2004 Seg Fund Report Full Cover

SEGREGATED FUNDS

Group Retirement Services

ANNUAL REPORT

2 0 0 4

Sun Life Financial is a leading international financial services organization providing a diverse range ofwealth accumulation and protection products and services to individuals and corporate customers. Tracingits roots back to 1865, Sun Life Financial and its partners today have operations in key markets worldwide,including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia,India, China and Bermuda. As of December 31, 2004, the Sun Life Financial group of companies had total

assets under management of CDN$360.0 billion.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock

exchanges under ticker symbol SLF.

www.sunlife.ca

04.05© 2005, Sun Life Financial. All rights reserved.

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March 4, 2005

Dear Client:

Sun Life Financial Group Retirement Services (GRS) is Canada's leading provider of defined

contribution plans.1 As the industry leader, we are ever mindful of our responsibility to

provide insight, innovation and advocacy.

We are dedicated to continual improvement in all aspects of our product development,

customer service, technology and administration. And we are strong advocates for all

stakeholders in matters of government policy and regulation.

The demands of the marketplace and the concerns of the regulators are grounded in the

needs of plan sponsors and members. We believe that an essential characteristic of good

leadership is to be a good listener. So we work hard at listening carefully. And we use what

we hear to shape our understanding of what needs to be done and the role we can play.

This 2004 Segregated Funds Annual Report provides an overview of the net assets and

schedules of investments for the Pooled Variable Accumulation Funds of the Sun Life

Assurance Company of Canada Investment Manager Program. We trust it will enhance the

effectiveness – and help reduce the cost of – your plan governance activities while serving as

the foundation of your disclosure to plan members, as mandated by the Capital

Accumulation Plan Guidelines.

Please note that, for your convenience, the complete contents of this Report are available

online at www.sunlife.ca/sponsor.

Thank you for partnering with Sun Life Financial. We appreciate the opportunity to be of

service to you and your plan members.

Sincerely,

Mary De Paoli

Vice President

Group Retirement Services

1 Assets under administration among participating companies as ranked by Benefits Canada magazine's

2004 Capital Accumulation Plan Survey.

45 International Equity Fund

45 International Equity Fund C

46 International Equity Fund NR

47 U.S. Equity Fund

47 U.S. Equity Fund C

Legg Mason

48 Accufund

49 Accufund NR

49 Batterymarch U.S. Fund

49 Batterymarch U.S. Fund NR

50 Canadian Active Bond Fund

51 Canadian Active Bond Fund NR

51 Canadian Core Equity Fund

51 Canadian Core Equity Fund NR

52 Canadian Growth Equity Fund

53 Canadian Growth Equity Fund NR

53 Canadian Income Fund

53 Canadian Income Fund NR

54 Canadian Index Plus Bond Fund

55 Canadian Index Plus Bond Fund NR

55 Diversifund

55 Diversifund NR

56 Equity B Fund NR

57 Global Bond Fund

57 Global Bond Fund NR

57 Global Equity Fund



59 Liquidity Plus Fund

60 Liquidity Plus Fund NR

61 North American Equity Fund

61 Symmetry Fund

62 Symmetry Fund NR

63 T-Plus Fund

63 T-Plus Fund NR

McLean Budden

64 American Equity Fund

65 American Equity Fund NR

65 Balanced Fund

65 Balanced Growth Fund

66 Balanced Growth Fund C

67 Balanced Growth Fund NR

67 Bond Fund

67 Canadian Equity Fund

68 Canadian Equity Growth Fund

69 Canadian Equity Growth Fund C

69 Canadian Equity Growth Fund NR

69 Canadian Equity Plus Fund

70 Canadian Equity Plus Fund NR

71 Canadian Equity Value Fund - U

71 Core Balanced Fund

71 Core Balanced Fund NR

72 Core Canadian Equity Fund C

73 Fixed Income Fund

73 Fixed Income Fund C

73 Fixed Income Fund NR


75 Global Equity Fund C

75 Global Equity Fund NR



77 LifePlan Growth Fund

77 LifePlan Growth Income Fund

78 LifePlan Income Fund

79 Money Market Fund

79 Select Balanced Fund

80 Select Canadian Equity Fund

81 Select Global Equity Fund

81 U.S. Equity Fund

PH&N

82 Balanced Pension Fund

83 Bond Fund


84 Canadian Equity Plus Pension Fund



86 Overseas Equity Fund

87 U.S. Equity Fund

87 U.S. Growth Fund

Russell


89 Canadian Equity Fund C

89 Canadian Equity Fund NR

89 Canadian Fixed Income Fund

90 Canadian Fixed Income Fund C

91 Canadian Fixed Income Fund NR

91 Overseas Equity Fund

91 Overseas Equity Fund C

92 Overseas Equity Fund NR

93 U.S. Equity Fund

93 U.S. Equity Fund C

93 U.S. Equity Fund NR

2 AUDITORS’ REPORT

SUN LIFE ASSURANCE COMPANY OF CANADA

Pooled Variable Accumulation Funds

BGI

6 Active Canadian Equity Fund

7 Aggressive Balanced Index Fund

7 Conservative Balanced Index Fund

8 EAFE Equity Index Fund

9 Moderate Balanced Index Fund

9 S&P/TSX Composite Index Fund

10 Synthetic U.S. Equity Index Fund

11 U.S. Equity Index Fund

11 Universe Bond Index Fund

Beutel Goodman


13 Balanced Fund


13 Global Fund

14 Income Fund



15 Small Cap Fund

CC&L

16 Diversified Fund NR

17 Global Growth Fund NR

17 Group Balanced Plus Fund

17 Group Balanced Plus Fund C

18 Group Bond Fund

19 Group Bond Fund C

19 Group Bond Fund NR

19 Group Canadian Equity Fund

20 Group Canadian Equity Fund C

21 Group Canadian Equity Fund NR

21 Group Canadian Plus Equity Fund

21 Group Global Fund

22 Group Global Fund C

23 Group Money Market Fund

23 Group Money Market Fund C

23 Group Money Market Fund NR

24 New Star EAFE Fund

25 New Star EAFE Fund C

25 New Star EAFE Fund NR

CI Funds

26 American Value Fund

27 Asian Dynasty Fund

27 Canadian Asset Allocation Fund

27 Canadian Balanced Portfolio

28 Canadian Conservative Portfolio


29 Canadian Growth Portfolio

29 Canadian Income Portfolio

30 Canadian Maximum GrowthPortfolio

31 Canadian Small Cap Fund

31 Emerging Markets Fund

32 Global Growth Fund

33 Global Value Fund

33 Value Trust Fund

Fidelity

34 Canadian Asset Allocation Fund

35 Canadian Asset Allocation Fund NR

35 Canadian Opportunity Fund

35 Canadian Opportunity Fund NR

36 Growth America Fund

37 Growth America Fund NR

37 International Portfolio

38 International Portfolio NR

39 True North® Fund

39 True North® Fund NR

Jarislowsky Fraser

40 Balanced Fund

41 Balanced Fund C

41 Bond Fund

41 Bond Fund C

42 Bond Fund NR




44 Global Balanced Fund NR

SEGREGATED FUNDS ANNUAL REPORT

C O N T E N T S2 0 0 4

Russell LifePoints®

94 All Equity RSP Portfolio

95 Balanced Growth Portfolio

95 Balanced Growth Portfolio C

95 Balanced Growth Portfolio NR

96 Balanced Income Portfolio

97 Balanced Income Portfolio C

97 Balanced Income Portfolio NR

98 Long-Term Growth Portfolio

99 Long-Term Growth Portfolio C

99 Long-Term Growth Portfolio NR

Sceptre

100 Balanced Pooled Fund

101 Bond Pooled Fund

101 Equity Pooled Fund

102 Foreign Equity Pooled Fund

103 International Equity Pooled Fund

103 U.S. Equity Pooled Fund

TD Asset Management

104 Canadian Balanced Index Fund

105 Canadian Balanced Index Fund C

105 Canadian Balanced Index Fund NR

105 Canadian Bond Index Fund

106 Canadian Bond Index Fund NR

107 Canadian Equity Index Fund

107 Canadian Equity Index Fund NR

108 Canadian Long Bond Fund

109 Global Equity Index Fund

109 International Equity Index Fund

110 International Equity Index Fund NR

111 Synthetic International Equity Index Fund

111 Synthetic U.S. Equity Index Fund

112 U.S. Market Index Fund

112 U.S. Market Index Fund NR

Templeton

113 Global Pooled Stock Fund

113 International Pooled Stock Fund

AIM/Trimark

114 AIM American Aggressive GrowthFund

115 AIM American Aggressive GrowthFund NR

115 AIM Canadian Premier Class Fund

115 AIM Canadian Premier Class Fund NR

116 AIM Global Technology Fund

117 AIM Global Technology Fund NR

117 Trimark Canadian Bond Fund

117 Trimark Canadian Bond Fund NR

118 Trimark Canadian Fund

119 Trimark Canadian Fund A

119 Trimark Canadian Fund A NR

119 Trimark Canadian Fund B

120 Trimark Canadian Fund C

121 Trimark Canadian Fund C NR

121 Trimark Discovery Fund

121 Trimark Discovery Fund NR

122 Trimark Income Growth Fund

123 Trimark Income Growth Fund A

123 Trimark Income Growth Fund A NR

123 Trimark Income Growth Fund B

124 Trimark Income Growth Fund C

125 Trimark Income Growth Fund C NR

125 Trimark Fund

125 Trimark Fund A

126 Trimark Fund A NR

127 Trimark Fund B

127 Trimark Fund C

127 Trimark Fund C NR

UBS (Canada)


129 American Equity Fund NR

129 Balanced Capped Fund

129 Balanced Fund

130 Bond Fund

131 Bond Fund C

131 Bond Fund NR




133 Canadian Plus Equity Fund

133 Canadian Plus Equity Fund C

134 Capped Canadian Equity Fund

135 Diversified Fund

135 Diversified Fund NR


136 Global Equity Fund C

137 Global Equity Fund NR





139 Money Market Fund C

139 Short Term Bond Fund

140 Small Capitalization Fund

141 Small Capitalization Fund C

141 Small Capitalization Fund NR

141 U.S. Equity Fund

McLean Budden (Asset Based Funds)

142 Canadian Equity Value Fund - A

143 Diversified Value Fund

143 Balanced Value Fund


NOTES TO THE

F INANCIAL STATEMENTS

144 The Funds

144 Significant Accounting Policies

145 Management Fees andAdministrative Fees

146 Related Party Transactions

153 Income Taxes

153 Investments

159 Comparative Amounts

SCHEDULE OF INVESTMENTS

160 McLean Budden Canadian EquityValue Fund - A

161 McLean Budden DiversifiedValue Fund

163 McLean Budden Balanced Value Fund

Note: NR included in the fund name meansNon-Registered.

Jarislowsky Fraser Bond Fund C

Jarislowsky Fraser Bond Fund NR

Jarislowsky Fraser Canadian Equity Fund

Jarislowsky Fraser Canadian Equity Fund C

Jarislowsky Fraser Canadian Equity Fund NR

Jarislowsky Fraser Global Balanced Fund NR

Jarislowsky Fraser International Equity Fund

Jarislowsky Fraser International Equity Fund C

Jarislowsky Fraser International Equity Fund NR

Jarislowsky Fraser U.S. Equity Fund

Jarislowsky Fraser U.S. Equity Fund C

Legg Mason Accufund

Legg Mason Accufund NR

Legg Mason Batterymarch U.S. Fund

Legg Mason Batterymarch U.S. Fund NR

Legg Mason Canadian Active Bond Fund

Legg Mason Canadian Active Bond Fund NR

Legg Mason Canadian Core Equity Fund

Legg Mason Canadian Core Equity Fund NR

Legg Mason Canadian Growth Equity Fund

Legg Mason Canadian Growth Equity Fund NR

Legg Mason Canadian Income Fund

Legg Mason Canadian Income Fund NR

Legg Mason Canadian Index Plus Bond Fund

Legg Mason Canadian Index Plus Bond Fund NR

Legg Mason Diversifund

Legg Mason Diversifund NR

Legg Mason Equity B Fund NR

Legg Mason Global Bond Fund

Legg Mason Global Bond Fund NR

Legg Mason Global Equity Fund

Legg Mason International Equity Fund

Legg Mason International Equity Fund NR

Legg Mason Liquidity Plus Fund

Legg Mason Liquidity Plus Fund NR

Legg Mason North American Equity Fund

Legg Mason Symmetry Fund

Legg Mason Symmetry Fund NR

Legg Mason T-Plus Fund

Legg Mason T-Plus Fund NR

McLean Budden American Equity Fund

McLean Budden American Equity Fund NR

McLean Budden Balanced Fund

McLean Budden Balanced Growth Fund

McLean Budden Balanced Growth Fund C

McLean Budden Balanced Growth Fund NR

McLean Budden Bond Fund

McLean Budden Canadian Equity Fund

McLean Budden Canadian Equity Growth Fund

McLean Budden Canadian Equity Growth Fund C

McLean Budden Canadian Equity Growth Fund NR

McLean Budden Canadian Equity Plus Fund

McLean Budden Canadian Equity Plus Fund NR

McLean Budden Canadian Equity Value Fund - U

McLean Budden Core Balanced Fund

McLean Budden Core Balanced Fund NR

McLean Budden Core Canadian Equity Fund C

McLean Budden Fixed Income Fund

McLean Budden Fixed Income Fund C

McLean Budden Fixed Income Fund NR

McLean Budden Global Equity Fund

McLean Budden Global Equity Fund C

McLean Budden Global Equity Fund NR

McLean Budden International Equity Fund C

McLean Budden International Equity Fund NR

McLean Budden LifePlan Growth Fund

McLean Budden LifePlan Growth Income Fund

McLean Budden LifePlan Income Fund

McLean Budden Money Market Fund

McLean Budden Select Balanced Fund

McLean Budden Select Canadian Equity Fund

McLean Budden Select Global Equity Fund

McLean Budden U.S. Equity Fund

PH&N Balanced Pension Fund

PH&N Bond Fund

PH&N Canadian Equity Fund

PH&N Canadian Equity Plus Pension Fund

PH&N Global Equity Fund

PH&N Money Market Fund

PH&N Overseas Equity Fund

PH&N U.S. Equity Fund

PH&N U.S. Growth Fund

GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 3

Auditors’ Report

To the Policyholders and Contractholders of

Sun Life Assurance Company of Canada

Pooled Variable Accumulation Funds

We have audited the statements of net assets as at December 31, 2004 and the statements of operations and

changes in net assets for the period then ended for each of the Pooled Variable Accumulation Funds

(the "Funds") of Sun Life Assurance Company of Canada (the "Company") listed below:

BGI Active Canadian Equity Fund

BGI Aggressive Balanced Index Fund

BGI Conservative Balanced Index Fund

BGI EAFE Equity Index Fund

BGI Moderate Balanced Index Fund

BGI S&P/TSX Composite Index Fund

BGI Synthetic U.S. Equity Index Fund

BGI U.S. Equity Index Fund

BGI Universe Bond Index Fund

Beutel Goodman American Equity Fund

Beutel Goodman Balanced Fund

Beutel Goodman Canadian Equity Fund

Beutel Goodman Global Fund

Beutel Goodman Income Fund

Beutel Goodman International Equity Fund

Beutel Goodman Money Market Fund

Beutel Goodman Small Cap Fund

CC&L Diversified Fund NR

CC&L Global Growth Fund NR

CC&L Group Balanced Plus Fund

CC&L Group Balanced Plus Fund C

CC&L Group Bond Fund

CC&L Group Bond Fund C

CC&L Group Bond Fund NR

CC&L Group Canadian Equity Fund

CC&L Group Canadian Equity Fund C

CC&L Group Canadian Equity Fund NR

CC&L Group Canadian Plus Equity Fund

CC&L Group Global Fund

CC&L Group Global Fund C

CC&L Group Money Market Fund

CC&L Group Money Market Fund C

CC&L Group Money Market Fund NR

CC&L New Star EAFE Fund

CC&L New Star EAFE Fund C

CC&L New Star EAFE Fund NR

CI Funds American Value Fund

CI Funds Asian Dynasty Fund

CI Funds Canadian Asset Allocation Fund

CI Funds Canadian Balanced Portfolio

CI Funds Canadian Conservative Portfolio

CI Funds Canadian Equity Fund

CI Funds Canadian Growth Portfolio

CI Funds Canadian Income Portfolio

CI Funds Canadian Maximum Growth Portfolio

CI Funds Canadian Small Cap Fund

CI Funds Emerging Markets Fund

CI Funds Global Growth Fund

CI Funds Global Value Fund

CI Funds Value Trust Fund

Fidelity Canadian Asset Allocation Fund

Fidelity Canadian Asset Allocation Fund NR

Fidelity Canadian Opportunity Fund

Fidelity Canadian Opportunity Fund NR

Fidelity Growth America Fund

Fidelity Growth America Fund NR

Fidelity International Portfolio

Fidelity International Portfolio NR

Fidelity True North® Fund

Fidelity True North® Fund NR

Jarislowsky Fraser Balanced Fund

Jarislowsky Fraser Balanced Fund C

Jarislowsky Fraser Bond Fund

GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20042

These financial statements are the responsibility of the Company's management. Our responsibility is to

express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those

standards require that we plan and perform an audit to obtain reasonable assurance whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence

supporting the amounts and disclosures in the financial statements. An audit also includes assessing the

accounting principles used and significant estimates made by management, as well as evaluating the overall

financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the net assets of each of the

funds listed above as at December 31, 2004 and the results of their operations and the changes in their net

assets for the period then ended in accordance with Canadian generally accepted accounting principles.

Chartered Accountants

Kitchener, Canada

March 4, 2005

GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 20044

Russell Canadian Equity Fund

Russell Canadian Equity Fund C

Russell Canadian Equity Fund NR

Russell Canadian Fixed Income Fund

Russell Canadian Fixed Income Fund C

Russell Canadian Fixed Income Fund NR

Russell Overseas Equity Fund

Russell Overseas Equity Fund C

Russell Overseas Equity Fund NR

Russell U.S. Equity Fund

Russell U.S. Equity Fund C

Russell U.S. Equity Fund NR

Russell LifePoints® All Equity RSP Portfolio

Russell LifePoints® Balanced Growth Portfolio

Russell LifePoints® Balanced Growth Portfolio C

Russell LifePoints® Balanced Growth Portfolio NR

Russell LifePoints® Balanced Income Portfolio

Russell LifePoints® Balanced Income Portfolio C

Russell LifePoints® Balanced Income Portfolio NRRussell LifePoints® Long-Term Growth Portfolio

Russell LifePoints® Long-Term Growth Portfolio C

Russell LifePoints® Long-Term Growth Portfolio NR

Sceptre Balanced Pooled Fund

Sceptre Bond Pooled Fund

Sceptre Equity Pooled Fund

Sceptre Foreign Equity Pooled Fund

Sceptre International Equity Pooled Fund

Sceptre U.S. Equity Pooled Fund

TD Asset Management Canadian Balanced Index Fund

TD Asset Management Canadian Balanced Index Fund C

TD Asset Management Canadian Balanced Index Fund NR

TD Asset Management Canadian Bond Index Fund

TD Asset Management Canadian Bond Index Fund NR

TD Asset Management Canadian Equity Index Fund

TD Asset Management Canadian Equity Index Fund NR

TD Asset Management Canadian Long Bond Fund

TD Asset Management Global Equity Index Fund

TD Asset Management International Equity Index Fund

TD Asset Management International Equity Index Fund NR

TD Asset Management Synthetic International Equity Index Fund

TD Asset Management Synthetic U.S. Equity Index Fund

TD Asset Management U.S. Market Index Fund

TD Asset Management U.S. Market Index Fund NR

Templeton Global Pooled Stock Fund

Templeton International Pooled Stock Fund

AIM American Aggressive Growth Fund

AIM American Aggressive Growth Fund NR

AIM Canadian Premier Class Fund

AIM Canadian Premier Class Fund NR

AIM Global Technology Fund

AIM Global Technology Fund NR

Trimark Canadian Bond Fund

Trimark Canadian Bond Fund NR

Trimark Canadian Fund

Trimark Canadian Fund A

Trimark Canadian Fund A NR

Trimark Canadian Fund B

Trimark Canadian Fund C

Trimark Canadian Fund C NR

Trimark Discovery Fund

Trimark Discovery Fund NR

Trimark Income Growth Fund

Trimark Income Growth Fund A

Trimark Income Growth Fund A NR

Trimark Income Growth Fund B

Trimark Income Growth Fund C

Trimark Income Growth Fund C NR

Trimark Fund

Trimark Fund A

Trimark Fund A NR

Trimark Fund B

Trimark Fund C

Trimark Fund C NR

UBS (Canada) American Equity Fund

UBS (Canada) American Equity Fund NR

UBS (Canada) Balanced Capped Fund

UBS (Canada) Balanced Fund

UBS (Canada) Bond Fund

UBS (Canada) Bond Fund C

UBS (Canada) Bond Fund NR

UBS (Canada) Canadian Equity Fund

UBS (Canada) Canadian Equity Fund C

UBS (Canada) Canadian Equity Fund NR

UBS (Canada) Canadian Plus Equity Fund

UBS (Canada) Canadian Plus Equity Fund C

UBS (Canada) Capped Canadian Equity Fund

UBS (Canada) Diversified Fund

UBS (Canada) Diversified Fund NR

UBS (Canada) Global Equity Fund

UBS (Canada) Global Equity Fund C

UBS (Canada) Global Equity Fund NR

UBS (Canada) International Equity Fund

UBS (Canada) International Equity Fund C

UBS (Canada) International Equity Fund NR

UBS (Canada) Money Market Fund

UBS (Canada) Money Market Fund C

UBS (Canada) Short Term Bond Fund

UBS (Canada) Small Capitalization Fund

UBS (Canada) Small Capitalization Fund C

UBS (Canada) Small Capitalization Fund NR

UBS (Canada) U.S. Equity Fund

McLean Budden Canadian Equity Value Fund - A

McLean Budden Diversified Value Fund

McLean Budden Balanced Value Fund

McLean Budden International Equity Fund

Note: NR included in the fund name means

Non-Registered.

5


BGI BGI BGI

Active Canadian Equity Fund Aggressive Balanced Index Fund Conservative Balanced Index Fund

2004 2003 2004 2003 2004 2003

Unaudited

Statements of Net Assets(As at December 31)

Assets

Investments (Note 6) $ 4,252,085 $ 6,741,025 $ 25,399,067 $ 11,187,463 $ 43,056,197 $ 31,269,041

Income receivable – – – – – –

Accounts receivable – 9,324 213,345 89,339 139,772 76,298

4,252,085 6,750,349 25,612,412 11,276,802 43,195,969 31,345,339

Liabilities

Accounts payable 4,241 88 – – 694 –

4,241 88 – – 694 –

Net Assets 4,247,844 6,750,261 25,612,412 11,276,802 43,195,275 31,345,339

Policyholders' equity 4,247,844 6,750,261 25,612,412 11,276,802 43,195,275 31,345,339

Net asset value per unit 16.06 13.85 11.14 10.07 11.98 11.18

Statements of Operations(For the year ended December 31)

Income

Distributions received 297,583 151,364 537,092 329,016 1,414,636 1,124,125

Management fee rebates – – – – – –

Other income – – – – – –

297,583 151,364 537,092 329,016 1,414,636 1,124,125

Expenses

Administrative expenses 1,621 – 8,996 2,729 13,513 5,888

Management fees – – – – – –

1,621 – 8,996 2,729 13,513 5,888

Net investment income/(loss) 295,962 151,364 528,096 326,287 1,401,123 1,118,237

Gain/(loss) on investments

Net realized gain/(loss) on the sale of investments 1,115,070 8,228 273,902 (80,747) 409,001 113,780

Unrealized gain/(loss) on investments (649,161) 1,183,717 1,032,942 1,279,349 700,590 2,325,124

Net gain/(loss) on investments 465,909 1,191,945 1,306,844 1,198,602 1,109,591 2,438,904

Increase/(decrease) in assets from operations 761,871 1,343,309 1,834,940 1,524,889 2,510,714 3,557,141

Statements of Changes in Net Assets(For the year ended December 31)

Net assets, beginning of year 6,750,261 3,688,566 11,276,802 7,405,732 31,345,339 5,480,710

Increase/(decrease) in assets from operations 761,871 1,343,309 1,834,940 1,524,889 2,510,714 3,557,141

Deposits from policyholders 862,072 740,339 5,711,478 3,267,802 6,969,119 3,370,836

Interfund transfers 370,303 1,010,850 8,812,013 382,665 5,452,065 21,971,370

Withdrawals by policyholders (4,496,663) (32,803) (2,022,821) (1,304,286) (3,081,962) (3,034,718)

Net assets, end of year $ 4,247,844 $ 6,750,261 $ 25,612,412 $ 11,276,802 $ 43,195,275 $ 31,345,339


SUN LIFE ASSURANCE COMPANY OF CANADAPooled Variable Accumulation Funds


BGI BGI BGI

EAFE Equity Index Fund Moderate Balanced Index Fund S&P/TSX Composite Index Fund

2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 55,691 2,564,334 439,179 552,701 722,335 498,602

11,133,165 10,425,445 151,477,678 227,309,830 171,868,764 124,123,071

Liabilities

Accounts payable 27,692 4,119 82,387 – – 49,993

27,692 4,119 82,387 – – 49,993

Net Assets 11,105,473 10,421,326 151,395,291 227,309,830 171,868,764 124,073,078




Income

Distributions received – – 6,020,153 9,405,311 2,557,418 2,775,048



– – 6,020,153 9,405,311 2,557,418 2,775,048

Expenses

Administrative expenses 6,519 2,229 35,397 20,244 38,289 18,346


6,519 2,229 35,397 20,244 38,289 18,346

Net investment income/(loss) (6,519) (2,229) 5,984,756 9,385,067 2,519,129 2,756,702


Net realized gain/(loss) on the sale of investments 46,004 (227,335) 3,185,782 (691,556) 4,555,050 (11,091)

Unrealized gain/(loss) on investments 1,009,996 1,141,060 7,431,131 18,745,642 12,795,871 22,253,106

Net gain/(loss) on investments 1,056,000 913,725 10,616,913 18,054,086 17,350,921 22,242,015

Increase/(decrease) in assets from operations 1,049,481 911,496 16,601,669 27,439,153 19,870,050 24,998,717



Increase/(decrease) in assets from operations 1,049,481 911,496 16,601,669 27,439,153 19,870,050 24,998,717

Deposits from policyholders 2,728,330 1,730,793 19,040,340 14,067,232 24,686,435 17,593,021

Interfund transfers (2,051,102) 2,916,625 (102,611,069) 9,312,275 18,102,535 39,726,143

Withdrawals by policyholders (1,042,562) (279,294) (8,945,479) (9,059,921) (14,863,334) (7,663,771)




GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 11GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 200410


BGI BGI BGI

Synthetic U.S. Equity Index Fund U.S. Equity Index Fund Universe Bond Index Fund

2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 425,081 461,209 103,368 406,687 458,180 299,335

77,150,651 53,854,392 76,648,974 64,203,102 140,509,148 108,902,799

Liabilities

Accounts payable – – 38,590 – – –

– – 38,590 – – –

Net Assets 77,150,651 53,854,392 76,610,384 64,203,102 140,509,148 108,902,799




Income

Distributions received – – 1,182,448 780,985 6,600,835 7,434,985


Other income – – 6,550 – – –

– – 1,188,998 780,985 6,600,835 7,434,985

Expenses



24,579 9,937 25,202 96,983 35,429 14,939

Net investment income/(loss) (24,579) (9,937) 1,163,796 684,002 6,565,406 7,420,046


Net realized gain/(loss) on the sale of investments (118,321) (5,360,779) 86,166 (1,795,066) 314,954 360,380

Unrealized gain/(loss) on investments 1,207,765 8,326,953 215,257 4,481,284 1,637,855 (1,743,141)

Net gain/(loss) on investments 1,089,444 2,966,174 301,423 2,686,218 1,952,809 (1,382,761)

Increase/(decrease) in assets from operations 1,064,865 2,956,237 1,465,219 3,370,220 8,518,215 6,037,285





Interfund transfers 12,063,686 3,224,615 1,838,032 1,532,918 11,303,591 18,424,255

Withdrawals by policyholders (3,816,767) (4,297,586) (7,530,968) (6,245,804) (8,641,282) (7,514,213)



Beutel Goodman Beutel Goodman Beutel Goodman Beutel Goodman

American Equity Fund Balanced Fund Canadian Equity Fund Global Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 9,983,700 $ 9,186,224 $ 180,080,273 $ 130,572,813 $ 157,504,414 $ 121,831,874 $ 3,133,668 $ 3,243,588

Income receivable 29,993 25,865 431,976 322,729 466,879 358,074 – 35,133

Accounts receivable 9,441 7,750 687,361 – 566,345 – 32,142 8,098

10,023,134 9,219,839 181,199,610 130,895,542 158,537,638 122,189,948 3,165,810 3,286,819

Liabilities

Accounts payable 3,421 227 1,267 1,478,311 1,104 1,255,325 37 81

3,421 227 1,267 1,478,311 1,104 1,255,325 37 81

Net Assets 10,019,713 9,219,612 181,198,343 129,417,231 158,536,534 120,934,623 3,165,773 3,286,738

Policyholders' equity 10,019,713 9,219,612 181,198,343 129,417,231 158,536,534 120,934,623 3,165,773 3,286,738

Net asset value per unit 7.91 7.40 18.84 16.99 25.54 22.34 15.83 14.23


Income

Distributions received 41,261 – 6,386,152 2,816,715 6,591,721 923,397 62,210 36,978

Management fee rebates 119,861 70,449 1,488,987 1,022,810 1,687,996 1,085,887 – 10,859

Other income – – – – – – 3,993 38,646

161,122 70,449 7,875,139 3,839,525 8,279,717 2,009,284 66,203 86,483

Expenses

Administrative expenses 5,213 2,185 38,938 20,118 36,594 15,709 1,664 1,207

Management fees – – – – – – – –

5,213 2,185 38,938 20,118 36,594 15,709 1,664 1,207

Net investment income/(loss) 155,909 68,264 7,836,201 3,819,407 8,243,123 1,993,575 64,539 85,276


Net realized gain/(loss) on the sale of investments 8,030 (275,133) 785,616 341,459 1,226,326 683,612 104,248 (737,801)

Unrealized gain/(loss) on investments 451,910 1,048,428 7,336,775 12,095,201 9,146,159 20,397,127 194,081 1,035,185

Net gain/(loss) on investments 459,940 773,295 8,122,391 12,436,660 10,372,485 21,080,739 298,329 297,384

Increase/(decrease) in assets from operations 615,849 841,559 15,958,592 16,256,067 18,615,608 23,074,314 362,868 382,660


Net assets, beginning of year 9,219,612 3,590,610 129,417,231 82,589,269 120,934,623 66,828,887 3,286,738 4,025,481


Deposits from policyholders 1,760,672 959,344 22,376,176 15,156,729 19,785,002 13,922,769 548,162 662,530

Interfund transfers (268,178) 4,499,257 25,682,737 32,498,662 11,438,254 30,131,874 (768,885) (930,116)

Withdrawals by policyholders (1,308,242) (671,158) (12,236,393) (17,083,496) (12,236,953) (13,023,221) (263,110) (853,817)

Net assets, end of year $ 10,019,713 $ 9,219,612 $ 181,198,343 $ 129,417,231 $ 158,536,534 $ 120,934,623 $ 3,165,773 $ 3,286,738




Beutel Goodman Beutel Goodman Beutel Goodman Beutel Goodman

Income Fund International Equity Fund Money Market Fund Small Cap Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets


Income receivable 61,545 50,842 71,006 54,142 66,395 50,923 299,392 226,877

Accounts receivable 241,928 7,178 29,615 28,066 135,024 – 252,153 453,289

46,804,626 34,936,924 24,629,537 18,329,547 19,957,354 16,764,250 103,787,157 74,507,779

