UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 2006
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Check Here if Amendment / /; Amendment Number:
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This Amendment (Check only one.): / / is a restatement.
/ / adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Sun Life Financial Inc.
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Address: 150 King Street West
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Toronto, Ontario, Canada, M5H 1J9
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Form 13F File Number: 28-05799
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The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: James M. A. Anderson
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Title: Executive Vice-President and Chief Investment Officer
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Phone:
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Signature, Place, and Date of Signing:
/s/ James M. A. Anderson Ontario, Canada 5-11-2006
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[Signature] [City, State] [Date]
Report Type (Check only one.):
/X/ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
/ / 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
/ / 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 309
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Form 13F Information Table Value Total: $ 2,165,703
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(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
None
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
------------------------- ---------------- --------- -------- ---------------------- ------------ ---------- ----------------------
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
------------------------- ---------------- --------- --------- --------- ----- ------ ------------ ---------- ------ ------ ----
U.S. OPERATIONS - AMOUNTS SHOWN ARE IN U.S. DOLLARS
ABBOTT LABS COM 002824100 4,706 110,802 SH SOLE 110,802
ALBERTO CULVER CO COM 013068101 4,702 106,302 SH SOLE 106,302
ALEXANDRIA REAL ESTATE EQ
IN COM 015271109 17,756 186,255 SH SOLE 186,255
ALLSTATE CORP COM 020002101 4,722 90,618 SH SOLE 90,618
ALTRIA GROUP INC COM 02209S103 6,129 86,501 SH SOLE 86,501
AMERICAN EXPRESS CO COM 025816109 7,055 134,245 SH SOLE 134,245
AMERICAN INTL GROUP INC COM 026874107 7,022 106,248 SH SOLE 106,248
AMGEN INC COM 031162100 5,671 77,950 SH SOLE 77,950
ANHEUSER BUSCH COS INC COM 035229103 5,070 118,544 SH SOLE 118,544
ARCHSTONE SMITH TR COM 039583109 14,263 292,455 SH SOLE 292,455
AVALONBAY CMNTYS INC COM 053484101 10,375 95,093 SH SOLE 95,093
BANK OF AMERICA
CORPORATION COM 060505104 9,834 215,933 SH SOLE 215,933
BAXTER INTL INC COM 071813109 4,968 128,000 SH SOLE 128,000
BIOGEN IDEC INC COM 09062X103 5,076 107,772 SH SOLE 107,772
BOEING CO COM 097023105 5,307 68,100 SH SOLE 68,100
BOSTON SCIENTIFIC CORP COM 101137107 10,027 435,000 SH SOLE 435,000
BP PLC SPONSORED ADR 055622104 10,238 148,500 SH SOLE 148,500
