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AnnuAL AuDITED FInAnCIAL STATEMEnTS

MARCh 31, 2009

Quadrus sionna canadian value corporate class

ManageMent RepoRt

Management's Responsibility for Financial Reporting

The accompanying financial statements have been prepared by Mackenzie Financial Corporation, as Manager of Quadrus Sionna Canadian Value Corporate Class (the "Fund"). The Manager is responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates consistent with Canadian generally accepted accounting principles. The Manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable financial information is produced. The Board of Directors (the "Board") of Multi-Class Investment Corp. is responsible for reviewing and approving the financial statements and overseeing the Manager's performance of its financial reporting responsibilities. The Board is assisted in discharging this responsibility by an Audit Committee, which reviews the financial statements and recommends them for approval by the Board. The Audit Committee also meets regularly with the Manager, the internal auditor and external auditor to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues. Deloitte & Touche LLP are the external auditors of the Fund. They are appointed by the Board. The external auditors have audited the financial statements in accordance with Canadian generally accepted auditing standards to enable them to express to the securityholders their opinion on the financial statements. Their report is set out below. On behalf of Mackenzie Financial Corporation, Manager of the Fund

Charles R. Sims President and Chief Executive Officer May 15, 2009

Venkat Kannan Chief Financial Officer, Funds

auditoRs' RepoRt

To the Securityholders of Quadrus Sionna Canadian Value Corporate Class (the "Fund") of Multi-Class Investment Corp. We have audited the statements of net assets of the Fund as at March 31, 2009 and June 30, 2008, the statements of operations and of changes in net assets for the periods then ended, as indicated in note 1, and the statement of investments as at March 31, 2009. These financial statements are the responsibility of the Fund's Manager. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Fund's management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Fund as at March 31, 2009 and June 30, 2008, the results of its operations and the changes in its net assets for the periods then ended, as indicated in note 1, in accordance with Canadian generally accepted accounting principles.

Deloitte & Touche LLP Chartered Accountants, Licensed Public Accountants Toronto, Canada May 15, 2009

canadian equity

Quadrus sionna canadian value corporate class

stateMents of net assets

In thousands (except per security figures) March 31 2009 $ 50,589 16,337 135 ­ 209 23 67,293 June 30 2008 $ 62,624 8,293 275 ­ 327 34 71,553

stateMents of opeRations

For the periods ended March 31, 2009 and June 30, 2008 (note 1) In thousands (except per security figures) 2009 $ Income Dividends 928 Interest 619 Less withholding taxes ­ Revenue from securities lending ­ 1,547 Expenses (note 4) Management fees Administration fees Interest charges Capital tax net investment income (loss) before absorbed expenses Expenses absorbed by Manager Net investment income (loss) for the period Realized gain (loss) on sale of investments Change in unrealized appreciation (depreciation) Transaction costs (note 2) Net gain (loss) on investments Increase (decrease) in net assets from operations Increase (decrease) in net assets from operations per series Quadrus Series H Series N Series D5 Series D8 Series Series R Increase (decrease) from operations per security Quadrus Series H Series N Series D5 Series D8 Series Series R 2008 $ 890 612 1 ­ 1,503

Investments at fair value Cash and short-term investments Accrued interest and dividends receivable Receivables for securities sold Subscriptions receivable Taxes recoverable

Liabilities Payables for securities purchased Redemptions payable Operating expenses payable Net assets Series net assets (note 2) Quadrus Series H Series D5 Series D8 Series Series R Net asset per security (note 2) Quadrus Series H Series D5 Series D8 Series Series R

1,276 46 ­ 1,322 65,971 45,479 5,763 105 44 14,580 6.95 7.07 10.96 10.67 7.25

479 17 ­ 496 71,057 44,431 7,339 ­ ­ 19,287 9.85 9.95 ­ ­ 10.09

747 91 ­ 17 855 692 ­ 692 (5,997) (16,880) (40) (22,917) (22,225)

663 82 ­ 58 803 700 23 723 (864) 1,769 (90) 815 1,538

(14,601) (2,080) ­ (19) (16) (5,509) (2.67) (2.76) ­ (2.50) (4.31) (2.81)

1,041 225 1 ­ ­ 271 0.35 0.48 1.01 ­ ­ 0.15

The accompanying notes are an integral part of these financial statements.

