Bank of Montreal
Bank of Montreal (BMO) offers a broad range of credit and non-credit products and services directly and through special-purpose Canadian and non-Canadian subsidiaries, offices and branches. As of October 31, 2002, the Company maintained 968 bank branches in Canada and operated internationally in major financial markets and trading areas in 12 other countries, including the United States. The Harris Bank group (Harris Bankcorp, Inc.), wholly owned by BMO, operates its own banking business in the United States. Harris Bankcorp provides retail banking and private client and personal trust services, as well as corporate and investment banking. The Company also provides a full range of investment dealer services through the BMO Nesbitt Burns group of companies.

[back to Holdings]

The Bank of Nova Scotia
The Bank of Nova Scotia (Scotiabank) provides retail, commercial, corporate, investment and international banking services to millions of customers around the globe. The Company has branches and offices in approximately 50 countries. Scotiabank's core businesses include Domestic Banking, Wealth Management, Scotia Capital and International Banking. Domestic Banking provides a broad range of banking products and services to households and businesses across Canada. The Wealth Management Group offers a comprehensive range of products and services, such as retail brokerage, mutual funds and private client services. Scotia Capital manages the Bank's global relationships with large corporate, institutional and government clients, marketing the capabilities of the Scotiabank Group to these clients. International Banking provides retail, commercial, corporate and trade finance services to clients around the world through branches, agencies, representative offices, subsidiaries and affiliates.

[back to Holdings]

Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution formed through the amalgamation of The Canadian Bank of Commerce and Imperial Bank of Canada in 1961. CIBC's four business lines are CIBC Retail Markets, CIBC Wealth Management, CIBC World Markets and Amicus. CIBC Retail Markets provides financial services and lending, credit cards, mortgages, deposit, insurance and investment products to retail and small business customers through CIBC branches, an automated banking machine network, the Internet and telephone banking. CIBC Wealth Management provides relationship-based advisory sales, services and products. CIBC World Markets provides integrated investment and corporate banking solutions to clients throughout North America, with niche capabilities in the United Kingdom and Asia. Amicus provides co-branded electronic retail banking services.

[back to Holdings]

Royal Bank of Canada
Royal Bank of Canada is a Canadian banking company operating under the RBC Financial Group brand through five business segments: RBC Banking, RBC Insurance, RBC Investments, RBC Capital Markets and RBC Global Services. RBC Banking delivers services such as deposit accounts, investments, mutual funds, financial planning, credit and debit cards, loans and residential and commercial mortgages. RBC Insurance provides creditor, life, health, travel, home, auto and reinsurance products and services. RBC Investments provides full-service and self-directed brokerage, financial planning, investment counseling, personal trust, private banking and investment management products and services. RBC Capital Markets provides wholesale financial services to large corporate, government and institutional clients. RBC Global Services offers specialized transaction processing services to business, commercial, corporate and institutional clients in domestic and select international markets.

[back to Holdings]

The Toronto-Dominion Bank
The Toronto-Dominion Bank (TD Bank) is a Canadian bank with operations and activities that are organized around three business segments: TD Canada Trust, TD Securities and TD Wealth Management. TD Canada Trust provides financial services to consumers and small and medium-sized businesses. TD Securities provides services in the areas of investment banking, merchant banking, mergers and acquisitions, fixed income, foreign exchange, derivative products, high yield, money market, equities and corporate banking. TD Wealth Management provides investment management services to institutional and retail investors, as well as global self-directed brokerage services.

[back to Holdings]

National Bank of Canada
National Bank of Canada is chartered under the Bank Act of Canada. The bank offers retail, commercial, corporate, international and treasury banking services through its branches and offices in Canada and around the world. National Bank Financial, a subsidiary of the bank, is an investment dealer. National Bank Trust, also a subsidiary, provides trust and asset management services.

[back to Holdings]

CI Financial Inc.
CI Fund Management Inc., through its wholly-owned subsidiary CI Mutual Funds Inc., promotes and manages mutual funds and other investment products.

[back to Holdings]

BCE
BCE Inc. through its subsidiaries provides a full range of domestic and international telecommunication services, including mobile communications to Canadian customers. The Company also supplies telecommunications equipment products, and designs, develops, installs, services, and supports various networks.

[back to Holdings]

Manulife Financial Corp.
The Group's principal activities are to provide financial products and services, including individual life insurance, group life and health insurance, pension products, annuities and mutual funds.  The products and services are provided to individual and group customers in Canada, the US and Asia.  The Group is a holding company of The Manufacturers Life Insurance Company.  In addition, the Group also offers reinsurance services and provides investment management services with respect to the Company's general fund assets, segregated fund assets and mutual funds and in Canada and Asia, to institutional customers.  On April 28, 2004, the Group acquired John Hancock Financial Services Inc..
 

[back to Holdings]

Enbridge Inc.
Enbridge Inc. provides energy transportation, distribution, and related services in North America and internationally. The Company operates a crude oil and liquids pipeline system, is involved in international energy projects, and is involved in natural gas transmission and midstream businesses. Enbridge also distributes natural gas and electricity, and provides retail energy products.

[back to Holdings]

Sun Life Financial
is an international financial services company.  The company provides savings, retirement, pension and life and health insurance products and services to individual and corporate customers.  Sun Life's wealth management segment includes its asset management, mutual fund, pension, annuity and trust and brokerage operations.  The protection segment comprises the company's insurance, or protection, operations around the world, including its group life and health insurance businesses in the US, Canada and the UK, the individual insurance businesses and reinsurance operations.  Sun Life operates in Canada, the US, the UK and Asia.

[back to Holdings]

Telus Corp.
Telus Corporation is a telecommunications company providing a variety of communications products and services. The Company provides a voice, data, Internet, and wireless services to businesses and consumers in Canada.

[back to Holdings]

Thomson Corp.
The Thomson Corporation is an electronic information and solutions company that serves the global business and professional marketplace. The Company provides proprietary online systems and CD-ROM products in information sectors such as legal and regulatory, financial, scientific reference and healthcare, and corporate training.

[back to Holdings]

TransAlta Corp.
TransAlta Corporation is a non-regulated electric generation and marketing company with its growth focused in developing coal and gas-fired generation. The Company is currently focused on Australia, Canada, the United States, and Mexico.

[back to Holdings]

TransCanada Corp.
TransCanada Corporation is the parent company of TransCanada PipeLines Limited. The Company is focused on natural gas transmission and power services. TransCanada’s network of pipeline transports the majority of Western Canada’s natural gas production to markets in Canada and the United States. The Company also has interests in power plants in Canada and the United States.

[back to Holdings]

Shares held within the Portfolio are expected to range between 4-8% in weight but may vary from time to time.