6,801 6,221 Savanna Energy Services Corp. 205,500 6,066 3,892 SXR Uranium One Inc. 594,000 5,275 9,504 UEX Corp. 1,199,600 5,064 6,742 UTS Energy Corp. 663,400 3,088 2,992 Materials Arizona Star Resource Corp. 247,200 2,727 3,411 Aurelian Resources Inc. P.P. 7,600 285 236 Aurelian Resources Inc. 85,300 2,424 2,644 Corriente Resources Inc. 403,100 2,380 1,653 Equinox Minerals Ltd. 1,709,300 3,350 3,230 FNX Mining Co. Inc. 167,300 2,658 3,056 HudBay Minerals Inc. 122,300 2,107 2,671 LionOre Mining International Ltd. 225,100 1,610 2,982 Major Drilling Group International Inc. 302,600 7,242 7,892 Miramar Mining Corp. 1,936,800 7,051 10,284 Northern Orion Resources Inc. 415,800 1,881 1,763 Northern Orion Resources Inc. Purchase Warrants [ 40,230 8 99 Osisko Exploration Ltd. 248,200 1,379 2,748 Pan American Silver Corp. 172,400 4,438 5,069 Scorpio Mining Corporation 1,196,800 1,382 1,939 Industrials CAE Inc. 511,300 5,106 5,496 WestJet Airlines Ltd. 361,700 4,213 5,400 Consumer Discretionary Cogeco Cable Inc. Sub. voting 176,800 5,067 5,744 Reitmans (Canada) Ltd. 79,700 1,795 1,761 The Forzani Group Ltd. Class A 216,200 3,599 4,144 Thomson Corp. 79,700 3,647 3,856

Consumer Staples Metro Inc. Class A Sub. voting 103,100 3,617 3,912 Saskatchewan Wheat Pool 926,300 7,318 8,216 Health Care Cardiome Pharma Corp. 333,400 4,543 4,341 Cipher Pharmaceuticals Inc. 209,900 984 703




77

Mid Cap Canada Fund 2.16G





Canadian Common Stock (continued)Financials Canadian Western Bank 139,500 4,586 7,363 GMP Capital Trust 26,600 536 580 Industrial Alliance Insurance and Financial Services 113,700 3,166 4,109 Kingsway Financial Services Inc. 237,400 5,853 5,771 Laurentian Bank of Canada 268,300 7,780 8,116 Quest Capital Corp. 1,260,800 3,818 3,795 Information Technology Certicom Corp. 519,300 3,176 2,633 MOSAID Technologies Inc. 176,900 4,309 4,890 Q9 Networks Inc. 93,500 1,125 1,164 Wi-LAN Inc. 530,700 2,382 2,468 Telecommunication Serv. Webtech Wirelss Inc. 303,700 1,623 1,722



Phillips-Van Heusen 57,100 2,831 3,341 Information Technology

Alliance Data Systems Corp. 50,500 3,332 3,679Cognizant Technology Solutions Corp. 40,900 3,256 3,680

Total United Stated Common Stock 9,419 10,700


Investment Fund Units Trinidad Energy Services Income Trust 259,200 4,123 3,577



78

Managed by: GWL Investment Management Ltd.Par Average Market

Description Value Cost Value

BondsCanadian BondsFederal

Government of Canada 7.25% 06-01-07 8,800 9,766 8,908Provincial

Province of Ontario 4.75% 06-02-13 26,250 26,146 27,057Province of Quebec 5.50% 03-01-09 7,900 8,342 8,143

Total Canadian Bonds 42,950 44,254 44,108

Building Name Property Date of Total Market Date of last Square % Encum- 2006and Address Type Purchase Cost Value Appraisal Feet Leased brances NOI

@ MarketReal EstateAlberta

Minolta Building Industrial Dec 1/1998 3,163 4,100 Nov/05 41,149 100.00% (567) 3479651/9623-25th AvenueCalgary, Alberta

4103 84 Avenue Industrial Dec 1/1998 10,863 9,350 Nov/05 163,202 59.51% 3514103 - 84th AvenueCalgary, Alberta

Dresser Rand Industrial Dec 1/1998 3,260 3,600 Nov/05 38,308 100.00% 2889330 - 45th AvenueCalgary, Alberta

Fifth and Fifth Office Jun 12/2000 19,627 38,825 Jul/06 483,744 99.22% (10,169) 2,439605 - 5th Avenue S.W.Calgary, Alberta

Watermark Tower Office Jul 10/00 21,153 37,750 Jun/06 420,608 99.28% (9,219) 2,403530-8th Ave. S.W.Calgary, Alberta

Eastfield Dist Centre - Ph I Industrial Aug 01/01 17,391 22,400 Jun/06 275,597 100.00% 1,6114841 - 47 Street SECalgary, Alberta

North Rail Building Industrial Aug 01/01 13,021 15,800 Jun/06 262,652 100.00% 1,2532103 - 64th AvenueEdmonton, Alberta

Panorama Court Residential Aug 30/02 5,944 6,620 Jun/06 48,262 100.00% (2,959) 419617 - 15th Ave SWCalgary, Alberta

Prospect Business P.(Whitemud) Land Feb 28/03 10,712 12,099 Sep/04 n/a n/a 15Whitemud Drive Edmonton, Alberta

2340-22nd Street NE (Shoppers) Industrial Jun 01/04 6,041 6,700 Feb/06 116,724 94.86% 5242304-22nd Street NE Calgary, Alberta

325 25th Street SE Office Oct 29/04 33,872 41,550 Jun/06 167,875 99.98% (16,973) 2,807325 25th Street SECalgary, Alberta

First Canadian Centre Office Sep 23/05 71,079 78,563 Sep/06 513,862 99.47% 3,873350 - 7th Avenue SWCalgary, Alberta

Sterling Place Office Jun 21/06 7,482 7,427 Purchase 182,545 92.25% (1,524) 1819940 - 108th Street NWEdmonton, Alberta

Terrace Plaza Office Jun 21/06 4,671 4,637 Purchase 142,472 53.28% (2,317) 974445 Calgary Trail SouthEdmonton, Alberta

108th Street Office Jun 21/06 6,732 6,683 Purchase 164,899 94.89% (2,079) 2269942 - 108th Street NWEdmonton, Alberta

London Life Real Estate Fund 2.17GStatement of Investment Portfolio

as at December 31, 2006(In Thousands Of Dollars)

79




@ Market

1520 4th Street SW Office Jun 21/06 5,183 4,795 Purchase 111,696 89.46% (1,235) 1441520 4th Street SWCalgary, Alberta

1520 4th Street SW - Land Land Jun 21/06 2,613 2,593 Purchase n/a n/a (7)1520 4th Street SWCalgary, Alberta

Parke at Fish Creek Office Jun 21/06 4,434 4,401 Purchase 61,947 87.82% (2,154) 12214505 Bannister Road SECalgary, Alberta

Parke at Fish Creek - Land Land Jun 21/06 238 236 Purchase n/a n/a (4)14505 Bannister Road SECalgary, Alberta

Executive Place Office Jun 21/06 10,846 10,277 Purchase 118,687 100.00% (4,210) 2711816 Crowchild Trail NWCalgary, Alberta

Manchester Retail Jun 21/06 5,992 5,737 Purchase 210,820 95.78% 210303, 363 58th Avenue SECalgary, Alberta

Manchester - D Retail Jun 21/06 1,047 1,039 Purchase 23,847 100.00% (651) 40120 - 58th Avenue SECalgary, Alberta

Golden Acres Retail Jun 21/06 3,650 3,624 Purchase 57,799 100.00% (1,496) 1145010 & 5220 4th Street NECalgary, Alberta

Macleod Plaza Retail Jun 21/06 8,285 7,963 Purchase 124,011 98.00% (4,459) 2029250 Macleod Trail SECalgary, Alberta

First Canadian Centre Ph II Development 680 680 Purchase n/a n/a (0)350 - 7th Avenue SWCalgary, Alberta

British Columbia

1188 West Georgia St. Office May 31/01 37,020 45,500 Jun/06 208,833 96.43% (27,378) 3,1031188 West Georgia StreetVancouver, BC

Vancouver Centre Office Dec 12/01 27,949 34,700 Feb/06 499,572 93.92% (13,299) 2,257650 West Georgia StreetVancouver, BC

Laurier House Residential Jan 10/02 11,213 14,700 Mar/06 79,457 100.00% (6,102) 8194750 Arbutus StreetVancouver, BC

Knightsbridge Business Park Industrial Sep 3/02 13,569 16,600 Jul/05 256,694 87.95% (6,526) 1,147Delf PlaceRichmond, BC

4600 Jacombs Road Office Sep 18/02 7,142 8,875 Jul/05 85,689 100.00% 5434600 Jacombs RoadRichmond, BC

4250 Canada Way Office Dec 01/04 26,133 29,000 Jun/06 119,654 100.00% (15,748) 1,9304250 Canada WayBurnaby, BC

2760 - 2780 Sweden Way Retail May 05/05 9,118 9,250 Feb/06 62,094 100.00% 6272760 - 2780 Sweden WayRichmond, BC

Production Court I Office Nov 02/05 29,264 31,000 Purchase 297,668 99.40% 2,1138525 Baxter PlaceBurnaby, BC

12291 Riverside PUD Land Oct 31/05 4,447 4,841 Purchase n/a n/a (2)12291 Riverside WayRichmond, BC

80




@ Market

8585 Baxter Place Industrial May 24/06 2,454 2,454 Purchase 37,960 94.60% 1008585 Baxter PlaceRichmond, BC

Commerce Court Office Jun 21/06 10,925 10,845 Purchase 152,541 100.00% (5,725) 35713811 & 13911 Wireless WayRichmond, BC

Valley Centre Retail Jun 21/06 4,838 4,666 Purchase 79,633 95.77% (2,521) 14420151 Fraser HighwayLangley, BC

Poco Place Retail Jun 21/06 12,244 11,817 Purchase 163,862 87.11% (6,002) 3262755 Lougheed HighwayPort Coquitlam, BC

Riverside Heights Retail Jun 21/06 4,134 3,854 Purchase 118,822 94.56% 13814815 - 108th AvenueSurrey, BC

Country Club Centre Retail Jun 21/06 18,675 16,400 Purchase 283,851 99.04% (6,383) 4613200 Island HighwayNanaimo, BC

ManitobaOH Centre Office (333) 77760 Osborne St.Winnipeg, Manitoba

Ontario1591 Riverside Drive Residential Oct 19/1998 17,072 19,150 Mar/06 161,860 98.65% (10,096) 1,2421591 Riverside DriveOttawa, Ontario

One London Place Office May 1/1998 676 1,866 Jul/06 355,499 90.01% 175255 Queen StreetLondon, Ontario

400 Walmer Rd Residential Dec 27/00 28,660 28,875 May/06 564,122 98.90% (13,067) 2,043400 Walmar RoadToronto, Ontario

200 University Ave Office Nov 30/00 14,907 10,949 Sep/06 153,377 15.59% (714)200 University Ave.Toronto, Ontario

QCC Ph1 4210 Labelle St Industrial Jan 2/01 4,555 10,360 Sep/06 120,198 99.44% 7961162 Cyrville RoadGloucester, Ontario

2020 Walkley Rd Industrial Jan 2/01 7,990 7,889 Sep/06 114,404 99.73% 5852020 Walkley RoadOttawa, Ontario

QCC Ph2 1223 Michael St Office Mar 21/01 5,598 7,070 Sep/06 71,753 98.67% 6561223 Michael StreetOttawa, Ontario

Valleywood Corporate Centre Office Apr 30/01 13,482 12,950 Mar/06 156,258 92.99% (4,751) 87560 Columbia WayMarkham, Ontario

Valleywood Excess Land Land Apr 30/01 1,982 1,850 Mar/06 n/a n/a 060 Columbia WayMarkham, Ontario

QCC Ph3 4200 Labelle St Office Jan 2/01 11,086 14,840 Sep/06 99,790 95.96% 1,3381160 Cyrville RoadOttawa, Ontario

625 Cochrane Dr. Office Sept 11/01 13,227 12,170 Mar/06 162,156 93.71% 1,060625 Cochrane DriveMarkham, Ontario

360 Torrance St. Residential Sep 19/01 22,062 20,000 Oct/05 186,020 98.86% (7,723) 1,087360 Torrance StreetOttawa, Ontario

81




@ Market2220 Marine Drive Residential Aug 26/02 9,804 10,150 Jun/06 147,830 98.66% (4,853) 5622220 Marine DriveOakville, Ontario

269 Laurier Avenue West Office Jan 1/03 37,539 50,250 Oct/05 402,100 100.00% 3,611269 Laurier Avenue WestOttawa, Ontario

Grenadier Square Residential Mar 25/03 20,146 18,900 Jul/05 453,694 97.60% (25) 1,09840, 52 - 66 High Park Ave.Toronto, Ontario

Bayview Village Residential Mar 25/03 14,490 13,825 Jul/05 327,290 97.12% (1,731) 756640, 642, & 644 Sheppard Ave. EastToronto, Ontario

33 Yonge Street Office July 27/98 67,323 72,875 Nov/05 524,898 86.32% 3,85233 Yonge Street Toronto, Ontario

7070 Mississauga Road Office Aug 7/03 8,581 10,007 Aug/06 261,664 89.91% 7277070 Mississauga RoadMississauga, Ontario

Superior Business Park Industrial Oct 11/01 34,815 43,875 Aug/06 776,709 92.24% (18,619) 3,07855 - 425 Superior BlvdMississauga, Ontario

Goreway Business Park Industrial Oct 11/01 43,772 55,770 Aug/06 1,011,706 99.25% (17,538) 3,959Brampton Industrial ParkBrampton, Ontario

Winston Business Park (*) Industrial Oct 11/01 30,805 40,755 Aug/06 659,396 92.07% (12,192) 2,8902679 - 2831 Bristol CircleOakville, Ontario(*) includes development property previously listed separately

Goreway - IPP Land Oct 11/01 9,538 9,834 Aug/06 n/a n/a (183)Brampton Industrial ParkBrampton, Ontario

1541 Riverside Drive Residential Aug 7/02 14,475 13,935 Mar/06 272,683 99.64% (2,854) 9821541 Riverside DriveOttawa, Ontario

1 Van Der Graaf Court Industrial Feb 16/04 3,277 3,930 May/06 102,165 100.00% 2661 Van Der Graaf CourtBrampton, On

1 Woodslea Road Industrial Feb 16/04 3,708 4,450 May/06 110,611 100.00% 3041 Woodslea RoadBrampton, On

1075 Clark Blvd. Industrial Feb 16/04 1,477 1,785 May/06 35,842 100.00% 1191075 Clark Blvd.Brampton, On

151 East Drive Industrial Feb 16/04 3,112 2,900 May/06 105,652 40.23% (103)151 East DriveBrampton, On

161 Orenda Road Industrial Feb 16/04 9,515 10,880 May/06 318,634 100.00% 764161 Orenda RoadBrampton, On

165 Orenda Road Industrial Feb 16/04 2,054 2,250 May/06 57,055 100.00% 151165 Orenda RoadBrampton, On

292-294 Walker Dr. Industrial Feb 16/04 2,812 3,395 May/06 74,427 99.87% 234292-294 Walker Dr.Brampton, On

300 Walker Dr. Industrial Feb 16/04 3,380 4,000 May/06 102,972 100.00% 272300 Walker Dr.Brampton, On

40 Summerlea Rd. Industrial Feb 16/04 3,769 4,460 May/06 119,849 100.00% 29640 Summerlea Rd.Brampton, On

82




@ Market5 Intermodal Dr. Industrial May 28/04 3,273 3,865 May/06 87,219 75.01% 2075 Intermodal Dr.Brampton, On

6 Shaftsbury Lane Industrial Feb 16/04 3,978 4,220 May/06 125,737 42.11% 1376 Shaftsbury LaneBrampton, On

8550 Airport Rd. Industrial Feb 16/04 7,488 7,925 May/06 263,850 0.00% 1458550 Airport Rd.Brampton, On

8705 Torbram Rd. Industrial Feb 16/04 9,064 11,040 May/06 294,007 100.00% 7228705 Torbram Rd.Brampton, On

2844 Bristol Circle Industrial Jan 31/05 6,071 7,085 Aug/06 132,500 100.00% 4952844 Bristol CircleOakville, On

Secretariat Court Land Land Mar 9/05 2,657 2,472 Mar/06 n/a n/a (3)Secretariat Court Mississauga, On

Derrydale Land Land Dec 1/05 6,763 6,763 Purchase n/a n/a 0Lot 11, Derrydale RoadMississauga, On

Wanless Centre Retail Sep 27/05 15,306 15,300 Purchase 103,675 99.93% 1,10610886 Hurontario StreetBrampton, On

Clarendon Lanes Residential Jan 18/06 15,806 16,482 Purchase 110,778 95.00% (8,504) 94420 York StreetOttawa, On

DuPont Lands (HFD) Land Sept 22/06 4,256 4,256 Purchase n/a n/a 07070 Mississauga RoadMississauga, Ontario

1475 Dundas Street East Retail Oct 24/06 3,603 3,654 Purchase 53,350 100.00% (1,514) 481475 Dundas Street EastMississauga, Ontario

1141 Kennedy Road Retail Oct 24/06 2,720 2,791 Purchase 34,284 100.00% (1,172) 361141 Kennedy RoadScarborough, Ontario

QuebecPlace Concorde Residential Nov 5/98 17,247 20,000 Jun/06 159,985 99.50% (5,624) 1,3613355 Queen Mary RoadMontreal, Quebec

575 Morgan Boulevard Industrial Aug 24/05 3,538 3,400 Feb/06 61,428 100.00% 227575 Morgan BoulevardBaie d'Urfe, Quebec

Plaza Vaudreuil Retail July 21/06 8,561 8,590 Purchase 131,217 100.00% (3,693) 23643 - 55 Cite des Jeunes Blvd.Vaudreuil - Dorion, Quebec

AtlanticPurdy's Wharf - Phase I Office Jul 21/05 20,512 22,064 Jul/06 327,061 91.80% (6,060) 1,5321959 Upper Water StreetHalifax, Nova Scotia

Purdy's Wharf - Phase II Office Jul 21/05 24,206 24,430 Jul/06 367,919 75.22% (6,834) 1,4381969 Upper Water StreetHalifax, Nova Scotia

United States396 West Greens Road - Conv Office Jun 21/06 9,919 9,994 Purchase 186,791 100.00% 371396 West Greens Road Houston, Texas

396 West Greens Land - Conv Land Jun 21/06 177 176 Purchase n/a n/a 0396 West Greens Road Houston, Texas

Westbelt Office Centre - Conv Office Jun 21/06 7,603 7,605 Purchase 136,800 73.50% (3,828) 1688101 Sam Houston ParkwayHouston, Texas

Real Estate - subtotal 1,135,208 1,290,258 16,764,251 (280,374) 74,714 less: encumbrances (274,010) (280,374) Capitalization of loss on assumed mortgages (2,121) - Total Real Estate 859,077 1,009,884

Total Investments 903,331 1,053,992

83

Science and Technology Fund 2.76G


Canadian Common StockConsumer Discretionary AlarmForce Industries Inc. 117,300 526 598 Cogeco Cable Inc. Sub. voting 23,800 677 773 Corus Entertainment Inc. Class B non-voting 11,200 441 465 Shaw Communications Inc. Class B non-voting 31,200 927 1,152 Health Care Cardiome Pharma Corp. 82,300 649 1,072 Cipher Pharmaceuticals Inc. 84,200 404 282 Paladin Labs Inc. 55,300 454 586 Industrials VRB Power Systems Inc. 519,500 336 291 Information Technology AXIA NetMedia Corp. 60,300 223 241 Belzberg Technologies Inc. 98,000 529 920 Certicom Corp. 117,300 687 595 Cognos Inc. 12,300 503 609 COM DEV International Ltd. 224,900 1,006 1,453 Computer Modelling Group Ltd. 115,600 714 1,282 Constellation Software Inc. 15,900 343 358 Emergis Inc. 220,700 1,167 1,165 Evertz Technologies Limited 31,500 403 433 Gemcom Software International Inc. 132,000 205 199 Gennum Corp. 38,400 502 543 March Networks Corp. 15,700 422 335 MOSAID Technologies Inc. 19,400 401 536 Q9 Networks Inc. 47,600 531 593 Research In Motion Ltd. 6,700 724 998 Sandvine Corporation 296,100 563 563 Systems Xcellence Inc. 42,300 752 992 Vecima Networks Inc. 53,600 520 536 Wi-LAN Inc. 292,100 528 1,358 Telecommunication Services BCE Inc. 23,073 655 724 Hostopia.com Inc. 51,400 308 334 Manitoba Telecom Services Inc. 7,500 347 348 Rogers Communications Inc. Class B non-voting 33,600 922 1,166 TELUS Corp. 18,900 983 1,012 Webtech Wirelss Inc. 127,100 553 721 Total Canadian Common Stock 18,905 23,233




84

Science and Technology Fund 2.76G






Priceline.com Inc. 6,100 302 310 Financials

The Chicago Mercantile Exchange Holdings Inc. 830 452 493Nasdaq-100 Index Tracking Stock 49,100 2,153 2,471

Information Technology Alliance Data Systems Corp. 10,800 709 787Cognizant Technology Solutions Corp. 5,800 441 522Hewlett-Packard Co. 9,100 427 437Microsoft Corp. 29,300 943 1,021




85

International Equity Fund


Global Common StockAustralia BHP Billiton Ltd. 264,100 3,030 6,150 Zinifex Ltd. 82,200 824 1,422 Belgium Dexia 144,130 3,122 4,604 Fortis 87,000 3,210 4,327 Brazil Petroleo Brasileiro SA - Petrobras ADR 37,901 3,603 4,552 Companhia Vale do Rio Doce ADR 186,830 2,058 6,480 Finland Nokia OYJ 298,686 7,092 7,118 France Accor SA 46,600 3,522 4,211 AXA 190,448 6,041 8,992 BNP Paribas SA 77,232 5,493 9,826 Imerys SA 42,068 2,184 4,365 Lafarge SA 43,000 4,709 7,460 Compagnie de Saint Gobain 87,700 4,845 8,593 Sanofi-Aventis SA 76,100 8,146 8,194 Total SA 251,840 12,773 21,187 Germany BASF AG 34,000 2,286 3,865 Bayerische Motoren Werke AG 61,742 2,857 4,135 Deutsche Post AG 152,642 3,896 5,367 Linde AG 1,715 161 207 SAP AG 70,000 6,684 4,338 Siemens AG 56,480 4,806 6,533 Hong Kong Esprit Holdings Ltd. 516,500 4,542 6,725 HSBC Holdings PLC 802,800 16,187 17,163 Ireland Bank of Ireland 181,500 3,221 4,889

Italy ENI SPA 425,271 8,771 16,681 Intesa Sanpaolo 532,000 3,943 4,791 Mediaset SPA 263,200 4,057 3,642 Unicredito Italiano SPA 727,100 4,974 7,432




86






Global Common Stock (continued)Japan Astellas Pharma Inc. 114,000 5,569 6,043 The Bank of Yokohama Ltd. 463,000 3,941 4,228 Canon Inc. 97,400 3,437 6,394 Credit Saison Co. Ltd. 68,500 2,871 2,752 Daikin Industries Ltd. 103,200 3,198 4,186 Hirose Electric Co. Ltd. 19,900 2,785 2,634 Honda Motor Co. Ltd. 152,000 4,487 7,000 Hoya Corp. 139,800 3,191 6,356 Mitsubishi Corp. 239,500 3,466 5,257 Mitsubishi UFJ Financial Group Inc. 676 7,674 9,737 Mitsui Fudosan Co. Ltd. 197,000 4,835 5,607 Mizuho Financial Group Inc. 657 6,177 5,472 Nidec Corp. 48,300 3,497 4,354 Nikko Cordial Corp. 278,000 4,859 3,718 Nitto Denko Corp. 71,600 4,777 4,181 Nomura Holdings Inc. 131,100 2,674 2,884 Secom Co. Ltd. 33,700 1,474 2,037 Seven & I Holdings Co. Ltd. 141,500 6,201 5,130 Shin-Etsu Chemical Co. Ltd. 65,800 3,114 5,139 SMC Corp. 27,800 4,034 4,598 Sony Corp. 98,000 4,894 4,897 Sumitomo Corp. 418,300 4,992 7,300 Sumitomo Mitsui Financial Group Inc. 638 7,607 7,627 South Korea Samsung Electronics Co. Ltd. GDR 9,100 1,868 3,491 Mexico Fomento Economico Mexicano SAB 20,200 1,293 2,727 Netherlands ING Groep NV 127,270 4,638 6,581 Koninklijke Philips Electronics NV 123,047 4,284 5,412 Reed Elsevier NV 238,938 4,400 4,752 Wolters Kluwer NV 147,600 3,669 4,951 Spain Altadis SA 70,210 1,945 4,285 Banco Bilbao Vizcaya Argentaria SA 269,000 6,314 7,553 Sweden Telefonaktiebolaget LM Ericsson B 1,708,500 6,249 8,048

