investment management report

CUMIS Second Quarter 2003

Phillips, Hager & North Investment Management Ltd.

Table of Contents

Special Commentary........................................................................................................... 1

Executive Summary............................................................................................................ 5

Capital Market Review ....................................................................................................... 7

Commentary on Investment Returns .................................................................................. 8

Review of Last Quarter’s Strategy.................................................................................... 10

Market Outlook & Strategy .............................................................................................. 14

Appendices

Component Pooled Fund Returns ..................................................................................... 17

Phillips, Hager & North Update – Second Quarter 2003.................................................. 18

Corporate Governance – Proxy Voting............................................................................. 19

Summary of Purchases and Sales ..................................................................................... 27

Statement of Investments.................................................................................................. 67

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Phillips, Hager & North Investment Management Ltd. 1

Special Commentary A Perspective on the “New” Heights of the Canadian Dollar

The Canadian dollar surged, rather suddenly, in the first half of 2003. The primary factor behind this move was the substantial weakness of the U.S. dollar against many other currencies, including the Canadian dollar. The U.S. has an unsustainably large foreign trade gap, and one of the main ways this deficit will shrink is through a weaker U.S. dollar. A secondary consideration that helped boost the Canadian dollar was a favourable economic backdrop. Improved confidence about a rebound in global growth, rising commodity prices, and relatively appealing Canadian yields all helped attract investment to Canada, leading to an appreciation in the dollar.

Therefore, although it was widely expected that the Canadian dollar would strengthen, the recent move has been astonishingly swift. As shown in the adjacent chart, this was by far the largest six-month appreciation in recent history and the consequences of this move will be significant.

Impact of the Soaring Loonie

A stronger currency diminishes the cost advantage of Canadian producers relative to U.S.-based competitors. The chart on the following page depicts the “break-even” exchange rate for the manufacturing sector. This rate is defined as the value of the Canadian dollar that equalises production costs in Canada and the U.S. Reflecting

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Canada’s lower rate of productivity growth, i.e., the output produced per hour of work, the break-even exchange rate has declined for the past two decades. Canadian producers, however, had generally maintained a cost advantage against the U.S. during this time. As the chart shows, this advantage has been greatly reduced recently. As a result, industries that rely heavily on exports to the U.S. or that compete directly with imports from the U.S. – for instance, wood and paper products, furniture, and electrical equipment makers – will be hurt more than others.

While this change in the competitive landscape will be partly offset by an expected pick-up in U.S. growth, the Canadian dollar’s rise will result in a significant blow to Canada’s foreign trade. Moreover, the speed of the move could add to the cost of the adjustment, augmenting the job losses and layoffs that we are already seeing in the headlines. Acting as a brake on the economy’s momentum, the stronger Canadian dollar will, effectively, substitute for the higher interest rates that were expected for the second half of 2003. In fact, the Bank of Canada is now more likely to reduce interest rates in the coming months in order to mitigate the currency impact.

As a result of lower financing costs, borrowers can be counted among the rally’s beneficiaries; however, there should also be a few longer-term benefits for all Canadians. First, by increasing the foreign goods and assets that Canadians can exchange for a given sum, the dollar’s appreciation increases the nation’s wealth. A second benefit flows from the fact that Canada imports about 70% of its machinery and equipment. By reducing the cost of these imports, and by encouraging more capital-intensive production, the currency’s appreciation will help boost labour productivity. This, in turn, will boost the standard of living for all Canadians in the long run.

Currencies & Our Investment Process

For the past several years, forecasters have stubbornly predicted a strengthening Canadian dollar. Then, rather abruptly, this year the U.S. dollar weakened dramatically causing the “loonie” to climb higher than anyone expected.

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'Break-even' Exchange RateActual Exchange Rate

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There are a number of reasons why accurately forecasting currency exchange rates is an extremely difficult task. First, currency markets are quite volatile, so rapid short-run swings are the norm, rather than the exception. Second, is the fact that it can take a very long time for economic fundamentals to influence currency markets. For instance, economic theory suggests that current account deficits should herald currency weakness. Nevertheless, substantial U.S. current account deficits and Canada’s growing current account surpluses did not prevent the decline of the Canadian dollar from 75 cents U.S. in 1997 to its historic low of 62.02 cents U.S. in 2002. Only recently, has concern about trade imbalances contributed to the current weakness of the U.S. dollar.

Finally, the attribution of historical returns shows us that of the factors contributing to aggregate performance, currency tends to be of lesser importance. The adjacent chart shows the breakdown between market returns and currency impact for eighteen major industrialized economies from December 1970 to 2002.

For primarily these reasons, while the impact of currency movements on the general economic outlook as well as on the competitiveness of specific businesses and/or industries is an important part of our analysis, it would be rare – if ever – that a particular investment decision would be based solely on expected changes in foreign exchange rates.

Hedging about Hedging

The negative impact of the stronger Canadian dollar on the performance of unhedged foreign investments has rekindled debate on the issue of currency hedging. It should be noted, however, that despite the “loonie’s” recent appreciation, Canadian investors in U.S. securities have had their returns boosted by more than 1.5% per year since the end of 1991 due to the decline of the Canadian dollar over this period.

More generally, given the inherent difficulty in forecasting currencies, we believe it is inappropriate to try to “time the dollar” via a currency hedge – for example, either buying foreign currency options or tactically hedging away currency risk to try to boost investment returns. In the absence of a reliable forecast of foreign exchange rates, we also believe that the cost of hedging over long periods would likely exceed the gains. Moreover, the extreme difficulty in predicting currency moves would likely mean that

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selectively hedging away currency exposures would result in higher – not lower – volatility.

There are also some automatic benefits that accrue to Canadian investors from not hedging away foreign currency exposures in their investment portfolio. On the one hand, the Canadian dollar tends to fall when stock markets are weak. As a result, the foreign currency exposure helps reduce the volatility of investment performance. In addition, the dollar tends to decline when Canadian interest rates fall. Consequently, maintaining the currency exposure helps boost returns when yields in Canada become less attractive and when the liabilities of pension plans tend to rise. If currency exposure is hedged away instead, these benefits are forsaken. In general, we think it is better to let these automatic stabilizers dampen volatility, rather than exposing portfolios to the “zero sum game” of forecast exchanging rates and timing currency markets.

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Executive Summary

Capital Market Review

Equity market strength continued through the second quarter. The S&P/TSX Composite Index gained 10.6%, the S&P 500 Index was up 6.6% and the MSCI EAFE Index rose 10.2%.1 The Canadian bond market was also very strong with the S C Universe Bond Index gaining 5.1%.

Commentary on Investment Returns

The Balanced Pension Trust (BPT) earned 8.1% in the second quarter. This compares favourably with its benchmark return of 7.6%. Over the past twelve months, the BPT was up 2.7% representing a 2.0% relative value-added. While asset mix policy has been a bit of a headwind for relative performance over the year, the BPT was very well positioned to benefit from the recent stock market rally. Security selection decisions have added value in both periods.

Review of Last Quarter’s Strategy

At last quarter’s close, we did not anticipate much change to the portfolio’s structure either in terms of asset mix policy or within the individual asset classes. Indeed, to the benefit of aggregate returns, there was very little change.

The rising equity markets prompted us to take some profits and rebalance the mix to target weights. As proposed, the duration of the bond portfolio was kept slightly shorter than that of the market. In retrospect, given the further interest rate declines, this strategy was premature; however, it was positively offset by our decision to maintain a significant allocation to corporate bonds. The structure of the Canadian equity portfolio did not change meaningfully in the quarter, and while the global holdings remained biased to

1 Foreign equity results are reported in Canadian dollar terms throughout this report.

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those companies and industries with the highest leverage to economic recovery, there was some consolidation of holdings during the quarter.

Market Outlook and Strategy

A stronger Canadian dollar, and one-off shocks such as the SARS outbreak and mad cow disease have all dimmed the near term economic outlook for Canada. The forecast for the U.S. economy, on the other hand, has improved as a result of meaningful monetary easing, a weaker currency and planned tax cuts.

Bond valuations are stretched, and conditions are ripe for a drop in bond prices. Consequently, we will continue to maintain a modestly short duration position with a bias to underweight shorter-term bonds. Although credit fundamentals are improving for the corporate bond market; valuations are on the expensive side and our strategy will be to take further profits if these bonds continue to outperform.

Within the Canadian equity portfolio, we anticipate further profit-taking from the Telecommunications area in particular. Conceptually we would like to add to our Materials holdings; however, there are few companies that meet our investment criteria, which we do not already own. Generally therefore, we do not foresee any changes to the major themes within either the domestic or global portfolios.

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Capital Market Review

As of June 30, 2003

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S&P/TSX Composite Index 10.6 6.7 -0.3 1.5

S&P/TSX 10% Capped Index 10.6 6.7 -0.3 5.1

S&P 500 Index 6.6 -3.9 -10.3 -8.6

MSCI EAFE Index 10.2 -5.9 -16.3 -8.4

MSCI World (ex-Canada) Index 8.1 -4.7 -12.9 -9.2

SC Universe Bond Index 5.1 4.4 11.3 7.6

SC 30–Day T–Bill Index 0.8 1.4 2.8 3.9

Sector Returns – Second Quarter 2003

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Consumer Discretionary 15.3 10.8 11.8 11.4

Consumer Staples 13.6 2.2 1.0 2.5

Energy 7.1 -1.1 6.8 3.1

Financials 10.2 9.4 17.6 12.9

Health Care 14.9 2.0 5.9 3.3

Industrials 16.2 7.0 9.9 8.1

Information Technology 20.8 9.3 15.8 10.8

Materials 1.3 5.1 7.1 6.0

Telecommunication Services 19.6 12.3 10.7 11.6

Utilities 13.4 12.1 5.4 8.0

Note: all foreign returns are expressed in Canadian dollars.

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Commentary on Investment Returns

Components & Benchmarks

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Balanced Pension Trust 8.1 3.6 2.7 2.8

BPT Benchmark* 7.6 2.8 0.7 1.6

Canadian Equities 10.9 9.1 5.5 7.0

S&P/TSX Composite Index 10.6 6.7 -0.3 1.5

Global Equities** 8.4 -5.3 -12.7 -10.6

MSCI World Index (ex-Canada) ** 8.1 -4.7 -12.9 -9.2

Bonds 4.9 4.6 11.7 8.1

SC Universe Bond Index 5.1 4.4 11.3 7.6

Note: All performance data is shown on a gross or “pre-fee” basis.

* Current benchmark composition: 35% S&P/TSX Capped Composite Index, 25% MSCI World Index (ex Canada), 35% SC Universe Bond Index, 5% SC 30-Day T-Bill Index.

** All foreign returns are expressed in Canadian dollars.

Asset Mix

The past eighteen months have tested our patience as stock investors. Last quarter, we discussed buying into a declining equity market in order to rebalance the portfolio to desired targets. While this felt like a difficult decision at the time, these tough decisions often prove to be the best decisions. During the second quarter, we were well rewarded by being positioned for the sharp advances in stock prices. While security selection was positive to aggregate performance, the lion’s share of value added, approximately 0.4 %, is attributable to asset mix policy.

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Fixed Income

The second quarter witnessed one of the strongest bond rallies of the past ten years with all sectors benefiting from the enormous amount of liquidity moving into financial markets. Your portfolio broadly kept pace with this strong market. Two of our major strategies provided offsetting results; namely, the somewhat negative impact of maintaining a modestly short duration was offset by the benefits of our decision to overweight corporate bonds.

Canadian Equities

With the focus of investors returning to more fundamental issues like the economy and corporate earnings, confidence improved noticeably and the S&P/TSX Composite Index experienced one of its strongest quarters of the past eight years. The Index rose 10.6% and your portfolio out-performed with a return of 10.9%. Most of the quarter’s value added is attributable to our decision to overweight Telecommunications while maintaining a below market exposure to the beleaguered Materials sector. Perhaps most significantly, over twelve months, the portfolio earned 5.5% compared to the 0.3% decline in the benchmark. Sources of value-added were broad-based with security selection and industry sector allocation contributing almost equally.

Global Equities

As discussed in previous commentaries, the conditions for a global equity market rally have been in place for some time. Interest rates have been cut to levels not seen since the 1960s and the dividend yield from equities has become very attractive in comparison with bond market yields; world equity markets staged a welcome rally during the second quarter of the year. In Canadian dollar terms, the MSCI World (ex Canada) Index rose an impressive 8.1%.

Your global equity portfolio earned 8.4% in the quarter with the portfolio benefiting from both security selection and industry sector allocation decisions. Stock selection in the Financials, Industrials, and Consumer Discretionary sectors were particularly strong. The portfolio’s pro-recovery orientation kept the twelve month results essentially in line with the market.

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Review of Last Quarter’s Strategy

Asset Mix

Last quarter…we reiterated our decision to favour equities in your asset mix and stated that we expected to maintain this stance. Anticipating that a recovering economy would eventually result in higher interest rates, we expressed caution about the bond market.

■ With the dramatic rally in stock prices, the equity weight in your portfolio rose above our target; consequently, we took profits in June and realigned the asset mix back to our targets. With the strength in the Canadian dollar, domestic stocks did much better than their foreign counterparts, therefore all of the sales were made from Canadian holdings. Proceeds were added to short-term reserves.

■ As bond prices advanced further, we also took some profits and, as above, added the proceeds to short-term reserves.

Balanced Pension Trust Portfolio Asset Mix Benchmark

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Cash & Short Term 5.0 3.0 3.6

Bonds 35.0 32.1 31.5

Equities: Canadian 35.0 39.1 38.5

Global 25.0 25.8 26.4

Total Equities 60.0 64.9 64.9

Total 100.0 100.0 100.0

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Fixed Income

Last quarter… although it was our view that economic fundamentals would push yields higher, we struggled to analyse the impact of the Iraqi war and recognized the possibility that economic problems “were more ingrained than at first thought.” Consequently, although the duration of the portfolio was kept slightly short, we were not prepared to take a very aggressive stance on this strategy. We expected continued strength from the corporate bond market.

■ Declining inflation and concerns over the state of the global economy, led to strong demand for bonds. Hence, our duration strategy detracted from performance. Fortunately, the “sizing” of the strategy mitigated the impact of this decision; namely reflecting the rather murky picture provided by our key indicators, we did not take an aggressive duration position.

■ With credit fundamentals continuing to improve and investors’ appetite for yield on the rise, the corporate bond market shone in the second quarter. The SC Corporate Index was up 5.5%. Although we took some profits as credit spreads narrowed, our commitment to maintaining a significant position in corporates for most of the quarter was a key positive for the portfolio. Security selection within the corporate sector was positive due to positions in the financial sector and those in some new issues by the Power Group of companies. Exposure to the BBB sector was also beneficial. This was partially offset by the lack of exposure to Bombardier bonds, which had a very strong quarter, and by our underweight in some utility issues.

Bond Characteristics As of June 30, 2003

Yield: 4.46% Duration: 6.02 Years Average Term: 9.41 Years

Issuer Analysis

Fed40.8%

Corp38.4%

Prov20.8%

Maturity Analysis

5 - 10 Yrs28.6%

> 10 Yrs27.1%

1 - 5 Yrs35.6%

< 1 Yr8.7%

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Canadian Equities

Last quarter…we wrote “boring as it may sound, we foresee few changes to the portfolio in the coming months.” Our thesis for some time has been that a modest and gradual economic recovery is underway. We planned to leave our fundamental stance - emphasizing Financials while downplaying Materials - unchanged, believing that the former would benefit from this economic backdrop and that earnings expectations for the latter were too high. In addition we planned to retain a meaningful overweight positions in Technology and Telecom stocks. As anticipated, few changes were made during the quarter.

■ As valuations rose, we trimmed our positions in both Cognos and TELUS. The portfolio is now market-weight Cognos and still has a significant overweight position in TELUS.

■ As valuations became more attractive in the Materials sector, we made modest additions to NOVA Chemicals and Teck Cominco. We also added to our position in CP Ships.

■ Our position in Onex Corporation was rebuilt. This company has a talented management team and the share price declined from the $19.50 level where we sold, to the $14 level where we began repurchasing.

Global Equities

Last quarter… we noted that the portfolio was positioned for economic recovery and consequently, there should be little need for strategic realignment in the near term. This indeed proved to be the case. We also expressed our positive view on the Energy sector and pointed out that the only sector with leverage to economic recovery that we were still underweight was Consumer Discretionary.

■ Notwithstanding the pro-growth bias of the portfolio as a whole, we began reducing the number of companies held in order to concentrate our investments in those holdings in which we have the highest conviction. As a result, ten names were eliminated from the portfolio in the quarter.

■ The liquidated investments fell into two general categories. The first consisted of stocks that had become fully valued. For instance; Altana, the German pharmaceutical company, Woolworths, an Australian food retailer, Swisscom, the

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incumbent telecommunications provider in Switzerland, Smith & Nephew, a UK-based orthopaedics company and Gillette.

■ The second category of sales consisted of companies whose business prospects had deteriorated. Examples would be UPM Kymmene, a Finnish paper company whose profitability will be adversely affected by the appreciating Euro, Hellenic Telecom (Greece), where we are very sceptical of the company’s increasing commitment to Romania, and SBC Communications in the United States, as the competitive and regulatory environment in that country shows no signs of easing.

■ Notable additions to the portfolio were James Hardie Industries, Sandvik and Taiwan Semiconductor Manufacturing Company. James Hardie is an Australian-based building materials producer, which earns the vast majority of its profits in North America where its patented fibre-cement products are rapidly gaining market share relative to wood and plastic. Sandvik is a Swedish producer of high quality tooling products, and Taiwan Semiconductor enjoys the number one position in its field of producing microchips.

■ Although we realigned our Energy holdings during the quarter, no additional commitment was made to the sector. The repositioning involved a purchase of Chevron Texaco, sourced from a partial sale of Exxon Mobile, and the elimination of Royal Dutch Petroleum. As a result, our European energy holdings are now concentrated in BP, Total Fina Elf and ENI.

■ Lastly, we added to the Consumer Discretionary area through purchases of Sony and the U.S. department store, Kohl’s. We also added to our positions in Viacom, Target, Fuji Photo Film and Hilton Group. These investments were sourced primarily from the sale of fully priced companies such as Gillette and Woolworths.

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Market Outlook & Strategy

There has been a meaningful change in the outlook for the Canadian and U.S. economies over the past three months; namely, while the likelihood of a rebound in the U.S. has strengthened, Canada’s economic outlook has dimmed somewhat. As a result, growth in the U.S. over the remainder of this year is likely to outpace growth in Canada for the first time since 1998.

Following a relatively weak expansion in the first half of 2003, we see a number of factors providing a boost to U.S. growth in the coming months. Importantly, there has been a broad-based easing of financial conditions; last quarter’s sharp stock market rally will help encourage business investment and household spending. Further, a weaker U.S. dollar will improve the competitive position of U.S. manufacturers, (although, it may take a while before this provides much lift for the U.S. economy), and low interest rates will continue to support demand for housing and other consumer durable goods.

Additionally, U.S. growth should benefit from the recent federal budget agreement introducing $350 billion of spending and tax cuts over the next 10 years. More than half of this total will be distributed during 2003 and 2004. The impact of this largess will be mitigated by the fact that consumers will, no doubt, save a portion of these funds and by the need of some state governments to raise taxes and reduce spending. Overall, however, the latest fiscal stimulus should provide a substantial enhancement for growth in the coming year.

The U.S. economy is still weighed down by stubbornly high energy prices and the lack of vigour in business investment. Nonetheless, signs of positive economic momentum are starting to emerge. Consumer confidence remains relatively weak, but has improved following the end of the conflict in Iraq. U.S. purchasing managers report a meaningful improvement in both production and new orders and, as shown in the chart above, a leading index of the U.S. economy has accelerated substantially, fostering hopes that brighter days lie ahead.

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In stark contrast, Canada’s economic outlook has become more clouded in recent months. Although the SARS outbreak has been contained, the bad publicity will continue to undercut tourism. Worries about Bovine Spongiform Encephalopathy – a.k.a. “mad cow” disease – will curtail Canada’s exports of beef and related products, and the recent sharp rally in the Canadian dollar will dampen the growth of exports. Canada’s labour market has started to soften and, given the sub-par rate of growth expected in the second half of the year, it remains vulnerable. As a result, inflationary pressures will continue to fade, likely persuading the Bank of Canada to reduce interest rates in the months ahead. Despite the current gloom, however, we expect lower interest rates, firming commodity prices, and a rebound in the U.S. economy to all help bolster growth in Canada in 2004.

Bond Market Outlook

Lower interest rates, accommodative fiscal policy, and, in the case of the United States, a declining currency are providing a substantial amount of economic stimulus. We have seen some of this liquidity make its way into the financial markets, and there are tentative signs that this is indeed making its way into the real economy thus sustaining growth. With bond valuations stretched, conditions are ripe for a drop in bond prices; hence, we will continue to maintain a modestly short duration position with a bias to underweight shorter-term bonds. As was the case last quarter, we are unlikely to take large interest rate positions since the “hangover” from the asset bubble is obviously still having an impact and central banks are expected to keep policy rates at low levels for an extended period of time.

Credit fundamentals are improving for the corporate bond market; however, following the rally in credit spreads over the past nine months, valuations are on the expensive side (albeit not at extremes) and most investors have a “full” allocation to this sector. Our strategy is to keep a modest overweight and benefit from the yield pick up and to take further profits if these bonds continue to outperform. Active security and industry selection will continue to be an important feature for this sector of the portfolio.

Stock Market Outlook

The focus of investors seems to have moved firmly back to the economy. The latest economic statistics are being eagerly seized, quickly examined, and pronounced as either of great benefit or of great worry. The fact that these numbers are often preliminary and later revised (often in the other direction) appears not to matter. Stepping back from the short-term noise, we believe the U.S. economy continues to recover, albeit at a slow and gradual pace.

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Amongst domestic holdings, we would, conceptually, like to start trimming Financial Services slightly and adding to the Materials and Industrials sectors; however, there are few companies in these sectors that meet our quality and/or valuation constraints which we do not already own. The prospect of selling a well managed, highly profitable financial institution like the Royal Bank to buy a poorly managed, financially leveraged mining company is somewhat under whelming.

In the Technology and Telecom areas, few changes are planned. Sentiment towards these sectors has significantly improved and, if events unfold as we expect, i.e., the economic recovery continues and capital spending improves, we are likely to continue trimming positions as prices rise.

Within the global holdings, we expect to retain the current bias toward economic recovery in the portfolio and to continue concentrating the holdings. The markets have thus far been largely driven by liquidity; looking ahead, we anticipate market strength to be more earnings driven and are therefore focused on those companies which will be leaders in the next phase of economic expansion.

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Component Pooled Fund Returns

As of June 30, 2003

Funds 3 Mths

% 1 Yr %

3 Yrs %

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Balanced Pension Trust 8.09 2.66 -1.58 3.06 8.39

Canadian Equity Plus Pension Trust 10.09 0.66 -4.54 2.48 9.88

Dividend Income Fund 12.02 6.78 10.29 10.26 17.13 U.S. Equity Fund 6.27 -11.50 -13.41 -5.85 7.54

Overseas Equity Fund✝ 10.12 -16.25 N/A N/A N/A

Short Term Bond & Mortgage Fund 3.10 7.85 7.78 6.76 N/A Bond Fund 5.00 12.10 9.22 7.45 8.89

Canadian Money Market Fund 0.81 2.91 3.80 4.35 4.69

Indices

S&P/TSX Composite Index 10.62 -0.27 -10.37 0.53 7.78

S&P 500 Index* 6.59 -10.31 -13.71 -3.12 10.68 EAFE Index* 10.17 -16.32 -15.96 -5.47 3.38

SC Universe Bond Index 5.08 11.26 8.80 6.92 8.52

Short Term Bond Index 3.20 7.77 7.75 6.57 7.17 30 Day Treasury Bills 0.76 2.78 3.63 4.07 4.39

Note: All performance data is shown on a gross or “pre-fee” basis.

✝ Fund merged with Euro-Pacific Equity Fund on March 9, 2001

* In Canadian Dollar terms.

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Phillips, Hager & North Update – Second Quarter 2003

Announcements

■ There were no personnel changes for the nine-member global equity team or the fourteen-member fixed-income team.

■ Andrew MacDonald joined PH&N in 2003 as a Canadian equity research analyst. Andy, 43 (AB, Princeton University, 1983); began his career in the investment business in 1984. For the past twelve years, he worked at a leading Canadian investment management firm where he spent the first six years as an investment counsellor and portfolio manager for discretionary private clients. For the last six years, Andy worked primarily in Canadian equity research and portfolio management, with additional responsibilities in global equity research and asset allocation.

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Corporate Governance – Proxy Voting

Phillips, Hager & North adopted revised Proxy Voting Guidelines in 2003 (a copy of this document can be obtained from www.phn.com). Each proxy circular contains proposals to be voted by shareholders, along with management’s analysis and recommendations on each. The instances where we have voted against management are listed below.

Canadian Equities: Proposals voted against Management this quarter Corporation Proposal Vote Rationale

Barrick Gold Corp. Director - all related directors Withhold The board consists of a majority of related directors.

BMTC Group Inc. Board Withhold Board structure has multiple problems.

Adopt new by-law re: quorum Against New quorum requirement is too low.

Bombardier Inc. Director - L. Beaudoin, J. Beaudoin, J. Fontaine

Withhold Related director who sits on a board committee.

Allow board to appoint two additional directors

Against Shareholders should elect all board members.

Canadian National Railway

Director - V. Darkes, E. Lumley Withhold Related directors who sit on a board/committees.

Cardiome Pharma Corp. Authorize new class of preferred stock

Against Blank cheque preferred stock can be used as an anti-takeover measure.

Approve issuance of shares in one or more private placements

Against Dilution at 50% is too high.

Cognos Inc. Director - J. Tory Withhold Related director who sits on a board committee.

Approve stock option plan Against The plan is excessive.

Adopt a policy of expensing options

For Shows true cost of compensation policies in the financial statements.

Enbridge Inc. Amend by-law Against New quorum requirement is too low.

Encana Corp. Adopt new by-law re: quorum Against New quorum requirement is too low.

Four Seasons Hotels Inc.

Ratify and confirm the voting rights adjustment mechanism of the Variable Multiple Voting Shares

Against Dual class capital structures are detrimental to minority shareholders rights.

Great-West Lifeco Inc. Director - P. Desmarais Jr., R. Gratton, M. Plessis-Belair, G. Veilleux.


Auditor independence proposal For Ensures auditor provides only audit services.

Inex Pharmaceuticals Corp.

Director - J. Miller Withhold Related director who sits on a board committee.

CUMIS


Corporation Proposal Vote Rationale

Amend stock option plan Against The plan is excessive.

Leons Furniture Director - all related directors Withhold The board consists of a majority of related directors.

Magna International Inc. Director - all related directors Withhold The board consists of a majority of related directors.

Masonite International Corp.

Director - A. McFarland, S. Spears Withhold Related director who sits on a board committee.

Maverick Tube Canada Ltd.

Director - G. Einsberg Withhold Mr. Einsberg is Chair and CEO.

Approve stock option plan Against The plan is excessive.

Petro-Canada Adopt a policy of expensing options


Ritchie Brothers Director - D. Ritchie, C. Cmolik, P. Blake

Withhold The board consists of a majority of related directors.

Stressgen Biotechnologies Corp.

Amend 2001 equity incentive plan Against The plan is excessive.

Sun Life Financial Services

Separate positions of Chair and CEO

For An independent Chair helps to ensure board independence.

Suncor Energy Inc. Adopt a policy of expensing options


TD Bank Separate positions of Chair and CEO


CEO & CFO to certify financials For Sarbanes-Oxley Act requires certification.

Teknion Corp. Director - D. Feldberg Withhold Mr. Feldberg is Chair and CEO.

Telus Corp. Director - A. Giammarino, D. Petri Withhold Related director who sits on a board committee.

Amend articles re: quorum Against New quorum requirement is too low.

Tesma International Inc. Director - all related directors Withhold The board consists of a majority of related directors.

Amend stock option plan Against The plan allows for discretionary director options.

Thomson Corp. Director - W. Beattie, J. Tory Withhold Related director who sits on a board committee.

Toromont Industries Ltd. Adopt new by-law re: quorum Against New quorum requirement is too low.

Vector Aerospace Corp. Board Withhold CEO is Chair and all board committees have related directors.

CUMIS


U.S. Equities: Proposals voted against Management this quarter Corporation Proposal Vote Rationale

Abbott Laboratories Director - M. White Withhold Mr. White is Chair and CEO.

Altria Group Inc. Director - B. King Withhold Attended less than 75% of board and committee meetings.

Director - C. Helu Withhold Related director who sits on a board committee.

Submit shareholders rights plan (poison pill) to shareholder vote

For Safeguards shareholders interests.

American Express Co. Director - K. Chenault Withhold Mr. Chenault is Chair and CEO.

American International Group Inc.

Director - M. Greenberg Withhold Mr. Greenberg is Chair and CEO.

Bank of New York Director - T. Renyi Withhold Mr. Renyi is Chair and CEO.

Approve omnibus stock plan Against The plan is excessive.

Bristol Myers Submit shareholders rights plan (poison pill) to shareholder vote




Chevron Texaco Corp. Director - S. Nunn Withhold Related director who sits on a board committee.

Director - D. O'Rielly Withhold Mr. O'Rielly is Chair and CEO.

Approve non-employee director omnibus stock plan

Against Directors should not receive options.



Citigroup Inc. Submit severance agreements to a shareholder vote.

For Will help prevent excessive agreements.

Coca-Cola Co. Amend stock option plan Against The plan is excessive.

Colgate-Palmolive Co. Submit executive compensation plans to a shareholder vote

For Shareholders should approve any plan that dilutes their ownership.



Eli Lilly & Co. Adopt a policy of expensing options


Exxon Mobil Corp. Director - L. Raymond Withhold Mr. Raymond is Chair and CEO.





Gannett Inc. Director - J. Arnelle Withhold Related director who sits on a board committee.

Amend omnibus stock plan Against The plan is excessive.

CUMIS



General Electric Co. Submit shareholders rights plan (poison pill) to shareholder vote


Limit composition of committees to independent directors

For Ensures board independence.

Require chairman is an independent director


Goldman Sachs Group Inc.

Approve omnibus stock plan Against Plan permits repricing and is excessive.

Declassify board of directors For Annual election of directors best serves shareholder interests.

HCA Inc. Director - J. Bovender Withhold Related director who sits on a board committee.

Home Depot Inc. Director - H. Langone Withhold Related director who sits on a board committee.





IBM Corp. Director - S. Palmisano Withhold Mr. Palmisano is Chair and CEO.



Intel Corp. Adopt a policy of expensing options


John Hancock Financial Services

Director - R. Fast Withhold Related director who sits on a board committee.

Kraft Foods. Inc. Director - all related directors Withhold The board consists of a majority of related directors.

Laboratory Corporation of America Holdings

Director - T. MacMahon Withhold Mr. MacMahon is Chair and CEO.

Director - J. Powell Withhold Related director who sits on a board committee.


Merck & Co. Inc. Directors Withhold Board has ignored shareholder proposals that have received majority support.

Declassify board of directors For Annual election of directors best serves shareholder interests.

Merrill Lynch & Co. Inc. Approve omnibus stock plan Against The plan is excessive.