canadian equity

Quadrus sionna canadian value corporate class

stateMents of Changes in net assets

For the periods ended March 31, 2009 and June 30, 2008 (note 1) In thousands 2009 2008 Quadrus Series $ Net assets ­ beginning of period 44,431 ­ Increase (decrease) in net assets from operations (14,601) 1,041 Dividends paid to securityholders: Ordinary ­ ­ Capital gains ­ ­ ­ ­ Return of capital Total dividends paid to securityholders ­ ­ Security transactions: 21,288 38,394 Proceeds from securities issued Proceeds from securities issued on merger ­ 10,222 Reinvested dividends ­ ­ (5,639) (5,226) Value of securities redeemed Total security transactions 15,649 43,390 Total increase (decrease) in net assets 1,048 44,431 45,479 44,431 Net assets ­ end of period (note 2) Increase (decrease) in fund securities: Securities outstanding ­ beginning of period Issued for cash Issued on merger Reinvested from dividends Redeemed Securities outstanding ­ end of period Securities 4,509 ­ 2,804 4,009 ­ 1,049 ­ ­ (767) (549) 6,546 4,509 Series R $ 19,287 ­ (5,509) 271 ­ ­ ­ ­ 902 ­ ­ (100) 802 (4,707) 14,580 ­ ­ ­ ­ 19,016 ­ ­ ­ 19,016 19,287 19,287 2009 2008 H Series $ 7,339 ­ (2,080) 225 ­ ­ ­ ­ 2,981 ­ ­ (2,477) 504 (1,576) 5,763 Securities 738 381 ­ ­ (304) 815 ­ ­ ­ ­ 7,517 350 ­ (753) 7,114 7,339 7,339 2009 2008 N Series $ ­ ­ ­ 1 ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ 1 ­ ­ (2) (1) ­ ­ 2009 2008 D5 Series $ ­ ­ (19) ­ ­ ­ (3) (3) 132 ­ 3 (8) 127 105 105 Securities ­ 11 ­ ­ (1) 10 ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ 2009 2008 D8 Series $ ­ ­ (16) ­ ­ ­ (3) (3) 66 ­ 2 (5) 63 44 44 Securities ­ 4 ­ ­ ­ 4 ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

­ 781 36 ­ (79) 738

Securities ­ ­ ­ 0.2 ­ ­ ­ ­ ­ (0.2) ­ ­

­ ­ ­ ­ ­ ­

­ ­ ­ ­ ­ ­

Net assets ­ beginning of period Increase (decrease) in net assets from operations Dividends paid to securityholders: Ordinary Capital gains Return of capital Total dividends paid to securityholders Security transactions: Proceeds from securities issued Proceeds from securities issued on merger Reinvested dividends Value of securities redeemed Total security transactions Total increase (decrease) in net assets Net assets ­ end of period (note 2) Increase (decrease) in fund securities: Securities outstanding ­ beginning of period Issued for cash Issued on merger Reinvested from dividends Redeemed Securities outstanding ­ end of period

Total $ 71,057 ­ (22,225) 1,538 ­ ­ (6) (6) 25,369 ­ 5 (8,229) 17,145 (5,086) 65,971 ­ ­ ­ ­ 64,928 10,572 ­ (5,981) 69,519 71,057 71,057

Securities 1,912 ­ 113 1,912 ­ ­ ­ ­ (13) ­ 2,012 1,912

The accompanying notes are an integral part of these financial statements.

canadian equity

Quadrus sionna canadian value corporate class

stateMent of investMents

As at March 31, 2009 No. of Shares 24,446 72,067 77,260 12,539 45,104 48,918 23,995 93,399 28,735 62,000 84,140 124,322 31,524 54,652 36,530 101,794 57,741 18,389 111,354 2,485 47,419 73,567 73,406 40,441 128,723 36,535 45,380 33,680 26,145 24,362 60,296 81,237 26,466 Average Cost ($ 000) 1,138 3,336 2,783 221 2,410 3,275 1,332 1,679 1,267 3,923 1,310 1,173 1,071 2,661 1,439 719 1,885 1,017 2,452 64 1,385 3,606 2,550 1,451 1,632 1,856 2,254 1,094 867 1,556 2,243 1,124 954 57,727 Fair Value ($ 000) 879 2,223 3,152 270 2,011 2,375 1,041 1,266 1,511 3,166 905 472 1,327 2,477 1,313 773 1,803 616 1,097 94 1,013 2,473 1,437 825 1,518 1,334 1,019 945 863 1,059 1,795 465 590 44,107