Liabilities

Accounts payable 379 813 5,362 45,495 231 46,000 840 863,711

379 813 5,362 45,495 231 46,000 840 863,711

Net Assets 46,804,247 34,936,111 24,624,175 18,284,052 19,957,123 16,718,250 103,786,317 73,644,068




Income

Distributions received 1,874,128 1,782,651 239,263 209,832 326,413 365,077 5,080,760 218,753

Management fee rebates 213,949 183,733 266,409 170,496 88,934 77,515 1,110,084 746,717

Other income – – – – – – – –

2,088,077 1,966,384 505,672 380,328 415,347 442,592 6,190,844 965,470

Expenses



12,754 8,347 9,233 4,216 8,936 4,025 26,948 14,387

Net investment income/(loss) 2,075,323 1,958,037 496,439 376,112 406,411 438,567 6,163,896 951,083


Net realized gain/(loss) on the sale of investments 200,814 201,409 (60,109) (313,649) – – 4,761,262 2,699,757

Unrealized gain/(loss) on investments 483,343 155,799 2,356,370 1,873,111 – – 848,170 14,287,051

Net gain/(loss) on investments 684,157 357,208 2,296,261 1,559,462 – – 5,609,432 16,986,808

Increase/(decrease) in assets from operations 2,759,480 2,315,245 2,792,700 1,935,574 406,411 438,567 11,773,328 17,937,891




Deposits from policyholders 6,863,090 5,469,950 4,727,346 3,656,798 4,467,886 3,816,449 13,355,033 9,122,408

Interfund transfers 4,658,774 882,203 1,296,687 3,083,869 857,372 (101,801) 10,827,076 9,745,214

Withdrawals by policyholders (2,413,208) (3,222,550) (2,476,610) (1,568,714) (2,492,796) (2,188,341) (5,813,188) (7,643,304)





CC&L CC&L CC&L CC&L

Diversified Fund NR Global Growth Fund NR Group Balanced Plus Fund Group Balanced Plus Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) – $ 372,371 – $ 101,723 $ 24,961,565 $ 33,230,504 $ 86,482,968 $ 107,336,464

Income receivable – – – – – – – –

Accounts receivable – 2,331 – 127 17,672 59,787 335,444 693,778

– 374,702 – 101,850 24,979,237 33,290,291 86,818,412 108,030,242

Liabilities

Accounts payable – 602 – 7 4 – – –

– 602 – 7 4 – – –

Net Assets – 374,100 – 101,843 24,979,233 33,290,291 86,818,412 108,030,242

Policyholders' equity – 374,100 – 101,843 24,979,233 33,290,291 86,818,412 108,030,242

Net asset value per unit – 14.70 – 6.99 1.78 1.61 18.06 16.35


Income

Distributions received 5,889 17,447 – 1,678 667,925 1,009,154 2,314,124 3,272,001

Management fee rebates – – – – – – – –

Other income 45 – – – – – 2,169 –

5,934 17,447 – 1,678 667,925 1,009,154 2,316,293 3,272,001

Expenses

Administrative expenses 208 85 59 23 10,107 8,097 60,498 17,429

Management fees – 766 – 1,188 – – – 463,997

208 851 59 1,211 10,107 8,097 60,498 481,426

Net investment income/(loss) 5,726 16,596 (59) 467 657,818 1,001,057 2,255,795 2,790,575


Net realized gain/(loss) on the sale of investments (26,668) (10,074) (36,888) (724) (720,634) (977,665) 218,754 (7,123,270)

Unrealized gain/(loss) on investments 58,599 19,861 49,244 1,193 2,822,973 3,518,151 6,861,129 14,864,886

Net gain/(loss) on investments 31,931 9,787 12,356 469 2,102,339 2,540,486 7,079,883 7,741,616

Increase/(decrease) in assets from operations 37,657 26,383 12,297 936 2,760,157 3,541,543 9,335,678 10,532,191


Net assets, beginning of year 374,100 324,395 101,843 99,446 33,290,291 32,195,846 108,030,242 145,593,238

Increase/(decrease) in assets from operations 37,657 26,383 12,297 936 2,760,157 3,541,543 9,335,678 10,532,191

Deposits from policyholders 55,421 272,500 4,277 98,984 2,519,878 3,530,333 14,391,416 16,203,344

Interfund transfers (169,359) (3,264) (1,840) 218 (11,216,286) (3,875,203) (36,347,823) (44,750,371)

Withdrawals by policyholders (297,819) (245,914) (116,577) (97,741) (2,374,807) (2,102,228) (8,591,101) (19,548,160)

Net assets, end of year – $ 374,100 – $ 101,843 $ 24,979,233 $ 33,290,291 $ 86,818,412 $ 108,030,242




CC&L CC&L CC&L CC&L

Group Bond Fund Group Bond Fund C Group Bond Fund NR Group Canadian Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 3,371,096 $ 3,859,451 $ 22,736,929 $ 21,286,104 $ 199,871 $ 207,694 $ 20,631,364 $ 21,145,566


Accounts receivable 2,275 9,598 130,294 345,384 1 – 54,162 24,944

3,373,371 3,869,049 22,867,223 21,631,488 199,872 207,694 20,685,526 21,170,510

Liabilities

Accounts payable 10 – – 3 4 6 108 –

10 – – 3 4 6 108 –

Net Assets 3,373,361 3,869,049 22,867,223 21,631,485 199,868 207,688 20,685,418 21,170,510

Policyholders' equity 3,373,361 3,869,049 22,867,223 21,631,485 199,868 207,688 20,685,418 21,170,510



Income

Distributions received 227,947 338,439 1,364,010 1,735,921 12,981 16,933 1,911,225 361,543


Other income – – – – – – – –

227,947 338,439 1,364,010 1,735,921 12,981 16,933 1,911,225 361,543

Expenses

Administrative expenses 2,109 948 8,098 5,073 118 49 7,866 5,053

Management fees – – – 77,888 – 2,150 – –

2,109 948 8,098 82,961 118 2,199 7,866 5,053

Net investment income/(loss) 225,838 337,491 1,355,912 1,652,960 12,863 14,734 1,903,359 356,490


Net realized gain/(loss) on the sale of investments (13,839) 14,562 2,344 51,176 598 209 674,372 (296,492)

Unrealized gain/(loss) on investments 32,748 (69,141) 120,582 (371,109) 495 (3,187) 397,767 4,178,035

Net gain/(loss) on investments 18,909 (54,579) 122,926 (319,933) 1,093 (2,978) 1,072,139 3,881,543

Increase/(decrease) in assets from operations 244,747 282,912 1,478,838 1,333,027 13,956 11,756 2,975,498 4,238,033


Net assets, beginning of year 3,869,049 3,738,849 21,631,485 18,846,190 207,688 184,478 21,170,510 15,810,956

Increase/(decrease) in assets from operations 244,747 282,912 1,478,838 1,333,027 13,956 11,756 2,975,498 4,238,033

Deposits from policyholders 449,897 614,954 5,042,809 3,986,294 18,737 189,357 1,692,685 2,041,311

Interfund transfers (1,016,938) (86,494) (2,812,550) 128,113 (9,313) 830 (3,252,885) 631,527

Withdrawals by policyholders (173,394) (681,172) (2,473,359) (2,662,139) (31,200) (178,733) (1,900,390) (1,551,317)

Net assets, end of year $ 3,373,361 $ 3,869,049 $ 22,867,223 $ 21,631,485 $ 199,868 $ 207,688 $ 20,685,418 $ 21,170,510





CC&L CC&L CC&L CC&L

Group Canadian Equity Fund C Group Canadian Equity Fund NR Group Canadian Plus Equity Fund Group Global Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 68,628,948 $ 70,936,540 $ 851,599 $ 737,424 $ 5,686,536 $ 5,399,514 $ 2,034,548 $ 1,764,338


Accounts receivable 130,973 404,013 – 1,409 3,983 11,959 3,003 5,504

68,759,921 71,340,553 851,599 738,833 5,690,519 5,411,473 2,037,551 1,769,842

Liabilities

Accounts payable – – 4,334 17 – – 6 –

– – 4,334 17 – – 6 –

Net Assets 68,759,921 71,340,553 847,265 738,816 5,690,519 5,411,473 2,037,545 1,769,842

Policyholders' equity 68,759,921 71,340,553 847,265 738,816 5,690,519 5,411,473 2,037,545 1,769,842



Income

Distributions received 6,357,572 1,244,889 78,890 12,608 177,692 74,408 – –


Other income 5,650 – – – 348 – – –

6,363,222 1,244,889 78,890 12,608 178,040 74,408 – –

Expenses

Administrative expenses 20,408 15,464 440 155 2,891 1,292 1,136 393

Management fees – 297,489 – 1,425 – 33,644 – –

20,408 312,953 440 1,580 2,891 34,936 1,136 393

Net investment income/(loss) 6,342,814 931,936 78,450 11,028 175,149 39,472 (1,136) (393)


Net realized gain/(loss) on the sale of investments 1,290,203 (1,401,784) 7,495 (8,422) 29,170 (1,325,781) (68,490) (88,188)

Unrealized gain/(loss) on investments 2,460,175 15,159,687 32,794 118,918 510,776 2,148,719 233,626 168,774

Net gain/(loss) on investments 3,750,378 13,757,903 40,289 110,496 539,946 822,938 165,136 80,586

Increase/(decrease) in assets from operations 10,093,192 14,689,839 118,739 121,524 715,095 862,410 164,000 80,193


Net assets, beginning of year 71,340,553 58,778,406 738,816 394,263 5,411,473 10,332,262 1,769,842 1,420,057


Deposits from policyholders 10,405,534 11,190,498 149,817 343,534 967,753 1,618,153 360,366 395,994

Interfund transfers (15,412,311) (4,697,435) (34,130) 146,774 (589,984) (4,348,417) (109,167) 72,642

Withdrawals by policyholders (7,667,047) (8,620,755) (125,977) (267,279) (813,818) (3,052,935) (147,496) (199,044)

Net assets, end of year $ 68,759,921 $ 71,340,553 $ 847,265 $ 738,816 $ 5,690,519 $ 5,411,473 $ 2,037,545 $ 1,769,842



CC&L CC&L CC&L CC&L

Group Global Fund C Group Money Market Fund Group Money Market Fund C Group Money Market Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 7,445,731 $ 4,693,545 $ 3,689,891 $ 4,919,612 $ 34,332,935 $ 28,612,757 $ 867,376 $ 1,119,474

Income receivable – – 7,762 12,608 69,214 65,092 1,796 2,890

Accounts receivable 2,556 50,853 3,183 10,672 144,419 328,614 – 4,771

7,448,287 4,744,398 3,700,836 4,942,892 34,546,568 29,006,463 869,172 1,127,135

Liabilities

Accounts payable 12,055 – 11 – – – 28 3,610

12,055 – 11 – – – 28 3,610

Net Assets 7,436,232 4,744,398 3,700,825 4,942,892 34,546,568 29,006,463 869,144 1,123,525

Policyholders' equity 7,436,232 4,744,398 3,700,825 4,942,892 34,546,568 29,006,463 869,144 1,123,525



Income

Distributions received – – 98,908 155,690 802,851 857,349 20,872 29,073


Other income – – – – 6,747 – – –

– – 98,908 155,690 809,598 857,349 20,872 29,073

Expenses

Administrative expenses 3,405 1,083 2,365 1,316 13,505 5,200 523 268

Management fees – 25,510 – – – 105,607 – 2,407

3,405 26,593 2,365 1,316 13,505 110,807 523 2,675

Net investment income/(loss) (3,405) (26,593) 96,543 154,374 796,093 746,542 20,349 26,398


Net realized gain/(loss) on the sale of investments (68,075) (1,755,816) – – – – – –

Unrealized gain/(loss) on investments 547,718 1,609,849 – – – – – –

Net gain/(loss) on investments 479,643 (145,967) – – – – – –

Increase/(decrease) in assets from operations 476,238 (172,560) 96,543 154,374 796,093 746,542 20,349 26,398


Net assets, beginning of year 4,744,398 8,895,255 4,942,892 5,039,183 29,006,463 28,443,179 1,123,525 825,608

Increase/(decrease) in assets from operations 476,238 (172,560) 96,543 154,374 796,093 746,542 20,349 26,398

Deposits from policyholders 2,975,070 1,324,243 411,945 615,705 26,566,426 7,086,356 411,417 983,784

Interfund transfers (275,460) (2,654,417) (755,476) 170,329 (7,012,367) 1,724,141 (169,034) (9,040)

Withdrawals by policyholders (484,014) (2,648,123) (995,079) (1,036,699) (14,810,047) (8,993,755) (517,113) (703,225)

Net assets, end of year $ 7,436,232 $ 4,744,398 $ 3,700,825 $ 4,942,892 $ 34,546,568 $ 29,006,463 $ 869,144 $ 1,123,525



CC&L CC&L CC&L

New Star EAFE Fund New Star EAFE Fund C New Star EAFE Fund NR

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 1,022,288 $ 893,522 $ 22,977,125 $ 19,102,275 – $ 127,594


Accounts receivable 3,042 3,212 66,607 26,601 – 30

1,025,330 896,734 23,043,732 19,128,876 – 127,624

Liabilities

Accounts payable 3 3 – – – 4

3 3 – – – 4

Net Assets 1,025,327 896,731 23,043,732 19,128,876 – 127,620

Policyholders' equity 1,025,327 896,731 23,043,732 19,128,876 – 127,620

Net asset value per unit 30.53 27.86 17.42 15.90 – 8.90


Income

Distributions received 22,991 20,172 516,750 431,257 – 2,881



22,991 20,172 516,750 431,257 – 2,881

Expenses

Administrative expenses 552 194 8,811 4,321 76 29

Management fees – – – 122,207 – 1,648

552 194 8,811 126,528 76 1,677

Net investment income/(loss) 22,439 19,978 507,939 304,729 (76) 1,204


Net realized gain/(loss) on the sale of investments 13,141 (5,590) (40,238) (512,409) (42,298) (1,118)

Unrealized gain/(loss) on investments 48,844 82,435 1,409,367 2,414,348 55,837 13,634

Net gain/(loss) on investments 61,985 76,845 1,369,129 1,901,939 13,539 12,516

Increase/(decrease) in assets from operations 84,424 96,823 1,877,068 2,206,668 13,463 13,720


Net assets, beginning of year 896,731 775,317 19,128,876 16,948,276 127,620 113,167


Deposits from policyholders 78,609 80,737 4,280,239 4,021,341 20,129 111,402

Interfund transfers (19,188) 10,780 733,406 (1,834,705) (4,469) –

Withdrawals by policyholders (15,249) (66,926) (2,975,857) (2,212,704) (156,743) (110,669)

Net assets, end of year $ 1,025,327 $ 896,731 $ 23,043,732 $ 19,128,876 – $ 127,620

CI Funds CI Funds CI Funds CI Funds

American Value Fund Asian Dynasty Fund Canadian Asset Allocation Fund Canadian Balanced Portfolio

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 21,527,445 $ 21,251,028 – $ 484,226 – $ 1,661,304 $ 55,118,121 $ 41,184,840


Accounts receivable 33,658 255,442 – 231,813 – 421,006 213,081 147,283

21,561,103 21,506,470 – 716,039 – 2,082,310 55,331,202 41,332,123

Liabilities

Accounts payable 172,562 130,037 – 464,426 – 830,290 10,724 7,943

172,562 130,037 – 464,426 – 830,290 10,724 7,943

Net Assets 21,388,541 21,376,433 – 251,613 – 1,252,020 55,320,478 41,324,180

Policyholders' equity 21,388,541 21,376,433 – 251,613 – 1,252,020 55,320,478 41,324,180

Net asset value per unit 2,295.20 2,046.59 – 12.77 – 19.62 26.42 23.51


Income

Distributions received 799,714 304,779 – 12,462 12,715 99,602 541,476 33,802


Other income – 958 – – – – – –

799,714 305,737 – 12,462 12,715 99,602 541,476 33,802

Expenses

Administrative expenses 8,277 4,949 124 433 668 696 18,359 9,330


8,277 4,949 124 433 668 696 18,359 9,330

Net investment income/(loss) 791,437 300,788 (124) 12,029 12,047 98,906 523,117 24,472


Net realized gain/(loss) on the sale of investments (4,062,080) (1,945,321) 47,855 1,456 141,820 (18,227) 688,225 191,861

Unrealized gain/(loss) on investments 5,747,841 2,542,067 (50,154) 73,119 (37,676) 139,336 4,425,738 5,346,673

Net gain/(loss) on investments 1,685,761 596,746 (2,299) 74,575 104,144 121,109 5,113,963 5,538,534

Increase/(decrease) in assets from operations 2,477,198 897,534 (2,423) 86,604 116,191 220,015 5,637,080 5,563,006



Increase/(decrease) in assets from operations 2,477,198 897,534 (2,423) 86,604 116,191 220,015 5,637,080 5,563,006

Deposits from policyholders 2,982,448 3,318,553 52,257 89,095 219,793 344,702 9,327,688 8,127,816

Interfund transfers (3,605,294) (2,808,084) (241,709) 16,740 (1,369,381) (6,665) 4,305,413 (1,391,539)

Withdrawals by policyholders (1,842,244) (2,280,205) (59,738) (264,488) (218,623) (691,704) (5,273,883) (3,690,564)

Net assets, end of year $ 21,388,541 $ 21,376,433 – $ 251,613 – $ 1,252,020 $ 55,320,478 $ 41,324,180




CI Funds CI Funds CI Funds CI Funds

Canadian Conservative Portfolio Canadian Equity Fund Canadian Growth Portfolio Canadian Income Portfolio

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 31,377 28,737 63,852 12,313 67,829 77,354 19,605 52,277

10,674,403 5,978,901 16,098,419 10,947,707 30,747,152 24,392,859 15,577,304 11,115,934

Liabilities

Accounts payable 2,976 1,204 13,493 19 7,492 5,041 1,763 1,773

2,976 1,204 13,493 19 7,492 5,041 1,763 1,773

Net Assets 10,671,427 5,977,697 16,084,926 10,947,688 30,739,660 24,387,818 15,575,541 11,114,161




Income

Distributions received 522,772 148,720 – – – – 899,979 593,421


Other income – – – – – – – –

522,772 148,720 – – – – 899,979 593,421

Expenses



4,188 1,639 6,396 2,721 9,398 5,753 6,476 2,950

Net investment income/(loss) 518,584 147,081 (6,396) (2,721) (9,398) (5,753) 893,503 590,471


Net realized gain/(loss) on the sale of investments 58,373 3,821 322,831 (198,103) 263,864 (43,213) 310,285 68,959

Unrealized gain/(loss) on investments 328,283 527,837 1,885,833 2,372,990 3,124,889 3,708,417 39,456 414,790


Increase/(decrease) in assets from operations 905,240 678,739 2,202,268 2,172,166 3,379,355 3,659,451 1,243,244 1,074,220



Increase/(decrease) in assets from operations 905,240 678,739 2,202,268 2,172,166 3,379,355 3,659,451 1,243,244 1,074,220


Interfund transfers 2,026,877 110,224 2,572,446 (2,093,943) 853,983 (671,082) 740,445 263,926

Withdrawals by policyholders (55,720) (615,844) (1,543,615) (1,058,672) (3,236,669) (1,597,898) (737,325) (1,342,075)





CI Funds CI Funds CI Funds

Canadian Maximum Growth Portfolio Canadian Small Cap Fund Emerging Markets Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 21,119,916 $ 16,441,222 $ 7,608,346 $ 6,503,466 – $ 1,357,407


Accounts receivable 56,443 48,664 18,108 635,826 – 157,088

21,176,359 16,489,886 7,626,454 7,139,292 – 1,514,495

Liabilities

Accounts payable 4,398 14,509 11 1,247,198 – 300,267

4,398 14,509 11 1,247,198 – 300,267

Net Assets 21,171,961 16,475,377 7,626,443 5,892,094 – 1,214,228

Policyholders' equity 21,171,961 16,475,377 7,626,443 5,892,094 – 1,214,228



Income

Distributions received – – – – – 40,274



– – – – – 40,274

Expenses

Administrative expenses 9,283 3,973 3,683 1,804 625 617


9,283 3,973 3,683 1,804 625 617

Net investment income/(loss) (9,283) (3,973) (3,683) (1,804) (625) 39,657


Net realized gain/(loss) on the sale of investments 170,177 (169,625) 347,392 17,653 (49,072) (66,703)

Unrealized gain/(loss) on investments 2,371,603 2,835,160 743,874 1,699,861 68,828 299,885

Net gain/(loss) on investments 2,541,780 2,665,535 1,091,266 1,717,514 19,756 233,182

Increase/(decrease) in assets from operations 2,532,497 2,661,562 1,087,583 1,715,710 19,131 272,839


Net assets, beginning of year 16,475,377 12,684,453 5,892,094 4,902,340 1,214,228 956,653


Deposits from policyholders 3,633,946 3,130,236 895,406 774,768 252,942 292,158

Interfund transfers 371,859 (693,274) (2,118) 376,013 (1,198,542) 44,446

Withdrawals by policyholders (1,841,718) (1,307,600) (246,522) (1,876,737) (287,759) (351,868)

Net assets, end of year $ 21,171,961 $ 16,475,377 $ 7,626,443 $ 5,892,094 – $ 1,214,228




CI Funds CI Funds CI Funds

Global Growth Fund Global Value Fund Value Trust Fund

2004 2003 2004 2003 2004 2003


Assets




11,766,468 9,361,143 3,451,476 1,599,065 16,004,052 17,165,492

Liabilities

Accounts payable 835 27,593 9,013 3 43,035 1,630,694

835 27,593 9,013 3 43,035 1,630,694

Net Assets 11,765,633 9,333,550 3,442,463 1,599,062 15,961,017 15,534,798




Income

Distributions received – 353,362 43,283 53,686 – –



– 353,362 43,283 53,686 – –

Expenses

Administrative expenses 5,639 2,499 1,190 679 8,169 4,088


5,639 2,499 1,190 679 8,169 4,088

Net investment income/(loss) (5,639) 350,863 42,093 53,007 (8,169) (4,088)


Net realized gain/(loss) on the sale of investments (36,230) (214,350) (226) (64,455) (1,973,586) (2,757,736)

Unrealized gain/(loss) on investments 1,154,940 1,130,813 187,385 115,830 2,770,244 4,665,074

Net gain/(loss) on investments 1,118,710 916,463 187,159 51,375 796,658 1,907,338

Increase/(decrease) in assets from operations 1,113,071 1,267,326 229,252 104,382 788,489 1,903,250



Increase/(decrease) in assets from operations 1,113,071 1,267,326 229,252 104,382 788,489 1,903,250

Deposits from policyholders 2,397,067 1,758,082 518,726 384,742 2,865,802 3,135,038

Interfund transfers 40,000 (390,037) 1,392,622 (26,062) (1,131,899) (1,676,459)

Withdrawals by policyholders (1,118,055) (840,203) (297,199) (256,438) (2,096,173) (2,985,824)







Fidelity Fidelity Fidelity Fidelity

Canadian Asset Allocation Fund Canadian Asset Allocation Fund NR Canadian Opportunity Fund Canadian Opportunity Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 206,905,256 $ 176,662,520 $ 899,054 $ 923,428 – $ 1,894,449 – $ 220,586


Accounts receivable 596,036 321,824 885 8,500 – 10,571 – 5,176

207,501,292 176,984,344 899,939 931,928 – 1,905,020 – 225,762

Liabilities

Accounts payable 1,174 3,016 485 2 – 757 – –

1,174 3,016 485 2 – 757 – –

Net Assets 207,500,118 176,981,328 899,454 931,926 – 1,904,263 – 225,762

Policyholders' equity 207,500,118 176,981,328 899,454 931,926 – 1,904,263 – 225,762

Net asset value per unit 21.81 19.23 12.86 11.33 – 12.87 – 12.86


Income

Distributions received 6,627,542 5,590,663 35,296 29,201 – – – –

Management fee rebates – 2,967,597 – 13,186 – 28,224 – 3,115

Other income – – – – – – – –

6,627,542 8,558,260 35,296 42,387 – 28,224 – 3,115

Expenses

Administrative expenses 39,424 20,572 584 210 973 417 145 48

Management fees – 1,924,489 – 6,427 – 15,404 – 2,410

39,424 1,945,061 584 6,637 973 15,821 145 2,458

Net investment income/(loss) 6,588,118 6,613,199 34,712 35,750 (973) 12,403 (145) 657


Net realized gain/(loss) on the sale of investments 833,564 (224,191) 61,350 835 608,076 12,488 77,786 605

Unrealized gain/(loss) on investments 16,710,478 17,032,858 38,833 79,135 (398,245) 419,421 (35,452) 48,371

Net gain/(loss) on investments 17,544,042 16,808,667 100,183 79,970 209,831 431,909 42,334 48,976



Net assets, beginning of year 176,981,328 153,998,400 931,926 611,361 1,904,263 1,420,548 225,762 156,514


Deposits from policyholders 30,852,348 29,608,947 349,956 517,548 320,262 281,756 99,801 181,527

Interfund transfers 4,452,398 (6,201,775) (6,718) 13,853 (1,933,135) 21,511 (90,302) (4,076)

Withdrawals by policyholders (28,918,116) (23,846,110) (510,605) (326,556) (500,248) (263,864) (277,450) (157,836)

Net assets, end of year $ 207,500,118 $ 176,981,328 $ 899,454 $ 931,926 – $ 1,904,263 – $ 225,762



Fidelity Fidelity Fidelity

Growth America Fund Growth America Fund NR International Portfolio

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 30,257,602 $ 30,832,174 $ 221,382 $ 266,296 $ 13,429,938 $ 7,550,013


Accounts receivable 49,011 105,345 – 1,050 47,456 76,562

30,306,613 30,937,519 221,382 267,346 13,477,394 7,626,575

Liabilities

Accounts payable 9,868 41 11 8 20 13

9,868 41 11 8 20 13

Net Assets 30,296,745 30,937,478 221,371 267,338 13,477,374 7,626,562

Policyholders' equity 30,296,745 30,937,478 221,371 267,338 13,477,374 7,626,562



Income

Distributions received – – – – – –

Management fee rebates – 565,708 – 4,429 – 112,230


– 565,708 – 4,429 – 112,230

Expenses

Administrative expenses 11,058 5,557 147 62 6,298 1,683

Management fees – 338,500 – 2,491 – 52,632

11,058 344,057 147 2,553 6,298 54,315

Net investment income/(loss) (11,058) 221,651 (147) 1,876 (6,298) 57,915


Net realized gain/(loss) on the sale of investments (849,582) (1,442,893) (15,581) (11,310) (26,551) (33,331)

Unrealized gain/(loss) on investments 1,743,999 3,730,980 19,678 32,147 545,039 830,269

Net gain/(loss) on investments 894,417 2,288,087 4,097 20,837 518,488 796,938

Increase/(decrease) in assets from operations 883,359 2,509,738 3,950 22,713 512,190 854,853


Net assets, beginning of year 30,937,478 29,487,460 267,338 209,267 7,626,562 5,044,694

Increase/(decrease) in assets from operations 883,359 2,509,738 3,950 22,713 512,190 854,853


Interfund transfers (1,766,525) (2,750,491) (44,581) (9,505) 3,178,193 518,380

Withdrawals by policyholders (5,549,675) (4,356,924) (78,771) (136,470) (745,915) (528,797)

Net assets, end of year $ 30,296,745 $ 30,937,478 $ 221,371 $ 267,338 $ 13,477,374 $ 7,626,562



Fidelity Fidelity Fidelity

International Portfolio NR True North® Fund True North® Fund NR

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 245,437 $ 224,132 $ 134,979,984 $ 103,245,457 $ 695,372 $ 524,194


Accounts receivable – 1,661 663,527 378,858 2,040 3,259

245,437 225,793 135,643,511 103,624,315 697,412 527,453

Liabilities

Accounts payable 411 – 1,749 117 25,679 –

411 – 1,749 117 25,679 –

Net Assets 245,026 225,793 135,641,762 103,624,198 671,733 527,453

Policyholders' equity 245,026 225,793 135,641,762 103,624,198 671,733 527,453



Income

Distributions received – – – – – –

Management fee rebates – 3,686 – 1,656,510 – 7,705


– 3,686 – 1,656,510 – 7,705

Expenses


Management fees – 2,470 – 1,064,687 – 4,229

144 2,522 34,395 1,080,000 354 4,345

Net investment income/(loss) (144) 1,164 (34,395) 576,510 (354) 3,360


Net realized gain/(loss) on the sale of investments (5,714) (10,133) 659,274 (563,529) 16,800 (6,534)








Interfund transfers (22,950) (235) 10,714,800 (2,549,119) 30,337 (8,186)


Net assets, end of year $ 245,026 $ 225,793 $ 135,641,762 $ 103,624,198 $ 671,733 $ 527,453



Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser

Balanced Fund Balanced Fund C Bond Fund Bond Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 34,894 262,936 321,109 78,439 3,008 34,298 53,107 2,917

151,645,878 131,891,682 240,474,267 173,167,968 19,832,707 19,101,956 21,702,047 18,865,630

Liabilities

Accounts payable 23,247 18,532 93,380 107,866 569 18,381 22 3,401

23,247 18,532 93,380 107,866 569 18,381 22 3,401

Net Assets 151,622,631 131,873,150 240,380,887 173,060,102 19,832,138 19,083,575 21,702,025 18,862,229




Income

Distributions received 6,018,636 3,680,313 9,289,384 6,206,715 1,169,735 489,924 1,341,607 769,800


Other income – – 21,905 – – – – –

6,018,636 3,680,313 9,311,289 6,206,715 1,169,735 489,924 1,341,607 769,800

Expenses


Management fees – – – 239,165 – – – 14,312

35,963 16,272 46,049 257,880 8,560 2,362 9,050 18,811

Net investment income/(loss) 5,982,673 3,664,041 9,265,240 5,948,835 1,161,175 487,562 1,332,557 750,989


Net realized gain/(loss) on the sale of investments 411,184 (46,692) 402,283 85,786 55,655 33,372 68,846 13,664

Unrealized gain/(loss) on investments 6,593,613 5,309,537 9,719,336 9,342,717 73,948 28,415 11,125 (9,296)

Net gain/(loss) on investments 7,004,797 5,262,845 10,121,619 9,428,503 129,603 61,787 79,971 4,368

Increase/(decrease) in assets from operations 12,987,470 8,926,886 19,386,859 15,377,338 1,290,778 549,349 1,412,528 755,357



Increase/(decrease) in assets from operations 12,987,470 8,926,886 19,386,859 15,377,338 1,290,778 549,349 1,412,528 755,357


Interfund transfers 1,790,125 2,198,651 19,929,821 45,313,598 (1,574,976) 235,316 (679,748) 9,158,698

Withdrawals by policyholders (11,030,413) (7,171,391) (12,528,155) (31,898,906) (1,222,725) (996,653) (4,063,147) (1,468,931)




Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser

Bond Fund NR Canadian Equity Fund Canadian Equity Fund C Canadian Equity Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 308,578 $ 280,684 $ 156,673,991 $ 106,042,684 $ 230,845,507 $ 131,471,615 $ 1,017,366 $ 699,260


Accounts receivable – – 307,931 510,026 998,661 149,626 319 1,350

308,578 280,684 156,981,922 106,552,710 231,844,168 131,621,241 1,017,685 700,610

Liabilities

Accounts payable 8 10 26,126 38,315 213,673 453,589 27 26

8 10 26,126 38,315 213,673 453,589 27 26

Net Assets 308,570 280,674 156,955,796 106,514,395 231,630,495 131,167,652 1,017,658 700,584

Policyholders' equity 308,570 280,674 156,955,796 106,514,395 231,630,495 131,167,652 1,017,658 700,584



Income

Distributions received 18,188 14,303 4,923,030 1,324,465 7,148,020 1,920,799 32,632 8,844


Other income – – 36 – – – – –

18,188 14,303 4,923,066 1,324,465 7,148,020 1,920,799 32,632 8,844

Expenses

Administrative expenses 164 66 37,642 16,476 45,658 16,841 490 124

Management fees – 1,867 – – – 125,084 – 2,118

164 1,933 37,642 16,476 45,658 141,925 490 2,242

Net investment income/(loss) 18,024 12,370 4,885,424 1,307,989 7,102,362 1,778,874 32,142 6,602