87






Global Common Stock (continued)Switzerland Adecco SA Reg. 59,900 3,884 4,771 Holcim Ltd. Reg. 63,500 3,751 6,786 Nestle SA Reg. 22,740 6,845 9,420 Novartis AG Reg. 133,505 7,390 8,972 Roche Holding AG 43,900 6,000 9,177 UBS AG Reg. 184,200 9,208 13,049 Zurich Financial Services AG 18,747 5,277 5,883 United Kingdom Barclays PLC 630,320 6,237 10,506 BG Group PLC 334,778 2,617 5,297 BHP Billiton PLC 69,000 1,545 1,472 British Land PLC 125,760 1,672 4,922 Burberry Group PLC 76,098 1,065 1,122 Centrica PLC 597,268 3,100 4,834 GlaxoSmithKline PLC 384,848 12,725 11,810 Kingfisher PLC 757,820 4,701 4,127 Royal Bank of Scotland Group PLC 137,800 4,794 6,271 Schroders PLC 201,052 4,017 4,802 Smith & Nephew PLC 494,084 5,548 6,013 Standard Chartered PLC 209,800 4,093 7,147 Tesco PLC 1,275,345 6,989 11,779 Vodafone Group PLC 3,644,062 10,552 11,774 William Morrison Supermarkets PLC 1,045,552 5,102 6,076 Wolseley PLC 311,297 3,600 8,764 WPP Group PLC 448,055 5,864 7,064




88


Investment Fund Units Mackenzie MAXXUM Income Fund Series S 76,628,895 475,057 476,632 Total Investments 475,057 476,632


Security Description % of TotalGovernment of Canada 5.25% 2013/06/01 20.00%Government of Canada 5.25% 2012/06/01 12.50%Province of Quebec 6.25% 2032/06/01 5.30%Government of Canada 4.50% 2015/06/01 5.00%Province of Saskatchewan 6.40% 2031/09/05 3.50%Government of Canada 5.00% 2014/06/01 3.40%Government of Canada 4.50% 2007/09/01 2.90%Province of Ontario 5.85% 2033/03/08 2.80%JP Morgan Chase & Co. Call 3.877% 2015/09/08 2.80%Province of British Columbia 8.00% 2023/09/08 2.30%Toronto-Dominion Bank (The) 5.375% 2028/07/01 2.20%US Bank NA Call 3.80% 2015/08/09 2.00%Goldman Sachs Group Inc. 5.25% 2016/06/01 1.90%Sun Life Capital Trust 7.093% 2032/06/30 1.70%Bear Stearns Co. Inc. 5.45% 2014/11/12 1.70%American Express Canada 4.30% 2010/11/12 1.70%France Telecom SA 4.95% 2011/06/23 1.70%General Motors Acceptance Corp. of Canada Ltd. 4.45% 2007/09/21 1.60%TransCanada PipeLines Ltd. Call 5.10% 2017/01/11 1.50%Real Estate Asset Liquidity Trust 2004-1A1 4.445% 2013/05/12 1.50%Bell Canada 6.15% 2009/06/15 1.50%Province of New Brunswick 5.65% 2028/12/27 1.40%Bell Aliant Regional Communications Call 4.72% 2011/09/26 1.30%Province of British Columbia 4.70% 2037/06/18 1.30%Toronto-Dominion Bank Call Var 2016/12/14 1.30%


Income Fund 2.06MX


As at December 31, 2006

89

Balanced (P) Fund


Canadian BondsFederal Government Canada Housing Trust 5.10% 09-15-07 2,810,000 2,858 2,827 Canada Housing Trust 4.10% 12-15-08 1,614,000 1,621 1,614 Canada Housing Trust 4.65% 09-15-09 450,000 454 456 Canada Housing Trust 3.75% 03-15-10 1,763,000 1,753 1,745 Canada Housing Trust 3.55% 09-15-10 2,452,000 2,433 2,408 Canada Housing Trust 4.05% 03-15-11 2,465,000 2,453 2,461 Canada Housing Trust 4.60% 09-15-11 2,965,000 3,020 3,027 Canada Housing Trust 3.95% 12-15-11 1,255,000 1,253 1,246 Export Development Corp. 4.30% 06-01-16 768,000 766 771 Farm Credit Canada 4% 05-24-13 400,000 399 397 Farm Credit Canada 4.15% 12-01-15 390,000 388 387 Government of Canada 4.25% 09-01-09 2,180,000 2,219 2,194 Government of Canada 5.50% 06-01-10 545,000 574 571 Government of Canada 6.00% 06-01-11 325,000 356 351 Government of Canada 5.25% 06-01-13 893,000 947 954 Government of Canada 5.00% 06-01-14 1,628,000 1,707 1,725 Government of Canada 4.50% 06-01-15 1,210,000 1,252 1,246 Government of Canada 4.00% 06-01-16 1,510,000 1,487 1,501 Government of Canada 8.00% 06-01-23 2,887,000 3,917 4,194 Government of Canada 8.00% 06-01-27 695,000 983 1,057 Government of Canada 5.75% 06-01-29 675,000 792 829 Government of Canada 5.75% 06-01-33 1,282,000 1,577 1,612 Government of Canada 5.00% 06-01-37 1,475,000 1,664 1,703

Federal Government 34,873 35,276

Provincial Alberta Capital Finance Authority 5.00% 12-02-2013 745,000 798 781 CDP Financial Inc. 4.20% 10-14-08 275,000 275 275 Financement Quebec 5.25% 12-01-11 800,000 863 837 Governing Council of the University of Toronto 6.78% 07-18-31 193,000 193 251 Newfoundland & Labrador Hydro 5.70% 07-14-33 150,000 149 175 Omers Realty Corp 5.48% 12-31-12 Private Placement 640,000 657 680 Ontario School Board Financing Corp. 5.483% 11-26-29 363,894 364 390 Province of British Columbia 5.70% 06-01-09 610,000 645 632 Province of British Columbia 6.375% 08-23-10 600,000 674 646 Province of British Columbia 5.70% 06-18-29 1,182,000 1,173 1,385 Province of Manitoba 5.85% 01-25-11 266,000 288 283 Province of Manitoba 4.30% 03-01-16 200,000 202 199 Province of Manitoba 5.50% 11-15-18 359,000 401 394 Province of New Brunswick 4.50% 12-02-09 441,000 438 446 Province of New Brunswick 5.85% 12-01-11 270,000 270 290 Province of New Brunswick 4.50% 02-04-15 750,000 774 760 Province of New Brunswick 5.65% 12-27-28 254,000 258 292 Province of New Brunswick 5.50% 01-27-34 330,000 336 378 Province of Nova Scotia 6.25% 06-01-11 835,000 862 906 Province of Nova Scotia 5.80% 06-01-33 280,000 279 333 Province of Nova Scotia 4.50% 06-01-37 50,000 49 49




90

Balanced (P) Fund





Canadian Bonds (continued)Provincial (continued) Province of Ontario 5.70% 12-01-08 550,000 595 566 Province of Ontario 3.21% 08-13-09 239,314 240 236 Province of Ontario 6.10% 12-02-11 1,805,000 2,017 1,961 Province of Ontario 5.375% 12-02-12 190,000 194 202 Province of Ontario 4.5% 03-08-15 1,165,000 1,181 1,181 Province of Ontario 4.40% 03-08-16 320,000 312 321 Province of Ontario 4.85% 06-02-20 490,000 485 507 Province of Ontario 6.50% 03-08-29 1,475,000 1,808 1,870 Province of Ontario 5.85% 03-08-33 1,879,000 2,102 2,245 Province of Quebec 5.50% 06-01-09 1,382,000 1,457 1,425 Province of Quebec 5.50% 12-01-14 532,000 558 571 Province of Quebec 5.0% 12-01-15 660,000 703 687 Province of Quebec 4.50% 12-01-16 365,000 352 365 Province of Quebec 5.35% 06-01-25 215,000 213 232 Province of Quebec 6.00% 10-01-29 1,507,000 1,525 1,780 Province of Quebec 5.75% 12-01-36 1,110,000 1,209 1,298 Province of Saskatchewan 5.80% 09-05-33 450,000 456 538 The 55 School Board Trust 5.90% 06-02-33 668,000 680 792

Total Provincial 26,035 27,159

Municipal BC Municipal Financial Auth. 4.65% 04-19-16 359,000 371 366 British Columbia Municipal Finance Authority 4.90% 12-03-2013 585,000 603 609 Municipal Finance Authority of British Columbia 4.15% 10-13-15 310,000 304 305

Total Municipal 1,278 1,280

Corporate - Non Convertible 407 ETR International Inc. 5.96% 12-03-35 108,000 108 123 407 International Inc. 9.00% 08-15-07 950,000 1,001 974 Aeroports de Montreal 5.17% 09-17-35 100,000 100 101 Alliance Pipeline LP 5.546% 12-31-23 201,622 200 213 Alliance Pipeline Limited Partnership 6.765% 12-31-25 242,839 245 283 American Express Canada Credit Corp. 4.30% 11-12-10 450,000 449 450 Bank of Montreal 4.66% 03-31-09 183,000 183 184 Bank of Montreal 4.55% 08-01-17 311,000 311 310 Bank of Nova Scotia 3.93% 02-18-10 200,000 200 198 Bank of Nova Scotia 3.99% 03-04-13 311,833 312 308 Bank of Nova Scotia 4.56% 10-30-13 355,000 361 357 BC Telecom Inc. 9.65% 04-08-22 210,000 228 308 BCE Inc. 7.35% 10-30-09 275,000 295 295 Bell Canada 5.50% 08-12-10 80,000 81 83 Bell Canada 5.00% 02-15-17 250,000 249 249 Bell Canada 7.30% 02-23-32 Callable 175,000 199 211 BMO Capital Trust 6.685% 12-31-49 Callable 11 325,000 338 357 BNS Capital Trust/ Batts II 5.65% 12-31-36 80,000 80 83 Broadway Credit Card Trust 3.85% 03-17-09 268,000 268 266

91

Balanced (P) Fund





Canadian Bonds (continued)Corporate - Non Convertible (continued) Canadian Capital Auto Receivables Asset Trust 4.277% 01-17-08 383,000 383 382 Canadian Capital Auto Receivables Asset Trust 3.383% 06-17-08 540,000 540 532 Canadian Capital Auto Receivables Asset Trust 4.393% 01-17-09 383,000 383 383 Canadian Imperial Bank of Commerce 4.95% 09-02-10 640,000 640 653 Canadian Imperial Bank of Commerce 4.75% 01-21-13 FF 145,000 145 146 Canadian Natural Resources Ltd. 4.50% 01/23/13 300,000 300 295 Canadian Pacific Railway Ltd. 4.90% 06-15-10 285,000 285 290 Canadian Tire Corp. 4.95% 06-01-15 181,000 181 183 Canadian Tire Corp. 5.61% 09-04-35 215,000 215 212 Canadian Utilities Inc. 6.145% 11-22-17 85,000 85 95 Citigroup Finance Canada Inc. 4.3% 08-05-08 187,000 187 187 Citigroup Finance Canada Inc. 4.78% 06-15-09 438,000 438 443 Clarica Life Insurance Co. 6.65% 10-12-10 265,000 276 287 CU Inc 4.801% 11-22-21 125,000 125 125 CU Inc. 5.183% 11-21-35 160,000 160 163 DaimlerChrysler 3.95% 01-18-07 200,000 200 200 Enbridge Inc. 7.20% 06-18-32 60,000 68 72 Enbridge Pipelines Inc. 6.85% 10-26-09 270,000 276 288 EnCana Corp. 3.60% 09-15-08 350,000 346 346 Ford Credit Canada Ltd. 4.6% 02-20-07 248,000 248 248 Gaz Metropolitain Inc. 6.05% 11-10-08 208,000 216 214 Gaz Metropolitain Inc. 6.30% 10-31-33 79,000 78 93 GE Capital Canada Funding Co. 5.00% 04-23-08 512,000 515 517 GE Capital Canada Funding Co. 4.75% 05-02-11 290,000 290 295 GE Capital Canada Funding Co. 5.10% 06-01-16 275,000 277 285 GE Capital Canada Funding Co. 4.40% 02-07-11 195,000 195 196 Genesis Credit Card Trust 4.245% 09-15-11 490,000 490 489 Genesis Trust 4.00% 03-15-10 450,000 450 447 George Weston Ltd. 6.45% 10-24-11 353,000 356 383 Glacier Credit Card Trust 4.271% 11-18-11 150,000 150 150 Gloucester Credit Card Trust 4.445% 03-15-11 170,000 170 171 Golden Credit Card Trust 4.16% 10-15-08 280,000 280 279 Golden Credit Card Trust 4.047% 06-15-10 300,000 300 298 Greater Toronto Airports Authority F/R 2.80% 05-18-07 500,000 500 500 Greater Toronto Airports Authority 5.17% 06-02-08 340,000 342 344 Greater Toronto Airports Authority 6.70% 07-19-10 270,000 285 291 Greater Toronto Airports Authority 4.70% 02-15-16 510,000 510 511 Greater Toronto Airports Authority 6.98% 10-15-32 225,000 230 279 Greater Toronto Airports Authority 6.47% 02-02-34 183,000 183 215 Hollis Receivable Trust 6.77% 02-22-10 200,000 212 215 Household Financial Corp 4.50% 07-02-08 305,000 305 306 Household Financial Corp. 4.2% 04-13-09 391,000 390 390 HSBC Financial Corp. Ltd. 4.00% 05-03-10 225,000 224 223 HSBC Financial Corp. Ltd. 4.35% 10-06-11 175,000 175 174 Hydro One Inc. 4.00% 06-23-08 275,000 276 274 Hydro One Inc. 3.95% 02-24-09 185,000 186 184 Hydro One Inc. 5.77% 11-15-12 383,000 391 412 Hydro One Inc. 4.64% 03-03-16 235,000 235 237

92

Balanced (P) Fund





Canadian Bonds (continued)Corporate - Non Convertible (continued) Hydro One Inc. 6.93% 06-01-32 85,000 94 109 Hydro One Inc. 5.36% 05-20-36 315,000 313 336 Hydro One Inc. 6.59% 04-22-43 95,000 95 121 Interprovincial Pipeline Ltd. 8.20% 02-15-24 480,000 565 660 Loblaw Companies Ltd. 6.85% 03-01-32 485,000 491 564 Manulife Bank of Canada 3.967% 04-01-13 310,997 311 307 Manulife Financial Capital Trust 6.70% 06-30-12 415,000 444 459 Manulife Financial Capital Trust 4.448% 12-15-26 360,000 359 354 Maritimes & Northeast Pipelines Ltd. 6.90% 11-30-19 440,000 439 502 Master Credit Card Trust Series 2006-1 & 2 Class A 180,000 180 181 Mutual Life Assurance Co. of Canada 6.30% 05-15-28 125,000 115 145 NAV Canada 4.428% 02-24-11 195,000 195 196 NAV Canada 4.713% 02-24-16 395,000 395 400 NIF-T Auto Receivables 4.28% 02-23-08 395,000 395 394 NIF-T Auto Receivables 4.37% 02-23-09 275,000 275 275 Ottawa Macdonald-Cartier International Airport Authority 6.973% 05-25-32 179,104 179 217 Pancanadian Petroleum Ltd. 5.80% 06-02-08 180,000 182 183 RBC Capital Trust 4 4.87% 12-31-15 299,000 299 299 RBC Capital Trust 7.183% 12-29-49 210,000 228 233 Royal Bank of Canada 6.10% 01-22-13 F/F 510,000 514 519 Royal Bank of Canada 5.00% 01-20-14 221,000 229 229 Royal Bank of Canada 4.18% 06-01-14 248,000 248 247 Score Trust 4.949% 02-20-14 225,000 230 231 Scotiabank Capital Trust II 6.282% 12-29-49 Callable 06-30-2013 394,000 396 430 Shoppers Drug Mart Corp. 4.97% 10-24-08 275,000 276 278 Sobeys Inc. 7.16% 02-26-18 75,000 75 86 Sun Life Financial Inc. 4.95% 06-01-36 callable 06-01-16@ 100.00 425,000 422 433 Suncor Energy Inc. 6.70% 08-22-11 760,000 791 832 TD Capital Trust 4.97% 10-30-15 200,000 200 202 TELUS Corp. 5.00% 06-03-13 50,000 50 51 Terasen Inc. 8% 04-19-40 Call 10 280,000 277 299 The Toronto-Dominion Bank 4.54% 09-05-13 175,000 176 176 The Toronto-Dominion Bank 5.69% 06-03-18 367,000 378 391 Thomson Corp. 5.20% 12-01-14 237,000 248 246 Toronto Dominion Bank 4.87% 10-28-16 callable [email protected] 180,000 180 184 Toronto Dominion Bank Resets Tier 2A 4.779% 12-14-16 100,000 100 99 TransCanada Pipelines Ltd. 5.65% 01-15-14 191,000 197 203 TransCanada Pipelines Ltd. 9.80% 12-20-17 160,000 205 229 TransCanada Pipelines Ltd. 6.50% 12-09-30 185,000 172 215 Wells Fargo Finance Canada 3.45% 01-25-08 250,000 250 248 Wells Fargo Finance Canada 4.75% 06-29-09 430,000 438 435 Wells Fargo Finance Canada 4.40% 12-12-12 300,000 299 300 Wells Fargo Financial Canada 4.33% 12-06-13 240,000 240 238 Wells Fargo Finance Canada 4.38% 06-30-15 390,000 390 385 Westcoast Energy Inc. 7.20% 01-26-10 360,000 383 389



93

Balanced (P) Fund





Canadian Common StockEnergy Cameco Corp. 29,151 959 1,376 Canadian Natural Resources Ltd. 41,488 1,861 2,578 Centurion Energy International Inc. 20,144 260 240 Enbridge Inc. 7,354 275 296 EnCana Corp. 50,407 1,314 2,705 Ensign Energy Services Inc. 2,904 68 53 Husky Energy Inc. 10,014 375 781 Imperial Oil Ltd. 25,128 550 1,079 Nexen Inc. 23,004 688 1,477 Petro-Canada 41,318 1,074 1,973 Shell Canada Ltd. 20,656 445 899 Suncor Energy Inc. 28,152 1,170 2,584 Talisman Energy Inc. 87,188 1,150 1,726 TransCanada Corp. 29,799 651 1,210 Trican Well Service Ltd. 27,138 712 551 Western Oil Sands Inc. Class A 27,040 405 885 Materials Agnico-Eagle Mines Ltd. 19,276 468 927 Alcan Inc. 29,875 1,411 1,696 Alcan Inc. [US Shares] 3,252 140 185 Barrick Gold Corp. 67,620 1,911 2,424 Eldorado Gold Corp. 85,904 419 542 Goldcorp Inc. 64,736 1,051 2,143 Inmet Mining Corp. 11,601 333 724 Potash Corp. of Saskatchewan Inc. 5,888 676 983 Teck Cominco Ltd. Class B Sub. voting 14,679 324 1,290 Industrials CAE Inc. 60,428 570 650 Canadian National Railway Co. 44,092 1,395 2,208 Canadian Pacific Railway Ltd. 23,143 842 1,421 Finning International Inc. 16,263 543 777 SNC-Lavalin Group Inc. 4,282 123 135

Consumer Discretionary Alliance Atlantis Communications Inc. Class B non-voting 14,579 486 736 Canadian Tire Corp. Ltd. Class A non-voting 4,966 297 352 Magna International Inc. Class A Sub. voting 5,291 500 497 Rona Inc. 23,248 325 488 Shaw Communications Inc. Class B non-voting 26,775 605 988 Consumer Staples Alimentation Couche-Tard Inc. Class B Sub. voting 24,269 549 615 Loblaw Companies Ltd. 3,002 147 147 Metro Inc. Class A Sub. voting 10,451 360 397 Shoppers Drug Mart Corp. 21,994 572 1,102

94

Balanced (P) Fund





Canadian Common Stock (continued)Health Care Angiotech Pharmaceuticals Inc. 27,629 415 265 Biovail Corp. 11,202 249 276 Financials AGF Management Ltd. Class B non-voting 19,617 435 549 Bank of Montreal 29,893 1,137 2,063 Bank of Nova Scotia 64,753 1,724 3,374 Brookfield Asset Management Ltd. Class A limited voting 28,810 330 1,624 Canadian Imperial Bank of Commerce 21,113 1,254 2,075 CI Financial Income Fund 22,152 671 592 Kingsway Financial Services Inc. 22,033 329 536 Manulife Financial Corp. 118,507 2,501 4,663 National Bank of Canada 27,872 902 1,835 Royal Bank of Canada 94,485 3,029 5,244 Sun Life Financial Inc. 59,555 1,847 2,937 Toronto-Dominion Bank 69,999 2,678 4,880 TSX Group Inc. 6,390 267 298 Information Technology Celestica Inc. Sub. voting 33,577 644 305 Nortel Networks Corp. 29,983 1,218 938 Research In Motion Ltd. 9,297 784 1,385 Telecommunication Services BCE Inc. 33,114 1,062 1,040 Manitoba Telecom Services Inc. 11,525 484 535 Rogers Communications Inc. Class B non-voting 64,930 839 2,253 TELUS Corp. 36,117 1,190 1,933 Utilities TransAlta Corp. 12,953 294 345 Total Canadian Common Stock 50,287 81,785


Apache Corp. 5,150 430 399BJ Services Co. 10,350 449 354Chevron Corp. 6,146 389 527ConocoPhillips 5,742 441 482Exxon Mobil Corp. 25,111 1,606 2,244Marathon Oil Corp. 5,130 317 553Occidental Petroleum Corp. 8,600 409 490

Materials Air Products and Chemicals Inc. 5,580 398 457E.I. du Pont de Nemours and Co. 7,608 430 432

95

Balanced (P) Fund





United States Common Stock (continued)Industrials

3M Co. 6,723 617 611Caterpillar Inc. 6,775 504 484Eaton Corp. 5,210 400 457FedEx Corp. 3,730 386 472General Dynamics Corp. 6,216 370 539General Electric Co. 31,920 1,800 1,385Illinois Tool Works Inc. 8,361 463 450L-3 Communication Holdings Inc. 4,780 422 456Lockheed Martin Corp. 5,580 451 599

Consumer Discretionary Bed Bath & Beyond Inc. 10,680 456 475CBS Corp. Class B 12,347 448 449Circuit City Stores Inc. 16,400 471 363Coach Inc. 11,090 425 556KB Home 5,800 506 347Lennar Corp. Class A 6,510 440 398News Corp. Class A 21,414 401 536Nike Inc. Class B 4,419 413 510Nordstrom Inc. 10,700 439 616Tim Hortons Inc. 19,340 601 652Walt Disney Co. 13,500 439 540Viacom Inc. Class B 7,247 482 347

Consumer Staples Altria Group Inc. 9,860 724 987CVS Corp. 10,662 371 384PepsiCo Inc. 8,238 585 601The Procter & Gamble Co. 19,705 1,305 1,477Walgreen Co. 9,900 443 530Wal-Mart Stores Inc. 16,512 1,179 889

Health Care Amgen Inc. 7,664 638 610Coventry Health Care Inc. 6,832 380 399Genzyme Corp. 5,876 426 422Gilead Sciences Inc. 6,640 459 503Johnson & Johnson 17,052 1,301 1,313Medtronic Inc. 7,422 494 463Pfizer Inc. 38,606 1,825 1,166Stryker Corp. 6,448 358 414UnitedHealth Group Inc. 7,830 368 491Wyeth 9,990 541 593Zimmer Holdings Inc. 3,466 307 317

96

Balanced (P) Fund






American Express Co. 7,340 459 519American International Group Inc. 14,495 1,334 1,211Bank of America Corp. 26,069 1,318 1,623Bank of New York Co. Ltd. 10,970 425 503Capital One Financial Corp. 4,674 416 419Citigroup Inc. 25,475 1,506 1,655Countrywide Financial Corp. 9,400 356 465Franklin Resources Inc. 4,500 435 578JPMorgan Chase & Co. 21,343 959 1,202Lincoln National Corp. 6,690 430 518Merrill Lynch & Co. Inc. 6,977 580 757Morgan Stanley 5,798 487 551Prudential Financial Inc. 5,550 478 556The St. Paul Travelers Companies Inc. 9,789 524 613Wachovia Corp. 9,646 565 641Washington Mutual Inc. 8,370 445 444Wells Fargo & Co. 17,938 623 744


Autodesk Inc. 11,950 553 564Cisco Systems Inc. 34,987 1,277 1,115Dell Inc. 12,335 470 361Electronic Data Systems Corp. 13,765 425 442EMC Corp. 29,100 464 448Intel Corp. 15,730 605 371International Business Machines Corp. 9,120 1,207 1,033Maxim Integrated Products Inc. 14,000 553 500Microsoft Corp. 36,189 1,422 1,261Motorola Inc. 14,820 332 355National Semiconductor Corp. 16,960 514 449Qualcomm Inc. 11,440 574 504Symantec Corp. 21,170 512 515Texas Instruments Inc. 13,630 410 458


AT&T Inc. 16,500 500 688BellSouth Corp. 12,280 415 675Sprint Nextel Corp. 13,718 417 302Verizon Communications Inc. 16,507 974 717

Utilities Dynegy Inc. Class A 395 3 3Exelon Corp. 5,040 264 364FPL Group Inc. 9,984 438 634


97

Balanced (P) Fund





Global Common StockBermuda

Ingersoll-Rand Co. Class A 8,860 325 404 Nabors Industries Ltd. 10,600 455 368 Israel Teva Pharmaceutical Industries Ltd. ADR 12,250 474 444 Total Global Common Stock 1,254 1,216



98

Balanced Growth Fund 2.02L


Canadian BondsFederal Government Canada Housing Trust 5.10% 09-15-07 445,000 457 448 Canada Housing Trust 4.10% 12-15-08 289,000 290 289 Canada Housing Trust 3.75% 03-15-10 546,000 545 540 Canada Housing Trust 3.55% 09-15-10 701,000 691 688 Canada Housing Trust 4.05% 03-15-11 615,000 611 614 Canada Housing Trust 4.60% 09-15-11 755,000 769 771 Canada Housing Trust 3.95% 12-15-11 290,000 289 288 Export Development Corp. 4.30% 06-01-16 152,000 152 153 Farm Credit Canada 4% 05-24-13 80,000 80 79 Farm Credit Canada 4.15% 12-01-15 75,000 75 74 Government of Canada 4.25% 09-01-09 263,000 271 265 Government of Canada 5.50% 06-01-10 285,000 300 299 Government of Canada 6.00% 06-01-11 124,000 135 134 Government of Canada 5.25% 06-01-13 84,000 89 90 Government of Canada 5.00% 06-01-14 453,500 469 480 Government of Canada 4.50% 06-01-15 285,000 294 293 Government of Canada 4.00% 06-01-16 331,000 327 329 Government of Canada 8.00% 06-01-23 614,000 837 892 Government of Canada 8.00% 06-01-27 250,000 349 380 Government of Canada 5.75% 06-01-29 85,000 100 104 Government of Canada 5.75% 06-01-33 358,000 437 450 Government of Canada 5.00% 06-01-37 270,000 302 312