BRE PROPERTIES INC CL A 05564E106 17,479 312,131 SH SOLE 312,131
CAPITALSOURCE INC COM 14055X102 17,486 702,828 SH SOLE 702,828
CHEVRON CORP NEW COM 166764100 10,296 177,603 SH SOLE 177,603
CISCO SYS INC COM 17275R102 5,206 240,250 SH SOLE 240,250
CITIGROUP INC COM 172967101 9,210 195,000 SH SOLE 195,000
COMCAST CORP NEW CL A 20030N101 4,472 170,950 SH SOLE 170,950
CONOCOPHILLIPS COM 20825C104 5,241 83,000 SH SOLE 83,000
DELL INC COM 24702R101 5,035 169,200 SH SOLE 169,200
DEVELOPERS DIVERSIFIED
RLTY COM 251591103 16,244 296,702 SH SOLE 296,702
DISNEY WALT CO COM DISNEY 254687106 3,884 139,250 SH SOLE 139,250
DOMINION RES INC VA NEW COM 25746U109 4,245 61,500 SH SOLE 61,500
DOW CHEM CO COM 260543103 4,517 111,250 SH SOLE 111,250
DU PONT E I DE NEMOURS
& CO COM 263534109 5,158 122,200 SH SOLE 122,200
DUKE ENERGY CORP COM 264399106 4,839 166,000 SH SOLE 166,000
E M C CORP MASS COM 268648102 9,949 729,900 SH SOLE 729,900
EASTGROUP PPTY INC COM 277276101 13,835 291,637 SH SOLE 291,637
EASTMAN KODAK CO COM 277461109 7,686 270,254 SH SOLE 270,254
ELECTRONIC ARTS INC COM 285512109 5,207 95,150 SH SOLE 95,150
EMERSON ELEC CO COM 291011104 4,864 58,159 SH SOLE 58,159
EQUITY OFFICE PROPERTIES
TRU COM 294741103 8,064 240,132 SH SOLE 240,132
EQUITY RESIDENTIAL SH BEN INT 29476L107 1,110 23,715 SH SOLE 23,715
EXELON CORP COM 30161N101 4,457 84,250 SH SOLE 84,250
EXXON MOBIL CORP COM 30231G102 17,312 284,453 SH SOLE 284,453
FEDERAL NATL MTG ASSN COM 313586109 4,419 85,978 SH SOLE 85,978
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 461 6,128 SH SOLE 6,128
GENERAL ELECTRIC CO COM 369604103 22,240 639,454 SH SOLE 639,454
GOLDMAN SACHS GROUP INC COM 38141G104 6,650 42,366 SH SOLE 42,366
GREENFIELD ONLINE INC COM 395150105 1,084 181,015 SH SOLE 181,015
HCA INC COM 404119109 4,991 109,000 SH SOLE 109,000
HIGHWOODS PPTYS INC COM 431284108 7,967 236,186 SH SOLE 236,186
HILTON HOTELS CORP COM 432848109 6,362 249,869 SH SOLE 249,869
HOME DEPOT INC COM 437076102 6,248 147,700 SH SOLE 147,700
HONEYWELL INTL INC COM 438516106 4,981 116,450 SH SOLE 116,450
HOST MARRIOTT CORP NEW COM 44107P104 10,638 497,113 SH SOLE 497,113
INTEL CORP COM 458140100 4,497 231,100 SH SOLE 231,100
INTERNATIONAL BUSINESS
MACHS COM 459200101 4,845 58,750 SH SOLE 58,750
INTL PAPER CO COM 460146103 4,909 142,000 SH SOLE 142,000
ISHARES INC MSCI AUSTRALIA 464286103 1,471 73,498 SH SOLE 73,498
ISHARES INC MSCI BELGIUM 464286301 275 12,969 SH SOLE 12,969
ISHARES INC MSCI SINGAPORE 464286673 296 33,739 SH SOLE 33,739
ISHARES INC MSCI UTD KINGD 464286699 6,844 339,492 SH SOLE 339,492
ISHARES INC MSCI FRANCE 464286707 2,504 85,725 SH SOLE 85,725
ISHARES INC MSCI SWITZERLD 464286749 1,912 91,331 SH SOLE 91,331
ISHARES INC MSCI SWEDEN 464286756 1,295 50,258 SH SOLE 50,258
ISHARES INC MSCI SPAIN 464286764 1,287 31,549 SH SOLE 31,549
ISHARES INC MSCI GERMAN 464286806 1,889 81,933 SH SOLE 81,933
ISHARES INC MSCI NETHERLND 464286814 1,357 59,958 SH SOLE 59,958
ISHARES INC MSCI JAPAN 464286848 6,733 467,581 SH SOLE 467,581