Net realized gain/(loss) on the sale of investments 1,565 932 1,078,418 202,599 2,202,395 481,238 37,602 1,202

Unrealized gain/(loss) on investments 369 1,089 18,978,573 13,665,690 26,049,303 21,510,581 101,404 94,027




Net assets, beginning of year 280,674 242,441 106,514,395 50,976,715 131,167,652 60,854,638 700,584 335,256


Deposits from policyholders 63,216 213,183 17,202,512 44,400,519 34,988,443 42,563,316 321,301 449,987

Interfund transfers (17,321) (3,021) 15,661,427 4,864,533 44,370,913 10,693,555 96,296 2,334

Withdrawals by policyholders (37,957) (186,320) (7,364,953) (8,903,650) (14,250,573) (6,714,550) (271,671) (188,824)

Net assets, end of year $ 308,570 $ 280,674 $ 156,955,796 $ 106,514,395 $ 231,630,495 $ 131,167,652 $ 1,017,658 $ 700,584



Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser

Global Balanced Fund NR International Equity Fund International Equity Fund C

2004 2003 2004 2003 2004 2003


Assets




2,409,985 2,348,202 30,716,375 25,321,588 40,566,047 38,400,767

Liabilities

Accounts payable 6,768 17,499 68,749 374,333 68,695 26,946

6,768 17,499 68,749 374,333 68,695 26,946

Net Assets 2,403,217 2,330,703 30,647,626 24,947,255 40,497,352 38,373,821




Income

Distributions received 79,747 70,082 424,608 270,390 529,362 420,625

Management fee rebates – – – – 312,065 208,539


79,747 70,082 424,608 270,390 841,427 629,164

Expenses

Administrative expenses 1,333 513 9,881 4,039 17,075 6,021

Management fees – 8,193 – – – 66,096

1,333 8,706 9,881 4,039 17,075 72,117

Net investment income/(loss) 78,414 61,376 414,727 266,351 824,352 557,047


Net realized gain/(loss) on the sale of investments 35,767 (6,756) 717,065 (1,954,848) 1,476,187 (347,704)

Unrealized gain/(loss) on investments 66,299 92,987 322,420 3,202,648 1,114,120 2,803,141

Net gain/(loss) on investments 102,066 86,231 1,039,485 1,247,800 2,590,307 2,455,437

Increase/(decrease) in assets from operations 180,480 147,607 1,454,212 1,514,151 3,414,659 3,012,484





Interfund transfers (145,087) 70,378 212,076 (1,642,384) (5,859,187) 4,185,248

Withdrawals by policyholders (580,194) (362,175) (1,113,292) (820,238) (3,968,221) (2,107,276)




Jarislowsky Fraser Jarislowsky Fraser Jarislowsky Fraser

International Equity Fund NR U.S. Equity Fund U.S. Equity Fund C

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 326,404 $ 257,476 $ 11,176,712 $ 10,722,360 $ 12,948,443 $ 26,635,291


Accounts receivable 990 490 – 8,703 6,003 1,151

327,394 257,966 11,176,712 10,731,063 12,954,446 26,636,442

Liabilities

Accounts payable 6,550 – 19,448 19 2,344 1,389

6,550 – 19,448 19 2,344 1,389

Net Assets 320,844 257,966 11,157,264 10,731,044 12,952,102 26,635,053

Policyholders' equity 320,844 257,966 11,157,264 10,731,044 12,952,102 26,635,053



Income


Management fee rebates 2,222 1,579 – – – –

Other income – – – – 45 –

6,582 4,675 297,989 75,210 534,915 494,514

Expenses

Administrative expenses 166 58 5,965 899 8,437 5,771

Management fees – 1,867 – – – 27,277

166 1,925 5,965 899 8,437 33,048



Net realized gain/(loss) on the sale of investments (707) (5,446) 49,428 (86,313) 168,286 (279,583)

Unrealized gain/(loss) on investments 13,711 20,875 (407,689) 334,458 521,130 (173,961)

Net gain/(loss) on investments 13,004 15,429 (358,261) 248,145 689,416 (453,544)

Increase/(decrease) in assets from operations 19,420 18,179 (66,237) 322,456 1,215,894 7,922


Net assets, beginning of year 257,966 203,402 10,731,044 1,511,435 26,635,053 20,941,457

Increase/(decrease) in assets from operations 19,420 18,179 (66,237) 322,456 1,215,894 7,922


Interfund transfers 8,773 (2,265) (490,094) (29,269) (15,771,786) 4,378,997

Withdrawals by policyholders (45,560) (149,113) (476,238) (380,458) (2,533,376) (1,652,630)

Net assets, end of year $ 320,844 $ 257,966 $ 11,157,264 $ 10,731,044 $ 12,952,102 $ 26,635,053



Legg Mason Legg Mason Legg Mason Legg Mason

Accufund Accufund NR Batterymarch U.S. Fund Batterymarch U.S. Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 164,923,580 $ 173,964,315 $ 293,161 $ 247,579 $ 43,228,690 $ 49,662,411 $ 895,999 $ 997,355


Accounts receivable 287,727 101,403 – 3,466 36,017 46,742 – 13,906

165,211,307 174,065,718 293,161 251,045 43,264,707 49,709,153 895,999 1,011,261

Liabilities

Accounts payable – – 11 216 4,898 – 252 1,653

– – 11 216 4,898 – 252 1,653

Net Assets 165,211,307 174,065,718 293,150 250,829 43,259,809 49,709,153 895,747 1,009,608

Policyholders' equity 165,211,307 174,065,718 293,150 250,829 43,259,809 49,709,153 895,747 1,009,608



Income

Distributions received 5,716,166 7,157,822 9,442 9,627 553,053 670,106 11,313 11,795


Other income – – – – 46 – – –

5,716,166 7,157,822 9,442 9,627 553,099 670,106 11,313 11,795

Expenses

Administrative expenses 35,297 19,042 153 58 16,141 10,495 555 227

Management fees – 1,521,473 – 1,987 – 502,460 – 3,543

35,297 1,540,515 153 2,045 16,141 512,955 555 3,770

Net investment income/(loss) 5,680,869 5,617,307 9,289 7,582 536,958 157,151 10,758 8,025


Net realized gain/(loss) on the sale of investments 1,712,553 415,734 (724) (4,898) (1,270,296) (2,508,236) (32,870) (78,583)

Unrealized gain/(loss) on investments 5,421,021 7,476,695 12,369 15,886 1,929,670 4,517,944 51,305 117,644

Net gain/(loss) on investments 7,133,574 7,892,429 11,645 10,988 659,374 2,009,708 18,435 39,061

Increase/(decrease) in assets from operations 12,814,443 13,509,736 20,934 18,570 1,196,332 2,166,859 29,193 47,086


Net assets, beginning of year 174,065,718 178,457,115 250,829 230,536 49,709,153 55,537,354 1,009,608 883,943



Interfund transfers (7,176,555) (11,142,752) (1,439) 4,833 (4,671,881) (6,894,503) (88,704) (28,964)

Withdrawals by policyholders (31,519,997) (24,674,239) (39,555) (197,137) (9,348,201) (8,678,437) (318,730) (356,779)

Net assets, end of year $ 165,211,307 $ 174,065,718 $ 293,150 $ 250,829 $ 43,259,809 $ 49,709,153 $ 895,747 $ 1,009,608




Canadian Active Bond Fund Canadian Active Bond Fund NR Canadian Core Equity Fund Canadian Core Equity Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 77,004,285 $ 77,130,066 $ 265,934 $ 358,487 $ 154,012,298 $ 177,917,702 $ 1,036,157 $ 984,725


Accounts receivable 174,531 84,583 – 684 228,176 4,068 16,617 88

77,178,816 77,214,649 265,934 359,171 154,240,474 177,921,770 1,052,774 984,813

Liabilities

Accounts payable – – 2,247 9 – 38,155 12 43

– – 2,247 9 – 38,155 12 43

Net Assets 77,178,816 77,214,649 263,687 359,162 154,240,474 177,883,615 1,052,762 984,770

Policyholders' equity 77,178,816 77,214,649 263,687 359,162 154,240,474 177,883,615 1,052,762 984,770



Income

Distributions received 3,754,900 5,235,286 13,367 24,579 3,173,462 2,658,828 20,237 13,192


Other income – – – – – – – –

3,754,900 5,235,286 13,367 24,579 3,173,462 2,658,828 20,237 13,192

Expenses


Management fees – 484,473 – 2,801 – 1,344,279 – 2,572

20,720 498,263 152 2,891 33,016 1,365,514 543 2,792

Net investment income/(loss) 3,734,180 4,737,023 13,215 21,688 3,140,446 1,293,314 19,694 10,400


Net realized gain/(loss) on the sale of investments 682,188 824,476 5,279 3,547 4,518,387 (1,683,931) 26,381 (19,133)

Unrealized gain/(loss) on investments 99,203 (990,958) (18) (4,440) 14,105,105 35,797,294 91,636 197,769

Net gain/(loss) on investments 781,391 (166,482) 5,261 (893) 18,623,492 34,113,363 118,017 178,636






Interfund transfers (5,208,543) (7,016,700) (117,035) (35,071) (34,293,016) (7,771,825) (51,273) (3,897)


Net assets, end of year $ 77,178,816 $ 77,214,649 $ 263,687 $ 359,162 $ 154,240,474 $ 177,883,615 $ 1,052,762 $ 984,770




Canadian Growth Equity Fund Canadian Growth Equity Fund NR Canadian Income Fund Canadian Income Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 41,402,998 $ 35,331,984 $ 237,272 $ 204,524 $ 65,011,737 $ 58,850,334 $ 476,850 $ 551,739


Accounts receivable 145,133 142,449 – 185 267,607 152,925 6,111 1,329

41,548,131 35,474,433 237,272 204,709 65,279,344 59,003,259 482,961 553,068

Liabilities

Accounts payable – 50 5 5 43,759 – 11 –

– 50 5 5 43,759 – 11 –

Net Assets 41,548,131 35,474,383 237,267 204,704 65,235,585 59,003,259 482,950 553,068

Policyholders' equity 41,548,131 35,474,383 237,267 204,704 65,235,585 59,003,259 482,950 553,068



Income

Distributions received 2,069,288 33,321 11,924 196 3,011,285 3,045,531 23,597 27,571


Other income – – – – – – – –

2,069,288 33,321 11,924 196 3,011,285 3,045,531 23,597 27,571

Expenses


Management fees – 258,294 – 1,861 – 314,890 – 1,787

16,635 265,855 119 1,906 21,277 328,587 280 1,921

Net investment income/(loss) 2,052,653 (232,534) 11,805 (1,710) 2,990,008 2,716,944 23,317 25,650


Net realized gain/(loss) on the sale of investments 1,605,723 (448,040) 6,118 (283) 489,295 367,461 1,279 1,011

Unrealized gain/(loss) on investments 3,828,357 11,821,670 26,698 67,522 (441,194) (345,114) (1,077) (569)

Net gain/(loss) on investments 5,434,080 11,373,630 32,816 67,239 48,101 22,347 202 442






Interfund transfers (463,737) (445,149) 9,595 19 5,067,939 (2,075,464) (98,496) 40,595


Net assets, end of year $ 41,548,131 $ 35,474,383 $ 237,267 $ 204,704 $ 65,235,585 $ 59,003,259 $ 482,950 $ 553,068




Canadian Index Plus Bond Fund Canadian Index Plus Bond Fund NR Diversifund Diversifund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 38,924 27,398 – 569 481,596 351,421 – 12,699

36,695,767 50,644,331 592,364 695,280 840,380,976 871,552,561 3,553,832 24,175,102

Liabilities

Accounts payable – 82,834 315 17 – 121,933 153 1,498

– 82,834 315 17 – 121,933 153 1,498

Net Assets 36,695,767 50,561,497 592,049 695,263 840,380,976 871,430,628 3,553,679 24,173,604




Income

Distributions received 2,138,980 2,744,775 35,531 34,185 21,502,698 27,576,951 186,547 229,644


Dividend Income – – – – – – – 109,941

Interest Income – – – – – – – 571,231

Other income – – 20 – – – – –

2,138,980 2,744,775 35,551 34,185 21,502,698 27,576,951 186,547 910,816

Expenses

Administrative expenses 15,400 10,792 390 164 76,516 24,200 4,956 15,522

Management fees – 414,824 – 1,163 – 7,078,377 – 116,610

15,400 425,616 390 1,327 76,516 7,102,577 4,956 132,132

Net investment income/(loss) 2,123,580 2,319,159 35,161 32,858 21,426,182 20,474,374 181,591 778,684


Net realized gain/(loss) on the sale of investments 791,140 231,740 7,487 2,154 9,210,447 (5,484,214) 1,178,163 (400,829)

Unrealized gain/(loss) on investments (365,417) 248,018 (768) 4,247 45,774,784 78,799,515 (377,132) 1,951,846

Net gain/(loss) on investments 425,723 479,758 6,719 6,401 54,985,231 73,315,301 801,031 1,551,017

Increase/(decrease) in assets from operations 2,549,303 2,798,917 41,880 39,259 76,411,413 93,789,675 982,622 2,329,701



Increase/(decrease) in assets from operations 2,549,303 2,798,917 41,880 39,259 76,411,413 93,789,675 982,622 2,329,701

Deposits from policyholders 4,958,044 6,122,676 174,946 424,517 64,587,441 74,177,490 638,673 1,755,971

Interfund transfers (13,304,070) 48,838 (125,501) 40,490 (41,062,605) (118,254,982) (564,571) (40,524)

Withdrawals by policyholders (8,069,007) (7,083,568) (194,539) (354,263) (130,985,901) (130,297,027) (21,676,649) (4,167,176)





Equity B Fund NR Global Bond Fund Global Bond Fund NR Global Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 1,274,309 $ 1,428,341 – $ 5,463,902 – $ 223,458 $ 4,557,284 $ 3,883,544


Accounts receivable – 524 – 11,965 – 297 18,087 13,010

1,274,309 1,428,865 – 5,475,867 – 223,755 4,575,371 3,896,554

Liabilities

Accounts payable 57 15,049 – – – 9 – –

57 15,049 – – – 9 – –

Net Assets 1,274,252 1,413,816 – 5,475,867 – 223,746 4,575,371 3,896,554

Policyholders' equity 1,274,252 1,413,816 – 5,475,867 – 223,746 4,575,371 3,896,554

Net asset value per unit 217.32 195.02 – 15.25 – 12.58 9.75 9.17


Income

Distributions received 17,213 22,207 118,526 336,205 4,651 12,375 52,296 –


Other income – – 3 – – – – –

17,213 22,207 118,529 336,205 4,651 12,375 52,296 –

Expenses

Administrative expenses 794 2,621 2,123 1,360 88 52 2,446 888

Management fees – 4,123 – 32,299 – 1,850 – 16,403

794 6,744 2,123 33,659 88 1,902 2,446 17,291

Net investment income/(loss) 16,419 15,463 116,406 302,546 4,563 10,473 49,850 (17,291)


Net realized gain/(loss) on the sale of investments 104,791 233,887 (346,754) (31,446) 1,927 138 (113,227) (163,765)

Unrealized gain/(loss) on investments 29,059 (62,746) 232,539 (683,894) (7,848) (23,171) 310,459 506,198

Net gain/(loss) on investments 133,850 171,141 (114,215) (715,340) (5,921) (23,033) 197,232 342,433

Increase/(decrease) in assets from operations 150,269 186,604 2,191 (412,794) (1,358) (12,560) 247,082 325,142



Increase/(decrease) in assets from operations 150,269 186,604 2,191 (412,794) (1,358) (12,560) 247,082 325,142

Deposits from policyholders 268,155 482,268 1,244,395 1,707,942 7,671 223,134 1,151,233 1,049,835

Interfund transfers (266,941) (79,515) (5,845,229) (1,026,308) (34,062) 19 (102,081) (114,269)

Withdrawals by policyholders (291,047) (11,373,224) (877,224) (1,083,797) (195,997) (192,314) (617,417) (490,694)

Net assets, end of year $ 1,274,252 $ 1,413,816 – $ 5,475,867 – $ 223,746 $ 4,575,371 $ 3,896,554



Legg Mason Legg Mason Legg Mason

International Equity Fund International Equity Fund NR Liquidity Plus Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 30,431,486 $ 27,914,217 $ 192,151 $ 192,418 $ 156,762,049 $ 174,431,211

Income receivable – – – – 439,026 395,808

Accounts receivable 177,514 47,647 486 455 330,632 239,409

30,609,000 27,961,864 192,637 192,873 157,531,707 175,066,428

Liabilities

Accounts payable – – 5 8 37,064 69,431

– – 5 8 37,064 69,431

Net Assets 30,609,000 27,961,864 192,632 192,865 157,494,643 174,996,997

Policyholders' equity 30,609,000 27,961,864 192,632 192,865 157,494,643 174,996,997



Income

Distributions received 343,142 386,974 2,420 2,207 3,904,051 4,849,117



343,142 386,974 2,420 2,207 3,904,051 4,849,117

Expenses

Administrative expenses 11,459 5,516 117 42 34,070 19,009

Management fees – 274,760 – 1,276 – 894,439

11,459 280,276 117 1,318 34,070 913,448

Net investment income/(loss) 331,683 106,698 2,303 889 3,869,981 3,935,669


Net realized gain/(loss) on the sale of investments (1,844,335) (3,371,611) (15,434) (2,726) 497,984 922,903

Unrealized gain/(loss) on investments 4,245,029 6,177,928 30,561 21,873 (497,984) (870,682)

Net gain/(loss) on investments 2,400,694 2,806,317 15,127 19,147 – 52,221

Increase/(decrease) in assets from operations 2,732,377 2,913,015 17,430 20,036 3,869,981 3,987,890


Net assets, beginning of year 27,961,864 27,623,509 192,865 132,221 174,996,997 173,132,744



Interfund transfers 602,756 (3,634,781) (25,453) 6,595 (17,257,501) 8,279,162

Withdrawals by policyholders (5,377,157) (4,167,967) (49,310) (90,969) (45,829,889) (49,930,345)

Net assets, end of year $ 30,609,000 $ 27,961,864 $ 192,632 $ 192,865 $ 157,494,643 $ 174,996,997




Liquidity Plus Fund NR North American Equity Fund Symmetry Fund

2004 2003 2004 2003 2004 2003


Assets


Income receivable 3,716 4,794 – – – –


1,096,630 2,156,982 91,335,481 93,220,663 116,558,691 158,884,356

Liabilities

Accounts payable 19 4 – – – –

19 4 – – – –

Net Assets 1,096,611 2,156,978 91,335,481 93,220,663 116,558,691 158,884,356




Income

Distributions received 33,749 52,863 1,160,074 1,690,034 3,547,389 4,554,001



33,749 52,863 1,160,074 1,690,034 3,547,457 4,554,001

Expenses

Administrative expenses 801 534 23,065 12,046 30,380 19,753

Management fees – 5,821 – 474,942 – 811,903

801 6,355 23,065 486,988 30,380 831,656

Net investment income/(loss) 32,948 46,508 1,137,009 1,203,046 3,517,077 3,722,345


Net realized gain/(loss) on the sale of investments 12,738 (3,907) 1,813,591 (240,644) 3,291,603 (1,910,628)

Unrealized gain/(loss) on investments (12,738) 10,445 7,197,230 13,730,859 5,014,234 17,100,710

Net gain/(loss) on investments – 6,538 9,010,821 13,490,215 8,305,837 15,190,082





Deposits from policyholders 916,589 11,246,578 11,029,185 12,998,275 13,596,128 18,373,142

Interfund transfers (817,368) 174,775 (10,399,595) (17,743,495) (46,907,059) (16,798,341)






Symmetry Fund NR T-Plus Fund T-Plus Fund NR

2004 2003 2004 2003 2004 2003


Assets


Income receivable – – 506,000 – 31,187 –


1,160,757 1,241,443 185,252,416 155,914,030 11,421,757 9,697,806

Liabilities

Accounts payable 6 – 383,215 93,455 956,172 17

6 – 383,215 93,455 956,172 17

Net Assets 1,160,751 1,241,443 184,869,201 155,820,575 10,465,585 9,697,789




Income

Distributions received 29,549 31,102 3,912,088 4,154,837 242,441 255,495


Other income – – 91,476 – 6,234 –

29,549 31,102 4,003,564 4,154,837 248,675 255,495

Expenses

Administrative expenses 657 281 37,747 19,308 5,588 2,197

Management fees – 3,267 – 459,842 – 27,144

657 3,548 37,747 479,150 5,588 29,341

Net investment income/(loss) 28,892 27,554 3,965,817 3,675,687 243,087 226,154


Net realized gain/(loss) on the sale of investments 16,066 (31,916) 158,888 503,544 4,680 22,978

Unrealized gain/(loss) on investments 57,996 139,607 (120,450) (458,436) (1,386) (8,825)

Net gain/(loss) on investments 74,062 107,691 38,438 45,108 3,294 14,153






Interfund transfers (167,614) (76,783) 1,778,880 13,559,736 (1,116,879) (50,651)

Withdrawals by policyholders (385,183) (303,471) (33,047,824) (29,601,114) (12,026,416) (14,620,750)



McLean Budden McLean Budden McLean Budden McLean Budden

American Equity Fund American Equity Fund NR Balanced Fund Balanced Growth Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 41,938 110,790 239 532 – 9,262,125 6,919,960 9,040,463

28,469,019 21,992,057 429,350 383,241 304,969,027 260,782,437 371,996,003 276,100,161

Liabilities

Accounts payable 56,880 17,471 7 – 526,517 9,193,612 6,652,384 8,204,325

56,880 17,471 7 – 526,517 9,193,612 6,652,384 8,204,325

Net Assets 28,412,139 21,974,586 429,343 383,241 304,442,510 251,588,825 365,343,619 267,895,836




Income

Distributions received 966,254 149,595 14,586 2,616 15,473,403 6,576,597 9,822,873 7,093,758

Management fee rebates – – 1,125 1,015 – – – –

Other income – – – – – – – –

966,254 149,595 15,711 3,631 15,473,403 6,576,597 9,822,873 7,093,758

Expenses


Management fees – – – 3,061 – – – –

10,070 4,887 236 3,147 48,246 20,018 53,892 20,774

Net investment income/(loss) 956,184 144,708 15,475 484 15,425,157 6,556,579 9,768,981 7,072,984


Net realized gain/(loss) on the sale of investments 68,431 (1,119,149) (2,406) (60,025) 1,156,924 (1,032,966) 613,807 (345,055)

Unrealized gain/(loss) on investments (415,606) 2,297,179 419 75,626 7,042,780 22,061,720 14,894,635 24,096,075

Net gain/(loss) on investments (347,175) 1,178,030 (1,987) 15,601 8,199,704 21,028,754 15,508,442 23,751,020

Increase/(decrease) in assets from operations 609,009 1,322,738 13,488 16,085 23,624,861 27,585,333 25,277,423 30,824,004



Increase/(decrease) in assets from operations 609,009 1,322,738 13,488 16,085 23,624,861 27,585,333 25,277,423 30,824,004

Deposits from policyholders 6,392,621 6,843,242 153,609 266,824 50,102,561 20,820,478 75,288,738 30,611,013

Interfund transfers 2,412,072 1,260,501 (32,454) (153,521) 5,128,690 48,887,435 29,392,135 53,000,430







Balanced Growth Fund C Balanced Growth Fund NR Bond Fund Canadian Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 480,023 743,897 8,634 18,414 168,242 1,167,387 1,785,279 2,164,440

248,017,047 194,402,784 1,116,539 1,128,458 145,828,332 141,744,711 118,691,724 78,823,011

Liabilities

Accounts payable 283,430 37,181 11,350 1,162 81,405 5,030 1,650,895 2,137,476

283,430 37,181 11,350 1,162 81,405 5,030 1,650,895 2,137,476

Net Assets 247,733,617 194,365,603 1,105,189 1,127,296 145,746,927 141,739,681 117,040,829 76,685,535

Policyholders’ equity 247,733,617 194,365,603 1,105,189 1,127,296 145,746,927 141,739,681 117,040,829 76,685,535

Net asset value per unit 13.88 12.80 12.99 11.98 3,564.27 3,311.29 18.83 16.79


Income

Distributions received 6,973,943 5,627,840 35,348 29,155 9,142,937 8,535,319 5,393,103 2,364,290


Other income 33,045 – – – 13,668 – – –

7,006,988 5,627,840 35,348 29,155 9,156,605 8,535,319 5,393,103 2,364,290

Expenses


Management fees – 519,257 – 4,371 – – – –

45,406 539,371 681 4,619 34,710 19,654 25,756 15,654

Net investment income/(loss) 6,961,582 5,088,469 34,667 24,536 9,121,895 8,515,665 5,367,347 2,348,636


Net realized gain/(loss) on the sale of investments 415,274 (862,666) 34,645 (9,764) 335,223 684,999 1,448,574 93,103

Unrealized gain/(loss) on investments 10,530,076 19,872,022 32,855 107,170 1,053,769 (255,923) 4,109,010 11,384,543

Net gain/(loss) on investments 10,945,350 19,009,356 67,500 97,406 1,388,992 429,076 5,557,584 11,477,646

Increase/(decrease) in assets from operations 17,906,932 24,097,825 102,167 121,942 10,510,887 8,944,741 10,924,931 13,826,282


Net assets, beginning of year 194,365,603 162,918,991 1,127,296 815,195 141,739,681 142,805,470 76,685,535 45,577,140



Interfund transfers 13,654,983 (6,225,565) 16,303 (29,606) (5,223,984) (9,534,475) 22,765,596 7,275,460







Canadian Equity Growth Fund Canadian Equity Growth Fund C Canadian Equity Growth Fund NR Canadian Equity Plus Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 340,049,049 $ 258,363,622 $ 194,787,923 $ 153,348,474 $ 1,120,465 $ 1,026,493 – $ 1,156,525


Accounts receivable 690,877 970,666 1,032,850 528,234 30,124 13,372 – 17,431

340,739,926 259,334,288 195,820,773 153,876,708 1,150,589 1,039,865 – 1,173,956

Liabilities

Accounts payable 252,957 748,175 452,245 41,612 29,413 314 – –

252,957 748,175 452,245 41,612 29,413 314 – –

Net Assets 340,486,969 258,586,113 195,368,528 153,835,096 1,121,176 1,039,551 – 1,173,956

Policyholders’ equity 340,486,969 258,586,113 195,368,528 153,835,096 1,121,176 1,039,551 – 1,173,956

Net asset value per unit 119.63 106.95 16.33 14.60 14.13 12.63 – 10.99


Income

Distributions received 17,124,234 7,455,472 9,905,330 4,627,262 64,018 29,688 69,336 19,134


Other income – – – – – – – –

17,124,234 7,455,472 9,905,330 4,627,262 64,018 29,688 69,336 19,134

Expenses

Administrative expenses 52,274 22,674 40,027 23,046 656 216 813 232

Management fees – – – 436,071 – 3,239 – 6,618

52,274 22,674 40,027 459,117 656 3,455 813 6,850

Net investment income/(loss) 17,071,960 7,432,798 9,865,303 4,168,145 63,362 26,233 68,523 12,284


Net realized gain/(loss) on the sale of investments 722,660 (904,894) 399,849 (1,054,020) 38,370 (29,592) 205,447 (260,574)

Unrealized gain/(loss) on investments 15,858,483 46,197,630 9,349,132 31,332,841 31,562 210,120 (176,701) 270,210


Increase/(decrease) in assets from operations 33,653,103 52,725,534 19,614,284 34,446,966 133,294 206,761 97,269 21,920


Net assets, beginning of year 258,586,113 148,740,283 153,835,096 107,036,522 1,039,551 705,773 1,173,956 3,806,245


Deposits from policyholders 48,620,471 32,760,361 34,201,258 24,381,496 394,747 471,984 278,582 588,765

Interfund transfers 27,230,196 40,285,501 4,568,321 (1,430,620) 67,764 37,604 (1,133,776) (3,028,583)

Withdrawals by policyholders (27,602,914) (15,925,566) (16,850,431) (10,599,268) (514,180) (382,571) (416,031) (214,391)

Net assets, end of year $ 340,486,969 $ 258,586,113 $ 195,368,528 $ 153,835,096 $ 1,121,176 $ 1,039,551 – $ 1,173,956






Canadian Equity Plus Fund NR Canadian Equity Value Fund - U Core Balanced Fund Core Balanced Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) – $ 191,588 $ 33,375,835 $ 33,876,798 $ 55,551,852 $ 43,890,913 $ 269,213 $ 220,632


Accounts receivable – 7 205 244 75,195 190,924 9,864 10

– 191,595 33,376,040 33,877,042 55,627,047 44,081,837 279,077 220,642

Liabilities

Accounts payable – 56 13,770 618,788 15,218 – 9,872 19

– 56 13,770 618,788 15,218 – 9,872 19

Net Assets – 191,539 33,362,270 33,258,254 55,611,829 44,081,837 269,205 220,623

Policyholders’ equity – 191,539 33,362,270 33,258,254 55,611,829 44,081,837 269,205 220,623

Net asset value per unit – 10.98 12,507.73 11,135.54 12.24 11.25 12.20 11.22


Income

Distributions received 8,345 3,581 3,389,919 1,003,628 2,740,512 1,186,517 13,756 5,679


Other income – – – 11 – – – –

8,345 3,581 3,389,919 1,003,639 2,740,512 1,186,517 13,756 5,679

Expenses

Administrative expenses 107 43 11,187 5,290 18,186 8,948 139 49

Management fees – 1,433 – – – 208,320 – 1,578

107 1,476 11,187 5,290 18,186 217,268 139 1,627

Net investment income/(loss) 8,238 2,105 3,378,732 998,349 2,722,326 969,249 13,617 4,052


Net realized gain/(loss) on the sale of investments 13,095 (600) 539,339 (133,238) 228,117 (17,486) 1,821 (616)

Unrealized gain/(loss) on investments (1,483) 29,811 (72,328) 5,160,615 1,268,912 3,879,623 5,755 19,561

Net gain/(loss) on investments 11,612 29,211 467,011 5,027,377 1,497,029 3,862,137 7,576 18,945





Deposits from policyholders 29,154 145,022 210,401 111,466 11,232,086 6,942,440 78,486 193,377

Interfund transfers (34,271) (42) (3,807,019) (4,004,774) (383,055) 1,108,161 5,725 6,087

Withdrawals by policyholders (206,272) (134,661) (145,109) (92,149) (3,538,394) (1,849,709) (56,822) (155,142)

Net assets, end of year – $ 191,539 $ 33,362,270 $ 33,258,254 $ 55,611,829 $ 44,081,837 $ 269,205 $ 220,623




Core Canadian Equity Fund C Fixed Income Fund Fixed Income Fund C Fixed Income Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 2,319,372 $ 73,779,430 $ 101,548,222 $ 90,571,306 $ 39,884,715 $ 37,310,366 $ 604,177 $ 567,794


Accounts receivable 341,696 157,371 350,567 1,142,820 287,840 87,651 60,288 10,596

2,661,068 73,936,801 101,898,789 91,714,126 40,172,555 37,398,017 664,465 578,390

Liabilities

Accounts payable 322,287 157,751 250,646 347,051 126,439 – 74,403 3,002

322,287 157,751 250,646 347,051 126,439 – 74,403 3,002

Net Assets 2,338,781 73,779,050 101,648,143 91,367,075 40,046,116 37,398,017 590,062 575,388

Policyholders’ equity 2,338,781 73,779,050 101,648,143 91,367,075 40,046,116 37,398,017 590,062 575,388



Income

Distributions received 2,985,485 2,362,236 6,085,379 5,361,067 2,444,536 2,323,792 36,842 31,363


Other income 216 – – – – – – –

2,985,701 2,362,236 6,085,379 5,361,067 2,444,536 2,323,792 36,842 31,363

Expenses

Administrative expenses 15,006 15,400 24,043 13,878 16,177 8,365 333 136

Management fees – 4,955 – – – 166,818 – 3,173

15,006 20,355 24,043 13,878 16,177 175,183 333 3,309

Net investment income/(loss) 2,970,695 2,341,881 6,061,336 5,347,189 2,428,359 2,148,609 36,509 28,054