Total Federal Government 7,869 7,972 Provincial Alberta Capital Finance Authority 5.00% 12-02-2013 135,000 145 141 CDP Financial Inc. 4.20% 10-14-08 45,000 45 45 Financement Quebec 5.25% 12-01-11 145,000 156 152 Governing Council of the University of Toronto 6.78% 35,000 35 46 Newfoundland & Labrador Hydro 5.70% 07-14-33 30,000 30 35 Omers Realty Corp 5.48% 12-31-12 Private Placement 120,000 123 128 Ontario School Board Financing Corp. 5.483% 11-26-29 71,050 71 76 Province of British Columbia 5.70% 06-01-09 115,000 122 119 Province of British Columbia 6.375% 08-23-10 139,000 156 150 Province of British Columbia 5.70% 06-18-29 287,000 292 336 Province of Manitoba 5.85% 01-25-11 61,000 66 65 Province of Manitoba 4.30% 03-01-16 35,000 35 35 Province of Manitoba 5.50% 11-15-18 82,000 92 90 Province of New Brunswick 4.50% 02-04-15 150,000 155 152 Province of New Brunswick 4.50% 12-02-09 84,000 83 85 Province of New Brunswick 5.85% 12-01-11 35,000 35 38 Province of New Brunswick 5.65% 12-27-28 31,000 31 36 Province of Nova Scotia 6.25% 06-01-11 166,000 171 180 Province of Nova Scotia 5.80% 06-01-33 60,000 62 71 Province of Nova Scotia 4.50% 06-01-37 105,000 104 104 Province of Ontario 5.70% 12-01-08 160,000 173 165 Province of Ontario 3.21% 08-13-09 43,666 44 43




99






Canadian Bonds (continued)Provincial (continued) Province of Ontario 6.10% 12-02-11 350,000 390 380 Province of Ontario 5.375% 12-02-12 113,000 115 120 Province of Ontario 4.5% 03-08-15 290,000 294 294 Province of Ontario 4.40% 03-08-16 90,000 88 90 Province of Ontario 4.85% 06-02-20 90,000 89 93 Province of Ontario 6.50% 03-08-29 310,000 377 393 Province of Ontario 5.85% 03-08-33 495,000 553 591 Province of Quebec 5.50% 06-01-09 326,000 342 336 Province of Quebec 5.50% 12-01-14 127,000 134 136 Province of Quebec 5.0% 12-01-15 140,000 147 146 Province of Quebec 4.50% 12-01-16 85,000 82 85 Province of Quebec 5.35% 06-01-25 42,000 42 45 Province of Quebec 6.00% 10-01-29 354,000 359 418 Province of Quebec 5.75% 12-01-36 273,000 302 319 Province of Saskatchewan 5.80% 09-05-33 80,000 79 96 The 55 School Board Trust 5.90% 06-02-33 132,000 133 157 Total Provincial 5,752 5,991 Municipal BC Municipal Financial Auth. 4.65% 04-19-16 82,000 85 84 British Columbia Municipal Finance Authority 114,000 117 119 Municipal Finance Authority of British Columbia 80,000 78 79

Total Municipal 280 282 Corporate - Non Convertible 407 ETR International Inc. 5.96% 12-03-35 70,000 73 80 407 International Inc. 9.00% 08-15-07 240,000 255 246 Aeroports de Montreal 5.17% 09-17-35 15,000 15 15 Alliance Pipeline Limited Partnership 5.546% 12-31-23 43,678 43 46 Alliance Pipeline Limited Partnership 6.765% 12-31-25 39,638 40 46 American Express Canada Credit Corp. 4.30% 11-12-10 90,000 90 90 Bank of Montreal 4.66% 03-31-09 60,000 60 60 Bank of Montreal 4.55% 08-01-17 100,000 98 100 Bank of Nova Scotia 3.93% 02-18-10 190,000 187 188 Bank of Nova Scotia 3.99% 03-04-13 56,767 57 56 Bank of Nova Scotia 4.56% 10-30-13 80,000 81 81 BC Telecom Inc. 9.65% 04-08-22 40,000 43 59 BCE Inc. 7.35% 10-30-09 55,000 59 59 Bell Canada 5.50% 08-12-10 50,000 50 52 Bell Canada 5.00% 02-15-17 45,000 45 45 Bell Canada 7.30% 02-23-32 40,000 43 48 BMO Capital Trust 6.685% 12-31-49 Callable 11 85,000 89 93 BNS Capital Trust/ Batts II 5.65% 12-31-36 26,000 26 27 Broadway Credit Card Trust 3.85% 03-17-09 49,000 49 49 Canadian Capital Auto Receivables Asset Trust 4.277% 01-17-08 76,000 76 76 Canadian Capital Auto Receivables Asset Trust 3.383% 06-17-08 115,000 115 113

100






Canadian Bonds (continued)Corporate - Non Convertible (continued) Canadian Capital Auto Receivables Asset Trust 4.393% 01-17-09 76,000 76 76 Canadian Imperial Bank of Commerce 4.95% 09-02-10 125,000 125 128 Canadian Imperial Bank of Commerce 4.75% 01-21-13 105,000 106 105 Canadian Natural Resources Ltd. 4.50% 01/23/13 70,000 70 69 Canadian Pacific Railway Ltd. 4.90% 06-15-10 50,000 50 51 Canadian Tire Corporation 4.95% 06-01-15 34,000 34 34 Canadian Tire Corporation 5.61% 09-04-35 40,000 40 39 Canadian Utilities Inc. 6.145% 11-22-17 20,000 20 22 Citigroup Finance Canada Inc. 4.3% 08-05-08 35,000 35 35 Citigroup Finance Canada Inc. 4.78% 06-15-09 85,000 85 86 Clarica Life Insurance Co. 6.65% 10-12-10 70,000 73 76 CU Inc 4.801% 11-22-21 30,000 30 30 CU Inc. 5.183% 11-21-35 30,000 30 31 DaimlerChrysler 3.95% 01-18-07 30,000 30 30 Enbridge Inc. 7.20% 06-18-32 10,000 11 12 Enbridge Pipelines Inc. 6.85% 10-26-09 27,000 28 29 EnCana Corp. 3.60% 09-15-08 100,000 99 99 Ford Credit Canada Ltd. 4.6% 02-20-07 45,000 45 45 Gaz Metropolitain Inc. 6.05% 11-10-08 60,000 60 62 Gaz Metropolitain Inc. 6.30% 10-31-33 9,000 9 11 GE Capital Canada Funding Co. 5.00% 04-23-08 129,000 130 130 GE Capital Canada Funding Co. 4.75% 05-02-11 65,000 65 66 GE Capital Canada Funding Co. 5.10% 06-01-16 75,000 75 78 GE Capital Canada Funding Co. 4.40% 02-07-11 100,000 100 100 Genesis Credit Card Trust 4.245% 09-15-11 150,000 150 150 Genesis Trust 4.00% 03-15-10 85,000 85 84 George Weston Ltd. 6.45% 10-24-11 74,000 75 80 Glacier Credit Card Trust 4.271% 11-18-11 40,000 40 40 Gloucester Credit Card Trust 4.445% 03-15-11 40,000 40 40 Golden Credit Card Trust 4.16% 10-15-08 110,000 110 110 Golden Credit Card Trust 4.047% 06-15-10 60,000 60 60 Greater Toronto Airports Authority 5.17% 06-02-08 75,000 75 76 Greater Toronto Airports Authority 6.70% 07-19-10 37,000 38 40 Greater Toronto Airports Authority 4.70% 02-15-16 100,000 100 100 Greater Toronto Airports Authority 6.98% 10-15-32 80,000 82 99 Greater Toronto Airports Authority 6.47% 02-02-34 59,000 61 69 Greater Toronto Airports Authority F/R 2.80% 05-18-07 100,000 100 100 Hollis Receivable Trust 6.77% 02-22-10 65,000 69 70 Household Financial Corp. 4.50% 07-02-08 55,000 55 55 Household Financial Corp. 4.2% 04-13-09 60,000 60 60 HSBC Financial Corp. Ltd. 4.00% 05-03-10 41,000 41 41 HSBC Financial Corp. Ltd. 4.35% 10-06-11 35,000 35 35 Hydro One Inc. 4.00% 06-23-08 65,000 65 65 Hydro One Inc. 3.95% 02-24-09 34,000 34 34 Hydro One Inc. 5.77% 11-15-12 86,000 87 92 Hydro One Inc. 4.64% 03-03-16 50,000 50 50 Hydro One Inc. 6.93% 06-01-32 40,000 44 51 Hydro One Inc. 5.36% 05-20-36 60,000 60 64

101






Canadian Bonds (continued)Corporate - Non Convertible (continued) Hydro One Inc. 6.59% 04-22-43 20,000 20 25 Interprovincial Pipeline Ltd. 8.20% 02-15-24 80,000 91 110 Loblaw Companies Ltd. 6.85% 03-01-32 75,000 75 87 Manulife Bank of Canada 3.967% 04-01-13 56,752 57 56 Manulife Financial Capital Trust 6.70% 06-30-12 70,000 73 77 Manulife Financial Capital Trust 4.448% 12-15-26 75,000 75 74 Maritimes & Northeast Pipelines Ltd. 6.90% 11-30-19 80,000 79 91 Master Credit Card Trust 4.444% 11-21-11 45,000 45 45 Mutual Life Assurance Co. of Canada 6.30% 05-15-28 55,000 57 64 NAV Canada 4.428% 02-24-11 40,000 40 40 NAV Canada 4.713% 02-24-16 80,000 80 81 NIF-T Auto Receivables 4.28% 02-23-08 80,000 80 80 NIF-T Auto Receivables 4.37% 02-23-09 55,000 55 55 Ottawa Macdonald-Cartier International Airport Authority 6.973% 05-25-32 34,826 35 42 Pancanadian Petroleum Ltd. 5.80% 06-02-08 40,000 40 41 RBC Capital Trust 4 4.87% 12-31-15 59,000 59 59 RBC Capital Trust (RBC TruCs) 7.183% 12-29-49 80,000 87 89 Royal Bank of Canada 6.10% 01-22-13 172,000 172 175 Royal Bank of Canada 5.00% 01-20-14 88,000 91 91 Royal Bank of Canada 4.18% 06-01-14 50,000 50 50 Score Trust 4.949% 02-20-14 40,000 41 41 Scotiabank Capital Trust II 6.282% 12-29-49 84,000 84 92 Shoppers Drug Mart Corp. 4.97% 10-24-08 60,000 60 61 Sobeys Inc. 7.16% 02-26-18 15,000 15 17 Sun Life Financial Inc. 4.95% 06-01-36 90,000 89 92 Suncor Energy Inc. 6.70% 08-22-11 150,000 155 164 TD Capital Trust (Resets) 4.97% 10-30-15 45,000 45 46 TELUS Corp. 5.00% 06-03-13 15,000 15 15 Terasen Inc. 8% 04-19-40 Call 10 50,000 49 53 The Toronto-Dominion Bank 4.54% 09-05-13 95,000 95 95 The Toronto-Dominion Bank 5.69% 06-03-18 81,000 84 86 Thomson Corp. 5.20% 12-01-14 47,000 49 49 Toronto Dominion Bank 4.87% 10-28-16 70,000 70 71 Toronto Dominion Bank Resets Tier 2A 4.779% 12-14-16 25,000 25 25 TransCanada PipeLines Ltd. 5.65% 01-15-14 66,000 68 70 TransCanada PipeLines Ltd. 9.80% 12-20-17 35,000 45 50 TransCanada PipeLines Ltd. 6.50% 12-09-30 35,000 33 41 Wells Fargo Financial Canada Corp. 4.75% 06-29-09 146,000 148 148 Wells Fargo Financial Canada Corp. 4.40% 12-12-12 70,000 70 70 Wells Fargo Financial Canada Corp. 4.38% 06-30-15 75,000 75 74 Wells Fargo Financial Canada Corp. 3.45% 01-25-08 40,000 40 40 Wells Fargo Financial Canada Corp. 4.33% 12-06-13 55,000 55 55 Westcoast Energy Inc. 7.20% 01-26-10 90,000 96 97 Total Corporate - Non Convertible 7,503 7,722


102






Canadian Common StockEnergy Centurion Energy International Inc. 29,311 379 350 EnCana Corp. 22,684 461 1,217 Husky Energy Inc. 16,000 1,134 1,249 Iteration Energy Ltd. 39,129 177 172 Nexen Inc. 21,454 390 1,377 OPTI Canada Inc. 15,794 295 312 Pason Systems Inc. 20,800 348 276 Talisman Energy Inc. 24,968 424 494 Trican Well Service Ltd. 19,278 231 392 Western Oil Sands Inc. Class A 14,700 428 481 Materials Alcan Inc. 14,699 641 835 Barrick Gold Corp. 38,311 1,029 1,373 Gammon Lake Resources Inc. 20,800 336 395 Goldcorp Inc. 26,936 282 892 IAMGOLD Corp. 39,129 388 404 NOVA Chemicals Corp. 9,391 412 305 Teck Cominco Ltd. Class B Sub. voting 7,852 181 690 Industrials ACE Aviation Holdings Inc. Class B 8,538 302 321 ATS Automation Tooling Systems Inc. 20,800 294 232 CAE Inc. 42,600 432 458 Canadian National Railway Co. 14,215 231 712 Finning International Inc. 4,200 160 201 SNC-Lavalin Group Inc. 9,818 317 309 Consumer Discretionary Alliance Atlantis Communications Inc. Class B non-voting 7,897 237 399 Cogeco Cable Inc. Sub. voting 9,960 289 324 Dorel Industries Inc. Class B Sub. voting 8,680 314 274 Magna International Inc. Class A Sub. voting 5,336 444 501 Rona Inc. 12,735 101 267 The Forzani Group Ltd. Class A 19,778 323 379 Thomson Corp. 5,238 246 253 Tim Hortons Inc. 14,700 456 495 Consumer Staples Alimentation Couche-Tard Inc. Class B Sub. voting 15,300 384 388 Loblaw Companies Ltd. 7,399 279 361 Metro Inc. Class A Sub. voting 5,315 183 202 Shoppers Drug Mart Corp. 10,245 236 513 The Jean Coutu Group (PJC) Inc. Class A Sub. voting 20,620 280 284 Health Care Angiotech Pharmaceuticals Inc. 19,565 442 188 Biovail Corp. 5,848 128 144

103






Canadian Common Stock (continued)Financials Bank of Montreal 20,931 825 1,444 Canaccord Capital Inc. 11,739 120 218 Canadian Imperial Bank of Commerce 9,292 515 913 Manulife Financial Corp. 32,878 534 1,294 National Bank of Canada 10,200 680 672 Royal Bank of Canada 29,415 624 1,634 Sun Life Financial Inc. 7,826 342 386 The Bank of Nova Scotia 20,437 384 1,065 The Toronto-Dominion Bank 25,206 842 1,757 Information Technology Celestica Inc. Sub. voting 30,449 655 276 Constellation Software Inc. 12,500 213 281 Evertz Technologies Limited 21,540 221 296 Miranda Technologies Inc. 27,390 308 342 Nortel Networks Corp. 19,564 731 612 Open Text Corp. 11,739 274 281 Research In Motion Ltd. 3,201 261 477 Tundra Semiconductor Corp. 15,652 391 149 Telecommunication Services Rogers Communications Inc. Class B non-voting 35,652 848 1,237 TELUS Corp. Class A non-voting 13,948 808 726



FedEx Corp. 5,769 621 731 Consumer Discretionary

Apollo Group Inc. Class A 13,194 925 600Best Buy Co. Inc. 12,801 459 734Coach Inc. 24,190 874 1,212McDonald's Corp. 17,918 634 926

Consumer Staples

Costco Wholesale Corp. 10,680 576 658 Health Care

Aetna Inc. 20,836 630 1,049Forest Laboratories Inc. 17,226 884 1,016Gilead Sciences Inc. 12,405 765 939PerkinElmer Inc. 32,790 817 850Wyeth 13,124 632 779Zimmer Holdings Inc. 7,850 696 718

104







Goldman Sachs Group Inc. 5,278 620 1,227Merrill Lynch & Co. Inc. 9,484 557 1,030The St. Paul Travelers Companies Inc. 14,616 714 915


Agilent Technologies Inc. 21,146 569 859Cisco Systems Inc. 27,039 643 862Dell Inc. 14,339 649 420eBay Inc. 22,999 1,109 806Linear Technology Corp. 23,332 993 825Microsoft Corp. 18,206 801 634Oracle Corp. 37,739 598 754Texas Instruments Inc. 23,200 666 779Yahoo! Inc. 25,250 1,027 752



Investment Fund Units CI Financial Income Fund 30,465 882 814 GMP Capital Trust 22,248 399 485 Cinram International Income Fund 7,826 227 180



105

Bond Fund


Canadian BondsFederal Government Canada Housing Trust 5.10% 09-15-07 23,040,000 23,471 23,180 Canada Housing Trust 4.10% 12-15-08 26,520,000 26,630 26,514 Canada Housing Trust 4.65% 09-15-09 6,825,000 6,889 6,921 Canada Housing Trust 3.75% 03-15-10 28,052,000 27,895 27,766 Canada Housing Trust 3.55% 09-15-10 37,967,000 37,716 37,277 Canada Housing Trust 4.05% 03-15-11 44,320,000 44,127 44,253 Canada Housing Trust 4.60% 09-15-11 65,080,000 66,219 66,449 Canada Housing Trust 3.95% 12-15-11 22,970,000 22,926 22,811 Export Development Corp. 4.30% 06-01-16 13,746,000 13,703 13,805 Farm Credit Canada 4% 05-24-13 6,890,000 6,874 6,835 Farm Credit Canada 4.15% 12-01-15 6,925,000 6,886 6,876 Government of Canada 4.25% 09-01-09 43,528,000 45,218 43,800 Government of Canada 5.50% 06-01-10 26,101,000 27,509 27,359 Government of Canada 6.00% 06-01-11 4,993,000 5,524 5,396 Government of Canada 5.25% 06-01-13 14,970,000 15,871 15,997 Government of Canada 5.00% 06-01-14 37,423,500 39,244 39,648 Government of Canada 4.50% 06-01-15 14,500,000 14,983 14,930 Government of Canada 4.00% 06-01-16 28,430,000 27,999 28,252 Government of Canada 8.00% 06-01-23 53,495,000 73,704 77,697 Government of Canada 8.00% 06-01-27 13,483,000 19,063 20,511 Government of Canada 5.75% 06-01-29 12,474,000 14,653 15,325 Government of Canada 5.75% 06-01-33 20,908,000 25,315 26,294 Government of Canada 5.00% 06-01-37 23,045,000 25,785 26,608

Total Federal Government 618,204 624,504 Provincial Alberta Capital Finance Authority 5.00% 12-02-2013 13,095,000 14,030 13,719 CDP Financial Inc. 4.20% 10-14-08 4,545,000 4,545 4,545 Financement Quebec 5.25% 12-01-11 12,230,000 13,197 12,794 Governing Council of the University of Toronto 6.78% 07-18-31 3,865,000 3,864 5,035 Newfoundland & Labrador Hydro 5.70% 07-14-33 4,300,000 4,276 5,010 Omers Realty Corp 5.48% 12-31-12 Private Placement 10,415,000 10,595 11,071 Ontario School Board Financing Corp. 5.483% 11-26-29 6,040,237 6,040 6,478 Province of British Columbia 5.70% 06-01-09 9,800,000 10,365 10,154 Province of British Columbia 6.375% 08-23-10 10,094,000 11,343 10,862 Province of British Columbia 5.70% 06-18-29 23,109,000 23,277 27,071 Province of Manitoba 5.85% 01-25-11 6,089,000 6,588 6,480 Province of Manitoba 4.30% 03-01-16 3,200,000 3,233 3,187 Province of Manitoba 5.50% 11-15-18 6,575,000 7,348 7,221 Province of New Brunswick 4.50% 12-02-09 7,651,000 7,593 7,729 Province of New Brunswick 5.85% 12-01-11 4,517,000 4,477 4,858 Province of New Brunswick 4.50% 02-04-15 13,225,000 13,611 13,402 Province of New Brunswick 5.65% 12-27-28 3,110,000 3,138 3,577 Province of New Brunswick 5.50% 01-27-34 5,000,000 5,096 5,723 Province of Nova Scotia 6.25% 06-01-11 13,092,000 13,497 14,204 Province of Nova Scotia 5.80% 06-01-33 3,125,000 3,116 3,714 Province of Nova Scotia 4.50% 06-01-37 3,612,000 3,570 3,569




106

Bond Fund





Canadian Bonds (continued)Provincial (continued) Province of Ontario 5.70% 12-01-08 9,700,000 10,489 9,976 Province of Ontario 3.21% 08-13-09 4,367,204 4,374 4,304 Province of Ontario 6.10% 12-02-11 27,955,000 31,237 30,370 Province of Ontario 5.375% 12-02-12 7,425,000 7,564 7,887 Province of Ontario 4.5% 03-08-15 22,545,000 22,833 22,846 Province of Ontario 4.40% 03-08-16 6,625,000 6,449 6,648 Province of Ontario 4.85% 06-02-20 7,585,000 7,512 7,846 Province of Ontario 6.50% 03-08-29 24,426,000 30,116 30,968 Province of Ontario 5.85% 03-08-33 37,691,000 42,328 45,030 Province of Quebec 5.50% 06-01-09 24,353,000 25,619 25,103 Province of Quebec 5.50% 12-01-14 8,579,000 9,020 9,215 Province of Quebec 5.0% 12-01-15 12,540,000 13,350 13,054 Province of Quebec 4.50% 12-01-16 6,710,000 6,468 6,717 Province of Quebec 5.35% 06-01-25 3,567,000 3,543 3,857 Province of Quebec 6.00% 10-01-29 27,886,000 28,030 32,929 Province of Quebec 5.75% 12-01-36 21,175,000 23,325 24,767 Province of Saskatchewan 5.80% 09-05-33 5,725,000 5,683 6,846 The 55 School Board Trust 5.90% 06-02-33 11,300,000 11,306 13,405

Total Provincial 462,045 482,171 Municipal British Columbia Municipal Finance Authority 4.90% 12-03-13 9,417,000 9,695 9,802 British Columbia Municipal Finance Authority 4.65% 04-19-16 6,576,000 6,801 6,704 Municipal Finance Authority of British Columbia 4.15% 10-13-15 6,100,000 5,984 6,004

Total Municipal 22,480 22,510 Corporate - Non Convertible 407 ETR International Inc. 9.00% 08-15-07 16,370,000 16,904 16,791 407 ETR International Inc. 5.96% 12-03-35 1,235,000 1,234 1,407 Aeroports de Montreal 5.17% 09-17-35 1,665,000 1,663 1,688 Alliance Pipeline Limited Partnership 5.546% 12-31-23 2,431,665 2,421 2,571 Alliance Pipeline Limited Partnership 6.765% 12-31-25 4,576,068 4,576 5,334 American Express Canada Credit Corp. 4.30% 11-12-10 8,595,000 8,579 8,591 Bank of Montreal 4.66% 03-31-09 1,390,000 1,389 1,401 Bank of Montreal 4.55% 08-01-17 4,500,000 4,500 4,482 Bank of Nova Scotia 3.93% 02-18-10 5,950,000 5,988 5,890 Bank of Nova Scotia 3.99% 03-04-13 5,720,477 5,720 5,655 Bank of Nova Scotia 4.56% 10-30-13 6,605,000 6,717 6,648 BC Telecom Inc. 9.65% 04-08-22 4,390,000 4,766 6,436 BCE Inc. 7.35% 10-30-09 5,680,000 6,091 6,092 Bell Canada 5.50% 08-12-10 6,975,000 7,019 7,219 Bell Canada 5.00% 02-15-17 3,450,000 3,434 3,437 Bell Canada 7.30% 02-23-32 Callable 2,815,000 3,390 3,392 BMO Capital Trust 6.685% 12-31-49 Callable 11 6,292,000 6,496 6,903 BNS Capital Trust/ Batts II 5.65% 12-31-36 2,136,000 2,136 2,219 Broadway Credit Card Trust 3.85% 03-17-09 4,941,000 4,941 4,897

