Global Portfolio September 15, 2007:

The Global Portfolio has been and remains focused on the continued commodity demand from Asian growth. The country allocation tries to approximate the Asset Allocation model as closely as possible. The portfolio does not have any exposure to the US or Europe at the moment.

Global Portfolio September 15, 2007:

Original invested capital April 15, 2004: $100,252.00 CAN

ETF Profiles:

XIU:  S&P/TSX 60 Index Fund holds the 60 largest companies by market capitalization in Canada, all of the main sectors of the economy are represented. The unit pays an annual Dividend of $0.87 per unit, current yield is 1.65%. The units are very liquid there are currently 105 million outstanding.

XMA: Materials Sector Index Fund holds 60 companies in four main sectors Gold (45%), Basic Materials (39%), Metals & Minerals (10%) and Forestry (4.5%). The unit has a current dividend of 1% and the MER is only 0.55% of the net asset value.

XEG: Energy Index Fund holds 28 Canadian energy companies involved in the production, service and integrated sectors of the OIL& Gas sector. The unit pays a small annual dividend of $0.50 per unit, current yield is 0.89%.

XGD: Gold Index Fund holds 19 Canadian companies involved in Gold production. The unit is dominated by two companies Barrick Gold and Placer Dome which combined account for 48% of the units’ value.

ILF: S&P Latin America 40 Index Fund holds a diversified portfolio of 40 large companies for the four largest economies in the region, Mexico, Brazil, Argentina and Chile.

EWJ: MSCI Japan Index Fund holds a corresponding position to the Index. Top ten holdings, Toyota, Canon, Takeda Pharmaceutical, Mitsubishi Financial, Honda Motor, Mizuho Financial, Sony, NTT DoCoMo, Matsushita Electric and Sumitomo Mitsui Financial.

EPP: MSCI Pacific Index Fund ex: Japan. Holds companies from Australia, Hong Kong, New Zealand and Singapore. Top ten holdings, BHP Billiton, National Bank of Australia, Commonwealth Bank of Australia, Australia & New Zealand Banking Corp, Westpac Banking Corp, Hutchison Whampoa, Westfield Group, Cheung Kong, Sun Hung Kai Properties and Woolworths.