Net realized gain/(loss) on the sale of investments 10,105,709 (450,231) 97,145 135,601 132,286 179,651 6,927 4,276

Unrealized gain/(loss) on investments (7,802,049) 14,212,487 834,443 (352,605) 285,305 (137,347) 2,121 (4,564)

Net gain/(loss) on investments 2,303,660 13,762,256 931,588 (217,004) 417,591 42,304 9,048 (288)

Increase/(decrease) in assets from operations 5,274,355 16,104,137 6,992,924 5,130,185 2,845,950 2,190,913 45,557 27,766


Net assets, beginning of year 73,779,050 41,211,934 91,367,075 71,110,609 37,398,017 37,431,164 575,388 447,979

Increase/(decrease) in assets from operations 5,274,355 16,104,137 6,992,924 5,130,185 2,845,950 2,190,913 45,557 27,766


Interfund transfers (1,297,571) 15,623,581 (3,529,875) 20,309,682 (2,845,527) (6,767,835) (76,381) (26,919)

Withdrawals by policyholders (75,656,066) (136,953) (7,460,550) (15,830,756) (5,125,944) (3,176,466) (290,343) (441,921)

Net assets, end of year $ 2,338,781 $ 73,779,050 $ 101,648,143 $ 91,367,075 $ 40,046,116 $ 37,398,017 $ 590,062 $ 575,388




Global Equity Fund Global Equity Fund C Global Equity Fund NR International Equity Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 249,009 6,745 32,490 76,622 132 1,346 281,858 28,321

73,888,497 56,011,824 19,512,050 15,892,482 492,089 491,318 23,240,579 17,492,395

Liabilities

Accounts payable 127,296 643,275 – 5,422 1,754 262 92,726 101,465

127,296 643,275 – 5,422 1,754 262 92,726 101,465

Net Assets 73,761,201 55,368,549 19,512,050 15,887,060 490,335 491,056 23,147,853 17,390,930

Policyholders’ equity 73,761,201 55,368,549 19,512,050 15,887,060 490,335 491,056 23,147,853 17,390,930



Income

Distributions received 1,247,545 875,810 352,534 243,000 9,825 7,125 716,539 408,914


Other income – – – – – – – –

1,247,545 875,810 352,534 243,000 9,825 7,125 716,539 408,914

Expenses

Administrative expenses 22,460 12,001 9,314 3,609 290 106 8,884 3,858

Management fees – – – 35,207 – 1,845 – 24,971

22,460 12,001 9,314 38,816 290 1,951 8,884 28,829

Net investment income/(loss) 1,225,085 863,809 343,220 204,184 9,535 5,174 707,655 380,085


Net realized gain/(loss) on the sale of investments (266,688) (4,226,614) (57,517) (208,036) (12,488) (16,487) 110,229 (864,287)

Unrealized gain/(loss) on investments 2,221,344 7,118,538 574,360 1,262,664 25,956 48,379 769,425 2,661,932

Net gain/(loss) on investments 1,954,656 2,891,924 516,843 1,054,628 13,468 31,892 879,654 1,797,645

Increase/(decrease) in assets from operations 3,179,741 3,755,733 860,063 1,258,812 23,003 37,066 1,587,309 2,177,730




Deposits from policyholders 8,424,803 5,953,772 3,796,505 3,385,706 145,112 258,258 3,576,717 2,624,442

Interfund transfers 10,871,439 (8,401,022) 358,699 (535,346) (70,212) 2,092 2,127,908 3,873,834

Withdrawals by policyholders (4,083,331) (2,785,425) (1,390,277) (975,134) (98,624) (182,302) (1,535,011) (732,225)




McLean Budden McLean Budden McLean Budden

International Equity Fund NR LifePlan Growth Fund LifePlan Growth Income Fund

2004 2003 2004 2003 2004 2003

Unaudited Unaudited


Assets

Investments (Note 6) $ 183,283 $ 145,366 $ 14,417,888 $ 3,090,616 $ 38,277,340 $ 2,901,428


Accounts receivable 50 643 517,342 35,359 585,237 30,420

183,333 146,009 14,935,230 3,125,975 38,862,577 2,931,848

Liabilities

Accounts payable 2 – 395,139 34,353 237,961 29,621

2 – 395,139 34,353 237,961 29,621

Net Assets 183,331 146,009 14,540,091 3,091,622 38,624,616 2,902,227

Policyholders’ equity 183,331 146,009 14,540,091 3,091,622 38,624,616 2,902,227



Income


Management fee rebates 438 372 – – – –


3,810 3,879 363,437 95,612 850,699 109,542

Expenses

Administrative expenses 92 34 2,658 – 6,019 –

Management fees – 1,573 – – – –

92 1,607 2,658 – 6,019 –



Net realized gain/(loss) on the sale of investments (696) (26,548) 12,450 5,609 19,069 7,981

Unrealized gain/(loss) on investments 9,632 36,666 179,399 307,564 368,394 214,272


Increase/(decrease) in assets from operations 12,654 12,390 552,628 408,785 1,232,143 331,795


Net assets, beginning of year 146,009 166,662 3,091,622 2,311,910 2,902,227 2,329,691

Increase/(decrease) in assets from operations 12,654 12,390 552,628 408,785 1,232,143 331,795

Deposits from policyholders 45,338 136,172 8,812,430 425,337 12,901,631 362,658

Interfund transfers 527 (1,506) 2,211,676 1,541 22,902,940 (68,000)

Withdrawals by policyholders (21,197) (167,709) (128,265) (55,951) (1,314,325) (53,917)

Net assets, end of year $ 183,331 $ 146,009 $ 14,540,091 $ 3,091,622 $ 38,624,616 $ 2,902,227




LifePlan Income Fund Money Market Fund Select Balanced Fund

2004 2003 2004 2003 2004 2003

Unaudited


Assets

Investments (Note 6) $ 7,289,620 $ 1,539,463 $ 765,165,069 $ 722,312,019 $ 522,749 $ 376,787

Income receivable – – 1,617,438 1,624,075 – –

Accounts receivable 1,232,211 13,779 1,968,852 64,605,922 2,427 2,080

8,521,831 1,553,242 768,751,359 788,542,016 525,176 378,867

Liabilities

Accounts payable 1,085,064 13,625 1,077,960 63,713,896 1,112 883

1,085,064 13,625 1,077,960 63,713,896 1,112 883

Net Assets 7,436,767 1,539,617 767,673,399 724,828,120 524,064 377,984

Policyholders’ equity 7,436,767 1,539,617 767,673,399 724,828,120 524,064 377,984

Net asset value per unit 12.24 11.35 1,126.68 1,099.78 11.19 10.32


Income




213,626 62,622 17,994,083 20,489,178 28,951 12,900

Expenses

Administrative expenses 1,248 – 73,532 24,793 254 81

Management fees – – – 4,135 – 496

1,248 – 73,532 28,928 254 577



Net realized gain/(loss) on the sale of investments 10,403 (383) – – 3,384 (1,429)

Unrealized gain/(loss) on investments (15,288) 73,058 – – 4,534 31,337

Net gain/(loss) on investments (4,885) 72,675 – – 7,918 29,908



Net assets, beginning of year 1,539,617 1,209,032 724,828,120 667,562,203 377,984 128,972


Deposits from policyholders 2,647,263 161,402 272,517,692 251,813,404 110,727 93,372

Interfund transfers 3,503,213 97,799 67,149,102 126,484,025 20,525 170,325


Net assets, end of year $ 7,436,767 $ 1,539,617 $ 767,673,399 $ 724,828,120 $ 524,064 $ 377,984




Select Canadian Equity Fund Select Global Equity Fund U.S. Equity Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 809,187 $ 642,883 $ 276,153 $ 192,888 $ 42,097,798 $ 36,239,091


Accounts receivable 2,121 54,350 234 335 111,952 19,204

811,308 697,233 276,387 193,223 42,209,750 36,258,295

Liabilities

Accounts payable 525 52,497 186 301 44 142,166

525 52,497 186 301 44 142,166

Net Assets 810,783 644,736 276,201 192,922 42,209,706 36,116,129

Policyholders’ equity 810,783 644,736 276,201 192,922 42,209,706 36,116,129



Income

Distributions received 63,776 26,093 4,811 1,885 1,503,529 743,780



63,776 26,093 4,811 1,885 1,503,570 743,780

Expenses

Administrative expenses 408 139 133 43 17,493 8,298

Management fees – 3,705 – 1,180 – 71,230

408 3,844 133 1,223 17,493 79,528

Net investment income/(loss) 63,368 22,249 4,678 662 1,486,077 664,252


Net realized gain/(loss) on the sale of investments 18,600 5,026 (10,018) (1,120) 170,460 (2,551,685)

Unrealized gain/(loss) on investments 4,722 93,398 18,670 14,104 (348,093) 4,711,104

Net gain/(loss) on investments 23,322 98,424 8,652 12,984 (177,633) 2,159,419

Increase/(decrease) in assets from operations 86,690 120,673 13,330 13,646 1,308,444 2,823,671


Net assets, beginning of year 644,736 321,266 192,922 156,182 36,116,129 25,076,285


Deposits from policyholders 148,571 227,517 37,797 119,996 6,739,937 5,734,082

Interfund transfers 9,241 178,073 44,054 13,161 247,709 4,297,307

Withdrawals by policyholders (78,455) (202,793) (11,902) (110,063) (2,202,513) (1,815,216)

Net assets, end of year $ 810,783 $ 644,736 $ 276,201 $ 192,922 $ 42,209,706 $ 36,116,129


PH&N PH&N PH&N

Balanced Pension Fund Bond Fund Canadian Equity Fund

2004 2003 2004 2003 2004 2003


Assets



Accounts receivable – 1,039,762 545,637 – 231,978 109,536

757,418,645 645,261,190 250,739,877 216,197,400 64,349,756 22,736,951

Liabilities

Accounts payable 1,359,220 8,874 – 846,369 – –

1,359,220 8,874 – 846,369 – –

Net Assets 756,059,425 645,252,316 250,739,877 215,351,031 64,349,756 22,736,951

Policyholders’ equity 756,059,425 645,252,316 250,739,877 215,351,031 64,349,756 22,736,951



Income

Distributions received 17,299,268 15,042,792 10,423,206 11,109,836 116,400 84,509



17,299,268 15,042,792 10,423,206 11,109,836 116,410 84,509

Expenses



73,072 25,841 42,795 17,480 13,098 4,861

Net investment income/(loss) 17,226,196 15,016,951 10,380,411 11,092,356 103,312 79,648


Net realized gain/(loss) on the sale of investments 141,666 (6,285,245) 1,212,082 1,850,271 385,676 196,299

Unrealized gain/(loss) on investments 46,326,864 68,317,602 3,311,513 816,353 5,588,974 3,498,008

Net gain/(loss) on investments 46,468,530 62,032,357 4,523,595 2,666,624 5,974,650 3,694,307






Interfund transfers 13,444,335 (11,669,681) 9,916,097 (5,163,965) 29,170,425 (777,464)






PH&N PH&N PH&N

Canadian Equity Plus Pension Fund Global Equity Fund Money Market Fund

2004 2003 2004 2003 2004 2003


Assets


Income receivable – – – – 109,657 102,977

Accounts receivable 218,668 7,292 452 30,278 140,238 1,159,646

439,835,136 373,043,275 8,050,521 8,407,822 60,959,562 57,886,843

Liabilities

Accounts payable 560,286 1,582,026 5,994 – 122,595 57,943

560,286 1,582,026 5,994 – 122,595 57,943

Net Assets 439,274,850 371,461,249 8,044,527 8,407,822 60,836,967 57,828,900




Income

Distributions received 5,483,864 4,583,893 41,142 121,061 1,086,250 1,277,332



5,483,864 4,583,893 41,142 121,061 1,086,250 1,277,332

Expenses



58,459 21,117 4,887 2,428 20,182 11,842

Net investment income/(loss) 5,425,405 4,562,776 36,255 118,633 1,066,068 1,265,490


Net realized gain/(loss) on the sale of investments 2,705,130 (3,163,939) (1,670,837) (1,280,227) – –

Unrealized gain/(loss) on investments 46,663,912 63,139,324 1,715,510 1,699,168 – –

Net gain/(loss) on investments 49,369,042 59,975,385 44,673 418,941 – –






Interfund transfers 2,347,419 (4,297,610) (1,492,799) (1,229,919) 1,260,729 2,678,146






PH&N PH&N PH&N

Overseas Equity Fund U.S. Equity Fund U.S. Growth Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 27,529,108 $ 24,537,157 $ 27,745,678 $ 25,788,152 – $ 685,568



27,904,673 24,561,834 27,792,760 25,792,097 – 688,887

Liabilities

Accounts payable 112,201 312,610 – 14,215 – 17

112,201 312,610 – 14,215 – 17

Net Assets 27,792,472 24,249,224 27,792,760 25,777,882 – 688,870

Policyholders’ equity 27,792,472 24,249,224 27,792,760 25,777,882 – 688,870



Income

Distributions received 119,809 200,692 168,930 57,668 – –



119,809 200,692 168,930 57,668 – –

Expenses



9,237 5,783 11,082 6,099 352 478

Net investment income/(loss) 110,572 194,909 157,848 51,569 (352) (478)


Net realized gain/(loss) on the sale of investments (377,618) (3,311,455) (1,465,963) (1,432,742) (71,739) (61,068)

Unrealized gain/(loss) on investments 1,973,427 5,149,081 662,424 2,327,056 56,767 125,143

Net gain/(loss) on investments 1,595,809 1,837,626 (803,539) 894,314 (14,972) 64,075

Increase/(decrease) in assets from operations 1,706,381 2,032,535 (645,691) 945,883 (15,324) 63,597



Increase/(decrease) in assets from operations 1,706,381 2,032,535 (645,691) 945,883 (15,324) 63,597

Deposits from policyholders 4,765,453 5,029,695 5,737,989 7,118,822 152,735 147,896

Interfund transfers 395,315 (761,960) (525,713) (1,270,537) (771,771) (15,504)

Withdrawals by policyholders (3,323,901) (2,123,526) (2,551,707) (3,669,720) (54,510) (67,868)

Net assets, end of year $ 27,792,472 $ 24,249,224 $ 27,792,760 $ 25,777,882 – $ 688,870




Russell Russell Russell Russell

Canadian Equity Fund Canadian Equity Fund C Canadian Equity Fund NR Canadian Fixed Income Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 166,236 44,684 24,080 20,497 – 344 39,506 21,865

41,449,219 30,637,298 10,857,580 7,613,680 256,844 216,171 11,501,475 12,879,286

Liabilities

Accounts payable 45,298 – 23,808 4,378 103 8 – 63,054

45,298 – 23,808 4,378 103 8 – 63,054

Net Assets 41,403,921 30,637,298 10,833,772 7,609,302 256,741 216,163 11,501,475 12,816,232




Income

Distributions received 853,692 757,492 225,712 187,946 5,339 5,364 662,707 680,019


Other income – – – – – – – –

853,692 757,492 225,712 187,946 5,339 5,364 662,707 680,019

Expenses


Management fees – – – 35,625 – 1,977 – –

12,835 6,765 4,890 37,324 129 2,025 5,157 3,627

Net investment income/(loss) 840,857 750,727 220,822 150,622 5,210 3,339 657,550 676,392


Net realized gain/(loss) on the sale of investments 272,044 (475,519) 44,129 (41,358) (482) (3,232) (13,128) (34,805)

Unrealized gain/(loss) on investments 4,143,133 5,193,102 1,103,997 1,225,913 29,664 36,936 152,744 290,305







Interfund transfers 3,829,171 2,530,688 442,387 (302,080) 429 3,663 (2,715,106) (554,609)

Withdrawals by policyholders (3,494,405) (3,986,555) (915,880) (764,529) (45,256) (141,505) (937,807) (1,388,184)







Canadian Fixed Income Fund C Canadian Fixed Income Fund NR Overseas Equity Fund Overseas Equity Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 16,255 12,130 – 186 49,379 41,127 28,463 29,196

2,612,186 2,375,373 208,900 199,986 15,166,013 11,034,518 14,914,310 12,949,531

Liabilities

Accounts payable – 4 19 34 – – – –

– 4 19 34 – – – –

Net Assets 2,612,186 2,375,369 208,881 199,952 15,166,013 11,034,518 14,914,310 12,949,531

Policyholders’ equity 2,612,186 2,375,369 208,881 199,952 15,166,013 11,034,518 14,914,310 12,949,531



Income



Other income – – – – – – – –

151,371 125,261 12,154 10,636 410,276 151,883 409,936 180,893

Expenses

Administrative expenses 1,356 564 113 48 6,712 2,799 6,317 2,948

Management fees – 16,236 – 2,562 – – – 64,872

1,356 16,800 113 2,610 6,712 2,799 6,317 67,820



Net realized gain/(loss) on the sale of investments (2,009) 3,673 211 36 (132,575) (419,016) (118,832) (260,591)

Unrealized gain/(loss) on investments 13,848 23,789 1,628 2,622 800,783 1,391,574 946,697 1,448,932

Net gain/(loss) on investments 11,839 27,462 1,839 2,658 668,208 972,558 827,865 1,188,341

Increase/(decrease) in assets from operations 161,854 135,923 13,880 10,684 1,071,772 1,121,642 1,231,484 1,301,414




Deposits from policyholders 867,017 931,185 12,840 183,439 3,913,386 2,739,045 2,620,832 2,366,049

Interfund transfers (5,951) 418,765 – 3,302 394,638 (4,418) (700,010) (148,213)

Withdrawals by policyholders (786,103) (384,121) (17,791) (181,412) (1,248,301) (1,255,611) (1,187,527) (590,423)





Overseas Equity Fund NR U.S. Equity Fund U.S. Equity Fund C U.S. Equity Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 307,633 $ 265,831 $ 6,959,681 $ 6,391,351 $ 2,156,325 $ 2,003,866 $ 101,465 $ 125,376


Accounts receivable – 4,152 46,247 35,295 8,002 6,329 – 1,317

307,633 269,983 7,005,928 6,426,646 2,164,327 2,010,195 101,465 126,693

Liabilities

Accounts payable 592 9 – 6,080 – – 66 3

592 9 – 6,080 – – 66 3

Net Assets 307,041 269,974 7,005,928 6,420,566 2,164,327 2,010,195 101,399 126,690

Policyholders’ equity 307,041 269,974 7,005,928 6,420,566 2,164,327 2,010,195 101,399 126,690



Income



Other income – – – – – – – –

8,410 3,683 136,162 138,545 43,268 43,470 2,011 2,729

Expenses

Administrative expenses 165 61 3,796 1,859 1,203 461 67 30

Management fees – 2,062 – – – 10,604 – 1,365

165 2,123 3,796 1,859 1,203 11,065 67 1,395



Net realized gain/(loss) on the sale of investments (3,689) (9,497) (348,113) (703,329) (16,079) (44,685) (8,845) (4,433)

Unrealized gain/(loss) on investments 19,846 34,554 353,317 1,005,935 29,698 132,119 9,674 9,331

Net gain/(loss) on investments 16,157 25,057 5,204 302,606 13,619 87,434 829 4,898

Increase/(decrease) in assets from operations 24,402 26,617 137,570 439,292 55,684 119,839 2,773 6,232




Deposits from policyholders 68,972 115,269 1,626,970 1,546,111 479,646 633,846 17,975 59,292

Interfund transfers (9,673) 135 (483,653) (163,539) (118,621) 875 (21,328) (3,241)

Withdrawals by policyholders (46,634) (84,648) (695,525) (1,014,970) (262,577) (251,688) (24,711) (51,130)

Net assets, end of year $ 307,041 $ 269,974 $ 7,005,928 $ 6,420,566 $ 2,164,327 $ 2,010,195 $ 101,399 $ 126,690


Russell LifePoints® Russell LifePoints® Russell LifePoints® Russell LifePoints®

All Equity RSP Portfolio Balanced Growth Portfolio Balanced Growth Portfolio C Balanced Growth Portfolio NR

2004 2003 2004 2003 2004 2003 2004 2003

Unaudited


Assets

Investments (Note 6) $ 3,579,608 $ 2,954,967 $ 189,208,732 $ 162,240,862 $ 111,475,500 $ 95,090,037 $ 498,264 $ 477,187


Accounts receivable – 658 501,528 363,610 300,193 165,322 – 4,241

3,579,608 2,955,625 189,710,260 162,604,472 111,775,693 95,255,359 498,264 481,428

Liabilities

Accounts payable 20,300 10,111 – – – 975 340 3,596

20,300 10,111 – – – 975 340 3,596

Net Assets 3,559,308 2,945,514 189,710,260 162,604,472 111,775,693 95,254,384 497,924 477,832

Policyholders’ equity 3,559,308 2,945,514 189,710,260 162,604,472 111,775,693 95,254,384 497,924 477,832



Income

Distributions received – – 6,764,920 6,312,805 3,983,850 3,698,439 23,620 18,066


Other income 100 – – – – – – –

100 – 6,764,920 6,312,805 3,983,850 3,698,439 23,620 18,066

Expenses

Administrative expenses 1,654 – 38,695 21,591 24,113 14,609 303 102

Management fees – – – – – 371,350 – 3,117

1,654 – 38,695 21,591 24,113 385,959 303 3,219

Net investment income/(loss) (1,554) – 6,726,225 6,291,214 3,959,737 3,312,480 23,317 14,847


Net realized gain/(loss) on the sale of investments 26,306 675 (10,501) (776,364) (18,544) (414,214) 8,770 (4,026)

Unrealized gain/(loss) on investments 279,011 114,312 9,404,734 11,218,909 5,603,432 7,386,478 21,934 34,150




Net assets, beginning of year 2,945,514 – 162,604,472 118,707,710 95,254,384 74,211,361 477,832 309,899


Deposits from policyholders 439,647 2,785,275 22,142,115 32,861,207 16,198,072 17,192,705 237,542 329,000

Interfund transfers 50,497 46,030 493,718 1,930,518 (743,881) (887,999) 10,426 1,347

Withdrawals by policyholders (180,113) (778) (11,650,503) (7,628,722) (8,477,507) (5,546,427) (281,897) (207,385)

Net assets, end of year $ 3,559,308 $ 2,945,514 $ 189,710,260 $ 162,604,472 $ 111,775,693 $ 95,254,384 $ 497,924 $ 477,832





Russell LifePoints® Russell LifePoints® Russell LifePoints®

Balanced Income Portfolio Balanced Income Portfolio C Balanced Income Portfolio NR

2004 2003 2004 2003 2004 2003


Assets




39,109,718 23,864,030 37,448,500 31,658,108 325,899 280,492

Liabilities

Accounts payable – – – – 1,343 11

– – – – 1,343 11

Net Assets 39,109,718 23,864,030 37,448,500 31,658,108 324,556 280,481




Income




1,547,983 1,006,968 1,485,303 1,343,089 12,959 11,725

Expenses


Management fees – – – 137,711 – 2,745

10,595 4,480 12,232 143,613 166 2,808



Net realized gain/(loss) on the sale of investments 85,925 (45,809) 71,448 (19,335) 613 (2,973)








Interfund transfers 9,222,470 1,929,931 (225,153) 845,511 3,720 (10,156)





Russell LifePoints® Russell LifePoints® Russell LifePoints®

Long-Term Growth Portfolio Long-Term Growth Portfolio C Long-Term Growth Portfolio NR

2004 2003 2004 2003 2004 2003


Assets




63,649,444 50,492,137 70,407,186 56,720,778 516,236 424,216

Liabilities

Accounts payable – – – – 1,657 10

– – – – 1,657 10

Net Assets 63,649,444 50,492,137 70,407,186 56,720,778 514,579 424,206




Income




1,112,478 1,620,364 1,232,613 1,824,939 9,045 13,140

Expenses


Management fees – – – 230,539 – 2,996

21,118 6,992 21,942 242,644 260 3,096



Net realized gain/(loss) on the sale of investments 229,122 (263,005) 75,219 (137,190) 4,857 (9,482)

Unrealized gain/(loss) on investments 4,740,231 4,374,391 5,533,491 6,102,215 37,496 53,301

Net gain/(loss) on investments 4,969,353 4,111,386 5,608,710 5,965,025 42,353 43,819






Interfund transfers 2,165,306 4,478,154 (849,983) (7,098,097) (50,564) (29,606)




Sceptre Sceptre Sceptre

Balanced Pooled Fund Bond Pooled Fund Equity Pooled Fund

2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 12,201 1,331 79 60 4 –

25,804,136 21,029,793 1,934,804 6,527,086 5,439,911 4,895,110

Liabilities

Accounts payable 26 91 4 22,153 70 129

26 91 4 22,153 70 129

Net Assets 25,804,110 21,029,702 1,934,800 6,504,933 5,439,841 4,894,981




Income

Distributions received 2,161,960 2,280,467 99,918 379,331 610,524 86,615



2,161,960 2,280,467 99,918 379,331 610,524 86,615

Expenses



8,562 5,063 2,986 1,577 2,795 1,108

Net investment income/(loss) 2,153,398 2,275,404 96,932 377,754 607,729 85,507


Net realized gain/(loss) on the sale of investments 9,211 65,796 205,140 41,837 67,594 (55,364)

Unrealized gain/(loss) on investments 101,103 406,217 (9,448) 19,265 45,971 877,550


Increase/(decrease) in assets from operations 2,263,712 2,747,417 292,624 438,856 721,294 907,693



Increase/(decrease) in assets from operations 2,263,712 2,747,417 292,624 438,856 721,294 907,693

Deposits from policyholders 1,939,072 1,515,608 875,476 1,126,654 342,786 287,391

Interfund transfers 1,532,015 224,509 (5,202,167) (127,319) (55,946) 97,769

Withdrawals by policyholders (960,391) (1,366,507) (536,066) (509,122) (463,274) (277,443)






Sceptre Sceptre Sceptre

Foreign Equity Pooled Fund International Equity Pooled Fund U.S. Equity Pooled Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 2,241,961 $ 13,545,476 – $ 2,618,823 – $ 444,827


Accounts receivable 1,600 153,624 – – – –

2,243,561 13,699,100 – 2,618,823 – 444,827

Liabilities

Accounts payable 18 – – 2,533,805 – 12

18 – – 2,533,805 – 12

Net Assets 2,243,543 13,699,100 – 85,018 – 444,815

Policyholders’ equity 2,243,543 13,699,100 – 85,018 – 444,815

Net asset value per unit 730.34 694.16 – 8.35 – 8.03


Income

Distributions received 51,320 288,130 – 102,153 – –



51,320 288,130 – 102,153 – –

Expenses

Administrative expenses 3,841 3,246 52 1,047 250 105


3,841 3,246 52 1,047 250 105

Net investment income/(loss) 47,479 284,884 (52) 101,106 (250) (105)


Net realized gain/(loss) on the sale of investments (1,184,182) (360,581) (185,981) (450,895) (80,199) (10,404)

Unrealized gain/(loss) on investments 1,805,251 761,387 191,971 657,226 78,820 18,044

Net gain/(loss) on investments 621,069 400,806 5,990 206,331 (1,379) 7,640

Increase/(decrease) in assets from operations 668,548 685,690 5,938 307,437 (1,629) 7,535


Net assets, beginning of year 13,699,100 12,190,320 85,018 3,868,976 444,815 422,327

Increase/(decrease) in assets from operations 668,548 685,690 5,938 307,437 (1,629) 7,535

Deposits from policyholders 1,313,048 2,077,555 14,500 856,539 62,190 56,393

Interfund transfers (13,011,133) (663,578) (90,069) (4,717,525) (475,496) (15,057)

Withdrawals by policyholders (426,020) (590,887) (15,387) (230,409) (29,880) (26,383)

Net assets, end of year $ 2,243,543 $ 13,699,100 – $ 85,018 – $ 444,815



TD Asset Management TD Asset Management TD Asset Management TD Asset Management

Canadian Balanced Index Fund Canadian Balanced Index Fund C Canadian Balanced Index Fund NR Canadian Bond Index Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 280,254 7,024 336,346 567,068 3 10,044 3,768,866 2,069,203

26,522,367 14,279,276 123,919,990 103,957,162 576,069 512,156 204,833,150 170,577,058

Liabilities

Accounts payable 278,370 6,152 42,076 155,481 19 2,583 3,461,374 2,006,085

278,370 6,152 42,076 155,481 19 2,583 3,461,374 2,006,085

Net Assets 26,243,997 14,273,124 123,877,914 103,801,681 576,050 509,573 201,371,776 168,570,973




Income

Distributions received 717,168 394,770 3,723,899 3,072,231 17,081 14,639 9,877,184 8,365,287


Other income – – – – – – 235 –

717,168 394,770 3,723,899 3,072,231 17,081 14,639 9,877,419 8,365,287

Expenses


Management fees – – – 319,676 – 1,664 – 395,067

7,666 3,438 33,818 334,321 298 1,780 39,270 415,227

Net investment income/(loss) 709,502 391,332 3,690,081 2,737,910 16,783 12,859 9,838,149 7,950,060


Net realized gain/(loss) on the sale of investments 27,222 (55,991) (4,855) (862,423) 3,048 (10,925) 489,614 327,855

Unrealized gain/(loss) on investments 1,087,002 1,271,216 6,584,408 10,439,829 28,568 56,486 2,321,681 640,891

Net gain/(loss) on investments 1,114,224 1,215,225 6,579,553 9,577,406 31,616 45,561 2,811,295 968,746






Interfund transfers 2,899,788 1,063,470 4,554,368 (899,820) (23,659) (958) 9,286,314 12,754,824

Withdrawals by policyholders 349,183 (474,548) (9,692,104) (8,423,486) (110,786) (248,334) (22,072,646) (16,869,254)




TD Asset Management TD Asset Management TD Asset Management

Canadian Bond Index Fund NR Canadian Equity Index Fund Canadian Equity Index Fund NR

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 612,407 $ 424,750 $ 166,335,264 $ 123,389,770 $ 580,696 $ 615,383


Accounts receivable 2 5,790 694,714 794,668 5,694 15,383

612,409 430,540 167,029,978 124,184,438 586,390 630,766

Liabilities

Accounts payable 15 1,942 190,434 493,315 5,011 3,202

15 1,942 190,434 493,315 5,011 3,202

Net Assets 612,394 428,598 166,839,544 123,691,123 581,379 627,564

Policyholders’ equity 612,394 428,598 166,839,544 123,691,123 581,379 627,564



Income




28,441 22,795 2,927,167 1,974,189 10,219 9,846

Expenses


Management fees – 1,775 – 336,642 – 1,796

288 1,874 38,372 352,652 332 1,941



Net realized gain/(loss) on the sale of investments 3,225 1,954 1,083,202 (1,157,827) 36,619 (6,885)

Unrealized gain/(loss) on investments 8,144 940 16,086,053 23,300,950 34,339 124,091







Interfund transfers 192,742 (3,801) 12,253,442 6,906,432 19,593 22,224


Net assets, end of year $ 612,394 $ 428,598 $ 166,839,544 $ 123,691,123 $ 581,379 $ 627,564




Canadian Long Bond Fund Global Equity Index Fund International Equity Index Fund

2004 2003 2004 2003 2004 2003

Unaudited


Assets



Accounts receivable 1,046,312 1,224,547 – 6,868 316,124 189,500

29,471,459 24,404,554 1,946,611 1,539,338 25,391,893 19,273,831

Liabilities

Accounts payable 181,046 1,237,603 9,680 468 141,677 211,210

181,046 1,237,603 9,680 468 141,677 211,210

Net Assets 29,290,413 23,166,951 1,936,931 1,538,870 25,250,216 19,062,621




Income

Distributions received 1,647,319 1,383,262 35,220 12,503 558,360 388,181



1,647,319 1,383,262 35,220 12,503 558,360 388,181

Expenses

Administrative expenses 10,244 5,216 – 665 18,154 4,121

Management fees – 16,284 – – – 58,416

10,244 21,500 – 665 18,154 62,537

Net investment income/(loss) 1,637,075 1,361,762 35,220 11,838 540,206 325,644


Net realized gain/(loss) on the sale of investments 399,581 149,980 (32,205) (112,452) (54,492) (1,591,736)