107

Bond Fund





Canadian Bonds (continued)Corporate - Non Convertible (continued) Canadian Capital Auto Receivables Asset Trust 4.277% 01-17-08 6,868,000 6,868 6,858 Canadian Capital Auto Receivables Asset Trust 3.383% 06-17-08 6,512,000 6,512 6,420 Canadian Capital Auto Receivables Asset Trust 4.393% 01-17-09 6,868,000 6,868 6,871 Canadian Imperial Bank of Commerce 4.95% 09-02-10 10,510,000 10,501 10,728 Canadian Imperial Bank of Commerce 4.75% 01-21-13 FF 2,890,000 2,888 2,900 Canadian Natural Resources Ltd. 4.50% 01/23/13 5,425,000 5,424 5,327 Canadian Pacific Railway Ltd. 4.90% 06-15-10 5,500,000 5,499 5,593 Canadian Tire Corp. 4.95% 06-01-15 2,770,000 2,765 2,796 Canadian Tire Corporation 5.61% 09-04-35 3,465,000 3,465 3,418 Canadian Utilities Inc. 6.145% 11-22-17 1,800,000 1,800 2,021 Citigroup Finance Canada Inc. 4.3% 08-05-08 3,894,000 3,887 3,893 Citigroup Finance Canada Inc. 4.78% 06-15-09 7,465,000 7,464 7,555 Clarica Life Insurance Co. 6.65% 10-12-10 3,470,000 3,623 3,752 CU Inc 4.801% 11-22-21 1,800,000 1,800 1,795 CU Inc. 5.183% 11-21-35 2,425,000 2,425 2,471 DaimlerChrysler 3.95% 01-18-07 2,155,000 2,155 2,154 Enbridge Inc. 7.20% 06-18-32 780,000 878 941 Enbridge Pipelines Inc. 6.85% 10-26-09 3,672,000 3,717 3,916 EnCana Corp. 3.60% 09-15-08 8,160,000 8,045 8,066 Ford Credit Canada Ltd. 4.6% 02-20-07 4,607,000 4,607 4,605 Gaz Metropolitain Inc. 6.05% 11-10-08 2,715,000 2,623 2,798 Gaz Metropolitain Inc. 6.30% 10-31-33 1,500,000 1,491 1,764 GE Capital Canada Funding Co. 5.00% 04-23-08 11,657,000 11,787 11,761 GE Capital Canada Funding 4.75% 05-02-11 5,000,000 4,993 5,086 GE Capital Canada Funding Co. 5.10% 06-01-16 6,040,000 6,074 6,264 General Electric Capital Canada Funding 4.40% 02-07-11 3,470,000 3,466 3,485 Genesis Credit Card Trust 4.245% 09-15-11 11,935,000 11,935 11,909 Genesis Trust 4.00% 03-15-10 7,000,000 7,000 6,946 George Weston Ltd. 6.45% 10-24-11 6,586,000 6,583 7,145 Glacier Credit Card Trust 4.271% 11-18-11 2,920,000 2,920 2,915 Gloucester Credit Card Trust 4.445% 03-15-11 2,780,000 2,780 2,796 Golden Credit Card Trust 4.16% 10-15-08 6,850,000 6,891 6,835 Golden Credit Card Trust 4.047% 06-15-10 5,720,000 5,752 5,681 Greater Toronto Airports Authority F/R 2.80% 05-18-07 9,100,000 9,100 9,100 Greater Toronto Airports Authority 5.17% 06-02-08 7,100,000 7,094 7,184 Greater Toronto Airports Authority 6.70% 07-19-10 3,639,000 3,722 3,918 Greater Toronto Airport Authority 4.70% 02-15-16 9,835,000 9,828 9,853 Greater Toronto Airports Authority 6.98% 10-15-32 3,922,000 4,000 4,866 Greater Toronto Airport Authority 6.47% 02-02-34 3,370,000 3,367 3,953 Hollis Receivable Trust 6.77% 02-22-10 4,667,000 4,932 5,008 Household Financial Corp 4.50% 07-02-08 5,800,000 5,794 5,817 Household Financial Corp. 4.2% 04-13-09 4,995,000 4,978 4,983 HSBC Financial Corp.Ltd. 4.00% 05-03-10 5,100,000 5,113 5,048 HSBC Financial Corp. Ltd. 4.35% 10-06-11 3,110,000 3,116 3,099 Hydro One Inc. 4.00% 06-23-08 3,086,000 3,094 3,075 Hydro One Inc. 3.95% 02-24-09 3,102,000 3,112 3,083 Hydro One Inc. 5.77% 11-15-12 6,483,000 6,638 6,966 Hydro One Inc. 4.64% 03-03-16 3,665,000 3,663 3,693

108

Bond Fund





Canadian Bonds (continued)Corporate - Non Convertible (continued) Hydro One Inc. 6.93% 06-01-32 3,436,000 3,673 4,422 Hydro One Inc. 5.36% 05-20-36 6,246,000 6,211 6,656 Hydro One Inc. 6.59% 04-22-43 2,100,000 2,100 2,671 Interprovincial Pipeline Ltd. 8.20% 02-15-24 8,000,000 9,062 11,000 Loblaw Companies Ltd. 6.85% 03-01-32 7,300,000 7,278 8,490 Manulife Bank of Canada 3.967% 04-01-13 5,765,185 5,765 5,686 Manulife Finance Capital Trust 6.70% 06-30-12 7,260,000 7,559 8,031 Manulife Finance Capital Trust 4.448% 12-15-26 6,100,000 6,076 5,994 Maritimes & Northeast Pipelines Ltd. 6.90% 11-30-19 7,500,000 7,448 8,563 Master Credit Card Trust Series 2006-1 & 2 Class A 3,200,000 3,200 3,222 Mutual Life Assurance Co. of Canada 6.30% 05-15-28 2,645,000 2,433 3,065 NAV Canada 4.428% 02-24-11 3,385,000 3,385 3,406 NAV Canada 4.713% 02-24-16 5,825,000 5,825 5,898 NIF-T Auto Receivables 4.28% 02-23-08 6,825,000 6,825 6,814 NIF-T Auto Receivables 4.37% 02-23-09 4,770,000 4,770 4,773 Ottawa Macdonald-Cartier International Airport Authority 6.973% 05-25-3 3,681,601 3,682 4,454 Pancanadian Petroleum Ltd. 5.80% 06-02-08 3,070,000 3,099 3,129 RBC Capital Trust 4 4.87% 12-31-15 4,334,000 4,334 4,328 RBC Capital Trust 7.183% 12-29-49 3,830,000 4,147 4,249 Royal Bank of Canada 6.10% 01-22-13 F/F 11,920,000 11,740 12,132 Royal Bank of Canada 5.00% 01-20-14 7,935,000 8,268 8,208 Royal Bank of Canada 4.18% 06-01-14 4,485,000 4,485 4,476 Score Trust 4.949% 02-20-14 3,640,000 3,723 3,744 Scotiabank Capital Trust II 6.282% 12-29-49 Callable 06-30-2013 7,982,000 7,982 8,718 Shoppers Drug Mart Corp. 4.97% 10-24-08 4,265,000 4,273 4,307 Sobeys Inc. 7.16% 02-26-18 1,560,000 1,564 1,792 Sun Life Financial Inc. 4.95% 06-01-36 callable 06-01-16@ 100.00 7,285,000 7,235 7,429 Suncor Energy Inc. 6.70% 08-22-11 12,962,000 13,338 14,191 TD Capital Trust 4.97% 10-30-15 3,970,000 3,968 4,016 TELUS Corp. 5.00% 06-03-13 1,710,000 1,708 1,731 Terasen Inc. 8% 04-19-40 Call 10 5,344,000 5,296 5,707 The Toronto-Dominion Bank 4.54% 09-05-13 6,455,000 6,554 6,480 The Toronto-Dominion Bank 5.69% 06-03-18 6,525,000 6,681 6,962 Thomson Corp. 5.20% 12-01-14 4,142,000 4,340 4,305 Toronto Dominion Bank 4.87% 10-28-16 callable [email protected] 4,295,000 4,301 4,383 Toronto Dominion Bank Resets Tier 2A 4.779% 12-14-16 1,885,000 1,885 1,867 TransCanada PipeLines Ltd. 5.65% 01-15-14 1,687,000 1,683 1,796 TransCanada PipeLines Ltd. 9.80% 12-20-17 3,550,000 4,549 5,081 TransCanada PipeLines Ltd. 6.50% 12-09-30 3,750,000 3,497 4,366 Wells Fargo Finance Canada 3.45% 01-25-08 3,595,000 3,598 3,562 Wells Fargo Finance Canada 4.75% 06-29-09 8,185,000 8,339 8,275 Wells Fargo Finance Canada 4.40% 12-12-12 5,420,000 5,411 5,415 Wells Fargo Finance Canada 4.33% 12-06-13 4,065,000 4,063 4,033 Wells Fargo Fin Canada 4.38% 06-30-15 6,120,000 6,117 6,036 Westcoast Energy Inc. 7.20% 01-26-10 7,194,000 7,644 7,773


Total Canadian Bonds 1,682,844 1,728,985

Total Investments 1,682,844 1,728,985109

Canadian Equity Fund


Canadian Common StockEnergy Cameco Corp. 704,785 23,617 33,266 Canadian Natural Resources Ltd. 1,000,492 45,631 62,181 Centurion Energy International Inc. 487,313 6,273 5,814 EnCana Corp. 1,264,376 31,078 67,846 Enbridge Inc. 173,293 6,486 6,978 Ensign Energy Services Inc. 69,840 1,636 1,284 Husky Energy Inc. 241,293 8,726 18,830 Imperial Oil Ltd. 637,407 12,811 27,364 Nexen Inc. 561,075 16,820 36,021 Petro-Canada 1,035,728 24,493 49,456 Shell Canada Ltd. 487,793 10,474 21,224 Suncor Energy Inc. 706,978 26,891 64,893 Trican Well Service Ltd. 655,181 17,162 13,313 Talisman Energy Inc. 2,185,738 28,549 43,278 TransCanada Corp. 726,933 15,773 29,521 Western Oil Sands Inc. Class A 637,932 9,428 20,867 Materials Barrick Gold Corp. 1,673,927 47,339 60,010 Agnico-Eagle Mines Ltd. 459,688 11,164 22,106 Alcan Inc. 708,306 33,028 40,218 Eldorado Gold Corp. 2,043,487 9,975 12,894 Goldcorp Inc. 1,523,920 24,776 50,457 Inmet Mining Corp. 281,066 8,068 17,541 Potash Corp. of Saskatchewan Inc. 140,746 16,415 23,504 Teck Cominco Ltd. Class B Sub. voting 363,068 7,968 31,914 Industrials CAE Inc. 1,488,401 14,037 16,000 Canadian National Railway Co. 1,057,656 33,226 52,957 Canadian Pacific Railway Ltd. 552,402 19,084 33,917 Finning International Inc. 384,829 12,880 18,391 SNC-Lavalin Group Inc. 103,800 2,983 3,267 Consumer Discretionary Alliance Atlantis Communications Inc. Class B non-voting 297,770 9,946 15,031 Canadian Tire Corp. Ltd. Class A non-voting 116,361 6,966 8,248 Magna International Inc. Class A Sub. voting 121,610 11,511 11,415 Rona Inc. 541,746 7,492 11,377 Shaw Communications Inc. Class B non-voting 613,880 13,874 22,658

Tim Hortons Inc. 464,265 14,423 15,641 Consumer Staples Alimentation Couche-Tard Inc. Class B Sub. voting 593,677 13,436 15,050 Loblaw Companies Ltd. 56,554 2,481 2,759 Metro Inc. Class A Sub. voting 252,158 8,692 9,567 Shoppers Drug Mart Corp. 538,806 13,367 26,989




110

Canadian Equity Fund





Canadian Common Stock (continued)Health Care Angiotech Pharmaceuticals Inc. 683,513 10,278 6,555 Biovail Corp. 265,503 5,946 6,531 Financials AGF Management Ltd. Class B non-voting 463,852 10,620 12,988 Bank of Montreal 764,836 27,833 52,774 Brookfield Asset Management Ltd. Class A limited voting 748,431 7,149 42,182 The Bank of Nova Scotia 1,674,467 41,836 87,240 CI Financial Income Fund 521,411 15,783 13,932 Canadian Imperial Bank of Commerce 554,838 32,420 54,541 Kingsway Financial Services Inc. 506,449 7,542 12,312 Manulife Financial Corp. 2,953,076 57,946 116,203 National Bank of Canada 705,593 22,391 46,456 Royal Bank of Canada 2,368,841 74,536 131,471 Sun Life Financial Inc. 1,488,495 45,294 73,412 The Toronto-Dominion Bank 1,706,086 64,174 118,948 TSX Group Inc. 156,593 6,557 7,299 Information Technology Celestica Inc. Sub. voting 771,773 14,779 7,008 Nortel Networks Corp. 670,226 27,375 20,965 Research In Motion Ltd. 216,293 18,302 32,228 Telecommunication Services BCE Inc. 837,362 27,133 26,293 Manitoba Telecom Services Inc. 253,052 10,626 11,742 Rogers Communications Inc. Class B non-voting 1,506,630 19,552 52,280 TELUS Corp. 875,612 29,711 46,863 Utilities TransAlta Corp. 314,180 7,133 8,370 Total Canadian Common Stock 1,213,895 2,012,640 Total Investments 1,213,895 2,012,640

111

Dividend Fund 2.03L



Canadian Common Stock Energy Enbridge Inc. 891,954 24,553 35,919 EnCana Corp. 133,884 3,383 7,184 Husky Energy Inc. 294,879 7,860 23,012 Imperial Oil Ltd. 350,226 6,574 15,035 Nexen Inc. 387,423 8,881 24,873 Peyto Energy Trust 794,800 13,796 14,068 TransCanada Corp. 1,056,564 30,542 42,907 Materials Alcan Inc. 377,881 17,319 21,456 Barrick Gold Corp. 1,013,525 27,988 36,335 CCL Industries Inc. Class B non-voting 225,192 3,785 6,389 Goldcorp Inc. 602,300 18,331 19,942 Newmont Mining Corp. of Canada Ltd. Exch. 144,741 5,279 7,619 Industrials Canadian National Railway Co. 555,610 18,483 27,819 Transcontinental Inc. Class A Sub. voting 702,853 12,703 14,640 Consumer Discretionary Aeroplan Income Fund 902,074 11,332 15,308 CanWest Global Communications Corp. Sub. voting 522,025 6,622 5,768 Cineplex Galaxy Income Fund 350,076 5,464 4,744 Cogeco Cable Inc. Sub. voting 186,621 4,829 6,063 The Consumers' Waterheater Income Fund 1,358,600 18,408 18,232 Linamar Corp. 497,109 6,375 6,910 Magna International Inc. Class A Sub. voting 230,966 21,275 21,681 Pizza Pizza Revenue Royalty Fund 547,556 5,249 4,386 Thomson Corp. 529,881 22,358 25,636 Torstar Corp. Class B non-voting 637,792 13,500 12,507 Yellow Pages Income Fund 1,661,215 25,979 21,380 Consumer Staples George Weston Ltd. 173,480 14,376 13,115 Loblaw Companies Ltd. 141,038 9,435 6,881 Maple Leaf Foods Inc. 1,190,563 14,879 14,692 Rothmans Inc. 1,290,862 21,410 28,076 Shoppers Drug Mart Corp. 493,580 20,901 24,723 Financials AGF Management Ltd. Class B non-voting 458,683 8,802 12,843 Bank of Montreal 673,813 35,807 46,493 Brookfield Asset Management Ltd. Class A limited voting 643,144 16,738 36,248 Canadian Imperial Bank of Commerce 435,705 29,891 42,830 CI Financial Income Fund 1,631,557 47,304 43,595 Industrial Alliance Insurance and Financial Services Inc. 815,439 24,972 29,470 Laurentian Bank of Canada 442,100 11,519 13,374 Manulife Financial Corp. 1,614,798 42,415 63,542



112

Dividend Fund 2.03L





Canadian Common Stock (continued) Financials (continued) MI Developments Inc. Class A 42,208 1,319 1,760 Morneau Sobeco Income Fund 269,900 2,715 2,810 National Bank of Canada 515,926 24,549 33,969 Royal Bank of Canada 1,317,630 45,162 73,129 Seamark Asset Management Ltd. 204,550 3,900 1,397 Sun Life Financial Inc. 963,143 35,528 47,502 The Bank of Nova Scotia 1,113,351 41,450 58,006 The Toronto-Dominion Bank 890,079 42,507 62,056 TSX Group Inc. 373,996 17,168 17,432 Telecommunication Services BCE Inc. 1,467,652 43,542 46,084 Bell Aliant Regional Communications Income Fund 1,138,673 37,562 30,699 Manitoba Telecom Services Inc. 727,184 30,825 33,741 TELUS Corp. Class A non-voting 749,331 41,389 38,988 Utilities Atco Ltd. Class I non-voting 416,132 11,024 20,944 Canadian Utilities Ltd. Class A non-voting 133,710 4,249 6,382 TransAlta Corp. 417,623 8,081 11,125 Total Canadian Common Stock 1,030,287 1,301,719


Tim Hortons Inc. 516,000 14,438 17,384


Total Common Stock 1,044,725 1,319,103

Total Investments 1,044,725 1,319,103

113

Global Equity Fund 2.05L



Apache Corp. 20,600 1,726 1,598BJ Services Co. 41,600 1,816 1,422Chevron Corp. 24,562 1,550 2,106ConocoPhillips 22,214 1,704 1,864Exxon Mobil Corp. 99,064 6,269 8,853Marathon Oil Corp. 20,485 1,247 2,210Nabors Industries Ltd. 40,800 1,750 1,417Occidental Petroleum Corp. 33,850 1,601 1,928

MaterialsAir Products and Chemicals Inc. 20,685 1,411 1,695

Alcan Inc. 14,110 599 802E.I. du Pont de Nemours and Co. 32,565 1,842 1,850

Industrials

3M Co. 28,480 2,621 2,588Caterpillar Inc. 27,500 2,047 1,967Eaton Corp. 21,520 1,644 1,886FedEx Corp. 15,015 1,504 1,902General Dynamics Corp. 25,275 1,574 2,191General Electric Co. 134,766 6,641 5,848Illinois Tool Works Inc. 34,808 1,904 1,875L-3 Communication Holdings Inc. 20,780 1,805 1,982Lockheed Martin Corp. 23,503 1,887 2,523

Consumer DiscretionaryBed Bath & Beyond Inc. 44,400 1,883 1,973CBS Corp. Class B 51,361 1,787 1,868Circuit City Stores Inc. 64,900 1,870 1,436Coach Inc. 46,302 1,766 2,320KB Home 22,940 2,020 1,372Lennar Corp. Class A 25,700 1,731 1,572News Corp. Class A 86,309 1,602 2,162Nike Inc. Class B 17,965 1,681 2,075Nordstrom Inc. 42,500 1,744 2,445The Walt Disney Co. 54,620 1,761 2,183Viacom Inc. - Class B 30,361 1,894 1,453

Consumer StaplesAltria Group Inc. 39,530 2,960 3,956CVS Corp. 45,670 1,589 1,646PepsiCo Inc. 32,904 2,276 2,400The Procter & Gamble Co. 78,635 5,215 5,894Walgreen Co. 42,160 1,908 2,256Wal-Mart Stores Inc. 68,508 5,030 3,689

Health CareAmgen Inc. 30,016 2,456 2,391Coventry Health Care Inc. 28,645 1,593 1,672Genzyme Corp. 25,153 1,826 1,806




114






United States Common Stock (continued)Health Care (continued)

Gilead Sciences Inc. 27,360 1,879 2,072Johnson & Johnson 69,837 5,391 5,377Medtronic Inc. 31,485 2,059 1,965Pfizer Inc. 154,890 7,207 4,678Stryker Corp. 27,052 1,510 1,739UnitedHealth Group Inc. 34,490 1,642 2,161Wyeth 40,055 2,167 2,378Zimmer Holdings Inc. 14,833 1,315 1,356

FinancialsAmerican Express Co. 26,740 1,701 1,892American International Group Inc. 60,002 5,503 5,014Bank of America Corp. 108,417 5,660 6,750Bank of New York Co. Ltd. 43,020 1,643 1,975Capital One Financial Corp. 18,033 1,605 1,615Citigroup Inc. 103,889 6,214 6,748Countrywide Financial Corp. 39,000 1,477 1,931Franklin Resources Inc. 18,800 1,818 2,415JPMorgan Chase & Co. 83,335 3,731 4,694Lincoln National Corp. 29,340 1,880 2,272Merrill Lynch & Co. Inc. 28,488 2,051 3,093Morgan Stanley 22,798 1,612 2,165Prudential Financial Inc. 24,033 2,060 2,406The St. Paul Travelers Companies Inc. 38,699 2,033 2,423Wachovia Corp. 39,619 2,333 2,631Washington Mutual Inc. 35,370 1,860 1,876Wells Fargo & Co. 72,040 2,568 2,987

Information TechnologyAutodesk Inc. 49,580 2,277 2,339Cisco Systems Inc. 143,918 4,466 4,587Dell Inc. 46,939 1,864 1,373Electronic Data Systems Corp. 57,308 1,770 1,841EMC Corp. 116,935 1,912 1,800Intel Corp. 62,136 2,400 1,467International Business Machines Corp. 37,615 4,463 4,261Maxim Integrated Products Inc. 56,600 2,213 2,021Microsoft Corp. 151,624 6,082 5,280Motorola Inc. 56,571 1,245 1,356National Semiconductor Corp. 70,500 2,111 1,866Qualcomm Inc. 46,100 2,266 2,032Symantec Corp. 90,019 2,136 2,189Texas Instruments Inc. 54,620 1,692 1,834

Telecommunication ServicesAT&T Inc. 73,560 2,273 3,067BellSouth Corp. 51,290 1,712 2,818Sprint Nextel Corp. 57,277 1,742 1,262Verizon Communications Inc. 66,588 3,702 2,892

115






United States Common Stock (continued)Utilities

Dynegy Inc. Class A 1,000 7 8Exelon Corp. 23,500 1,203 1,696FPL Group Inc. 38,750 1,697 2,459


Global Common StockAustralia BHP Billiton Ltd. 122,430 1,416 2,851 Zinifex Ltd. 40,500 405 700 Belgium Dexia 86,960 1,922 2,778 Fortis 42,040 1,340 2,091 Bermuda Ingersoll-Rand Co. Class A 35,400 1,333 1,615

Brazil Companhia Vale do Rio Doce (CVRD) ADR 93,454 1,109 3,241 Petroleo Brasileiro SA - Petrobras ADR 18,669 1,771 2,242 Finland Nokia OYJ 145,187 4,002 3,460 France Accor SA 21,700 1,640 1,961 Arkema 2,996 118 179 AXA 94,634 3,181 4,468 BNP Paribas SA 37,353 2,762 4,752 Compagnie de Saint Gobain 44,930 2,600 4,402 Imerys SA 20,828 944 2,161 Lafarge SA 22,800 2,444 3,955 Sanofi-Aventis SA 37,400 3,986 4,027 Total SA 126,348 7,266 10,629 Germany BASF AG 18,400 1,254 2,092 Bayerische Motoren Werke AG 35,240 1,880 2,360 Deutsche Post AG 66,872 1,640 2,351 Linde AG 800 75 96 SAP AG 39,200 3,715 2,429 Siemens AG 24,915 2,362 2,882

Hong Kong Esprit Holdings Ltd. 257,000 2,275 3,346 HSBC Holdings PLC 382,800 7,734 8,184

116






Global Common Stock (continued)Ireland Bank of Ireland 93,890 1,638 2,529 Israel Teva Pharmaceutical Industries Ltd. ADR 51,200 1,982 1,856

Italy ENI SPA 220,321 4,792 8,642 Intesa Sanpaolo 247,000 1,831 2,224Italy (Continued) Mediaset SPA 90,000 1,469 1,245 Unicredito Italiano SPA 318,900 2,134 3,260 Japan Astellas Pharma Inc. 55,700 2,498 2,953 Canon Inc. 51,450 1,900 3,378 Credit Saison Co. Ltd. 37,400 1,588 1,502 Daikin Industries Ltd. 51,000 1,554 2,069 Hirose Electric Co. Ltd. 9,800 1,317 1,297 Honda Motor Co. Ltd. 90,000 2,681 4,145 Hoya Corp. 67,000 1,907 3,046 Mitsubishi Corp. 108,500 1,616 2,381 Mitsubishi UFJ Financial Group Inc. 297 3,382 4,278 Mitsui Fudosan Co. Ltd. 94,000 2,321 2,676 Mizuho Financial Group Inc. 292 2,755 2,432 Nidec Corp. 23,100 1,687 2,082 Nikko Cordial Corp. 109,500 1,804 1,465 Nitto Denko Corp. 34,300 2,321 2,003 Nomura Holdings Inc. 64,500 1,316 1,419 Secom Co. Ltd. 21,000 900 1,270 Seven & I Holdings Co. Ltd. 63,600 2,800 2,306 Shin-Etsu Chemical Co. Ltd. 35,300 1,680 2,757 SMC Corp. 12,900 1,885 2,134 Sony Corp. 45,600 2,276 2,279 Sumitomo Corp. 215,000 2,271 3,752 Sumitomo Mitsui Financial Group Inc. 314 3,748 3,754 The Bank of Yokohama Ltd. 208,000 1,776 1,899 Mexico Fomento Economico Mexicano SAB 11,800 723 1,593

Netherlands ING Groep NV 59,190 2,267 3,061 Koninklijke Philips Electronics NV 63,888 2,359 2,810 Reed Elsevier NV 132,783 2,344 2,641 Wolters Kluwer NV 71,000 1,739 2,382 Philippines C & P Homes Inc. 50 0 0