Metlife Inc. Director - all related directors Withhold The board consists of a majority of related directors.

National Commerce Financial Corp.

Director - J. Reed Withhold Related director who sits on a board committee.


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Northern Trust Corp. Director - R. Helman Withhold Related director who sits on a board committee.

Director - W. Osborn Withhold Mr. Osborn is Chair and CEO.

Occidential Petroleum Corp.




PepsiCo Inc. Approve omnibus stock plan Against The plan is excessive.

Praxair Inc. Submit shareholders rights plan (poison pill) to shareholder vote


Semtech Corp. Director - J. Poe Withhold Mr. Poe is Chair and CEO.

SPX Corp. Director - J. Blystone Withhold Mr. Blystone is Chair and CEO.


State Street Corp. Director - D. Spina Withhold Mr. Spina is Chair and CEO.

Exempt the board from the Massachusetts General Laws, Chapter 156B, Section 50A(a)

For This provision weakens shareholders ability to remove directors with poor performance.

Target Corp. Director - R. Ulrich Withhold Mr. Ulrich is Chair and CEO.

Texas Instruments Inc. Board Withhold Adopted option plan without shareholder approval.

Approve non-employee director omnibus stock plan

Against Directors should not receive options.

Limit executive stock based awards

For Would provide controls over recent board behavior.

U.S. Bancorp Directors Withhold Board has ignored shareholder proposals that have received majority support.



Submit executive retirement plan to a shareholder vote.

For The current plan has excessive elements.

Adopt simple majority vote requirement.

For Currently the supermajority is set at 80%, which is too high.

Union Pacific Corp. Director - J. Hope Withhold Related director who sits on a board committee.

Submit severance agreements to a shareholder vote.


UnitedHealth Group Inc. Director - W. McGuire Withhold Mr. McGuire is Chair and CEO.



Verizon Communications Corp.

Director - C. Lee Withhold Mr. Lee is a related director and is CEO.

CUMIS



Require majority of independent directors on board and limit composition of committees to independent directors

For Ensures board independence.

Submit severance agreements to a shareholder vote


Prohibit auditor from providing non-audit services

For Ensures auditor independence.

Wal-Mart Stores Require two-thirds of independent directors on board

For This proposal will help to ensure board independence.

Submit participation in deferred compensation plan to a vote

For This plan results in compensation over and above the disclosed compensation. This additional compensation is not adequately disclosed.

Washington Mutual Inc. Director - K. Killinger Withhold Mr. Killinger is Chair and CEO.

Waters Corp. Director - E. Conrad, T. Salice Withhold Related director who sits on a board committee.

Director - D. Berthiaume Withhold Mr. Berthiaume is Chair and CEO.


Wells Fargo & Co. Director - R. Kovacevich Withhold Mr. Kovacevich is Chair and CEO.

Director - R. Joss, D. Rice, M. Wright




Global Equities: Proposals voted against Management this quarter Corporation Proposal Vote Rationale

Amvescap Plc. Approve remuneration report Against The option plan is excessive.

Director - all related directors Withhold The board consists of a majority of related directors.

Astrazeneca Plc. Director - all related directors Withhold The board consists of a majority of related directors.

Approve remuneration report Against The option plan is excessive.

Approve employee savings related share option plan

Against The option plan is excessive.

British Aerospace Plc. Approve remuneration report Against The option plan is excessive.

Director - all related directors Withhold The board consists of a majority of related directors.

British American Tobacco Plc.

Director - T. Visser Withhold Related director who sits on a board committee.

Bunzl Plc. Director - A. Habgood Withhold Mr. Habgood is Chair and CEO.

Carnival Corp. Amend articles re: merger Against Contained an unreasonable anti-takeover

CUMIS



mechanism.

Amend articles re: lower board quorum

Against Gives board authority to act with a minority of board members present.

Eliminate shareholders right to act by written consent

Against This proposal restricts shareholders rights.

Daikin Industries Ltd. Appoint internal statutory auditors Against The proposed candidate is classified as independent, but is a legal adviser to the company.

Approve retirement bonuses for directors and statutory auditors

Against These bonuses compromise the independence of the statutory auditors.

Fanuc Ltd. Amend articles Against This proposal weakens the rights of minority shareholders.

Appoint internal statutory auditors Against Management classifies these individuals as independent, when they are not.



Fuji Photo Film Co. Ltd. Appoint internal statutory auditors Against Management classifies these individuals as independent, when they are not.

Honda Motor Corp. Appoint internal statutory auditors Against Management classifies these individuals as independent, when they are not.



Hoya Corp. Approve retirement bonuses for statutory auditors


NTT DoMoCo Inc. Amend articles to increase the number of internal auditors, and lower quorum requirement

Against This proposal weakens the rights of minority shareholders.

Appoint internal statutory auditor Against The proposed candidate is classified as independent, but works for a subsidiary of the majority shareholder

Rio Tinto Plc. Director - L. Davis, D. Mayhew Withhold The board consists of a majority of related directors.

Rohm Co. Approve retirement bonuses for statutory auditors


Secom Co. Ltd. Amend articles Against This proposal weakens the rights of minority shareholders.



Shin-Etsu Chemical Co. Ltd.

Appoint internal statutory auditors Against Management classifies these individuals as independent, when they are not.

SMC Corp. Amend articles Against This proposal weakens the rights of minority shareholders.

Approve retirement bonuses for Against These bonuses compromise the

CUMIS



directors and statutory auditors independence of the statutory auditors.

Sony Corp. Director - A. Okada Withhold Related director who sits on a board committee.

Amend articles to require disclosure of compensation levels of individual directors and statutory auditors

For Will increase transparency, and provide useful information to shareholders.

Tesco Plc. Director - all related directors Withhold The board consists of a majority of related directors.

Toyota Motor Corp. Appoint internal statutory auditors Against Management classifies these individuals as independent, when they are not.



Amend articles to require company to hold AGM on a day other than peak meeting date

For Allows shareholders more time to consider proxy.

Amend articles to require disclosure of individual compensation levels for directors and statutory auditors

For Will increase transparency, and provide useful information to shareholders.

Yamanouchi Pharmaceutical Co.



Yamato Transport Co. Ltd.

Amend articles Against This proposal weakens the rights of minority shareholders.



CUMIS


Summary of Purchases and Sales

PH&N Balanced Pension Trust

Short Term Purchases – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount

600,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 599,076.00 400,000 ALBERTA PROV DPN 3.134 MAY 30 03 99.82 399,280.00 1,000,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 998,790.00 900,000 ALBERTA PROV DPN 3.166 MAY 29 03 99.92 899,298.00 200,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 199,704.00 5,000,000 ALCAN ALUMINIUM D/N 3.379 MAY 01 03 99.93 4,996,300.00 200,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 199,738.00 1,900,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 1,897,663.00 1,100,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.89 1,098,735.00 23,730,000 ALTA MUNI FIN D/N 3.007 APR 23 03 99.89 23,704,608.90 24,300,000 ALTA MUNI FIN PDN 3.152 JUN 09 03 99.78 24,245,568.00 5,600,000 ALTA MUNI FIN PDN 3.158 JUL 07 03 99.88 5,593,224.00 1,300,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 1,298,427.00 200,000 ALTA MUNI FIN PDN 3.158 MAY 20 03 99.88 199,758.00 220,000 ALTA MUNI FIN PDN 3.167 MAY 08 03 99.87 219,714.00 1,500,000 ALTA MUNI FIN PDN 3.175 JUN 23 03 99.83 1,497,525.00 3,200,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 3,194,432.00 300,000 ALTA TREASURY BR BDN 3.209 MAY 05 03 99.84 299,526.00 15,305,000 ALTA TREASURY BR BDN 3.235 APR 30 03 99.94 15,295,510.90 20,000,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 19,988,000.00 18,100,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 18,088,959.00 5,900,000 BANK OF N.S. B/A 3.247 MAY 23 03 99.72 5,883,775.00 18,400,000 CANADA GOVT T/B 3.065 JUL 31 03 99.71 18,346,088.00 25,000,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 24,980,500.00 1,600,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 1,597,904.00 25,700,000 CANADA GOVT T/B 3.204 JUN 05 03 99.89 25,670,702.00 4,000,000 GE CDA ENT CO D/N 3.247 MAY 02 03 99.92 3,996,800.00 600,000 HONDA CDA FIN D/N 3.285 MAY 28 03 99.99 599,946.00 100,000 ONTARIO PROV PTB 3.148 MAY 21 03 99.70 99,699.00 7,000,000 ONTARIO PROV PTB 3.163 JUL 07 03 99.83 6,987,890.00 900,000 PLAZA TRUST D/N 3.286 JUN 30 03 99.96 899,676.00 26,270,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 26,243,992.70 79,300,000 QUEBEC PROV DPN 3.136 JUL 09 03 99.84 79,170,741.00 500,000 QUEBEC PROV DPN 3.148 MAY 16 03 99.84 499,225.00 1,600,000 QUEBEC PROV DPN 3.148 MAY 21 03 99.89 1,598,208.00 2,000,000 QUEBEC PROV DPN 3.158 MAY 27 03 99.88 1,997,580.00 3,900,000 QUEBEC PROV DPN 3.167 MAY 27 03 99.90 3,895,944.00 3,700,000 QUEBEC PROV DPN 3.168 JUN 03 03 99.84 3,694,228.00 4,200,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 4,195,254.00 2,400,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 2,397,288.00 83,500,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 83,390,615.00 200,000 QUEBEC PROV DPN 3.215 JUN 20 03 99.91 199,824.00 500,000 ROYAL BANK CDA B/A 3.175 APR 30 03 99.83 499,175.00 600,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 600,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 700,000.00 5,000,000 ROYAL BANK CDA T/D 3.200 MAY 07 03 100.00 5,000,000.00 300,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 300,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 21 03 100.00 400,000.00 900,000 ROYAL BANK CDA T/D 3.200 MAY 22 03 100.00 900,000.00 900,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 900,000.00 700,000 ROYAL BANK CDA T/D 3.200 MAY 30 03 100.00 700,000.00 600,000 ROYAL BANK CDA T/D 3.220 JUN 24 03 100.00 600,000.00 6,500,000 SHELL CANADA D/N 3.285 APR 25 03 99.99 6,499,415.00 19,300,000 T D BANK B/A 3.247 MAY 23 03 99.72 19,246,925.00 19,600,000 T D BANK BDN 3.247 JUN 26 03 99.85 19,570,404.00 -------------- ------------- 477,825,000 477,175,635.50

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Short Term Sales – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

800,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.95 799,584.00 799,032.00 4,600,000 ALTA MUNI FIN PDN 3.152 JUN 09 03 99.91 4,595,716.00 4,589,696.00 400,000 ALTA MUNI FIN PDN 3.158 JUL 07 03 99.90 399,584.00 399,516.00 13,800,000 CANADA GOVT T/B 2.892 APR 10 03 99.93 13,790,998.00 13,775,988.00 14,900,000 CANADA GOVT T/B 3.204 JUN 05 03 99.95 14,892,103.00 14,883,014.00 500,000 QUEBEC PROV DPN 3.014 APR 22 03 99.93 499,665.00 499,505.00 15,500,000 QUEBEC PROV DPN 3.136 JUL 09 03 99.92 15,487,755.00 15,474,735.00 1,000,000 QUEBEC PROV DPN 3.167 MAY 27 03 99.96 999,560.00 998,960.00 600,000 QUEBEC PROV DPN 3.168 JUN 03 03 99.99 599,946.00 599,064.00 15,600,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.99 15,598,452.00 15,579,564.00 -------------- ------------- --------------- 67,700,000 67,663,363.00 67,599,074.00

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Short Term Maturities – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

600,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 599,076.00 599,076.00 400,000 ALBERTA PROV DPN 3.134 MAY 30 03 99.82 399,280.00 399,280.00 200,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 199,758.00 199,758.00 900,000 ALBERTA PROV DPN 3.166 MAY 29 03 99.92 899,298.00 899,298.00 200,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 199,704.00 199,704.00 5,000,000 ALCAN ALUMINIUM D/N 3.379 MAY 01 03 99.93 4,996,300.00 4,996,300.00 200,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 199,738.00 199,738.00 1,900,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 1,897,663.00 1,897,663.00 1,100,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.89 1,098,735.00 1,098,735.00 23,730,000 ALTA MUNI FIN D/N 3.007 APR 23 03 99.89 23,704,608.90 23,704,608.90 19,700,000 ALTA MUNI FIN PDN 3.152 JUN 09 03 99.78 19,655,872.00 19,655,872.00 1,300,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 1,298,427.00 1,298,427.00 200,000 ALTA MUNI FIN PDN 3.158 MAY 20 03 99.88 199,758.00 199,758.00 220,000 ALTA MUNI FIN PDN 3.167 MAY 08 03 99.87 219,714.00 219,714.00 1,500,000 ALTA MUNI FIN PDN 3.175 JUN 23 03 99.83 1,497,525.00 1,497,525.00 3,200,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 3,194,432.00 3,194,432.00 300,000 ALTA TREASURY BR BDN 3.209 MAY 05 03 99.84 299,526.00 299,526.00 15,305,000 ALTA TREASURY BR BDN 3.235 APR 30 03 99.94 15,295,510.90 15,295,510.90 20,000,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 19,988,000.00 19,988,000.00 18,100,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 18,088,959.00 18,088,959.00 5,900,000 BANK OF N.S. B/A 3.247 MAY 23 03 99.72 5,883,775.00 5,883,775.00 1,200,000 CANADA GOVT T/B 2.859 APR 10 03 99.71 1,196,532.00 1,196,532.00 800,000 CANADA GOVT T/B 2.890 APR 24 03 99.70 797,600.00 797,600.00 25,200,000 CANADA GOVT T/B 2.892 APR 10 03 99.83 25,156,152.00 25,156,152.00 400,000 CANADA GOVT T/B 2.903 APR 24 03 99.67 398,700.00 398,700.00 2,800,000 CANADA GOVT T/B 2.912 APR 24 03 99.67 2,790,648.00 2,790,648.00 700,000 CANADA GOVT T/B 2.924 APR 10 03 99.86 699,048.00 699,048.00 1,300,000 CANADA GOVT T/B 2.924 APR 10 03 99.87 1,298,336.00 1,298,336.00 2,200,000 CANADA GOVT T/B 2.925 APR 10 03 99.83 2,196,304.00 2,196,304.00 4,000,000 CANADA GOVT T/B 2.925 APR 10 03 99.84 3,993,600.00 3,993,600.00 900,000 CANADA GOVT T/B 2.948 APR 10 03 99.88 898,911.00 898,911.00 800,000 CANADA GOVT T/B 2.951 APR 10 03 99.89 799,160.00 799,160.00 13,100,000 CANADA GOVT T/B 2.976 APR 10 03 99.89 13,085,066.00 13,085,066.00 25,000,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 24,980,500.00 24,980,500.00 1,600,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 1,597,904.00 1,597,904.00 10,800,000 CANADA GOVT T/B 3.204 JUN 05 03 99.89 10,787,688.00 10,787,688.00 4,000,000 GE CDA ENT CO D/N 3.247 MAY 02 03 99.92 3,996,800.00 3,996,800.00 600,000 HONDA CDA FIN D/N 3.285 MAY 28 03 99.99 599,946.00 599,946.00 100,000 ONTARIO PROV PTB 3.148 MAY 21 03 99.70 99,699.00 99,699.00 900,000 PLAZA TRUST D/N 3.286 JUN 30 03 99.96 899,676.00 899,676.00 25,770,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 25,744,487.70 25,744,487.70 500,000 QUEBEC PROV DPN 3.148 MAY 16 03 99.84 499,225.00 499,225.00 1,600,000 QUEBEC PROV DPN 3.148 MAY 21 03 99.89 1,598,208.00 1,598,208.00 2,000,000 QUEBEC PROV DPN 3.158 MAY 27 03 99.88 1,997,580.00 1,997,580.00 2,900,000 QUEBEC PROV DPN 3.167 MAY 27 03 99.90 2,896,984.00 2,896,984.00 3,100,000 QUEBEC PROV DPN 3.168 JUN 03 03 99.84 3,095,164.00 3,095,164.00 4,200,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 4,195,254.00 4,195,254.00 2,400,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 2,397,288.00 2,397,288.00 67,900,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 67,811,051.00 67,811,051.00 200,000 QUEBEC PROV DPN 3.215 JUN 20 03 99.91 199,824.00 199,824.00 500,000 ROYAL BANK CDA B/A 3.175 APR 30 03 99.83 499,175.00 499,175.00 1,500,000 ROYAL BANK CDA T/D 2.950 APR 01 03 100.00 1,500,000.00 1,500,000.00 600,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 600,000.00 600,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 700,000.00 700,000.00 5,000,000 ROYAL BANK CDA T/D 3.200 MAY 07 03 100.00 5,000,000.00 5,000,000.00 300,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 300,000.00 300,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 21 03 100.00 400,000.00 400,000.00 900,000 ROYAL BANK CDA T/D 3.200 MAY 22 03 100.00 900,000.00 900,000.00 900,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 900,000.00 900,000.00

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Short Term Maturities – April 1 to June 30, 2003 (continued) Par Value Issuer Security Price Net Amount Cost

700,000 ROYAL BANK CDA T/D 3.200 MAY 30 03 100.00 700,000.00 700,000.00 600,000 ROYAL BANK CDA T/D 3.220 JUN 24 03 100.00 600,000.00 600,000.00 6,500,000 SHELL CANADA D/N 3.285 APR 25 03 99.99 6,499,415.00 6,499,415.00 19,300,000 T D BANK B/A 3.247 MAY 23 03 99.72 19,246,925.00 19,246,925.00 19,600,000 T D BANK BDN 3.247 JUN 26 03 99.85 19,570,404.00 19,570,404.00 -------------- ------------- --------------- 384,425,000 383,938,914.50 383,938,914.50

CUMIS




Bond Purchases – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount

1,825,000 ALLIANCE PIPELINE 5.546 DEC 31 23 100.00 1,825,000.00 975,000 ANDERSON EXP LTD 7.250 JUL 18 05 103.91 1,013,142.00 1,675,000 ASSOCIATES CAPITAL 4.850 APR 25 08 99.95 1,674,112.25 1,250,000 BANK OF N.S. BATS 6.626 JUN 30 12 105.33 1,316,670.50 30,325,000 CANADA GOVT 3.500 JUN 01 05 99.61 30,207,945.50 125,145,000 CANADA GOVT 5.000 DEC 01 03 100.90 126,277,113.10 92,055,000 CANADA GOVT 5.250 JUN 01 12 104.79 96,460,122.10 8,295,000 CANADA GOVT 5.500 JUN 01 10 107.19 8,891,046.50 15,140,000 CANADA GOVT 5.750 JUN 01 03 100.23 15,175,329.50 35,300,000 CANADA GOVT 6.000 JUN 01 11 111.21 39,255,440.25 58,755,000 CANADA GOVT 5.500 JUN 01 09 104.78 61,562,109.50 58,875,000 CANADA GOVT 6.000 JUN 01 08 110.23 64,896,682.20 875,000 CANADA GOVT 7.250 JUN 01 07 111.90 979,125.00 19,758,000 CANADA GOVT 8.000 JUN 01 23 135.67 26,805,486.70 15,420,000 CANADA GOVT 8.000 JUN 01 27 133.76 20,626,557.20 3,410,000 CANADA HOUSING TRUST 3.700 SEP 15 08 99.78 3,402,463.90 2,600,000 CDN PACIFIC RAILWAY 4.900 JUN 15 10 99.84 2,595,814.00 1,100,000 ENBRIDGE INC 7.200 JUN 18 32 100.82 1,109,020.00 900,000 GE CAPITAL CANADA 5.300 JUL 24 07 102.92 926,262.00 2,250,000 GE CAPITAL CDA FUND 5.000 APR 23 08 99.97 2,249,212.50 1,500,000 GREATER TOR AIRPORT 6.250 DEC 13 12 105.38 1,580,625.00 1,225,000 GREATER TOR AIRPORT 6.250 JAN 30 12 99.45 1,218,250.25 1,875,000 GREATER TOR AIRPORT 6.700 JUL 19 10 107.31 2,012,064.75 250,000 GREATER TOR AIRPORT 6.980 OCT 15 32 94.76 236,897.50 775,000 GREATER TOR AIRPORT 7.100 JUN 04 31 99.44 770,660.00 3,600,000 HOUSEHOLD FINANCE 4.500 JUL 02 08 99.90 3,596,508.00 1,250,000 INVESTORS GROUP 7.110 MAR 07 33 100.65 1,258,147.50 1,700,000 MERRILL LYNCH CDA 5.350 NOV 19 07 105.23 1,788,978.00 2,800,000 MLMLI CAN10 A2 5.245 JUN 12 13 100.00 2,800,000.00 9,465,000 ONTARIO PROV 7.600 JUN 02 27 127.77 12,093,228.15 3,975,000 SUN LIFE SLEECS 6.865 DEC 31 11 110.10 4,376,374.25 4,625,000 TD CATS 7.600 DEC 31 09 112.05 5,182,351.50 3,050,000 TERASEN INC 4.850 MAY 08 06 99.88 3,046,218.00 8,000,000 TORONTO-DOMINION F/F 5.690 JUN 03 13-18 99.98 7,998,560.00 250,000 WESTCOAST ENERGY 7.300 DEC 18 26 101.43 253,575.00 500,000 WESTCOAST ENERGY 8.500 NOV 23 15 112.75 563,775.00 -------------- ------------- 520,768,000 556,024,867.60

CUMIS




Bond Sales – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

1,200,000 BANK OF N.S. BATS 6.282 JUN 30 13 103.98 1,247,737.00 1,213,968.00 675,000 BC TEL 10.650 JUN 19 21 132.45 894,010.50 682,934.15 3,075,000 BC TEL 11.900 NOV 22 15 135.56 4,168,346.00 3,734,249.13 542,000 BC TEL 12.000 MAY 31 10 125.88 682,280.44 504,873.00 925,000 BELL CANADA 6.150 JUN 15 09 C 104.94 970,704.25 894,896.93 23,690,000 CANADA GOVT 3.500 JUN 01 05 99.88 23,661,572.00 23,598,556.60 7,985,000 CANADA GOVT 4.250 DEC 01 04 100.73 8,043,458.50 8,104,434.36 91,660,000 CANADA GOVT 5.000 DEC 01 03 100.86 92,450,821.50 92,498,140.81 93,665,000 CANADA GOVT 5.250 JUN 01 12 104.13 97,532,473.40 96,902,813.99 4,625,000 CANADA GOVT 5.250 JUN 01 13 101.76 4,706,307.50 4,654,340.60 38,885,000 CANADA GOVT 5.500 JUN 01 10 105.17 40,894,575.40 40,614,365.03 15,140,000 CANADA GOVT 5.750 JUN 01 03 100.17 15,165,738.00 15,175,329.50 2,625,000 CANADA GOVT 5.750 SEP 01 06 105.27 2,763,442.50 2,770,995.70 35,300,000 CANADA GOVT 6.000 JUN 01 11 112.20 39,606,855.25 39,255,440.25 4,040,000 CANADA GOVT 4.250 DEC 01 21 RR 145.59 5,881,754.17 5,198,984.23 22,655,000 CANADA GOVT 5.500 JUN 01 09 107.27 24,301,686.75 23,723,857.69 114,483,000 CANADA GOVT 6.000 JUN 01 08 107.32 122,859,999.50 122,892,770.19 875,000 CANADA GOVT 7.250 JUN 01 07 111.88 978,950.00 979,125.00 15,195,000 CANADA GOVT 8.000 JUN 01 23 134.67 20,462,610.90 20,363,121.73 16,638,000 CANADA GOVT 8.000 JUN 01 27 138.48 23,040,395.05 21,891,661.20 925,000 CANADA LIFE CLICS 6.679 JUN 30 12 104.58 967,351.50 925,703.00 2,075,000 ENBRIDGE INC 7.220 JUL 24 30 99.93 2,073,554.25 2,060,682.50 900,000 GE CAPITAL CANADA 5.300 JUL 24 07 103.01 927,126.00 912,727.65 1,000,000 GREAT WEST LIFE 6.140 MAR 21 18 110.04 1,100,360.00 992,524.89 1,450,000 GREATER TOR AIRPORT 6.980 OCT 15 32 97.95 1,420,273.25 1,415,016.09 625,000 LOBLAW COS 6.850 MAR 01 32 103.18 644,876.50 623,106.25 460,000 NOVA GAS TRANS LTD 12.200 FEB 28 16 149.21 686,375.20 682,147.80 1,100,000 RBC TRUCS 7.183 JUN 30 11 109.39 1,203,345.00 1,133,330.00 7,990,000 TORONTO-DOMINION F/F 5.690 JUN 03 13-18 104.98 8,388,275.20 7,988,561.80 800,000 TRANSCANADA PIPELINE 8.230 JAN 16 31 113.36 906,860.50 871,856.00 475,000 TRANSCANADA PIPELINE 11.800 NOV 20 20 150.30 713,939.00 655,500.00 825,000 WESTCOAST ENERGY 7.300 DEC 18 26 103.02 849,951.00 791,631.25 410,000 WESTCOAST ENERGY 9.900 JAN 10 20 131.92 540,872.00 502,395.48 -------------- ------------- --------------- 512,913,000 550,736,878.01 545,210,040.79

CUMIS




Canadian Equity Purchases – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount

10,200 ALCAN INC COMMON 43.04 439,030.95 1,800 ANORMED INC COMMON 2.65 4,767.98 1,000 ASTRAL MEDIA INC CLASS A NON-VTG 23.54 23,542.16 29,500 BANK OF MONTREAL COMMON 40.27 1,188,848.33 10,250 BANK OF NOVA SCOTIA COMMON 56.10 575,070.46 4,900 BARRICK GOLD CORP COMMON 23.45 114,928.84 13,900 BCE INC COMMON 28.71 399,068.32 4,800 BIOVAIL CORP COMMON 62.85 301,663.68 14,600 BOMBARDIER INC CLASS B SUB VTG 3.58 52,321.76 12,550 CDN IMP BANK COMMERC COMMON 48.78 612,143.07 5,100 CDN NATL RAILWAY COMMON 66.72 340,288.25 3,000 CDN PACIFIC RAILWAY COMMON 32.05 96,154.38 8,850 CELESTICA INC SUBORDINATE VTG 16.86 149,240.22 1,550 COGNOS INCORPORATED COMMON 38.06 58,995.82 82,500 CP SHIPS LTD COMMON 20.09 1,660,800.67 2,400 DOREL INDUSTRIES INC CLASS B 40.43 97,029.84 3,700 DUPONT CANADA INC CLASS A SER 1 21.47 79,449.77 2,700 ENBRIDGE INC COMMON 45.16 121,928.36 14,100 ENCANA CORPORATION COMMON 49.00 690,856.16 50 EXTENDICARE INC MULTIPLE VTG 3.73 186.58 9,050 EXTENDICARE INC SUBORDINATE VTG 3.53 31,936.58 1,200 FAIRMONT HOTELS COMMON 32.62 39,149.87 3,200 FINNING INTL COMMON 27.61 88,354.58 400 FOUR SEASONS HOTEL LIMITED VTG 44.91 17,962.22 7,300 GREAT-WEST LIFECO COMMON 38.78 283,081.83 1,500 HUMMINGBIRD LTD COMMON 26.80 40,196.24 2,200 INEX PHARMACEUTICAL COMMON 4.23 9,299.42 3,500 IPSCO INC COMMON 12.59 44,076.81 6,600 JEAN COUTU GROUP CLASS A VTG 15.29 100,887.81 4,100 LOBLAW COS LTD COMMON 56.45 231,440.29 2,200 MAGNA INTL INC CLASS A SUB VTG 85.81 188,777.88 18,550 MANULIFE FINCL CORP COMMON 37.77 700,584.32 1,700 MDS INC COMMON 18.82 31,997.35 81,200 NORTEL NETWORKS CORP COMMON 3.91 317,390.62 103,600 NOVA CHEMICALS CORP COMMON 26.23 2,721,880.56 465,650 ONEX CORP COMMON SUB VTG 14.57 6,799,583.24 4,150 PETRO-CANADA COMMON 49.75 206,460.77 2,200 PIVOTAL CORP COMMON 1.48 3,253.42 3,000 POTASH CORP OF SASK COMMON 88.73 266,202.38 2,900 POWER CORP OF CDA COMMON SUB VTG 40.29 116,833.17 9,800 POWER FINANCIAL CORP COMMON 41.33 405,066.38 2,200 QUEBECOR WORLD INC COMMON SUB VTG 22.98 50,559.52 2,000 RESEARCH IN MOTION COMMON 22.75 45,497.62 15,700 ROYAL BANK CDA COMMON 60.01 942,125.18 3,000 SAMUEL MANU-TECH INC COMMON 7.43 22,304.28 2,900 STRESSGEN BIOTECH COMMON 1.73 5,028.54 11,900 SUN LIFE FNCL INC COMMON 28.65 340,908.95 22,100 SUNCOR ENERGY INC COMMON 24.98 552,043.36 41,850 TECK COMINCO LTD CLASS B 10.76 451,146.03 7,250 TELUS CORP COMMON 19.53 141,595.65 20,800 TELUS CORP NON-VOTING SHS 18.63 387,550.29 500 THERATECHNOLOGIES COMMON 4.97 2,486.38 3,200 THOMSON CORP (THE) COMMON 41.11 131,562.54 5,600 TOROMONT INDS LTD COMMON 23.41 131,091.04 14,650 TORONTO DOMINION BK COMMON 35.04 513,357.64 5,250 TRANSAT A.T. INC COMMON 4.14 21,741.70 3,900 TRANSCONTINENTAL INC CLASS A SUB VTG 18.40 71,774.88 1,000 TUNDRA SEMICONDUCT COMMON 8.68 8,680.76 2,700 ZARLINK SEMICONDUCT COMMON 6.94 18,740.16 ------------- 23,488,925.86