Unrealized gain/(loss) on investments 662,239 369,453 95,087 220,289 1,880,385 3,418,273

Net gain/(loss) on investments 1,061,820 519,433 62,882 107,837 1,825,893 1,826,537






Interfund transfers 4,679,341 (934,811) 193,402 37,147 1,272,192 1,703,316






International Equity Index Fund NR Synthetic International Equity Index Fund Synthetic U.S. Equity Index Fund

2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 300,181 $ 242,711 $ 834,183 $ 626,840 $ 7,387,088 $ 17,576,202



302,063 247,837 842,214 629,271 7,435,589 17,624,145

Liabilities

Accounts payable 10 1,133 6,000 2,939 8,623 35,242

10 1,133 6,000 2,939 8,623 35,242

Net Assets 302,053 246,704 836,214 626,332 7,426,966 17,588,903

Policyholders’ equity 302,053 246,704 836,214 626,332 7,426,966 17,588,903



Income

Distributions received 6,684 4,937 31,012 – 724,837 –



6,684 4,937 31,012 – 724,837 –

Expenses

Administrative expenses 158 55 419 139 7,311 3,966

Management fees – 1,216 – 2,094 – 13,828

158 1,271 419 2,233 7,311 17,794

Net investment income/(loss) 6,526 3,666 30,593 (2,233) 717,526 (17,794)


Net realized gain/(loss) on the sale of investments (4,550) (5,248) 8,737 (19,100) 1,143,375 (406,596)

Unrealized gain/(loss) on investments 25,729 30,093 31,395 101,921 (641,566) 4,413,055

Net gain/(loss) on investments 21,179 24,845 40,132 82,821 501,809 4,006,459



Net assets, beginning of year 246,704 180,857 626,332 427,214 17,588,903 13,481,823



Interfund transfers 9,044 (2,537) 65,005 50,091 (1,082,159) (1,284,661)

Withdrawals by policyholders (67,761) (122,258) (68,600) (156,109) (11,733,532) (623,925)

Net assets, end of year $ 302,053 $ 246,704 $ 836,214 $ 626,332 $ 7,426,966 $ 17,588,903


Templeton Templeton

Global Pooled Stock Fund International Pooled Stock Fund

2004 2003 2004 2003

$ 26,712,138 $ 21,448,016 $ 15,678,263 $ 12,044,996

– – – –

116,437 42,558 133,051 234,965

26,828,575 21,490,574 15,811,314 12,279,961

18,536 668 18,741 21

18,536 668 18,741 21

26,810,039 21,489,906 15,792,573 12,279,940

26,810,039 21,489,906 15,792,573 12,279,940

13.43 12.19 10.44 9.08

575,875 365,840 429,872 311,143

– – – –

3,980 – – –

579,855 365,840 429,872 311,143

9,250 32,857 6,921 2,931

– – – –

9,250 32,857 6,921 2,931

570,605 332,983 422,951 308,212

137,589 (420,455) 129,783 (358,626)

1,598,999 2,609,779 1,280,685 1,880,561

1,736,588 2,189,324 1,410,468 1,521,935

2,307,193 2,522,307 1,833,419 1,830,147

21,489,906 12,969,124 12,279,940 6,333,326

2,307,193 2,522,307 1,833,419 1,830,147

5,733,424 7,932,999 3,630,118 3,452,860

(491,624) 60,862 (484,080) 1,534,822

(2,228,860) (1,995,386) (1,466,824) (871,215)

$ 26,810,039 $ 21,489,906 $ 15,792,573 $ 12,279,940



TD Asset Management TD Asset Management

U.S. Market Index Fund U.S. Market Index Fund NR

2004 2003 2004 2003


Assets

Investments (Note 6) $ 69,923,927 $ 57,588,679 $ 656,666 $ 603,399

Income receivable – – – –

Accounts receivable 68,318 1,131,502 15,019 13,547

69,992,245 58,720,181 671,685 616,946

Liabilities

Accounts payable 902,074 806,040 13,330 5,526

902,074 806,040 13,330 5,526

Net Assets 69,090,171 57,914,141 658,355 611,420

Policyholders’ equity 69,090,171 57,914,141 658,355 611,420

Net asset value per unit 8.15 7.96 7.36 7.20


Income

Distributions received 1,108,060 757,614 10,406 7,938

Management fee rebates – – – –

Other income 373 – – –

1,108,433 757,614 10,406 7,938

Expenses

Administrative expenses 22,322 11,318 366 139

Management fees – 145,006 – 1,622

22,322 156,324 366 1,761

Net investment income/(loss) 1,086,111 601,290 10,040 6,177


Net realized gain/(loss) on the sale of investments (737,072) (2,004,048) (15,461) (23,778)

Unrealized gain/(loss) on investments 820,245 4,073,085 16,623 49,042

Net gain/(loss) on investments 83,173 2,069,037 1,162 25,264

Increase/(decrease) in assets from operations 1,169,284 2,670,327 11,202 31,441


Net assets, beginning of year 57,914,141 44,237,275 611,420 400,902

Increase/(decrease) in assets from operations 1,169,284 2,670,327 11,202 31,441

Deposits from policyholders 17,066,148 13,545,596 243,002 355,994

Interfund transfers (906,608) 4,380,828 (56,019) 53,495

Withdrawals by policyholders (6,152,794) (6,919,885) (151,250) (230,412)

Net assets, end of year $ 69,090,171 $ 57,914,141 $ 658,355 $ 611,420

GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004114 GROUP RETIREMENT SERVICES / SEGREGATED FUNDS ANNUAL REPORT 2004 115

AIM AIM AIM AIM

American Aggressive Growth Fund American Aggressive Growth Fund NR Canadian Premier Class Fund Canadian Premier Class Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) – $ 404,929 – $ 92,443 – $ 618,746 – $ 114,161


Accounts receivable – 2,236 – – – 1,959 – –

– 407,165 – 92,443 – 620,705 – 114,161

Liabilities

Accounts payable – 1 – 1 – 1 – –

– 1 – 1 – 1 – –

Net Assets – 407,164 – 92,442 – 620,704 – 114,161

Policyholders’ equity – 407,164 – 92,442 – 620,704 – 114,161

Net asset value per unit – 5.65 – 5.67 – 8.03 – 8.04


Income

Distributions received – – – – 1,602 6,549 1,608 1,224

Management fee rebates – 7,283 – 1,955 – 8,878 – 1,829

Other income 1 – – – – – – –

1 7,283 – 1,955 1,602 15,427 1,608 3,053

Expenses

Administrative expenses 226 93 57 22 359 136 68 26

Management fees – 3,260 – 1,312 – 6,084 – 1,658

226 3,353 57 1,334 359 6,220 68 1,684

Net investment income/(loss) (225) 3,930 (57) 621 1,243 9,207 1,540 1,369


Net realized gain/(loss) on the sale of investments (65,164) (12,054) (59,346) (58) 80,503 (11,102) (30,875) (160)

Unrealized gain/(loss) on investments 88,733 28,211 72,328 2,816 12,892 101,378 53,759 17,482

Net gain/(loss) on investments 23,569 16,157 12,982 2,758 93,395 90,276 22,884 17,322



Net assets, beginning of year 407,164 282,611 92,442 84,490 620,704 427,643 114,161 95,170


Deposits from policyholders 161,042 207,760 25,933 81,479 184,470 244,092 19,349 94,615

Interfund transfers (442,891) 3,271 (35,901) 99 (695,172) (5,159) (438) 99

Withdrawals by policyholders (148,659) (106,565) (95,399) (77,005) (204,640) (145,355) (157,496) (94,414)

Net assets, end of year – $ 407,164 – $ 92,442 – $ 620,704 – $ 114,161




AIM AIM Trimark Trimark

Global Technology Fund Global Technology Fund NR Canadian Bond Fund Canadian Bond Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) – $ 1,026,719 – $ 41,323 $ 32,436,167 $ 31,092,217 $ 373,976 $ 609,665


Accounts receivable – 6,614 – 120 60,689 43,832 – 229

– 1,033,333 – 41,443 32,496,856 31,136,049 373,976 609,894

Liabilities

Accounts payable – 2 – 1 33 41 9 11,327

– 2 – 1 33 41 9 11,327

Net Assets – 1,033,331 – 41,442 32,496,823 31,136,008 373,967 598,567

Policyholders’ equity – 1,033,331 – 41,442 32,496,823 31,136,008 373,967 598,567

Net asset value per unit – 2.32 – 2.36 16.36 15.15 16.34 15.14


Income

Distributions received – – – – 1,635,456 1,369,036 19,854 30,259

Management fee rebates – 14,440 – 817 – 262,950 – 5,976

Other income 2 – – – – – – –

2 14,440 – 817 1,635,456 1,631,986 19,854 36,235

Expenses

Administrative expenses 536 219 22 10 10,754 5,660 209 160

Management fees – 6,857 – 564 – 373,402 – 5,331

536 7,076 22 574 10,754 379,062 209 5,491

Net investment income/(loss) (534) 7,364 (22) 243 1,624,702 1,252,924 19,645 30,744


Net realized gain/(loss) on the sale of investments (259,968) (85,092) (77,265) (30,507) 318,526 72,799 13,147 7,901

Unrealized gain/(loss) on investments 170,193 189,923 77,083 36,658 449,683 572,642 (2,556) 5,867

Net gain/(loss) on investments (89,775) 104,831 (182) 6,151 768,209 645,441 10,591 13,768

Increase/(decrease) in assets from operations (90,309) 112,195 (204) 6,394 2,392,911 1,898,365 30,236 44,512


Net assets, beginning of year 1,033,331 501,253 41,442 35,480 31,136,008 22,455,147 598,567 522,609

Increase/(decrease) in assets from operations (90,309) 112,195 (204) 6,394 2,392,911 1,898,365 30,236 44,512

Deposits from policyholders 273,888 281,950 9,138 41,684 6,481,869 6,610,271 76,339 559,268

Interfund transfers (1,037,113) 195,521 (11,057) – (2,357,426) 4,546,351 (241,769) (156,240)

Withdrawals by policyholders (179,797) (57,588) (39,319) (42,116) (5,156,539) (4,374,126) (89,406) (371,582)

Net assets, end of year – $ 1,033,331 – $ 41,442 $ 32,496,823 $ 31,136,008 $ 373,967 $ 598,567



Trimark Trimark Trimark Trimark

Canadian Fund Canadian Fund A Canadian Fund A NR Canadian Fund B

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 61,986 100,435 18,536 63,839 – 1,305 – –

90,688,558 89,435,781 33,931,851 45,866,447 577,785 468,443 39,932,205 46,834,631

Liabilities

Accounts payable 93 109 27,824 46 6,700 11 33,842 63,065

93 109 27,824 46 6,700 11 33,842 63,065

Net Assets 90,688,465 89,435,672 33,904,027 45,866,401 571,085 468,432 39,898,363 46,771,566




Income


Management fee rebates – – – 471,138 – 4,360 – 519,742

Other income – – – – – – – –

409,867 197,198 594,497 668,654 9,842 6,407 746,571 724,880

Expenses


Management fees – – – 552,345 – 1,947 – 1,155,345

23,029 14,890 39,365 558,413 292 2,052 14,390 1,164,047

Net investment income/(loss) 386,838 182,308 555,132 110,241 9,550 4,355 732,181 (439,167)


Net realized gain/(loss) on the sale of investments 1,720,333 (419,574) 1,935,197 (72,445) 16,797 2,059 753,687 (723,650)

Unrealized gain/(loss) on investments 5,761,352 16,208,013 935,084 8,064,044 30,955 77,497 2,770,206 9,101,285

Net gain/(loss) on investments 7,481,685 15,788,439 2,870,281 7,991,599 47,752 79,556 3,523,893 8,377,635





Deposits from policyholders 14,828,633 14,976,823 5,127,003 5,745,243 200,102 359,401 569,714 896,590

Interfund transfers (8,453,429) (5,691,764) (14,669,738) 1,269,802 43,667 16,890 (701,293) 1,103,205

Withdrawals by policyholders (12,990,934) (8,341,201) (5,845,052) (6,192,908) (198,418) (295,545) (10,997,698) (6,865,948)





Canadian Fund C Canadian Fund C NR Discovery Fund Discovery Fund NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 275,326,251 $ 220,631,055 $ 2,275,080 $ 2,226,951 – $ 397,623 – $ 59,170


Accounts receivable 538,319 361,763 – 9,145 – 1,616 – –

275,864,570 220,992,818 2,275,080 2,236,096 – 399,239 – 59,170

Liabilities

Accounts payable 242 228 192 170 – 1 – –

242 228 192 170 – 1 – –

Net Assets 275,864,328 220,992,590 2,274,888 2,235,926 – 399,238 – 59,170

Policyholders’ equity 275,864,328 220,992,590 2,274,888 2,235,926 – 399,238 – 59,170

Net asset value per unit 23.45 21.08 22.92 20.62 – 4.06 – 4.04


Income

Distributions received 4,791,644 956,696 43,125 9,600 – – – –

Management fee rebates – 2,282,362 – 21,834 – 4,890 – 1,085

Other income 27,794 – 29 – – – – –

4,819,438 3,239,058 43,154 31,434 – 4,890 – 1,085

Expenses

Administrative expenses 47,000 30,102 1,279 489 198 85 32 14

Management fees – 1,555,477 – 11,669 – 2,744 – 862

47,000 1,585,579 1,279 12,158 198 2,829 32 876

Net investment income/(loss) 4,772,438 1,653,479 41,875 19,276 (198) 2,061 (32) 209


Net realized gain/(loss) on the sale of investments 967,610 (867,959) 76,568 (23,219) (96,893) (25,658) (90,834) (3,447)

Unrealized gain/(loss) on investments 21,470,877 39,538,360 127,680 397,372 64,361 79,674 89,842 15,133

Net gain/(loss) on investments 22,438,487 38,670,401 204,248 374,153 (32,532) 54,016 (992) 11,686

Increase/(decrease) in assets from operations 27,210,925 40,323,880 246,123 393,429 (32,730) 56,077 (1,024) 11,895


Net assets, beginning of year 220,992,590 182,134,451 2,235,926 1,794,254 399,238 189,253 59,170 47,289

Increase/(decrease) in assets from operations 27,210,925 40,323,880 246,123 393,429 (32,730) 56,077 (1,024) 11,895

Deposits from policyholders 36,815,680 30,718,489 538,437 719,915 124,365 156,758 11,933 47,719

Interfund transfers 23,391,599 (8,049,004) (196,624) (44,780) (358,226) 81,705 (994) –

Withdrawals by policyholders (32,546,466) (24,135,226) (548,974) (626,892) (132,647) (84,555) (69,085) (47,733)

Net assets, end of year $ 275,864,328 $ 220,992,590 $ 2,274,888 $ 2,235,926 – $ 399,238 – $ 59,170




Income Growth Fund Income Growth Fund A Income Growth Fund A NR Income Growth Fund B

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 83,127,310 $ 67,947,114 $ 80,502,318 $ 74,162,149 $ 1,221,855 $ 869,638 $ 65,526,225 $ 69,050,394


Accounts receivable 228,394 98,310 110,366 115,938 – 4,573 13,721 –

83,355,704 68,045,424 80,612,684 74,278,087 1,221,855 874,211 65,539,946 69,050,394

Liabilities

Accounts payable 85 92 83 79 11,972 10,491 4,407 218,316

85 92 83 79 11,972 10,491 4,407 218,316

Net Assets 83,355,619 68,045,332 80,612,601 74,278,008 1,209,883 863,720 65,535,539 68,832,078

Policyholders’ equity 83,355,619 68,045,332 80,612,601 74,278,008 1,209,883 863,720 65,535,539 68,832,078



Income

Distributions received 4,147,029 1,951,102 5,686,937 1,752,603 85,943 18,619 4,876,851 1,751,851

Management fee rebates – – – 755,141 – 7,456 – 793,031

Other income – – 9,994 – – – – –

4,147,029 1,951,102 5,696,931 2,507,744 85,943 26,075 4,876,851 2,544,882

Expenses


Management fees – – – 643,701 – 4,556 – 1,756,380

23,534 13,002 20,241 654,229 600 4,741 19,236 1,762,787

Net investment income/(loss) 4,123,495 1,938,100 5,676,690 1,853,515 85,343 21,334 4,857,615 782,095


Net realized gain/(loss) on the sale of investments 2,748,440 1,999,021 2,125,031 243,221 36,476 7,892 2,719,519 814,656

Unrealized gain/(loss) on investments 3,044,718 4,285,130 2,904,211 6,479,176 35,738 67,490 2,091,665 5,586,951

Net gain/(loss) on investments 5,793,158 6,284,151 5,029,242 6,722,397 72,214 75,382 4,811,184 6,401,607






Interfund transfers 188,157 (12,880,934) (6,701,874) 5,039,353 44,706 46,136 290,333 5,115,595


Net assets, end of year $ 83,355,619 $ 68,045,332 $ 80,612,601 $ 74,278,008 $ 1,209,883 $ 863,720 $ 65,535,539 $ 68,832,078




Income Growth Fund C Income Growth Fund C NR Trimark Fund Trimark Fund A

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 1,065,499 592,125 – 9,233 38,036 239,533 14,298 85,052

423,515,285 313,726,155 2,547,398 2,731,854 65,211,009 64,591,631 32,874,881 35,494,918

Liabilities

Accounts payable 371 242 1,106 118 25,360 73,016 16,879 60

371 242 1,106 118 25,360 73,016 16,879 60

Net Assets 423,514,914 313,725,913 2,546,292 2,731,736 65,185,649 64,518,615 32,858,002 35,494,858




Income

Distributions received 30,306,642 7,763,488 199,391 70,291 2,742,754 – 1,285,774 –

Management fee rebates – 3,444,658 – 32,639 – – – 381,159

Other income 749 – – – 13,884 – – –

30,307,391 11,208,146 199,391 102,930 2,756,638 – 1,285,774 381,159

Expenses

Administrative expenses 69,320 32,534 1,572 635 21,908 14,708 27,592 8,215

Management fees – 2,434,592 – 19,848 – – – 388,832

69,320 2,467,126 1,572 20,483 21,908 14,708 27,592 397,047

Net investment income/(loss) 30,238,071 8,741,020 197,819 82,447 2,734,730 (14,708) 1,258,182 (15,888)


Net realized gain/(loss) on the sale of investments 4,212,235 3,901,210 176,791 79,973 733,471 (78,918) 789,924 (119,907)

Unrealized gain/(loss) on investments 20,215,472 24,730,821 37,601 169,847 (1,031,982) 4,918,072 207,112 2,792,530

Net gain/(loss) on investments 24,427,707 28,632,031 214,392 249,820 (298,511) 4,839,154 997,036 2,672,623






Interfund transfers 52,281,948 (13,847,035) (444,499) (169,686) (9,260,528) (5,788,798) (5,770,168) 278,705

Withdrawals by policyholders (61,122,588) (38,281,469) (799,784) (1,232,047) (7,236,507) (4,348,363) (4,909,247) (5,341,468)





Trimark Fund A NR Trimark Fund B Trimark Fund C Trimark Fund C NR

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 862,789 $ 705,099 $ 24,979,982 $ 29,759,904 $ 173,822,383 $ 133,279,012 $ 3,282,042 $ 3,639,858


Accounts receivable – 3,256 – – 570,398 148,702 – 10,676

862,789 708,355 24,979,982 29,759,904 174,392,781 133,427,714 3,282,042 3,650,534

Liabilities

Accounts payable 9,092 1 28,787 54,995 88,689 156 282 17,356

9,092 1 28,787 54,995 88,689 156 282 17,356

Net Assets 853,697 708,354 24,951,195 29,704,909 174,304,092 133,427,558 3,281,760 3,633,178

Policyholders’ equity 853,697 708,354 24,951,195 29,704,909 174,304,092 133,427,558 3,281,760 3,633,178



Income

Distributions received 33,177 – 979,807 – 6,760,971 – 134,042 –

Management fee rebates – 6,656 – 358,198 – 1,466,195 – 39,455

Other income – – – – 14,056 – – –

33,177 6,656 979,807 358,198 6,775,027 1,466,195 134,042 39,455

Expenses

Administrative expenses 473 161 10,004 6,513 52,807 21,281 2,142 860

Management fees – 4,163 – 799,005 – 1,034,301 – 21,436

473 4,324 10,004 805,518 52,807 1,055,582 2,142 22,296

Net investment income/(loss) 32,704 2,332 969,803 (447,320) 6,722,220 410,613 131,900 17,159


Net realized gain/(loss) on the sale of investments 23,611 1,410 1,088,178 204,672 896,378 595,230 124,104 (18,627)

Unrealized gain/(loss) on investments (7,422) 55,020 (276,563) 1,816,889 2,222,519 9,415,854 (24,065) 268,939

Net gain/(loss) on investments 16,189 56,430 811,615 2,021,561 3,118,897 10,011,084 100,039 250,312



Net assets, beginning of year 708,354 479,041 29,704,909 32,789,530 133,427,558 124,080,174 3,633,178 3,465,227


Deposits from policyholders 333,860 522,480 326,386 890,678 27,942,066 23,391,893 724,812 1,004,622

Interfund transfers (11,858) 3,004 (441,353) 235,556 24,090,645 (8,212,490) (446,138) (96,668)

Withdrawals by policyholders (225,552) (354,933) (6,420,165) (5,785,096) (20,997,294) (16,253,716) (862,031) (1,007,474)

Net assets, end of year $ 853,697 $ 708,354 $ 24,951,195 $ 29,704,909 $ 174,304,092 $ 133,427,558 $ 3,281,760 $ 3,633,178

UBS (Canada) UBS (Canada) UBS (Canada) UBS (Canada)

American Equity Fund American Equity Fund NR Balanced Capped Fund Balanced Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 78,758 55,539 – 231 – 1,146 116,504 692,484

27,571,799 21,499,425 402,029 353,741 52,472,546 43,171,433 301,291,750 300,514,073

Liabilities

Accounts payable 28 38 8 12 149,878 138,732 239,913 13,115

28 38 8 12 149,878 138,732 239,913 13,115

Net Assets 27,571,771 21,499,387 402,021 353,729 52,322,668 43,032,701 301,051,837 300,500,958




Income

Distributions received 352,349 281,543 5,152 4,666 1,645,111 1,297,799 9,674,439 10,433,040


Other income – – – – – – – 10,723

352,349 281,543 5,152 4,666 1,645,111 1,297,799 9,674,439 10,443,763

Expenses


Management fees – – – 1,884 – – – 1,098,982

9,580 5,356 218 1,965 18,037 8,606 46,912 1,118,515

Net investment income/(loss) 342,769 276,187 4,934 2,701 1,627,074 1,289,193 9,627,527 9,325,248


Net realized gain/(loss) on the sale of investments (334,404) (967,792) (8,268) (12,991) (52,386) (343,813) 338,474 (6,296,628)

Unrealized gain/(loss) on investments 683,049 1,493,383 14,333 24,011 2,839,427 3,920,394 17,925,082 27,304,891

Net gain/(loss) on investments 348,645 525,591 6,065 11,020 2,787,041 3,576,581 18,263,556 21,008,263






Interfund transfers 2,538,562 (2,304,880) (8,176) (4,142) 103,582 – (28,707,121) (14,370,274)







Bond Fund Bond Fund C Bond Fund NR Canadian Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 236,027 115,927 66,253 87,919 – 9,490 714,355 1,171,972

64,848,505 70,331,332 37,241,863 39,176,728 838,621 928,201 288,398,247 261,735,077

Liabilities

Accounts payable 66 48,177 164,181 4,245 82,001 1 567,535 338,382

66 48,177 164,181 4,245 82,001 1 567,535 338,382

Net Assets 64,848,439 70,283,155 37,077,682 39,172,483 756,620 928,200 287,830,712 261,396,695




Income

Distributions received 4,293,201 3,442,674 2,471,701 2,247,059 56,371 53,800 16,357,020 4,402,066


Other income – – – – – – – –

4,293,201 3,442,674 2,471,701 2,247,059 56,371 53,800 16,357,020 4,402,066

Expenses


Management fees – – – 162,286 – 3,115 – –

19,373 12,770 15,215 170,750 491 3,334 46,818 26,641

Net investment income/(loss) 4,273,828 3,429,904 2,456,486 2,076,309 55,880 50,466 16,310,202 4,375,425


Net realized gain/(loss) on the sale of investments 473,893 253,991 229,291 82,729 8,809 8,176 5,200,875 (1,408,585)

Unrealized gain/(loss) on investments (189,198) 126,279 (80,036) 190,113 (2,668) (2,637) 16,513,922 43,634,322

Net gain/(loss) on investments 284,695 380,270 149,255 272,842 6,141 5,539 21,714,797 42,225,737






Interfund transfers (7,623,408) 2,056,488 (6,517,527) (7,254,090) (215,141) 40,815 (20,326,745) 9,346,556







Canadian Equity Fund C Canadian Equity Fund NR Canadian Plus Equity Fund Canadian Plus Equity Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 611,039 275,460 958 9,354 547,622 368,078 84,314 252,186

183,911,436 187,065,668 1,814,438 1,920,867 67,881,728 64,567,863 90,738,381 85,614,500

Liabilities

Accounts payable 819,191 11,557 6,823 781 69 100 9,784 28,461

819,191 11,557 6,823 781 69 100 9,784 28,461

Net Assets 183,092,245 187,054,111 1,807,615 1,920,086 67,881,659 64,567,763 90,728,597 85,586,039




Income

Distributions received 10,421,869 3,155,867 103,265 32,142 2,093,423 1,167,025 2,818,443 1,551,718


Other income 19 – – – – – – –

10,421,888 3,155,867 103,265 32,142 2,093,423 1,167,025 2,818,443 1,551,718

Expenses

Administrative expenses 37,106 21,583 1,055 416 19,850 13,606 23,165 15,023

Management fees – 775,958 – 5,055 – – – 427,514

37,106 797,541 1,055 5,471 19,850 13,606 23,165 442,537

Net investment income/(loss) 10,384,782 2,358,326 102,210 26,671 2,073,573 1,153,419 2,795,278 1,109,181


Net realized gain/(loss) on the sale of investments 2,344,486 (2,815,864) 76,211 (41,551) 2,461,237 (3,805,135) (216,829) (3,268,810)

Unrealized gain/(loss) on investments 12,623,166 36,115,981 72,171 364,550 3,481,877 13,813,591 8,002,035 16,033,210

Net gain/(loss) on investments 14,967,652 33,300,117 148,382 322,999 5,943,114 10,008,456 7,785,206 12,764,400






Interfund transfers (30,534,209) (7,849,182) (184,852) (34,681) (7,335,769) (8,399,928) (7,490,239) (8,152,442)









Capped Canadian Equity Fund Diversified Fund Diversified Fund NR Global Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) – $ 276,169 $ 279,944,646 $ 291,643,936 $ 2,657,581 $ 3,928,724 $ 40,562,659 $ 5,255,908


Accounts receivable – 1,606 136,925 248,496 – 13,363 4,422 9,612

– 277,775 280,081,571 291,892,432 2,657,581 3,942,087 40,567,081 5,265,520

Liabilities

Accounts payable – 7 67,533 60,699 26,152 7 60 9

– 7 67,533 60,699 26,152 7 60 9

Net Assets – 277,768 280,014,038 291,831,733 2,631,429 3,942,080 40,567,021 5,265,511

Policyholders’ equity – 277,768 280,014,038 291,831,733 2,631,429 3,942,080 40,567,021 5,265,511

Net asset value per unit – 10.43 231.13 210.50 15.65 14.26 13.91 13.15


Income

Distributions received – 4,612 8,441,058 8,549,431 80,133 115,169 606,979 18,141


Other income – – – – – – – –

– 4,612 8,441,058 8,549,431 80,133 115,169 606,979 18,141

Expenses

Administrative expenses 193 62 44,581 24,349 1,882 895 12,204 1,543

Management fees – 1,723 – – – 4,381 – –

193 1,785 44,581 24,349 1,882 5,276 12,204 1,543

Net investment income/(loss) (193) 2,827 8,396,477 8,525,082 78,251 109,893 594,775 16,598


Net realized gain/(loss) on the sale of investments 46,797 (754) 4,238,970 (1,201,000) 104,187 (47,207) (74,230) (825,107)

Unrealized gain/(loss) on investments (12,910) 47,870 14,069,533 24,906,715 108,235 366,650 (173,709) 1,066,287

Net gain/(loss) on investments 33,887 47,116 18,308,503 23,705,715 212,422 319,443 (247,939) 241,180

Increase/(decrease) in assets from operations 33,694 49,943 26,704,980 32,230,797 290,673 429,336 346,836 257,778



Increase/(decrease) in assets from operations 33,694 49,943 26,704,980 32,230,797 290,673 429,336 346,836 257,778

Deposits from policyholders 89,131 156,019 44,729,755 94,784,420 719,822 1,113,594 2,343,288 1,882,521

Interfund transfers (176,742) (2,248) (38,048,721) (13,182,699) (32,050) (17,116) 34,512,132 (2,313,437)

Withdrawals by policyholders (223,851) (124,436) (45,203,709) (40,424,608) (2,289,096) (792,059) (1,900,746) (676,862)

Net assets, end of year – $ 277,768 $ 280,014,038 $ 291,831,733 $ 2,631,429 $ 3,942,080 $ 40,567,021 $ 5,265,511




Global Equity Fund C Global Equity Fund NR International Equity Fund International Equity Fund C

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 73,057 58,694 – – 156,709 77,371 34,553 5,924

20,237,246 18,895,064 272,907 279,514 36,629,278 32,097,545 18,001,846 17,698,144

Liabilities

Accounts payable 21 33 213 8 38 25,069 3,912 122,953

21 33 213 8 38 25,069 3,912 122,953

Net Assets 20,237,225 18,895,031 272,694 279,506 36,629,240 32,072,476 17,997,934 17,575,191




Income

Distributions received 301,736 65,014 4,084 965 778,930 739,115 383,720 424,270


Other income – – – – – – – –

301,736 65,014 4,084 965 778,930 739,115 383,720 424,270

Expenses


Management fees – 81,857 – 1,006 – – – 92,424

8,162 86,252 161 1,068 12,537 7,390 8,431 96,465

Net investment income/(loss) 293,574 (21,238) 3,923 (103) 766,393 731,725 375,289 327,805


Net realized gain/(loss) on the sale of investments (364,833) (551,932) (8,486) (4,986) (97,138) (653,250) (746,467) (970,824)

Unrealized gain/(loss) on investments 1,238,639 1,504,989 20,898 20,785 2,288,818 3,407,056 1,981,800 1,911,815

Net gain/(loss) on investments 873,806 953,057 12,412 15,799 2,191,680 2,753,806 1,235,333 940,991

Increase/(decrease) in assets from operations 1,167,380 931,819 16,335 15,696 2,958,073 3,485,531 1,610,622 1,268,796



Increase/(decrease) in assets from operations 1,167,380 931,819 16,335 15,696 2,958,073 3,485,531 1,610,622 1,268,796


Interfund transfers (785,205) (689,965) (18,321) 449 (1,339,326) 4,014,351 (2,211,204) (1,568,002)






International Equity Fund NR Money Market Fund Money Market Fund C Short Term Bond Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments (Note 6) $ 793,318 $ 889,109 $ 28,600,456 $ 25,544,181 $ 8,523,518 $ 12,248,254 $ 10,501,652 $ 5,699,677

Income receivable – – 60,033 62,292 18,421 30,069 – –

Accounts receivable – 8,955 – 63,681 10,082 30,920 20,178 11,050

793,318 898,064 28,660,489 25,670,154 8,552,021 12,309,243 10,521,830 5,710,727

Liabilities

Accounts payable 432 1 126,531 39,800 23,433 21 15 10

432 1 126,531 39,800 23,433 21 15 10

Net Assets 792,886 898,063 28,533,958 25,630,354 8,528,588 12,309,222 10,521,815 5,710,717