117






Global Common Stock (continued) Spain Altadis SA 37,950 1,139 2,316 Banco Bilbao Vizcaya Argentaria SA 125,300 2,960 3,518 Banco Popular Espanol SA 97,300 1,202 2,057 South Korea Samsung Electronics Co. Ltd. GDR [144A] 4,575 969 1,755 Sweden Telefonaktiebolaget LM Ericsson B 821,400 3,063 3,869 Switzerland Adecco SA Reg. 40,800 2,611 3,249 Holcim Ltd. Reg. 31,357 1,810 3,351 Nestle SA Reg. 11,020 3,506 4,565 Novartis AG Reg. 64,690 3,749 4,348 Roche Holding AG 20,540 2,621 4,294 UBS AG Reg. 83,200 4,145 5,894 Zurich Financial Services AG 9,761 1,985 3,063 United Kingdom Barclays PLC 268,640 2,925 4,478 BG Group PLC 199,266 1,530 3,153 BHP Billiton PLC 32,100 719 685 British Land PLC 100,110 1,287 3,918 Burberry Group PLC 37,457 524 552 Centrica PLC 365,043 1,718 2,955 GlaxoSmithKline PLC 186,273 6,111 5,716 Kingfisher PLC 407,265 2,467 2,218 Royal Bank of Scotland Group PLC 86,000 2,984 3,914 Schroders PLC 78,294 1,537 1,870 Smith & Nephew PLC 207,067 2,364 2,520 Standard Chartered PLC 93,200 1,849 3,175 Tesco PLC 655,590 3,698 6,055 Vodafone Group PLC 1,829,204 5,910 5,910 William Morrison Supermarkets PLC 536,267 2,687 3,116 Wolseley PLC 143,137 1,963 4,030 WPP Group PLC 180,990 2,362 2,854 Total Global Common Stock 202,830 268,170



118

Growth Equity Fund 2.04L


Canadian Common StockEnergy Centurion Energy International Inc. 41,200 532 492 EnCana Corp. 28,898 515 1,551 Husky Energy Inc. 20,300 1,430 1,584 Iteration Energy Ltd. 55,000 249 242 Nexen Inc. 27,410 399 1,760 OPTI Canada Inc. 22,200 415 439 Pason Systems Inc. 29,200 492 387 Talisman Energy Inc. 34,300 582 679 Trican Well Service Ltd. 27,200 326 553 Western Oil Sands Inc. Class A 20,300 591 664 Materials Alcan Inc. 19,761 867 1,122 Barrick Gold Corp. 48,698 1,289 1,746 Gammon Lake Resources Inc. 29,200 471 555 Goldcorp Inc. 34,112 297 1,129 IAMGOLD Corp. 55,000 545 568 NOVA Chemicals Corp. 13,200 581 429 Teck Cominco Ltd. Class B Sub. voting 10,500 242 923 Industrials ACE Aviation Holdings Inc. Class B 12,000 424 452 ATS Automation Tooling Systems Inc. 29,200 413 326 CAE Inc. 57,400 582 617 Canadian National Railway Co. 18,292 280 916 Finning International Inc. 5,800 221 277 SNC-Lavalin Group Inc. 13,800 446 434 Consumer Discretionary Alliance Atlantis Communications Inc. Class B non-voting 11,100 333 560 Cinram International Income Fund 11,000 319 252 Cogeco Cable Inc. Sub. voting 14,000 407 455 Dorel Industries Inc. Class B Sub. voting 12,200 439 385 Magna International Inc. Class A Sub. voting 7,500 694 704 Rona Inc. 17,900 137 376 The Forzani Group Ltd. Class A 27,800 455 533 Thomson Corp. 7,533 383 364

Tim Hortons Inc. 20,300 630 684 Consumer Staples Alimentation Couche-Tard Inc. Class B Sub. voting 19,700 494 499 Loblaw Companies Ltd. 10,399 375 507 Metro Inc. Class A Sub. voting 7,340 253 278 Shoppers Drug Mart Corp. 14,400 331 721 The Jean Coutu Group (PJC) Inc. Class A Sub. voting 27,300 373 375 Health Care Angiotech Pharmaceuticals Inc. 27,500 621 264 Biovail Corp. 8,700 191 214




119






Canadian Common Stock (continued)Financials Bank of Montreal 26,534 1,001 1,831 Canaccord Capital Inc. 16,500 169 307 Canadian Imperial Bank of Commerce 13,060 718 1,284 CI Financial Income Fund 38,700 1,135 1,034 GMP Capital Trust 31,272 561 682 Manulife Financial Corp. 44,212 644 1,740 National Bank of Canada 13,800 920 909 Royal Bank of Canada 41,346 803 2,295 Sun Life Financial Inc. 11,000 480 543 The Bank of Nova Scotia 28,726 510 1,497 The Toronto-Dominion Bank 33,930 1,236 2,366 Information Technology Celestica Inc. Sub. voting 42,800 922 389 Constellation Software Inc. 17,500 298 394 Evertz Technologies Limited 30,460 312 419 Miranda Technologies Inc. 38,500 433 480 Nortel Networks Corp. 27,500 1,028 860 Open Text Corp. 16,500 385 395 Research In Motion Ltd. 4,550 371 678 Tundra Semiconductor Corp. 22,000 550 210 Telecommunication Services Rogers Communications Inc. Class B non-voting 45,200 1,031 1,568 TELUS Corp. Class A non-voting 17,611 1,025 916 Total Canadian Common Stock 33,156 45,813


FedEx Corp. 2,414 260 306 Consumer Discretionary

Apollo Group Inc. Class A 2,845 226 129Best Buy Co. Inc. 5,355 172 307McDonald's Corp. 7,386 261 382

Consumer Staples

Costco Wholesale Corp. 4,468 241 275 Health Care

Aetna Inc. 8,588 260 432Forest Laboratories Inc. 5,385 272 318PerkinElmer Inc. 12,362 308 320Wyeth 5,410 260 321

120







Goldman Sachs Group Inc. 2,208 259 513Merrill Lynch & Co. Inc. 3,910 227 425The St. Paul Travelers Companies Inc. 5,708 278 357


Agilent Technologies Inc. 8,847 238 359Cisco Systems Inc. 11,313 269 361Dell Inc. 5,696 258 167Linear Technology Corp. 3,460 173 122Microsoft Corp. 7,299 329 254Oracle Corp. 15,788 250 316Texas Instruments Inc. 9,600 276 322


Total Common Stock 37,973 51,799 Total Investments 37,973 51,799

121

Income Fund 2.01L


Canadian BondsFederal Government Canada Housing Trust 5.10% 09-15-07 6,590,000 6,795 6,631 Canada Housing Trust 4.10% 12-15-08 7,025,000 7,069 7,023 Canada Housing Trust 4.65% 09-15-09 3,020,000 3,048 3,062 Canada Housing Trust 3.75% 03-15-10 7,469,000 7,417 7,393 Canada Housing Trust 3.55% 09-15-10 6,405,000 6,284 6,289 Canada Housing Trust 4.05% 03-15-11 780,000 774 779 Canada Housing Trust 4.60% 09-15-11 10,165,000 10,344 10,379 Canada Housing Trust 3.95% 12-15-11 4,720,000 4,711 4,687 Export Development Corp. 4.30% 06-01-16 2,471,000 2,463 2,482 Farm Credit Canada 4% 05-24-13 1,200,000 1,197 1,190 Farm Credit Canada 4.15% 12-01-15 1,180,000 1,173 1,172 Government of Canada 5.00% 06-01-14 5,260,000 5,554 5,573 Government of Canada 4.50% 06-01-15 3,350,000 3,453 3,449 Government of Canada 4.00% 06-01-16 4,120,000 4,089 4,094 Government of Canada 8.00% 06-01-23 4,910,000 6,954 7,131 Government of Canada 8.00% 06-01-27 2,998,000 4,314 4,561 Government of Canada 5.75% 06-01-29 1,738,000 2,048 2,135 Government of Canada 5.75% 06-01-33 9,908,000 11,997 12,460 Government of Canada 5.00% 06-01-37 6,425,000 7,333 7,418

Total Federal Government 97,017 97,908 Provincial Alberta Capital Finance Authority 5.00% 12-02-2013 2,115,000 2,265 2,217 CDP Financial Inc. 4.20% 10-14-08 2,300,000 2,299 2,300 The 55 School Board Trust 5.90% 06-02-33 2,974,000 3,070 3,528 Financement Quebec 5.25% 12-01-11 4,365,000 4,698 4,566 Governing Council of the University of Toronto 6.78% 07-18-31 450,000 450 586 Omers Realty Corp 5.48% 12-31-12 Private Placement 2,520,000 2,620 2,679 Ontario School Board Financing Corp. 5.483% 11-26-29 830,521 831 891 Province of British Columbia 5.70% 06-01-09 2,960,000 3,131 3,067 Province of British Columbia 6.375% 08-23-10 1,017,000 1,143 1,094 Province of British Columbia 5.70% 06-18-29 4,850,000 5,112 5,681 Province of Manitoba 5.85% 01-25-11 388,000 417 413 Province of Manitoba 4.30% 03-01-16 415,000 419 413 Province of Manitoba 5.50% 11-15-18 1,345,000 1,503 1,477 Province of New Brunswick 4.50% 12-02-09 500,000 496 505 Province of New Brunswick 5.85% 12-01-11 1,415,000 1,447 1,522 Province of New Brunswick 4.50% 02-04-15 2,760,000 2,852 2,797 Province of New Brunswick 5.65% 12-27-28 1,350,000 1,362 1,553 Province of New Brunswick 5.50% 01-27-34 1,686,000 1,806 1,930 Province of Nova Scotia 6.25% 06-01-11 3,750,000 3,916 4,068 Province of Nova Scotia 5.80% 06-01-33 950,000 1,032 1,129 Province of Nova Scotia 4.50% 06-01-37 450,000 445 445 Province of Ontario 5.70% 12-01-08 3,500,000 3,785 3,600 Province of Ontario 3.21% 08-13-09 934,573 936 921 Province of Ontario 6.10% 12-02-11 7,210,000 8,032 7,833 Province of Ontario 5.375% 12-02-12 3,860,000 3,988 4,100




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Canadian Bonds (continued)Provincial (continued) Province of Ontario 4.5% 03-08-15 5,450,000 5,490 5,523 Province of Ontario 4.40% 03-08-16 2,390,000 2,327 2,398 Province of Ontario 4.85% 06-02-20 1,300,000 1,288 1,345 Province of Ontario 6.50% 03-08-29 9,244,000 10,934 11,720 Province of Ontario 5.85% 03-08-33 2,950,000 3,456 3,524 Province of Quebec 5.50% 06-01-09 2,349,000 2,454 2,421 Province of Quebec 5.50% 12-01-14 3,580,000 3,777 3,846 Province of Quebec 4.50% 12-01-16 1,320,000 1,272 1,321 Province of Quebec 5.35% 06-01-25 492,000 489 532 Province of Quebec 6.00% 10-01-29 6,702,000 7,012 7,914 Province of Quebec 5.75% 12-01-36 3,140,000 3,446 3,673 Province of Saskatchewan 5.80% 09-05-33 1,085,000 1,098 1,297

Total Provincial 101,098 104,829 Municipal British Columbia Municipal Finance Authority 4.65% 04-19-16 1,344,000 1,390 1,370 British Columbia Municipal Finance Authority 4.90% 12-03-13 1,422,000 1,469 1,480 Municipal Finance Authority of British Columbia 4.15% 10-13-15 1,800,000 1,766 1,772

Total Municipal 4,625 4,622 Corporate - Non Convertible Aeroports de Montreal 5.17% 09-17-35 280,000 279 285 Alliance Pipeline LP 5.546% 12-31-23 315,900 315 334 Alliance Pipeline Limited Partnership 6.765% 12-31-25 365,557 366 426 American Express Canada Credit Corp. 4.30% 11-12-10 1,515,000 1,512 1,514 Bank of Montreal 4.66% 03-31-09 733,000 748 739 Bank of Montreal 4.55% 08-01-17 899,000 896 895 Bank of Nova Scotia 3.93% 02-18-10 575,000 573 569 Bank of Nova Scotia 3.99% 03-04-13 642,589 643 635 Bank of Nova Scotia 4.56% 10-30-13 1,345,000 1,368 1,354 BC Telecom Inc. 9.65% 04-08-22 730,000 798 1,070 BCE Inc. 7.35% 10-30-09 1,240,000 1,353 1,330 BCIMC Realty Corp. 3.94% 12-22-09 1,750,000 1,750 1,732 BCIMC Realty Corp. 4.65% 02-10-15 3,300,000 3,357 3,323 Bell Canada 5.50% 08-12-10 2,400,000 2,415 2,484 Bell Canada 5.00% 02-15-17 500,000 498 498 Bell Canada 7.30% 02-23-32 Callable 885,000 975 1,066 BMO Capital Trust 6.685% 12-31-49 Callable 11 1,570,000 1,675 1,722 BNS Capital Trust/ Batts II 5.65% 12-31-36 440,000 440 457 Broadway Credit Card Trust 3.85% 03-17-09 798,000 802 791 Canadian Capital Auto Receivables Asset Trust 4.277% 01-17-08 1,243,000 1,243 1,241 Canadian Capital Auto Receivables Asset Trust 3.383% 06-17-08 1,178,000 1,178 1,161 Canadian Capital Auto Receivables Asset Trust 4.393% 01-17-09 1,243,000 1,243 1,243 Canadian Imperial Bank of Commerce 4.95% 09-02-10 2,400,000 2,398 2,450 Canadian Imperial Bank of Commerce 4.75% 01-21-13 FF 1,890,000 1,922 1,897 Canadian Imperial Bank of Commerce 3.75% 09-09-15 callable 2,675,000 2,670 2,621

123

Income Fund 2.01L





Canadian Bonds (continued)Corporate - Non Convertible (continued) Canadian Natural Resources Ltd. 4.50% 01-23-13 1,800,000 1,800 1,768 Canadian Pacific Railway Ltd. 4.90% 06-15-10 520,000 520 529 Canadian Tire Corp. 4.95% 06-01-15 451,000 450 455 Canadian Tire Corp. 5.61% 09-04-35 575,000 575 567 Canadian Utilities Inc. 6.145% 11-22-17 70,000 70 79 Citigroup Finance Canada Inc. 3.74% 11-02-07 1,012,000 1,019 1,007 Citigroup Finance Canada Inc. 4.3% 08-05-08 1,585,000 1,582 1,585 Citigroup Finance Canada Inc. 4.78% 06-15-09 900,000 900 911 Clarica Life Insurance Co. 6.65% 10-12-10 1,140,000 1,225 1,233 CU Inc 4.801% 11-22-21 472,000 472 471 CU Inc. 5.183% 11-21-35 480,000 480 489 DaimlerChrysler 3.95% 01-18-07 500,000 500 500 Enbridge Inc. 7.20% 06-18-32 402,000 464 485 Enbridge Pipelines Inc. 6.85% 10-26-09 650,000 672 693 EnCana Corp. 3.60% 09-15-08 1,640,000 1,618 1,621 Ford Credit Canada Ltd. 4.6% 02-20-07 481,000 481 481 407 ETR International Inc. 5.96% 12-03-35 2,298,000 2,516 2,619 407 International Inc. 9.00% 08-15-07 1,829,000 2,011 1,876 Gaz Metropolitain Inc. 6.05% 11-10-08 1,080,000 1,108 1,113 Gaz Metropolitain Inc. 6.30% 10-31-33 575,000 601 676 GE Capital Canada Funding Co. 5.00% 04-23-08 890,000 891 898 GE Capital Canada Funding Co. 4.40% 02-07-11 2,380,000 2,368 2,390 GE Capital Canada Funding Co. 4.75% 05-02-11 1,305,000 1,303 1,327 GE Capital Canada Funding Co. 5.10% 06-01-16 1,100,000 1,106 1,141 Genesis Trust 4.00% 03-15-10 1,577,000 1,570 1,565 Genesis Credit Card Trust 4.245% 09-15-11 2,655,000 2,655 2,648 George Weston Ltd. 6.45% 10-24-11 2,099,000 2,194 2,277 Glacier Credit Card Trust 4.271% 11-18-11 700,000 700 699 Gloucester Credit Card Trust 4.445% 03-15-11 645,000 645 649 Golden Credit Card Trust 4.16% 10-15-08 3,075,000 3,075 3,068 Golden Credit Card Trust 4.047% 06-15-10 980,000 980 973 Greater Toronto Airports Authority F/R 2.80% 05-18-07 3,200,000 3,200 3,200 Greater Toronto Airports Authority 5.17% 06-02-08 1,500,000 1,503 1,518 Greater Toronto Airports Authority 6.70% 07-19-10 805,000 843 867 Greater Toronto Airports Authority 5.00% 06-01-15 1,211,000 1,228 1,241 Greater Toronto Airports Authority 4.70% 02-15-16 2,100,000 2,098 2,104 Greater Toronto Airports Authority 6.98% 10-15-32 1,210,000 1,210 1,501 Greater Toronto Airports Authority 6.47% 02-02-34 398,000 403 467 Hollis Receivable Trust 6.77% 02-22-10 1,415,000 1,549 1,518 Household Financial Corp 4.50% 07-02-08 1,000,000 999 1,003 Household Financial Corp. 4.2% 04-13-09 671,000 669 669 HSBC Financial Corp.Ltd. 4.00% 05-03-10 562,000 561 556 HSBC Financial Corp.Ltd. 4.80% 04-13-11 1,760,000 1,758 1,787 HSBC Financial Corp. Ltd. 4.35% 10-06-11 700,000 701 698 Hydro One Inc. 4.00% 06-23-08 496,000 497 494 Hydro One Inc. 3.95% 02-24-09 394,000 396 392 Hydro One Inc. 5.77% 11-15-12 1,125,000 1,120 1,209 Hydro One Inc. 4.64% 03-03-16 1,100,000 1,098 1,108

124

Income Fund 2.01L





Canadian Bonds (continued)Corporate - Non Convertible (continued) Hydro One Inc. 6.93% 06-01-32 1,008,000 1,089 1,297 Hydro One Inc. 5.36% 05-20-36 1,230,000 1,223 1,311 Hydro One Inc. 6.59% 04-22-43 375,000 375 477 Interprovincial Pipeline Ltd. 8.20% 02-15-24 385,000 436 529 Loblaw Companies Ltd. 6.85% 03-01-32 1,615,000 1,682 1,878 Manulife Bank of Canada 3.967% 04-01-13 603,835 604 596 Manulife Financial Capital Trust 6.70% 06-30-12 1,475,000 1,549 1,632 Manulife Financial Capital Trust 4.448% 12-15-26 1,370,000 1,365 1,346 Maritimes & Northeast Pipelines Ltd. 6.90% 11-30-19 770,000 779 879 Master Credit Card Trust Series 2006-1 & 2 Class A 1,000,000 1,000 1,007 Mutual Life Assurance Co. of Canada 6.30% 05-15-28 350,000 327 406 NAV Canada 4.428% 02-24-11 635,000 635 639 NAV Canada 4.713% 02-24-16 1,265,000 1,265 1,281 NIF-T Auto Receivables 4.28% 02-23-08 1,265,000 1,265 1,263 NIF-T Auto Receivables 4.37% 02-23-09 885,000 885 886 Ottawa Macdonald-Cartier Int'l Airport Authority 6.973% 05-25-32 472,638 473 572 Pancanadian Petroleum Ltd. 5.80% 06-02-08 1,510,000 1,535 1,539 RBC Capital Trust 4 4.87% 12-31-15 870,000 870 869 RBC Capital Trust 7.183% 12-29-49 2,141,000 2,326 2,375 Royal Bank of Canada 6.10% 01-22-13 F/F 910,000 929 926 Royal Bank of Canada 5.00% 01-20-14 922,000 938 954 Royal Bank of Canada 4.18% 06-01-14 1,508,000 1,530 1,505 Score Trust 4.949% 02-20-14 775,000 791 797 Scotiabank Capital Trust II 6.282% 12-29-49 Callable 06-30-2013 1,489,000 1,489 1,626 Shoppers Drug Mart Corp. 4.97% 10-24-08 400,000 400 404 Sobeys Inc. 7.16% 02-26-18 439,000 485 504 Sun Life Financial Inc. 4.95% 06-01-36 callable 06-01-16 @ 100 1,685,000 1,675 1,718 Suncor Energy Inc. 6.70% 08-22-11 2,340,000 2,451 2,562 TD Capital Trust 4.97% 10-30-15 900,000 900 910 TELUS Corp. 5.00% 06-03-13 400,000 400 405 Terasen Inc. 8% 04-19-40 Call 10 1,000,000 1,022 1,068 Thomson Corp. 5.20% 12-01-14 717,000 751 745 The Toronto-Dominion Bank 4.54% 09-05-13 575,000 575 577 Toronto Dominion Bank 4.87% 10-28-16 callable 10-28-11@100 1,205,000 1,207 1,230 The Toronto-Dominion Bank 5.69% 06-03-18 2,165,000 2,244 2,310 Toronto Dominion Bank Resets Tier 2A 4.779% 12-14-16 425,000 425 421 Transcanada PipeLines Ltd. 4.30% 01-13-11 1,700,000 1,699 1,699 TransCanada PipeLines Ltd. 5.65% 01-15-14 711,000 744 757 TransCanada PipeLines Ltd. 9.80% 12-20-17 180,000 231 258 TransCanada PipeLines Ltd. 6.50% 12-09-30 1,390,000 1,476 1,618 Union Gas Limited 4.85% 04-25-22 975,000 973 969 Wells Fargo Finance Canada 3.45% 01-25-08 1,350,000 1,348 1,338 Wells Fargo Finance Canada 4.75% 06-29-09 822,000 838 831 Wells Fargo Finance Canada 4.40% 12-12-12 1,400,000 1,398 1,399 Wells Fargo Financial Canada Corp 4.33% 12-06-13 950,000 950 943 Wells Fargo Finance Canada 4.38% 06-30-15 4,300,000 4,293 4,240 Westcoast Energy Inc. 7.20% 01-26-10 1,310,000 1,403 1,416



Income Fund 2.01L





United States BondsCorporate - Non Convertible

Countrywide Financial Corporation 4.69% 06-01-09 7,235,000 7,234 7,267SLM Corp. 4.30% 12-15-09 6,190,000 6,166 6,172


Total United States Bonds 13,400 13,439

Total Bonds 357,189 364,672


Canadian Common StockEnergy Enbridge Inc. 86,658 2,158 3,490 EnCana Corp. 14,112 259 757 Husky Energy Inc. 30,685 578 2,395 Imperial Oil Ltd. 33,762 428 1,449 Nexen Inc. 41,705 736 2,677 TransCanada Corp. 100,405 2,646 4,077 Materials Alcan Inc. 38,617 1,756 2,193 Barrick Gold Corp. 95,196 2,539 3,413 CCL Industries Inc. Class B non-voting 24,522 356 696 Goldcorp Inc. 50,800 1,534 1,682 Newmont Mining Corp. of Canada Ltd. Exch. 15,252 448 803 Industrials Canadian National Railway Co. 48,972 1,548 2,452 Transcontinental Inc. Class A Sub. voting 64,589 1,033 1,345

Consumer Discretionary CanWest Global Communications Corp. Sub. voting 56,323 705 622 Cogeco Cable Inc. Sub. voting 19,670 511 639 Linamar Corp. 38,463 466 535 Thomson Corp. 50,757 2,147 2,456 Torstar Corp. Class B non-voting 48,519 1,016 951 Consumer Staples George Weston Ltd. 14,067 1,164 1,063 Magna International Inc. Class A Sub. voting 19,670 1,711 1,846 Loblaw Companies Ltd. 13,818 923 674 Maple Leaf Foods Inc. 107,203 1,308 1,323 Rothmans Inc. 117,139 1,659 2,548 Shoppers Drug Mart Corp. 45,528 1,921 2,280

Financials AGF Management Ltd. Class B non-voting 49,075 917 1,375 Bank of Montreal 60,259 2,869 4,158

126

Income Fund 2.01L





Canadian Common Stock (continued)Financials (continued) The Bank of Nova Scotia 93,905 2,917 4,892 Brookfield Asset Management Ltd. Class A limited voting 64,267 1,383 3,622 Canadian Imperial Bank of Commerce 41,822 2,710 4,111 Industrial Alliance Insurance and Financial Services Inc. 74,045 2,253 2,676 Laurentian Bank of Canada 46,846 1,189 1,417 Manulife Financial Corp. 130,820 2,850 5,148 MI Developments Inc. Class A 4,457 125 186 National Bank of Canada 43,809 1,646 2,885 Royal Bank of Canada 134,584 4,298 7,469 Seamark Asset Management Ltd. 22,970 414 157 Sun Life Financial Inc. 97,240 3,425 4,796 The Toronto-Dominion Bank 87,583 3,782 6,107 TSX Group Inc. 33,725 1,548 1,572 Telecommunication Services BCE Inc. 138,986 4,171 4,365 Manitoba Telecom Services Inc. 60,838 2,427 2,824 TELUS Corp. Class A non-voting 63,478 3,509 3,303 Utilities Atco Ltd. Class I non-voting 43,856 1,072 2,207 Canadian Utilities Ltd. Class A non-voting 13,712 421 654 TransAlta Corp. 43,887 830 1,169 Total Canadian Common Stock 74,306 107,459


Tim Hortons Inc. 47,900 1,340 1,614



Investment Fund Units Aeroplan Income Fund 86,300 1,084 1,465 Bell Aliant Regional Communications Income Fund 111,062 3,668 2,995 CI Financial Income Fund 135,405 3,993 3,617 Cineplex Galaxy Income Fund 35,386 555 479 Morneau Sobeco Income Fund 25,500 255 265 Peyto Energy Trust 72,400 1,254 1,281 Pizza Pizza Revenue Royalty Fund 54,233 521 434 The Consumers' Waterheater Income Fund 113,500 1,535 1,523 Yellow Pages Income Fund 125,845 2,052 1,620



127

Money Market Fund


20,000 19,920 19,9209,700 9,607 9,607

10,000 9,891 9,89114,500 14,444 14,44419,600 19,395 19,39514,400 14,256 14,25619,700 19,573 19,57324,250 23,989 23,98919,800 19,591 19,5919,700 9,593 9,593

15,000 14,780 14,7809,750 9,647 9,6479,500 9,322 9,3229,650 9,513 9,5139,750 9,563 9,563