CUMIS




Canadian Equity Sales – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

47,200 ALCAN INC COMMON 42.35 1,998,980.00 2,168,026.53 7,000 ANORMED INC COMMON 2.65 18,520.00 118,857.32 4,800 ASTRAL MEDIA INC CLASS A NON-VTG 24.34 116,813.00 103,089.54 45,500 BANK OF MONTREAL COMMON 40.49 1,842,288.00 1,706,593.70 47,400 BANK OF NOVA SCOTIA COMMON 59.43 2,817,106.00 2,041,516.23 22,700 BARRICK GOLD CORP COMMON 24.22 549,835.00 569,375.15 64,500 BCE INC COMMON 30.54 1,969,657.00 2,242,628.37 22,400 BIOVAIL CORP COMMON 66.10 1,480,686.00 1,146,281.82 68,000 BOMBARDIER INC CLASS B SUB VTG 3.90 264,940.00 1,370,538.81 73,900 CDN IMP BANK COMMERC COMMON 49.54 3,660,358.70 3,272,516.05 23,100 CDN NATL RAILWAY COMMON 69.75 1,611,115.00 1,112,870.63 14,100 CDN PACIFIC RAILWAY COMMON 32.43 457,234.00 341,118.05 41,200 CELESTICA INC SUBORDINATE VTG 20.19 831,660.00 2,279,454.15 111,900 COGNOS INCORPORATED COMMON 37.40 4,180,016.64 4,390,378.08 2,800 CP SHIPS LTD COMMON 22.01 61,628.00 41,966.56 11,200 DOREL INDUSTRIES INC CLASS B 38.47 430,850.00 236,794.46 312,600 DUPONT CANADA INC CLASS A SER 1 21.74 6,795,020.00 5,452,534.41 12,500 ENBRIDGE INC COMMON 46.33 579,169.00 512,101.84 65,100 ENCANA CORPORATION COMMON 51.22 3,334,716.00 2,735,897.99 40,000 EXTENDICARE INC SUBORDINATE VTG 3.63 145,320.00 134,477.02 5,800 FAIRMONT HOTELS COMMON 32.20 186,744.00 147,561.24 15,100 FINNING INTL COMMON 29.71 448,554.00 231,744.76 2,000 FOUR SEASONS HOTEL LIMITED VTG 50.34 100,674.00 164,407.36 33,800 GREAT-WEST LIFECO COMMON 39.78 1,344,556.00 1,206,046.17 6,900 HUMMINGBIRD LTD COMMON 28.24 194,832.00 301,982.33 8,900 INEX PHARMACEUTICAL COMMON 4.61 41,040.00 43,435.39 16,300 IPSCO INC COMMON 13.25 216,040.00 230,449.45 30,700 JEAN COUTU GROUP CLASS A VTG 16.04 492,488.00 377,536.91 18,700 LOBLAW COS LTD COMMON 59.61 1,114,797.00 987,194.30 10,400 MAGNA INTL INC CLASS A SUB VTG 92.79 965,010.00 673,992.63 85,600 MANULIFE FINCL CORP COMMON 38.35 3,282,501.00 3,489,656.57 7,900 MDS INC COMMON 19.58 154,710.00 182,236.10 377,000 NORTEL NETWORKS CORP COMMON 4.21 1,586,240.00 5,810,829.20 12,400 NOVA CHEMICALS CORP COMMON 27.00 334,800.00 354,348.32 3,700 ONEX CORP COMMON SUB VTG 14.78 54,686.00 61,715.47 4,100 OPEN TEXT CORP COMMON 44.81 183,511.49 127,833.63 19,300 PETRO-CANADA COMMON 53.13 1,025,471.00 712,778.72 10,000 PIVOTAL CORP COMMON 1.33 13,340.00 225,187.07 13,700 POTASH CORP OF SASK COMMON 84.65 1,159,709.00 1,477,138.66 13,600 POWER CORP OF CDA COMMON SUB VTG 42.64 579,928.00 478,446.50 44,900 POWER FINANCIAL CORP COMMON 44.13 1,981,536.00 1,504,438.73 17,300 QUEBECOR WORLD INC COMMON SUB VTG 24.80 429,100.00 616,437.82 9,300 RESEARCH IN MOTION COMMON 26.61 247,506.00 328,657.18 72,500 ROYAL BANK CDA COMMON 57.96 4,202,415.00 3,514,230.46 14,200 SAMUEL MANU-TECH INC COMMON 7.11 100,974.00 78,551.07 14,000 STRESSGEN BIOTECH COMMON 2.12 29,650.00 87,523.98 54,900 SUN LIFE FNCL INC COMMON 28.45 1,561,917.00 1,952,387.42 102,100 SUNCOR ENERGY INC COMMON 25.56 2,609,305.00 2,010,548.92

CUMIS




Canadian Equity Sales – April 1 to June 30, 2003 (continued) Shares Issuer Security Price Net Amount Cost

59,100 TECK COMINCO LTD CLASS B 10.95 647,415.00 693,505.86 520,900 TELUS CORP COMMON 20.71 10,769,441.00 7,208,097.70 96,000 TELUS CORP NON-VOTING SHS 19.80 1,900,470.90 1,503,401.14 2,500 THERATECHNOLOGIES COMMON 6.00 14,990.00 26,917.11 14,800 THOMSON CORP (THE) COMMON 41.61 615,762.00 787,104.54 25,900 TOROMONT INDS LTD COMMON 23.09 598,100.00 480,374.58 67,600 TORONTO DOMINION BK COMMON 35.59 2,405,741.00 2,537,486.48 25,000 TRANSAT A.T. INC COMMON 4.04 101,060.00 202,353.85 18,300 TRANSCONTINENTAL INC CLASS A SUB VTG 18.47 338,055.00 185,612.95 1,700 TSX GROUPS INC COMMON 28.05 47,668.00 33,273.61 4,400 TUNDRA SEMICONDUCT COMMON 9.47 41,688.00 157,324.47 12,600 ZARLINK SEMICONDUCT COMMON 7.07 89,076.00 164,525.28 ------------- --------------- 75,357,413.73 73,334,290.67

CUMIS




U.S. Equity Purchases – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount

12,500 ABBOTT LABS COMMON 40.47 730,716.19 8,400 ADECCO SA CHF1(REGD) 41.69 377,163.64 1,400 ALBERTO-CULVER CO CLASS B 50.54 97,220.09 6,100 ALLIED IRISH BANKS EUR0.32 12.99 130,556.08 1,100 ALTANA AG NPV(EU) 53.68 96,318.12 11,400 ALTRIA GROUP INC COMMON 33.92 551,075.59 8,800 AMERICAN EXPRESS CO COMMON 38.19 477,812.96 22,000 AMERN INTL GROUP INC COMMON 54.02 1,700,816.58 1,700 AMGEN INC COMMON 63.04 147,248.71 90,100 AMVESCAP ORD 25P 3.04 635,960.45 16,000 ASTRAZENECA ORD USD0.25 24.35 887,686.10 39,500 AUST & NZ BANK GRP NPV 18.53 658,557.74 3,100 AUTOMATIC DATA PROC COMMON 33.43 142,431.04 7,000 AVENTIS SP ADR(1 EUR3.82) 50.62 495,077.02 2,700 AVENTIS SA EUR 3.82 47.46 198,910.84 5,500 BANK NEW YORK INC COMMON 27.96 211,346.76 31,900 BARCLAYS ORD 25P 4.26 308,160.02 7,300 BCO POPULAR ESP EUR0.5 43.83 514,835.08 53,600 BELLSOUTH CORP COMMON 26.76 1,952,427.37 7,300 BNP PARIBAS EUR2 39.66 467,993.83 12,900 BP ADR (6 ORDS) 40.71 732,083.32 91,800 BP ORD USD0.25 4.25 879,199.55 35,000 BUNZL ORD 25P 4.14 335,793.44 5,000 CANON INC NPV 4531.27 269,102.44 11,400 CAREMARK RX INC COMMON 18.80 305,135.98 3,700 CARNIVAL CORP COMMON(PAIRED STOCK) 29.21 148,567.25 83,900 CHEVRONTEXACO CORP COMMON 68.82 8,035,033.79 15,200 CISCO SYSTEMS INC COMMON 16.11 336,651.10 10,900 CITIGROUP INC COMMON 40.00 599,208.29 410,500 CNOOC LTD HKD0.10 11.37 824,450.33 3,300 COCA COLA CO COMMON 44.63 202,393.31 25,300 COCHLEAR LTD NPV 31.13 707,978.59 23,100 CREDIT SUISSE GRP CHF1 32.71 795,576.06 9,300 CRH ORD EUR0.32 12.79 196,041.97 21,000 DAIKIN INDUSTRIES JPY50 1976.56 481,704.92 1,400 DANAHER CORP COMMON 65.72 126,421.06 9,100 DASSAULT SYSTEMES EUR1 24.16 354,740.72 3,000 DELL COMPUTER CORP COMMON 29.88 123,202.53 34,000 DIAGEO ORD 28 101/108P 6.61 512,382.98 49,100 DIXONS GROUP(NEW) ORD 2.5P 1.13 126,172.33 5,500 EMERSON ELEC CO COMMON 49.79 378,744.21 53,300 ENGELHARD CORP COMMON 24.73 1,806,809.31 66,900 ENI EUR1 13.51 1,455,163.03 9,100 EXEL ORD 27.777777P 6.58 135,724.77 47,100 EXXON MOBIL CORP COMMON 36.38 2,333,176.08 22,100 FIFTH THIRD BANCORP COMMON 50.53 1,575,893.99 18,500 FPL GROUP INC COMMON 61.34 1,623,094.22 12,000 FREDDIE MAC COMMON 51.20 834,957.09 32,000 FUJI PHOTO FILM CO JPY50 3158.63 1,212,382.05 70,000 FUJISAWA PHARM CO JPY50 2163.62 1,775,896.28 7,100 GANNETT INC DEL COMMON 77.41 748,952.10 55,100 GENERAL ELECTRIC CO COMMON 29.62 2,210,533.46 49,800 GLAXOSMITHKLINE ORD 25P 13.24 1,506,937.06 3,100 GOLDMAN SACHS GROUP COMMON 81.59 345,250.25 23,900 HCA INC COMMON 30.98 1,072,203.94 107,000 HEALTH MGMT ASSOC CLASS A 18.54 2,673,439.34

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U.S. Equity Purchases – April 1 to June 30, 2003 (continued) Shares Issuer Security Price Net Amount

25,800 HEINEKEN NV EUR2 29.99 1,230,842.27 157,800 HILTON GROUP ORD 10P 1.47 539,126.68 6,500 HOME DEPOT INC COMMON 31.37 280,283.13 13,700 HONDA MOTOR CO JPY50 3876.70 636,478.14 610,000 HONG KONG ELECTRIC HKD1 31.39 3,556,847.42 196,000 HONG KONG EXCHANGE HKD1 9.31 329,295.23 21,500 IBM COMMON 82.54 2,413,524.21 15,800 INTEL CORP COMMON 19.66 427,114.13 689,400 JAMES HARDIE INDS NV USD 0.2 6.50 4,029,836.02 39,900 JOHNSON & JOHNSON COMMON 53.97 2,938,509.37 2,500 JOHNSON CONTROLS INC COMMON 85.08 290,063.24 1,549,500 JOHNSON ELEC HLDGS HKD0.0125 8.42 2,427,342.46 16,600 JONES APPAREL GROUP COMMON 29.87 687,795.30 47,800 KOHLS CORP COMMON 56.37 3,830,167.24 5,500 KONINKLIJKE PHIL ELE ADR (1 ORD) 18.13 137,093.01 6,800 KRAFT FOODS INC CLASS A 30.89 297,588.05 611,900 LEGAL & GENERAL GP ORD 2.5P 0.77 1,087,171.50 22,100 LILLY ELI & CO COMMON 59.55 1,830,069.96 27,900 MARKS & SPENCER GP ORD 25P 2.94 185,679.14 20,200 MARSH & MCLENNAN COS COMMON 48.12 1,354,001.73 3,900 MCGRAW HILL COS INC COMMON 61.15 325,565.41 82,800 MEDIASET EUR0.52 7.56 1,005,340.15 1,100 MEDTRONIC INC COMMON 49.37 74,615.44 14,900 MERRILL LYNCH & CO COMMON 40.45 862,054.55 5,000 METLIFE INC COMMON 26.97 185,366.18 17,800 MICROSOFT CORP COMMON 24.77 606,009.78 11,300 MILLIPORE CORP COMMON 33.70 549,672.84 11,530 MUENCHENER RUECKVE NPV(REGD) 71.25 1,309,138.83 7,100 MURATA MFG CO JPY50 4207.99 358,140.71 1,650 NESTLE SA CHF1(REGD) 271.60 475,885.82 1,000 NINTENDO CO JPY50 8598.00 101,038.32 15,600 NISSAN MOTOR CO NPV 898.79 164,767.22 12,200 NOKIA CORP SP ADR (1 ORD A) 17.01 285,339.78 48,000 NOMURA HOLDINGS JPY50 1181.35 692,331.39 5,900 NORTHERN TR CORP COMMON 37.46 301,992.87 14,600 NOVARTIS AG CHF0.50(REGD) 53.03 820,270.75 3,300 PEPSICO INC COMMON 44.08 199,875.03 12,900 PFIZER INC COMMON 31.85 564,704.00 22,700 PRAXAIR INC COMMON 58.00 1,802,933.28 2,000 PROCTER & GAMBLE CO COMMON 90.88 249,713.83 28,000 PUBLICIS GROUP SA EUR0.40 20.81 930,470.45 34,100 QUALCOMM INC COMMON 30.60 1,435,497.64 6,700 RECKITT BENCKISER ORD 10.52631589P 11.45 173,860.74 59,800 RIO TINTO PLC ORD 10P(REGD) 11.66 1,575,412.10 1,000 ROCHE HLDGS AG GENUSSCHEINE NPV 98.02 104,933.72 10,000 ROHM CO JPY50 11088.22 1,349,929.68 9,200 ROYAL BK SCOT GRP ORD 25P 15.87 330,884.20 3,700 ROYAL DUTCH PETROL EUR0.56(BR) 38.93 234,951.60 72,500 S&P 500 DEP RECEIPTS UNIT SER 1 92.71 9,368,877.84

CUMIS





5,100 SAMSUNG ELECTRONIC GDR REP 1/2 KRW5000 126.45 912,304.85 84,800 SANDVIK AB SEK6 193.56 2,921,688.29 3,500 SANOFI-SYNTHELABO EUR2 50.17 284,772.97 2,270 SAP AG ORD NPV 81.60 300,498.61 117,000 SARA LEE CORP COMMON 17.74 2,887,833.02 4,100 SBC COMMUNICATIONS COMMON 25.40 143,168.06 5,800 SCHEIN HENRY INC COMMON 48.76 393,289.68 39,400 SCHERING AG ORD NPV 41.86 2,607,274.67 115,300 SCOT & SOUTHERN ENG ORD 50P 6.47 1,719,000.75 25,400 SHIN-ETSU CHEMICAL JPY50 3583.35 1,097,605.33 3,400 SK TELECOM CO LTD ADR(1/9 ORD) 16.66 77,882.72 2,200 SKF AB SER'B'SEK12.50 216.75 84,597.15 8,100 SMC CORP JPY50 8562.35 836,846.04 11,100 SMITHS GROUP ORD 25P 6.70 168,547.59 3,800 SOC GENERALE EUR1.25 52.07 320,014.76 94,800 SONY CORP NPV 3706.59 4,276,925.91 2,400 SPX CORP COMMON 36.53 120,475.18 76,300 STATOIL ASA NOK2.50 58.70 915,315.77 2,500 STMICROELECTRONICS EUR1.04(SICOVAM) 18.71 76,318.72 830 SWISS REINSURANCE CHF0.1(REGD) 80.93 71,909.54 143,900 TAIWAN SEMICONDUCTOR SP ADR(5 ORD) 10.26 2,013,517.36 26,600 TARGET CORPORATION COMMON 31.73 1,215,041.43 20,600 TELECOM ITALIA SPA DI RISP EUR0.55 4.76 159,980.33 98,300 TELEFONICA SA EUR1 9.48 1,482,235.48 26,900 TF1-TV FRANCAISE EUR0.20 25.13 1,086,869.15 33,300 TOMKINS ORD 5P 2.25 169,805.46 6,500 TOTAL EUR10 123.47 1,294,120.81 10,000 TYCO INTL LTD COMMON PAR $0.20 17.90 246,173.77 6,700 UBS AG CHF0.80(REGD) 68.67 493,455.87 9,900 UNION PAC CORP COMMON 60.18 802,866.66 1,300 UNITED TECHNOLOGIES COMMON 67.63 120,784.24 15,700 UPM-KYMMENE OY NPV 11.48 285,957.13 13,800 VIACOM INC CLASS B 46.12 869,784.89 7,900 VNU NV EUR0.20 25.57 321,548.94 17,000 VODAFONE GRP PLC ADR(10 ORDS) 20.54 479,974.65 6,000 WACHOVIA CORP 2ND NEW COMMON 39.62 326,669.11 5,500 WAL MART STORES INC COMMON 52.40 396,020.22 3,600 WASHINGTON MUT INC COMMON 39.62 196,017.78 31,600 WELLS FARGO & CO COMMON 49.10 2,128,588.40 105,300 YAMANOUCHI PHARM JPY50 3109.50 3,857,434.07 ------------- 141,674,829.10

CUMIS




U.S. Equity Sales – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

600 ABBOTT LABS COMMON 46.65 37,540.51 34,176.18 700 ADECCO SA CHF1(REGD) 59.43 42,857.92 36,555.72 2,100 ALBERTO-CULVER CO CLASS B 49.49 150,074.73 160,264.70 26,000 ALLIED IRISH BANKS EUR0.32 12.93 535,567.49 581,639.11 27,700 ALTANA AG NPV(EU) 51.79 2,297,593.77 2,138,344.03 59,600 ALTRIA GROUP INC COMMON 42.14 3,433,434.67 3,871,151.19 1,200 AMERICAN EXPRESS CO COMMON 44.16 71,070.47 81,701.96 1,800 AMERN INTL GROUP INC COMMON 60.07 145,032.03 209,432.99 46,000 AMGEN INC COMMON 65.03 4,062,523.94 3,637,730.92 5,300 AMVESCAP ORD 25P 4.64 55,349.65 38,137.23 1,300 ASTRAZENECA ORD USD0.25 26.55 77,698.19 73,563.42 29,000 AUST & NZ BANK GRP NPV 18.20 468,018.73 468,720.12 76,100 AUTOMATIC DATA PROC COMMON 34.28 3,533,263.93 4,442,948.36 700 AVENTIS SP ADR(1 EUR3.82) 59.09 55,481.54 49,856.33 1,700 BANK NEW YORK INC COMMON 30.16 68,752.29 88,535.11 29,200 BARCLAYS ORD 25P 4.58 300,668.75 331,242.26 4,400 BCO POPULAR ESP EUR0.5 42.51 296,978.34 281,976.11 2,800 BELLSOUTH CORP COMMON 26.84 100,757.55 137,267.33 1,000 BNP PARIBAS EUR2 46.54 73,913.66 69,197.24 15,000 BP ADR (6 ORDS) 40.09 871,419.13 867,716.11 1,100 BP ORD USD0.25 4.34 10,736.03 10,535.07 203,900 BUNZL ORD 25P 4.45 2,023,310.10 1,888,844.21 1,000 CANON INC NPV 5580.00 63,579.77 58,965.92 19,300 CAREMARK RX INC COMMON 24.04 626,354.63 507,893.67 1,100 CARNIVAL CORP COMMON(PAIRED STOCK) 32.51 47,958.09 45,099.33 7,700 CHEVRONTEXACO CORP COMMON 72.55 757,583.18 737,422.65 74,300 CISCO SYSTEMS INC COMMON 16.80 1,706,074.00 2,627,355.29 6,600 CITIGROUP INC COMMON 44.48 395,398.38 470,205.39 352,000 CNOOC LTD HKD0.10 11.48 700,052.89 634,688.39 22,100 COCA COLA CO COMMON 45.91 1,389,368.27 1,497,698.00 4,800 COCHLEAR LTD NPV 34.83 147,774.98 164,483.11 1,700 CREDIT SUISSE GRP CHF1 38.45 67,342.08 57,211.29 2,800 CRH ORD EUR0.32 14.24 63,341.56 68,744.53 22,000 DAIKIN INDUSTRIES JPY50 2160.15 550,597.84 632,068.03 400 DANAHER CORP COMMON 69.88 37,493.65 38,301.16 1,100 DASSAULT SYSTEMES EUR1 33.92 59,266.96 41,499.05 900 DELL COMPUTER CORP COMMON 32.25 38,920.36 33,588.29 4,000 DIAGEO ORD 28 101/108P 6.77 60,985.74 66,962.84 81,200 DIXONS GROUP(NEW) ORD 2.5P 1.29 234,212.09 257,119.90 60,800 DU PONT E I DE NEMOU COMMON 42.19 3,502,390.80 3,849,814.92 41,214 E.ON AG NPV(EU) 42.91 2,811,892.17 2,543,207.42 800 EMERSON ELEC CO COMMON 53.15 57,035.37 64,354.33 1,700 ENGELHARD CORP COMMON 25.95 59,141.82 65,690.97 3,300 ENI EUR1 14.22 74,535.92 77,071.98 2,800 EXEL ORD 27.777777P 6.64 41,827.00 52,481.89 132,400 EXXON MOBIL CORP COMMON 35.61 6,570,791.65 8,372,980.63 800 FIFTH THIRD BANCORP COMMON 59.93 64,313.87 71,187.31 46,900 FIRSTENERGY CORP COMMON 33.43 2,252,262.24 2,427,747.73 4,200 FPL GROUP INC COMMON 59.52 363,811.84 384,759.79

CUMIS




U.S. Equity Sales – April 1 to June 30, 2003 (continued) Shares Issuer Security Price Net Amount Cost

800 FREDDIE MAC COMMON 51.88 55,662.67 74,671.19 6,000 FUJI PHOTO FILM CO JPY50 3460.83 235,235.04 258,855.71 2,000 FUJISAWA PHARM CO JPY50 2322.50 52,926.17 59,269.37 500 GANNETT INC DEL COMMON 77.79 52,174.03 57,452.67 14,000 GENERAL ELECTRIC CO COMMON 30.22 569,945.97 842,624.57 75,800 GILLETTE CO COMMON 31.29 3,291,454.90 3,604,649.68 37,300 GLAXOSMITHKLINE ORD 25P 12.50 1,059,543.93 1,324,664.78 600 GOLDMAN SACHS GROUP COMMON 91.27 73,464.19 79,210.73 800 HCA INC COMMON 33.26 35,677.68 49,903.78 3,000 HEINEKEN NV EUR2 33.25 159,383.15 175,889.16 8,200 HILTON GROUP ORD 10P 1.92 35,383.82 31,840.89 2,000 HOME DEPOT INC COMMON 34.51 92,552.42 124,787.93 1,200 HONDA MOTOR CO JPY50 4543.33 62,121.31 73,457.97 7,500 HONG KONG ELECTRIC HKD1 31.37 40,358.83 43,731.73 1,158,000 HONG KONG EXCHANGE HKD1 11.15 2,225,416.72 3,097,124.17 1,200 IBM COMMON 84.38 135,827.73 159,192.61 16,700 INTEL CORP COMMON 20.94 471,447.41 631,385.18 8,600 JAMES HARDIE INDS NV USD 0.2 7.11 54,662.60 50,270.66 35,800 JOHNSON & JOHNSON COMMON 55.76 2,885,115.46 2,828,529.79 1,300 JOHNSON CONTROLS INC COMMON 82.44 152,017.25 149,741.72 19,500 JOHNSON ELEC HLDGS HKD0.0125 9.77 32,673.14 30,547.39 800 JONES APPAREL GROUP COMMON 29.91 32,079.44 40,355.81 600 KOHLS CORP COMMON 50.00 40,240.15 48,698.18 17,800 KONINKLIJKE PHIL ELE ADR (1 ORD) 17.95 458,531.52 465,238.70 8,500 KRAFT FOODS INC CLASS A 32.68 380,624.58 467,296.83 31,800 LEGAL & GENERAL GP ORD 2.5P 0.92 66,042.04 67,869.12 900 LILLY ELI & CO COMMON 70.21 84,758.03 90,393.34 8,600 MARKS & SPENCER GP ORD 25P 3.10 59,981.79 72,876.08 1,200 MARSH & MCLENNAN COS COMMON 54.53 87,764.92 84,228.64 500 MCGRAW HILL COS INC COMMON 65.60 43,998.52 40,686.76 14,800 MEDIASET EUR0.52 7.82 184,048.27 147,784.52 300 MEDTRONIC INC COMMON 50.25 20,220.71 20,357.89 1,300 MERRILL LYNCH & CO COMMON 48.75 84,999.45 85,254.72 1,500 METLIFE INC COMMON 29.00 58,324.45 65,113.70 5,500 MICROSOFT CORP COMMON 25.93 191,206.15 214,856.62 600 MILLIPORE CORP COMMON 46.72 37,595.48 30,072.00 280 MUENCHENER RUECKVE NPV(REGD) 99.04 44,040.36 63,211.73 600 MURATA MFG CO JPY50 4770.00 32,610.27 36,454.78 240 NESTLE SA CHF1(REGD) 284.25 70,283.14 80,321.74 300 NINTENDO CO JPY50 9066.67 30,992.29 67,943.57 17,500 NISSAN MOTOR CO NPV 871.04 180,443.98 186,207.30 3,700 NOKIA CORP SP ADR (1 ORD A) 17.68 87,682.47 83,617.27 247,000 NOMURA HOLDINGS JPY50 1237.99 3,620,338.74 5,076,319.84 1,000 NORTHERN TR CORP COMMON 40.53 54,357.52 50,402.74 1,700 NOVARTIS AG CHF0.50(REGD) 54.01 94,599.81 108,038.15 112,700 OTE(HELLENIC TLCM) EUR2.39(CR) 8.86 1,568,741.21 2,599,239.27 3,100 PEPSICO INC COMMON 43.61 189,608.11 233,804.37 24,500 PFIZER INC COMMON 35.93 1,188,293.01 1,089,898.39 15,100 PRAXAIR INC COMMON 57.80 1,266,333.94 1,308,348.94 600 PROCTER & GAMBLE CO COMMON 92.13 74,154.62 79,419.55 5,300 PUBLICIS GROUP SA EUR0.40 20.87 175,866.54 156,520.76 1,100 QUALCOMM INC COMMON 33.57 49,514.06 58,201.18 9,400 RECKITT BENCKISER ORD 10.52631589P 11.24 239,934.22 244,745.44 3,300 RIO TINTO PLC ORD 10P(REGD) 12.33 91,598.20 90,939.42 24,711 ROCHE HLDGS AG GENUSSCHEINE NPV 101.69 2,638,174.21 2,766,096.31 400 ROHM CO JPY50 13562.50 61,813.66 77,031.80 2,800 ROYAL BK SCOT GRP ORD 25P 17.69 111,484.81 103,288.47 90,400 ROYAL DUTCH PETROL EUR0.56(BR) 38.85 5,625,407.23 6,617,842.14 220,800 S&P 500 DEP RECEIPTS UNIT SER 1 93.93 28,970,312.99 28,235,416.39 200 SAMSUNG ELECTRONIC GDR REP 1/2 KRW5000 150.82 40,403.34 40,768.96 1,100 SANDVIK AB SEK6 210.01 40,412.37 37,899.26

CUMIS





8,500 SANOFI-SYNTHELABO EUR2 54.50 732,683.95 807,890.09 3,320 SAP AG ORD NPV 85.90 447,294.78 424,680.64 1,400 SARA LEE CORP COMMON 19.23 36,093.33 34,487.28 162,400 SBC COMMUNICATIONS COMMON 24.15 5,429,766.34 8,961,805.29 3,200 SCHEIN HENRY INC COMMON 52.39 226,375.09 260,836.05

500 SCHERING AG ORD NPV 44.20 35,102.63 32,994.42 17,200 SCOT & SOUTHERN ENG ORD 50P 6.29 241,976.27 260,989.55 5,300 SHIN-ETSU CHEMICAL JPY50 4089.23 245,588.09 271,527.50 30,400 SIEMENS AG NPV(REGD)(EU) 45.33 2,190,651.92 2,314,535.40 1,100 SK TELECOM CO LTD ADR(1/9 ORD) 18.52 27,298.12 34,432.87 7,200 SKF AB SER'B'SEK12.50 226.90 281,784.87 302,581.93 2,100 SMC CORP JPY50 10144.97 241,378.98 281,442.44 308,400 SMITH & NEPHEW ORD 12.22P 4.11 2,828,502.34 2,793,558.27 11,600 SMITHS GROUP ORD 25P 6.77 179,260.43 189,334.41 700 SOC GENERALE EUR1.25 58.95 65,531.42 66,873.38 1,200 SONY CORP NPV 3453.33 47,217.67 54,138.30 4,800 SPX CORP COMMON 34.27 235,166.28 391,156.07 61,100 STATOIL ASA NOK2.50 61.55 703,850.29 689,812.92 46,600 STMICROELECTRONICS EUR1.04(SICOVAM) 17.36 1,271,436.29 1,681,423.89 250 SWISS REINSURANCE CHF0.1(REGD) 88.66 22,835.48 23,504.65 5,044 SWISSCOM AG CHF9(REGD) 424.36 2,239,580.67 2,263,501.26 1,800 TAIWAN SEMICONDUCTOR SP ADR(5 ORD) 10.47 25,248.41 25,186.46 1,000 TARGET CORPORATION COMMON 37.91 50,836.94 44,200.69 51,000 TELECOM ITALIA SPA DI RISP EUR0.55 4.80 379,509.05 349,607.09 3,700 TELEFONICA SA EUR1 10.31 60,574.97 56,342.09 8,900 TF1-TV FRANCAISE EUR0.20 25.35 355,026.47 332,434.29 10,200 TOMKINS ORD 5P 2.41 55,328.80 53,961.85 500 TOTAL EUR10 136.30 108,234.89 108,648.37 3,100 TYCO INTL LTD COMMON PAR $0.20 19.75 82,063.96 127,367.44 1,500 UBS AG CHF0.80(REGD) 75.64 116,887.94 114,782.19 600 UNION PAC CORP COMMON 60.37 48,588.03 54,959.81 31,700 UNITED TECHNOLOGIES COMMON 67.92 2,961,014.66 2,584,176.05 173,100 UPM-KYMMENE OY NPV 13.43 3,697,376.36 4,603,354.87 132,300 UTD UTILITIES ORD GBP1 6.03 1,831,137.95 1,934,036.33 1,300 VIACOM INC CLASS B 46.89 81,757.98 94,803.23 64,400 VNU NV EUR0.20 22.93 2,353,249.24 2,650,363.94 5,200 VODAFONE GRP PLC ADR(10 ORDS) 20.86 145,402.55 144,925.28 1,800 WACHOVIA CORP 2ND NEW COMMON 42.78 103,271.25 94,125.33 14,200 WAL MART STORES INC COMMON 53.55 1,069,685.98 1,123,116.06 1,100 WASHINGTON MUT INC COMMON 43.85 64,684.47 61,566.98 1,800 WELLS FARGO & CO COMMON 51.89 125,265.90 133,444.61 258,400 WOOLWORTHS LTD NPV 12.57 2,874,714.75 2,777,655.62 44,300 WYETH COMMON 37.52 2,442,606.25 3,276,436.66 1,300 YAMANOUCHI PHARM JPY50 3198.46 47,377.19 47,622.64 ------------- --------------- 138,416,430.77 153,463,626.36