Country EQUITIES ATCO Ltd. Class I non-voting The Bank of nova Scotia Barrick Gold Corp. Cameco Corp. Canadian national Railway Co. Canadian natural Resources Ltd. Canadian Tire Corp. Ltd. Class A non-voting Corus Entertainment Inc. Class B non-voting Empire Co. Ltd. Class A non-voting EnCana Corp. Ensign Energy Services Inc. Gerdau Ameristeel Corp. Goldcorp Inc. Imperial Oil Ltd. InG Canada Inc. limited voting The Jean Coutu Group (PJC) Inc. Class A Sub. voting Loblaw Companies Ltd. Magna International Inc. Class A Sub. voting Methanex Corp. Metro Inc. Class A Sub. voting nexen Inc. Petro-Canada Power Corp. of Canada Sub. Voting* Power Financial Corp.* ROnA Inc. Royal Bank of Canada Sun Life Financial Inc. Suncor Energy Inc. TELuS Corp. Class A non-voting The Toronto-Dominion Bank TransCanada Corp. Transcontinental Inc. Class A Sub. voting West Fraser Timber Co. Ltd. Total Equities Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada Canada

Sector utilities Financials Materials Energy Industrials Energy Consumer Discretionary Consumer Discretionary Consumer Staples Energy Energy Materials Materials Energy Financials Consumer Staples Consumer Staples Consumer Discretionary Materials Consumer Staples Energy Energy Financials Financials Consumer Discretionary Financials Financials Energy Telecommunication Services Financials Energy Industrials Materials

The accompanying notes are an integral part of these financial statements.

canadian equity

Quadrus sionna canadian value corporate class

stateMent of investMents (Cont'd)

As at March 31, 2009 No. of Units 67,603 108,557 59,692 15,742 219,853 Average Cost ($ 000) 2,239 1,421 692 1,266 2,459 8,077 (57) 65,747 Fair Value ($ 000) 1,625 1,151 598 1,789 1,319 6,482 ­ 50,589 16,337 (955) 65,971

Country INCOME TRUSTS Canadian Oil Sands Trust Energy Savings Income Fund northland Power Income Fund SPDR Gold Trust Yellow Pages Income Fund Total Income Trusts Transaction costs (see note 2) Total investments Cash and short-term investments** Other assets less liabilities Total net assets Canada Canada Canada united States Canada

Sector Energy utilities utilities Materials Consumer Discretionary

* Mackenzie Financial Corporation is wholly owned by IGM Financial Inc., which is a subsidiary of Power Financial Corporation, which in turn is a subsidiary of Power Corporation of Canada. Power Financial Corporation also owns a majority of Great-West Lifeco Inc. and related insurance companies and, therefore, those companies are considered affiliates of Mackenzie Financial Corporation. Investments in companies within the Power Group of Companies are identified above. ** Includes $5,502 held in Mackenzie Sentinel Canadian Short-Term Yield Class Series R, a Fund managed by Mackenzie.

The accompanying notes are an integral part of these financial statements.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