ISHARES INC MSCI ITALY 464286855 1,036 37,121 SH SOLE 37,121
ISHARES INC MSCI HONG KONG 464286871 908 67,290 SH SOLE 67,290
ISTAR FINL INC COM 45031U101 11,040 288,412 SH SOLE 288,412
JDS UNIPHASE CORP COM 46612J101 5,198 1,246,527 SH SOLE 1,246,527
JOHNSON & JOHNSON COM 478160104 7,502 126,675 SH SOLE 126,675
JP MORGAN CHASE & CO COM 46625H100 10,243 246,000 SH SOLE 246,000
KIMBERLY CLARK CORP COM 494368103 4,877 84,376 SH SOLE 84,376
KIMCO REALTY CORP COM 49446R109 17,024 418,901 SH SOLE 418,901
MACERICH CO COM 554382101 18,239 246,643 SH SOLE 246,643
MCDONALDS CORP COM 580135101 4,910 142,900 SH SOLE 142,900
MEDICAL PPTYS TRUST INC COM 58463J304 12,460 1,153,676 SH SOLE 1,153,676
MEDTRONIC INC COM 585055106 4,682 92,250 SH SOLE 92,250
MERRILL LYNCH & CO INC COM 590188108 6,203 78,757 SH SOLE 78,757
MICROSOFT CORP COM 594918104 12,633 464,265 SH SOLE 464,265
MRV COMMUNICATIONS INC COM 553477100 12,121 2,956,429 SH SOLE 2,956,429
NEW YORK CMNTY BANCORP
INC COM 649445103 19,235 1,097,887 SH SOLE 1,097,887
ORACLE CORP COM 68389X105 5,403 394,700 SH SOLE 394,700
PENNSYLVANIA RL ESTATE
INVT SH BEN INT 709102107 11,304 256,906 SH SOLE 256,906
PEPSICO INC COM 713448108 4,833 83,629 SH SOLE 83,629
PFIZER INC COM 717081103 8,131 326,300 SH SOLE 326,300
PROCTER & GAMBLE CO COM 742718109 9,256 160,618 SH SOLE 160,618
PROLOGIS SH BEN INT 743410102 16,535 309,061 SH SOLE 309,061
PRUDENTIAL FINL INC COM 744320102 9,351 123,343 SH SOLE 123,343
PUBLIC STORAGE INC COM 74460D109 1,029 12,664 SH SOLE 12,664
QUALCOMM INC COM 747525103 5,157 101,900 SH SOLE 101,900
RAYTHEON CO COM NEW 755111507 5,140 112,133 SH SOLE 112,133
RECKSON ASSOCS RLTY CORP COM 75621K106 14,565 317,864 SH SOLE 317,864
REGENCY CTRS CORP COM 758849103 13,244 197,106 SH SOLE 197,106
REVLON INC CL A 761525500 4,445 1,406,783 SH SOLE 1,406,783
SCHERING PLOUGH CORP COM 806605101 5,007 263,680 SH SOLE 263,680
SHURGARD STORAGE CTRS INC COM 82567D104 9,401 141,089 SH SOLE 141,089
SIMON PPTY GROUP INC NEW COM 828806109 16,807 199,754 SH SOLE 199,754
SL GREEN RLTY CORP COM 78440X101 19,400 191,129 SH SOLE 191,129
SYMANTEC CORP COM 871503108 5,284 313,983 SH SOLE 313,983
TARGET CORP COM 87612E106 4,533 87,150 SH SOLE 87,150
TEKELEC COM 879101103 5,334 385,650 SH SOLE 385,650
TEXAS INSTRS INC COM 882508104 5,095 156,900 SH SOLE 156,900
TIME WARNER INC COM 887317105 5,444 324,250 SH SOLE 324,250
TYCO INTL LTD NEW COM 902124106 5,146 191,450 SH SOLE 191,450
UNITED PARCEL SERVICE INC CL B 911312106 5,275 66,450 SH SOLE 66,450
UNITED TECHNOLOGIES CORP COM 913017109 4,939 85,200 SH SOLE 85,200
UNITEDHEALTH GROUP INC COM 91324P102 4,407 78,892 SH SOLE 78,892
VERIZON COMMUNICATIONS COM 92343V104 15,915 467,275 SH SOLE 467,275
VORNADO RLTY TR SH BEN INT 929042109 16,229 169,057 SH SOLE 169,057
WACHOVIA CORP 2ND NEW COM 929903102 7,572 135,101 SH SOLE 135,101
WAL MART STORES INC COM 931142103 4,935 104,464 SH SOLE 104,464
WELLS FARGO & CO NEW COM 949746101 9,889 154,826 SH SOLE 154,826
YAHOO INC COM 984332106 4,783 148,250 SH SOLE 148,250
CANADIAN OPERATIONS - AMOUNTS SHOWN ARE IN U.S. DOLLARS