Policyholders’ equity 792,886 898,063 28,533,958 25,630,354 8,528,588 12,309,222 10,521,815 5,710,717



Income



Other income – – – – – – – –

16,943 21,040 640,549 762,431 251,727 429,468 455,524 294,608

Expenses

Administrative expenses 474 193 10,751 5,682 4,704 3,061 4,525 1,684

Management fees – 1,820 – – – 13,123 – –

474 2,013 10,751 5,682 4,704 16,184 4,525 1,684



Net realized gain/(loss) on the sale of investments (20,439) (40,373) – – – – 5,152 2,221

Unrealized gain/(loss) on investments 80,467 93,032 – – – – (63,838) (22,660)

Net gain/(loss) on investments 60,028 52,659 – – – – (58,686) (20,439)






Interfund transfers (133,119) (3,934) 410,073 1,251,694 (3,627,897) (4,571,724) 5,772,489 (153,893)

Withdrawals by policyholders (262,414) (341,214) (4,552,094) (6,572,173) (2,155,974) (3,476,425) (2,041,273) (543,915)

Net assets, end of year $ 792,886 $ 898,063 $ 28,533,958 $ 25,630,354 $ 8,528,588 $ 12,309,222 $ 10,521,815 $ 5,710,717




Small Capitalization Fund Small Capitalization Fund C Small Capitalization Fund NR U.S. Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets



Accounts receivable 92,923 205,942 21,930 11,604 1 – 49,030 157,478

27,678,812 35,326,305 4,278,326 4,758,077 220,970 202,338 43,089,358 43,099,299

Liabilities

Accounts payable 9,243 45,620 6 8 5 7 13,493 15,673

9,243 45,620 6 8 5 7 13,493 15,673

Net Assets 27,669,569 35,280,685 4,278,320 4,758,069 220,965 202,331 43,075,865 43,083,626




Income

Distributions received 4,434,693 4,107,976 684,256 518,202 35,523 22,099 883,816 944,703


Other income – – – – – – – –

4,434,693 4,107,976 684,256 518,202 35,523 22,099 883,816 944,703

Expenses


Management fees – – – 18,480 – 1,509 – 173,374

14,726 7,277 2,248 19,518 113 1,554 16,238 181,614

Net investment income/(loss) 4,419,967 4,100,699 682,008 498,684 35,410 20,545 867,578 763,089


Net realized gain/(loss) on the sale of investments 600,472 (471,888) 251,080 2,617 262 (39) (1,691,896) (1,290,961)

Unrealized gain/(loss) on investments (2,399,809) 6,471,084 (531,522) 804,939 (14,290) 36,264 2,424,954 2,297,610

Net gain/(loss) on investments (1,799,337) 5,999,196 (280,442) 807,556 (14,028) 36,225 733,058 1,006,649





Deposits from policyholders 5,511,119 4,949,640 551,867 1,860,484 55,495 145,413 9,024,916 9,514,391

Interfund transfers (10,690,870) 722,806 (810,794) 567,146 – 334 (5,186,423) (1,973,669)

Withdrawals by policyholders (5,051,995) (4,617,656) (622,388) (1,757,134) (58,243) (142,158) (5,446,890) (4,520,555)



Canadian Equity Value Fund - A Diversified Value Fund Balanced Value Fund International Equity Fund

2004 2003 2004 2003 2004 2003 2004 2003


Assets

Investments $ 622,413,076 $ 483,793,315 $ 137,959,121 $ 112,998,441 $ 622,371,326 $ 498,624,125 $ 32,793,738 $ 27,398,535

Cash 44,642 15,878,022 – 8,223,763 – 25,181,360 – 1,347,920

Income receivable 2,086,877 1,099,160 910,823 770,560 3,367,768 2,823,876 – 14,350

Accounts receivable 1,599,880 3,973,240 1,029,374 753,878 6,384,951 4,655,759 153,840 225,043

626,144,475 504,743,737 139,899,318 122,746,642 632,124,045 531,285,120 32,947,578 28,985,848

Liabilities

Bank overdraft – – 100,575 – 259,053 – – –

Accrued expenses – – – – 7,426 35,112 – –

Accounts payable 1,400,000 3,490,524 800,000 2,195,767 5,650,000 3,848,721 86,295 481,418

1,400,000 3,490,524 900,575 2,195,767 5,916,479 3,883,833 86,295 481,418

Net Assets 624,744,475 501,253,213 138,998,743 120,550,875 626,207,566 527,401,287 32,861,283 28,504,430


Net asset value per unit 12,549.90 11,116.76 580.85 527.37 827.93 754.20 245.96 229.97


Income

Distributions received – – – – – – 1,082,140 –

Dividend income 11,574,110 9,596,316 1,394,410 1,225,416 7,587,235 6,636,105 15,151 574,799

Interest income 536,048 441,493 3,193,568 2,782,929 12,082,003 10,606,956 2,175 5,375

Other income 570 – 26,622 7,427 4,389 24,428 1,563 –

12,110,728 10,037,809 4,614,600 4,015,772 19,673,627 17,267,489 1,101,029 580,174

Expenses


Management expenses – – – – 336,401 256,703 20,886 133,438

82,972 35,196 47,412 29,403 451,754 294,697 45,927 163,862

Net investment income/(loss) 12,027,756 10,002,613 4,567,188 3,986,369 19,221,873 16,972,792 1,055,102 416,312


Net realized gain/(loss) on the sale of investments 34,054,381 14,463,708 4,594,937 390,922 23,574,118 (6,912,097) 1,737,107 (2,756,911)

Unrealized gain/(loss) on investments 23,048,859 58,331,464 3,490,330 8,601,901 11,300,110 51,145,005 (702,837) 4,937,501

Exchange gain/(loss) on investments 139 (9,309) 1,519 55 (1,951) (3,172,310) (108,578) 288,706

Net gain/(loss) on investments 57,103,379 72,785,863 8,086,786 8,992,878 34,872,277 41,060,598 925,692 2,469,296

Increase/(decrease) in assets from operations 69,131,135 82,788,476 12,653,974 12,979,247 54,094,150 58,033,390 1,980,794 2,885,608



Increase/(decrease) in assets from operations 69,131,135 82,788,476 12,653,974 12,979,247 54,094,150 58,033,390 1,980,794 2,885,608


Interfund transfers 35,799,425 (47,218,483) 3,325,442 (16,874,860) 20,213,816 (29,599,594) 282,578 (1,697,383)

Withdrawals by policyholders (49,458,920) (51,076,596) (14,061,984) (14,437,216) (65,057,905) (55,483,211) (3,604,121) (3,608,323)





(c) Securities listed on a recognized public stock exchange are valued at the latest available selling price of such securities on

a stock exchange, or if no such price is available, then at the last published sale price or the mean between the last

recorded bid and ask prices, whichever more accurately reflects the fair value of such securities.

(d) Unlisted securities will be valued at the last ascertainable sale price of such securities. In the absence of any recent sales

or in the event that the investment manager is of the opinion that such last ascertained sale does not accurately reflect

the value of such securities, the value may be determined by taking the mean of the most recently published bid and ask

prices or the average of quotations of at least two recognized dealers in such unlisted securities or such other price as the

investment manager may, from time to time, determine more accurately reflects the fair value of such securities.

(e) For securities where market quotations are not readily available, a fair market value is determined in accordance with

management's best judgment.

(f) Short-term and other money market instruments are valued using the amortized cost method, which approximates

market value.

(g) Foreign currency amounts are expressed in Canadian dollars as follows:

(i) Market value of investments, other assets and liabilities at the rate of exchange existing on the last business day of

the year.

(ii) Purchases and sales of investments, income and expenses at the rate of exchange existing on the respective dates of

such transactions.

Investment Transactions and Income Recognition

(h) Investment transactions other than short-term investments are recorded on the next business day following the trade

date. Short-term investments are recorded on the trade date.

(i) Income and capital gain distributions from the Underlying Funds are recorded as investment income. These distributions

are then re-invested. Both the income and the re-investment are recorded on the trade date.

(j) Dividend income is recognized on the ex-dividend date and is included in net investment income at that time, with all

other income on an accrual basis.

(k) Realized gains (losses) from investment transactions and unrealized gains (losses) on investments are determined using the

average cost basis.

(l) Foreign exchange gains (losses) on completed transactions are included in total realized gain (loss) on the sale of

investments and unrealized foreign exchange gains (losses) are included in total unrealized gains (losses) on investments.

Measurement Uncertainty

(m) The financial statements have been prepared in accordance with Canadian generally accepted accounting principles that

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as at

the date of the financial statements and the amounts of income and expense during the reporting period. Actual results

could differ from those estimates.

3. Management Fees and Administrative FeesInvestment Management Fees paid to the Company are charged to each policyholder based on the market value of the

policyholder's investment in the Funds. As such, they are not accounted for as expenses in the financial statements for funds

with the exception of the following Asset Based Funds:

(a) The Management Fee reflected in the McLean Budden Balanced Value Fund statement of operations represents a

0.50 percent annual supplementary management fee plus GST based on the market value of the Non-North American

portion of the Fund.

(b) The Management Fee reflected in the McLean Budden International Equity Fund statement of operations represents a

0.50 percent annual supplementary management fee plus GST based on the market value of the Fund, from the beginning

of the year until conversion from an Asset Based Fund to a Fund on Fund.

In 2003 Investment Management Fees for the former Clarica funds were charged to the Funds based on the market value of

the Fund at the end of each business day. The management fee was calculated at an annualized rate of the net asset value.

During 2003, Investment Management Fees for the former Clarica funds were converted to the same Investment Management

Fee policy as stated above.


December 31, 2004

1. The FundsThe Fund on Funds and Asset Based Funds (collectively, the "Funds" or the "Core Funds") are pooled variable accumulation

funds of Sun Life Assurance Company of Canada ("Sun Life" or the "Company"). The Funds are open-ended with the value of

the assets held in each Fund described for reporting purposes by reference to notional units ("units") of the Fund. Such units

represent simply a means of measuring the liability of the Company to a policyholder or contractholder in respect of the

Fund and have no independent existence. Transactions with policyholders and contractholders occur at the net asset value

per unit. Units are sold and redeemed at the then current net asset value per unit.

The Company is a life insurance company registered under the Insurance Companies Act of Canada and is a wholly owned

subsidiary of Sun Life Financial Inc., a public company.

(a) The Fund on Funds comprise contributions or premiums from policyholders that are invested by the Company in an

underlying mutual fund trust or a pension pooled fund trust (the "Underlying Funds").

The following Fund on Funds changed their names in 2004:

OLD NAME NEW NAME

CI Funds US Core Equity Fund CI Funds American Value Fund

CI Funds American Growth Fund CI Funds Value Trust Fund

CI Funds World Equity Fund CI Funds Global Value Fund

CI Funds Global Growth Portfolio CI Funds Global Growth Fund

(b) The Asset Based Funds are comprised of contributions or premiums from policyholders that are invested by the Company

directly in underlying securities that are managed by the Company and McLean Budden Limited.

(c) During the year the Company converted McLean Budden International Equity Fund from an Asset Based Fund to a Fund

on Fund.

(d) During the year the Company closed twenty-four Fund on Funds namely: AIM American Aggressive Growth Fund, AIM

American Aggressive Growth Fund NR, AIM Canadian Premier Class Fund, AIM Canadian Premier Class Fund NR, AIM

Global Technology Fund, AIM Global Technology Fund NR, CC&L Diversified NR Fund, CC&L Global Growth NR Fund,

CC&L New Star EAFE NR Fund, CI Funds Asian Dynasty Fund, CI Funds Canadian Asset Allocation Fund, CI Funds Emerging

Market Fund, Fidelity Canadian Opportunity Fund, Fidelity Canadian Opportunity Fund NR, Legg Mason Global Bond

Fund, Legg Mason Global Bond Fund NR, McLean Budden Canadian Equity Plus Fund, McLean Budden Canadian Equity Plus

Fund NR, PH&N U.S. Growth Fund, Sceptre International Equity Pooled Fund, Sceptre U.S. Equity Pooled Fund, Trimark

Discovery Fund, Trimark Discovery Fund NR and UBS (Canada) Canadian Equity Capitalization Fund.

2. Significant Accounting PoliciesThese financial statements have been prepared in accordance with Canadian generally accepted accounting principles.

The significant accounting policies used in the preparation of these financial statements are as follows:

Net Asset Value

(a) The units of the Funds are issued and redeemed at the applicable net asset value per unit. Net asset value per unit is

determined at the close of each business day (a "Valuation Day") when the Toronto Stock Exchange is open, by dividing

the total value of each Fund's net assets by the total number of its units that are outstanding.

The net asset value per unit reflected in the Financial Statements represents the unit value of each of Sun Life's Core

Funds, which are stated before application of client Investment Management Fees except for the prior year's unit values

of the former Clarica pooled variable accumulation segregated funds. Sun Life offers a number of expense allocation

options, for which a separate net asset value per unit is derived based on the applicable Core Fund.

Valuation of Investments

(b) Investments in units of the Underlying Funds are stated at fair value. Fair value represents the reported unit values of the

Underlying Funds. The Underlying Funds must comply with standard investment practices set out by securities laws.


NOTES TO THE FINANCIAL STATEMENTS

SEGREGATED FUNDS UNDERLYING FUNDS

McLean Budden Core Balanced Fund MB Balanced Fund

McLean Budden Core Balanced Fund NR MB Balanced Fund

McLean Budden Core Canadian Equity Fund C MB Canadian Equity Fund

McLean Budden Diversified Value Fund McLean Budden Diversified Value Fund

McLean Budden Fixed Income Fund MB Fixed Income Fund

McLean Budden Fixed Income Fund C MB Fixed Income Fund

McLean Budden Fixed Income Fund NR MB Fixed Income Fund

McLean Budden Global Equity Fund MB Global Equity Fund

McLean Budden Global Equity Fund C MB Global Equity Fund

McLean Budden Global Equity Fund NR MB Global Equity Fund

McLean Budden International Equity Fund MB International Equity Growth Fund

McLean Budden International Equity Fund C MB International Equity Growth Fund

McLean Budden International Equity Fund NR McLean Budden International Equity - Class B

McLean Budden LifePlan Growth Fund MB Lifeplan Growth Fund

McLean Budden LifePlan Growth Income Fund MB Lifeplan Growth and Income Fund

McLean Budden LifePlan Income Fund MB Lifeplan Income Fund

McLean Budden Money Market Fund MB Money Market Fund

McLean Budden Select Balanced Fund MB Select Balanced Fund

McLean Budden Select Canadian Equity Fund MB Select Canadian Equity Fund

McLean Budden Select Global Equity Fund MB Select Global Equity Fund

McLean Budden U.S. Equity Fund McLean Budden American Equity Fund - Class C

During the periods the McLean Budden Balanced Value Fund and McLean Budden International Equity Fund paid management

fees to the Company as disclosed in the Statement of Operations of each Fund at an exchange amount agreed upon by the

two parties. In addition the former Clarica pooled variable accumulation segregated funds paid management fees to the

Company in 2003, referred to in Note 3.

The Company is the issuer of the Funds Group Annuity Contracts. Investments by the Company in the Funds are for the

purposes of original seed money investments. As at December 31, 2004 and 2003 the Company held the following positions

in the segregated funds:

Segregated Fund 2004 2003

Units ($) Units ($)

AIM American Aggressive Growth Fund – – 14,152 80,013

AIM American Aggressive Growth Fund NR – – 14,151 80,262

AIM Canadian Premier Class Fund – – 14,153 113,620

AIM Canadian Premier Class Fund NR – – 14,151 113,761

AIM Global Technology Fund – – 14,147 32,824

AIM Global Technology Fund NR – – 14,149 33,365

CC&L Diversified Fund NR – – 15,324 225,333

CC&L Global Growth Fund NR – – 14,345 100,314

CC&L Group Bond Fund NR 14,319 198,670 14,396 186,532

CC&L Group Canadian Equity Fund NR 15,140 335,204 15,221 290,625

CC&L Group Global Fund C – – 211 1,560

CC&L Group Money Market Fund NR 15,244 208,924 15,326 205,509

CC&L New Star EAFE Fund NR – – 14,228 126,662

Fidelity True North® Fund NR 14,194 178,348 14,331 153,521


In addition to the above Investment Management Fees, certain Funds are responsible for the payment of taxes to which the

Funds are subject, brokerage commissions, and other expenses of buying and selling securities for the Funds' portfolios. Funds

are also responsible for the payment of all expenses relating to the operation of the Funds, including legal, audit, trustee,

custodial and safekeeping fees, interest, operating and administrative costs (other than advertising and promotional expenses

which are the responsibility of the fund manager), investor servicing costs and costs of financial and other reports.

Fees may also be charged within the Underlying Funds in which the Funds invest. Management Fee Rebates represents the

management fees and other expenses embedded in the cost of units purchased from the Underlying Fund managers. The

rebate is to ensure that there is no duplication of fees and expenses.

4. Related Party TransactionsCertain Sun Life Assurance Company of Canada pooled variable accumulation funds invest solely in underlying CI Funds and

McLean Budden Limited mutual funds and pooled funds. The Company has a 34% ownership interest in CI Funds and a 60%

ownership interest in McLean Budden Limited. All investment transactions of these Funds are with the corresponding

underlying CI Funds and McLean Budden Limited mutual funds and pooled funds. The funds and their corresponding

underlying CI Fund and McLean Budden Limited mutual and pooled funds are noted below:

SEGREGATED FUNDS UNDERLYING FUNDS

CI Funds American Value Fund CI American Value Fund Class I

CI Funds Asian Dynasty Fund CI Asian Dynasty Fund Class I

CI Funds Canadian Asset Allocation Fund CI Canadian Asset Allocation Fund Class I

CI Funds Canadian Balanced Portfolio CI Canadian Balanced Portfolio Class I

CI Funds Canadian Conservative Portfolio CI Canadian Conservative Class I

CI Funds Canadian Equity Fund CI Canadian Investment Fund Class I

CI Funds Canadian Growth Portfolio CI Canadian Growth Portfolio Class I

CI Funds Canadian Income Portfolio CI Canadian Income Portfolio Class I

CI Funds Canadian Maximum Growth Portfolio CI Canadian Maximum Growth Portfolio Class I

CI Funds Canadian Small Cap Fund CI Canadian Small Cap Fund Class I

CI Funds Emerging Markets Fund CI Emerging Markets Fund Class I

CI Funds Global Growth Fund CI Global Growth Portfolio Class I

CI Funds Global Value Fund CI Global Value Fund Class I

CI Funds Value Trust Fund CI Value Trust Sector Fund Class I

McLean Budden American Equity Fund McLean Budden American Equity Fund - Class B

McLean Budden American Equity Fund NR McLean Budden American Equity Fund - Class B

McLean Budden Balanced Fund MB Balanced Fund

McLean Budden Balanced Growth Fund MB Balanced Growth Fund

McLean Budden Balanced Growth Fund C MB Balanced Growth Fund

McLean Budden Balanced Growth Fund NR MB Balanced Growth Fund

McLean Budden Balanced Value Fund McLean Budden Balanced Value Fund

McLean Budden Bond Fund MB Fixed Income Fund

McLean Budden Canadian Equity Fund MB Canadian Equity Fund

McLean Budden Canadian Equity Growth Fund MB Canadian Equity Growth Fund

McLean Budden Canadian Equity Growth Fund C MB Canadian Equity Growth Fund

McLean Budden Canadian Equity Growth Fund NR MB Canadian Equity Growth Fund

McLean Budden Canadian Equity Plus Fund MB Canadian Equity Plus Fund

McLean Budden Canadian Equity Plus Fund NR MB Canadian Equity Plus Fund

McLean Budden Canadian Equity Value Fund - A McLean Budden Canadian Equity Value Fund - A

McLean Budden Canadian Equity Value Fund - U MB Canadian Equity Value Fund



Note: NR included in the fund name means Non-Registered. Note: NR included in the fund name means Non-Registered.



Units ($) Units ($)

Fidelity Canadian Asset Allocation Fund – – 60 1,145

Fidelity Canadian Asset Allocation Fund NR – – 14,325 162,248

Fidelity Canadian Opportunity Fund – – 1,050 13,510

Fidelity Canadian Opportunity Fund NR – – 14,332 184,248

Fidelity Growth America Fund – – 65 883

Fidelity Growth America Fund NR 14,202 110,078 14,339 108,040

Fidelity International Portfolio – – 1,019 8,463

Fidelity International Portfolio NR 14,200 125,294 14,337 118,383

Fidelity True North® Fund – – 55 1,162

Jarislowsky Fraser Balanced Fund C – – 842 9,532

Jarislowsky Fraser Bond Fund C – – 939 11,280

Jarislowsky Fraser Bond Fund NR 14,518 186,248 14,638 175,505

Jarislowsky Fraser Canadian Equity Fund C – – 727 9,209

Jarislowsky Fraser Canadian Equity Fund NR 14,519 220,350 14,638 183,989

Jarislowsky Fraser Global Balanced Fund NR – – 14,657 159,133

Jarislowsky Fraser International Equity Fund C – – 890 8,153

Jarislowsky Fraser International Equity Fund NR 14,394 140,908 14,513 133,232

Jarislowsky Fraser U.S. Equity Fund C – – 929 8,047

Legg Mason Accufund NR 14,438 161,400 14,503 150,299

Legg Mason Batterymarch U.S. Fund NR – – 174 2,616

Legg Mason Canadian Active Bond Fund NR 14,438 192,450 14,503 181,875

Legg Mason Canadian Core Equity Fund NR 14,438 140,008 14,503 122,129

Legg Mason Canadian Growth Equity Fund NR 14,270 228,845 14,334 187,704

Legg Mason Canadian Index Plus Bond Fund NR 15,135 281,992 15,203 265,914

Legg Mason Diversifund – – 7 1,316

Legg Mason Diversifund NR – – 111 4,181

Legg Mason Equity B Fund NR – – 26 5,112

Legg Mason Global Bond Fund – – 8 126

Legg Mason Global Bond Fund NR – – 14,504 182,504

Legg Mason International Equity Fund – – 62 850

Legg Mason International Equity Fund NR 14,268 106,366 14,332 97,214

Legg Mason Liquidity Plus Fund NR – – 14,632 162,764

Legg Mason Symmetry Fund NR – – 251 4,111

Legg Mason T-Plus Fund NR – – 743 8,257

McLean Budden American Equity Fund NR 14,257 132,806 14,333 128,513

McLean Budden Balanced Growth Fund C – – 81 1,036

McLean Budden Balanced Growth Fund NR – – 14,364 172,125

McLean Budden Canadian Equity Growth Fund NR – – 14,364 181,489

McLean Budden Canadian Equity Plus Fund – – 14,546 159,853

McLean Budden Canadian Equity Plus Fund NR – – 14,591 160,201

McLean Budden Core Balanced Fund – – 840 9,453

McLean Budden Core Balanced Fund NR 14,514 177,112 14,591 163,652

McLean Budden Core Canadian Equity Fund C – – 99 1,133

McLean Budden Fixed Income Fund C – – 478 6,680




Units ($) Units ($)

McLean Budden Fixed Income Fund NR 14,287 211,378 14,364 197,363

McLean Budden Global Equity Fund C – – 694 6,200

McLean Budden Global Equity Fund NR 14,287 128,628 14,363 122,651

McLean Budden International Equity Fund C – – 818 6,515

McLean Budden International Equity Fund NR 14,256 118,447 14,333 110,283

McLean Budden Select Balanced Fund 1,052 11,782 1,058 10,923

McLean Budden Select Canadian Equity Fund 14,468 193,357 14,545 173,248

McLean Budden Select Global Equity Fund 14,467 124,017 14,544 117,109

McLean Budden U.S. Equity Fund – – 421 4,318

Russell Canadian Equity Fund C – – 716 7,305

Russell Canadian Equity Fund NR 15,038 178,882 15,135 146,125

Russell Canadian Fixed Income Fund C – – 14,224 192,057

Russell Canadian Fixed Income NR Fund 14,131 203,718 14,222 191,464

Russell LifePoints® Balanced Growth Portfolio C – – 390 4,100

Russell LifePoints® Balanced Growth Portfolio NR 14,116 161,049 14,207 147,917

Russell LifePoints® Balanced Income Portfolio C – – 460 5,306

Russell LifePoints® Balanced Income Portfolio NR 14,122 175,995 14,213 163,861

Russell LifePoints® Long-Term Growth Portfolio C – – 412 4,054

Russell LifePoints® Long-Term Growth Portfolio NR 14,110 154,871 14,201 140,172

Russell Overseas Equity Fund C – – 1,073 7,407

Russell Overseas Equity Fund NR 13,911 105,400 14,001 97,220

Russell U.S. Equity Fund C – – 14,183 98,678

Russell U.S. Equity Fund NR 12,737 91,843 12,819 99,646

TD Asset Management Canadian Balanced Index Fund C – – 93 1,154

TD Asset Management Canadian Balanced Index Fund NR 14,538 163,380 14,586 150,166

TD Asset Management Canadian Bond Index Fund NR 14,538 198,565 14,587 186,600

TD Asset Management Canadian Equity Index Fund NR 14,538 158,007 14,586 138,693

TD Asset Management Canadian Long Bond Fund – – 100 1,171

TD Asset Management International Equity Index Fund NR 14,455 127,139 14,503 114,611

TD Asset Management Synthetic International Equity Index Fund 14,399 122,307 14,447 111,436

TD Asset Management Synthetic U.S. Equity Index Fund – – 671 6,110

TD Asset Management U.S. Market Index Fund NR 14,541 107,049 14,589 105,029

Trimark Canadian Bond Fund – – 162 2,456

Trimark Canadian Bond Fund NR 15,953 260,639 16,090 243,531

Trimark Canadian Fund A – – 138 2,282

Trimark Canadian Fund A NR 15,270 280,433 15,401 254,532

Trimark Canadian Fund B – – 60 1,087

Trimark Canadian Fund C NR – – 207 4,278

Trimark Discovery Fund – – 14,141 57,403

Trimark Discovery Fund NR – – 14,142 57,092

Trimark Income Growth Fund A – – 133 2,442

Trimark Income Growth Fund A NR 15,203 321,508 15,333 280,252

Trimark Income Growth Fund B – – 56 1,187

Trimark Income Growth Fund C NR – – 164 3,595



Units ($) Units ($)

Jarislowsky Fraser Balanced Fund C 842 9,891 – –

Jarislowsky Fraser Bond Fund C 939 11,326 – –

Jarislowsky Fraser Bond Fund NR 120 1,475 – –

Jarislowsky Fraser Canadian Equity Fund C 727 9,743 – –

Jarislowsky Fraser Canadian Equity Fund NR 119 1,618 – –

Jarislowsky Fraser Global Balanced Fund NR 14,657 165,640 – –

Jarislowsky Fraser International Equity Fund C 890 8,924 – –

Jarislowsky Fraser International Equity Fund NR 119 1,143 – –

Jarislowsky Fraser U.S. Equity Fund C 929 8,758 – –

Legg Mason Accufund NR 65 690 – –

Legg Mason Batterymarch U.S. Fund NR 174 2,803 – –

Legg Mason Canadian Active Bond Fund NR 65 832 – –

Legg Mason Canadian Core Equity Fund NR 65 566 – –

Legg Mason Canadian Growth Equity Fund NR 64 884 – –

Legg Mason Canadian Index Plus Bond Fund NR 68 1,216 – –

Legg Mason Diversifund 7 1,361 – –

Legg Mason Diversifund NR 111 4,330 – –

Legg Mason Equity B Fund NR 26 5,298 – –

Legg Mason Global Bond Fund 8 129 – –

Legg Mason Global Bond Fund NR 14,504 181,110 – –

Legg Mason International Equity Fund 62 940 – –

Legg Mason International Equity Fund NR 64 466 – –

Legg Mason Liquidity Plus Fund NR 14,632 166,443 – –

Legg Mason Symmetry Fund NR 251 4,247 – –

Legg Mason T-Plus Fund NR 743 8,350 – –

McLean Budden American Equity Fund NR 76 726 – –

McLean Budden Balanced Growth Fund C 81 1,072 – –

McLean Budden Balanced Growth Fund NR 14,364 187,214 – –

McLean Budden Canadian Equity Growth Fund NR 14,364 202,536 – –

McLean Budden Canadian Equity Plus Fund 14,546 176,986 – –

McLean Budden Canadian Equity Plus Fund NR 14,591 177,884 – –

McLean Budden Core Balanced Fund 840 9,778 – –

McLean Budden Core Balanced Fund NR 77 903 – –

McLean Budden Core Canadian Equity Fund C 99 1,169 – –

McLean Budden Fixed Income Fund C 478 6,680 – –

McLean Budden Fixed Income Fund NR 77 1,078 – –

McLean Budden Global Equity Fund C 694 6,771 – –

McLean Budden Global Equity Fund NR 76 691 – –

McLean Budden International Equity Fund C 818 7,149 – –

McLean Budden International Equity Fund NR 77 619 – –

McLean Budden Select Balanced Fund 6 60 – –

McLean Budden Select Canadian Equity Fund 77 953 – –

McLean Budden Select Global Equity Fund 77 663 – –

McLean Budden U.S. Equity Fund 421 4,696 – –



Units ($) Units ($)

Trimark Fund A – – 115 1,975

Trimark Fund A NR 15,109 274,202 15,239 259,630

Trimark Fund B – – 48 997

Trimark Fund C NR – – 128 2,935

UBS (Canada) American Equity Fund NR 14,418 121,273 14,503 118,137

UBS (Canada) Bond Fund C – – 73 1,168

UBS (Canada) Bond Fund NR 15,306 238,704 15,396 224,119

UBS (Canada) Canadian Equity Fund NR – – 342 5,221

UBS (Canada) Capped Canadian Equity Fund – – 14,546 151,787

UBS (Canada) Diversified Fund NR – – 222 3,163

UBS (Canada) Global Equity Fund NR 14,429 120,754 14,514 114,284

UBS (Canada) International Equity Fund NR 15,223 198,600 15,313 182,667

UBS (Canada) Money Market Fund C – – 397 4,297

UBS (Canada) Small Capitalization Fund C – – 861 11,695

UBS (Canada) Small Capitalization Fund NR 14,506 217,161 14,591 197,350

The following is a summary of Sun Life Assurance Company of Canada's related party transactions, including expenses paid to

the Company, which took place at various points in time at the applicable net asset value during 2003 and 2004:

SALES


Units ($) Units ($)

AIM American Aggressive Growth Fund 14,152 91,393 – –

AIM American Aggressive Growth Fund NR 14,151 91,730 – –

AIM Canadian Premier Class Fund 14,153 137,620 – –

AIM Canadian Premier Class Fund NR 14,151 138,133 – –

AIM Global Technology Fund 14,147 34,639 – –

AIM Global Technology Fund NR 14,149 33,491 – –

CC&L Diversified Fund NR 15,324 252,022 – –

CC&L Global Growth Fund NR 14,345 112,448 – –

CC&L Group Bond Fund NR 77 1,017 – –

CC&L Group Canadian Equity Fund NR 81 1,608 – –

CC&L Group Global Fund C 211 1,673 – –

CC&L Group Money Market Fund NR 82 1,104 – –

CC&L New Star EAFE Fund NR 14,228 140,558 – –

Fidelity True North® Fund NR 137 1,536 – –

Fidelity Canadian Asset Allocation Fund 60 1,177 – –

Fidelity Canadian Asset Allocation Fund NR 14,325 183,516 – –

Fidelity Canadian Opportunity Fund 1,050 14,320 – –

Fidelity Canadian Opportunity Fund NR 14,332 217,732 – –

Fidelity Growth America Fund 65 949 – –

Fidelity Growth America Fund NR 137 1,067 – –

Fidelity International Portfolio 1,019 9,121 – –

Fidelity International Portfolio NR 137 1,178 – –

Fidelity True North® Fund 55 1,203 – –





Units ($) Units ($)

UBS (Canada) Canadian Equity Fund NR 342 5,421 – –

UBS (Canada) Canadian Plus Equity Fund C – – 71 899

UBS (Canada) Capped Canadian Equity Fund 14,546 173,267 – –

UBS (Canada) Diversified Fund NR 222 3,268 – –

UBS (Canada) Global Equity Fund C – – 71 839

UBS (Canada) Global Equity Fund NR 85 692 – –

UBS (Canada) International Equity Fund C – – 89 912

UBS (Canada) International Equity Fund NR 90 1,121 – –

UBS (Canada) Money Market Fund C 397 4,345 99 1,031

UBS (Canada) Small Capitalization Fund C 861 11,625 – –

UBS (Canada) Small Capitalization Fund NR 85 1,143 – –

UBS (Canada) U.S. Equity Fund – – 53 820

5. Income TaxesThe Funds are deemed to be inter-vivos trusts under the provisions of the Income Tax Act (Canada) and, accordingly, are not

subject to tax on their net income, including net realized capital gains and losses for the calendar year. Taxable income is

allocated to the policyholders and contractholders as at the end of the calendar year.