1. The information provided in these financial statements and notes thereto is for the 9-month period ended or as at March 31, 2009 and the 12-month period ended or as at June 30, 2008. In the year a Fund or series is established or reinstated, `period' represents the period from inception or reinstatement to the period end of that fiscal year. The fiscal year-end of the Fund was changed from June 30 to March 31, effective March 31, 2009. The Fund is comprised of one or more classes of shares (referred to as "security" or "securities") of Multi-Class Investment Corp. (formerly Quadrus Corporate Class Inc.) ("Quadruscorp"), a mutual fund corporation incorporated under the laws of the Province of Ontario, and is authorized to issue an unlimited number of classes of securities of multiple series. Reference is made to the Fund's Simplified Prospectus for additional information on the Fund's structure. The foregoing financial statements and accompanying notes to the financial statements presented herein are for the Fund. Separate financial statements of each of the other funds of Quadruscorp have also been prepared. 2. Significant Accounting Policies These financial statements have been prepared in accordance with Canadian generally accepted accounting principles ("GAAP"). GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from such estimates. Adoption of new accounting policies For funds formed prior to July 1, 2007, Section 3862, Financial Instruments ­ Disclosures ("Section 3862"), Section 3863, Financial Instruments ­ Presentation ("Section 3863") and Section 1535, Capital Disclosure ("Section 1535") of the Canadian Institute of Chartered Accountants ("CICA") handbook ­ Accounting were adopted effective July 1, 2008. Section 3862 and Section 3863 replaced Section 3861, Financial Instruments ­ Disclosure and Presentation, revising and enhancing disclosure and presentation requirements. The impact of the adoption of these two sections, which place increased emphasis on disclosures about the nature and extent of risks arising from financial instruments and how the Fund manages those risks, has been disclosed in note 8. The impact of the adoption of Section 1535, which establishes standards for disclosing information about an entity's capital and how it is managed, has been disclosed in note 5. For funds formed prior to October 1, 2006, Section 3855, Financial Instruments ­ Recognition and Measurement of the CICA handbook ­ Accounting ("Section 3855"), which establishes standards for the fair valuation of investments as well as the accounting treatment of transaction costs, was adopted effective July 1, 2007. The provisions of Section 3855 were applied retroactively without restatement of prior periods. Accordingly, the impact of the initial adoption of Section 3855 on the net assets of the Fund effective July 1, 2007, if applicable, has been disclosed in the Statement of Changes in net Assets for the period ended June 30, 2008. The adoption of these new standards does not impact the daily valuation of the Fund's investments or net assets. (a) Valuation The fair value of investments as at the financial reporting period end is determined as follows: Investments listed on a public securities exchange or traded on an over-the-counter market are valued at the closing bid price. Where no closing bid price is available, the last sale or close price is used. Mutual fund securities of an underlying fund are valued on a business day at the price calculated by the manager of such underlying fund in accordance with the constating documents of such underlying fund. unlisted or non-exchange traded investments, or investments where a last bid, sale or close price is unavailable or investments for which market quotations are, in Mackenzie Financial Corporation's ("Mackenzie") opinion, inaccurate, unreliable, or not reflective of all available material information, are valued at their fair value as determined by Mackenzie using appropriate and accepted industry valuation techniques including valuation models. The fair value determined using valuation models requires the use of inputs and assumptions based on observable market data including volatility and other applicable rates or prices. In limited circumstances, the fair value may be determined using valuation techniques that are not supported by observable market data. The cost of investments is determined on a weighted average cost basis. Short-term notes are valued at the closing bid price. If the closing bid price is not available, such short-term notes are valued at cost plus accrued interest, which approximates fair value. Short-term notes held by the Fund are included in the Statements of net Assets ­ Cash and short-term investments. Other short-term financial assets and financial liabilities are recorded at cost. Since such assets and liabilities are short-term in nature, cost approximates fair value.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

2. Significant Accounting Policies (cont'd) Investment transactions are accounted for on a trade date basis. Income from investments is recognized on an accrual basis. Interest income is accrued based on the number of days the investment is held during the period. Dividends are accrued as of the ex-dividend date. Gain or loss on the sale of investments, including foreign exchange gain or loss on such investments, are calculated on an average cost basis. Distributions received from an underlying fund are included in interest income, dividend income or realized gain (loss) on sale of investments, as appropriate. Income, realized gain (loss) and unrealized gain (loss) are allocated daily among the series on a pro-rata basis. Transaction costs related to purchases and sales of investments are expensed and are included in the Statements of Operations ­ Transaction costs. (c) Derivative transactions Certain funds may use derivatives (such as options, futures, forward contracts, swaps or customized derivatives) to hedge against losses caused by changes in securities prices, interest rates or exchange rates. Certain funds may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial markets, to gain exposure to other currencies, to seek to generate additional income, and/or for any other purpose considered appropriate by each Fund's portfolio manager(s), provided that the use of the derivative is consistent with each Fund's investment objectives. Any use of derivatives will comply with Canadian mutual fund laws, subject to the regulatory exemptions granted to the funds, as applicable. Refer to "Exemptions from national Instrument 81-102" in the Annual Information Form of each Fund for further details, including the complete conditions of these exemptions. Valuations of derivative instruments are carried out daily, using normal exchange reporting sources for exchange-traded derivatives and specific broker enquiry for over-the-counter derivatives. The value of forward contracts is the gain or loss that would be realized if, on the valuation date, the positions were to be closed out. The change in value of forward contracts is included in the Statements of Operations ­ Change in unrealized appreciation (depreciation). The value of futures contracts or swaps fluctuates daily, and cash settlements made daily, where applicable, by the Fund are equal to the unrealized gains or losses on a "mark to market" basis. These unrealized gains or losses are recorded and reported as such until the Fund closes out the contract or the contract expires. Margin paid or deposited in respect of futures contracts or swaps is reflected in the Statements of net Assets. Any change in the variation margin requirement is settled daily. The value of options is the gain or loss that would be realized if, on the valuation date, the positions were to be closed out. The premium paid or received for the options is included in the Statement of Investments as a cost of the options contracts. Realized gains and losses from derivative instruments that are specific economic hedges are accounted for in the same manner as the underlying investments being hedged. Amounts earned from derivative instruments that are not specific economic hedges, but that are used to gain exposure to a particular market, are included in the Statements of Operations ­ Income (loss) from derivative contracts. All the counterparties to derivative instruments have an approved credit rating equivalent to a Standard & Poor's credit rating of not less than A-1 (low) on their short-term debt and of A on their long-term debt. Refer to the Schedule of Derivative Instruments, as applicable, included in the Statement of Investments for a listing of derivative positions as at March 31, 2009. (d) Securities lending, repurchase and reverse repurchase transactions Certain funds are permitted to enter into securities lending, repurchase and reverse repurchase transactions as set out in each Fund's Simplified Prospectus. These transactions involve the temporary exchange of securities for collateral with a commitment to redeliver the same securities on a future date. Income is earned from these transactions in the form of fees paid by the counterparty and, in certain circumstances, interest paid on cash or securities held as collateral. Income earned from these transactions is recognized on an accrual basis and included in the Statements of Operations ­ Revenue from securities lending. All the counterparties have an approved credit rating equivalent to a Standard & Poor's credit rating of not less than A-1 (low) on their short-term debt and of A on their long-term debt. The value of cash or securities held as collateral must be at least 102% of the fair value of the securities loaned, sold or purchased.