CUMIS



PH&N U.S. Equity Fund

Short Term Purchases – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount

1,700,000 ALCAN ALMNM US D/N 1.350 APR 15 03 99.95 2,512,405.04 1,700,000 BANK OF MNTRL US BDN 1.000 JUL 18 03 99.95 2,299,884.44 1,300,000 BANK OF NS US B/A 1.176 MAY 23 03 99.95 1,822,030.74 500,000 BANK OF NS US B/A 1.197 JUN 03 03 99.87 726,032.99 700,000 CATERPILLAR US D/N 1.219 JUN 30 03 99.89 961,978.42 500,000 CHEVRON CDA US D/N 1.170 JUN 24 03 99.97 670,425.60 1,600,000 CHEVRON CDA US D/N 1.183 JUN 24 03 99.98 2,143,267.52 200,000 CHEVRON CDA US D/N 1.234 JUN 19 03 99.95 271,689.54 900,000 CHEVRON CDA US D/N 1.260 MAY 12 03 99.95 1,308,274.38 100,000 CHEVRON CDA US D/N 1.260 MAY 15 03 99.97 142,265.11 300,000 ENBRIDGE INC D/N 1.311 MAY 28 03 99.95 413,548.99 1,900,000 ENCANA CORP US D/N 1.080 JUN 27 03 99.99 2,582,626.33 100,000 ENCANA CORP US D/N 1.156 JUL 07 03 99.94 134,103.11 100,000 ENCANA CORP US D/N 1.249 JUN 27 03 99.94 135,584.92 200,000 ENCANA CORP US D/N 1.300 JUN 27 03 99.94 270,704.04 500,000 ENCANA CORP US D/N 1.303 JUN 02 03 99.92 694,746.50 1,700,000 ENCANA CORP US D/N 1.307 APR 28 03 99.93 2,500,842.04 1,100,000 ENCANA CORP US D/N 1.311 APR 28 03 99.95 1,598,693.35 400,000 ENCANA CORP US D/N 1.313 JUN 02 03 99.94 549,679.20 400,000 ENCANA CORP US D/N 1.320 JUN 27 03 99.91 547,617.55 2,000,000 ENCANA CORP US D/N 1.320 MAY 07 03 99.97 2,907,741.80 1,500,000 ENCANA CORP US D/N 1.324 JUN 30 03 99.90 2,057,828.33 2,100,000 ENCANA CORP US D/N 1.329 APR 28 03 99.95 3,047,737.39 1,300,000 QUEBEC PROV US DPN 1.026 JUL 17 03 99.94 1,757,441.60 500,000 QUEBEC PROV US DPN 1.200 JUN 30 03 99.89 685,994.56 700,000 ROYAL BANK US B/A 1.200 MAY 15 03 99.92 1,014,638.76 1,700,000 ROYAL BANK US T/D 1.125 JUN 25 03 100.00 2,310,978.92 200,000 ROYAL BANK US T/D 1.180 JUN 12 03 100.00 272,960.03 2,200,000 ROYAL BANK US T/D 1.200 APR 07 03 100.00 3,242,910.19 200,000 ROYAL BANK US T/D 1.200 JUN 09 03 100.00 268,470.07 100,000 ROYAL BANK US T/D 1.200 MAY 12 03 100.00 139,449.98 100,000 ROYAL BANK US T/D 1.230 APR 11 03 100.00 146,770.03 300,000 ROYAL BANK US T/D 1.230 JUN 06 03 100.00 407,730.02 1,400,000 ROYAL BANK US T/D 1.230 MAY 08 03 100.00 1,970,709.62 200,000 ROYAL BANK US T/D 1.250 APR 17 03 100.00 290,470.11 2,000,000 ROYAL BANK US T/D 1.313 APR 16 03 100.00 2,904,000.99 500,000 TRANSALTA CP US D/N 1.404 JUN 02 03 99.96 683,258.55 -------------- ------------- 32,900,000 46,395,490.76

CUMIS




Short Term Sales – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

1,600,000 BANK OF MNTRL US B/A 1.200 APR 15 03 99.97 2,360,101.46 2,346,106.45 700,000 BANK OF NS US B/A 1.176 MAY 23 03 99.99 952,266.71 981,093.48 500,000 CATERPILLAR US D/N 1.219 JUN 30 03 99.94 675,262.60 687,127.44 200,000 CHEVRON CDA US D/N 1.183 JUN 24 03 100.00 270,561.97 267,908.44 800,000 CHEVRON CDA US D/N 1.215 APR 04 03 99.99 1,176,630.14 1,177,361.47 200,000 CHEVRON CDA US D/N 1.234 JUN 19 03 99.97 270,572.36 271,689.54 1,100,000 ENCANA CORP US D/N 1.080 JUN 27 03 100.00 1,478,684.79 1,495,204.72 600,000 ENCANA CORP US D/N 1.307 APR 28 03 99.96 870,063.63 882,650.13 200,000 ENCANA CORP US D/N 1.320 MAY 07 03 99.98 283,591.85 290,774.18 500,000 QUEBEC PROV US DPN 1.200 JUN 30 03 99.91 688,469.01 685,994.56 700,000 ROYAL BANK US B/A 1.200 MAY 15 03 99.93 1,012,125.44 1,014,638.76 -------------- ------------- --------------- 7,100,000 10,038,329.96 10,100,549.16

CUMIS




Short Term Maturities – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

1,700,000 ALCAN ALMNM US D/N 1.350 APR 15 03 99.96 2,467,290.06 2,512,405.04 500,000 BANK OF MNTRL US B/A 1.200 APR 15 03 99.95 725,637.25 733,158.26 600,000 BANK OF NS US B/A 1.176 MAY 23 03 99.95 819,828.24 840,937.26 500,000 BANK OF NS US B/A 1.197 JUN 03 03 99.87 684,213.63 726,032.99 200,000 CATERPILLAR US D/N 1.219 JUN 30 03 99.90 270,425.75 274,850.98 500,000 CHEVRON CDA US D/N 1.170 JUN 24 03 99.97 679,522.96 670,425.60 1,400,000 CHEVRON CDA US D/N 1.183 JUN 24 03 99.98 1,902,721.38 1,875,359.08 100,000 CHEVRON CDA US D/N 1.215 APR 04 03 99.97 147,365.21 147,170.18 900,000 CHEVRON CDA US D/N 1.260 MAY 12 03 99.95 1,250,881.61 1,308,274.38 100,000 CHEVRON CDA US D/N 1.260 MAY 15 03 99.96 137,871.73 142,265.11 300,000 ENBRIDGE INC D/N 1.311 MAY 28 03 99.95 411,839.84 413,548.99 800,000 ENCANA CORP US D/N 1.080 JUN 27 03 99.99 1,082,021.94 1,087,421.61 100,000 ENCANA CORP US D/N 1.249 JUN 27 03 99.94 135,185.11 135,584.92 200,000 ENCANA CORP US D/N 1.300 JUN 27 03 99.93 270,353.99 270,704.04 500,000 ENCANA CORP US D/N 1.303 JUN 02 03 99.92 686,128.16 694,746.50 1,100,000 ENCANA CORP US D/N 1.307 APR 28 03 99.93 1,598,682.07 1,618,191.91 1,100,000 ENCANA CORP US D/N 1.311 APR 28 03 99.95 1,598,970.03 1,598,693.35 400,000 ENCANA CORP US D/N 1.313 JUN 02 03 99.94 548,979.43 549,679.20 400,000 ENCANA CORP US D/N 1.320 JUN 27 03 99.91 540,583.53 547,617.55 1,800,000 ENCANA CORP US D/N 1.320 MAY 07 03 99.97 2,532,933.37 2,616,967.62 1,500,000 ENCANA CORP US D/N 1.324 JUN 30 03 99.90 2,028,233.70 2,057,828.33 2,100,000 ENCANA CORP US D/N 1.329 APR 28 03 99.95 3,052,670.77 3,047,737.39 1,700,000 ROYAL BANK US T/D 1.125 JUN 25 03 100.00 2,316,761.22 2,310,978.92 200,000 ROYAL BANK US T/D 1.180 JUN 12 03 100.00 270,640.02 272,960.03 2,200,000 ROYAL BANK US T/D 1.200 APR 07 03 100.00 3,243,569.99 3,242,910.19 200,000 ROYAL BANK US T/D 1.200 JUN 09 03 100.00 270,880.12 268,470.07 100,000 ROYAL BANK US T/D 1.200 MAY 12 03 100.00 139,054.98 139,449.98 100,000 ROYAL BANK US T/D 1.230 APR 11 03 100.00 145,600.04 146,770.03 300,000 ROYAL BANK US T/D 1.230 JUN 06 03 100.00 402,705.10 407,730.02 1,400,000 ROYAL BANK US T/D 1.230 MAY 08 03 100.00 1,963,148.89 1,970,709.62 200,000 ROYAL BANK US T/D 1.250 APR 17 03 100.00 290,140.17 290,470.11 2,000,000 ROYAL BANK US T/D 1.313 APR 16 03 100.00 2,904,701.11 2,904,000.99 500,000 TRANSALTA CP US D/N 1.404 JUN 02 03 99.96 686,382.22 683,258.55 -------------- ------------- --------------- 25,700,000 36,205,923.62 36,507,308.8

CUMIS





4,300 ABBOTT LABS COMMON 45.04 262,294.59 2,900 ALLTEL CORP COMMON 48.67 191,188.82 4,100 ALTRIA GROUP INC COMMON 44.25 245,748.81 34,400 AMERN INTL GROUP INC COMMON 58.43 2,729,694.28 2,100 AMGEN INC COMMON 64.64 183,902.02 4,300 AON CORPORATION COMMON 25.46 148,141.46 87,800 AVERY DENNISON CORP COMMON 51.35 6,276,083.79 6,500 BANK NEW YORK INC COMMON 28.17 252,523.86 54,000 BANK ONE CORPORATION COMMON 36.23 2,818,946.38 48,100 BEMIS INC COMMON 46.11 3,035,769.30 35,200 BISYS GROUP INC COMMON 15.91 807,177.08 3,600 BRISTOL MYERS SQUIBB COMMON 27.79 135,585.26 11,000 CAREMARK RX INC COMMON 23.06 348,691.73 4,400 CARNIVAL CORP COMMON(PAIRED STOCK) 31.90 190,163.09 3,400 CHEVRONTEXACO CORP COMMON 73.64 338,628.06 27,000 CISCO SYSTEMS INC COMMON 17.17 638,770.89 15,100 CITIGROUP INC COMMON 42.72 884,454.36 19,100 COCA COLA CO COMMON 41.45 1,126,081.15 15,600 COLGATE PALMOLIVE CO COMMON 56.39 1,259,393.82 1,100 COORS ADOLPH CO CLASS B 51.07 75,960.52 49,800 CREE INC COMMON 20.16 1,436,461.31 41,100 DANAHER CORP COMMON 69.02 3,877,864.62 137,400 DARDEN RESTAURANT COMMON 18.09 3,651,935.62 5,100 DELL COMPUTER CORP COMMON 32.16 221,881.42 48,700 DOVER CORP COMMON 24.44 1,756,026.17 4,000 DST SYS INC DEL COMMON 35.97 197,404.51 2,600 EXPRESS SCRIPTS INC CLASS A 69.03 243,145.42 12,900 EXXON MOBIL CORP COMMON 36.33 644,074.05 7,100 FEDERAL NTL MTG ASSN COMMON 71.04 696,629.34 58,300 FIFTH THIRD BANCORP COMMON 49.32 4,165,980.79 54,800 FISERV INC COMMON 30.97 2,431,601.27 700 FLEETBOSTON FNL CORP COMMON 30.22 28,607.54 42,300 FREDDIE MAC COMMON 52.62 3,078,865.55 21,100 GANNETT INC DEL COMMON 72.31 2,238,586.34 153,900 GAP INC COMMON 18.68 3,883,045.47 95,300 GENERAL ELECTRIC CO COMMON 29.69 3,863,027.65 19,500 GOLDMAN SACHS GROUP COMMON 84.00 2,217,263.93 66,200 HCA INC COMMON 30.56 2,930,023.95 83,200 HEALTH MGMT ASSOC CLASS A 18.02 2,064,210.06 32,000 HERSHEY FOODS CORP COMMON 67.29 2,992,883.26 5,100 HOME DEPOT INC COMMON 33.01 228,185.86 17,500 IBM COMMON 82.80 1,977,836.25 5,200 INTEL CORP COMMON 21.02 148,105.22 105,900 INVESTORS FINL SVCS COMMON 22.86 3,333,333.67 27,000 JOHN HANCOCK FNL SVS COMMON 27.46 1,031,953.50 24,800 JOHNSON & JOHNSON COMMON 53.97 1,844,225.52

CUMIS





3,300 JONES APPAREL GROUP COMMON 29.69 132,705.34 5,200 KRAFT FOODS INC CLASS A 32.92 231,825.01 2,700 L-3 COMMUNICATIONS COMMON 45.21 165,352.72 2,700 LABORATORY CORP AMER COMMON 29.89 109,324.77 18,600 LILLY ELI & CO COMMON 62.53 1,660,744.58 29,300 LINEAR TECHNOLOGY COMMON 32.49 1,288,884.12 3,400 MARSH & MCLENNAN COS COMMON 51.87 238,865.18 38,100 MAXIM INTEGRATED PRO COMMON 38.11 2,005,004.67 78,000 MEDTRONIC INC COMMON 49.49 5,213,342.38 4,500 MELLON FINL CORP COMMON 27.96 170,499.09 1,500 MERCK & CO INC COMMON 62.30 126,355.28 20,600 METLIFE INC COMMON 27.30 782,316.47 63,000 MICROCHIP TECHNOLOGY COMMON 20.62 1,900,269.51 95,300 MICROSOFT CORP COMMON 25.10 3,253,658.34 97,500 MORGAN STANLEY COMMON 44.14 5,811,865.16 116,300 NATL COMM FIN CORP COMMON 21.06 3,396,475.47 17,600 OCCIDENTAL PETE CORP COMMON 32.38 780,978.75 2,300 OLD REP INTL CORP COMMON 32.13 102,804.87 77,500 OMNICARE INC COMMON 27.03 2,903,423.36 91,600 PARKER HANNIFIN CORP COMMON 40.03 5,225,525.04 7,900 PEPSICO INC COMMON 44.24 479,356.05 85,000 PFIZER INC COMMON 32.07 3,909,194.33 20,800 PMI GROUP INC COMMON 28.11 826,976.78 33,300 PRAXAIR INC COMMON 59.73 2,682,825.99 60,800 QUALCOMM INC COMMON 31.52 2,697,898.82 2,900 ROHM & HAAS CO COMMON 32.46 127,483.87 103,900 S&P 500 DEP RECEIPTS UNIT SER 1 91.93 13,566,741.64 178,200 SARA LEE CORP COMMON 17.27 4,463,896.86 7,500 SCHEIN HENRY INC COMMON 50.69 514,217.52 6,400 SEMTECH CORP COMMON 14.85 128,805.47 6,900 SPX CORP COMMON 41.49 391,967.92 3,300 STATE STREET CORP COMMON 39.83 178,044.64 38,100 STRYKER CORP COMMON 71.78 3,703,522.62 26,100 SYNOVUS FINL CORP COMMON 18.73 714,466.88 15,000 TELEFLEX INC COMMON 38.68 796,816.71 4,400 TEXAS INSTRUMENTS COMMON 18.30 109,150.47 63,100 TYCO INTL LTD COMMON PAR $0.20 15.07 1,359,453.18 15,500 UNITED PARCEL SV INC CLASS B 63.62 1,325,200.63 2,300 UNITEDHEALTH GRP INC COMMON 50.06 155,981.06 60,500 US BANCORP DEL COMMON 21.55 1,864,365.93 2,900 VERIZON COMMUNICATNS COMMON 40.00 156,979.81 32,000 VIACOM INC CLASS B 44.21 1,922,370.31 64,100 WAL MART STORES INC COMMON 54.57 4,775,554.77 12,400 WASHINGTON MUT INC COMMON 42.66 716,277.39 37,500 WATERS CORP COMMON 22.50 1,232,578.59 26,800 WELLS FARGO & CO COMMON 48.69 1,850,914.06 4,000 WYETH COMMON 35.19 204,465.43 ------------- 159,488,085.40

CUMIS





33,300 ABBOTT LABS COMMON 42.38 1,980,512.51 1,980,196.98 3,000 ALLTEL CORP COMMON 45.86 200,263.48 247,470.63 4,300 ALTRIA GROUP INC COMMON 30.10 188,378.70 295,443.25 9,700 AMERN INTL GROUP INC COMMON 53.14 750,330.69 1,026,165.28 2,000 AMGEN INC COMMON 57.95 168,713.42 153,209.88 37,100 AON CORPORATION COMMON 22.28 1,205,619.40 1,014,056.68 88,200 AUTOMATIC DATA PROC COMMON 34.05 4,104,406.76 4,854,833.88 10,500 AVERY DENNISON CORP COMMON 52.85 807,996.82 763,553.16 115,500 BANK NEW YORK INC COMMON 27.74 4,430,647.78 4,648,680.08 43,000 BECKMAN COULTER INC COMMON 34.30 2,137,785.33 1,962,138.67 4,400 BEMIS INC COMMON 44.93 287,856.92 279,135.65 8,700 BISYS GROUP INC COMMON 14.79 187,212.48 214,807.49 3,400 BRISTOL MYERS SQUIBB COMMON 22.25 110,091.76 122,159.52 40,400 CAREMARK RX INC COMMON 20.22 1,143,300.35 1,066,290.26 4,400 CARNIVAL CORP COMMON 25.36 162,394.67 209,416.35 195,800 CENDANT CORP COMMON 13.00 3,728,327.76 4,332,191.10 28,100 CHEVRONTEXACO CORP COMMON 71.41 2,746,813.76 3,351,633.49 68,400 CISCO SYSTEMS INC COMMON 15.16 1,462,283.35 2,566,611.75 37,400 CITIGROUP INC COMMON 37.09 2,031,927.68 2,168,869.60 33,200 COCA COLA CO COMMON 45.47 2,072,443.14 2,424,321.44 2,700 COLGATE PALMOLIVE CO COMMON 55.68 218,839.71 238,769.83 116,300 CONCORD EFS INC COMMON 11.92 2,030,180.25 1,835,732.58 233,500 CONVERGYS CORP COMMON 16.34 5,237,500.65 6,211,839.71 40,800 COORS ADOLPH CO CLASS B 49.53 2,744,256.95 3,848,760.78 49,800 CREE INC COMMON 19.17 1,279,218.43 1,436,461.31 5,200 DARDEN RESTAURANT COMMON 18.32 138,622.22 139,132.92 33,500 DELL COMPUTER CORP COMMON 30.97 1,430,782.87 1,433,648.48 219,900 DOLLAR GEN CORP COMMON 17.42 5,244,257.80 4,284,335.29 48,700 DOVER CORP COMMON 28.71 1,948,518.66 1,756,026.17 59,900 DST SYS INC DEL COMMON 37.40 3,037,349.21 3,231,692.79 13,000 EXPRESS SCRIPTS INC CLASS A 69.76 1,235,509.87 1,035,885.85 14,300 EXXON MOBIL CORP COMMON 34.68 721,823.53 820,486.70 7,200 FEDERAL NTL MTG ASSN COMMON 68.27 715,549.92 823,729.67 36,100 FIFTH THIRD BANCORP COMMON 57.90 2,833,527.47 2,883,339.26 112,900 FIRSTENERGY CORP COMMON 34.80 5,514,838.68 6,084,557.09 3,000 FISERV INC COMMON 31.49 137,498.23 145,890.32 73,000 FLEETBOSTON FNL CORP COMMON 30.17 2,987,940.46 3,377,229.97 90,100 FREDDIE MAC COMMON 50.60 6,206,302.90 8,086,773.34 2,400 GANNETT INC DEL COMMON 72.28 252,528.54 270,071.64 82,000 GENERAL ELECTRIC CO COMMON 28.01 3,334,938.37 4,598,001.79 4,400 HCA INC COMMON 35.52 227,480.66 308,246.00 5,200 HEALTH MGMT ASSOC CLASS A 18.81 142,331.93 142,523.60 66,800 HOME DEPOT INC COMMON 27.95 2,647,986.75 3,513,113.50 3,000 IBM COMMON 79.01 345,055.93 433,293.91 20,800 INTEL CORP COMMON 17.79 536,065.26 1,211,292.65 12,700 INVESTORS FINL SVCS COMMON 29.01 498,327.52 398,684.24

CUMIS





4,200 JOHN HANCOCK FNL SVS COMMON 28.57 174,641.98 192,523.46 6,300 JOHNSON & JOHNSON COMMON 57.21 524,659.74 511,813.66 3,400 JONES APPAREL GROUP COMMON 27.04 133,803.07 175,220.87 50,400 KIMBERLY CLARK CORP COMMON 52.95 3,618,025.56 4,034,115.19 80,000 KRAFT FOODS INC CLASS A 32.25 3,496,361.30 4,108,377.58 2,700 L-3 COMMUNICATIONS COMMON 36.48 143,364.19 177,012.65 2,800 LABORATORY CORP AMER COMMON 28.60 116,550.28 120,546.49 3,200 LILLY ELI & CO COMMON 59.67 277,954.93 284,010.07 53,200 LINEAR TECHNOLOGY COMMON 35.11 2,658,958.29 2,113,452.14 3,500 MARSH & MCLENNAN COS COMMON 44.24 225,385.59 257,440.31 2,300 MAXIM INTEGRATED PRO COMMON 36.40 121,857.16 112,855.15 142,000 MELLON FINL CORP COMMON 25.30 5,211,912.28 5,404,266.17 70,700 MERCK & CO INC COMMON 60.69 5,891,256.06 6,628,560.71 4,500 METLIFE INC COMMON 27.57 180,564.71 201,906.19 46,800 MICROCHIP TECHNOLOGY COMMON 23.33 1,484,462.85 1,436,994.10 33,400 MICROSOFT CORP COMMON 24.59 1,195,279.58 1,647,468.67 100,900 NICOR INC COMMON 32.18 4,567,063.32 5,135,056.63 88,800 NORTHERN TR CORP COMMON 35.11 4,474,887.99 5,059,607.24 4,100 OCCIDENTAL PETE CORP COMMON 30.47 181,825.55 194,910.24 73,900 OLD REP INTL CORP COMMON 33.46 3,375,855.52 3,897,781.47 7,400 PEPSICO INC COMMON 39.79 428,585.67 518,577.45 24,500 PFIZER INC COMMON 31.74 1,131,819.87 1,353,829.41 3,100 PMI GROUP INC COMMON 25.87 116,716.25 134,027.05 4,200 QUALCOMM INC COMMON 32.31 197,511.75 220,054.02 36,400 ROHM & HAAS CO COMMON 31.83 1,579,131.56 1,869,147.89 182,300 S&P 500 DEP RECEIPTS UNIT SER 1 97.36 24,343,016.64 23,786,706.83 22,900 SARA LEE CORP COMMON 18.90 580,364.36 573,507.70 2,600 SCHEIN HENRY INC COMMON 43.94 166,293.66 170,314.61 16,800 SEMTECH CORP COMMON 15.06 352,288.42 384,424.33 21,300 SPX CORP COMMON 37.88 1,113,568.65 1,385,535.59 82,400 STANLEY WORKS COMMON 24.98 3,029,781.24 3,256,388.54 3,300 STATE STREET CORP COMMON 32.65 156,821.36 203,763.34 170,500 SYNOVUS FINL CORP COMMON 21.89 5,073,948.80 5,186,272.39 15,000 TELEFLEX INC COMMON 43.92 894,530.68 796,816.71 120,700 TEXAS INSTRUMENTS COMMON 17.68 3,104,264.10 6,747,500.67 68,000 TYCO INTL LTD COMMON PAR $0.20 17.10 1,604,132.85 1,628,498.72 1,100 UNITEDHEALTH GRP INC COMMON 91.64 146,747.78 154,665.68 21,100 US BANCORP DEL COMMON 21.16 648,486.55 658,198.15 3,900 VERIZON COMMUNICATNS COMMON 34.25 194,419.35 256,948.46 5,700 VIACOM INC CLASS B 40.40 335,189.08 354,945.16 11,400 WAL MART STORES INC COMMON 54.58 905,732.54 933,367.82 5,000 WASHINGTON MUT INC COMMON 35.98 261,849.41 268,983.49 58,300 WATERS CORP COMMON 26.30 2,112,060.18 2,091,369.55 5,300 WELLS FARGO & CO COMMON 46.91 361,901.07 408,502.26 76,100 WYETH COMMON 38.34 4,244,106.81 3,969,852.01 79,200 ZIONS BANCORPORATION COMMON 46.62 5,277,942.00 5,743,662.32 ------------- --------------- 177,970,420.07 196,980,483.68

CUMIS



PH&N Bond Fund


17,300,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 17,273,358.00 7,200,000 ALBERTA PROV DPN 3.146 MAY 30 03 99.78 7,184,520.00 32,700,000 ALBERTA PROV DPN 3.152 MAY 30 03 99.86 32,654,874.00 8,700,000 ALBERTA PROV DPN 3.156 JUN 30 03 99.84 8,685,732.00 3,900,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 3,895,281.00 2,800,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 2,795,856.00 13,800,000 ALBERTA PROV DPN 3.192 APR 30 03 99.87 13,781,922.00 10,000,000 ALCAN ALUMINIUM D/N 3.379 MAY 01 03 99.93 9,992,600.00 700,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 699,083.00 7,400,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 7,390,898.00 21,500,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.89 21,475,275.00 17,500,000 ALTA MUNI FIN PDN 3.152 JUN 09 03 99.78 17,460,800.00 13,300,000 ALTA MUNI FIN PDN 3.156 JUL 07 03 99.84 13,278,188.00 400,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 399,516.00 9,200,000 ALTA MUNI FIN PDN 3.168 JUL 07 03 99.84 9,185,648.00 4,400,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 4,392,344.00 19,600,000 ALTA MUNI FIN PDN 3.181 MAY 13 03 99.83 19,565,896.00 45,200,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 45,172,880.00 1,900,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 1,898,841.00 900,000 BANK OF N.S. B/A 3.285 APR 16 03 99.99 899,919.00 6,900,000 CANADA GOVT T/B 2.949 MAY 08 03 99.71 6,879,990.00 11,800,000 CANADA GOVT T/B 3.065 JUL 31 03 99.71 11,765,426.00 5,400,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 5,395,788.00 24,700,000 CANADA GOVT T/B 3.176 JUL 03 03 99.70 24,627,135.00 600,000 CANADA GOVT T/B 3.178 JUN 05 03 99.91 599,478.00 6,800,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 6,791,092.00 43,700,000 CANADA GOVT T/B 3.194 JUL 03 03 99.69 43,562,782.00 26,900,000 CANADA GOVT T/B 3.211 JUN 05 03 99.88 26,866,913.00 1,500,000 CATERPILLAR D/N 3.286 APR 28 03 99.97 1,499,595.00 1,200,000 CONGRESS FIN D/N 3.275 MAY 27 03 99.68 1,196,136.00 10,350,000 GE CDA ENT CO D/N 3.267 MAY 22 03 99.75 10,324,125.00 500,000 HONDA AUTO REC D/N 3.252 MAY 14 03 99.83 499,155.00 10,000,000 HOUSEHOLD FIN D/N 3.306 JUN 03 03 99.64 9,963,900.00 11,000,000 ONTARIO PROV PTB 3.152 JUN 09 03 99.78 10,975,360.00 865,000 ONTARIO PROV PTB 3.152 MAY 20 03 99.78 863,062.40 6,150,000 PLAZA TRUST D/N 3.286 JUN 30 03 99.96 6,147,786.00 21,000,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 20,979,210.00 49,000,000 QUEBEC PROV DPN 3.136 JUL 09 03 99.84 48,920,130.00 5,600,000 QUEBEC PROV DPN 3.158 MAY 27 03 99.88 5,593,224.00 1,000,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 998,870.00 21,100,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 21,076,157.00 56,500,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 56,425,985.00

CUMIS



PH&N Bond Fund

Short Term Purchases – April 1 to June 30, 2003 (continued) Par Value Issuer Security Price Net Amount

6,700,000 ROYAL BANK CDA B/A 3.256 MAY 21 03 99.74 6,682,714.00 1,600,000 ROYAL BANK CDA T/D 2.950 APR 03 03 100.00 1,600,000.00 2,600,000 ROYAL BANK CDA T/D 2.950 APR 14 03 100.00 2,600,000.00 2,700,000 ROYAL BANK CDA T/D 3.200 APR 28 03 100.00 2,700,000.00 27,700,000 ROYAL BANK CDA T/D 3.200 JUL 02 03 100.00 27,700,000.00 400,000 ROYAL BANK CDA T/D 3.200 JUN 02 03 100.00 400,000.00 27,400,000 ROYAL BANK CDA T/D 3.200 JUN 03 03 100.00 27,400,000.00 11,000,000 ROYAL BANK CDA T/D 3.200 JUN 06 03 100.00 11,000,000.00 7,700,000 ROYAL BANK CDA T/D 3.200 JUN 19 03 100.00 7,700,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 700,000.00 6,400,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 6,400,000.00 6,800,000 ROYAL BANK CDA T/D 3.200 JUN 25 03 100.00 6,800,000.00 7,350,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 7,350,000.00 7,800,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 7,800,000.00 7,000,000 ROYAL BANK CDA T/D 3.200 MAY 15 03 100.00 7,000,000.00 500,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 500,000.00 2,300,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 2,300,000.00 5,800,000 ROYAL BANK CDA T/D 3.200 MAY 30 03 100.00 5,800,000.00 6,700,000 ROYAL BANK CDA T/D 3.220 JUN 24 03 100.00 6,700,000.00 21,900,000 ROYAL BANK CDA T/D 3.220 MAY 20 03 100.00 21,900,000.00 28,900,000 T D BANK BDN 3.247 JUN 26 03 99.85 28,856,361.00 5,400,000 WESTON G LTD D/N 3.272 MAY 26 03 99.71 5,384,556.00 -------------- ------------- 756,315,000 755,308,361.40

CUMIS



PH&N Bond Fund

Short Term Sales – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

18,400,000 ALBERTA PROV DPN 3.152 MAY 30 03 99.91 18,383,992.00 18,374,608.00 13,800,000 ALBERTA PROV DPN 3.192 APR 30 03 99.98 13,797,516.00 13,781,922.00 10,000,000 ALCAN ALUMINIUM D/N 3.379 MAY 01 03 99.97 9,997,300.00 9,992,600.00 2,200,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.94 2,198,744.00 2,197,294.00 14,100,000 ALTA MUNI FIN PDN 3.181 MAY 13 03 99.87 14,081,670.00 14,075,466.00 8,700,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.96 8,696,172.00 8,694,780.00 5,600,000 CANADA GOVT T/B 2.949 MAY 08 03 99.72 5,584,208.00 5,583,760.00 2,500,000 CANADA GOVT T/B 3.192 JUN 05 03 99.99 2,499,775.00 2,496,725.00 29,000,000 CANADA GOVT T/B 3.194 JUL 03 03 99.88 28,964,115.00 28,908,940.00 14,100,000 QUEBEC PROV DPN 3.014 APR 22 03 99.93 14,090,553.00 14,086,041.00 1,100,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.97 1,099,703.00 1,098,559.00 -------------- ------------- --------------- 119,500,000 119,393,748.00 119,290,695.00