18,750 18,359 18,35914,250 13,722 13,7229,250 8,896 8,8969,600 9,426 9,426

10,000 9,796 9,79610,000 9,796 9,7969,250 8,885 8,885

15,000 14,403 14,40314,750 14,169 14,16919,800 19,421 19,42115,000 14,718 14,71818,600 18,222 18,22220,000 19,171 19,17124,500 23,538 23,53820,000 19,200 19,20014,250 13,730 13,73010,000 9,605 9,60510,000 9,614 9,61410,000 9,623 9,6239,650 9,546 9,546

10,000 9,892 9,89214,700 14,590 14,5909,500 9,405 9,405

12,400 12,347 12,34714,850 14,685 14,68520,600 20,600 20,60014,300 14,153 14,1539,500 9,392 9,392

591,988 591,988

591,988 591,988Total Investments

Royal Bank of Canada 4.25000% 01-02-07Royal Bank of Canada 4.30815% 02-20-07Wells Fargo Discount 4.30836% 02-05-07

Total Short Term Notes

Honda CDA Finance Inc. 4.29809% 02-09-07Honda CDA Finance Inc. 4.30005% 02-15-07HSBC Bank Canada 4.32742% 01-24-07HSBC Bank Canada 4.32046% 03-26-07

Government of Canada 4.19043% 10-04-07Government of Canada 4.13055% 11-29-07Honda CDA Finance Inc. 4.31940% 01-16-07Honda CDA Finance Inc. 4.31940% 01-16-07

Government of Canada 4.26044% 08-09-07Government of Canada 4.18029% 09-06-07Government of Canada 4.11056% 09-06-07Government of Canada 4.18007% 10-04-07




Government of Canada 4.14924% 03-08-07GE Capital Canada Inc. 4.30032% 03-09-07Government of Canada 4.23954% 01-11-07Government of Canada 4.27050% 01-11-07

Enbridge Inc. 4.32009% 02-28-07GE Capital Canada Inc. 4.30082% 01-09-07GE Capital Canada Inc. 4.31888% 01-12-07GE Capital Canada Inc. 4.31180% 02-08-07

CDN Imperial Bank of Commerce 4.29109% 02-28-07CDP Financial Inc. 4.30005% 02-28-07Citibank CDA & Citicorp Ltd. 4.17005% 02-14-07Citigroup Financial 4.31940% 01-19-07

Bank of Montreal 4.28972% 01-11-07Bank of Montreal 4.29190% 01-23-07Bank of Nova Scotia 4.30905% 03-07-07CDN Imperial Bank of Commerce 4.28594% 01-10-07



Short Term Notes


128

Mortgage Fund

Par Average CurrentValue Cost Value

Canadian BondsFederal Government Canada Housing Trust 3.55% 09-15-10 15,000,000 14,984 14,727 Canada Mortgage & Housing 4.30% 04-01-15 25,000,000 25,108 25,150 Canada Mortgage & Housing 4.10% 10-01-15 15,000,000 14,909 14,862 Government of Canada 4.50% 06-01-15 21,800,000 22,030 22,447 Total Federal Government 77,031 77,186 Provincial Province of Ontario 6.10% 12-02-11 15,000,000 15,341 16,296 Total Provincial 15,341 16,296

Mortgage Backed MBS-MLFAI 2004-CAN14 4.596% 05-12-14 9,323,822 9,351 9,359 MBS-Schooner Trust 4.639% 01-12-14 2004-cf2 Class A1 9,028,151 9,033 9,083 Merrill Lynch Financial Asset Inc. 4.73% 04-12-35 3,549,957 3,552 3,556 MLFA 2002 BC2P A 6.673% 05-07-21 4,284,172 4,284 4,676 N-45 First CMBS Issuer Corp 4.46% 01-15-08 4,498,946 4,499 4,489 Solar Trust 4.65% 05-12-16 16,708,123 16,702 16,733 Total Mortgage Backed 47,421 47,896


(in thousands)



129

Mortgage Fund

(in thousands)



MORTGAGES

# OF MARKET MARKETDESCRIPTION PROPERTIES VALUE DESCRIPTION VALUE

MORTGAGES MORTGAGES BY INTEREST RATEBY PROVINCE FROM TOALBERTA 546 99,524 3.50 3.75 92 BRITISH COLUMBIA 576 95,334 3.75 4.00 7,592 MANITOBA 282 36,734 4.00 4.25 15,733 NEW BRUNSWICK 92 7,833 4.25 4.50 38,303 NEWFOUNDLAND 85 11,953 4.50 4.75 42,610 NOVA SCOTIA 122 10,966 4.75 5.00 176,029 ONTARIO 2,014 374,576 5.00 5.25 125,734 P.E.I. 17 1,114 5.25 5.50 113,893 QUEBEC 1,235 123,975 5.50 5.75 54,059 SASKATCHEWAN 195 16,377 5.75 6.00 28,430 N.W.T. 1 253 6.00 6.25 29,735

6.25 6.50 38,833 TOTAL BY PROVINCE 5,165 778,639 6.50 6.75 18,910

6.75 7.00 27,723 7.00 7.25 14,766

BY TYPE 7.25 7.50 11,930 APARTMENTS 45 85,383 7.50 7.75 2,317 SINGLE-FAMILY 4,262 438,123 7.75 8.00 1,897 MULTI-FAMILY 236 22,817 8.00 8.25 1,779 CONDOMINIUM 557 45,298 8.25 8.50 1,775 RETAIL/SHOPPING CENTRE 32 112,765 8.50 8.75 16,904 OTHER - - 8.75 9.00 76 INDUSTRIAL 22 31,324 9.00 9.25 3,607 OFFICE BLDG. 11 42,929 9.25 9.50 -

9.50 9.75 5,250 TOTAL BY PROPERTY TYPE 5,165 778,639 10.00 10.25 662

TOTAL BY INTEREST RATE 778,639BY MATURITY DATE

2004 1 432006 36 2,602 TOTAL INVESTMENTS 920,0172007 873 61,8232008 906 99,2072009 679 93,6562010 595 110,8192011 1,990 246,5272012 18 29,7322013 12 14,1552014 13 17,8772015 9 30,8502016 18 24,684

2017+ 15 46,664

TOTAL BY MATURITY DATE 5,165 778,639

130

US Equity Fund


Canadian Common StockMaterials Alcan Inc. 27,502 1,170 1,563

Total Canadian Common Stock 1,170 1,563 United States Common StockEnergy

Apache Corp. 39,440 3,305 3,059BJ Services Co. 88,670 3,855 3,032Chevron Corp. 45,946 2,657 3,940ConocoPhillips 43,146 3,302 3,620Exxon Mobil Corp. 177,740 12,104 15,883Marathon Oil Corp. 35,605 2,109 3,841Occidental Petroleum Corp. 62,200 2,906 3,542

Materials

Air Products and Chemicals Inc. 36,394 2,597 2,983E.I. du Pont de Nemours and Co. 56,431 3,190 3,205

Industrials

3M Co. 46,388 3,931 4,216Caterpillar Inc. 50,000 3,721 3,576Eaton Corp. 38,300 2,911 3,356FedEx Corp. 24,237 2,395 3,070General Dynamics Corp. 45,180 2,508 3,917General Electric Co. 265,436 14,371 11,518Illinois Tool Works Inc. 62,000 3,463 3,340L-3 Communication Holdings Inc. 36,000 3,136 3,433Lockheed Martin Corp. 33,497 2,676 3,596


Bed Bath & Beyond Inc. 79,200 3,389 3,519CBS Corp. Class B 100,600 3,780 3,658Circuit City Stores Inc. 120,900 3,484 2,676Coach Inc. 71,030 2,742 3,558KB Home 43,550 3,866 2,604Lennar Corp. Class A 49,430 3,330 3,024News Corp. Class A 152,900 2,812 3,830Nike Inc. Class B 28,083 2,619 3,243Nordstrom Inc. 69,645 2,857 4,007The Walt Disney Co. 94,500 3,094 3,777Viacom Inc. - Class B 59,500 4,156 2,847

Consumer Staples

Altria Group Inc. 70,570 5,069 7,063CVS Corp. 79,179 2,756 2,854PepsiCo Inc. 61,600 4,104 4,493The Procter & Gamble Co. 127,592 8,533 9,563Walgreen Co. 73,300 3,282 3,923Wal-Mart Stores Inc. 122,484 8,532 6,596




131

US Equity Fund





United States Common Stock (continued)Health Care

Amgen Inc. 53,900 4,515 4,294Coventry Health Care Inc. 51,913 2,886 3,030Genzyme Corp. 43,588 3,164 3,130Gilead Sciences Inc. 43,914 3,035 3,325Johnson & Johnson 119,336 9,078 9,188Medtronic Inc. 56,500 3,692 3,526Pfizer Inc. 279,530 17,134 8,443Stryker Corp. 49,056 2,751 3,153UnitedHealth Group Inc. 59,600 2,637 3,734Wyeth 69,600 3,942 4,133Zimmer Holdings Inc. 25,703 2,279 2,349

Financials

American Express Co. 53,750 3,371 3,803American International Group Inc. 105,361 10,032 8,805Bank of America Corp. 173,080 8,689 10,776Bank of New York Co. Ltd. 81,400 3,135 3,737Capital One Financial Corp. 33,653 2,995 3,015Citigroup Inc. 184,553 10,893 11,988Countrywide Financial Corp. 72,600 2,750 3,594Franklin Resources Inc. 33,501 3,240 4,304JPMorgan Chase & Co. 147,096 6,512 8,285Lincoln National Corp. 46,332 2,980 3,588Merrill Lynch & Co. Inc. 50,925 3,463 5,529Morgan Stanley 43,622 3,795 4,142Prudential Financial Inc. 42,200 3,637 4,225The St. Paul Travelers Companies Inc. 64,922 3,604 4,065Wachovia Corp. 70,550 4,027 4,685Washington Mutual Inc. 62,500 3,342 3,316Wells Fargo & Co. 126,960 3,849 5,265


Autodesk Inc. 87,200 4,077 4,114Cisco Systems Inc. 257,050 13,232 8,192Dell Inc. 90,780 3,335 2,656Electronic Data Systems Corp. 99,605 3,076 3,200EMC Corp. 221,800 3,532 3,414Intel Corp. 122,833 8,786 2,901International Business Machines Corp. 63,568 8,959 7,202Maxim Integrated Products Inc. 104,100 4,126 3,717Microsoft Corp. 268,248 13,986 9,341Motorola Inc. 113,367 6,021 2,718National Semiconductor Corp. 129,500 3,908 3,428Qualcomm Inc. 85,000 4,207 3,746Symantec Corp. 161,300 3,962 3,922Texas Instruments Inc. 93,400 2,706 3,137

132

US Equity Fund





United States Common Stock (continued)Telecommunication Services

AT&T Inc. 124,000 3,769 5,170BellSouth Corp. 76,578 2,554 4,207Sprint Nextel Corp. 114,586 3,480 2,524Verizon Communications Inc. 118,250 9,706 5,135

Utilities

Dynegy Inc. Class A 4,660 32 39Exelon Corp. 46,630 2,367 3,365FPL Group Inc. 49,617 2,136 3,148


Global Common StockBermuda Ingersoll-Rand Co. Class A 60,800 2,128 2,774

Nabors Industries Ltd. 77,500 3,323 2,692 Israel Teva Pharmaceutical Industries Ltd. ADR 90,000 3,484 3,262


Total Common Stock 397,031 391,356 Total Investments 397,031 391,356

133

US Growth Sectors Fund 2.87L



BJ Services Co. 11,046 487 378ConocoPhillips 6,959 487 584Devon Energy Corp. 7,199 550 563Valero Energy Corp. 6,753 456 403


Apollo Group Inc. Class A 8,584 599 390Best Buy Co. Inc. 7,948 379 456Coach Inc. 14,542 529 729Comcast Corp. Class A 10,507 427 519Harrah's Entertainment Inc. 4,975 330 480J.C. Penney Co. Inc. 6,184 242 558Lennar Corp. Class A 5,374 397 329News Corp. Class A 21,238 392 532Nike Inc. Class B 3,864 372 446Target Corp. 5,465 289 364The McGraw-Hill Companies Inc. 8,742 486 693Time Warner Inc. 17,498 518 444Viacom Inc. - Class B 6,575 422 315

Consumer Staples

Walgreen Co. 9,141 461 489 Health Care

Amgen Inc. 6,365 519 507Biomet Inc. 10,170 513 489C.R. Bard Inc. 6,162 411 596Caremark Rx Inc. 10,629 446 708Forest Laboratories Inc. 12,724 705 751Genentech Inc. 5,159 343 488Gilead Sciences Inc. 9,645 604 730Johnson & Johnson 7,276 573 560Medtronic Inc. 5,803 374 362PerkinElmer Inc. 16,898 421 438UnitedHealth Group Inc. 10,231 478 641Wyeth 7,185 399 427Zimmer Holdings Inc. 5,360 475 490

Financials American International Group Inc. 4,845 474 405Bank of America Corp. 8,297 430 516Capital One Financial Corp. 4,997 445 448Franklin Resources Inc. 3,089 196 397Goldman Sachs Group Inc. 2,318 292 539JPMorgan Chase & Co. 7,511 331 423Merrill Lynch & Co. Inc. 5,325 370 578Morgan Stanley 6,479 461 615




134

US Growth Sectors Fund 2.87L





United States Common Stock (continued)Financials (continued)

The St. Paul Travelers Companies Inc. 6,995 368 438Wells Fargo & Co. 11,716 424 486


Agilent Technologies Inc. 11,656 361 474Applied Materials Inc. 22,397 573 482Autodesk Inc. 12,334 514 582Cisco Systems Inc. 21,982 527 700Dell Inc. 12,770 487 374eBay Inc. 13,371 645 469EMC Corp. 27,792 425 428International Business Machines Corp. 3,735 498 423Linear Technology Corp. 10,776 512 381Microsoft Corp. 16,160 705 563Motorola Inc. 13,111 250 314National Semiconductor Corp. 14,318 481 379Network Appliance Inc. 10,155 243 465Oracle Corp. 17,792 263 356

Research In Motion Ltd. 2,782 223 414Texas Instruments Inc. 13,622 454 457Yahoo! Inc. 13,241 585 394

Utilities

Dynegy Inc. Class A 304 2 3 Total United States Common Stock 25,623 28,362


135

ADVANCED PROFILE FUND 2.45 L

AVERAGE MARKET AVERAGE MARKETDESCRIPTION COST VALUE DESCRIPTION COST VALUE

INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:LARGER COMPANY FUND 2.29MF 11,484 15,778 CANADIAN EQUITY FUND (L) 77,439 107,817

Top 5 holdings: % of total Top 5 holdings: % of totalManulife Financial Corp. 9.76% Royal Bank of Canada 6.53%Sun Life Financial Inc. 6.37% The Toronto-Dominion Bank 5.91%The Bank of Nova Scotia 6.15% Manulife Financial Corp. 5.77%The Toronto-Dominion Bank 6.13% The Bank of Nova Scotia 4.33%Citigroup Inc. 5.93% Sun Life Financial Inc. 3.65%

SMALLER COMPANY FUND 2.32 MF 28,571 32,608 CANADIAN EQUITY FUND 2.18G 25,768 32,608

Top 5 holdings: % of total Top 5 holdings: % of totalCanadian Western Bank 13.59% Royal Bank of Canada 6.36%Ritchie Bros. Auctioneers Inc. 9.66% Manulife Financial Corp. 5.31%Winpak Ltd. 6.21% EnCana Corp. 4.71%Henry Schein Inc. 6.09% Suncor Energy Inc. 4.48%FirstService Corp. Sub. voting 5.72% The Toronto-Dominion Bank 4.39%

NORTH AMERICAN EQUITY FUND 2.40 BG 11,229 15,778 GROWTH AND INCOME FUND (AGF) 11,452 15,778

Top 5 holdings: % of total Top 5 holdings: % of totalBeutel Goodman Cash Management Fund 10.51% Canada Housing Trust 3.75% 03-15-10 7.30%Manulife Financial Corp. 6.11% Canada Housing Trust 4.10% 12-15-08 7.13%The Toronto-Dominion Bank 6.04% Government of Canada 6.00% 06-01-11 6.90%Sun Life Financial Inc. 5.85% The Toronto-Dominion Bank 3.67%Molson Coors Canada Inc. Class B non-voting Exch. 4.03% Royal Bank of Canada 3.30%

INTERNATIONAL OPPORTUNITY FUND 2.88JPMF 21,767 26,297 REAL ESTATE FUND 2.17G 37,403 47,336

Top 5 holdings: % of total Top 5 holdings: % of totalGlaxoSmithKline PLC 3.39% First Canadian Centre 7.43%Roche Holding AG 3.39% 33 Yonge Street 6.89%Novartis AG Reg. 3.28% Goreway Business Park 5.27%Total SA 3.24% 269 Laurier Avenue West 4.75%Mitsubishi UFJ Financial Group Inc. 2.71% 1188 West Georgia St. 4.30%

GLOBAL EQUITY FUND 2.05L 78,834 96,773 INCOME FUND 2.06MX 89,530 98,351

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 2.19% MAXXUM Income Fund Series S 100.00%Exxon Mobil Corp. 1.82%ENI SPA 1.78%HSBC Holdings PLC 1.68%Bank of America Corp. 1.39%

US VALUE EQUITY FUND (S178) 4.11L 13,658 15,779 FOREIGN EQUITY FUND MF 17,340 21,038

Top 5 holdings: % of total Top 5 holdings: % of totalPhelps Dodge Corp. 1.91% Mackenzie Ivy Foreign Equity Fund Ser S 100.00%Microsoft Corp. 1.87%BellSouth Corp. 1.87%Chevron Corp. 1.87%ACE Ltd. 1.86%

TOTAL INVESTMENTS 424,475 525,941


as at December 31, 2006(in thousands of dollars)

136

AGGRESSIVE PROFILE FUND 2.46L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:GLOBAL EQUITY FUND 2.05L 64,561 79,065 CANADIAN EQUITY FUND (L) 40,532 57,040

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 2.19% Royal Bank of Canada 6.53%Exxon Mobil Corp. 1.82% The Toronto-Dominion Bank 5.91%ENI SPA 1.78% Manulife Financial Corp. 5.77%HSBC Holdings PLC 1.68% The Bank of Nova Scotia 4.33%Bank of America Corp. 1.39% Sun Life Financial Inc. 3.65%

US VALUE EQUITY FUND (S178) 4.11L 19,558 22,590 GROWTH AND INCOME FUND (AGF) 27,470 36,144

Top 5 holdings: % of total Top 5 holdings: % of totalPhelps Dodge Corp. 1.91% Canada Housing Trust 3.75% 03-15-10 7.30%Microsoft Corp. 1.87% Canada Housing Trust 4.10% 12-15-08 7.13%BellSouth Corp. 1.87% Government of Canada 6.00% 06-01-11 6.90%Chevron Corp. 1.87% The Toronto-Dominion Bank 3.67%ACE Ltd. 1.86% Royal Bank of Canada 3.30%

CANADIAN EQUITY FUND 2.18G 13,288 16,943 REAL ESTATE FUND 2.17G 42,754 51,957

Top 5 holdings: % of total Top 5 holdings: % of totalRoyal Bank of Canada 6.36% First Canadian Centre 7.43%Manulife Financial Corp. 5.31% 33 Yonge Street 6.89%EnCana Corp. 4.71% Goreway Business Park 5.27%Suncor Energy Inc. 4.48% 269 Laurier Avenue West 4.75%The Toronto-Dominion Bank 4.39% 1188 West Georgia St. 4.30%

INTERNATIONAL OPPORTUNITY FUND 2.88JPMF 23,367 28,238 AMERICAN GROWTH FUND A 24,236 28,237

Top 5 holdings: % of total Top 5 holdings: % of totalGlaxoSmithKline PLC 3.39% Apple Inc. 6.72%Roche Holding AG 3.39% Monsanto Co. 6.42%Novartis AG Reg. 3.28% Merrill Lynch & Co. Inc. 5.75%Total SA 3.24% Danaher Corp. 5.36%Mitsubishi UFJ Financial Group Inc. 2.71% Starwood Hotels & Resorts Worldwide Inc. 5.04%

Equity Fund 2.28MF 98,133 120,295 INTERNATIONAL STOCK FUND MF 35,100 45,180

Top 5 holdings: % of total Top 5 holdings: % of totalShoppers Drug Mart Corp. 11.95% Mackenzie Universal Int'l Stock Fund 100.00%Manulife Financial Corp. 7.48%Thomson Corp. 7.04%The Bank of Nova Scotia 5.51%Reckitt Benckiser PLC 5.45%

NATURAL RESOURCE FUND 2.12MX 41,710 56,475 U.S. GROWTH SECTORS FUND 20,197 22,590

Top 5 holdings: % of total Top 5 holdings: % of total

Mkf Univ Cdn Resources Ser S 100.00% Forest Laboratories Inc. 2.65%Gilead Sciences Inc. 2.57%Coach Inc. 2.57%Caremark Rx Inc. 2.50%Cisco Systems Inc. 2.47%




137

BALANCED PROFILE FUND 2.44L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:GLOBAL EQUITY FUND 2.05L 98,437 120,663 GLOBAL EQUITY FUND (S034) 4.03SAM 30,051 36,565

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 2.19% iShares MSCI Japan Index Fund 3.89%Exxon Mobil Corp. 1.82% CRH PLC 2.71%ENI SPA 1.78% DCC PLC 2.70%HSBC Holdings PLC 1.68% Vodafone Group PLC 2.23%Bank of America Corp. 1.39% The Swatch Group AG [Bearer] 1.78%

US VALUE EQUITY FUND (S178) 4.11L 31,578 36,564 MORTGAGE FUND (L) 122,202 134,070

Top 5 holdings: % of total Top 5 holdings: % of totalPhelps Dodge Corp. 1.91% Canada Mortgage & Housing 4.30% 04-01-15 17.79%Microsoft Corp. 1.87% Government of Canada 4.50% 06-01-15 15.88%BellSouth Corp. 1.87% Solar Trust 4.65% 05-12-16 11.84%Chevron Corp. 1.87% Province of Ontario 6.10% 12-02-11 11.53%ACE Ltd. 1.86% Canada Mortgage & Housing 4.10% 10-01-15 10.51%

NORTH AMERICAN BALANCED FUND 101,934 134,070 CANADIAN EQUITY FUND (L) 27,028 36,564

Top 5 holdings: % of total Top 5 holdings: % of totalRoyal Bank of Canada 2.25% Royal Bank of Canada 6.53%Toronto-Dominion Bank 2.09% The Toronto-Dominion Bank 5.91%Manulife Financial Corp. 2.00% Manulife Financial Corp. 5.77%Government of Canada 8.00% 06-01-23 1.80% The Bank of Nova Scotia 4.33%Bank of Nova Scotia 1.45% Sun Life Financial Inc. 3.65%

EQUITY/BOND FUND 2.15G 47,419 60,941 BOND FUND (L) 115,386 121,882

Top 5 holdings: % of total Top 5 holdings: % of totalLL International Equity (54) JF 11.67% Government of Canada 8.00% 06-01-23 4.49%Government of Canada 4.50% 06-01-15 6.42% Canada Housing Trust 4.60% 09-15-11 3.84%Canada Housing Trust 4.05% 03-15-11 2.91% Province of Ontario 5.85% 03-08-33 2.60%Royal Bank of Canada 2.67% Canada Housing Trust 4.05% 03-15-11 2.56%Manulife Financial Corp. 2.20% Government of Canada 4.25% 09-01-09 2.53%

GROWTH AND INCOME FUND 2.27MF 209,406 268,142 REAL ESTATE FUND 2.17G 63,377 82,880

Top 5 holdings: % of total Top 5 holdings: % of totalShoppers Drug Mart Corp. 8.51% First Canadian Centre 7.43%Manulife Financial Corp. 5.32% 33 Yonge Street 6.89%Thomson Corp. 5.01% Goreway Business Park 5.27%Reckitt Benckiser PLC 4.84% 269 Laurier Avenue West 4.75%United Parcel Service Inc. Class B 4.75% 1188 West Georgia St. 4.30%

CANADIAN BALANCED FUND 2.07 MX 109,591 149,915

Top 5 holdings: % of total TOTAL INVESTMENTS 987,247 1,218,820Mkf Cdn Balanced Series S 100.00%

FOREIGN EQUITY FUND 3.02MF 30,838 36,564

Top 5 holdings: % of totalMackenzie Ivy Foreign Equity Fund Ser S 100.00%



138

CANADIAN EQUITY PROFILE FUND 2.98L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:CANADIAN EQUITY FUND (L) 8,306 11,978 DIVIDEND FUND 2.09 MX 2,590 2,994

Top 5 holdings: % of total Top 5 holdings: % of totalRoyal Bank of Canada 6.53% MAXXUM Div Fund - LL Seg Ser S 100.00%The Toronto-Dominion Bank 5.91%Manulife Financial Corp. 5.77%The Bank of Nova Scotia 4.33%Sun Life Financial Inc. 3.65%

DIVIDEND FUND 2.03L 2,574 2,994 NATURAL RESOURCES FUND 2.12 (MX) 3,661 4,911

Top 5 holdings: % of total Top 5 holdings: % of totalRoyal Bank of Canada 5.54% Mkf Univ Cdn Resources Ser S 100.00%Manulife Financial Corp. 4.82%The Toronto-Dominion Bank 4.70%The Bank of Nova Scotia 4.40%Sun Life Financial Inc. 3.60%

GROWTH EQUITY FUND 2.04 (L) 3,655 5,091 NORTH AMERICAN EQUITY FUND 2.40 BG 5,112 6,767

Top 5 holdings: % of total Top 5 holdings: % of totalThe Toronto-Dominion Bank 4.57% Beutel Goodman Cash Management Fund 10.51%Royal Bank of Canada 4.43% Manulife Financial Corp. 6.11%Bank of Montreal 3.53% The Toronto-Dominion Bank 6.04%Nexen Inc. 3.40% Sun Life Financial Inc. 5.85%Barrick Gold Corp. 3.37% Molson Coors Canada Inc. Class B non-voting Exch. 4.03%

