Small-Cap Equity Fund

As of September 30, 2008 (Holdings as of July 31, 2008)

Geographic Breakdown (Equities)

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Sector Allocation

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Asset Mix

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Top 10 Holdings

1.
Evertz Technologies (Canada)
Designs and manufactures equipment that makes HDTV possible.
7.7%
2.
Shoppers Drug Mart (Canada)
Canada's largest retail drug store chain.
7.4%
3.
Stantec (Canada)
An engineering and consulting firm headquartered in Edmonton.
7.4%
4.
Easyhome (Canada)
Canada's leading merchandise lease company.
7.3%
5.
Glacier Media (Canada)
An information communications company focused on print, electronic and online media.
7.2%
6.
Hibbett Sports (United States)
A full line sporting goods retailer with over 650 stores in 23 states.
6.6%
7.
Vecima Networks (Canada)
A western Canadian leading manufacturer of wireless telecom products.
5.9%
8.
Total Energy Services (Canada)
Provides drilling and construction services to companies operating in the western Canadian oil fields.
5.8%
9.
Winalta (Canada)
Builds manufactured homes and rents modular camp units to the oil & gas and mining industries.
5.6%
10.
Badger Income Fund (Canada)
North America's leading excavation contractor.
4.9%