6. InvestmentsThe Fund on Fund investments are 100% invested in Underlying Funds. At December 31, 2004 the investments by fund were:

NUMBER AVERAGE MARKET SEGREGATED FUND UNDERLYING FUND OF UNITS COST($) VALUE($)

Beutel Goodman

Beutel Goodman American Equity Fund Beutel Goodman American Equity Fund 1,348,056 9,875,366 9,983,700

Beutel Goodman Balanced Fund Beutel Goodman Balanced Fund 11,653,418 159,820,401 180,080,273

Beutel Goodman Canadian Equity Fund Beutel Goodman Canadian Equity Fund 7,421,052 126,941,421 157,504,414

Beutel Goodman Global Fund Beutel Goodman Global Fund 239,211 3,029,319 3,133,668

Beutel Goodman Income Fund Beutel Goodman Income Fund 4,022,591 44,587,013 46,501,153

Beutel Goodman International Equity Fund Beutel Goodman International Equity Fund 4,366,907 23,943,113 24,528,916

Beutel Goodman Money Market Fund Beutel Goodman Money Market Fund 1,975,593 19,755,935 19,755,935

Beutel Goodman Small Cap Fund Beutel Goodman Small Cap Fund 6,530,593 87,168,219 103,235,612

Barclays Global Investors (BGI)

BGI Active Canadian Equity Fund BGICL Daily Active Canadian Equity Fund 321,322 3,483,161 4,252,085

BGI Aggressive Balanced Index Fund BGICL Daily Aggressive Balanced Index Fund 1,922,092 23,650,911 25,399,067

BGI Conservative Balanced Index Fund BGICL Daily Conservative Balanced Index Fund 3,404,557 40,213,369 43,056,197

BGI EAFE Equity Index Fund BGICL Daily EAFE Equity Index Fund 1,211,329 10,304,777 11,077,474

BGI Moderate Balanced Index Fund BGICL Daily Moderate Balanced Index Fund 11,389,860 144,662,644 151,038,499

BGI S&P/TSX Composite Index Fund BGICL Daily S&P/TSX Composite Index Fund 12,052,039 140,696,385 171,146,429

BGI Synthetic U.S. Equity Index Fund BGICL Daily Synthetic U.S. Equity Index Fund 5,075,959 77,387,958 76,725,570

BGI U.S. Equity Index Fund BGICL Daily U.S. Equity Index Fund 10,035,192 77,290,658 76,545,606

BGI Universe Bond Index Fund BGICL Daily Universe Bond Index Fund 9,275,711 137,528,311 140,050,968

Connor, Clark & Lunn (CC&L)

CC&L Diversified Fund NR CC&L Diversified Fund – – –

CC&L Global Growth Fund NR CC&L Private Client Global Equity Fund – – –



Units ($) Units ($)

Russell Canadian Equity Fund C 716 7,524 – –

Russell Canadian Equity Fund NR 97 1,031 – –

Russell Canadian Fixed Income Fund C 14,224 192,695 – –

Russell Canadian Fixed Income NR Fund 91 1,253 – –

Russell LifePoints® Balanced Growth Portfolio C 390 4,234 – –

Russell LifePoints® Balanced Growth Portfolio NR 91 977 – –

Russell LifePoints® Balanced Income Portfolio C 460 5,418 98 1,011

Russell LifePoints® Balanced Income Portfolio NR 91 1,077 – –

Russell LifePoints® Long-Term Growth Portfolio C 412 4,209 110 928

Russell LifePoints® Long-Term Growth Portfolio NR 91 928 – –

Russell Overseas Equity Fund C 1,073 7,986 – –

Russell Overseas Equity Fund NR 90 652 – –

Russell U.S. Equity Fund C 14,183 105,700 – –

Russell U.S. Equity Fund NR 82 592 – –

TD Asset Management Canadian Balanced Index Fund C 93 1,188 – –

TD Asset Management Canadian Balanced Index Fund NR 48 512 – –

TD Asset Management Canadian Bond Index Fund NR 49 630 – –

TD Asset Management Canadian Equity Index Fund NR 48 474 – –

TD Asset Management Canadian Long Bond Fund 100 1,154 – –

TD Asset Management International Equity Index Fund NR 48 401 – –

TD Asset Management Synthetic International Equity Index Fund 48 390 – –

TD Asset Management Synthetic U.S. Equity Index Fund 671 6,331 – –

TD Asset Management U.S. Market Index Fund NR 48 359 – –

Trimark Canadian Bond Fund 162 2,487 – –

Trimark Canadian Bond Fund NR 137 2,133 – –

Trimark Canadian Fund A 138 2,331 – –

Trimark Canadian Fund A NR 131 2,218 – –

Trimark Canadian Fund B 60 1,115 – –

Trimark Canadian Fund C NR 207 4,400 – –

Trimark Discovery Fund 14,141 56,636 – –

Trimark Discovery Fund NR 14,142 56,358 – –

Trimark Income Growth Fund A 133 2,579 – –

Trimark Income Growth Fund A NR 130 2,533 – –

Trimark Income Growth Fund B 56 1,253 – –

Trimark Income Growth Fund C NR 164 3,804 – –

Trimark Fund A 115 2,165 – –

Trimark Fund A NR 130 2,321 – –

Trimark Fund B 48 1,090 – –

Trimark Fund C NR 128 3,223 – –

UBS (Canada) American Equity Fund NR 85 713 – –

UBS (Canada) Balanced Fund – – 71 960

UBS (Canada) Bond Fund C 73 1,172 74 1,071

UBS (Canada) Bond Fund NR 90 1,346 – –

UBS (Canada) Canadian Equity Fund C – – 77 977



Note: NR included in the fund name means Non-Registered.Note: NR included in the fund name means Non-Registered.


Jarislowsky Fraser

Jarislowsky Fraser Balanced Fund Jarislowsky Fraser Balanced Fund 10,348,873 140,918,722 151,610,984

Jarislowsky Fraser Balanced Fund C Jarislowsky Fraser Balanced Fund 16,392,707 223,892,044 240,153,158

Jarislowsky Fraser Bond Fund Jarislowsky Fraser Bond Fund 1,806,428 19,657,989 19,829,699

Jarislowsky Fraser Bond Fund C Jarislowsky Fraser Bond Fund 1,972,155 21,475,973 21,648,940

Jarislowsky Fraser Bond Fund NR Jarislowsky Fraser Bond Fund 28,111 300,418 308,578

Jarislowsky Fraser Canadian Equity Fund Jarislowsky Fraser Canadian Equity Fund 5,788,954 125,663,691 156,673,991

Jarislowsky Fraser Canadian Equity Fund C Jarislowsky Fraser Canadian Equity Fund 8,529,521 185,680,890 230,845,507

Jarislowsky Fraser Canadian Equity Fund NR Jarislowsky Fraser Canadian Equity Fund 37,591 832,906 1,017,366

Jarislowsky Fraser Global Balanced Fund NR Jarislowsky Fraser Global Balanced Fund 223,598 2,251,296 2,378,279

Jarislowsky Fraser International Equity Fund Jarislowsky International Pooled Fund 1,204,663 29,377,338 30,616,390

Jarislowsky Fraser International Equity Fund C Jarislowsky International Pooled Fund 1,582,665 38,456,292 40,223,281

Jarislowsky Fraser International Equity Fund NR Jarislowsky International Pooled Fund 12,843 324,811 326,404

Jarislowsky Fraser U.S. Equity Fund Jarislowsky Fraser U.S. Equity Fund 1,391,073 11,304,070 11,176,712

Jarislowsky Fraser U.S. Equity Fund C Jarislowsky Fraser U.S. Equity Fund 1,611,585 13,883,204 12,948,443

Legg Mason

Legg Mason Accufund Legg Mason Accufund - Ins 7,241,176 150,282,311 164,923,580

Legg Mason Accufund NR Legg Mason Accufund - Ins 12,872 292,208 293,161

Legg Mason Batterymarch U.S. Fund Legg Mason Batterymarch U.S. Fund - Ins 395,706 49,148,474 43,228,690

Legg Mason Batterymarch U.S. Fund NR Legg Mason Batterymarch U.S. Fund - Ins 8,202 965,629 895,999

Legg Mason Canadian Active Bond Fund Legg Mason Canadian Active Bond Fund - Ins 3,019,681 73,498,351 77,004,285

Legg Mason Canadian Active Bond Fund NR Legg Mason Canadian Active Bond Fund - Ins 10,428 258,212 265,934

Legg Mason Canadian Core Equity Fund Legg Mason Canadian Core Equity Fund - Inv 1,328,939 127,592,863 154,012,298

Legg Mason Canadian Core Equity Fund NR Legg Mason Canadian Core Equity Fund - Inv 8,941 899,720 1,036,157

Legg Mason Canadian Growth Equity Fund Legg Mason Canadian Growth Equity Fund - Inv 1,602,085 30,669,023 41,402,998

Legg Mason Canadian Growth Equity Fund NR Legg Mason Canadian Growth Equity Fund - Inv 9,181 184,916 237,272

Legg Mason Canadian Income Fund Legg Mason Canada Income Plus Pool Fund 403,738 62,712,458 65,011,737

Legg Mason Canadian Income Fund NR Legg Mason Canada Income Plus Pool Fund 2,961 475,258 476,850

Legg Mason Canadian Index Plus Bond Fund Legg Mason Canadian Index Plus Bond Fund - Inv 332,528 34,610,379 36,656,843

Legg Mason Canadian Index Plus Bond Fund NR Legg Mason Canadian Index Plus Bond Fund - Inv 5,374 568,870 592,364

Legg Mason Diversifund Legg Mason Diversified - Class I 5,466,575 754,113,981 839,899,380

Legg Mason Diversifund NR Legg Mason Diversified - Class I 23,131 3,262,903 3,553,832

Legg Mason Equity B Fund NR Legg Mason North American Fund - Class I 5,013 1,026,571 1,274,309

Legg Mason Global Bond Fund Legg Mason Global Bond Fund – – –

Legg Mason Global Bond Fund NR Legg Mason Global Bond Fund – – –

Legg Mason Global Equity Fund Legg Mason Batterymarch U.S. Fund - Ins 20,649 2,640,027 2,255,780

Legg Mason International Equity - Inv 124,452 2,596,359 2,301,504

5,236,386 4,557,284

Legg Mason International Equity Fund Legg Mason International Equity - Inv 1,645,559 37,097,851 30,431,486

Legg Mason International Equity Fund NR Legg Mason International Equity - Inv 10,390 223,854 192,151

Legg Mason Liquidity Plus Fund Legg Mason Liquidity Plus Pool Fund 15,676,205 155,028,274 156,762,049

Legg Mason Liquidity Plus Fund NR Legg Mason Liquidity Plus Pool Fund 109,004 1,084,507 1,090,041

Legg Mason North American Equity Fund Legg Mason North American Fund - Class I 358,464 77,628,182 91,120,843

Legg Mason Symmetry Fund Legg Mason Symmetry Fund - Class I 4,400,575 106,379,601 116,459,018



CC&L Group Balanced Plus Fund CC&L Group Balanced Plus Fund 17,125,113 25,324,241 24,961,565

CC&L Group Balanced Plus Fund C CC&L Group Balanced Plus Fund 59,332,442 83,353,215 86,482,968

CC&L Group Bond Fund CC&L Group Bond Fund 312,037 3,389,514 3,371,096

CC&L Group Bond Fund C CC&L Group Bond Fund 2,104,589 22,743,632 22,736,929

CC&L Group Bond Fund NR CC&L Group Bond Fund 18,501 197,376 199,871

CC&L Group Canadian Equity Fund CC&L Group Canadian Equity Fund 1,147,800 19,203,391 20,631,364

CC&L Group Canadian Equity Fund C CC&L Group Canadian Equity Fund 3,818,086 64,779,917 68,628,948

CC&L Group Canadian Equity Fund NR CC&L Group Canadian Equity Fund 47,378 788,402 851,599

CC&L Group Canadian Plus Equity Fund CC&L Group Canada Plus Fund 580,697 5,282,137 5,686,536

CC&L Group Global Fund CC&L Group Global Fund 276,381 2,151,742 2,034,548

CC&L Group Global Fund C CC&L Group Global Fund 1,011,456 7,691,245 7,445,731

CC&L Group Money Market Fund CC&L Group Money Market Fund 368,989 3,689,891 3,689,891

CC&L Group Money Market Fund C CC&L Group Money Market Fund 3,433,294 34,332,935 34,332,935

CC&L Group Money Market Fund NR CC&L Group Money Market Fund 86,738 867,376 867,376

CC&L New Star EAFE Fund CC&L New Star EAFE Fund Class A 36,396 861,744 1,022,288

CC&L New Star EAFE Fund C CC&L New Star EAFE Fund Class A 818,038 22,778,771 22,977,125

CC&L New Star EAFE Fund NR CC&L New Star EAFE Fund Class D – – –

CI Funds

CI Funds American Value Fund CI American Value Fund Class I 1,272,308 21,482,745 21,527,445

CI Funds Asian Dynasty Fund CI Asian Dynasty Fund Class I – – –

CI Funds Canadian Asset Allocation Fund CI Canadian Asset Allocation Fund Class I – – –

CI Funds Canadian Balanced Portfolio CI Canadian Balanced Portfolio Class I 2,544,696 44,761,466 55,118,121

CI Funds Canadian Conservative Portfolio CI Canadian Conservative Class I 882,506 9,812,593 10,643,026

CI Funds Canadian Equity Fund CI Canadian Investment Fund Class I 741,998 13,011,828 16,034,567

CI Funds Canadian Growth Portfolio CI Canadian Growth Portfolio Class I 2,208,735 24,786,793 30,679,323

CI Funds Canadian Income Portfolio CI Canadian Income Portfolio Class I 1,365,909 14,762,307 15,557,699

CI Funds Canadian Maximum Growth Portfolio CI Canadian Maximum Growth Portfolio Class I 1,615,908 17,730,573 21,119,916

CI Funds Canadian Small Cap Fund CI Canadian Small Cap Fund Class I 245,272 5,893,080 7,608,346

CI Funds Emerging Markets Fund CI Emerging Markets Fund Class I – – –

CI Funds Global Growth Fund CI Global Growth Portfolio Class I 881,006 11,309,343 11,717,377

CI Funds Global Value Fund CI Global Value Fund Class I 245,345 3,345,147 3,444,647

CI Funds Value Trust Fund CI Value Trust Sector Fund Class I 1,367,868 21,509,847 16,004,052

Fidelity

Fidelity Canadian Asset Allocation Fund Fidelity Canadian Asset Allocation Fund 9,171,332 182,985,855 206,905,256

Fidelity Canadian Asset Allocation Fund NR Fidelity Canadian Asset Allocation Fund 39,852 823,096 899,054

Fidelity Canadian Opportunity Fund Fidelity Canadian Opportunities Fund – – –

Fidelity Canadian Opportunity Fund NR Fidelity Canadian Opportunities Fund – – –

Fidelity Growth America Fund Fidelity Growth America Fund 1,256,545 37,160,797 30,257,602

Fidelity Growth America Fund NR Fidelity Growth America Fund 9,194 240,731 221,382

Fidelity International Portfolio Fidelity International Portfolio Fund 435,048 12,946,908 13,429,938

Fidelity International Portfolio NR Fidelity International Portfolio Fund 7,951 254,860 245,437

Fidelity True North®Fund Fidelity True North®Fund 5,962,013 110,383,362 134,979,984

Fidelity True North®Fund NR Fidelity True North®Fund 30,714 577,562 695,372





PH&N Global Equity Fund PH&N Global Equity Pension Trust 840,282 8,164,838 8,050,069

PH&N Money Market Fund PH&N Canadian Money Market Fund 6,070,967 60,709,667 60,709,667

PH&N Overseas Equity Fund PH&N Overseas Equity Fund 2,511,574 26,817,646 27,529,108

PH&N U.S. Equity Fund PH&N U.S. Equity Fund 751,435 34,767,263 27,745,678

PH&N U.S. Growth Fund PH&N US Growth Equity Fund – – –

Frank Russell

Russell Canadian Equity Fund Russell Canadian Equity Fund 202,488 36,475,449 41,282,983

Russell Canadian Equity Fund C Russell Canadian Equity Fund 53,137 9,437,018 10,833,500

Russell Canadian Equity Fund NR Russell Canadian Equity Fund 1,260 242,351 256,844

Russell Canadian Fixed Income Fund Russell Canadian Fixed Income Fund 98,658 11,689,987 11,461,969

Russell Canadian Fixed Income Fund C Russell Canadian Fixed Income Fund 22,344 2,622,196 2,595,931

Russell Canadian Fixed Income NR Fund Russell Canadian Fixed Income Fund 1,798 204,970 208,900

Russell LifePoints®All Equity RSP Portfolio LifePoints All Equity RSP Portfolio 28,656 3,186,284 3,579,608

Russell LifePoints®Balanced Growth Portfolio LifePoints®Balanced Growth Portfolio 1,794,519 185,871,703 189,208,732

Russell LifePoints®Balanced Growth Portfolio C LifePoints®Balanced Growth Portfolio 1,057,271 110,314,928 111,475,500

Russell LifePoints®Balanced Growth Portfolio NR LifePoints®Balanced Growth Portfolio 4,726 478,700 498,264

Russell LifePoints®Balanced Income Portfolio LifePoints®Balanced Income Portfolio 369,685 38,181,017 39,040,592

Russell LifePoints®Balanced Income Portfolio C LifePoints®Balanced Income Portfolio 353,268 36,108,131 37,306,826

Russell LifePoints®Balanced Income Portfolio NR LifePoints®Balanced Income Portfolio 3,086 319,664 325,899

Russell LifePoints®Long-Term Growth Portfolio LifePoints®Long-Term Growth Portfolio 537,764 58,616,221 63,503,024

Russell LifePoints®Long-Term Growth Portfolio C LifePoints®Long-Term Growth Portfolio 594,561 65,110,881 70,210,022

Russell LifePoints®Long-Term Growth Portfolio NR LifePoints®Long-Term Growth Portfolio 4,372 477,636 516,236

Russell Overseas Equity Fund Russell Overseas Equity Fund 150,806 15,653,270 15,116,634

Russell Overseas Equity Fund C Russell Overseas Equity Fund 148,504 15,241,696 14,885,847

Russell Overseas Equity Fund NR Russell Overseas Equity Fund 3,069 320,076 307,633

Russell U.S. Equity Fund Russell U.S. Equity Fund 67,793 7,288,777 6,959,681

Russell U.S. Equity Fund C Russell U.S. Equity Fund 21,004 2,268,356 2,156,325

Russell U.S. Equity Fund NR Russell U.S. Equity Fund 988 122,550 101,465

Sceptre

Sceptre Balanced Pooled Fund Sceptre Pooled Investment Fund - Balanced Section 30,762 26,663,212 25,791,935

Sceptre Bond Pooled Fund Sceptre Pooled Investment Fund - Bond Section 3,899 1,911,148 1,934,725

Sceptre Equity Pooled Fund Sceptre Pooled Investment Fund

- Canadian Equity Section 11,235 5,206,406 5,439,907

Sceptre Foreign Equity Pooled Fund Sceptre Pooled Investment Fund

- Foreign Equity Section 3,064 2,451,542 2,241,961

Sceptre International Equity Pooled Fund Sceptre Pooled Investment Fund - International Equity Section – – –

Sceptre U.S. Equity Pooled Fund Sceptre Pooled Investment Fund - U.S. Equity Section – – –

TD Asset Management

TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund 1,975,245 25,046,336 26,242,113

TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund C 9,302,145 121,464,525 123,583,644

TD Asset Management Canadian Emerald Balanced FundBalanced Index Fund NR 43,361 546,676 576,066

TD Asset Management Canadian Bond Index Fund Emerald Canadian Bond Index Fund 16,638,196 195,132,454 201,064,284



Legg Mason Symmetry Fund NR Legg Mason Symmetry Fund - Class I 43,201 1,075,552 1,143,300

Legg Mason T-Plus Fund Legg Mason Canada Treasury Plus Pool Fund 18,405,186 183,317,900 184,051,861

Legg Mason T-Plus Fund NR Legg Mason Canada Treasury Plus Pool Fund 1,100,753 11,005,830 11,007,534

McLean Budden

McLean Budden American Equity Fund McLean Budden American Equity Fund - Class B 771,393 28,944,483 28,427,081

McLean Budden American Equity Fund NR McLean Budden American Equity Fund - Class B 11,644 453,371 429,111

McLean Budden Balanced Fund MB Balanced Fund 27,174,301 286,147,450 304,969,027

McLean Budden Balanced Growth Fund MB Balanced Growth Fund 28,241,796 343,213,638 365,076,043

McLean Budden Balanced Growth Fund C MB Balanced Growth Fund 19,149,134 233,661,216 247,537,024

McLean Budden Balanced Growth Fund NR MB Balanced Growth Fund 85,706 1,031,528 1,107,905

McLean Budden Bond Fund MB Fixed Income Fund 2,555,543 142,850,799 145,660,090

McLean Budden Canadian Equity Fund MB Canadian Equity Fund 10,481,311 105,958,793 116,906,445

McLean Budden Canadian Equity Growth Fund MB Canadian Equity Growth Fund 4,638,154 314,456,113 340,049,049

McLean Budden Canadian Equity Growth Fund C MB Canadian Equity Growth Fund 2,656,841 183,041,869 194,787,923

McLean Budden Canadian Equity Growth Fund NR MB Canadian Equity Growth Fund 15,283 1,020,247 1,120,465

McLean Budden Canadian Equity Plus Fund MB Canadian Equity Plus Fund – – –

McLean Budden Canadian Equity Plus Fund NR MB Canadian Equity Plus Fund – – –

McLean Budden Canadian Equity Value Fund - U MB Canadian Equity Value Fund 2,913,673 30,264,655 33,375,835

McLean Budden Core Balanced Fund MB Balanced Fund 4,949,954 51,477,158 55,551,852

McLean Budden Core Balanced Fund NR MB Balanced Fund 23,988 257,322 269,213

McLean Budden Core Canadian Equity Fund C MB Canadian Equity Fund 207,945 1,976,125 2,319,372

McLean Budden Fixed Income Fund MB Fixed Income Fund 1,781,620 100,282,494 101,548,222

McLean Budden Fixed Income Fund C MB Fixed Income Fund 699,760 39,041,615 39,884,715

McLean Budden Fixed Income Fund NR MB Fixed Income Fund 10,600 595,199 604,177

McLean Budden Global Equity Fund MB Global Equity Fund 5,492,287 75,238,901 73,639,488

McLean Budden Global Equity Fund C MB Global Equity Fund 1,452,853 20,538,329 19,479,560

McLean Budden Global Equity Fund NR MB Global Equity Fund 36,692 508,925 491,957

McLean Budden International Equity Fund MB International Equity Fund 3,959,783 33,264,575 32,793,738

McLean Budden International Equity Fund C MB International Equity Fund 2,772,223 22,228,791 22,958,721

McLean Budden International Equity Fund NR McLean Budden International Equity - Class B 19,162 194,606 183,283

McLean Budden LifePlan Growth Fund MB Lifeplan Growth Fund 1,168,386 13,878,594 14,417,888

McLean Budden LifePlan Growth Income Fund MB Lifeplan Growth and Income Fund 3,272,630 37,650,272 38,277,340

McLean Budden LifePlan Income Fund MB Lifeplan Income Fund 660,459 7,214,652 7,289,620

McLean Budden Money Market Fund MB Money Market Fund 76,516,507 765,165,069 765,165,069

McLean Budden Select Balanced Fund MB Select Balanced Fund 55,847 494,072 522,749

McLean Budden Select Canadian Equity Fund MB Select Canadian Equity Fund 84,781 752,970 809,187

McLean Budden Select Global Equity Fund MB Select Global Equity Fund 38,372 292,565 276,153

McLean Budden U.S. Equity Fund McLean Budden American Equity Fund - Class C 1,143,334 42,161,680 42,097,798

Phillips, Hager & North (PH&N)

PH&N Balanced Pension Fund PH&N Balanced Pension Trust 50,708,566 729,381,415 757,418,645

PH&N Bond Fund PH&N Bond Fund 25,034,194 238,710,884 250,194,240

PH&N Canadian Equity Fund PH&N Canadian Equity Fund 960,888 55,226,009 64,117,778

PH&N Canadian Equity Plus Pension Fund PH&N Canadian Equity Plus Pension Trust Fund 5,514,507 377,008,932 439,616,468





Trimark Fund A NR Trimark Fund 24,739 811,018 862,789

Trimark Fund B Trimark Fund 716,272 21,369,543 24,979,982

Trimark Fund C Trimark Fund 4,984,154 155,592,412 173,822,383

Trimark Fund C NR Trimark Fund 94,109 3,023,815 3,282,042

UBS (Canada)

UBS (Canada) American Equity Fund UBS (Canada) American Equity Fund 2,038,515 28,935,074 27,493,041

UBS (Canada) American Equity Fund NR UBS (Canada) American Equity Fund 29,809 432,848 402,029

UBS (Canada) Balanced Capped Fund UBS (Canada) Balanced Capped Fund 5,536,130 52,274,388 52,472,546

UBS (Canada) Balanced Fund UBS (Canada) Balanced Fund 18,574,783 294,820,746 301,175,246

UBS (Canada) Bond Fund UBS (Canada) Bond Fund 7,195,474 63,623,469 64,612,478

UBS (Canada) Bond Fund C UBS (Canada) Bond Fund 4,140,007 36,424,508 37,175,610

UBS (Canada) Bond Fund NR UBS (Canada) Bond Fund 93,392 829,401 838,621

UBS (Canada) Canadian Equity Fund UBS (Canada) Canadian Equity Fund 2,667,509 252,118,224 287,683,892

UBS (Canada) Canadian Equity Fund C UBS (Canada) Canadian Equity Fund 1,699,627 169,658,824 183,300,397

UBS (Canada) Canadian Equity Fund NR UBS (Canada) Canadian Equity Fund 16,815 1,624,898 1,813,480

UBS (Canada) Canadian Plus Equity Fund UBS (Canada) Canada Plus Equity Fund 4,150,866 61,925,486 67,334,106

UBS (Canada) Canadian Plus Equity Fund C UBS (Canada) Canada Plus Equity Fund 5,588,444 88,473,193 90,654,067

UBS (Canada) Capped Canadian Equity Fund UBS (Canada) Canadian Equity Capped Fund – – –

UBS (Canada) Diversified Fund UBS (Canada) Diversified Fund 16,213,355 256,627,193 279,944,646

UBS (Canada) Diversified Fund NR UBS (Canada) Diversified Fund 153,917 2,485,046 2,657,581

UBS (Canada) Global Equity Fund UBS (Canada) Global Equity Fund 3,448,678 41,119,597 40,562,659

UBS (Canada) Global Equity Fund C UBS (Canada) Global Equity Fund 1,714,380 23,916,910 20,164,189

UBS (Canada) Global Equity Fund NR UBS (Canada) Global Equity Fund 23,203 297,202 272,907

UBS (Canada) International Equity Fund UBS (Canada) International Equity Fund 813,448 35,819,039 36,472,569

UBS (Canada) International Equity Fund C UBS (Canada) International Equity Fund 400,725 20,356,638 17,967,293

UBS (Canada) International Equity Fund NR UBS (Canada) International Equity Fund 17,693 805,903 793,318

UBS (Canada) Money Market Fund UBS (Canada) Money Market Fund 2,860,046 28,600,456 28,600,456

UBS (Canada) Money Market Fund C UBS (Canada) Money Market Fund 852,352 8,523,518 8,523,518

UBS (Canada) Short Term Bond Fund UBS (Canada) Short Term Bond Fund 104,080 10,559,001 10,501,652

UBS (Canada) Small Capitalization Fund UBS (Canada) Small Capitalization Fund 1,687,396 28,700,450 27,585,889

UBS (Canada) Small Capitalization Fund C UBS (Canada) Small Capitalization Fund 260,359 4,126,427 4,256,396

UBS (Canada) Small Capitalization Fund NR UBS (Canada) Small Capitalization Fund 13,516 220,264 220,969

UBS (Canada) U.S. Equity Fund UBS (Canada) US Equity Fund 966,831 54,718,175 43,040,328

(*) - Sun Life Funds designated with the suffix "U" (Unallocated) represent funds originally developed for defined benefit plans

or similar investment products. Funds designated with the suffix "A" (Allocated) represent funds originally developed for

defined contribution plans.

Details of the Top 10 Holdings (unaudited) in each of the Underlying Funds can be found on Sun Life's Member Services Site at

www.sunlife.ca/member in the "About My Funds" section.

7. Comparative AmountsThe comparative financial statements have been reclassified from statements previously presented to conform to the

presentation of the current year financial statements.



TD Asset Management Canadian Emerald Canadian Bond Index FundBond Index Fund NR 50,677 592,871 612,407

TD Asset Management Canadian Emerald Canadian Equity Index FundEquity Index Fund 6,158,353 146,525,331 166,335,264

TD Asset Management Canadian Emerald Canadian Equity Index FundEquity Index Fund NR 21,500 503,368 580,696

TD Asset Management Canadian Long Bond Fund Emerald Long Bond PFT 2,584,692 26,738,817 28,425,147

TD Asset Management Global Equity Index Fund Emerald Global Equity PFT 262,456 2,071,693 1,946,611

TD Asset Management International Emerald International Equity index FundEquity Index Fund 2,049,109 24,348,884 25,075,769

TD Asset Management International Emerald International Equity index FundEquity Index Fund NR 24,530 302,113 300,181

TD Asset Management Synthetic International Emerald Unhedged Synthetic International Equity Index Fund Fund PFT 123,469 814,080 834,183

TD Asset Management Synthetic U.S. Emerald Hedged Synthetic U.S. Equity Equity Index Fund Fund PFT 744,749 7,025,182 7,387,088

TD Asset Management U.S. Market Index Fund Emerald U.S. Market Index Fund 6,520,808 79,141,427 69,923,927

TD Asset Management U.S. Market Index Fund NR Emerald U.S. Market Index Fund 61,238 701,475 656,666

Franklin Templeton

Templeton Global Pooled Stock Fund Templeton Global Stock Trust 2,468,774 25,260,051 26,712,138

Templeton International Pooled Stock Fund Templeton International Stock Trust 895,901 14,556,581 15,678,263

AIM/Trimark

AIM American Aggressive Growth Fund Trimark U.S. Small Companies Class – – –

AIM American Aggressive Growth Fund NR Trimark U.S. Small Companies Class – – –

AIM Canadian Premier Class Fund AIM Canadian Premier Class – – –

AIM Canadian Premier Class Fund NR AIM Canadian Premier Class – – –

AIM Global Technology Fund AIM Global Technology Fund – – –

AIM Global Technology Fund NR AIM Global Technology Fund – – –

Trimark Canadian Bond Fund Trimark Canadian Bond Fund 3,013,393 30,681,959 32,436,167

Trimark Canadian Bond Fund NR Trimark Canadian Bond Fund 34,743 354,719 373,976

Trimark Canadian Fund Trimark Canadian Fund 4,173,263 77,210,773 90,626,572

Trimark Canadian Fund A Trimark Canadian Fund 2,528,015 28,567,174 33,913,315

Trimark Canadian Fund A NR Trimark Canadian Fund 43,070 492,195 577,785

Trimark Canadian Fund B Trimark Canadian Fund 2,976,683 34,877,335 39,932,205

Trimark Canadian Fund C Trimark Canadian Fund 20,523,761 240,275,920 275,326,251

Trimark Canadian Fund C NR Trimark Canadian Fund 169,592 1,907,039 2,275,080

Trimark Discovery Fund Trimark Discovery Fund – – –

Trimark Discovery Fund NR Trimark Discovery Fund – – –

Trimark Income Growth Fund Trimark Income Growth Fund 7,672,818 70,363,205 83,127,310

Trimark Income Growth Fund A Trimark Income Growth Fund 6,694,023 69,057,930 80,502,318

Trimark Income Growth Fund A NR Trimark Income Growth Fund 101,601 1,091,802 1,221,855

Trimark Income Growth Fund B Trimark Income Growth Fund 5,448,713 52,258,500 65,526,225

Trimark Income Growth Fund C Trimark Income Growth Fund 35,128,038 351,643,258 422,449,786

Trimark Income Growth Fund C NR Trimark Income Growth Fund 211,824 2,160,375 2,547,398

Trimark Fund Trimark Fund 2,220,242 62,603,759 65,172,973

Trimark Fund A Trimark Fund 942,239 31,172,226 32,860,583



Note: NR included in the fund name means Non-Registered.