CUMIS



PH&N Bond Fund

Short Term Maturities – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

17,300,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 17,273,358.00 17,273,358.00 7,200,000 ALBERTA PROV DPN 3.146 MAY 30 03 99.78 7,184,520.00 7,184,520.00 4,300,000 ALBERTA PROV DPN 3.152 MAY 30 03 99.86 14,280,266.00 14,280,266.00 8,700,000 ALBERTA PROV DPN 3.156 JUN 30 03 99.84 8,685,732.00 8,685,732.00 3,900,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 3,895,281.00 3,895,281.00 2,800,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 2,795,856.00 2,795,856.00 700,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 699,083.00 699,083.00 5,200,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 5,193,604.00 5,193,604.00 21,500,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.89 21,475,275.00 21,475,275.00 17,500,000 ALTA MUNI FIN PDN 3.152 JUN 09 03 99.78 17,460,800.00 17,460,800.00 400,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 399,516.00 399,516.00 4,400,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 4,392,344.00 4,392,344.00 5,500,000 ALTA MUNI FIN PDN 3.181 MAY 13 03 99.83 5,490,430.00 5,490,430.00 36,500,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 36,478,100.00 36,478,100.00 1,900,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 1,898,841.00 1,898,841.00 900,000 BANK OF N.S. B/A 3.285 APR 16 03 99.99 899,919.00 899,919.00 1,300,000 CANADA GOVT T/B 2.949 MAY 08 03 99.71 1,296,230.00 1,296,230.00 5,400,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 5,395,788.00 5,395,788.00 600,000 CANADA GOVT T/B 3.178 JUN 05 03 99.91 599,478.00 599,478.00 4,300,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 4,294,367.00 4,294,367.00 26,900,000 CANADA GOVT T/B 3.211 JUN 05 03 99.88 26,866,913.00 26,866,913.00 1,500,000 CATERPILLAR D/N 3.286 APR 28 03 99.97 1,499,595.00 1,499,595.00 1,200,000 CONGRESS FIN D/N 3.275 MAY 27 03 99.68 1,196,136.00 1,196,136.00 10,350,000 GE CDA ENT CO D/N 3.267 MAY 22 03 99.75 10,324,125.00 10,324,125.00 500,000 HONDA AUTO REC D/N 3.252 MAY 14 03 99.83 499,155.00 499,155.00 10,000,000 HOUSEHOLD FIN D/N 3.306 JUN 03 03 99.64 9,963,900.00 9,963,900.00 11,000,000 ONTARIO PROV PTB 3.152 JUN 09 03 99.78 10,975,360.00 10,975,360.00 865,000 ONTARIO PROV PTB 3.152 MAY 20 03 99.78 863,062.40 863,062.40 6,150,000 PLAZA TRUST D/N 3.286 JUN 30 03 99.96 6,147,786.00 6,147,786.00 6,900,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 6,893,169.00 6,893,169.00 5,600,000 QUEBEC PROV DPN 3.158 MAY 27 03 99.88 5,593,224.00 5,593,224.00 1,000,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 998,870.00 998,870.00 21,100,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 21,076,157.00 21,076,157.00 55,400,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 55,327,426.00 55,327,426.00 6,700,000 ROYAL BANK CDA B/A 3.256 MAY 21 03 99.74 6,682,714.00 6,682,714.00 1,600,000 ROYAL BANK CDA T/D 2.950 APR 03 03 100.00 1,600,000.00 1,600,000.00 2,600,000 ROYAL BANK CDA T/D 2.950 APR 14 03 100.00 2,600,000.00 2,600,000.00 2,700,000 ROYAL BANK CDA T/D 3.200 APR 28 03 100.00 2,700,000.00 2,700,000.00 400,000 ROYAL BANK CDA T/D 3.200 JUN 02 03 100.00 400,000.00 400,000.00 27,400,000 ROYAL BANK CDA T/D 3.200 JUN 03 03 100.00 27,400,000.00 27,400,000.00 11,000,000 ROYAL BANK CDA T/D 3.200 JUN 06 03 100.00 11,000,000.00 11,000,000.00 7,700,000 ROYAL BANK CDA T/D 3.200 JUN 19 03 100.00 7,700,000.00 7,700,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 700,000.00 700,000.00

CUMIS



PH&N Bond Fund

Short Term Maturities – April 1 to June 30, 2003 (continued) Par Value Issuer Security Price Net Amount Cost

6,400,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 6,400,000.00 6,400,000.00 6,800,000 ROYAL BANK CDA T/D 3.200 JUN 25 03 100.00 6,800,000.00 6,800,000.00 7,350,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 7,350,000.00 7,350,000.00 7,800,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 7,800,000.00 7,800,000.00 7,000,000 ROYAL BANK CDA T/D 3.200 MAY 15 03 100.00 7,000,000.00 7,000,000.00 500,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 500,000.00 500,000.00 2,300,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 2,300,000.00 2,300,000.00 5,800,000 ROYAL BANK CDA T/D 3.200 MAY 30 03 100.00 5,800,000.00 5,800,000.00 6,700,000 ROYAL BANK CDA T/D 3.220 JUN 24 03 100.00 6,700,000.00 6,700,000.00 21,900,000 ROYAL BANK CDA T/D 3.220 MAY 20 03 100.00 21,900,000.00 21,900,000.00 28,900,000 T D BANK BDN 3.247 JUN 26 03 99.85 28,856,361.00 28,856,361.00 5,400,000 WESTON G LTD D/N 3.272 MAY 26 03 99.71 5,384,556.00 5,384,556.00 -------------- ------------- --------------- 486,415,000 485,887,297.40 485,887,297.40

CUMIS



PH&N Bond Fund

Bond Purchases – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount

4,775,000 ALLIANCE PIPELINE 5.546 DEC 31 23 100.00 4,775,000.00 4,200,000 ASSOCIATES CAPITAL 4.850 APR 25 08 99.95 4,197,774.00 2,375,000 BANK OF N.S. BATS 6.282 JUN 30 13 100.20 2,379,750.00 5,223,000 BC MUNI FINANCE 8.750 MAY 12 13 126.04 6,582,860.28 101,720,000 CANADA GOVT 5.250 JUN 01 12 103.26 105,035,800.65 87,455,000 CANADA GOVT 5.500 JUN 01 10 107.19 93,746,856.50 1,250,000 CANADA GOVT 5.750 SEP 01 06 105.29 1,316,125.00 456,880,000 CANADA GOVT 6.000 JUN 01 11 110.80 506,240,712.45 51,530,000 CANADA GOVT 6.000 SEP 01 05 106.14 54,691,674.68 735,000 CANADA GOVT 4.250 DEC 01 21 RR 145.53 1,069,618.77 355,270,000 CANADA GOVT 5.250 SEP 01 03 100.43 356,782,540.95 13,975,000 CANADA GOVT 5.500 JUN 01 09 103.70 14,492,075.00 1,225,000 CANADA GOVT 5.750 JUN 01 29 115.05 1,409,362.50 252,310,000 CANADA GOVT 6.000 JUN 01 08 110.01 277,577,279.00 175,070,000 CANADA GOVT 7.000 DEC 01 06 110.45 193,356,997.55 1,850,000 CANADA GOVT 7.250 JUN 01 07 111.90 2,070,150.00 138,525,000 CANADA GOVT 8.000 JUN 01 23 136.50 189,083,408.85 1,575,000 CANADA GOVT 8.000 JUN 01 27 138.44 2,180,486.00 1,800,000 CANADA GOVT 8.750 DEC 01 05 113.34 2,040,066.00 8,548,000 CANADA HOUSING TRUST 3.700 SEP 15 08 99.78 8,529,108.92 2,000,000 CANADA LIFE ASSUR 6.400 DEC 11 28 94.05 1,881,060.00 6,750,000 CDN PACIFIC RAILWAY 4.900 JUN 15 10 99.84 6,739,132.50 875,000 CHRYSLER CREDIT CDA 6.600 JUN 21 04 102.48 896,665.00 5,100,000 DAIMLERCHRYSLER CDA 5.940 APR 22 05 102.50 5,227,669.50 1,800,000 ENBRIDGE INC 7.200 JUN 18 32 100.82 1,814,760.00 6,675,000 GE CAPITAL CANADA 5.300 JUL 24 07 104.14 6,951,240.50 1,800,000 GE CAPITAL CDA FUND 4.350 FEB 06 06 101.82 1,832,688.00 5,650,000 GE CAPITAL CDA FUND 5.000 APR 23 08 99.97 5,648,022.50 900,000 GREATER TOR AIRPORT 6.250 DEC 13 12 98.50 886,500.00 6,375,000 GREATER TOR AIRPORT 6.250 JAN 30 12 102.73 6,549,155.00 12,425,000 GREATER TOR AIRPORT 6.700 JUL 19 10 106.53 13,236,643.75 675,000 GREATER TOR AIRPORT 6.980 OCT 15 32 94.76 639,623.25 2,100,000 GREATER TOR AIRPORT 7.100 JUN 04 31 98.92 2,077,219.00 9,250,000 HOUSEHOLD FINANCE 4.500 JUL 02 08 99.90 9,241,027.50 9,000,000 HOUSEHOLD FINANCE 6.440 JUN 01 07 107.56 9,680,670.00 1,000,000 INVESTORS GROUP 6.580 MAR 07 18 102.09 1,020,910.00 2,450,000 INVESTORS GROUP 7.110 MAR 07 33 100.20 2,454,840.50 6,675,000 MLMLI CAN10 A2 5.245 JUN 12 13 100.00 6,675,000.00 1,375,000 NOVA GAS TRANS LTD 12.200 FEB 28 16 143.67 1,975,462.50 3,895,000 ONTARIO PROV 5.375 DEC 02 12 104.02 4,051,617.95 20,020,000 ONTARIO PROV 7.600 JUN 02 27 127.76 25,578,264.05 858,922 RIDEAU MALL 6.75 MAR 10 14 100.97 867,287.40 3,275,000 SOLAR TRUST A-2 6.700 APR 15 11 106.46 3,486,597.75 275,000 SUN LIFE SLEECS 6.865 DEC 31 11 112.08 308,211.75 9,300,000 TD CATS 7.600 DEC 31 09 113.42 10,548,160.00 7,150,000 TERASEN INC 4.850 MAY 08 06 99.88 7,141,134.00 19,550,000 TORONTO-DOMINION F/F 5.690 JUN 03 13-18 99.98 19,546,481.00 1,700,000 TRANSCANADA PIPELINE 8.290 FEB 05 26 MTN 116.98 1,988,711.00 500,000 WESTCOAST ENERGY 7.300 DEC 18 26 98.65 493,230.00 2,000,000 WESTCOAST ENERGY 8.500 NOV 23 15 112.75 2,255,100.00 -------------- ------------- 1,817,689,922 1,989,250,731.50

CUMIS



PH&N Bond Fund

Bond Sales – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

1,125,000 BANK OF N.S. BATS 6.282 JUN 30 13 109.13 1,227,667.50 1,130,440.02 6,600,000 BC PROV 5.750 JAN 09 12 104.15 6,873,636.00 6,634,466.48 1,100,000 BC TEL 10.650 JUN 19 21 127.25 1,399,750.00 1,134,080.50 6,775,000 BC TEL 11.900 NOV 22 15 136.69 9,260,648.70 8,312,942.28 3,040,000 BC TEL 12.000 MAY 31 10 125.88 3,826,812.80 3,327,680.00 3,500,000 BCE INC 7.350 OCT 30 09 110.27 3,859,310.00 3,491,145.00 1,625,000 BELL CANADA 6.150 JUN 15 09 C 104.94 1,705,291.25 1,571,879.71 2,045,000 BELL CANADA 11.450 APR 15 10 134.76 2,755,801.10 2,560,892.15 6,775,000 BMO BOATS 6.685 DEC 31 11 105.82 7,169,225.50 6,890,365.69 47,303,000 CANADA GOVT 4.500 SEP 01 07 103.55 48,982,196.50 47,720,595.20 101,720,000 CANADA GOVT 5.250 JUN 01 12 105.87 107,694,873.75 105,035,800.65 1,200,000 CANADA GOVT 5.250 JUN 01 13 103.00 1,236,000.00 1,204,994.48 215,834,000 CANADA GOVT 5.500 JUN 01 10 104.11 224,704,545.42 224,608,577.02 1,250,000 CANADA GOVT 5.750 SEP 01 06 105.27 1,315,925.00 1,316,125.00 412,365,000 CANADA GOVT 6.000 JUN 01 11 111.21 458,592,035.75 456,362,573.29 4,075,000 CANADA GOVT 6.000 SEP 01 05 105.50 4,299,047.75 4,320,142.25 1,300,000 CANADA GOVT 10.250 MAR 15 14 147.70 1,920,100.00 1,877,184.59 11,295,000 CANADA GOVT 4.250 DEC 01 21 RR 145.59 16,444,161.72 14,111,731.03 247,670,000 CANADA GOVT 5.250 SEP 01 03 100.38 248,620,688.25 248,845,752.95 13,975,000 CANADA GOVT 5.500 JUN 01 09 103.89 14,518,665.00 14,492,075.00 1,225,000 CANADA GOVT 5.750 JUN 01 29 114.91 1,407,598.50 1,409,362.50 184,538,000 CANADA GOVT 6.000 JUN 01 08 108.36 199,956,704.50 199,229,928.57 110,900,000 CANADA GOVT 7.000 DEC 01 06 111.59 123,757,987.00 122,268,983.80 1,850,000 CANADA GOVT 7.250 JUN 01 07 111.88 2,069,780.00 2,070,150.00 93,530,000 CANADA GOVT 8.000 JUN 01 23 136.14 127,329,930.20 123,984,597.56 1,525,000 CANADA GOVT 8.000 JUN 01 27 138.51 2,112,225.00 2,110,517.92 219,730,000 CANADA GOVT 8.750 DEC 01 05 112.64 247,514,110.40 250,157,512.69 5,570,000 CANADA LIFE CLICS 6.679 JUN 30 12 103.96 5,790,567.70 5,576,184.50 100,761 DATA CENTRES TRUST 7.2332 SEP 10 14 100.00 100,761.36 100,761.11 2,360,000 ENBRIDGE INC 7.220 JUL 24 30 97.86 2,309,549.60 2,312,860.86 1,925,000 GE CAPITAL CANADA 5.300 JUL 24 07 103.01 1,983,019.50 1,952,402.24 1,000,000 GREAT WEST LIFE 6.140 MAR 21 18 110.04 1,100,360.00 990,287.75 1,300,000 GREAT WEST LIFE 6.670 MAR 21 33 112.78 1,466,114.00 1,274,937.79 1,000,000 GREATER TOR AIRPORT 6.700 JUL 19 10 105.64 1,056,450.00 1,050,511.36 6,275,000 GREATER TOR AIRPORT 6.980 OCT 15 32 97.11 6,093,857.10 6,133,032.02 1,475,000 GREATER TOR AIRPORT 7.050 JUN 12 30 98.66 1,455,176.00 1,481,957.03 117,815 LES TERR CHAUDIERE 10.160 MAY 31 13 100.00 117,815.80 138,892.02 4,080,000 LOBLAW COS 6.500 JAN 22 29 99.36 4,053,824.10 3,761,841.60 71,962 MLML BELL 7.373 MAY 10 22 100.00 71,962.35 71,931.31 108,246 MLMLI CAN3 A-1 7.198 NOV 15 08 100.00 108,246.35 108,244.19 3,750,000 NEW BRUNSWICK PROV 5.875 DEC 06 12 107.50 4,031,250.00 3,824,567.50 1,000,000 NOVA GAS TRANS LTD 12.200 FEB 28 16 149.21 1,492,120.00 1,436,700.00 2,850,000 RBC TRUCS 7.183 JUN 30 11 109.39 3,117,757.50 2,902,315.55 115,762 SOUTHCENTRE MALL 6.480 MAY 07 13 100.00 115,762.38 115,762.38 4,725,000 SUN LIFE SLEECS 6.865 DEC 31 11 106.05 5,011,090.50 4,899,971.25 1,900,000 THOMSON CORP 6.900 JUN 04 08 112.79 2,143,086.00 1,972,502.57 16,355,000 TORONTO-DOMINION F/F 5.690 JUN 03 13-18 103.36 16,904,375.15 16,352,056.10 1,500,000 TRANSCANADA PIPELINE 8.230 JAN 16 31 113.36 1,700,391.00 1,634,730.00 1,065,000 TRANSCANADA PIPELINE 11.800 NOV 20 20 150.28 1,600,496.45 1,475,406.00 500,000 WESTCOAST ENERGY 7.300 DEC 18 26 99.15 495,760.00 493,230.00 1,625,000 WESTCOAST ENERGY 8.500 SEP 04 18 118.75 1,929,671.25 1,827,572.50 2,025,000 WESTCOAST ENERGY 9.900 JAN 10 20 131.92 2,671,380.00 2,482,054.50 -------------- ------------- --------------- 1,766,664,548 1,937,475,561.68 1,920,551,208.46

CUMIS



PH&N Canadian Equity Plus Pension Trust


500,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 499,230.00 500,000 ALBERTA PROV DPN 3.134 MAY 30 03 99.82 499,100.00 200,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 199,758.00 2,000,000 ALBERTA PROV DPN 3.166 MAY 29 03 99.92 1,998,440.00 200,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 199,704.00 200,000 ALBERTA PROV DPN 3.192 APR 30 03 99.87 199,738.00 400,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 399,476.00 1,000,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 998,770.00 800,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.89 799,080.00 100,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 99,879.00 1,400,000 ALTA MUNI FIN PDN 3.158 MAY 20 03 99.88 1,398,306.00 200,000 ALTA MUNI FIN PDN 3.168 JUL 07 03 99.84 199,688.00 1,500,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 1,497,390.00 300,000 ALTA TREASURY BR BDN 3.209 MAY 05 03 99.84 299,526.00 1,800,000 ALTA TREASURY BR BDN 3.235 APR 30 03 99.94 1,798,884.00 3,800,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 3,797,720.00 3,900,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 3,897,621.00 7,600,000 BANK OF N.S. B/A 3.247 MAY 23 03 99.72 7,579,100.00 300,000 BC GAS UTILS D/N 3.285 JUN 26 03 99.99 299,973.00 400,000 BC PROV DPN 3.158 JUL 07 03 99.88 399,516.00 800,000 CANADA GOVT T/B 2.950 MAY 08 03 99.73 797,808.00 4,000,000 CANADA GOVT T/B 3.065 JUL 31 03 99.71 3,988,280.00 600,000 CANADA GOVT T/B 3.117 JUL 31 03 99.74 598,416.00 1,000,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 999,220.00 600,000 CANADA GOVT T/B 3.176 JUL 03 03 99.70 598,230.00 3,500,000 CANADA GOVT T/B 3.190 JUL 03 03 99.69 3,489,325.00 700,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 699,083.00 3,300,000 CANADA GOVT T/B 3.204 JUN 05 03 99.89 3,296,238.00 200,000 CONGRESS FIN D/N 3.275 MAY 27 03 99.68 199,356.00 300,000 HONDA CDA FIN D/N 3.285 MAY 28 03 99.99 299,973.00 100,000 ONTARIO PROV PTB 3.148 MAY 21 03 99.70 99,699.00 4,100,000 ONTARIO PROV PTB 3.152 JUN 09 03 99.78 4,090,816.00 500,000 ONTARIO PROV PTB 3.163 JUL 07 03 99.83 499,135.00 7,900,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 7,892,179.00 3,900,000 QUEBEC PROV DPN 3.136 JUL 09 03 99.84 3,893,643.00 300,000 QUEBEC PROV DPN 3.148 MAY 16 03 99.84 299,535.00 1,200,000 QUEBEC PROV DPN 3.148 MAY 21 03 99.89 1,198,656.00 2,000,000 QUEBEC PROV DPN 3.167 MAY 27 03 99.90 1,997,920.00 1,400,000 QUEBEC PROV DPN 3.168 JUN 03 03 99.84 1,397,816.00 200,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 199,774.00 900,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 898,983.00 1,600,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 1,597,904.00 800,000 QUEBEC PROV DPN 3.215 JUN 20 03 99.91 799,296.00

CUMIS




Short Term Purchases – April 1 to June 30, 2003 (continued) Par Value Issuer Security Price Net Amount

900,000 ROYAL BANK CDA B/A 3.175 APR 30 03 99.83 898,515.00 500,000 ROYAL BANK CDA T/D 3.200 JUL 02 03 100.00 500,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 02 03 100.00 700,000.00 500,000 ROYAL BANK CDA T/D 3.200 JUN 03 03 100.00 500,000.00 200,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 200,000.00 300,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 300,000.00 200,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 200,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 400,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 22 03 100.00 400,000.00 200,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 200,000.00 3,300,000 SHELL CANADA D/N 3.285 APR 25 03 99.99 3,299,703.00 4,200,000 T D BANK BDN 3.247 JUN 26 03 99.85 4,193,658.00 -------------- ------------- 78,800,000 78,684,060.00

CUMIS




Short Term Sales – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

1,500,000 ALBERTA PROV DPN 3.166 MAY 29 03 99.99 1,499,865.00 1,498,830.00 700,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.90 699,272.00 698,782.00 4,400,000 BANK OF N.S. B/A 3.247 MAY 23 03 99.75 4,389,044.00 4,387,900.00 600,000 CANADA GOVT T/B 2.924 APR 10 03 99.93 599,562.00 599,232.00 2,200,000 CANADA GOVT T/B 2.976 APR 10 03 99.94 2,198,570.00 2,197,492.00 200,000 CANADA GOVT T/B 3.190 JUL 03 03 99.77 199,542.00 199,390.00 500,000 CANADA GOVT T/B 3.192 JUN 05 03 99.99 499,955.00 499,345.00 1,100,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.98 1,099,802.00 1,098,559.00 -------------- ------------- --------------- 11,200,000 11,185,612.00 11,179,530.00

CUMIS




Short Term Maturities – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount Cost

500,000 ALBERTA PROV DPN 3.128 MAY 30 03 99.85 499,230.00 499,230.00 500,000 ALBERTA PROV DPN 3.134 MAY 30 03 99.82 499,100.00 499,100.00 200,000 ALBERTA PROV DPN 3.158 JUN 30 03 99.88 199,758.00 199,758.00 500,000 ALBERTA PROV DPN 3.166 MAY 29 03 99.92 499,610.00 499,610.00 200,000 ALBERTA PROV DPN 3.182 JUN 30 03 99.85 199,704.00 199,704.00 200,000 ALBERTA PROV DPN 3.192 APR 30 03 99.87 199,738.00 199,738.00 400,000 ALTA MUNI FIN D/N 2.992 APR 23 03 99.87 399,476.00 399,476.00 1,000,000 ALTA MUNI FIN D/N 2.997 APR 23 03 99.88 998,770.00 998,770.00 800,000 ALTA MUNI FIN D/N 3.002 APR 23 03 99.88 799,080.00 799,080.00 100,000 ALTA MUNI FIN PDN 3.158 MAY 13 03 99.88 99,879.00 99,879.00 1,400,000 ALTA MUNI FIN PDN 3.158 MAY 20 03 99.88 1,398,306.00 1,398,306.00 800,000 ALTA MUNI FIN PDN 3.181 JUN 23 03 99.83 798,608.00 798,608.00 300,000 ALTA TREASURY BR BDN 3.209 MAY 05 03 99.84 299,526.00 299,526.00 1,800,000 ALTA TREASURY BR BDN 3.235 APR 30 03 99.94 1,798,884.00 1,798,884.00 3,800,000 ALTA TREASURY BR PDN 3.130 MAY 14 03 99.94 3,797,720.00 3,797,720.00 3,900,000 ALTA TREASURY BR PDN 3.183 MAY 07 03 99.94 3,897,621.00 3,897,621.00 3,200,000 BANK OF N.S. B/A 3.247 MAY 23 03 99.72 3,191,200.00 3,191,200.00 300,000 BC GAS UTILS D/N 3.285 JUN 26 03 99.99 299,973.00 299,973.00 800,000 CANADA GOVT T/B 2.859 APR 10 03 99.71 797,688.00 797,688.00 200,000 CANADA GOVT T/B 2.879 APR 24 03 99.71 199,418.00 199,418.00 300,000 CANADA GOVT T/B 2.890 APR 24 03 99.70 299,100.00 299,100.00 500,000 CANADA GOVT T/B 2.892 APR 10 03 99.83 499,130.00 499,130.00 200,000 CANADA GOVT T/B 2.903 APR 24 03 99.67 199,350.00 199,350.00 2,500,000 CANADA GOVT T/B 2.912 APR 24 03 99.67 2,491,650.00 2,491,650.00 1,300,000 CANADA GOVT T/B 2.924 APR 10 03 99.86 1,298,232.00 1,298,232.00 600,000 CANADA GOVT T/B 2.924 APR 10 03 99.87 599,232.00 599,232.00 1,200,000 CANADA GOVT T/B 2.925 APR 10 03 99.83 1,197,984.00 1,197,984.00 1,300,000 CANADA GOVT T/B 2.925 APR 10 03 99.84 1,297,920.00 1,297,920.00 800,000 CANADA GOVT T/B 2.950 MAY 08 03 99.73 797,808.00 797,808.00 1,900,000 CANADA GOVT T/B 2.976 APR 10 03 99.89 1,897,834.00 1,897,834.00 1,000,000 CANADA GOVT T/B 3.166 JUN 05 03 99.92 999,220.00 999,220.00 200,000 CANADA GOVT T/B 3.192 JUN 05 03 99.87 199,738.00 199,738.00 3,300,000 CANADA GOVT T/B 3.204 JUN 05 03 99.89 3,296,238.00 3,296,238.00 200,000 CONGRESS FIN D/N 3.275 MAY 27 03 99.68 199,356.00 199,356.00 300,000 HONDA CDA FIN D/N 3.285 MAY 28 03 99.99 299,973.00 299,973.00 100,000 ONTARIO PROV PTB 3.148 MAY 21 03 99.70 99,699.00 99,699.00 4,100,000 ONTARIO PROV PTB 3.152 JUN 09 03 99.78 4,090,816.00 4,090,816.00 7,900,000 QUEBEC PROV DPN 3.014 APR 22 03 99.90 7,892,179.00 7,892,179.00 300,000 QUEBEC PROV DPN 3.148 MAY 16 03 99.84 299,535.00 299,535.00 1,200,000 QUEBEC PROV DPN 3.148 MAY 21 03 99.89 1,198,656.00 1,198,656.00 2,000,000 QUEBEC PROV DPN 3.167 MAY 27 03 99.90 1,997,920.00 1,997,920.00 1,400,000 QUEBEC PROV DPN 3.168 JUN 03 03 99.84 1,397,816.00 1,397,816.00 200,000 QUEBEC PROV DPN 3.176 MAY 14 03 99.89 199,774.00 199,774.00 900,000 QUEBEC PROV DPN 3.176 MAY 15 03 99.89 898,983.00 898,983.00 500,000 QUEBEC PROV DPN 3.192 JUN 20 03 99.87 499,345.00 499,345.00 800,000 QUEBEC PROV DPN 3.215 JUN 20 03 99.91 799,296.00 799,296.00

CUMIS




Short Term Maturities – April 1 to June 30, 2003 (continued) Shares Issuer Security Price Net Amount Cost

900,000 ROYAL BANK CDA B/A 3.175 APR 30 03 99.83 898,515.00 898,515.00 200,000 ROYAL BANK CDA T/D 2.950 APR 01 03 100.00 200,000.00 200,000.00 700,000 ROYAL BANK CDA T/D 3.200 JUN 02 03 100.00 700,000.00 700,000.00 500,000 ROYAL BANK CDA T/D 3.200 JUN 03 03 100.00 500,000.00 500,000.00 200,000 ROYAL BANK CDA T/D 3.200 JUN 23 03 100.00 200,000.00 200,000.00 300,000 ROYAL BANK CDA T/D 3.200 JUN 24 03 100.00 300,000.00 300,000.00 200,000 ROYAL BANK CDA T/D 3.200 JUN 30 03 100.00 200,000.00 200,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 20 03 100.00 400,000.00 400,000.00 400,000 ROYAL BANK CDA T/D 3.200 MAY 22 03 100.00 400,000.00 400,000.00 200,000 ROYAL BANK CDA T/D 3.200 MAY 27 03 100.00 200,000.00 200,000.00 3,300,000 SHELL CANADA D/N 3.285 APR 25 03 99.99 3,299,703.00 3,299,703.00 4,200,000 T D BANK BDN 3.247 JUN 26 03 99.85 4,193,658.00 4,193,658.00 -------------- ------------- --------------- 67,400,000 67,311,949.00 67,311,949.00

CUMIS




Canadian Equity Purchases – April 1 to June 30, 2003 Shares Issuer Security Price Net Amount

5,400 ALCAN INC COMMON 43.76 236,333.36 700 ANORMED INC COMMON 2.66 1,862.42 500 ASTRAL MEDIA INC CLASS A NON-VTG 23.61 11,805.30 13,900 BANK OF MONTREAL COMMON 40.13 558,231.00 5,350 BANK OF NOVA SCOTIA COMMON 54.96 294,059.78 2,200 BARRICK GOLD CORP COMMON 22.69 49,921.52 7,500 BCE INC COMMON 28.61 214,606.08 2,200 BIOVAIL CORP COMMON 61.27 134,797.52 6,600 BOMBARDIER INC CLASS B SUB VTG 3.35 22,120.56 6,550 CDN IMP BANK COMMERC COMMON 49.37 323,425.38 2,300 CDN NATL RAILWAY COMMON 66.09 152,010.68 1,300 CDN PACIFIC RAILWAY COMMON 32.36 42,070.08 4,050 CELESTICA INC SUBORDINATE VTG 15.25 61,768.98 750 COGNOS INCORPORATED COMMON 39.03 29,273.70 41,100 CP SHIPS LTD COMMON 20.11 828,184.64 1,100 DOREL INDUSTRIES INC CLASS B 41.39 45,530.76 1,500 DUPONT CANADA INC CLASS A SER 1 21.46 32,192.40 1,200 ENBRIDGE INC COMMON 43.40 52,081.92 7,500 ENCANA CORPORATION COMMON 48.71 365,389.08 3,950 EXTENDICARE INC SUBORDINATE VTG 3.21 12,685.82 600 FAIRMONT HOTELS COMMON 32.87 19,722.96 1,500 FINNING INTL COMMON 26.91 40,367.40 200 FOUR SEASONS HOTEL LIMITED VTG 42.92 8,584.32 3,300 GREAT-WEST LIFECO COMMON 38.06 125,603.28 700 HUMMINGBIRD LTD COMMON 25.31 17,718.12 1,000 INEX PHARMACEUTICAL COMMON 4.09 4,091.60 1,500 IPSCO INC COMMON 12.62 18,932.40 300 IUNITS S&P/TSX CDN INFORMAT TECH 4.34 1,302.48 2,700 JEAN COUTU GROUP CLASS A VTG 14.77 39,883.32 1,800 LOBLAW COS LTD COMMON 54.02 97,238.88 1,000 MAGNA INTL INC CLASS A SUB VTG 83.46 83,461.60 9,850 MANULIFE FINCL CORP COMMON 38.22 376,540.36 700 MDS INC COMMON 18.27 12,790.12 37,200 NORTEL NETWORKS CORP COMMON 3.73 138,815.52 52,500 NOVA CHEMICALS CORP COMMON 26.24 1,379,719.46 220,450 ONEX CORP COMMON SUB VTG 14.57 3,218,639.81 1,850 PETRO-CANADA COMMON 48.79 90,264.46 1,000 PIVOTAL CORP COMMON 1.51 1,511.60 1,300 POTASH CORP OF SASK COMMON 91.16 118,510.08 1,600 POWER CORP OF CDA COMMON SUB VTG 39.22 62,754.56 4,200 POWER FINANCIAL CORP COMMON 40.17 168,720.72 1,700 QUEBECOR WORLD INC COMMON SUB VTG 22.98 39,068.72 900 RESEARCH IN MOTION COMMON 21.55 19,396.44 8,300 ROYAL BANK CDA COMMON 58.94 489,239.20 1,400 SAMUEL MANU-TECH INC COMMON 7.45 10,432.24 1,400 STRESSGEN BIOTECH COMMON 1.54 2,158.24 6,300 SUN LIFE FNCL INC COMMON 29.51 185,916.78 11,700 SUNCOR ENERGY INC COMMON 24.67 288,654.84 19,950 TECK COMINCO LTD CLASS B 10.82 216,280.20 4,350 TELUS CORP COMMON 18.84 81,960.96 9,200 TELUS CORP NON-VOTING SHS 17.55 161,474.72 200 THERATECHNOLOGIES COMMON 4.06 812.32 1,400 THOMSON CORP (THE) COMMON 41.23 57,724.24 2,200 TOROMONT INDS LTD COMMON 22.99 50,581.52 7,750 TORONTO DOMINION BK COMMON 35.15 272,460.98 2,150 TRANSAT A.T. INC COMMON 4.27 9,183.94 1,800 TRANSCONTINENTAL INC CLASS A SUB VTG 17.96 32,330.88 400 TUNDRA SEMICONDUCT COMMON 8.54 3,416.64 1,200 ZARLINK SEMICONDUCT COMMON 7.14 8,569.92 ------------- 11,423,186.81