EQUITY FUND 2.28 MF 10,165 11,978 MIDCAP CDA FUND 2.16 (G) 1,447 1,797

Top 5 holdings: % of total Top 5 holdings: % of totalShoppers Drug Mart Corp. 11.95% Miramar Mining Corp. 5.11%Manulife Financial Corp. 7% SXR Uranium One Inc. 4.72%Thomson Corp. 7% Galleon Energy Inc. Class A 4.08%The Bank of Nova Scotia 6% Saskatchewan Wheat Pool 4.08%Reckitt Benckiser PLC 5% Laurentian Bank of Canada 4.03%

GROWTH EQUITY FUND (AGF) 1,363 1,797 SCIENCE & TECHNOLOGY FUND 2.76 G 5,241 5,989

Top 5 holdings: % of total Top 5 holdings: % of totalCanadian Western Bank 2.58% Nasdaq-100 Index Tracking Stock 8.44%Canadian Oil Sands Trust 2% COM DEV International Ltd. 4.96%Goldcorp Inc. 2% Wi-LAN Inc. 4.64%Nexen Inc. 2% Computer Modelling Group Ltd. 4.38%Cameco Corp. 2% Rogers Communications Inc. Class B non-voting 3.98%

CANADIAN EQUITY GROWTH FUND 2.08MX 1,490 1,796 CANADIAN GROWTH SECTORS FUND 1,173 1,797

Top 5 holdings: % of total Top 5 holdings: % of totalMAXXUM Cdn Equity LL Seg Ser S 100.00% Quadrus AIM Canadian Equity Growth Fund Series S 100.00%




139

CONSERVATIVE PROFILE FUND 2.42L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:MORTGAGE FUND (L) 133,223 155,240 GOVERNMENT BOND FUND 2.14 G 137,770 155,241

Top 5 holdings: % of total Top 5 holdings: % of totalCanada Mortgage & Housing 4.30% 04-01-15 17.79% Canada Housing Trust 3.70% 09-15-08 25.43%Government of Canada 4.50% 06-01-15 15.88% Canada Housing Trust 3.75% 03-15-10 18.83%Solar Trust 4.65% 05-12-16 11.84% Canada Housing Trust 4.05% 03-15-11 16.52%Province of Ontario 6.10% 12-02-11 11.53% Province of Quebec 5.0% 12-01-15 7.94%Canada Mortgage & Housing 4.10% 10-01-15 10.51% Government of Canada 6.00% 06-01-11 6.48%

GLOBAL EQUITY FUND 2.05L 17,280 21,169 CANADIAN EQUITY FUND (L) 16,118 21,169

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 2.19% Royal Bank of Canada 6.53%Exxon Mobil Corp. 1.82% The Toronto-Dominion Bank 5.91%ENI SPA 1.78% Manulife Financial Corp. 5.77%HSBC Holdings PLC 1.68% The Bank of Nova Scotia 4.33%Bank of America Corp. 1.39% Sun Life Financial Inc. 3.65%

GLOBAL EQUITY FUND (S034) 4.03SAM 17,412 21,170 BOND FUND (L) 68,434 77,619

Top 5 holdings: % of total Top 5 holdings: % of totaliShares MSCI Japan Index Fund 3.89% Government of Canada 8.00% 06-01-23 4.49%CRH PLC 2.71% Canada Housing Trust 4.60% 09-15-11 3.84%DCC PLC 2.70% Province of Ontario 5.85% 03-08-33 2.60%Vodafone Group PLC 2.23% Canada Housing Trust 4.05% 03-15-11 2.56%The Swatch Group AG [Bearer] 1.78% Government of Canada 4.25% 09-01-09 2.53%

INTERNATIONAL BOND FUND 2.52LM 26,460 27,519 GROWTH AND INCOME FUND A 16,075 21,169

Top 5 holdings: % of total Top 5 holdings: % of totalLegg Mason Int'l Bond Fund 100.00% Canada Housing Trust 3.75% 03-15-10 7.30%

Canada Housing Trust 4.10% 12-15-08 7.13%Government of Canada 6.00% 06-01-11 6.90%The Toronto-Dominion Bank 3.67%Royal Bank of Canada 3.30%

DIVIDEND FUND 2.09 MX 28,606 38,104 REAL ESTATE FUND 2.17G 40,971 55,745

Top 5 holdings: % of total Top 5 holdings: % of totalMAXXUM Div Fund - LL Seg Ser S 100.00% First Canadian Centre 7.43%

33 Yonge Street 6.89%Goreway Business Park 5.27%269 Laurier Avenue West 4.75%1188 West Georgia St. 4.30%

INCOME FUND 2.26MF 21,752 28,931 INCOME FUND 2.06MX 71,960 82,560


Government of Canada 4.25% 09-01-09 7.36% MAXXUM Income Fund Series S 100.00%Government of Canada 5.75% 06-01-33 4.13%Government of Canada 5.75% 06-01-29 3.73%Manulife Financial Corp. 3.28% TOTAL INVESTMENTS 596,061 705,636

The Toronto-Dominion Bank 2.70%



140

DIVERSIFIED FUND


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:MORTGAGE FUND (L) 55,528 73,981 CANADIAN EQUITY FUND (L) 376,968 793,220

Top 5 holdings: % of total Top 5 holdings: % of totalCanada Mortgage & Housing 4.30% 04-01-15 17.79% Royal Bank of Canada 6.53%Government of Canada 4.50% 06-01-15 15.88% The Toronto-Dominion Bank 5.91%Solar Trust 4.65% 05-12-16 11.84% Manulife Financial Corp. 5.77%Province of Ontario 6.10% 12-02-11 11.53% The Bank of Nova Scotia 4.33%Canada Mortgage & Housing 4.10% 10-01-15 10.51% Sun Life Financial Inc. 3.65%

US EQUITY FUND (L) 295,102 298,314

Top 5 holdings: % of total BOND FUND (L) 618,943 883,299

Exxon Mobil Corp. 4.06% Top 5 holdings: % of totalCitigroup Inc. 3.06% Government of Canada 8.00% 06-01-2 4.49%General Electric Co. 2.94% Canada Housing Trust 4.60% 09-15-1 3.84%Bank of America Corp. 2.75% Province of Ontario 5.85% 03-08-33 2.60%The Procter & Gamble Co. 2.44% Canada Housing Trust 4.05% 03-15-1 2.56%

Government of Canada 4.25% 09-01-0 2.53%INTERNATIONAL EQUITY FUND JF 205,513 301,995

Top 5 holdings: % of total MONEY MARKET 161,992 172,562

Total SA 3.99% Top 5 holdings: % of totalHSBC Holdings PLC 3.24% Citigroup Financial 4.31940% 01-19-0 4.05%ENI SPA 3.14% Government of Canada 4.26044% 08- 3.98%UBS AG Reg. 2.46% Royal Bank of Canada 4.25000% 01-0 3.48%GlaxoSmithKline PLC 2.23% Bank of Montreal 4.28972% 01-11-07 3.36%

Enbridge Inc. 4.32009% 02-28-07 3.31%

TOTAL INVESTMENTS 1,714,046 2,523,371



141

FIXED INCOME PROFILE FUND 3.00L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:BOND FUND (L) 13,975 16,687 INCOME FUND 2.06MX 14,191 16,686


Government of Canada 8.00% 06-01-23 4.49% MAXXUM Income Fund Series S 100.00%Canada Housing Trust 4.60% 09-15-11 3.84%Province of Ontario 5.85% 03-08-33 2.60%Canada Housing Trust 4.05% 03-15-11 2.56%Government of Canada 4.25% 09-01-09 2.53%

MORTGAGE FUND (L) 14,597 16,687 INTERNATIONAL BOND FUND 2.52LM 3,649 3,793

Top 5 holdings: % of total Top 5 holdings: % of totalCanada Mortgage & Housing 4.30% 04-01-15 17.79% Legg Mason Int'l Bond Fund 100.00%Government of Canada 4.50% 06-01-15 15.88%Solar Trust 4.65% 05-12-16 11.84%Province of Ontario 6.10% 12-02-11 11.53%Canada Mortgage & Housing 4.10% 10-01-15 10.51%

GOVERNMENT BOND FUND 2.14 G 6,209 6,827 LONG TERM BOND FUND 12,381 15,169

Top 5 holdings: % of total Top 5 holdings: % of totalCanada Housing Trust 3.70% 09-15-08 25.43% Government of Canada 5.75% 06-01-29 7.41%Canada Housing Trust 3.75% 03-15-10 18.83% Government of Canada 5.75% 06-01-33 6.84%Canada Housing Trust 4.05% 03-15-11 16.52% Government of Canada 8.00% 06-01-23 5.36%Province of Quebec 5.0% 12-01-15 7.94% Government of Canada 5.00% 06-01-37 4.35%Government of Canada 6.00% 06-01-11 6.48% Government of Canada 8.00% 06-01-27 4.18%




142

GLOBAL EQUITY PROFILE FUND 2.99L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:US EQUITY (L) 1,020 1,157 INTERNATIONAL STOCK FUND MF 595 771

Top 5 holdings: % of total Top 5 holdings: % of totalExxon Mobil Corp. 4.06% Mackenzie Universal Int'l Stock Fund 100.00%Citigroup Inc. 3.06%General Electric Co. 2.94%Bank of America Corp. 2.75%The Procter & Gamble Co. 2.44%

US VALUE EQUITY FUND (S178) 4.11L 1,121 1,285 JAPANESE EQUITY FUND 3.03 MF 1,023 1,105

Top 5 holdings: % of total Top 5 holdings: % of totalPhelps Dodge Corp. 1.91% Universal Select Managers Japan Capital 100.00%Microsoft Corp. 1.87%BellSouth Corp. 1.87%Chevron Corp. 1.87%ACE Ltd. 1.86%

INTERNATIONAL EQUITY JF 607 771 EMERGING MARKETS FUND 3.04 MF 1,041 1,464

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 3.99% Universal World Emerging Growth Cap S 100.00%HSBC Holdings PLC 3.24%ENI SPA 3.14%UBS AG Reg. 2.46%GlaxoSmithKline PLC 2.23%

AMERICAN GROWTH FUND 2.34 A 4,692 5,423 ASIAN GROWTH FUND 2.35 A 667 874

Top 5 holdings: % of total Top 5 holdings: % of totalApple Inc. 6.72% Canada Housing Trust 3.75% 03-15-10 7.30%Monsanto Co. 6.42% Canada Housing Trust 4.10% 12-15-08 7.13%Merrill Lynch & Co. Inc. 5.75% Government of Canada 6.00% 06-01-11 6.90%Danaher Corp. 5.36% The Toronto-Dominion Bank 3.67%Starwood Hotels & Resorts Worldwide Inc. 5.04% Royal Bank of Canada 3.30%

US GROWTH SECTORS FUND 1,613 1,798 EUROPEAN EQUITY FUND 2.38 S 3,519 4,625

Top 5 holdings: % of total Top 5 holdings: % of totalForest Laboratories Inc. 2.65% First Canadian Centre 7.43%Gilead Sciences Inc. 2.57% 33 Yonge Street 6.89%Coach Inc. 2.57% Goreway Business Park 5.27%Caremark Rx Inc. 2.50% 269 Laurier Avenue West 4.75%Cisco Systems Inc. 2.47% 1188 West Georgia St. 4.30%

FOREIGN EQUITY FUND MF 4,755 5,653 GLOBAL EQUITY FUND (S034) 4.03SAM 641 771


Government of Canada 4.25% 09-01-09 7.36% MAXXUM Income Fund Series S 100.00%Government of Canada 5.75% 06-01-33 4.13%Government of Canada 5.75% 06-01-29 3.73%Manulife Financial Corp. 3.28% TOTAL INVESTMENTS 21,294 25,697

The Toronto-Dominion Bank 2.70%



143

MODERATE PROFILE FUND 2.43L


INVESTMENT IN UNITS OF: INVESTMENT IN UNITS OF:GLOBAL EQUITY FUND 2.05L 47,780 57,366 DIVIDEND FUND 2.03L 18,914 26,075

Top 5 holdings: % of total Top 5 holdings: % of totalTotal SA 2.19% Royal Bank of Canada 5.54%Exxon Mobil Corp. 1.82% Manulife Financial Corp. 4.82%ENI SPA 1.78% The Toronto-Dominion Bank 4.70%HSBC Holdings PLC 1.68% The Bank of Nova Scotia 4.40%Bank of America Corp. 1.39% Sun Life Financial Inc. 3.60%

Income Fund 2.26MF 75,197 95,610 CANADIAN EQUITY FUND (L) 19,701 26,075

Top 5 holdings: % of total Top 5 holdings: % of totalGovernment of Canada 4.25% 09-01-09 7.36% Royal Bank of Canada 6.53%Government of Canada 5.75% 06-01-33 4.13% The Toronto-Dominion Bank 5.91%Government of Canada 5.75% 06-01-29 3.73% Manulife Financial Corp. 5.77%Manulife Financial Corp. 3.28% The Bank of Nova Scotia 4.33%The Toronto-Dominion Bank 2.70% Sun Life Financial Inc. 3.65%

GLOBAL EQUITY FUND (S034) 4.03SAM 21,476 26,076 BOND FUND (L) 103,890 117,340

Top 5 holdings: % of total Top 5 holdings: % of totaliShares MSCI Japan Index Fund 3.89% Government of Canada 8.00% 06-01-23 4.49%iShares MSCI Japan Index Fund 2.71% Canada Housing Trust 4.60% 09-15-11 3.84%DCC PLC 2.70% Province of Ontario 5.85% 03-08-33 2.60%Vodafone Group PLC 2.23% Canada Housing Trust 4.05% 03-15-11 2.56%The Swatch Group AG [Bearer] 1.78% Government of Canada 4.25% 09-01-09 2.53%

International Bond Fund 2.52LM 41,734 43,459 REAL ESTATE FUND 2.17G 51,179 69,535Top 5 holdings: % of total Top 5 holdings: % of total

Legg Mason Int'l Bond Fund 100.00% First Canadian Centre 7.43%33 Yonge Street 6.89%

GROWTH & INCOME FUND 2.27 MF 36,357 45,197 Goreway Business Park 5.27%Top 5 holdings: % of total 269 Laurier Avenue West 4.75%

Shoppers Drug Mart Corp. 8.51% 1188 West Georgia St. 4.30%Manulife Financial Corp. 5.32%Thomson Corp. 5.01% INCOME FUND 2.06MX 151,636 173,840Reckitt Benckiser PLC 4.84% Top 5 holdings: % of totalUnited Parcel Service Inc. Class B 4.75% MAXXUM Income Fund Series S 100.00%

INCOME FUND 2.01 L 112,478 145,154 CANADIAN GROWTH SECTORS FUND 2.86L 35,846 43,459Top 5 holdings: % of total Top 5 holdings: % of total

Government of Canada 5.75% 06-01-33 2.56% Quadrus AIM Canadian Equity Growth Fund Series S 100.00%Province of Ontario 6.50% 03-08-29 2.40%Canada Housing Trust 4.60% 09-15-11 2.13%Province of Quebec 6.00% 10-01-29 1.62% TOTAL INVESTMENTS 716,188 869,186Province of Ontario 6.10% 12-02-11 1.61%



144


Investment Fund Units Mackenzie Universal US Growth Leaders Fund Series S 3,732,259 54,441 32,650 Total Investments 54,441 32,650


Security Description % of TotalCisco Systems Inc. 4.80%Colgate Palmolive Co. 4.00%Monsanto Co. 3.70%Microsoft Corp. 3.50%Procter & Gamble Co. (The) 3.40%Chicago Mercantile Exchange Holdings Inc. (The) 3.30%General Electric Co. 3.30%Gilead Sciences Inc. 3.30%PepsiCo Inc. 3.30%Johnson & Johnson 3.10%Apple Computer Inc. 3.00%Smith International Inc. 2.90%Adobe Systems Inc. 2.90%Google Inc. 2.90%Genentech Inc. 2.80%Electronic Arts Inc. 2.60%Las Vegas Sands Corp. 2.60%UBS AG Reg. 2.50%Research In Motion Ltd. 2.50%Schlumberger Ltd. 2.40%Goldman Sachs Group Inc. 2.40%Paychex Inc. 2.20%Cash & Equivalents 2.20%International Game Technology 2.07%Microchip Technology Inc. 2.00%




American Equity Fund 2.10J

145


Investment Fund Units Mackenzie Maxxum Canadian Balanced Fund Series S 23,699,595 256,526 304,433 Total Investments 256,526 304,433


Security Description % of TotalCash and equivalents 4.80%Government of Canada 4.25% 2009/09/01 4.60%Government of Canada 5.75% 2029/06/01 4.00%Canada Housing Trust 4.65% 2009/09/15 3.90%Government of Canada 5.50% 2010/06/01 2.50%Royal Bank of Canada 2.50%Government of Canada 5.75% 2033/06/01 2.40%Bank of Nova Scotia (The) 2.10%Canadian National Railway Co. 2.00%Canadian Imperial Bank of Commerce 2.00%Toronto-Dominion Bank (The) 2.00%Thomson Corp. (The) 1.90%Manulife Financial Corp. 1.90%EnCana Corp. 1.90%Teck Cominco Ltd. 1.80%Government of Canada 5.00% 2014/06/01 1.70%Rogers Communications Inc. 1.60%Cisco Systems Inc. 1.60%Walgreen Co. 1.60%Alcan Inc. 1.60%Astral Media Inc. 1.50%Citigroup Inc. 1.50%Brookfield Asset Management Inc. 1.50%Suncor Energy Inc. 1.50%Shoppers Drug Mart Corp. 1.50%




Canadian Balanced Fund 2.07MF

146


Investment Fund Units Mackenzie Maxxum Canadian Equity Growth Fund Series S 5,368,552 96,113 137,041 Total Investments 96,113 137,041


Security Description % of TotalRoyal Bank of Canada 4.60%Toronto-Dominion Bank (The) 4.00%Bank of Nova Scotia (The) 3.90%Manulife Financial Corp. 3.80%Canadian National Railway Co. 3.70%Canadian Imperial Bank of Commerce 3.70%Thomson Corp. (The) 3.60%EnCana Corp. 3.50%Rogers Communications Inc. 3.30%Teck Cominco Ltd. 3.20%Cash and equivalents 3.10%Suncor Energy Inc. 3.00%Shoppers Drug Mart Corp. 2.90%Alcan Inc. 2.90%Astral Media Inc. 2.80%Bank of Montreal 2.80%Brookfield Asset Management Inc. 2.80%Barrick Gold Corp. 2.20%BCE Inc. 2.10%Goldcorp Inc. 2.10%Nexen Inc. 2.10%OPTI Canada Inc. 2.00%Sun Life Financial Inc. 2.00%Husky Energy Inc. 1.90%TELUS Corp. 1.70%



Canadian Equity Growth Fund 2.08MF


147

Canadian Opportunity Fund 2.30MF


Canadian Common StockEnergy Cameco Corp. 37,100 1,551 1,751 EnCana Corp. 23,000 1,252 1,234 Ensign Energy Services Inc. 69,100 894 1,271 Petro-Canada 31,200 1,128 1,490 ShawCor Ltd. Class A Sub. voting 97,600 1,487 2,445 Suncor Energy Inc. 20,900 1,295 1,918 Materials Barrick Gold Corp. 68,816 1,992 2,467 Goldcorp Inc. 57,900 1,754 1,917 Potash Corp. of Saskatchewan Inc. 9,500 1,020 1,587 Silver Wheaton Corp 55,700 698 681 Industrials ATS Automation Tooling Systems Inc. 131,900 2,016 1,472 Ritchie Bros. Auctioneers Inc. 14,500 477 905 Consumer Discretionary MEGA Brands Inc. 40,400 922 1,056

Tim Hortons Inc. 62,600 1,904 2,109 Consumer Staples Shoppers Drug Mart Corp. 67,300 2,378 3,371 Financials GMP Capital Trust 41,200 800 898 Information Technology Celestica Inc. Sub. voting 110,000 1,695 999 Cognos Inc. 61,200 2,695 3,032 Research In Motion Ltd. 20,300 1,924 3,025 Sierra Wireless Inc. 79,300 1,086 1,300 The Descartes Systems Group Inc. 120,400 531 518 Tundra Semiconductor Corp. 91,200 1,237 871 Workbrain Corp. 176,600 2,625 2,068 Telecommunication Services Rogers Communications Inc. Class B non-voting 69,600 1,375 2,415


United States Common StockHealth Care

BioMarin Pharmaceutical Inc. 10,800 131 206Cytyc Corp. 27,000 801 891DaVita Inc. 6,500 399 431Edwards Lifesciences Corp. 9,600 452 527Genentech Inc. 2,300 120 218IMS Health Inc. 11,000 323 352Magellan Health Services Inc. 5,400 271 272Pediatrix Medical Group Inc. 11,600 555 661PolyMedica Corp 11,600 465 547




148

Canadian Opportunity Fund 2.30MF





United States Common Stock (continued)Health Care (continued)

Respironics, Inc. 10,900 438 480Stereotaxis Inc. 11,200 111 135Stryker Corp. 3,900 214 251Wyeth 6,900 406 410

Financials

Goldman Sachs Group Inc. 3,900 870 907 Information Technology

Apple Computer Inc. 11,000 976 1,088Applied Materials Inc. 27,700 778 596Corning Inc. 20,900 468 456eBay Inc. 27,000 1,269 947Electronic Arts Inc. 12,800 865 752Opsware Inc. 35,500 366 365Qualcomm Inc. 18,800 852 828Sunpower Corporation Class A 12,000 534 520Texas Instruments Inc. 24,000 880 806


Global Common StockBermuda Marvell Technology Group Ltd. 34,300 785 768

Denmark Vestas Wind Systems AS 18,500 403 912

Germany SAP AG ADR 14,900 802 923

South Korea Samsung Electronics Co. Ltd. GDR 2,400 786 921

Sweden Telefonaktiebolaget LM Ericsson B 112,400 445 529

Switzerland Novartis AG ADR 10,300 626 690

United Kingdom Shire PLC ADR 9,400 399 677 Total Global Common Stock 4,246 5,420



149


Investment Fund Units Mackenzie Maxxum Dividend Fund Series S 22,855 330,335 440,357 Total Investments 330,335 440,357


Security Description % of TotalCash and equivalents 9.50%Toronto-Dominion Bank (The) 6.10%Manulife Financial Corp. 5.60%Citigroup Inc. 5.20%Power Corp. of Canada 4.10%Bank of Nova Scotia (The) 3.60%Royal Bank of Canada 3.30%Canadian Imperial Bank of Commerce 3.20%TJX Companies Inc. 3.00%Tesco PLC 2.80%CVS Corp. 2.60%Diageo PLC 2.40%Yellow Pages Income Fund 2.40%Bank of America Corp. 2.40%Ensign Energy Services Inc. 2.20%BCE Inc. 2.20%Magna Int'l Inc. 2.10%Sun Life Financial Inc. 2.00%Thomson Corp. (The) 1.90%Talisman Energy Inc. 1.90%Microsoft Corp. 1.80%RioCan REIT 1.70%Omnicom Group Inc. 1.70%Jean Coutu Group (PJC) Inc. (The) 8.50% 2014/08/01 1.60%Ingersoll-Rand Co. Cl. A 1.60%




Dividend Fund 2.09MX

150

Equity Fund 2.28MF


Canadian Common StockEnergy Enbridge Inc. 262,700 9,100 10,579 Imperial Oil Ltd. 246,100 5,889 10,565 Industrials Canadian National Railway Co. 213,500 6,930 10,690 Transcontinental Inc. 352,500 7,295 7,343

Consumer Discretionary Thomson Corp. 418,800 18,424 20,262

Tim Hortons Inc. 261,800 7,577 8,820 Consumer Staples George Weston Ltd. 139,100 12,401 10,516 Loblaw Companies Ltd. 165,800 9,309 8,089 Shoppers Drug Mart Corp. 686,400 23,141 34,382 Financials Bank of Montreal 214,100 11,894 14,773 Brookfield Properties Corp. 187,300 5,701 8,606 Manulife Financial Corp. 547,100 15,396 21,528 The Bank of Nova Scotia 304,400 11,638 15,859 The Toronto-Dominion Bank 50,300 3,422 3,507



Danaher Corp. 157,000 9,231 13,263Ecolab Inc. 72,700 3,246 3,832United Parcel Service Inc. Class B 172,800 13,673 15,109

Consumer Staples

PepsiCo Inc. 190,500 12,856 13,896Walgreen Co. 211,000 10,700 11,292

Health Care

Becton, Dickinson and Co. 45,500 3,503 3,722 Financials

Moody's Corp. 60,600 3,701 4,880 Information Technology

Automatic Data Processing Inc. 73,900 4,171 4,244Paychex Inc. 25,100 1,174 1,157





151

Equity Fund 2.28MF





Global Common StockUnited Kingdom Diageo PLC 497,200 9,501 11,381 Reckitt Benckiser PLC 294,300 10,140 15,684 Total Global Common Stock 19,641 27,065


Investment Fund Units Yellow Pages Income Fund 298,800 3,804 3,846



152


Investment Fund Units Mackenzie Ivy Foreign Equity Fund Series S 8,265,263 82,183 99,644 Total Investments 82,183 99,644