Note: NR included in the fund name means Non-Registered.


McLEAN BUDDEN CANADIAN EQUITY VALUE FUND - ASchedule of Investments (as at December 31, 2004) – Schedule 1

Par value Average MarketSecurities or shares held cost ($) value ($)

Aerospace & Defense (0.1%)CAE Inc. 68,700 311,748 346,935

Total Aerospace & Defense 311,748 346,935

Communications & Media (2.5%)Quebecor World Inc. 248,000 6,796,177 6,398,400 Torstar Corp. CL B 410,000 9,311,748 9,020,000

Total Communications & Media 16,107,925 15,418,400

Conglomerates (4.0%)Onex Corp. 312,000 5,740,150 6,162,000 Power Corp of Canada 611,000 10,334,632 18,941,000

Total Conglomerates 16,074,782 25,103,000

Consumer Products (8.5%)Canadian Tire Corp Ltd. CL A 333,000 13,759,924 18,717,930 CCL Industries CL B 302,000 4,035,788 5,677,600 MDS Inc 901,000 17,153,331 15,208,880 Rothmans Inc 239,100 5,457,794 9,540,090 Shoppers Drug Mart Corp 104,600 2,746,149 3,898,442

Total Consumer Products 43,152,985 53,042,942

Financial Services (24.8%)Bank of Montreal 315,300 13,695,120 18,211,728 Bank of Nova Scotia 608,000 13,112,255 24,745,600 Cdn Imp Bank of Commerce 168,000 7,626,969 12,134,640 Industrial–Alliance

Ins. and Fin. Svcs. 397,900 16,761,263 21,880,521 Manulife Financial Corp. 432,700 18,294,027 23,971,580 National Bank of Canada 252,700 8,752,679 12,523,812 Royal Bank of Canada 511,102 26,245,407 32,838,304 Toronto Dominion Bank 176,000 6,213,454 8,785,920

Total Financial Services 110,701,173 155,092,104

Gold & Precious Minerals (6.6%)Barrick Gold Corp 610,000 15,170,752 17,690,000 Iamgold Corporation 558,000 5,019,156 4,469,580 Placer Dome Inc. 839,900 13,526,941 18,964,942

Total Gold & Precious Minerals 33,716,850 41,124,522

Industrial Products (6.3%)Dofasco Inc 196,700 5,665,116 8,930,180 Finning International Inc. 190,800 6,098,415 6,676,092 Magna International Inc CL A 155,100 14,113,342 15,288,207 ShawCor Ltd CL A 694,200 10,236,749 8,337,342

Total Industrial Products 36,113,623 39,231,821

Information Technology Consulting (1.7%)Group CGI 1,314,600 10,624,646 10,516,800

Total Information Technology Consulting 10,624,646 10,516,800

Merchandising (2.6%)Forzani Group Ltd 334,100 6,538,124 4,029,246 Loblaw Companies Ltd. 175,500 11,113,019 12,639,510

Total Merchandising 17,651,144 16,668,756


Metals & Minerals (4.2%)Alcan Inc 345,950 17,757,207 20,341,860 Teck Cominco Limited CL B 165,400 1,951,321 6,106,568

Total Metals & Minerals 19,708,528 26,448,428

Oil & Gas (13.2%)Enbridge Inc. Common 109,300 5,113,863 6,525,210 EnCana Corporation 416,079 20,167,359 28,459,804 Imperial Oil Ltd. 158,100 7,582,713 11,248,815 Shell Canada Ltd. 146,200 8,243,306 11,694,538 TransCanada Corp. 820,896 16,009,104 24,462,701

Total Oil & Gas 57,116,346 82,391,067

Paper & Forest Products (3.5%)Domtar Inc. 1,018,900 15,258,396 14,774,050 Norske Skog Canada

Limited CL A 1,840,600 13,573,720 6,939,062

Total Paper & Forest Products 28,832,116 21,713,112

Technology (2.1%)Geac Computer Corp. Ltd. 679,300 5,856,558 5,977,840 Nortel Networks Corp. 1,775,000 10,580,803 7,384,000

Total Telecommunication & Computer Equipment 16,437,362 13,361,840

Transportation & Environmental Services (8.1%)Cdn National Railways 265,450 11,251,873 19,396,432 Canadian Pacific Railway Co. 467,632 15,374,626 19,219,675 CP Ships Ltd. 718,100 15,870,816 12,344,139

Total Transportation & Environmental Services 42,497,315 50,960,246

Utilities (7.5%)BCE Inc 1,101,350 31,450,534 31,851,042 Fortis Inc 93,900 5,358,622 6,526,050 TransAlta Corp. 460,400 7,622,315 8,310,220

Total Utilities 44,431,471 46,687,312

Total Equities (95.7%) 493,478,011 598,107,286

Other Assets, Net (4.3%) 26,637,189

NET ASSETS (100.0%) 624,744,475

McLEAN BUDDEN DIVERSIFIED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1


Bonds

Federal (18.5%)Government of Canada

8.00%, 2027–06–01 2,525,000 3,460,571 3,618,073 8.00% 2023–06–01 2,570,000 3,464,216 3,599,799 5.75%, 2029–06–01 4,290,000 4,592,589 4,849,416 5.75%, 2006–09–01 7,075,000 7,425,715 7,401,157 5.50%, 2010–06–01 625,000 663,875 675,813 5.25%, 2008–11–05 270,000 344,100 344,345 5.25%, 2012–06–01 1,265,000 1,334,383 1,356,460

Canada Housing Trust4.40%, 2008–03–15 195,000 197,622 200,714 4.10%, 2008–12–15 2,085,000 2,073,607 2,122,739 3.55%, 2009–03–15 520,000 519,366 517,712

European Investment Bank4.63%, 2014–05–15 795,000 962,198 985,664

Total Federal 25,038,243 25,671,890

Provincial (11.4%)British Columbia

6.38%, 2010–08–23 2,220,000 2,419,224 2,483,958 6.35%, 2031–06–18 1,395,000 1,496,742 1,626,849

Manitoba6.25%, 2009–09–01 465,000 506,667 513,639 5.85%, 2011–01–25 635,000 635,267 694,309 5.05%, 2013–12–03 350,000 351,857 364,735

Ontario6.50%, 2029–03–08 1,815,000 1,977,274 2,121,372 6.20%, 2009–11–19 1,110,000 1,180,834 1,224,441 5.50%, 2008–10–01 420,000 580,705 537,704 5.38%, 2012–12–02 2,165,000 2,219,154 2,306,462 5.00%, 2014–03–08 710,000 718,335 733,501

Quebec6.00%, 2012–10–01 2,550,000 2,710,380 2,808,570 6.00%, 2029–10–01 450,000 471,105 490,365

Total Provincials 15,267,545 15,905,904

Municipal (0.2%)55 School Board Trust5.90%, 2033–06–02 225,000 224,843 242,100

Total Federal 224,843 242,100

Corporate (14.4%)407 International Inc

6.05%, 2009–07–27 900,000 933,189 974,790 Alberta Capital Fin Authority

5.00%, 2013–12–02 150,000 149,262 156,195 Alliance Pipeline Ltd. Partner

5.55%, 2023–12–31 100,559 100,559 104,038 Citigroup Finance Canada Inc

5.75%, 2006–08–17 225,000 224,807 234,563 BCE Inc.

6.75%, 2007–10–30 215,000 214,632 232,114 Bank of Montreal

4.69%, 2011–01–31 585,000 584,871 598,631 4.30%, 2009–09–04 895,000 894,481 909,231

BMO Capital trust5.47%, 2014–12–31 325,000 325,000 335,790

Bank of Nova Scotia5.75%, 2014–05–12 190,000 175,501 203,870 4.52%, 2008–11–19 680,000 679,511 699,380 3.32%, 2009–08–18 453,610 453,610 452,204

Bell Canada10.00%, 2014–06–15 230,000 286,160 316,917 6.10%, 2035–03–16 105,000 104,551 106,554

Canadian Credit Card Trust4.81%, 2008–01–24 230,000 230,000 238,510


Canadian Utilities Ltd6.80%, 2019–08–13 260,000 263,752 300,638 5.90%, 2034–11–20 245,000 245,000 251,713

Cdn Imp Bank of Commerce4.75%, 2008–01–21 630,000 635,358 651,609 4.50%, 2009–10–15 200,000 199,796 204,200 4.25%, 2009–06–01 510,000 508,949 517,140

DaimlerChrysler Cdn Fin Inc.5.20%, 2006–11–07 140,000 139,931 144,116 4.60%, 2007–05–22 215,000 214,852 219,171

Enbridge Inc6.65%, 2027–11–03 175,000 171,728 193,813 6.04%, 2008–03–05 500,000 496,776 535,700 4.48%, 2008–12–16 250,000 249,913 256,250

Gaz Metropolitain Inc6.95%, 2009–11–02 340,000 340,194 382,534 7.05%, 2030–10–30 200,000 199,676 235,580

General Motors Accpt Corp.6.15%, 2005–01–31 540,000 555,741 541,242

GE Capital Canada Fndg5.00%, 2008–04–23 505,000 517,944 527,422

Golden Credit Card Trust4.16%, 2008–10–15 335,000 335,000 340,595

George Weston Limited5.25%, 2006–10–24 510,000 509,602 528,105

Great–West Lifeco Inc6.67%, 2033–03–21 225,000 237,073 249,840

Household Finance Corp of Can4.20%, 2009–04–13 645,000 642,328 652,418

Hydro One Inc6.93%, 2032–06–01 95,000 105,126 112,024 5.77%, 2012–11–15 450,000 478,481 485,010

Loblaw Companies Ltd6.85%, 2032–03–01 215,000 229,239 242,004 6.50%, 2011–01–19 635,000 684,096 706,692

Manulife Bank of Canada4.30%, 2008–12–22 255,000 256,785 259,871

Merrill Lynch Financial Assets4.47%, 2008–11–12 252,505 252,813 257,076

National Bank of Canada5.70%, 2014–04–16 275,000 274,180 293,948 4.66%, 2009–09–10 280,000 279,709 286,748

Power Financial Corp.6.90%, 2033–03–11 200,000 200,886 225,680

Royal Bank of Canada5.45%, 2013–11–04 545,000 552,983 570,997 4.18%, 2009–06–01 565,000 565,000 571,385

Solar Trust4.65%, 2012–05–12 195,767 195,701 199,761

Thomson Corp6.90%, 2008–06–04 785,000 855,670 866,326 5.20%, 2014–12–01 465,000 463,954 474,486

Toronto Dominion Bank4.54%, 2008–09–05 590,000 598,716 607,051

TransCanada Pipeline Ltd.5.65%, 2014–01–15 135,000 134,681 142,790

U.E. Waterheater4.15%, 2009–01–30 200,000 200,000 202,260

VW Credit Canada4.83%, 2008–09–22 180,000 179,928 184,158

Wells Fargo Financial Cda Corp.4.75%, 2009–06–29 700,000 708,549 724,360

York Rec Trust III4.27%, 2008–07–21 320,000 320,000 326,880

Total Corporate 19,356,244 20,034,374

Total Bonds (44.5%) 59,886,874 61,854,268



Equities



Communications & Media (1.2%)Quebecor World Inc. 22,900 651,272 590,820 Torstar Corp. CL B 46,200 1,009,494 1,016,400


Conglomerates (2.1%)Onex Corp 38,200 726,951 754,450 Power Corp of Canada 72,100 1,227,543 2,235,100


Consumer Products (4.4%)Canadian Tire Corp Ltd. 37,500 1,504,207 2,107,875 CCL Industries CL B 33,750 436,279 634,500 MDS Inc 108,700 2,078,780 1,834,856 Rothmans Inc 29,200 698,258 1,165,080 Shoppers Drug Mart Corp 11,900 306,716 443,513


Financial Services (12.9%)Bank of Montreal 34,500 1,454,119 1,992,720 Bank of Nova Scotia 68,300 1,388,597 2,779,810 Cdn Imp Bank of Commerce 18,890 804,271 1,364,425 Industrial-Alliance Ins. and Fin. Svcs 46,900 1,948,254 2,579,031 Manulife Financial Corp 50,500 2,065,925 2,797,700 National Bank of Canada 30,700 1,050,571 1,521,492 Royal Bank of Canada 61,036 3,188,831 3,921,563 Toronto Dominion Bank 20,300 694,496 1,013,376


Gold & Precious Minerals (3.6%)Barrick Gold Corp 73,000 1,813,128 2,117,000 Iamgold Corporation 67,900 618,852 543,879 Placer Dome Inc. 102,500 1,670,974 2,314,450


IT Consulting & Services (0.9%)CGI Group 157,500 1,274,675 1,260,000

Total IT Consulting & Services 1,274,675 1,260,000

Industrial Products (3.3%)Dofasco Inc 24,100 687,878 1,094,140 Finning International Inc. 20,900 664,898 731,291 Magna International Inc CL A 17,750 1,627,205 1,749,618 ShawCor Ltd CL A 84,900 1,257,387 1,019,649


Merchandising (1.5%)Forzani Group Ltd 44,000 849,869 530,640 Loblaw Companies Ltd. 21,100 1,337,932 1,519,622


Metals & Minerals (2.1%)Alcan Inc 38,065 1,917,619 2,238,222 Teck Cominco Limited CL B 19,602 218,723 723,706



Oil & Gas (7.0%)Enbridge Inc. 12,200 560,870 728,340 EnCana Corporation 48,930 2,347,644 3,346,812 Imperial Oil Ltd 18,300 883,294 1,302,045 Shell Canada Ltd. 17,600 1,002,199 1,407,824 TransCanada Corp. 97,415 1,914,078 2,902,967

Total Oil & Gas 6,708,085 9,687,988

Paper & Forest Products (1.8%)Domtar Inc. 115,900 1,741,951 1,680,550 Norske Skog Canada

Limited CL A 220,700 1,623,198 832,039


Technology (1.2%)Geac Computer Corp. Ltd. 83,100 716,519 731,280 Nortel Networks Corp. 216,000 1,302,009 898,560


Transportation & Environmental Services (4.2%)Canadian National Railways 32,360 1,413,383 2,364,545 Canadian Pacific Railway Co. 54,550 1,788,810 2,242,005 CP Ships Ltd. 74,700 1,734,622 1,284,093


Utilities (3.9%)BCE Inc 127,670 3,682,936 3,692,216 Fortis Inc. 10,100 560,888 701,950 TransAlta Corp. 55,700 922,144 1,005,385

Total Utilities 5,165,968 5,399,551

Total Equities (50.2%) 57,404,095 69,755,434

Total Bonds and Equities (94.7%) 117,290,969 131,609,701


NET ASSETS (100.0%) 138,998,743

McLEAN BUDDEN DIVERSIFIED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1

McLEAN BUDDEN BALANCED VALUE FUNDSchedule of Investments (as at December 31, 2004) – Schedule 1


Bonds

Federal (15.0%)Government of Canada

8.00%, 2027-06-01 8,400,000 11,486,477 12,036,360 8.00% 2023-06-01 8,815,000 11,860,228 12,347,171 5.75%, 2029-06-01 15,275,000 16,378,039 17,266,860 5.75%, 2006-09-01 24,065,000 25,220,458 25,174,397 5.50%, 2010-06-01 2,330,000 2,474,926 2,519,429 5.25%, 2008-11-05 940,000 1,197,977 1,198,830 5.25%, 2012-06-01 6,305,000 6,655,052 6,760,852 4.25%, 2008-09-01 1,395,000 1,437,007 1,434,060

Canada Housing Trust4.40%, 2008-03-15 1,805,000 1,829,266 1,857,887 4.10%, 2008-12-15 7,590,000 7,564,781 7,727,379 3.55%, 2009-03-15 1,910,000 1,907,670 1,901,596

European Investment Bank4.63%, 2014-05-15 2,860,000 3,460,835 3,545,913

Total Federal 91,472,715 93,770,732

Provincial (9.2%)British Columbia

6.38%, 2010-08-23 13,485,000 14,293,794 15,088,367 6.35%, 2031-06-18 855,000 932,084 1,032,087

Manitoba6.25%, 2009-09-01 2,580,000 2,811,457 2,849,868 5.85%, 2011-01-25 1,425,000 1,459,598 1,558,095 5.05%, 2013-12-03 1,265,000 1,271,467 1,318,257

Ontario6.50%, 2029-03-08 10,890,000 11,816,645 12,728,232 6.20%, 2009-11-19 1,030,000 1,073,116 1,136,193 5.50%, 2008-10-01 1,575,000 2,177,645 2,015,091 5.38%, 2012-12-02 7,560,000 7,769,437 8,055,180

Quebec6.00%, 2012-10-01 9,200,000 9,756,448 10,132,880 6.00%, 2029-10-01 1,800,000 1,884,420 1,961,460

Total Provincial 55,246,110 57,875,709

Municipal (0.2%)55 School Board Trust

5.90%, 2033-06-02 900,000 899,370 968,400

Total Municipal 899,370 968,400

Corporate (11.6%)Alberta Capital Fin

5.00%, 2013-12-02 575,000 572,171 598,748Alliance Pipeline

5.55%, 2023-12-31 411,376 411,376 425,610407 International Inc.

6.47%, 2029-07-27 740,000 723,097 807,192 6.05%, 2009-07-27 1,480,000 1,493,694 1,602,988

Bank of Montreal4.69%, 2011-01-31 3,220,000 3,200,977 3,295,026 4.30%, 2009-09-04 2,090,000 2,088,788 2,123,231

BMO Capital Trust5.47%, 2014-12-31 1,180,000 1,180,000 1,219,176

Bank of Nova Scotia4.52%, 2008-11-19 3,310,000 3,321,577 3,404,335 3.32%, 2009-08-18 1,681,564 1,681,564 1,676,351

BCE Inc6.75%, 2007-10-30 665,000 663,863 717,934

Bell Canada10.00%, 2014-06-15 740,000 921,213 1,019,646 6.10%, 2035-03-16 395,000 393,309 400,846

Canadian Credit Card Trust4.81%, 2008-01-24 700,000 700,000 725,900

Canadian Utilities Ltd6.80%, 2019-08-13 1,135,000 1,156,467 1,312,401 5.90%, 2034-11-20 895,000 895,000 919,523

Canadian Cap Auto4.27%, 2006-05-17 720,000 720,000 732,240


Cdn Imp Bank of Commerce4.50%, 2009-10-15 2,040,000 2,037,919 2,082,840 4.25%, 2009-06-01 1,850,000 1,846,189 1,875,900

Citigroup Finance Canada Inc5.75%, 2006-08-17 745,000 744,359 776,663

DaimlerChrysler Cdn.5.20%, 2006-11-07 620,000 619,696 638,228 4.60%, 2007-05-22 700,000 699,517 713,580

Enbridge Inc.6.65%, 2027-11-03 535,000 524,996 592,513 6.04%, 2008-03-05 1,700,000 1,678,902 1,821,380 4.48%, 2008-12-16 1,000,000 999,650 1,025,000

Gaz Metropolitain Inc7.05%, 2030-10-30 870,000 868,591 1,024,773 6.95%, 2009-11-02 825,000 825,470 928,208

George Weston5.25%, 2006-10-24 1,710,000 1,708,666 1,770,705

GE Capital Canada5.00%, 2008-04-23 1,250,000 1,301,438 1,305,500

G.M.A.C. of Canada6.15%, 2005-01-31 850,000 874,778 851,955 5.65%, 2005-02-14 1,090,000 1,088,507 1,092,834

Golden Credit Card Trust4.16%, 2008-10-15 2,765,000 2,775,579 2,811,176

Great-West Lifeco Inc6.74%, 2031-11-24 645,000 645,626 720,981

Hollis Receivables Term Trust5.67%, 2006-04-26 865,000 872,218 895,275

Household Financial Corp4.20%, 2009-04-13 1,645,000 1,637,022 1,663,918

Hydro One Inc6.93%, 2032-06-01 780,000 803,512 919,776 5.77%, 2012-11-15 2,570,000 2,668,549 2,769,946

Loblaw Companies Ltd6.85%, 2032-03-01 1,425,000 1,521,324 1,603,980 6.50%, 2011-01-19 600,000 616,377 667,740

Manulife Bank of Canada4.30%, 2008-12-22 915,000 921,405 932,477

Merrill Lynch Fin4.47%, 2008-11-12 932,328 933,465 949,203

National Bk Cda5.70%, 2014-04-16 1,030,000 1,026,282 1,100,967 4.66%, 2009-09-10 1,070,000 1,068,887 1,095,787

Power Financial Corp6.90%, 2033-03-11 605,000 636,865 682,682

Royal Bank of Canada5.45%, 2013-11-04 2,490,000 2,560,520 2,608,773 4.18%, 2009-06-01 2,235,000 2,235,000 2,260,256

Solar Trust4.65%, 2012-05-12 797,052 796,781 813,312

Thompson Corp6.90%, 2008-06-04 1,820,000 1,892,477 2,008,552 5.20%, 2014-12-01 1,725,000 1,721,119 1,760,190

Toronto Dominion Bank4.54%, 2008-09-05 3,450,000 3,497,064 3,549,705

TransCanada Pipelines5.65%, 2014-01-15 490,000 488,844 518,273

U.E. Waterheater4.15%, 2009-01-30 740,000 740,000 748,362

VW Credit Canada4.83%, 2008-09-22 700,000 699,720 716,170

Wells Fargo Fin4.75%, 2009-06–29 2,220,000 2,239,089 2,297,256

York Rec Trust4.27%, 2008–07–21 1,245,000 1,245,000 1,271,768

Total Corporate 70,184,495 72,847,746

Total Bonds (36.0%) 217,802,689 225,462,587



Equities

Canada (32.5%)



Communications & Media (0.8%)Quebecor World Inc. 68,000 1,936,096 1,754,400 Torstar Corp. CL B 145,100 3,225,404 3,192,200


Conglomerates (1.3%)Onex Corp. 113,700 2,046,572 2,245,575 Power Corp of Canada 197,800 3,235,368 6,131,800


Consumer Products (2.8%)Canadian Tire Corp. Ltd. 106,000 4,241,847 5,958,260 CCL Industries CL B 105,300 1,393,538 1,979,640 MDS Inc 306,400 5,839,600 5,172,032 Rothmans Inc 87,050 2,021,718 3,473,295 Shoppers Drug Mart Corp. 32,500 837,606 1,211,275


Financial Services (8.2%)Bank of Montreal 100,600 4,194,219 5,810,656 Bank of Nova Scotia 198,920 3,783,680 8,096,044 Cdn Imp Bank of Commerce 55,300 2,324,917 3,994,319 Industrial-Alliance Ins. and Fin. Svcs 136,600 5,744,204 7,511,634 Manulife Financial Corp. 147,000 5,996,011 8,143,800 National Bank of Canada 81,600 2,809,578 4,044,096 Royal Bank of Canada 170,068 8,615,701 10,926,869 Toronto Dominion Bank 60,700 2,033,345 3,030,144


Gold & Precious Minerals (2.3%)Barrick Gold Corp 212,700 5,280,362 6,168,300 Iamgold Corporation 202,300 1,850,120 1,620,423 Placer Dome Inc. 305,700 4,970,972 6,902,706


IT Consulting & Services (0.6%)Group CGI Class A 444,300 3,580,339 3,554,400

Total IT Products 3,580,339 3,554,400

Industrial Products (2.1%)Dofasco Inc 71,100 2,031,608 3,227,940 Finning International Inc 62,100 1,976,038 2,172,879 Magna International Inc CL A 51,350 4,670,613 5,061,570 ShawCor Ltd CL A 239,500 3,497,990 2,876,395


Merchandising (1.0%)Forzani Group Ltd 133,000 2,554,088 1,603,980 Loblaw Companies Ltd 62,800 3,982,746 4,522,856


Metals & Minerals (1.4%)Alcan Inc 112,510 5,627,842 6,615,588 Teck Cominco Limited CL B 57,026 624,983 2,105,400



Oil & Gas (4.6%)Enbridge Inc. 36,200 1,665,053 2,161,140EnCana Corporation 145,781 7,035,051 9,971,201Imperial Oil Ltd. 54,600 2,553,854 3,884,790Shell Canada Ltd. 52,600 3,017,144 4,207,474TransCanada Corp 281,410 5,385,756 8,386,018

Total Oil & Gas 19,656,858 28,610,623

Paper & Forest Products (1.2%)Domtar Inc. 345,800 5,167,700 5,014,100 Norske Skog Canada

Limited CL A 668,700 4,966,908 2,520,999


Technology (0.8%)Geac Computer Corp. Ltd. 247,600 2,134,914 2,178,880 Nortel Networks Corp. 643,600 3,879,728 2,677,376


Transportation & Environmental Services (2.7%)Canadian National Railways 90,300 3,785,823 6,598,221 Canadian Pacific Railway Co. 158,938 5,222,515 6,532,352 CP Ships Ltd. 224,800 5,202,184 3,864,312


Utilities (2.6%)BCE Inc 371,472 10,624,597 10,742,970 Fortis Inc. 33,400 1,860,794 2,321,300 TransAlta Corp 165,900 2,746,403 2,994,495

Total Utilities 15,231,793 16,058,765

Total Canada 166,281,714 203,282,274

Great Britain (4.6%)Amvescap PLC ADRs 52,000 774,198 785,638 Barclays PLC ADRs 29,800 1,254,604 1,637,464 BP PLC ADRs 42,300 2,609,498 2,971,548 Diageo PLC 34,000 510,754 582,304 Diageo PLC ADRs 44,500 2,830,550 3,098,261 Glaxosmithkline Plc ADRs 90,700 5,459,250 5,170,178 HBOS PLC ADRs 60,700 3,255,291 3,632,547 HSBC Holdings Plc ADRs 14,600 1,344,200 1,495,398 Johnson Matthey PLC ADRs 52,000 2,442,787 2,395,958 National Grid Transco PLC ADRs 53,300 2,843,929 3,077,500 Rexam PLC ADRs 29,200 1,487,280 1,598,173 Tomkins PLC ADRs 96,400 2,228,129 2,294,840

Total Great Britain 27,040,468 28,739,809

Japan (2.7%)Ajinomoto ADRs 10,500 1,557,087 1,480,920 Canon Inc ADRs 50,200 3,221,282 3,276,522 Nippon Tel & Tel Co ADRs 139,500 4,238,354 3,783,993 Nomura Holdings Inc. 183,000 2,984,475 3,205,103 Takeda Pharmaceutical ADRs 34,900 1,900,230 2,088,565 Toyota Motor Corp ADRs 33,000 3,090,303 3,249,887

Total Japan 16,991,732 17,084,990

Mexico (0.4%)Kimberly Clark De Mexico SA ADRs 82,000 1,632,688 1,666,979Telefonos de Mexico

SA de CV ADRs 17,000 759,447 783,617

Total Mexico 2,392,135 2,450,596




United States (12.0%)Agco Corp 59,200 1,492,576 1,558,824 Allstate Corp 37,700 2,068,196 2,345,697 Altria Group 24,600 1,399,122 1,807,444 Avery Dennison Corp 22,200 1,613,663 1,601,462 Bank of America Corp 28,000 1,474,597 1,582,680 Beckman Coulter Inc. 9,500 753,532 765,532 Burlington North Santa Fe 15,000 763,161 853,588 Carnival Corp 12,100 451,517 838,810 Check Point Software Tech 61,400 1,480,051 1,819,124 Citigroup Inc 85,800 4,765,274 4,972,601 Colgate Palmolive 40,000 2,410,767 2,461,615 Duke Energy Corporation 128,000 3,486,365 3,900,091 Federal National Mtge Assoc 7,000 692,802 599,610 First Data Corp. 29,000 1,499,088 1,483,968 Fluor Corporation 42,100 2,219,844 2,760,510 Freescale Semiconductor - B 3,754 83,726 82,908 General Electric Co 17,500 761,662 768,227 Hewlett Packard Co 32,000 882,569 807,137 Honeywell International Inc 52,400 2,422,862 2,231,962 Johnson & Johnson 20,300 1,319,486 1,548,645 Microsoft Corp 59,800 2,457,827 1,922,061 Morgan Stanley Co 35,800 2,472,166 2,390,903 Motorola Inc 34,000 785,459 703,426 Pfizer Inc 158,800 6,829,185 5,136,542 Prudential Financial Inc 52,500 2,652,195 3,470,848 SBC Communications 142,000 4,598,363 4,401,820 Superior Industries Int'l 28,500 1,699,266 995,911 Timberland Company CL A 8,500 495,798 640,779 Time Warner Inc. 35,900 851,213 839,499 Tyco Intl Ltd. 74,000 2,374,945 3,181,363 United Technologies Corp 25,300 2,836,746 3,145,289 Valero Energy Corp 29,000 1,537,970 1,583,738 Verizon Comm 47,000 2,083,954 2,290,286 Viacom Inc 87,100 4,105,131 3,812,807 Wendys International Inc 54,100 2,562,026 2,554,919 Wyeth 66,000 3,698,638 3,381,280

Total United States 74,081,742 75,241,900

Finland (0.4%)UPM Kymmene Corporation ADRs 89,000 2,242,679 2,389,537

Total Finland 2,242,679 2,389,537

France (0.5%)Air Liquide ADR's 75,150 2,857,389 3,304,045

Total France 2,857,389 3,304,045

Germany (0.9%)Deutsche Bank AG 7,600 771,931 813,733 E ON AG ADRs 30,200 2,157,996 3,305,810 Henkel Ltd Partnership ADRs 15,500 1,319,718 1,540,073

Total Germany 4,249,645 5,659,616

Netherlands (0.5%)ING Groep NV ADRs 49,000 1,593,825 1,782,999 Reed Elsevier NV 47,400 1,503,805 1,565,129

Total Netherlands 3,097,630 3,348,128

Norway (0.1%)Statoil ASA ADRs 41,000 772,628 783,184

Total Norway 772,628 783,184

South Africa (0.3%)Gold Fields Ltd. ADR's 127,300 2,047,594 1,911,052

Total South Africa 2,047,594 1,911,052


Sweden (1.4%)Electrolux AB ADRs 59,300 3,151,102 3,290,544 Sandvik AB ADRs 30,000 1,349,321 1,452,502 Siemens AG ADRs 24,300 1,898,041 2,474,944 Volvo ADRs 32,000 1,277,122 1,523,930

Total Sweden 7,675,585 8,741,919

Switzerland (1.4%)ABB Ltd. ADR's 210,000 1,484,938 1,429,767 Nestle SA ADRs 49,000 3,731,030 3,890,179 Novartis AG ADRs 24,900 1,367,884 1,513,785 UBS AG 16,500 1,451,763 1,664,044

Total Switzerland 8,035,615 8,497,774

Total Equities (57.7%) 317,766,556 361,434,823

Total Bonds and Equities (93.7%) 535,569,245 586,897,410


NET ASSETS (100.0%) 626,207,566


NOTESNOTES

2004 Seg Fund Report Full Cover

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