CUMIS




Canadian Equity Sales – April 1 to June 30, 2003 Par Value Issuer Security Price Net Amount Cost

8,000 CDN IMP BANK COMMERC COMMON 49.00 391,614.40 282,543.43 50,400 COGNOS INCORPORATED COMMON 37.39 1,882,013.16 1,420,424.42 135,640 DUPONT CANADA INC CLASS A SER 1 21.75 2,950,170.00 2,114,531.28 2,058 OPEN TEXT CORP COMMON 44.81 92,113.82 64,398.73 243,600 TELUS CORP COMMON 20.68 5,027,024.84 3,420,472.71 ------------- --------------- 10,342,936.22 7,302,370.57

CUMIS





2,400 ABBOTT LABS COMMON 40.04 140,097.87 1,400 ADECCO SA CHF1(REGD) 39.20 59,276.72 1,600 ALTRIA GROUP INC COMMON 28.71 67,696.86 1,200 AMERICAN EXPRESS CO COMMON 36.09 63,415.26 6,900 AMERN INTL GROUP INC COMMON 55.33 536,549.79 10,700 AMVESCAP ORD 25P 2.85 71,383.58 2,800 ASTRAZENECA ORD USD0.25 23.96 153,171.49 7,400 AUST & NZ BANK GRP NPV 18.52 123,103.04 1,700 AVENTIS SA EUR 3.82 44.82 121,004.35 1,300 BCO POPULAR ESP EUR0.5 43.63 90,844.33 10,900 BELLSOUTH CORP COMMON 26.71 395,747.38 500 BNP PARIBAS EUR2 36.74 29,559.08 1,400 BP ADR (6 ORDS) 39.02 77,597.14 21,600 BP ORD USD0.25 4.25 206,870.49 6,200 BUNZL ORD 25P 4.07 58,876.04 1,000 CANON INC NPV 4078.18 49,353.74 1,700 CAREMARK RX INC COMMON 17.17 42,494.94 19,200 CHEVRONTEXACO CORP COMMON 68.75 1,837,649.76 81,000 CNOOC LTD HKD0.10 11.40 163,238.13 5,600 COCHLEAR LTD NPV 31.19 156,943.42 3,200 CREDIT SUISSE GRP CHF1 32.50 108,501.17 4,000 DAIKIN INDUSTRIES JPY50 1983.48 91,837.77 3,200 DIAGEO ORD 28 101/108P 6.57 47,408.63 700 EMERSON ELEC CO COMMON 48.96 47,706.76 11,300 ENGELHARD CORP COMMON 24.72 382,847.67 13,600 ENI EUR1 13.48 294,318.94 9,500 EXXON MOBIL CORP COMMON 36.32 469,101.15 4,700 FIFTH THIRD BANCORP COMMON 50.13 333,637.92 3,800 FPL GROUP INC COMMON 60.92 332,447.80 2,300 FREDDIE MAC COMMON 49.53 154,345.23 7,000 FUJI PHOTO FILM CO JPY50 3161.17 266,182.35 15,000 FUJISAWA PHARM CO JPY50 2165.39 380,983.98 1,400 GANNETT INC DEL COMMON 77.53 147,502.74 8,900 GENERAL ELECTRIC CO COMMON 30.23 362,082.50 10,100 GLAXOSMITHKLINE ORD 25P 13.36 308,854.98 300 GOLDMAN SACHS GROUP COMMON 86.80 35,213.40 5,000 HCA INC COMMON 30.73 223,910.22 25,300 HEALTH MGMT ASSOC CLASS A 18.54 632,130.98 5,600 HEINEKEN NV EUR2 29.85 265,236.79 30,300 HILTON GROUP ORD 10P 1.42 100,693.90 2,100 HONDA MOTOR CO JPY50 3821.53 97,024.27 138,000 HONG KONG ELECTRIC HKD1 31.39 806,313.27 4,300 IBM COMMON 81.65 476,598.53 156,200 JAMES HARDIE INDS NV USD 0.2 6.49 911,838.16 8,400 JOHNSON & JOHNSON COMMON 54.07 619,206.24 400 JOHNSON CONTROLS INC COMMON 86.34 46,938.96 351,000 JOHNSON ELEC HLDGS HKD0.0125 8.38 548,808.26 3,300 JONES APPAREL GROUP COMMON 30.07 137,745.56 10,800 KOHLS CORP COMMON 56.46 867,282.32 700 KRAFT FOODS INC CLASS A 28.90 29,882.24

CUMIS





101,300 LEGAL & GENERAL GP ORD 2.5P 0.75 175,853.11 4,600 LILLY ELI & CO COMMON 59.69 382,098.32 3,800 MARSH & MCLENNAN COS COMMON 47.80 253,703.03 600 MCGRAW HILL COS INC COMMON 61.82 50,414.28 16,400 MEDIASET EUR0.52 7.54 197,949.64 2,500 MERRILL LYNCH & CO COMMON 39.92 145,001.57 2,200 MILLIPORE CORP COMMON 32.45 104,205.63 980 MUENCHENER RUECKVE NPV(REGD) 80.48 124,427.18 1,200 MURATA MFG CO JPY50 4147.40 60,144.92 220 NESTLE SA CHF1(REGD) 272.09 63,159.93 2,900 NISSAN MOTOR CO NPV 856.83 30,064.57 9,000 NOMURA HOLDINGS JPY50 1172.29 128,714.73 600 NORTHERN TR CORP COMMON 38.59 31,427.09 2,200 NOVARTIS AG CHF0.50(REGD) 53.18 123,187.46 4,700 PRAXAIR INC COMMON 57.82 371,929.08 5,800 PUBLICIS GROUP SA EUR0.40 20.60 190,195.94 7,200 QUALCOMM INC COMMON 30.48 301,987.83 11,600 RIO TINTO PLC ORD 10P(REGD) 11.57 303,181.54 1,800 ROHM CO JPY50 10814.00 237,790.34 47,500 S&P 500 DEP RECEIPTS UNIT SER 1 92.24 6,180,735.37 800 SAMSUNG ELECTRONIC GDR REP 1/2 KRW5000 128.39 144,792.22 19,000 SANDVIK AB SEK6 193.56 654,623.56 400 SANOFI-SYNTHELABO EUR2 47.18 30,366.60 250 SAP AG ORD NPV 69.63 28,010.64 26,600 SARA LEE CORP COMMON 17.74 656,747.49 1,200 SCHEIN HENRY INC COMMON 48.67 81,436.62 8,900 SCHERING AG ORD NPV 41.73 586,400.89 24,900 SCOT & SOUTHERN ENG ORD 50P 6.47 371,780.52 5,000 SHIN-ETSU CHEMICAL JPY50 3582.47 216,901.20 1,500 SMC CORP JPY50 8513.73 154,942.99 21,500 SONY CORP NPV 3734.40 978,278.82 15,400 STATOIL ASA NOK2.50 58.61 184,088.36 3,130 SWISS REINSURANCE CHF0.1(REGD) 90.76 300,670.56 33,800 TAIWAN SEMICONDUCTOR SP ADR(5 ORD) 10.26 472,945.70 4,800 TARGET CORPORATION COMMON 31.51 218,710.97 20,000 TELEFONICA SA EUR1 9.48 300,473.49 5,700 TF1-TV FRANCAISE EUR0.20 25.15 230,065.23 1,200 TOTAL EUR10 123.54 238,224.86 2,000 UNION PAC CORP COMMON 60.47 162,368.61 3,600 UPM-KYMMENE OY NPV 11.48 65,569.79 2,200 VIACOM INC CLASS B 46.14 138,387.64 1,500 VNU NV EUR0.20 25.57 61,031.46 79,300 VODAFONE GROUP ORD USD0.10 1.26 231,480.03 6,200 WELLS FARGO & CO COMMON 49.32 419,353.39 24,900 YAMANOUCHI PHARM JPY50 3103.40 910,730.41 ------------- 31,266,009.71

CUMIS





500 ABBOTT LABS COMMON 39.93 29,377.30 28,104.23 400 ALBERTO-CULVER CO CLASS B 49.06 28,832.61 30,521.82 5,500 ALLIED IRISH BANKS EUR0.32 12.91 113,100.64 122,014.47 6,400 ALTANA AG NPV(EU) 51.79 530,851.99 490,886.80 12,400 ALTRIA GROUP INC COMMON 41.82 710,022.48 789,617.51 10,600 AMGEN INC COMMON 64.99 936,013.13 842,600.03 6,100 AUST & NZ BANK GRP NPV 18.10 97,845.79 98,031.06 17,500 AUTOMATIC DATA PROC COMMON 34.28 812,511.41 1,016,709.70 1,400 BCO POPULAR ESP EUR0.5 42.17 93,234.52 88,508.16 5,600 BP ADR (6 ORDS) 39.14 322,854.33 323,785.43 45,300 BUNZL ORD 25P 4.45 449,514.23 418,404.10 4,300 CAREMARK RX INC COMMON 23.91 138,840.99 112,703.00 1,600 CHEVRONTEXACO CORP COMMON 72.31 157,150.62 153,137.48 13,100 CISCO SYSTEMS INC COMMON 16.60 298,599.19 451,634.39 500 CITIGROUP INC COMMON 37.93 27,899.39 30,910.01 78,000 CNOOC LTD HKD0.10 11.49 155,323.23 141,987.22 5,000 COCA COLA CO COMMON 45.86 314,185.98 336,519.89 2,000 COCHLEAR LTD NPV 34.83 61,380.82 64,881.15 2,000 DAIKIN INDUSTRIES JPY50 2098.33 51,113.66 57,739.28 15,800 DIXONS GROUP(NEW) ORD 2.5P 1.33 46,874.57 49,530.06 14,600 DU PONT E I DE NEMOU COMMON 42.19 841,031.32 920,490.34 9,825 E.ON AG NPV(EU) 42.90 670,242.28 606,798.84 30,900 EXXON MOBIL CORP COMMON 35.45 1,535,830.13 1,856,184.41 11,200 FIRSTENERGY CORP COMMON 33.46 538,122.19 578,339.67 800 FPL GROUP INC COMMON 58.49 68,912.89 73,100.74 1,000 FUJI PHOTO FILM CO JPY50 3463.00 39,184.99 43,317.02 700 GENERAL ELECTRIC CO COMMON 27.81 28,632.40 40,774.93 18,100 GILLETTE CO COMMON 31.29 785,954.26 858,533.60 3,700 GLAXOSMITHKLINE ORD 25P 12.17 103,040.96 133,174.63 500 HEINEKEN NV EUR2 33.27 26,631.70 29,452.93 94,000 HONG KONG EXCHANGE HKD1 11.32 182,379.47 238,026.00 1,200 INTEL CORP COMMON 17.32 30,562.34 50,563.25 8,200 JOHNSON & JOHNSON COMMON 55.89 665,087.81 625,232.14 300 JOHNSON CONTROLS INC COMMON 81.31 34,968.90 34,477.17 1,700 KRAFT FOODS INC CLASS A 32.54 76,057.14 92,786.45 2,500 MEDIASET EUR0.52 7.74 30,776.64 24,875.76 800 MICROSOFT CORP COMMON 25.44 29,935.20 35,720.61 2,900 NISSAN MOTOR CO NPV 807.31 28,219.82 30,868.74 57,000 NOMURA HOLDINGS JPY50 1237.99 835,462.79 1,172,719.99 27,000 OTE(HELLENIC TLCM) EUR2.39(CR) 8.86 375,834.97 607,063.17 500 PEPSICO INC COMMON 42.98 30,795.84 36,746.72 400 PHARMACIA CORP COMMON 45.34 26,682.02 25,045.76 3,900 PHILIPS ELEC(KON) EUR 0.20 16.43 100,532.22 163,226.47 3,200 PRAXAIR INC COMMON 57.49 268,117.35 277,261.68 6,100 PUBLICIS GROUP SA EUR0.40 18.77 179,504.18 177,840.80 1,100 RECKITT BENCKISER ORD 10.52631589P 11.20 28,057.87 28,607.35 5,529 ROCHE HLDGS AG GENUSSCHEINE NPV 101.69 590,282.27 620,537.64 20,800 ROYAL DUTCH PETROL EUR0.56(BR) 38.85 1,294,341.48 1,496,456.93 23,400 S&P 500 DEP RECEIPTS UNIT SER 1 95.75 3,114,542.68 3,058,445.77 1,900 SANOFI-SYNTHELABO EUR2 54.45 163,586.93 180,405.14 690 SAP AG ORD NPV 82.42 89,004.24 87,412.47 37,900 SBC COMMUNICATIONS COMMON 24.15 1,267,083.78 1,988,287.91 700 SCHEIN HENRY INC COMMON 52.40 49,570.96 57,417.53 3,400 SCOT & SOUTHERN ENG ORD 50P 6.27 47,637.08 51,756.79 1,000 SHIN-ETSU CHEMICAL JPY50 4099.03 46,381.90 51,324.76 7,200 SIEMENS AG NPV(REGD)(EU) 45.33 518,838.62 547,961.48

CUMIS





1,500 SKF AB SER'B'SEK12.50 226.00 58,379.24 63,037.82 400 SMC CORP JPY50 10203.78 46,183.68 53,420.52 73,800 SMITH & NEPHEW ORD 12.22P 4.11 676,799.22 669,552.56 1,900 SMITHS GROUP ORD 25P 6.73 29,373.88 30,684.18 900 SPX CORP COMMON 32.58 42,520.03 72,391.98 13,600 STATOIL ASA NOK2.50 61.56 156,357.65 154,621.95 10,600 STMICROELECTRONICS EUR1.04(SICOVAM) 17.32 288,559.32 389,282.99 1,207 SWISSCOM AG CHF9(REGD) 424.36 535,918.69 536,382.01 2,600 TF1-TV FRANCAISE EUR0.20 24.99 102,026.01 96,052.97 7,100 UNITED TECHNOLOGIES COMMON 67.92 663,192.56 616,779.11 41,200 UPM-KYMMENE OY NPV 13.43 880,033.10 1,069,279.01 31,700 UTD UTILITIES ORD GBP1 6.03 438,722.36 460,893.62 14,600 VNU NV EUR0.20 22.93 533,500.61 600,566.30 2,200 WAL MART STORES INC COMMON 53.18 170,381.16 181,116.75 61,800 WOOLWORTHS LTD NPV 12.58 687,624.29 661,932.46 10,600 WYETH COMMON 37.52 584,461.08 776,073.25 ------------- --------------- 26,011,387.39 28,981,528.90

CUMIS


Balanced Pension Trust

Statement of Investments As at June 30, 2003 (in thousands of dollars) Face Market % of Value ($) Security Value ($) Total

BONDS AND DEBENTURES (31.5%) Federal Government (12.8%) 62,625 Gov't of Canada 4.25% Dec 01/04 63,718 2.6 32,631 Gov't of Canada 8.00% Jun 01/27 45,644 1.8 40,635 Gov't of Canada 6.00% Jun 01/08 44,655 1.8 36,100 Gov't of Canada 5.50% Jun 01/09 38,975 1.6 33,485 Gov't of Canada 5.00% Dec 01/03 33,739 1.3 26,145 Gov't of Canada 5.75% Sep 01/06 28,015 1.1 25,401 Gov't of Canada 5.25% Jun 01/12 26,881 1.1 11,650 Gov't of Canada 10.50% Mar 15/21 19,177 0.8 5,863 Gov't of Canada 8.00% Jun 01/23 8,018 0.3 6,635 Gov't of Canada 3.50% Jun 01/05 6,694 0.3 3,410 Canada Housing Trust 3.70% Sep 15/08 3,372 0.1

Provincial Government (6.6%) 27,080 Prov. of Ontario 7.60% Jun 02/27 34,671 1.4 18,075 Prov. of British Columbia 5.75% Jan 09/12 19,462 0.8 13,875 Ontario Hydro 8.25% Jun 22/26 18,835 0.8 11,025 Ontario Hydro 8.50% May 26/25 15,229 0.6 10,800 Prov. of Ontario 8.50% Dec 02/25 14,976 0.6 9,650 Prov. of New Brunswick 6.38% Jun 15/10 10,761 0.4 7,450 Prov. of Quebec 6.25% Dec 01/10 8,262 0.3 6,000 Prov. of Ontario 8.00% Jun 02/26 7,953 0.3 7,215 Prov. of Quebec 6.00% Oct 01/29 7,640 0.3 6,005 Prov. of Ontario 5.38% Dec 02/12 6,274 0.3 4,725 Prov. of Quebec 6.25% Jun 01/32 5,183 0.2 3,925 Hydro Quebec 6.50% Feb 15/11 4,419 0.2 3,600 Prov. of Ontario 6.10% Nov 19/10 3,965 0.2 2,950 Prov. of New Brunswick 5.85% Dec 01/11 3,189 0.1 1,315 Prov. of New Brunswick 5.88% Dec 06/12 1,420 0.1 250 Hydro One Inc. 5.77% Nov 15/12 261 0.0

Corporates (12.1%) 16,500 Ford Credit Canada 6.00% Mar 08/04 16,623 0.7 14,950 Sun Life Cap Trust 6.87% Dec 31/11 16,480 0.7 13,247 TD Capital Trust 7.60% Dec 31/09 15,221 0.6 14,425 GE Capital Canada Funding 4.35% Feb 06/06 14,729 0.6 12,750 Bank of Nova Scotia 6.25% Jul 16/07-12 13,889 0.6 12,900 GM Acceptance Corp. Canada Ltd. 6.50% Jul 19/04 13,099 0.5 10,825 Bell Canada 6.25% Dec 01/03 10,960 0.4 9,750 TD Mortgage Investment Corp. 6.46% Oct 31/07 10,478 0.4 8,800 Merrill Lynch Financial Assets 6.79% Apr 15/11 9,824 0.4 8,925 DaimlerChrysler Canada Finance Inc. 5.00% Feb 28/05 9,027 0.4 7,025 CIBC 8.15% Apr 25/06-11 7,886 0.3 7,275 Merrill Lynch Canada Finance 5.35% Nov 19/07 7,606 0.3 7,250 Greater Toronto Airport Authority 6.25% Jan 30/12 7,546 0.3 6,150 Scotia Mortgage Investment Corp. 6.57% Oct 31/07 6,661 0.3 5,700 Cadillac Fairview Corp. & Cambridge Shopping Centres Ltd. 6.82% Jan 31/07 6,117 0.2 5,675 Talisman Energy Inc. 5.80% Jan 30/07 5,959 0.2 5,325 Merrill Lynch Financial Assets 6.38% Nov 12/11 5,815 0.2 4,925 RBC Capital Trust 7.18% Jun 30/11 5,540 0.2 4,775 Manufacturers Life Insurance Co. 6.24% Feb 16/11-16 5,175 0.2 4,775 The Toronto-Dominion Bank 5.20% Sep 04/07-12 5,007 0.2 4,600 DaimlerChrysler Canada Finance Inc. 6.60% Jun 21/04 4,711 0.2 4,300 Greater Toronto Airport Authority 6.70% Jul 19/10 4,640 0.2 2,977 Nova Gas Transmission 12.20% Feb 28/16 4,598 0.2 3,275 EnCana Corp. 7.30% Sep 02/14 3,739 0.2 3,600 Household Finance Corporation 4.50% Jul 02/08 3,621 0.1 3,290 BCE Inc. 6.75% Oct 30/07 3,616 0.1 3,300 TransCanada PipeLines Limited 9.50% Oct 12/04 3,549 0.1 3,250 John Deere Credit Inc. 6.75% Apr 03/07 3,525 0.1 3,125 Aeroports de Montreal 6.35% Apr 16/12 3,301 0.1

Face Market % of Value ($) Security Value ($) Total

Corporates (continued) 3,050 Terasen Inc. 4.85% May 08/06 3,111 0.1 2,800 Merrill Lynch Financial Assets Inc. 5.25% Jun 12/13 2,804 0.1 2,125 British Columbia Telephone Company 10.65% Jun 19/21 2,756 0.1 2,410 BCE Inc. 7.35% Oct 30/09 2,750 0.1 2,600 Canadian Pacific Railway 4.90% Jun 15/10 2,584 0.1 2,350 Investors Group Inc 7.11% Mar 07/33 2,526 0.1 1,900 Bell Canada 10.35% Dec 15/09 2,500 0.1 2,250 Anderson Exploration Limited 6.55% Aug 02/06 2,371 0.1 2,325 Navigation Canada 4.25% Feb 13/06 2,366 0.1 2,250 GE Capital Canada Funding 5.00% Apr 23/08 2,329 0.1 2,225 Aliant Telecom Inc. 5.35% Jan 15/07 2,327 0.1 1,625 TransCanada PipeLines Limited 11.10% Jun 20/14 2,306 0.1 2,120 Greater Toronto Airport Authority 7.10% Jun 04/31 2,195 0.1 1,975 Anderson Exploration Limited 7.25% Jul 18/05 2,093 0.1 1,725 Bell Canada 10.55% Feb 15/07-15 2,088 0.1 1,775 Power Financial Corp 6.90% Mar 11/33 1,949 0.1 1,825 Household Financial Corp. 6.00% Apr 11/05 1,900 0.1 1,825 Alliance Pipeline LP 5.55% Dec 31/23 1,812 0.1 1,730 Greater Toronto Airport Authority 7.05% Jun 12/30 1,780 0.1 1,725 GM Acceptance Corp. Canada Ltd. 6.40% Sep 05/03 1,730 0.1 1,675 Citigroup Finance Canada Inc. 4.85% Apr 25/08 1,727 0.1 1,550 GE Capital Canada Funding 5.30% Jul 24/07 1,627 0.1 1,475 Great-West Lifeco Inc. 6.67% Mar 21/33 1,584 0.1 1,500 Greater Toronto Airport Authority 6.25% Dec 13/12 1,550 0.1 1,400 Sun Life Assurance of Canada 6.15% Jun 30/12-22 1,485 0.1 1,370 Epcor Utilities Inc. 6.75% Mar 22/16 1,442 0.1 1,400 John Deere Credit Inc. 4.75% Sep 19/05 1,430 0.1 1,000 Bell Canada 11.45% Apr 15/10 1,380 0.1 996 Bell Canada 10.00% Jun 15/14 1,367 0.1 1,250 Scotiabank Capital Trust 6.63% Jun 30/12 1,357 0.1 1,200 BMO Capital Trust 6.69% Dec 31/11 1,310 0.1 1,175 Investors Group Inc. 6.58% Mar 07/18 1,250 0.0 1,100 Royal Bank of Canada 6.30% Apr 12/11-16 1,205 0.0 1,100 Enbridge Inc. 7.20% Jun 18/32 1,161 0.0 950 TransCanada PipeLines Limited 8.20% Aug 15/31 1,135 0.0 700 Westcoast Energy Inc. 8.50% Nov 23/15 859 0.0 650 Clarica Life Insurance Co. 6.65% Oct 12/10 723 0.0 650 Nova Gas Transmission 6.59% Dec 01/27 641 0.0 630 Westcoast Energy Inc. 6.75% Dec 15/27 639 0.0 500 Wells Fargo Finance Canada 5.00% Jun 16/08 520 0.0 315 Westcoast Energy Inc. 9.90% Jan 10/20 423 0.0 390 Great-West Lifeco Inc. 6.14% Mar21/18 409 0.0 300 Westcoast Energy Inc. 7.15% Mar 20/31 320 0.0 10 The Toronto-Dominion Bank 5.69% Jun 03/13-18 10 0.0 Number of Shares

CANADIAN EQUITIES (38.5%) Energy (4.9%) 1,123,079 EnCana Corporation 58,063 2.3 1,759,200 Suncor Energy, Inc. 44,578 1.8 332,050 Petro-Canada 17,918 0.8

Materials (3.6%) 812,100 Alcan Inc. 34,116 1.4 236,300 Potash Corporation of Saskatchewan Inc. 20,322 0.8 1,018,970 Teck Cominco Limited, Cl. B, Sub. Voting 11,260 0.4 390,800 Barrick Gold Corporation 9,375 0.4 339,400 NOVA Chemicals Corporation 8,726 0.3 279,600 IPSCO, Inc. 4,105 0.2 243,400 Samuel Manu-Tech, Inc. 1,767 0.1

CUMIS


Balanced Pension Trust (continued)

Statement of Investments As at June 30, 2003 (in thousands of dollars) Number Market % of of Shares Security Value ($) Total

CANADIAN EQUITIES (continued) Industrials (3.1%) 399,600 Canadian National Railway Company 26,006 1.0 504,900 CP Ships Limited 11,335 0.5 446,800 Toromont Industries Ltd. 10,723 0.4 258,800 Finning International Inc. 7,570 0.3 241,700 Canadian Pacific Railway Limited 7,326 0.3 314,800 Transcontinental Inc., Cl. A 5,918 0.3 1,163,300 Bombardier Inc., Cl. B 5,316 0.2 433,450 Transat A.T., Inc. 1,977 0.1

Consumer Discretionary (2.0%) 178,600 Magna International Inc., Cl. A, Sub. Voting 16,204 0.7 255,200 The Thomson Corporation 10,820 0.4 192,200 Dorel Industries Inc., Cl. B, Sub. Voting 7,544 0.3 297,300 Quebecor World Inc., Sub. Voting 7,406 0.3 98,600 Fairmont Hotels & Resorts Inc. 3,048 0.1 33,400 Four Seasons Hotels Inc., Limited Voting 1,946 0.1 82,200 Astral Media Inc., Cl A 1,874 0.1

Consumer Staples (1.1%) 323,300 Loblaw Companies Limited 20,044 0.8 528,100 The Jean Coutu Group (PJC) Inc., Cl. A, Sub. Voting 8,249 0.3

Health Care (1.2%) 385,200 Biovail Corporation 24,245 1.0 682,850 Extendicare Inc., Cl. A, Sub. Voting 2,950 0.1 135,500 MDS Inc. 2,516 0.1 162,400 Inex Pharmaceuticals Corporation 888 0.0 253,700 StressGen Biotechnologies Corp. 434 0.0 111,400 AnorMED Inc. 351 0.0 44,100 Theratechnologies Inc. 262 0.0 7,150 Extendicare Inc. 34 0.0

Financials (16.4%) 1,249,000 Royal Bank of Canada 71,668 2.9 1,475,450 Manulife Financial Corporation 56,347 2.3 989,150 Canadian Imperial Bank of Commerce 53,315 2.1 816,450 Bank of Nova Scotia 49,069 2.0 1,165,950 The Toronto-Dominion Bank 43,560 1.7 774,600 Power Financial Corporation 33,889 1.4 784,800 Bank of Montreal 33,393 1.3 945,800 Sun Life Financial Services of Canada 26,463 1.1 582,900 Great-West Lifeco Inc. 22,733 0.9 234,100 Power Corporation of Canada 9,820 0.4 298,600 TSX Group Inc. 8,212 0.3

Information Technology (2.6%) 6,498,800 Nortel Networks Corporation 23,656 1.0 709,850 Celestica Inc., Sub. Voting 14,992 0.6 666,050 Onex Corporation, Sub. Voting 9,924 0.4 161,100 Research In Motion Limited 4,701 0.2 126,350 Cognos, Inc. 4,608 0.2 117,500 Hummingbird Ltd. 3,132 0.1 216,700 Zarlink Semiconductor Inc. 1,517 0.1 75,700 Tundra Semiconductor Corporation Limited 844 0.0 167,400 Pivotal Corporation 241 0.0

Telecommunications Services (3.2%) 1,654,100 TELUS Corporation, Non-Voting 36,969 1.6 1,113,300 BCE Inc. 34,579 1.4 301,150 TELUS Corporation 7,201 0.2

Number Market % of of Shares Security Country Value ($) Total

Utilities (0.4%) 215,000 Enbridge Inc. 10,305 0.4

GLOBAL EQUITIES (26.4%) Energy (1.9%) 173,200 BP PLC, ADR GB 9,889 0.4 39,700 Total Fina Elf SA FR 8,152 0.3 82,900 ChevronTexaco Corporation US 8,133 0.3 164,800 Exxon Mobil Corporation US 8,041 0.3 258,870 ENI S.p.A. IT 5,320 0.2 1,927,000 CNOOC Limied HK 3,828 0.2 310,900 Statoil ASA NO 3,599 0.2 90,700 BP PLC GB 854 0.0

Materials (1.2%) 264,900 Rio Tinto PLC GB 6,771 0.3 63,400 Praxair, Inc. US 5,177 0.2 226,300 CRH PLC IE 4,841 0.2 136,100 Engelhard Corporation US 4,581 0.2 680,800 James Hardie Industries NV NL 4,367 0.2 88,300 Shin-Etsu Chemical Co., Ltd. JP 4,097 0.1

Industrials (2.7%) 440,700 General Electric Company US 17,174 0.7 242,900 Tyco International Ltd. US 6,264 0.3 66,100 Emerson Electric Co. US 4,589 0.2 270,500 Smiths Group PLC GB 4,264 0.2 811,300 Tomkins PLC GB 4,129 0.2 33,800 SMC Corporation JP 3,867 0.2 46,400 Union Pacific Corporation US 3,658 0.1 59,000 SPX Corporation US 3,532 0.1 59,630 Adecco SA CH 3,338 0.1 34,000 Danaher Corporation US 3,144 0.1 220,500 Exel PLC GB 3,075 0.1 83,700 Sandvik AB SE 2,976 0.1 111,000 Daikin Industries, Ltd. JP 2,769 0.1 1,530,000 Johnson Electric Holdings Ltd. HK 2,586 0.1 54,200 AB SKF SE 2,125 0.1

Consumer Discretionary (3.2%) 157,800 The Home Depot, Inc. US 7,101 0.3 109,400 Viacom Inc., Cl. B US 6,490 0.3 99,300 Honda Motor Co., Ltd. JP 5,113 0.2 379,100 Nissan Motor Co., Ltd. JP 4,925 0.2 679,800 Marks & Spencer Group PLC GB 4,813 0.2 40,600 Gannett Co., Inc. US 4,237 0.2 81,100 Target Corp. US 4,170 0.2 355,608 Mediaset S.p.A. IT 4,089 0.2 90,000 Carnival Corporation US 3,976 0.2 100,100 Publicis Groupe FR 3,650 0.2 86,800 Societe Television Francaise 1 FR 3,630 0.1 93,600 Sony Corporation JP 3,580 0.1 1,195,500 Dixons Group PLC GB 3,538 0.1 134,700 Koninklijke (Royal) Philips Electronics NV NL 3,497 0.1 87,000 Fuji Photo Film Co., Ltd. JP 3,416 0.1 47,200 Kohl's Corp. US 3,295 0.1 39,100 The McGraw-Hill Companies, Inc. US 3,294 0.1 655,300 Hilton Group PLC GB 2,703 0.1 65,300 Jones Apparel Group, Inc. US 2,596 0.1 18,600 Johnson Controls, Inc. US 2,163 0.1