(b) Investment transactions and income recognition

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

2. Significant Accounting Policies (cont'd) Foreign currency purchases and sales of investments and foreign currency dividend and interest income and expenses are translated to Canadian dollars at the rate of exchange prevailing at the time of the transactions. Foreign exchange gains (losses) on purchases and sales of foreign currencies are included in the Statements of Operations ­ Realized gain (loss) on sale of investments. The fair value of investments and other assets and liabilities, denominated in foreign currencies, are translated to Canadian dollars at the rate of exchange prevailing on each business day. (f) net assets per security net assets per security is computed by dividing the net assets attributable to a series of securities on a business day by the total number of securities of the series outstanding on that day. (g) Increase (decrease) from operations per security Increase (decrease) from operations per security in the Statements of Operations represents increase (decrease) in net assets from operations attributable to the series for the period, divided by the weighted average number of securities outstanding during the period. (h) Comparative amounts Certain prior period comparative amounts have been reclassified to conform to the current period's presentation. 3. Income Taxes Quadruscorp qualifies as a mutual fund corporation under the provisions of the Income Tax Act (Canada). The taxation year-end for Quadruscorp is January 31. Taxable Canadian dividends received and capital gains realized by Quadruscorp are subject to tax in a similar manner as any other corporation. Any taxes paid in respect of Canadian dividends or capital gains are refundable upon the payment of Canadian dividends or capital gains dividends, respectively, to securityholders based on a formula which includes proceeds paid on securities of Quadruscorp redeemed by securityholders. Payment of Canadian dividends, if any, will be made by January 31 and capital gains dividends, if any, will be paid within 60 days of Quadruscorp's taxation year-end. Dividends are declared separately for each Fund and/or series. Income from other sources (such as interest and foreign income) is taxed at normal corporate rates. Due to deductible expenses and tax credits available to Quadruscorp, no taxes are currently payable in respect of these types of income. Quadruscorp is a single legal entity for tax purposes and is not taxed on a fund-by-fund basis. As such, non-capital and capital losses of Quadruscorp may be applied against the income and/or capital gains attributable to Quadruscorp as a whole irrespective of the Fund from which the income, gains and/or losses arose. Therefore, where a Fund has positive net taxable income, the current tax liability has been offset with the utilization of unused tax losses of Quadruscorp to the extent possible. Any residual taxable income would be refundable upon payment of capital gains or ordinary dividends by Quadruscorp. This eliminates the requirement for a net tax provision for the Fund. Quadruscorp follows the asset and liability method of accounting for income taxes whereby future income tax assets and liabilities reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Future income tax assets and liabilities are measured based on the enacted or substantively enacted tax rates which are expected to be in effect when the underlying items of income or expenses are expected to be realized. Temporary differences between the carrying value of assets and liabilities for accounting and tax purposes give rise to future income tax assets and liabilities. Where the fair value of the portfolio investments exceeds their cost, a future tax liability arises. This future tax liability for refundable taxes payable is offset with the refund expected upon payment of capital gains dividends. Where the cost of the portfolio investments exceeds their market value, a future tax asset is generated. A full valuation allowance is taken to offset this asset given the uncertainty that such future assets will ultimately be realized. unused capital and non-capital losses, as disclosed below, also represent future tax assets for which a full valuation allowance has been established.