Agco Corp COM 001084102 1,933 93,200 SH SOLE 93,200
ATI Technologies Inc COM 001941103 415 24,200 SH SOLE 24,200
AT&T Inc COM 00206R102 5,219 193,000 SH SOLE 193,000
Abbot Laboratories COM 002824100 38 900 SH SOLE 900
Aber Diamond Corporation COM 002893105 789 19,600 SH SOLE 19,600
Abitibi-Consolidated Inc COM 003924107 561 135,700 SH SOLE 135,700
Ace Cash Express Inc COM 004403101 112 4,500 SH SOLE 4,500
Agrium Inc COM 008916108 505 20,000 SH SOLE 20,000
Alcan Inc COM 013716105 11,180 244,275 SH SOLE 244,275
Alcoa Inc COM 013817101 3,472 113,600 SH SOLE 113,600
Alliance Atlantis Comm
Inc COM 01853E204 359 11,900 SH SOLE 11,900
Allied Irish Banks plc COM 019228402 4,368 92,000 SH SOLE 92,000
Altria Group COM 02209S103 3,231 45,600 SH SOLE 45,600
American Express Co COM 025816109 263 5,000 SH SOLE 5,000
American International
Group COM 026874107 3,979 60,200 SH SOLE 60,200
American Standard
Companies COM 029712106 36 850 SH SOLE 850
Ameriprise Financial Inc COM 03076C106 45 1,000 SH SOLE 1,000
Amvescap PLC COM 03235E100 837 44,400 SH SOLE 44,400
Anglo American PLC COM 03485P102 149 7,600 SH SOLE 7,600
Angiotech Pharmaceuticals
Inc COM 034918102 430 29,200 SH SOLE 29,200
Apache Corporation COM 037411105 773 11,800 SH SOLE 11,800
Asahi Glass Co Ltd COM 043393206 2,190 14,600 SH SOLE 14,600
Astrazeneca PLC COM 046353108 111 2,200 SH SOLE 2,200
Avery Dennison Corp COM 053611109 1,766 30,200 SH SOLE 30,200
BCE Inc COM 05534B109 14,579 605,042 SH SOLE 605,042
BP PLC COM 055622104 3,247 47,100 SH SOLE 47,100
Bank of America Corp COM 060505104 114 2,500 SH SOLE 2,500
Bank of Montreal COM 063671101 7,774 136,784 SH SOLE 136,784
Bank of Nova Scotia COM 064149107 13,648 340,306 SH SOLE 340,306
Barclays PLC COM 06738E204 1,774 37,900 SH SOLE 37,900
Barrick Gold Corp COM 067901108 12,153 446,561 SH SOLE 446,561
Beckman Coulter Inc COM 075811109 819 15,000 SH SOLE 15,000
Boston Scientific COM 101137107 10,117 438,900 SH SOLE 438,900
Bowater Inc COM 102183100 145 4,900 SH SOLE 4,900
Brookfield Asset Mgmt COM 112585104 341 6,200 SH SOLE 6,200
Burlington North Santa Fe COM 12189T104 1,883 22,600 SH SOLE 22,600
CAE Inc COM 124765108 554 70,500 SH SOLE 70,500
CBS Corporation COM 124857202 556 23,200 SH SOLE 23,200
CHC Helicopter Corp COM 12541C203 157 6,200 SH SOLE 6,200
CIT Group Inc COM 125581108 86 1,600 SH SOLE 1,600
CVS Corp COM 126650100 72 2,400 SH SOLE 2,400
Cameco Corp COM 13321L108 489 13,600 SH SOLE 13,600
Cdn Imp Bank of Commerce COM 136069101 12,736 172,890 SH SOLE 172,890
Cdn National Railways COM 136375102 10,976 242,120 SH SOLE 242,120
Canadian Nat Resources
Ltd COM 136385101 1,123 20,200 SH SOLE 20,200
Canadian Pacific Railway COM 13645T100 6,422 128,688 SH SOLE 128,688
Canon Inc COM 138006309 2,853 43,200 SH SOLE 43,200
Capital One Fin Corp COM 14040H105 32 400 SH SOLE 400
Caterpillar Inc COM 149123101 180 2,500 SH SOLE 2,500
Cendant Corp COM 151313103 52 3,000 SH SOLE 3,000
Chevron Corp COM 166764100 58 1,000 SH SOLE 1,000
Cisco Systems COM 17275R102 65 3,000 SH SOLE 3,000