CUMIS


Balanced Pension Trust (continued)

Statement of Investments As at June 30, 2003 (in thousands of dollars) Number Market % of of Shares Security Country Value ($) Total

GLOBAL EQUITIES (continued) Consumer Staples (2.2%) 130,400 Wal-Mart Stores, Inc. US 9,509 0.4 47,900 The Procter & Gamble Company US 5,804 0.2 18,724 Nestle SA CH 5,250 0.2 79,400 PepsiCo, Inc. US 4,801 0.2 315,500 Diageo PLC GB 4,577 0.2 162,900 Reckitt Benckiser PLC GB 4,061 0.2 78,000 Heineken NV NL 3,761 0.2 84,700 Kraft Foods Inc, Cl. A US 3,746 0.2 59,400 The Coca-Cola Company US 3,746 0.1 58,900 Altria Group Inc. US 3,636 0.1 107,700 Sara Lee Corporation US 2,753 0.1 33,600 Alberto Culver Company, Cl. B, Conv. US 2,333 0.1

Health Care (3.4%) 294,440 Pfizer Inc. US 13,662 0.6 140,700 Johnson & Johnson US 9,884 0.4 134,700 Novartis AG CH 7,242 0.3 72,700 Eli Lilly and Company US 6,813 0.3 105,700 AstraZeneca GB 5,759 0.2 58,600 Aventis SA, ADR FR 4,355 0.2 156,399 GlaxoSmithKline PLC GB 4,289 0.2 104,000 Yamanouchi Pharmaceutical Co., Ltd. JP 3,684 0.1 128,000 Fujisawa Pharmaceutical Company Limited JP 3,259 0.1 39,000 Sanofi-Synthelabo SA FR 3,104 0.1 46,400 Abbott Laboratories US 2,759 0.1 107,000 Health Management Associates, Inc., Cl. A US 2,682 0.1 76,800 Caremark Rx Inc. US 2,680 0.1 61,500 HCA Inc. US 2,677 0.1 43,900 Millipore Corporation US 2,647 0.1 38,900 Schering AG DE 2,584 0.1 59,500 Cochlear Ltd. AU 1,751 0.1 26,400 Medtronic, Inc. US 1,721 0.1 23,800 Henry Schein, Inc. US 1,693 0.1 2,700 Aventis SA FR 202 0.0

Financials (6.6%) 262,900 Citigroup Inc. US 15,289 0.6 139,500 American International Group, Inc. US 10,459 0.4 141,300 Wells Fargo & Company US 9,676 0.4 115,726 UBS AG CH 8,747 0.4 224,500 Royal Bank of Scotland Group PLC GB 8,557 0.4 146,200 Wachovia Corporation US 7,938 0.3 758,400 Barclays PLC GB 7,652 0.3 94,200 Marsh & McLennan Companies, Inc. US 6,537 0.3 100,400 Merrill Lynch & Co., Inc. US 6,368 0.3 48,000 The Goldman Sachs Group, Inc. US 5,462 0.2 79,100 BNP Paribas SA FR 5,461 0.2 95,300 American Express Company US 5,414 0.2 133,900 The Bank of New York Company, Inc. US 5,231 0.2 140,900 Credit Suisse Group CH 5,039 0.2 57,400 Societe Generale FR 4,944 0.2 88,100 Washington Mutual, Inc. US 4,944 0.2 2,530,676 Legal & General Group PLC GB 4,766 0.2 82,800 Northern Trust Corporation US 4,701 0.2 121,800 MetLife, Inc. US 4,687 0.2 60,000 Fifth Third Bancorp US 4,675 0.2 64,800 Federal Home Loan Mortgage Corporation US 4,470 0.2 421,100 Amvescap PLC GB 3,947 0.2 25,042 Muenchener Rueckversicherungs- Gesellschaft AG DE 3,469 0.1


Financials (continued) 201,200 Australia and New Zealand Banking Group Limited AU 3,412 0.1 1,562,000 Hong Kong Exchanges & Clearing Limited HK 3,076 0.1 147,700 Allied Irish Banks PLC GB 2,998 0.1 42,900 Banco Popular Espanol SA ES 2,945 0.1 20,135 Swiss Re CH 1,516 0.1

Information Technology (3.6%) 434,100 Microsoft Corporation US 15,106 0.6 95,600 International Business Machines Corporation US 10,716 0.4 372,900 Intel Corporation US 10,531 0.4 355,300 Cisco Systems, Inc. US 8,057 0.3 297,400 Nokia OYJ, ADR FI 6,639 0.3 82,000 Canon Inc. JP 5,113 0.2 29,046 SAP AG DE 4,654 0.2 31,100 Rohm Company Limited JP 4,607 0.2 83,500 QUALCOMM Inc. US 4,056 0.2 88,150 Dassault Systems SA FR 3,934 0.2 19,400 Samsung Electronics Co., Ltd. KR 3,921 0.1 73,300 Dell Computer Corporation US 3,183 0.1 49,700 Murata Manufacturing Company, Ltd. JP 2,655 0.1 25,000 Nintendo Co., Ltd. JP 2,470 0.1 142,100 Taiwan Semiconductor Manufacturing Company Ltd., ADR TW 1,946 0.1 61,400 STMicroelectronics NV CH 1,749 0.1

Telecommunications Services (1.2%) 413,600 Vodafone Group PLC, ADR GB 11,043 0.5 224,500 BellSouth Corporation US 8,123 0.3 296,700 Telefonica SA ES 4,680 0.2 456,800 Telecom Italia S.p.A. IT 3,400 0.1 83,400 SK Telecom Co., Ltd., ADR KR 2,137 0.1

Utilities (0.4%) 39,700 FPL Group Inc. US 3,606 0.2 250,800 Scottish and Southern Energy PLC GB 3,509 0.1 602,500 Hong Kong Electric Holdings Limited HK 3,202 0.1

Total Investments 2,392,772 96.4

Cash & Short-term Notes 90,962 3.6 Net Assets 2,483,734 100.0

CUMIS


Canadian Equity Plus Pension Trust


CANADIAN EQUITIES (73.9%) Energy (9.2%) 565,507 EnCana Corporation 29,237 4.4 895,800 Suncor Energy, Inc. 22,699 3.4 168,497 Petro-Canada 9,092 1.4

Materials (6.9%) 414,540 Alcan Inc. 17,415 2.6 120,891 Potash Corporation of Saskatchewan Inc. 10,397 1.6 520,228 Teck Cominco Limited, Cl. B, Sub. Voting 5,748 0.9 200,472 Barrick Gold Corporation 4,809 0.7 171,680 NOVA Chemicals Corporation 4,414 0.7 140,638 IPSCO, Inc. 2,064 0.3 129,566 Samuel Manu-Tech, Inc. 941 0.1

Industrials (5.8%) 211,557 Canadian National Railway Company 13,768 2.1 244,453 CP Ships Limited 5,488 0.8 200,472 Toromont Industries Ltd. 4,811 0.7 132,307 Finning International Inc. 3,870 0.6 121,389 Canadian Pacific Railway Limited 3,679 0.6 162,572 Transcontinental Inc., Cl. A 3,057 0.5 592,171 Bombardier Inc., Cl. B 2,706 0.4 193,960 Transat A.T., Inc. 885 0.1

Consumer Discretionary (3.8%) 91,877 Magna International Inc., Cl. A, Sub. Voting 8,336 1.3 128,222 The Thomson Corporation 5,436 0.8 151,939 Quebecor World Inc., Sub. Voting 3,785 0.6 96,271 Dorel Industries Inc., Cl. B, Sub. Voting 3,779 0.6 50,314 Fairmont Hotels & Resorts Inc. 1,555 0.2 43,891 Astral Media Inc., Cl. A 1,001 0.2 15,970 Four Seasons Hotels Inc., Limited Voting 930 0.1

Consumer Staples (2.2%) 166,600 Loblaw Companies Limited 10,329 1.6 240,333 The Jean Coutu Group (PJC) Inc., Cl. A, Sub. Voting 3,754 0.6

Health Care (2.4%) 196,357 Biovail Corporation 12,359 1.9 357,485 Extendicare Inc., Cl. A, Sub. Voting 1,544 0.2 66,657 MDS Inc. 1,238 0.2 86,569 Inex Pharmaceuticals Corporation 474 0.1 124,286 StressGen Biotechnologies Corp. 212 0.0 60,712 AnorMED Inc. 191 0.0 19,681 Theratechnologies Inc. 117 0.0

Financials (31.8%) 632,500 Royal Bank of Canada 36,293 5.5 752,317 Manulife Financial Corporation 28,731 4.4 495,786 Canadian Imperial Bank of Commerce 26,723 4.1 412,212 Bank of Nova Scotia 24,774 3.8 592,623 The Toronto-Dominion Bank 22,140 3.4 396,229 Bank of Montreal 16,860 2.5 379,498 Power Financial Corporation 16,603 2.5 566,048 Sun Life Financial Services of Canada 15,838 2.4 296,674 Great-West Lifeco Inc. 11,570 1.7 142,888 Power Corporation of Canada 5,994 0.9 142,560 TSX Group Inc. 3,921 0.6

Information Technology (5.0%) 3,358,963 Nortel Networks Corporation 12,227 1.9 367,305 Celestica Inc., Sub. Voting 7,757 1.2 322,440 Onex Corporation, Sub. Voting 4,804 0.7


Information Technology (continued) 80,796 Research In Motion Limited 2,358 0.4 64,516 Cognos, Inc. 2,353 0.4 61,502 Hummingbird Ltd. 1,640 0.2 111,055 Zarlink Semiconductor Inc. 777 0.1 35,857 Tundra Semiconductor Corporation Limited 400 0.1 89,999 Pivotal Corporation 130 0.0 26,739 iUnits S&P/TSE Cdn. Info. Tech. Index Fund US 128 0.0

Telecommunications Services (6.0%) 830,584 TELUS Corporation, Non-Voting 18,564 2.8 567,916 BCE Inc. 17,639 2.7 150,050 TELUS Corporation 3,588 0.5

Utilities (0.8%) 108,217 Enbridge Inc. 5,187 0.8

GLOBAL EQUITIES (23.7%) Energy (1.7%) 37,800 BP PLC, ADR GB 2,158 0.3 9,300 Total Fina Elf SA FR 1,910 0.3 19,200 ChevronTexaco Corporation US 1,883 0.3 38,460 Exxon Mobil Corporation US 1,877 0.3 60,354 ENI S.p.A. IT 1,240 0.2 450,000 CNOOC Limied HK 894 0.2 72,500 Statoil ASA NO 839 0.1 21,600 BP PLC GB 204 0.0

Materials (1.1%) 61,500 Rio Tinto PLC GB 1,572 0.2 14,900 Praxair, Inc. US 1,217 0.2 52,600 CRH PLC IE 1,125 0.2 30,900 Engelhard Corporation US 1,040 0.2 156,200 James Hardie Industries NV NL 1,002 0.2 20,300 Shin-Etsu Chemical Co., Ltd. JP 942 0.1

Industrials (2.4%) 103,900 General Electric Company US 4,049 0.6 56,500 Tyco International Ltd. US 1,457 0.2 15,400 Emerson Electric Co. US 1,069 0.2 63,000 Smiths Group PLC GB 993 0.2 188,600 Tomkins PLC GB 960 0.2 7,700 SMC Corporation JP 881 0.1 10,600 Union Pacific Corporation US 836 0.1 13,800 SPX Corporation US 826 0.1 13,470 Adecco SA CH 754 0.1 7,900 Danaher Corporation US 730 0.1 29,000 Daikin Industries, Ltd. JP 724 0.1 51,236 Exel PLC GB 714 0.1 19,000 Sandvik AB SE 676 0.1 351,000 Johnson Electric Holdings Ltd. HK 593 0.1 12,400 AB SKF SE 486 0.1

Consumer Discretionary (2.8%) 36,700 The Home Depot, Inc. US 1,652 0.3 25,400 Viacom Inc., Cl. B US 1,507 0.2 91,200 Nissan Motor Co., Ltd. JP 1,185 0.2 22,900 Honda Motor Co., Ltd. JP 1,179 0.2 158,100 Marks & Spencer Group PLC GB 1,119 0.2 25,900 Societe Television Francaise 1 FR 1,083 0.2 9,500 Gannett Co., Inc. US 992 0.2 82,767 Mediaset S.p.A. IT 952 0.1 18,000 Target Corp. US 925 0.1 20,900 Carnival Corporation US 923 0.1

CUMIS


Canadian Equity Plus Pension Trust (continued)


GLOBAL EQUITIES (continued) Consumer Discretionary (continued) 278,000 Dixons Group PLC GB 823 0.1 21,500 Sony Corporation JP 822 0.1 20,000 Fuji Photo Film Co., Ltd. JP 785 0.1 9,100 The McGraw-Hill Companies, Inc. US 767 0.1 10,800 Kohl's Corp. US 754 0.1 28,300 Koninklijke (Royal) Philips Electronics NV NL 731 0.1 18,200 Publicis Groupe FR 664 0.1 151,300 Hilton Group PLC GB 624 0.1 14,900 Jones Apparel Group, Inc. US 592 0.1 4,300 Johnson Controls, Inc. US 500 0.1

Consumer Staples (1.9%) 31,100 Wal-Mart Stores, Inc. US 2,268 0.3 11,100 The Procter & Gamble Company US 1,345 0.2 4,360 Nestle SA CH 1,223 0.2 18,500 PepsiCo, Inc. US 1,119 0.2 71,500 Diageo PLC GB 1,037 0.2 38,500 Reckitt Benckiser PLC GB 960 0.2 14,800 Altria Group Inc. US 914 0.1 18,300 Heineken NV NL 882 0.1 19,700 Kraft Foods Inc, Cl. A US 871 0.1 13,700 The Coca-Cola Company US 864 0.1 24,700 Sara Lee Corporation US 631 0.1 7,800 Alberto Culver Company, Cl. B, Conv. US 541 0.1

Health Care (3.0%) 72,660 Pfizer Inc. US 3,371 0.5 32,900 Johnson & Johnson US 2,311 0.3 31,400 Novartis AG CH 1,688 0.3 16,900 Eli Lilly and Company US 1,584 0.2 24,600 AstraZeneca GB 1,340 0.2 40,867 GlaxoSmithKline PLC GB 1,121 0.2 13,000 Aventis SA FR 972 0.1 24,900 Yamanouchi Pharmaceutical Co., Ltd. JP 882 0.1 29,000 Fujisawa Pharmaceutical Company Limited JP 739 0.1 9,000 Sanofi-Synthelabo SA FR 716 0.1 11,400 Abbott Laboratories US 678 0.1 25,300 Health Management Associates, Inc., Cl. A US 634 0.1 17,700 Caremark Rx Inc. US 618 0.1 10,100 Millipore Corporation US 609 0.1 13,900 HCA Inc. US 605 0.1 8,900 Schering AG DE 591 0.1 17,200 Cochlear Ltd. AU 506 0.1 6,100 Medtronic, Inc. US 398 0.1 5,500 Henry Schein, Inc. US 391 0.1

Financials (6.3%) 61,433 Citigroup Inc. US 3,573 0.5 24,100 SPDR Trust US 3,197 0.5 35,450 American International Group, Inc. US 2,658 0.4 32,900 Wells Fargo & Company US 2,253 0.3 26,425 UBS AG CH 1,997 0.3 52,200 Royal Bank of Scotland Group PLC GB 1,990 0.3 34,000 Wachovia Corporation US 1,846 0.3 180,900 Barclays PLC GB 1,825 0.3 21,800 Marsh & McLennan Companies, Inc. US 1,513 0.2 23,300 Merrill Lynch & Co., Inc. US 1,478 0.2 11,200 The Goldman Sachs Group, Inc. US 1,274 0.2 22,200 American Express Company US 1,261 0.2 17,900 BNP Paribas SA FR 1,236 0.2 31,100 The Bank of New York Company, Inc. US 1,215 0.2


Financials (continued) 20,500 Washington Mutual, Inc. US 1,150 0.2 31,800 Credit Suisse Group CH 1,137 0.2 13,000 Societe Generale FR 1,120 0.2 14,000 Fifth Third Bancorp US 1,091 0.2 19,200 Northern Trust Corporation US 1,090 0.2 28,300 MetLife, Inc. US 1,089 0.2 568,130 Legal & General Group PLC GB 1,070 0.2 15,100 Federal Home Loan Mortgage Corporation US 1,042 0.2 510,000 Hong Kong Exchanges & Clearing Limited HK 1,004 0.1 6,813 Muenchener Rueckversicherungs-

Gesellschaft AG DE 944 0.1 97,400 Amvescap PLC GB 913 0.1 46,900 Australia and New Zealand Banking Group Ltd. AU 795 0.1 10,600 Banco Popular Espanol SA ES 728 0.1 34,600 Allied Irish Banks PLC GB 702 0.1 3,130 Swiss Re CH 236 0.0

Information Technology (3.1%) 100,200 Microsoft Corporation US 3,487 0.5 22,300 International Business Machines Corporation US 2,500 0.4 88,300 Intel Corporation US 2,494 0.4 86,100 Cisco Systems, Inc. US 1,953 0.3 69,100 Nokia OYJ, ADR FI 1,543 0.2 20,000 Canon Inc. JP 1,247 0.2 6,760 SAP AG DE 1,083 0.2 6,900 Rohm Company Limited JP 1,022 0.1 19,300 QUALCOMM Inc. US 937 0.1 19,144 Dassault Systems SA FR 854 0.1 4,200 Samsung Electronics Co., Ltd. KR 849 0.1 16,500 Dell Computer Corporation US 716 0.1 11,500 Murata Manufacturing Company, Ltd. JP 614 0.1 5,800 Nintendo Co., Ltd. JP 573 0.1 33,800 Taiwan Semiconductor Mfg. Co. Ltd., ADR TW 463 0.1 13,900 STMicroelectronics NV CH 396 0.1

Telecommunications Services (1.1%) 957,300 Vodafone Group PLC GB 2,543 0.4 52,500 BellSouth Corporation US 1,900 0.3 68,400 Telefonica SA ES 1,079 0.2 116,600 Telecom Italia S.p.A. IT 868 0.1 19,000 SK Telecom Co., Ltd., ADR KR 487 0.1

Utilities (0.3%) 9,100 FPL Group Inc. US 826 0.1 58,100 Scottish and Southern Energy PLC GB 813 0.1 138,000 Hong Kong Electric Holdings Limited HK 733 0.1

Total Investments 643,165 97.6

Cash & Short-term Notes 15,781 2.4 Net Assets 658,946 100.0

CUMIS


Dividend Income Fund


CANADIAN EQUITIES (82.4%) Energy (3.6%) 2,268,600 Suncor Energy, Inc. 57,486 3.6

Materials (6.2%) 1,148,700 Alcan Inc. 48,257 3.1 412,900 Potash Corporation of Saskatchewan Inc. 35,509 2.2 451,400 NOVA Chemicals Corporation 11,606 0.7 250,000 IPSCO, Inc. 3,670 0.2

Industrials (1.0%) 724,150 CP Ships Limited 16,257 1.0

Consumer Discretionary (6.2%) 535,900 Magna International Inc., Cl. A, Sub. Voting 48,622 3.1 800,000 The Thomson Corporation 33,920 2.2 600,000 Quebecor World Inc., Sub. Voting 14,946 0.9

Consumer Staples (1.0%) 152,300 George Weston Limited 15,597 1.0

Financials (47.3%) 2,212,300 Royal Bank of Canada 126,942 8.0 2,013,500 Canadian Imperial Bank of Commerce 108,527 6.9 2,659,200 Manulife Financial Corporation 101,555 6.4 2,692,100 The Toronto-Dominion Bank 100,577 6.4 1,624,827 Bank of Nova Scotia 97,652 6.2 1,813,300 Bank of Montreal 77,156 4.9 1,089,700 Great-West Lifeco Inc. 42,498 2.7 863,500 Power Corporation of Canada 36,224 2.3 516,473 Power Financial Corporation 22,596 1.4 735,400 Sun Life Financial Services of Canada 20,576 1.3 450,500 TSX Group Inc. 12,389 0.8

Telecommunications Services (11.1%) 2,631,300 BCE Inc. 81,728 5.2 2,521,000 TELUS Corporation 60,277 3.8 450,000 Manitoba Telecom Services Inc. 17,883 1.1 736,300 TELUS Corporation, Non-Voting 16,457 1.0

Utilities (6.0%) 1,357,000 Enbridge Inc. 65,041 4.1 607,500 ATCO Ltd., Cl. 1, Non-Voting 29,300 1.9

Number Market % of of Shares Security Value ($) Total

U.S. EQUITIES (16.4%) Industrials (12.4%) 1,188,000 General Electric Company 46,295 2.9 415,100 United Technologies Corporation 39,949 2.5 1,363,900 Tyco International Ltd. 35,174 2.2 403,000 Emerson Electric Co. 27,981 1.8 262,000 Danaher Corporation 24,225 1.6 611,000 Honeywell International Inc. 22,291 1.4

Health Care (1.8%) 440,000 Baxter International Inc. 15,544 1.0 150,000 Merck & Co., Inc. 12,341 0.8

Financials (1.8%) 463,000 Merrill Lynch & Co., Inc. 29,367 1.8

Information Technology (0.4%) 266,800 Cisco Systems, Inc. 6,050 0.4



CUMIS


U.S. Equity Fund


U.S. EQUITIES (98.5%) Energy (5.2%) 316,648 Exxon Mobil Corporation 15,450 2.8 91,900 ChevronTexaco Corporation 9,016 1.6 104,400 Occidental Petroleum Corporation 4,759 0.8

Materials (1.3%) 43,600 Bemis Company, Inc. 2,773 0.5 33,100 Praxair, Inc. 2,703 0.5 39,900 Rohm and Haas Company 1,682 0.3

Industrials (11.8%) 582,900 General Electric Company 22,715 4.0 539,800 Tyco International Ltd. 13,921 2.5 177,600 SPX Corporation 10,632 1.9 76,700 Avery Dennison Corporation 5,232 0.9 91,000 Parker-Hannifin Corporation 5,192 0.9 41,100 Danaher Corporation 3,800 0.7 60,400 L-3 Communications Holdings Inc. 3,569 0.6 15,400 United Parcel Service, Inc. Cl. B 1,333 0.3

Consumer Discretionary (6.0%) 153,000 Viacom Inc., Cl. B 9,076 1.6 53,700 Gannett Co., Inc. 5,604 1.0 97,400 The Home Depot, Inc. 4,383 0.8 96,600 Carnival Corporation 4,267 0.8 152,900 Gap Incorporated 3,898 0.7 130,900 Darden Restaurants, Inc. 3,376 0.6 75,700 Jones Apparel Group, Inc. 3,010 0.5

Consumer Staples (11.2%) 306,000 Wal-Mart Stores, Inc. 22,315 4.0 158,500 The Coca-Cola Company 9,995 1.8 163,300 PepsiCo, Inc. 9,874 1.7 95,100 Altria Group Inc. 5,871 1.0 73,200 Colgate Palmolive Company 5,764 1.0 153,300 Sara Lee Corporation 3,918 0.7 31,700 Hershey Foods Corporation 3,000 0.5 59,600 Kraft Foods Inc, Cl. A 2,636 0.5

Health Care (18.9%) 607,200 Pfizer Inc. 28,175 5.0 158,900 Johnson & Johnson 11,162 2.0 85,700 Eli Lilly and Company 8,031 1.4 205,100 Caremark Rx Inc. 7,157 1.3 147,400 HCA Inc. 6,417 1.1 104,800 Abbott Laboratories 6,231 1.1 56,700 Express Scripts, Inc., Cl. A 5,263 0.9 77,700 Medtronic, Inc. 5,064 0.9 192,200 Health Management Associates, Inc. Cl. A 4,818 0.9 63,500 Henry Schein, Inc. 4,516 0.8 44,600 Amgen Inc. 4,026 0.7 38,000 Stryker Corporation 3,582 0.6 76,700 Omnicare Incorporated 3,522 0.6 49,000 UnitedHealth Group Incorporated 3,346 0.6 74,200 Bristol-Myers Squibb Company 2,737 0.5 61,600 Laboratory Corporation of America Holdings 2,524 0.5

Financials (25.5%) 370,400 Citigroup Inc. 21,540 3.8 240,400 American International Group, Inc. 18,024 3.2 161,200 Federal National Mortgage Association 14,771 2.6 138,500 Wells Fargo & Company 9,485 1.7 117,400 Federal Home Loan Mortgage Corporation 8,099 1.4

Number Market % of of Shares Security Value ($) Total

Financials (continued) 119,400 Washington Mutual, Inc. 6,700 1.2 81,100 Fifth Third Bancorp 6,319 1.1 189,600 U.S. Bancorp 6,312 1.1 96,800 Morgan Stanley Dean Witter & Co. 5,623 1.0 77,700 Marsh & McLennan Companies, Inc. 5,392 1.0 115,700 John Hancock Financial Services 4,831 0.9 114,800 MetLife, Inc. 4,417 0.8 131,700 Aon Corporation 4,309 0.8 106,500 The Bank of New York Company, Inc. 4,160 0.7 73,200 State Street Corporation 3,919 0.7 92,100 Investors Financial Services Corporation 3,630 0.7 95,200 Mellon Financial Corporation 3,589 0.6 114,900 National Commerce Financial Corporation 3,464 0.6 85,000 The PMI Group, Inc. 3,100 0.6 53,400 Bank One Corp. 2,698 0.5 19,400 The Goldman Sachs Group, Inc. 2,208 0.4 26,900 Synovus Financial Corp. 786 0.1

Information Technology (17.0%) 807,500 Microsoft Corporation 28,099 5.0 598,800 Cisco Systems, Inc. 13,579 2.4 81,200 International Business Machines Corporation 9,102 1.6 163,800 Dell Computer Corporation 7,113 1.3 139,000 QUALCOMM Inc. 6,752 1.2 116,300 Fiserv, Inc. 5,627 1.0 193,100 The Bisys Group, Inc. 4,820 0.8 86,700 Maxim Integrated Products Inc. 4,028 0.7 114,100 Intel Corporation 3,222 0.6 79,300 Waters Corporation 3,139 0.6 139,500 Semtech Corporation 2,699 0.5 44,200 DST Systems, Inc. 2,282 0.4 91,000 Texas Instruments Incorporated 2,176 0.4 59,100 Microchip Technology Incorporated 1,978 0.3 29,100 Linear Technology Corporation 1,274 0.2

Telecommunications Services (1.6%) 84,700 Verizon Communications Inc. 4,540 0.8 65,500 ALLTEL Corporation 4,292 0.8



CUMIS


Overseas Equity Fund


GLOBAL EQUITIES (99.5%) Energy (9.0%) 1,355,066 BP PLC GB 12,768 2.9 44,662 Total Fina Elf SA FR 9,171 2.1 127,400 Royal Dutch Petroleum Company NL 8,035 1.9 239,413 ENI S.p.A. IT 4,920 1.1 177,100 Statoil ASA NO 2,050 0.5 1,002,000 CNOOC Limied HK 1,990 0.5

Materials (6.3%) 208,800 Rio Tinto PLC GB 5,337 1.2 98,800 Shin-Etsu Chemical Co., Ltd. JP 4,584 1.1 508,800 BHP Billiton Limited AU 4,006 0.9 169,202 CRH PLC IE 3,619 0.8 468,100 James Hardie Industries NV NL 3,003 0.7 59,800 Nitto Denko Corporation JP 2,659 0.6 27,400 Ciba Specialty Chemicals AG CH 2,254 0.5 9,510 L'Air Liquide SA FR 1,916 0.5

Industrials (8.7%) 67,200 Siemens AG DE 4,479 1.0 221,200 Smiths Group PLC GB 3,487 0.8 30,300 SMC Corporation JP 3,466 0.8 214,268 Exel PLC GB 2,988 0.7 564,800 Tomkins PLC GB 2,875 0.7 50,127 Adecco SA CH 2,806 0.6 41,000 Fanuc Ltd. JP 2,761 0.6 69,100 Sandvik AB SE 2,457 0.6 705,900 BAE Systems PLC GB 2,255 0.5 90,000 Daikin Industries, Ltd. JP 2,246 0.5 66,000 Munters AB SE 1,949 0.5 46,600 AB SKF SE 1,827 0.4 908,000 Johnson Electric Holdings Ltd. HK 1,535 0.4 144,100 Bunzl PLC GB 1,372 0.3 907,000 Singapore Technologies Engineering Limited (ST Engg) SG 1,218 0.3

Consumer Discretionary (14.5%) 179,500 Toyota Motor Corporation JP 6,317 1.5 422,700 Nissan Motor Co., Ltd. JP 5,491 1.3 104,700 Honda Motor Co., Ltd. JP 5,391 1.2 121,900 Sony Corporation JP 4,662 1.1 155,424 Koninklijke (Royal) Philips Electronics NV NL 4,016 0.9 529,404 Marks & Spencer Group PLC GB 3,748 0.9 1,085,400 Dixons Group PLC GB 3,212 0.7 81,000 Fuji Photo Film Co., Ltd. JP 3,181 0.7 346,900 Compass Group PLC GB 2,541 0.6 217,220 Mediaset S.p.A. IT 2,498 0.6 561,300 Hilton Group PLC GB 2,316 0.5 163,000 Singapore Press Holdings Limited SG 2,302 0.5 83,400 Electrolux AB SE 2,237 0.5 136,600 Elsevier NV NL 2,189 0.5 49,800 Societe Television Francaise 1 FR 2,082 0.5 38,400 Bayerische Motoren Werke AG DE 2,007 0.5 54,800 Publicis Groupe FR 1,998 0.5 743,900 John Fairfax Holdings Limited AU 1,952 0.4 18,900 Pinault-Printemps-Redoute SA FR 1,935 0.4 36,800 Hunter Douglas NV NL 1,665 0.4 24,700 Medion AG DE 1,459 0.3

Consumer Staples (6.5%) 29,785 Nestle SA CH 8,351 1.9 371,498 Diageo PLC GB 5,389 1.2


Consumer Staples (continued) 67,400 Unilever NV NL 4,945 1.1 770,558 Tesco PLC GB 3,788 0.9 62,900 Heineken NV NL 3,033 0.7 117,200 Reckitt Benckiser PLC GB 2,922 0.7

Health Care (9.1%) 173,947 Novartis AG CH 9,352 2.2 316,212 GlaxoSmithKline PLC GB 8,671 2.0 111,200 AstraZeneca GB 6,059 1.4 60,674 Aventis SA FR 4,536 1.0 39,160 Sanofi-Synthelabo SA FR 3,116 0.7 59,200 Yamanouchi Pharmaceutical Co., Ltd. JP 2,097 0.5 25,600 Schering AG DE 1,701 0.4 49,600 Cochlear Ltd. AU 1,460 0.3 175,500 Smith & Nephew PLC GB 1,370 0.3 9,141 Straumann AG CH 1,123 0.3