(e) Foreign exchange

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

3. Income Taxes (cont'd) Capital losses may be carried forward indefinitely to reduce future realized capital gains. non-capital losses may be utilized to reduce taxable income of future years and expire on January 31 of the years indicated. As at the last taxation year-end, capital loss carryforwards of $17.4 million and non-capital loss carryforwards of $2.5 million (which expire on January 1, 2029) were available for tax purposes. Quadruscorp is also subject to Ontario capital tax, which is allocated to the Fund, as applicable, on a fair and reasonable basis and disclosed in the Statements of Operations. 4. Management Fees and Operating Expenses Mackenzie, manager of the Fund, is paid a management fee for managing the investment portfolio, providing investment analysis and recommendations, making investment decisions, making brokerage arrangements relating to the purchase and sale of the investment portfolio and making arrangements with registered dealers for the purchase and sale of securities of the Fund by investors. The management fee is calculated on each series of securities as a percentage of the net asset value of the series, as of the close of business on each business day. Each series of the Fund is charged a fixed rate annual administration fee , including any implementation period adjustments, ("Administration Fee") and in return, Mackenzie will bear all of the operating expenses of the Fund, other than certain specified fund costs. The Administration Fee is calculated as a fixed annual percentage of the daily net asset value of each relevant series of the Fund. Other fund costs include taxes (including, but not limited to GST, income tax and capital tax), interest and borrowing costs, fees and expenses of the Mackenzie Funds' Independent Review Committee, any new fees related to external services that were not commonly charged in the Canadian mutual fund industry as of June 15, 2007 and the costs of complying with any new regulatory requirements after June 15, 2007. Mackenzie may waive or absorb management fees and/or Administration Fees at its discretion and stop waiving or absorbing such fees at any time without notice. Refer to note 8 for the management fee and Administration Fee rates charged to each series of securities. 5. Fund's Capital The capital of the Fund is divided into different classes and series with each class and series having an unlimited number of securities. The securities outstanding for the Fund as at March 31, 2009 and June 30, 2008 are presented in the Statements of Changes in net Assets. Mackenzie manages the capital of the Fund in accordance with the investment objectives as discussed in note 8. 6. Financial Instruments Risk i. Risk exposure and management The Fund's investment activities expose it to a variety of financial risks, as defined in Section 3862. The Fund's exposure to financial risks is concentrated in its investments, which are presented in the Statement of Investments, as at March 31, 2009, grouped by asset type, with geographic and sector information. Mackenzie seeks to minimize potential adverse effects of financial risks on the Fund's performance by employing professional, experienced portfolio advisors, by monitoring the Fund's positions and market events daily, by diversifying the investment portfolio within the constraints of the Fund's investment objectives, and where applicable, by using derivatives to hedge certain risk exposures. To assist in managing risks, Mackenzie also uses internal guidelines that identify the target exposures for each type of risk, maintains a governance structure that oversees the Fund's investment activities and monitors compliance with the Fund's stated investment strategy, internal guidelines, and securities regulations. ii. Liquidity risk Liquidity risk arises when the Fund encounters difficulty in meeting its financial obligations as they come due. The Fund is exposed to liquidity risk due to potential daily cash redemptions of redeemable securities. In accordance with securities regulations, the Fund must maintain at least 90% of its assets in liquid investments (i.e., investments that can be readily sold). In addition, the Fund retains sufficient cash and short-term investments positions to maintain adequate liquidity. The Fund also has the ability to borrow up to 5% of its net assets for the purposes of funding redemptions. If the Fund held any illiquid investments as at March 31, 2009, they have been identified in the Statement of Investments.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