Top Holdings as at December 31, 2006

Security Description % of TotalCash and equivalents 13.40%Reckitt Benckiser PLC 6.20%PepsiCo Inc. 5.90%Diageo PLC 5.80%Danaher Corp. 5.60%William Demant Hldg A/S 5.60%Essilor Int'l SA 5.10%Shoppers Drug Mart Corp. 5.00%Ecolab Inc. 4.80%Henry Schein Inc. 4.70%United Parcel Service Inc. 4.00%L'Oreal SA 4.00%Groupe Danone SA 3.90%Walgreen Co. 3.20%Synthes Inc. 3.00%Nestle SA 3.00%Brown & Brown Inc. 2.70%Bunzl PLC 2.60%Moody's Corp. 2.50%Automatic Data Processing Inc. 2.00%Donaldson Co. Ltd. 1.90%T. Rowe Price Group Inc. 1.80%Progressive Corp. (The) 1.00%Becton Dickinson & Co. 1.00%

Paychex Inc. 0.70%



Foreign Equity Fund 3.02 MF


153


Investment Fund Units Mackenzie Universal Global Future Fund Series S 2,838,136 35,481 28,282 Total Investments 35,481 28,282


Security Description % of TotalTelefonaktiebolaget LM Ericsson B 4.00%Royal Bank of Scotland Group PLC 2.90%Cisco Systems Inc. 2.70%MEMC Electronic Materials Inc. 2.60%Roche Holding AG 2.40%Atlas Copco AB A 2.40%Burberry Group PLC 2.30%Cash and Equivalents 2.30%Fomento Economico Mexicano SAB 2.20%Vestas Wind Systems AS 2.10%Zodiac SA 2.00%Merrill Lynch & Co. Inc. 2.00%China Petroleum and Chemical Corp. (Sinopec) 2.00%Ichiyoshi Securities Co. Ltd. 2.00%Northern Trust Corp. 1.90%Google Inc. 1.90%Samsung Electronics Co. Ltd. 1.90%Sumitomo Trust and Banking Co. Ltd. (The) 1.70%News Corp. Inc. Class B 1.70%Allstate Corp. (The) 1.50%Neopost SA 1.50%iShares MSCI Taiwan Index Fund 1.50%Ibiden Co. Ltd. 1.50%Reckitt Benckiser PLC 1.40%Joint Corp. 1.40%




Global Opportunity Fund 2.11J

154

Growth & Income Fund 2.27MF


Canadian BondsFederal Government Canada Housing Trust 4.75% 03-15-07 1,807,000 1,827 1,809 Canada Housing Trust 3.70% 09-15-08 4,128,000 4,110 4,100 Canada Housing Trust 4.10% 12-15-08 1,370,000 1,373 1,370 Export Development Canada 5.00% 02-09-09 1,500,000 1,494 1,527 Export Development Canada 6.20% 06-22-10 18,676,000 19,985 19,955 Export Development Corp. 5.75% 06-01-11 21,152,000 22,099 22,558 Government of Canada 11.00% 06-01-09 6,464,000 8,465 7,501 Government of Canada 5.00% 06-01-14 4,483,000 4,733 4,749

Total Federal Government 64,086 63,569 Provincial Ontrea Inc. 5.57% 04-09-13 13,307,000 13,937 14,261 Ontrea Inc. 5.70% 10-31-11 11,819,000 12,500 12,579

Total Provincial 26,437 26,840 Corporate - Non Convertible Bank of Montreal 4.65% 03-14-13 11,185,000 11,215 11,333 Bank of Nova Scotia 4.295% 08-22-08 2,055,000 2,068 2,056 Bank of Nova Scotia 4.515% 11-19-08 4,051,000 4,108 4,068 Royal Bank of Canada 5.60% 04-22-08 3,746,000 3,864 3,807 The Toronto-Dominion Bank 4.54% 09-05-13 6,179,000 6,229 6,203

Total Corporate - Non Convertible 27,484 27,467 Mortgage Backed MBS 6.25% 04-01-08 17,740 19 18 MBS 5.375% 04-01-09 43,141 42 44

Total Mortgage Backed 61 62



Canadian Common StockEnergy Enbridge Inc. 331,500 11,509 13,350 Imperial Oil Ltd. 310,500 8,241 13,330 Industrials Canadian National Railway Co. 269,400 9,474 13,489 Transcontinental Inc. 417,700 7,917 8,701

Consumer Discretionary Thomson Corp. 528,500 23,289 25,568

Tim Hortons Inc. 330,300 9,580 11,128




155

Growth & Income Fund 2.27MF





Canadian Common Stock (continued)Consumer Staples George Weston Ltd. 165,500 15,257 12,512 Loblaw Companies Ltd. 195,600 11,465 9,543 Shoppers Drug Mart Corp. 866,700 30,643 43,412 Financials Bank of Montreal 270,300 15,330 18,651 Brookfield Properties Corp. 236,450 7,489 10,865 Manulife Financial Corp. 690,400 20,218 27,167 The Bank of Nova Scotia 384,100 15,159 20,012 The Toronto-Dominion Bank 52,700 3,586 3,674 Total Canadian Common Stock 189,157 231,402


Danaher Corp. 246,900 14,403 20,857Ecolab Inc. 116,600 5,192 6,146United Parcel Service Inc. Class B 277,400 21,938 24,255

Consumer Staples

PepsiCo Inc. 305,800 20,508 22,306Walgreen Co. 332,000 16,803 17,767

Health Care

Becton, Dickinson and Co. 73,100 5,629 5,980 Financials

Moody's Corp. 97,200 5,928 7,828 Information Technology

Automatic Data Processing Inc. 118,500 6,686 6,806Paychex Inc. 40,100 1,876 1,849

Total United States Common Stock 98,963 113,794 Global Common StockUnited Kingdom Diageo PLC 787,400 15,028 18,024 Reckitt Benckiser PLC 463,100 15,870 24,680 Total Global Common Stock 30,898 42,704


Investment Fund Units Yellow Pages Income Fund 355,300 4,645 4,573

Total Investment Fund Units 4645 4573


Income Fund 2.26MF


Canadian BondsFederal Government Canada Housing Trust 4.10% 12-15-08 4,850,000 4,852 4,849 Canada Housing Trust 3.75% 03-15-10 3,800,000 3,776 3,761 DEPFA ACS Bank 4.9% 8-24-35 1,900,000 1,924 1,944

Farm Credit Canada 4.3% 10-05-20 3,000,000 2,981 2,986Farm Credit Corp. 4.90% 12-12-13 2,138,000 2,130 2,228Government of Canada 4.25% 09-01-08 4,100,000 4,213 4,113Government of Canada 4.25% 09-01-09 25,000,000 25,293 25,156Government of Canada 3.75% 09-01-11 500,000 485 495Government of Canada 5.00% 06-01-14 1,600,000 1,674 1,695Government of Canada 4.50% 06-01-15 4,682,000 4,732 4,821Government of Canada 5.50% 06-01-10 2,500,000 2,635 2,620Government of Canada 4.25% 12-01-21 666,000 897 1,155Government of Canada 8.00% 06-01-23 3,200,000 4,530 4,648Government of Canada 8.00% 06-01-27 3,250,000 4,761 4,944Government of Canada 5.75% 06-01-29 10,380,000 12,502 12,753

Government of Canada 5.75% 06-01-33 11,232,000 13,940 14,125 Toronto Dominion Bank 6% 03-01-26 906,400 949 1,018

Total Federal Government 92,274 93,311 Provincial The 55 School Board Trust 5.90% 06-02-33 2,869,000 2,994 3,403 Province of Newfoundland and Labrador 5.60% 10-17-33 3,031,000 3,096 3,487 Province of Prince Edward Island 5.60% 02-21-34 1,200,000 1,208 1,382 Province of Quebec 4.25% 12-01-31 1,456,000 1,925 2,337

Total Provincial 9,223 10,609 Corporate - Non Convertible Algonquin Credit Card 4.889% 07-15-11 2,800,000 2,800 2,865 Calloway REIT 5.37% 10-12-16 960,000 956 958 Canada Safeway Ltd. 4.45% 11-14-08 1,900,000 1,895 1,896 Canadian Oil Sands Ltd. 5.55% 06-29-09 1,400,000 1,400 1,435 Canadian Revolving Auto Floorplan Trust 4.645% 02-15-08 1,250,000 1,250 1,254 Canadian Western Bank 5.55% 11-20-09 1,750,000 1,750 1,746 Chip Mortgage Trust 4.296% 11-01-10 1,675,000 1,675 1,673

Chip Mortgage Trust 4.542% 08-01-12 1,000,000 1,000 1,007Chip Mortgage Trust 4.637% 02-01-13 3,500,000 3,500 3,534Cogeco Cable Inc. 8.44% 07-31-07 3,500,000 3,684 3,548Enbridge Inc. 6.80% 03-10-10 600,000 671 642Falconbridge Ltd. 8.50% 12-08-08 1,306,000 1,456 1,401Ford Credit Canada Ltd. 4.00% 01-08-07 2,000,000 2,000 1,999Ford Floorplan Auto Sec. 4.701% 11-15-11 1,800,000 1,800 1,806Genesis Trust 4.534% 09-15-11 1,750,000 1,750 1,744Glacier Credit Card Trust 4.507% 11-19-10 1,400,000 1,400 1,402Gloucester Credit Card 6.035% 10-15-08 1,200,000 1,234 1,225Gloucester Credit Card 4.37% 11-15-08 850,000 850 846Gloucester Credit Card Trust 4.909% 11-15-13 3,100,000 3,100 3,077




157

Income Fund 2.26MF





Canadian Bonds (continued)Corporate - Non Convertible (continued)

Gloucester Credit Card Trust 4.99% 03-15-11 1,650,000 1,650 1,659 Gloucester Credit Card Trust 6.486% 05-15-14 2,000,000 2,000 2,176 GMP 6.048% 11-01-13 Private Placement 2,580,000 2,580 2,610 The Jean Coutu Group Inc. 8.50% 08-01-14 1,256,000 1,589 1,471 Mansfield Trust 6.571% 11-15-25 571,000 594 595 Mercer Int'l Inc. 9.25% 02-15-13 720,000 901 835 MI Development Inc. 6.05 12-22-16 2,000,000 1,991 1,998 Paragon Gaming 12.50% 04-15-12 1,300,000 1,300 1,300 Rogers Wireless Inc. 7.625% 12-15-11 5,100,000 5,106 5,616 Royal Bank of Scotland 5.37% 11-29-49 1,900,000 1,899 1,963 Shaw Communications Inc. 7.50% 11-20-13 1,650,000 1,651 1,785 Sherritt Int'l Corp. 7.875% 11-26-12 2,300,000 2,300 2,431 Telesat Canada Inc. 8.20% 11-07-08 650,000 647 685 TimberWest Forest Corp. 7.00% 10-01-07 1,430,000 1,438 1,447 Windsor Auto Trust 3.938% 11-15-07 248,000 248 248


Mortgage BackedColumn Can Issuer Corp. 4.934% 01-15-22 2,440,000 2,440 2,437Falcon Trust 5.057% 01-15-21 1,173,122 1,189 1,195Falcon Trust 5.06% 01-15-14 2003 500,000 459 495First Street Tower A-1 7.013% 09-05-09 489,961 526 504MBS 8.048% 11-15-07 1,657,000 1,683 1,699MBS - Alberta Motor 4.35% 03-01-08 289,624 286 289MBS - BMO 5.5% 03-01-28 213,941 196 230MBS - BNS 4.90% 12-01-12 1,935,992 1,874 1,986MBS - BNS 6.45% 01-01-25 903,418 900 1,054MBS - Merrill Lynch 4.408% 03-12-39 2,180,615 2,181 2,177MBS - Solar Trust 6.76% 06-15-11 2,500,000 2,792 2,719MBS 5.375% 11-01-23 32,057 31 34MBS-MLFAI 2004-CAN14 4.596% 05-12-14 1,864,764 1,865 1,872Merrill Lynch Financial Asset Inc. 4.743% 03-12-35 2,820,710 2,857 2,842Merrill Lynch Financial Asset Inc. 4.9% 10-12-39 2,540,000 2,540 2,559Merrill Lynch Financial Asset Inc. 4.919% 03-12-39 1,400,000 1,404 1,412Merrill Lynch Financial Asset Inc. 5.74% 11-12-34 1,200,000 1,205 1,270N-45 First CMBS Issuer Corp. 5.972% 05-15-16 4,141,366 4,372 4,302N-45 First CMBS Issuer Corp. 6.107% 1,000,000 1,064 1,057NHA Ontario Social Housing 5.375% 07-01-28 541,918 527 576Peoples Trust 4.25% 12-01-14 2,457,946 2,408 2,428Solar Trust 5.33% 05-12-16 2,000,000 2,045 2,074Solar Trust 5.83% 12-08-12 2,350,000 2,421 2,487Solar Trust 6.15% 11-15-21 262,437 277 265Solar Trust 7.24% 11-15-10 975,000 872 1,026The Toronto-Dominion Bank MBS 5.50% 04-01-24 877,804 865 946

Total Mortgage Backed 39,279 39,935


158

Income Fund 2.26MF





Canadian Common StockEnergy EnCana Corp. 29,800 1,581 1,599 Ensign Energy Services Inc. 241,800 2,731 4,447 Petro-Canada 33,100 950 1,581 Suncor Energy Inc. 6,600 254 606 Talisman Energy Inc. 149,200 1,445 2,954 Materials Alcan Inc. 26,500 1,264 1,505

Industrials Canadian National Railway Co. 33,100 1,538 1,657 Canadian Pacific Railway Ltd. 14,900 737 915

Consumer Discretionary Magna International Inc. Class A Sub. voting 34,900 2,928 3,276 Thomson Corp. 58,000 2,450 2,806 Consumer Staples

Loblaw Companies Ltd. 19,900 1,217 971 Metro Inc. Class A Sub. voting 33,100 735 1,256 Financials Bank of Montreal 29,800 1,413 2,056 The Bank of Nova Scotia 107,700 3,473 5,611 Brookfield Asset Management Ltd. Class A limited voting 18,199 389 1,026

Canadian Imperial Bank of Commerce 51,400 3,155 5,053Fairfax Financial Holdings Ltd. Sub. voting 4,200 669 973

Manulife Financial Corp. 285,438 7,383 11,232 MI Developments Inc. Class A 49,700 1,799 2,072 Onex Corp. Sub. voting 41,400 799 1,174 Royal Bank of Canada 91,100 3,149 5,056 Sun Life Financial Inc. 134,480 5,250 6,633 The Toronto-Dominion Bank 132,600 6,239 9,245 Telecommunication Services BCE Inc. 103,963 3,118 3,264 Rogers Communications Inc. Class B non-voting 43,000 982 1,492 TELUS Corp. 29,600 1,587 1,584



ARAMARK Corp. Class B 21,500 699 839Tyco International Ltd. 29,800 910 1,056

159

Income Fund 2.26MF





United States Common Stock (continued)Consumer Discretionary

Omnicom Group Inc. 21,500 2,044 2,621TJX Co. Inc. 140,900 4,006 4,686

Consumer StaplesCVS Corp. 107,700 3,497 3,882

Health CareQuest Diagnostics Inc. 18,200 1,072 1,125

FinancialsBank of America Corp. 57,900 3,098 3,605Citigroup Inc. 132,600 7,577 8,613

Information TechnologyMicrosoft Corp. 82,900 2,484 2,887

IndustrialIngersoll-Rand Co. Class A 56,300 2,546 2,569


Global Common StockUnited Kingdom

Diageo PLC 149,200 2,494 3,415 Tesco PLC 464,000 3,250 4,285



Invesment Fund UnitsAtlantic Power Corp. IPS 13,000 132 147

The Brick Group Income Fund 165,700 1,774 1,417CML Healthcare Income Fund 165,700 2,066 2,312Great Lakes Carbon Income Fund 99,400 1,031 1,123InnVest Real Estate Investment Trust 180,273 1,702 2,488

KCP Income Fund 149,200 1,570 1,110Medical Facilities Corp. 160,800 1,767 1,447

RioCan Real Estate Investment Trust 94,687 1,334 2,381 Sun Gro Horticulture Income Fund Units 96,000 764 673 UE Waterheater Income Fund 66,300 766 934 Yellow Pages Income Fund 281,700 3,497 3,625


Forward Currency Contracts (111)


160


Investment Fund Units Mackenzie Universal International Stock Fund 4,791,370 49,969 64,463 Total Investments 49,969 64,463


Security Description % of TotalMizuho Financial Group Inc. 3.50%Siemens AG 3.10%Man Group PLC 2.90%Saipem SpA 2.90%Allianz AG 2.80%Daiwa Securities Group Inc. 2.80%Royal Numico NV 2.70%Mitsui Fudosan Co. Ltd. 2.70%Tenaris SA ADR 2.70%Petroleo Brasileiro SA 2.70%GlaxoSmithKline PLC 2.50%AEON Mall Co. Ltd. 2.50%Mitsubishi UFJ Financial Group Inc. 2.30%Atlas Copco 2.30%SMC Corp. 2.20%Societe Generale de Surveillance Hldgs SA 2.20%EFG Eurobank Ergasias 2.20%L.M. Ericsson 2.20%Lloyds TSB Group PLC 2.20%Taiwan Semiconductor Mfg. Co. Ltd. 2.10%Keyence Corp. 2.10%Deutsche Bank AG 2.00%UniCredito Italiano SpA 2.00%Novartis AG 2.00%Nestle SA 1.90%




International Stock Fund 3.01 MF

161

Larger Company Fund 2.29MF


Canadian Common StockEnergy Canadian Natural Resources Ltd. 7,500 399 466 Ensign Energy Services Inc. 52,450 583 965 Petro-Canada 17,800 917 850 Talisman Energy Inc. 74,200 711 1,469 Materials Alcan Inc. 7,500 378 426 Consumer Discretionary MEGA Brands Inc. 21,300 479 557 Magna International Inc. Class A Sub. voting 14,700 1,175 1,380 Tim Hortons Inc. 2,800 78 94 Consumer Staples Empire Co. Ltd. Class A non-voting 10,400 278 430

Loblaw Companies Ltd. 16,500 968 805 Metro Inc. Class A Sub. voting 7,100 171 269 Health Care

Medical Facilities Corp. 44,500 494 401

Financials Bank of Montreal 19,500 904 1,346 The Bank of Nova Scotia 51,200 1,671 2,668 Brookfield Asset Management Ltd. Class A limited voting 9,800 204 552 Canadian Imperial Bank of Commerce 14,500 837 1,425

Fairfax Financial Holdings Ltd. Sub. voting 1,100 187 255Manulife Financial Corp. 107,500 2,570 4,230

MI Developments Inc. Class A 13,650 458 569 Royal Bank of Canada 39,900 1,381 2,214 Sun Life Financial Inc. 56,002 2,138 2,762 TSX Group Inc. 7,700 326 359 The Toronto-Dominion Bank 38,100 1,719 2,656 Telecommunication Services BCE Inc. 16,171 514 508 Rogers Communications Inc. Class B non-voting 13,600 301 472



ITT Industries Inc. 7,500 428 497Tyco International Ltd. 25,000 759 886

Consumer DiscretionaryOmnicom Group Inc. 7,500 725 914TJX Co. Inc. 41,400 1,176 1,377




162

Larger Company Fund 2.29MF





United States Common Stock (continued)Consumer Staples

CVS Corp. 27,200 843 980

Health CareQuest Diagnostics Inc. 10,300 597 637

FinancialsBank of America Corp. 9,008 482 561Citigroup Inc. 39,600 2,330 2,572Reinsurance Group of America Inc. 9,100 465 591

Information TechnologyMicrosoft Corp. 37,900 1,118 1,320


Global Common StockUnited Kingdom

Diageo PLC 69,000 1,162 1,579 Tesco PLC 99,400 677 918



Investment Fund Units Bell Aliant Regional Communications Income Fund 1,218 40 33

CML Healthcare Income Fund 45,400 551 633Jannock Properties Ltd. Units 256,750 98 103

RioCan Real Estate Investment Trust 35,860 484 902 Yellow Pages Income Fund 56,800 696 731



163

Natural Resource Fund 2.12MX


Investment Fund Units Mackenzie Universal Canadian Resources Fund Series S 17,661,124 296,327 375,445 Total Investments 296,327 375,445


Security Description % of TotalCash and equivalents 6.30%IAMGOLD Corp. 5.60%Mackenzie Universal Canadian Resource Capital Cl. Ser. R 4.30%Trican Well Service Ltd. 3.40%Suzano Bahia Sul Papel e Celulose SA 3.30%Companhia Vale do Rio Doce ADR 2.70%Savanna Energy Services Corp. 2.70%Crew Energy Inc. 2.20%Mvelaphanda Resources Ltd. 2.10%Air Products & Chemicals Inc. 2.00%Weatherford Int'l Ltd. 2.00%Pason Systems Inc. 2.00%Votorantim Celulose e Papel SA Spons. ADR 1.90%Highpine Oil & Gas Ltd. 1.80%Athabaska Oil Sands Corp. 1.80%Atlantic Power Corp. 1.70%OPTI Canada Inc. 1.60%Smith Int'l Inc. 1.60%Apex Silver Mines Ltd. 1.50%Valero Energy Corp. 1.40%Goldcorp Inc. 1.20%Great Lakes Carbon Income Fund 1.20%ProEx Energy Ltd. 1.10%Noble Corp. 1.10%Baker Hughes Inc. 1.10%




164


Investment Fund Units Mackenzie Universal Precious Metals Fund Series S 2,867,486 50,376 64,465 Total Investments 50,376 64,465


Security Description % of TotalIAMGOLD Corp. 7.90%Mvelaphanda Resources Ltd. 5.20%Randgold Resources Ltd. ADR 4.80%Agnico-Eagle Mines Ltd. 4.30%Apex Silver Mines Ltd. 4.10%Andina Minerals Inc. 3.60%Aquiline Resources Inc. 3.60%Goldcorp Inc. 3.60%Meridian Gold Inc. 3.00%Cumberland Resources Ltd. 3.00%Gold Fields Ltd. 3.00%New Gold Inc. 2.40%Anatolia Minerals Development Ltd. 2.40%Compania de Minas Buenaventura SA Spons. ADR 2.30%GBS Gold Int'l Inc. 2.30%European Goldfields Ltd. 2.20%Shore Gold Inc. 2.20%Dundee Precious Metals Inc. 2.00%Moto Goldmines Ltd. 1.90%Cash and equivalents 1.80%Impala Platinum Hldgs Ltd. 1.70%Silver Wheaton Corp. 1.70%High River Gold Mines Ltd. 1.70%Barrick Gold Corp. 1.70%Kinross Gold Corp. 1.60%


Precious Metals Fund 2.13MX


As at December 31, 2006

165

Smaller Company Fund 2.32MF

No. of Average MarketCanadian Common Stock Shares Cost ValueMaterials Winpak Ltd. 336,200 3,250 3,426 Industrials FirstService Corp. Sub. voting 116,900 3,210 3,156

Richelieu Hardware Ltd. 72,500 1,316 1,757 Ritchie Bros. Auctioneers Inc. 85,300 2,957 5,326

Consumer Discretionary Astral Media Inc. Class A non-voting 69,100 2,132 2,759 Inscape Corp. Class B Sub. voting 251,000 2,463 776 Rona Inc. 73,400 1,332 1,541 Health Care

Draxis Health Inc. 408,500 2,107 2,296

Financials Canadian Western Bank 142,000 5,301 7,495 Seamark Asset Management Ltd. 33,600 533 229 Information Technology

March Networks Corp. 99,500 1,985 2,124



Actuant Corp. Class A 18,800 984 1,045C.H. Robinson Worldwide Inc. 28,900 1,051 1,378Resources Connection Inc. 52,400 1,477 1,946Robert Half International Inc. 22,300 831 965

Health CareHaemonetics Corp. 23,800 1,229 1,249Henry Schein Inc. 58,800 2,811 3,359Idexx Laboratories Inc. 33,000 3,097 3,052

FinancialsBrown & Brown Inc. 80,700 2,275 2,655

Information TechnologyDaktronics Inc. 56,500 1,288 2,428National Instruments Corp. 45,650 1,480 1,450Stratasys, Inc. 79,300 2,586 2,905



Investment Fund Units Liquor Store Income Fund 94,600 1,578 1,821






166

European Equity Fund 2.38SAM


Global Common StockFrance BNP Paribas SA 9,100 925 1,158 Carrefour SA 11,150 786 789 Societe Generale 6,967 1,036 1,379 Suez SA 21,550 1,180 1,301 Veolia Environnement 15,750 1,166 1,416 Germany Deutsche Postbank AG 20,500 1,935 2,019 Hannover Rueckversicherung AG - Reg. 28,050 1,191 1,515 Henkel KGAA Pfd. 10,555 1,387 1,811 Lanxess 13,400 508 876 Greece Titan Cement Company S.A. 13,282 522 844 Ireland Bank of Ireland 72,100 1,381 1,942 DCC PLC 18,050 463 715 Experian Group Ltd-W/I 110,922 1,382 1,518 Kerry Group PLC 71,100 1,914 2,072 Italy ENI SPA 53,850 1,769 2,112 Norway DnB NOR ASA 110,900 1,818 1,836 Spain ACS Actividades de Construccion y Servicios SA 19,600 618 1,290 Sweden Nordea Bank AB 66,100 816 1,188 Telia AB 231,350 1,526 2,217 Switzerland Novartis AG Reg. 29,290 1,839 1,968 Swiss Reinsurance Co. AG Reg. 13,500 1,173 1,338 The Swatch Group AG [Bearer] 2,980 531 768 Synthes Inc. 16,050 2,022 2,231 United Kingdom AstraZeneca PLC 29,750 1,709 1,864 BG Group PLC 57,300 875 907 Centrica PLC 117,200 875 949 Diageo PLC 78,150 1,406 1,789 HBOS PLC 76,850 1,721 1,986 Pearson PLC 136,900 2,239 2,412 Persimmon PLC 48,650 1,430 1,695 Royal Dutch Shell PLC B 51,563 1,928 2,107 Vodafone Group PLC 620,543 1,683 2,005






167

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