Financials (28.1%) 668,540 HSBC Holdings PLC GB 10,733 2.5 239,343 Royal Bank of Scotland Group PLC GB 9,123 2.1 115,977 UBS AG CH 8,766 2.0 686,652 Barclays PLC GB 6,928 1.6 86,700 BNP Paribas SA FR 5,986 1.4 376,000 Banco Bilbao Vizcaya Argentaria SA ES 5,368 1.2 533,324 Amvescap PLC GB 4,998 1.1 138,900 Credit Suisse Group CH 4,967 1.1 184,234 ABN AMRO Holding NV NL 4,786 1.1 373,900 Banco Santander Central Hispano SA ES 4,451 1.0 50,200 Societe Generale FR 4,324 1.0 440,559 CGNU PLC GB 4,156 1.0 28,049 Muenchener Rueckversicherungs- Gesellschaft AG DE 3,886 0.9 1,958,902 Legal & General Group PLC GB 3,689 0.8 1,872,000 Hong Kong Exchanges & Clearing Limited HK 3,686 0.8 306,900 Lloyds TSB Group PLC GB 2,961 0.7 168,800 Bank of Ireland IE 2,768 0.6 307,400 QBE Insurance Group AU 2,611 0.6 128,000 Allied Irish Banks PLC GB 2,598 0.6 378,000 Sun Hung Kai Properties Ltd. HK 2,588 0.6 386,900 UniCredito Italiano S.p.A. IT 2,505 0.6 143,200 Australia and New Zealand Banking Group Limited AU 2,429 0.6 174,468 Aegon NV NL 2,374 0.5 16,100 iShares MSCI EAFE Index Fund UK 2,369 0.5 83,500 Danske Bank DK 2,210 0.5 259,100 Prudential PLC GB 2,132 0.5 147,100 Hang Seng Bank Limited HK 2,108 0.5 135,300 Irish Life & Permanent PLC IE 1,977 0.5 24,650 Banco Popular Espanol SA ES 1,692 0.4 28,200 AIFUL Corporation JP 1,634 0.4 150,900 Abbey National PLC GB 1,592 0.4

Information Technology (7.9%) 292,530 Nokia OYJ FI 6,545 1.5 77,000 Canon Inc. JP 4,801 1.1 23,421 SAP AG DE 3,753 0.9 20,900 Rohm Company Limited JP 3,096 0.7 52,700 Murata Manufacturing Company, Ltd. JP 2,815 0.7 43,000 Tokyo Electron Limited JP 2,769 0.6 27,200 Hoya Corporation JP 2,545 0.6 12,100 Samsung Electronics Co., Ltd. KR 2,446 0.6 23,000 Nintendo Co., Ltd. JP 2,272 0.5

CUMIS


Overseas Equity Fund (continued)


Information Technology (continued) 47,397 Dassault Systems SA FR 2,115 0.5 45,000 Nokia OYJ, ADR FI 1,005 0.2

Telecommunications Services (7.3%) 4,810,948 Vodafone Group PLC GB 12,782 2.9 395,000 Telefonica SA ES 6,231 1.4 1,466 NTT DoCoMo, Inc. JP 4,313 1.0 178,600 Deutsche Telekom AG DE 3,704 0.9 380,500 Telecom Italia S.p.A. IT 2,832 0.7 70,400 SK Telecom Co., Ltd., ADR KR 1,804 0.4

Utilities (2.1%) 148,700 Iberdrola SA ES 3,499 0.8 224,600 Scottish and Southern Energy PLC GB 3,142 0.7 483,000 Hong Kong Electric Holdings Limited HK 2,567 0.6



CUMIS


Bond Fund


BONDS AND DEBENTURES (94.8%) Federal Government (37.3%) 166,537 Gov't of Canada 8.00% Jun 01/23 227,739 11.4 191,066 Gov't of Canada 6.00% Jun 01/08 209,970 10.5 107,600 Gov't of Canada 5.25% Sep 01/03 107,957 5.4 64,170 Gov't of Canada 7.00% Dec 01/06 71,557 3.6 60,830 Gov't of Canada 6.00% Sep 01/05 64,516 3.2 44,515 Gov't of Canada 6.00% Jun 01/11 49,409 2.5 8,548 Canada Housing Trust 3.70% Sep 15/08 8,452 0.4 50 Gov't of Canada 8.00% Jun 01/27 70 0.0 Accrued Income 5,746 0.3

Provincial Government (21.8%) 86,020 Prov. of Ontario 7.60% Jun 02/27 110,134 5.5 49,225 Prov. of Quebec 6.25% Dec 01/10 54,593 2.7 45,925 Prov. of New Brunswick 6.38% Jun 15/10 51,211 2.6 29,769 Ontario Hydro 8.25% Jun 22/26 40,411 2.0 37,280 Prov. of Quebec 5.50% Jun 01/09 39,836 2.0 23,075 Prov. of Ontario 8.50% Dec 02/25 31,997 1.6 17,050 Ontario Hydro 8.50% May 26/25 23,551 1.2 15,325 Prov. of Ontario 8.10% Sept 08/23 20,350 1.0 11,850 Prov. of New Brunswick 5.80% Jul 12/11 12,767 0.7 8,725 Prov. of Ontario 8.00% Jun 02/26 11,565 0.6 10,250 Prov. of British Columbia 5.75% Jan 09/12 11,036 0.6 8,800 Prov. of Quebec 6.00% Oct 01/29 9,319 0.5 5,223 BC Municipal Finance Authority 8.75% May 12/13 6,800 0.3 3,775 Hydro Quebec 6.50% Feb 15/11 4,250 0.2 3,895 Prov. of Ontario 5.38% Dec 02/12 4,069 0.2 650 Prov. of New Brunswick 5.85% Dec 01/11 703 0.0 575 Hydro One Inc. 5.77% Nov 15/12 600 0.0 Accrued Income 2,784 0.1

Corporates (35.7%) 38,975 TD Capital Trust 7.60% Dec 31/09 44,784 2.2 37,800 GE Capital Canada Funding 4.35% Feb 06/06 38,596 1.9 24,925 Ford Credit Canada 5.73% Dec 01/03 24,943 1.2 22,225 The Toronto-Dominion Bank 5.20% Sep 04/07-12 23,304 1.2 19,426 Sun Life Cap Trust 6.87% Dec 31/11 21,414 1.1 17,622 Scotia Mortgage Investment Corp. 6.57% Oct 31/07 19,085 1.0 17,925 Merrill Lynch Canada Finance 5.35% Nov 19/07 18,740 0.9 16,500 BCE Inc. 6.75% Oct 30/07 18,136 0.9 15,840 Sun Life Assurance of Canada 6.15% Jun 30/12-22 16,799 0.8 14,486 RBC Capital Trust 7.18% Jun 30/11 16,295 0.8 14,475 Greater Toronto Airport Authority 6.70% Jul 19/10 15,619 0.8 15,100 Ford Credit Canada 6.00% Mar 08/04 15,213 0.8 11,922 Merrill Lynch Mortgage Loans Inc. 7.37% May 10/22 13,182 0.7 11,650 Citigroup Finance Canada Inc. 5.03% Sep 17/07 12,157 0.6 11,575 GM Acceptance Corp. Canada Ltd. 6.00% Jan 09/04 11,648 0.6 10,459 Greater Toronto Airport Authority 7.10% Jun 04/31 10,831 0.5 10,425 Poco Petroleums Ltd. 6.40% Dec 03/03 10,549 0.5 8,155 Les Terrasses De Lousiana Chaudiere 10.16% May 31/13 10,267 0.5 9,549 Merrill Lynch Mortgage Loans Inc. 7.20% Nov 15/08 10,263 0.5 9,630 Anderson Exploration Limited 6.55% Aug 02/06 10,150 0.5 9,518 Cambridge Shopping Centres Ltd. 6.48% May 07/13 9,876 0.5 8,585 BCE Inc. 7.35% Oct 30/09 9,797 0.5 9,000 Household Financial Corp. 6.44% Jun 01/07 9,742 0.5 9,100 Scotiabank Capital Trust 6.28% Jun 30/13 9,615 0.5 8,490 The Thomson Corporation 6.90% Jun 04/08 9,443 0.5 9,250 Household Finance Corporation 4.50% Jul 02/08 9,303 0.5 8,925 DaimlerChrysler Canada Finance Inc. 5.00% Feb 28/05 9,027 0.5 8,575 Greater Toronto Airport Authority 6.25% Jan 30/12 8,925 0.4


Corporates (continued) 8,300 Cadillac Fairview Corp. & Cambridge Shopping Centres Ltd. 6.82% Jan 31/07 8,908 0.4 8,275 EnCana Corp. 5.30% Dec 03/07 8,668 0.4 8,010 GE Capital Canada Funding 5.30% Jul 24/07 8,407 0.4 7,300 John Deere Credit Inc. 6.75% Apr 03/07 7,919 0.4 7,375 Solar Trust 5.83% Aug 12/12 7,719 0.4 6,865 Data Centres Trust 7.23% Sep 10/14 7,655 0.4 7,555 GM Acceptance Corp. Canada Ltd. 6.00% Jan 12/04 7,603 0.4 6,973 Scotiabank Capital Trust 6.63% Jun 30/12 7,571 0.4 7,150 Terasen Inc. 4.85% May 08/06 7,293 0.4 7,175 GM Acceptance Corp. Canada Ltd. 5.80% Mar 12/04 7,222 0.4 6,700 1st Street Tower 7.76% Sep 05/21 7,083 0.3 5,046 Nova Gas Transmission 9.90% Dec 16/24 6,788 0.3 6,750 Canadian Pacific Railway 4.90% Jun 15/10 6,709 0.3 6,675 Merrill Lynch Financial Assets Inc. 5.25% Jun 12/13 6,684 0.3 6,075 BMO Capital Trust 6.69% Dec 31/11 6,632 0.3 4,763 British Columbia Telephone Company 10.65% Jun 19/21 6,177 0.3 5,725 Investors Group Inc 7.11% Mar 07/33 6,154 0.3 5,650 GE Capital Canada Funding 5.00% Apr 23/08 5,848 0.3 5,625 Navigation Canada 4.25% Feb 13/06 5,723 0.3 5,000 Merrill Lynch Mortgage Loans Inc. 6.75% Sep 15/10 5,560 0.3 4,975 Talisman Energy Inc. 5.80% Jan 30/07 5,224 0.3 4,750 Power Financial Corp 6.90% Mar 11/33 5,216 0.3 4,775 Alliance Pipeline LP 5.55% Dec 31/23 4,741 0.2 4,100 The Thomson Corporation 9.15% Jul 06/04 4,340 0.2 4,230 DaimlerChrysler Canada Finance Inc. 6.60% Jun 21/04 4,332 0.2 4,200 Citigroup Finance Canada Inc. 4.85% Apr 25/08 4,330 0.2 3,841 Talisman Energy Inc. 9.80% Dec 22/04 4,185 0.2 3,550 Maritime Telegraph and Telephone Company, Limited 10.45% Mar 01/06-13 4,169 0.2 3,120 TransCanada PipeLines Limited 10.50% Aug 20/10 4,101 0.2 3,927 Greater Toronto Airport Authority 7.05% Jun 12/30 4,041 0.2 3,774 Household Financial Corp. 6.00% Apr 11/05 3,930 0.2 3,400 Investors Group Inc. 6.58% Mar 07/18 3,617 0.2 3,275 Solar Trust 6.70% Apr 15/11 3,608 0.2 2,975 Bell Canada 10.55% Feb 15/07-15 3,600 0.2 3,250 Epcor Utilities Inc. 6.95% Jun 28/10 3,556 0.2 3,300 Epcor Utilities Inc. 6.75% Mar 22/16 3,474 0.2 3,250 Aeroports de Montreal 6.95% Apr 16/32 3,395 0.2 3,195 The Toronto-Dominion Bank 5.69% Jun 03/13-18 3,319 0.2 3,032 Enbridge Inc. 7.20% Jun 18/32 3,199 0.2 2,955 Great-West Lifeco Inc. 6.67% Mar 21/33 3,174 0.2 3,000 Great-West Lifeco Inc. 6.14% Mar21/18 3,150 0.2 3,000 John Deere Credit Inc. 4.75% Sep 19/05 3,063 0.2 2,850 DaimlerChrysler Canada Finance Inc. 5.94% Apr 22/05 2,928 0.1 2,500 Bell Canada 6.70% Jun 28/07 2,745 0.1 2,500 TD Mortgage Investment Corp. 6.46% Oct 31/07 2,687 0.1 2,500 GM Acceptance Corp. Canada Ltd. 6.40% Sep 05/03 2,507 0.1 2,000 Westcoast Energy Inc. 8.50% Nov 23/15 2,454 0.1 2,275 Greater Toronto Airport Authority 6.25% Dec 13/12 2,351 0.1 2,125 Bell Canada 6.50% May 09/05 2,241 0.1 1,850 Talisman Energy Inc. 8.06% Sep 16/09 2,123 0.1 2,000 Canada Life Assurance Company 6.40% Dec 11/28 2,060 0.1 1,700 TransCanada PipeLines Limited 8.29% Feb 05/26 2,028 0.1 1,851 Manufacturers Life Insurance Co. 6.24% Feb 16/11-16 2,006 0.1 1,660 Clarica Life Insurance Co. 6.65% Oct 12/10 1,846 0.1 1,725 Greater Toronto Airport Authority 5.95% Dec 3/07 1,823 0.1 1,525 Nova Gas Transmission 6.59% Dec 01/27 1,503 0.1 1,341 Bell Canada 9.45% Mar 01/04-11 1,405 0.1 1,275 Wells Fargo Finance Canada 5.00% Jun 16/08 1,327 0.1 1,000 Westcoast Energy Inc. 7.20% Jan 26/10 1,122 0.1

CUMIS


Bond Fund (continued)


Corporates (continued) 1,000 Aliant Telecom Inc. 6.45% Oct 15/04 1,039 0.1 950 Westcoast Energy Inc. 7.15% Mar 20/31 1,012 0.0 900 Anderson Exploration Limited 7.25% Jul 18/05 954 0.0 859 Viking Rideau Corporation 6.75% Mar 10/14 899 0.0 375 Nova Gas Transmission 12.20% Feb 28/16 579 0.0 400 Investors Group Inc 7.45% May 09/31 447 0.0 325 Cadillac Fairview Corporation 7.05% Jan 31/07 351 0.0 Accrued Income 7961 0.4

MORTGAGES (1.1%) Conventional (1.1%) 8,715 6.31% Sep 01/04 8,973 0.5 4,500 4.73% Jun 15/08 4,535 0.2 3,819 6.14% Oct 01/03 3,840 0.2 1,734 6.15% May 01/09 1,849 0.1 1,028 6.75% Jun 01/05 1,080 0.1 842 6.71% Jan 01/05 873 0.0 807 5.72% Feb 15/04 815 0.0 Accrued Income 100 0.0



CUMIS


Short Term Bond & Mortgage Fund


BONDS AND DEBENTURES (76.6%) Federal Government (29.8%) 35,265 Gov't of Canada 3.50% Jun 01/04 35,437 9.0 25,175 Gov't of Canada 7.00% Dec 01/06 28,073 7.1 18,795 Gov't of Canada 5.50% Jun 01/09 20,292 5.2 18,005 Gov't of Canada 6.00% Sep 01/05 19,096 4.8 12,850 Gov't of Canada 5.50% Jun 01/10 13,858 3.5 Accrued Income 754 0.2

Provincial Government (11.9%) 21,910 Prov. of Ontario 6.13% Sep 12/07 23,929 6.1 11,240 Prov. of Quebec 5.50% Jun 01/09 12,011 3.0 7,315 Prov. of Ontario 7.50% Jan 19/06 8,067 2.0 2,190 Hydro One Inc. 4.10% Jan 30/06 2,223 0.6 Accrued Income 741 0.2

Corporates (34.9%) 10,460 Canadian Imperial Bank of Commerce 8.15% Apr 25/06-11 11,743 3.0 9,105 Navigation Canada 4.25% Feb 13/06 9,264 2.4 7,785 Aliant Telecom Inc. 6.45% Oct 15/04 8,087 2.1 7,135 The Toronto-Dominion Bank 6.60% Apr 14/05-10 7,540 1.9 7,010 Sears Canada Receivables Trust 5.42% Dec 15/04 7,230 1.8 5,535 Bell Canada 6.50% May 09/05 5,836 1.5 5,545 GM Acceptance Corp. Canada Ltd. 5.95% Feb 02/04 5,585 1.4 5,110 Bank of Nova Scotia 6.25% Jul 16/07-12 5,566 1.4 5,020 GE Capital Canada Funding 5.30% Jul 24/07 5,269 1.3 4,500 EnCana Corp. 5.30% Dec 03/07 4,714 1.2 4,295 GE Capital Canada Funding 5.00% Apr 23/08 4,445 1.1 4,375 Citigroup Finance Canada Inc. 4.05% Jan 30/06 4,443 1.1 4,000 Citigroup Finance Canada Inc. 5.03% Sep 17/07 4,174 1.1 4,100 GM Acceptance Corp. Canada Ltd. 5.95% Feb 02/04 4,130 1.1 4,050 Household Finance Corp. 4.50% Jul 02/08 4,073 1.0 3,755 Hollis Receivables Trust 5.67% Apr 26/06 3,977 1.0 3,755 Canadian Revolving Auto 4.65% Feb 15/08 3,854 1.0 3,505 Household Financial Corp. 6.44% Jun 01/07 3,794 1.0 3,545 Royal Bank of Canada 6.40% Aug 15/05-10 3,766 1.0 3,310 The Toronto-Dominion Bank 6.55% Jul 31/07-12 3,642 0.9 3,480 Score Trust 5.04% Nov 15/06 3,623 0.9 2,950 Greater Toronto Airport Authority 5.17% Jun 02/08 3,004 0.8 2,500 Wells Fargo Financial Canada Corporation 5.80% Feb 21/06 2,652 0.7 2,190 Bank of Montreal 8.15% May 09/06-11 2,462 0.6 2,200 Royal Bank of Canada 6.75% Jun 04/07-12 2,432 0.6 2,225 Citigroup Finance Canada Inc. 4.30% Apr 25/06 2,272 0.6 2,075 TransCanada PipeLines Limited 6.05% Feb 15/07 2,211 0.6 1,925 Bell Mobility Cellular Inc. 6.55% Jun 02/08 2,108 0.5 1,900 Greater Toronto Airport Authority 5.95% Dec 03/07 2,008 0.5 1,100 Wells Fargo Finance Canada 5.00% Jun 16/08 1,145 0.3 385 Household Financial Corp. 5.73% Dec 01/06 406 0.1 Accrued Income 1,753 0.4

MORTGAGES (22.7%) Conventional (22.7%) 2,792 6.00% Apr 15/08 2,887 0.7 2,684 5.98% Feb 01/09 2,768 0.7 2,472 5.78% Oct 01/09 2,595 0.7 2,180 3.72% Oct 01/03 2,180 0.6 2,044 5.50% Jan 01/06 2,114 0.5 1,870 7.46% Oct 01/05 1,971 0.5 1,770 5.69% Apr 01/08 1,805 0.5 1,675 5.35% Dec 01/06 1,735 0.4 1,545 7.35% Nov 01/05 1,628 0.4


Conventional (continued) 1,490 6.91% Feb 01/06 1,596 0.4 1,536 5.56% Nov 01/06 1,593 0.4 1,494 6.30% Jul 15/07 1,591 0.4 1,466 6.53% Nov 01/08 1,575 0.4 1,498 4.73% Jun 15/08 1,510 0.4 1,487 5.24% Feb 01/05 1,499 0.4 1,419 5.17% Dec 01/06 1,456 0.4 1,372 7.56% Jan 01/05 1,434 0.4 1,326 6.65% May 15/07 1,430 0.4 1,365 5.50% Feb 01/04 1,378 0.4 1,231 6.91% Feb 01/06 1,318 0.3 1,219 7.75% Jul 01/05 1,293 0.3 1,300 4.93% Jul 01/08 1,292 0.3 1,235 5.90% July 01/08 1,274 0.3 1,227 5.97% Feb 01/07 1,268 0.3 1,237 7.44% May 01/04 1,267 0.3 1,201 6.33% Dec 01/09 1,244 0.3 1,165 6.42% Jul 15/07 1,220 0.3 1,207 6.25% Mar 01/04 1,217 0.3 1,119 6.67% Oct 01/05 1,183 0.3 1,116 5.73% Jan 01/07 1,161 0.3 1,152 6.50% Oct 01/03 1,156 0.3 1,034 6.73% Mar 01/06 1,086 0.3 1,070 7.20% Oct 01/03 1,076 0.3 997 5.87% Apr 01/08 1,034 0.3 987 6.40% Dec 15/06 1,025 0.3 978 6.43% Jun 01/06 1,021 0.3 980 5.65% Feb 15/08 1,013 0.3 938 6.35% Mar 01/07 1,002 0.3 910 7.25% Oct 01/05 961 0.2 961 3.55% Dec 01/03 961 0.2 930 5.11% Dec 01/06 953 0.2 904 7.42% May 01/05 949 0.2 888 6.00% Sep 01/07 919 0.2 845 6.25% Apr 01/07 882 0.2 878 6.50% Oct 01/03 882 0.2 814 6.50% May 01/06 863 0.2 800 7.15% Nov 01/05 856 0.2 831 6.02% Jun 01/04 847 0.2 787 7.25% Jan 15/06 836 0.2 785 6.23% Apr 01/07 831 0.2 795 5.52% Nov 01/06 827 0.2 802 5.50% Feb 01/04 809 0.2 719 7.28% Aug 01/05 757 0.2 721 5.80% Mar 15/07 756 0.2 739 4.52% Jan 01/04 739 0.2 681 7.50% Jul 01/05 718 0.2 647 7.18% Nov 01/05 684 0.2 660 5.25% Jan 01/08 674 0.2 651 6.25% Dec 01/03 655 0.2 614 6.80% May 15/06 649 0.2 605 5.71% Feb 01/07 633 0.2 604 5.60% Mar 01/07 631 0.2 562 7.30% Dec 01/05 597 0.2 554 7.25% Nov 01/05 585 0.2 577 7.30% Nov 15/03 584 0.1 550 5.52% Aug 01/09 551 0.1 520 6.48% Sep 01/04 535 0.1 494 6.85% Feb 15/06 528 0.1 522 6.17% Nov 15/03 526 0.1 476 7.17% Jun 15/08 498 0.1 484 5.67% Aug 01/04 491 0.1

CUMIS


Short Term Bond & Mortgage Fund (continued)


Conventional (continued) 467 6.90% Dec 01/04 486 0.1 483 4.64% Jun 01/04 483 0.1 464 7.40% Oct 01/04 480 0.1 463 5.85% Dec 01/06 478 0.1 462 6.63% Apr 15/04 470 0.1 421 6.31% Sep 01/04 433 0.1 412 6.76% Feb 01/06 433 0.1 417 6.00% Nov 01/09 431 0.1 417 5.25% Jun 01/04 419 0.1 378 6.75% Apr 01/06 397 0.1 359 7.16% Nov 01/05 384 0.1 368 6.57% Mar 01/04 373 0.1 345 6.43% Nov 01/07 357 0.1 294 6.86% Mar 01/06 310 0.1 294 6.90% May 01/06 308 0.1 299 7.65% Jul 01/04 307 0.1 282 5.81% Apr 01/08 296 0.1 266 6.00% Sep 01/07 276 0.1 249 7.10% May 15/07 262 0.1 228 7.00% Apr 01/04 231 0.1 102 5.50% Jun 15/04 103 0.0 89 6.75% Feb 15/06 93 0.0 39 6.75% Mar 01/06 41 0.0 Accrued Income 411 0.1



CUMIS


Canadian Money Market Fund

Statement of Investments As at June 30, 2003 (in thousands of dollars) Market % of Security Value ($) Total

SHORT-TERM NOTES (96.6%) Federal Government (19.2%) Gov't of Canada Strip Bond 3.065% Jul 31/03 129,619 13.2 Gov't of Canada Strip Bond 3.176% Jul 03/03 58,991 6.0

Corporates (77.4%) Clear Trust 3.310% Jul 24/03 29,181 3.0 Financiere C D P Inc. 3.233% Jul 30/03 24,684 2.5 EnCana Corp. 3.233% Jul 25/03 21,642 2.2 GE Capital Canada 3.273% Jul 28/03 21,085 2.1 Plaza Trust Canada 3.321% Jul 23/03 19,886 2.0 The Thomson Corporation 3.327% Jul 17/03 19,886 2.0 Foothills Pipe Lines Ltd. 3.352% Aug 11/03 19,391 2.0 Manulife Bank of Canada 3.297% Jul 16/03 18,995 1.9 Caterpillar Financial Services Corporation 3.299% Jul 14/03 18,987 1.9 McCain Finance Canada Limited 3.351% Jul 24/03 17,898 1.8 AMT Trust 3.310% Jul 14/03 16,903 1.7 Storm King Fund 3.321% Jul 21/03 16,109 1.6 Safe Trust 3.310% Jul 24/03 15,908 1.6 TransCanada PipeLines Limited 3.327% Jul 09/03 14,917 1.5 Pure Trust 3.321% Jul 18/03 14,913 1.5 Chevron Canada Capital Inc. 3.298% Jul 14/03 13,722 1.4 Cadbury Beverages (Canada) Inc. 3.321% Jul 25/03 12,628 1.3 GE Capital Canada 3.187% Jul 29/03 11,964 1.2 Honda Canada Finance Inc. 3.303% Jul 07/03 10,543 1.1 Plaza Trust Canada 3.321% Jul 18/03 10,340 1.1 Terasen Pipelines 3.226% Jul 28/03 10,121 1.0 Congress Financial Corp. Canada 3.226% Jul 22/03 9,972 1.0 Mercury Trust 3.321% Jul 16/03 9,945 1.0 Manulife Bank of Canada 3.297% Jul 22/03 9,944 1.0 Dr Residential Mortgage Trust 3.321% Jul 10/03 9,944 1.0 Household Financial Corp. 3.333% Jul 11/03 9,942 1.0 Gaz Metropolitan and Company, LP 3.309% Jul 21/03 9,845 1.0 TransAlta Corporation 3.460% Jul 03/03 9,642 1.0 Caisse Centrale Desjardins 3.311% Jul 09/03 9,641 1.0 Clear Trust 3.321% Jul 22/03 9,595 1.0 Chevron Canada Capital Inc. 3.297% Jul 17/03 8,950 0.9 Storm King Fund 3.239% Jul 30/03 8,874 0.9 DaimlerChrysler Canada 3.433% Jul 17/03 8,848 0.9 Associates Capital Corp. 3.298% Jul 18/03 8,651 0.9 Storm King Fund 3.300% Jul 08/03 8,448 0.9 B C Central Credit Union 3.234% Jul 15/03 8,431 0.9 DaimlerChrysler Canada 3.411% Jul 23/03 8,153 0.8 Caterpillar Financial Services Corporation 3.303% Jul 07/03 8,056 0.8 Cadbury Beverages (Canada) Inc. 3.327% Jul 21/03 7,955 0.8 Caterpillar Financial Services Corporation 3.298% Jul 02/03 7,954 0.8 Alcan Aluminum Limited 3.452% Jul 10/03 7,951 0.8 Terasen Pipelines 3.230% Jul 28/03 7,727 0.8 Pure Trust 3.205% Jul 24/03 7,331 0.7 Plaza Trust Canada 3.310% Jul 24/03 6,960 0.7 Caterpillar Financial Services Corporation 3.299% Jul 25/03 6,959 0.7 Alcan Aluminum Limited 3.462% Jul 07/03 6,958 0.7 Manulife Bank of Canada 3.321% Jul 22/03 6,861 0.7 Shell Canada Ltd. 3.270% Aug 07/03 6,856 0.7 Hydro One Inc. 3.202% Jul 22/03 6,833 0.7 Enbridge Inc. 3.290% Jul 21/03 6,764 0.7 Safe Trust 3.310% Jul 16/03 6,661 0.7 Congress Financial Corp. Canada 3.280% Jul 30/03 6,563 0.7

Market % of Security Value ($) Total

Corporates (continued) Pure Trust 3.321% Jul 21/03 6,563 0.7 Enbridge Inc. 3.303% Jul 10/03 5,968 0.6 DaimlerChrysler Canada 3.400% Jul 23/03 5,966 0.6 Congress Financial Corp. Canada 3.299% Jul 17/03 5,965 0.6 Chevron Canada Capital Inc. 3.303% Jul 11/03 5,371 0.5 GE Canada Enterprises 3.187% Jul 29/03 4,985 0.5 Dr Residential Mortgage Trust 3.214% Jul 31/03 4,984 0.5 Rac Trust 3.321% Jul 15/03 4,973 0.5 The Thomson Corporation 3.327% Jul 09/03 4,972 0.5 Caisse Centrale Desjardins 3.309% Jul 09/03 4,972 0.5 Alcan Aluminum Limited 3.452% Jul 02/03 4,971 0.5 Cadbury Beverages (Canada) Inc. 3.332% Jul 24/03 4,769 0.5 B C Central Credit Union 3.263% Jul 02/03 4,586 0.5 Household Financial Corp. 3.309% Jul 28/03 4,574 0.5 Wells Fargo Financial, Inc. 3.310% Jul 17/03 4,574 0.5 Nova Scotia Power Inc. 3.321% Jul 07/03 4,475 0.5 McCain Finance Canada Limited 3.373% Jul 02/03 4,473 0.5 Storm King Fund 3.301% Aug 15/03 4,372 0.4 Household Financial Corp. 3.333% Jul 08/03 4,325 0.4 Shell Canada Ltd. 3.276% Jul 14/03 4,132 0.4 TransCanada PipeLines Limited 3.328% Jul 09/03 3,979 0.4 Nova Scotia Power Inc. 3.327% Jul 15/03 3,978 0.4 Sound Trust 3.280% Aug 12/03 3,978 0.4 TransCanada PipeLines Limited 3.333% Jul 10/03 3,976 0.4 Enbridge Inc. 3.301% Jul 14/03 3,582 0.4 Manulife Bank of Canada 3.299% Jul 09/03 3,529 0.4 Foothills Pipe Lines Ltd. 3.327% Aug 07/03 3,430 0.3 Smart Trust 3.321% Jul 15/03 3,381 0.3 Rac Trust 3.310% Jul 16/03 3,381 0.3 Smart Trust 3.310% Jul 16/03 3,082 0.3 Rac Trust 3.297% Jul 22/03 2,387 0.2 Sound Trust 3.310% Jul 16/03 1,989 0.2 EnCana Corp 3.256% Jul 25/03 1,746 0.2 Ontario Power Generation 3.293% Jul 02/03 1,546 0.2 Life Mortgage Trust 3.310% Jul 24/03 1,193 0.1 Safe Trust 3.308% Aug 26/03 694 0.1

BONDS AND DEBENTURES (3.3%) Corporates (3.3%) DR Residential Mortgages Trust 3.646% Feb 06/04 26,250 2.7 Mrs Trust Co. 3.431% Mar 15/04 5,500 0.6


Other Assets Less Liabilities 467 0.1 Net Assets 983,565 100.0

CUMIS


investment management report

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