6. Financial Instruments Risk (cont'd) iii. Currency risk Currency risk arises when the fair value of financial instruments that are denominated in a currency other than the Canadian dollar, which is the Fund's reporting currency, fluctuates due to changes in exchange rates. note 8 indicates the foreign currencies, if applicable, to which the Fund had significant exposure. iv. Interest rate risk Interest rate risk arises when the fair value of interest-bearing financial instruments fluctuates due to changes in the prevailing levels of market interest rates. Cash and short-term investments do not expose the Fund to significant amounts of interest rate risk. note 8 summarizes the Fund's exposure, if applicable and significant, to interest rate risk. v. Other price risk Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All investments present a risk of loss of capital. This risk is managed through a careful selection of investments and other financial instruments within the parameters of the investment strategy. Except for options written and futures contracts, the maximum risk resulting from financial instruments is equivalent to their fair value. The maximum risk of loss on options written and futures contracts is equal to their notional values. however, options written are used within the overall investment management process to manage the risk from the underlying investments and do not typically increase the overall risk of loss to the Fund. note 8 summarizes the Fund's exposure, if applicable and significant, to other price risk. vi. Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. note 8 summarizes the Fund's exposure, if applicable and significant, to credit risk. All transactions in listed securities are executed with approved brokers. To minimize the possibility of settlement default, securities are exchanged for payment simultaneously, where market practices permit, through the facilities of a central depository and/or clearing agency where customary. The carrying amount of investments represents the maximum credit risk exposure as at March 31, 2009. The carrying amount of other assets also represents the maximum credit risk exposure, as they will be settled in the short-term. Certain funds may enter into securities lending transactions with counterparties whereby the funds temporarily exchange securities for collateral with a commitment by the counterparty to deliver the same securities on a future date. Credit risk associated with these transactions is considered minimal as all counterparties have a sufficient, approved credit rating and the value of cash or securities held as collateral must be at least 102% of the fair value of the securities loaned. vii. Underlying funds Certain funds that invest in underlying funds may be indirectly exposed to currency risk, interest rate risk, other price risk and credit risk from fluctuations in the value of financial instruments held by the underlying funds. note 8 summarizes the Fund's exposure, if applicable and significant, to these risks from underlying funds. 7. Future Accounting Standard The Canadian Accounting Standards Board has confirmed its plan to adopt all International Financial Reporting Standards ("IFRS"), as published by the International Accounting Standards Board, on or by January 1, 2011. Accordingly, the Fund will adopt IFRS for its fiscal period beginning April 1, 2011. Mackenzie has commenced planning for the changeover to IFRS. Elements of that plan include identifying key differences between Canadian GAAP and IFRS and evaluating the likely impacts on business activities. Based on Mackenzie's current evaluation of the differences between Canadian GAAP and IFRS, the adoption of IFRS is not expected to have a significant impact on the calculation of nAV per security. IFRS is expected to affect the overall presentation of financial statements and result in additional disclosure in the accompanying notes. however, Mackenzie's current assessment may change if new standards are issued or if interpretations of existing standards are revised.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

8. Fund Specific Information (in '000s, except for (a)) (a) Fund Formation and Series Information Date of Formation July 3, 2007 The Fund may issue an unlimited number of securities of each series. The number of issued and outstanding securities of each series is disclosed in the Statements of Changes in net Assets. Quadrus Series securities are offered to retail investors investing a minimum of $500 in the Quadrus Group of Funds and are distributed only by Quadrus Investment Services Ltd. h Series securities are offered to investors who are enrolled in a Quadrus-sponsored fee-for-service or wrap program and who are subject to a periodic asset-based fee rather than commissions on each transaction, or for investors who are enrolled in a fee-for-service or wrap program sponsored by a Quadrus authorized dealer and who are subject to a periodic asset-based fee rather than commissions on each transaction, or any other investor for whom Quadrus does not incur distribution costs. h Series securities are distributed only by Quadrus Investment Services Ltd. n Series securities are offered to investors investing a minimum of $5,000,000 in Quadrus-sponsored funds and who have entered into an n Series Account Agreement with Mackenzie. Mackenzie may waive the minimum investment level for institutional accounts which are expected to exceed $5,000,000 within a period of time acceptable to Mackenzie. D5 Series securities are offered to retail investors investing a minimum of $5,000 in certain Quadrus-sponsored funds who want to receive a regular monthly cash flow of 5% per annum. D8 Series securities are offered to retail investors investing a minimum of $5,000 in certain Quadrus-sponsored funds who want to receive a regular monthly cash flow of 8% per annum. Prior to July 8, 2008, D8 Series securities were known as D Series. Series R securities are offered only to other affiliated funds and certain institutional investors in connection with fund-of-fund arrangements. An investor in the Fund may choose among different purchase options that are available under each series. These purchase options include a sales charge purchase option, a redemption charge purchase option and a low-load purchase option. The charges under the sales charge purchase option are negotiated by an investor with their dealer. The charges under the redemption charge and low-load purchase options are paid to Mackenzie if an investor redeems securities of the Fund during specific time periods. not all series of the Fund are available under each purchase option and the charges under each purchase option may vary amongst the different series. For further details on these purchase options please refer to the Fund's Simplified Prospectus. Inception/ Reinstatement Date July 9, 2007 July 9, 2007 none issued August 19, 2008 August 12, 2008 July 9, 2007 Management Fees 2.10% 1.10% ­ (1) 2.10% 2.10% ­ (2) Administration Fees 0.24% (3) 0.24% 0.24% 0.24% ­ (2)

(3)

Series Quadrus Series h Series n Series D5 Series D8 Series Series R

(1) (2) (3) (4)

Net Asset Value per Security ($) March 31, 2009 June 30, 2008 6.98 7.10 ­ 11.01 10.72 7.28 9.88 9.98 ­ ­ ­ 10.12

0.15% (3)

(4) (4)

The management fee for n Series securities is negotiable by the investor and is payable directly to Mackenzie by n Series investors, not by the Fund. The rate will not exceed the h Series management fee rate, if any. Prior to July 8, 2008, the management fee for n Series was charged to the Fund at a rate of 0.90%. no management fees or administration fees are charged to the investor or the Fund in respect of the Series R securities. Effective July 3, 2007. Effective July 8, 2008.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

8. Fund Specific Information (in '000s, except for (a)) (cont'd) (b) Investments by Other Funds and Affiliates As at March 31, 2009, other funds and/or affiliates had an investment of $14,580 (June 30, 2008 - $19,287) in the Fund. (c) Fund Merger At a meeting held on July 25, 2007, unitholders of Quadrus Templeton Canadian Equity Fund (the "Terminating Fund") approved the merger of the Terminating Fund into the Fund. The merger was effective after the close of business on July 27, 2007. The merger was effected by the Fund purchasing all of the units of the Terminating Fund held by investors in exchange for shares of the Fund and the Fund subsequently redeeming all of the shares of the Terminating Fund that it had acquired and receiving the assets of the Terminating Fund in satisfaction of the proceeds of redemption. The Fund issued shares of the Fund at the then current price to investors of the Terminating Fund at the fair market value of their units of the Terminating Fund. Quadrus Series and h Series unitholders of the Terminating Fund were issued 1,049 Quadrus Series shares and 36 h Series shares, respectively, of the Fund in exchange for net assets of $10,572. Following the merger, Quadrus Templeton Canadian Equity Fund was terminated. Quadrus Investment Services Ltd. paid the expenses incurred to effect the merger. (d) Securities Lending During the periods ended March 31, 2009 and June 30, 2008, the fund did not enter into securities lending, repurchase or reverse repurchase transactions. (e) Commissions The brokerage commissions paid to certain dealers included an amount of $­ (2008 ­ $2) that was available for payment to third party vendors for the provision of investment decision making services. This amount represented 0.4% (2008 ­ 2.0%) of the total commissions and other transaction costs paid during the period. (f) Risks Associated with Financial Instruments i. Risk exposure and management The Fund seeks long-term capital growth by investing mainly in Canadian stocks. The portfolio manager selects investments for the Fund by employing a research process to identify undervalued, high-quality companies. A company's stock is purchased when it is selling at a price below its estimated worth or intrinsic value, as determined under the portfolio manager's proprietary model. ii. Currency risk The table below indicates currencies to which the Fund had significant exposure as at period end in Canadian dollar terms, including the underlying principal amount of any forward currency contracts. Other financial assets and liabilities (including accrued interest and dividends receivable, and receivables/payables for securities sold/purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. The table also illustrates the potential impact to the Fund's net assets, had these currencies increased or decreased by 5%, relative to the Canadian dollar with all other variables held constant. In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. Investments Cash and Short-Term Forward Currency ($) Investments ($) Contracts ($) 1,789 1,789 2.7 ­ ­ ­ ­ ­ ­ Net Exposure ($) 1,789 1,789 2.7 Potential Impact on Net Assets* ($) 89 89 0.1

Currency u.S. Dollars Total As Percent of net Assets (%)

* Includes both monetary and non-monetary financial instruments iii. Interest rate risk As of March 31, 2009, the Fund did not have a significant exposure to interest rate risk.

canadian equity

Quadrus sionna canadian value corporate class

notes to finanCial stateMents

8. Fund Specific Information (in '000s, except for (a)) (cont'd) (f) Risks Associated with Financial Instruments (cont'd) iv. Other price risk The Fund's most significant exposure to price risk arises from its investment in equity securities and income trusts. As at March 31, 2009, had the prices on the respective stock exchanges for these securities increased or decreased by 10%, with all other variables held constant, net assets would have increased or decreased by approximately $5,059 (approximately 7.7% of total net assets). In practice, the actual trading results may differ and the difference could be material. v. Credit risk As of March 31, 2009, the Fund did not have a significant exposure to credit risk.

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