Citigroup Inc COM 172967101 5,923 125,400 SH SOLE 125,400
Colgate Palmolive COM 194162103 2,627 46,000 SH SOLE 46,000
CIA Vale Do Rio Doce COM 204412209 403 8,300 SH SOLE 8,300
Cia De Minas Buenaventur COM 204448104 190 7,700 SH SOLE 7,700
ConocoPhillips Inc COM 20825C104 152 2,400 SH SOLE 2,400
Corus Entertainment COM 220874101 245 8,000 SH SOLE 8,000
Curtiss-Wright Corp COM 231561101 232 3,500 SH SOLE 3,500
Datamirror Corporation COM 237926100 92 11,250 SH SOLE 11,250
John Deere & Co. COM 244199105 198 2,500 SH SOLE 2,500
Dell Inc COM 24702R101 179 6,000 SH SOLE 6,000
Diageo PLC COM 25243Q205 5,246 82,700 SH SOLE 82,700
Dollar General Corp COM 256669102 32 1,800 SH SOLE 1,800
Domtar Inc. COM 257561100 3,709 521,700 SH SOLE 521,700
Draxis Health Inc COM 26150J101 105 23,400 SH SOLE 23,400
Duke Energy Corporation COM 264399106 5,317 182,400 SH SOLE 182,400
Electronic Arts Inc COM 285512109 60 1,100 SH SOLE 1,100
EnCana Corporation COM 292505104 20,127 431,122 SH SOLE 431,122
Enbridge Inc COM 29250N105 2,479 86,131 SH SOLE 86,131
Exelon Corp COM 30161N101 3,206 60,600 SH SOLE 60,600
Extendicare Inc COM 30224T871 233 11,000 SH SOLE 11,000
Exxon Mobil Corp COM 30231G102 243 4,000 SH SOLE 4,000
Fairmont Hotels COM 305204109 285 6,400 SH SOLE 6,400
Falconbridge Ltd COM 306104100 742 21,200 SH SOLE 21,200
Federal National Mtge
Assoc COM 313586109 617 12,000 SH SOLE 12,000
First Data Corp COM 319963104 56 1,200 SH SOLE 1,200
Fiserv Inc COM 337738108 34 800 SH SOLE 800
France Telecom SA-Spons
ADR COM 35177Q105 3,307 147,100 SH SOLE 147,100
Franklin Resources Inc COM 354613101 170 1,800 SH SOLE 1,800
General Elec Co COM 369604103 17,077 491,000 SH SOLE 491,000
Gildan Activewear Inc COM 375916103 393 8,300 SH SOLE 8,300
Glamis Gold COM 376775102 336 10,300 SH SOLE 10,300
Glaxosmithkline Plc COM 37733W105 3,505 67,000 SH SOLE 67,000
Gold Fields Ltd COM 38059T106 1,897 86,300 SH SOLE 86,300
Goldcorp Inc COM 380956409 1,338 45,700 SH SOLE 45,700
Group CGI COM 39945C109 4,473 673,800 SH SOLE 673,800
HSBC Holdings Plc COM 404280406 2,639 31,500 SH SOLE 31,500
Halliburton Co COM 406216101 482 6,600 SH SOLE 6,600
Hewlett Packard Co COM 428236103 1,908 58,000 SH SOLE 58,000
Home Depot Inc COM 437076102 254 6,000 SH SOLE 6,000
Honeywell International
Inc COM 438516106 2,968 69,400 SH SOLE 69,400
Hydrogenics Corporation COM 448882100 83 23,700 SH SOLE 23,700
Imperial Oil Ltd COM 453038408 4,233 39,300 SH SOLE 39,300
Inco Ltd COM 453258402 484 9,700 SH SOLE 9,700
Intel Corp COM 458140100 195 10,000 SH SOLE 10,000
I B M Corp COM 459200101 62 750 SH SOLE 750
Ishares COM 464286608 828 9,500 SH SOLE 9,500
Ishares COM 464286665 1,207 11,500 SH SOLE 11,500
Ishares COM 464286699 2,419 120,000 SH SOLE 120,000
Ishares COM 464286707 3,219 110,200 SH SOLE 110,200
Ishares COM 464286806 726 31,500 SH SOLE 31,500
Ishares COM 464286822 1,626 42,400 SH SOLE 42,400
Ishares COM 464286848 10,973 762,000 SH SOLE 762,000
Ishares Tr COM 464287465 204,214 3,145,623 SH SOLE 3,145,623
JSC MMC Norilsk Nickel COM 46626D108 157 1,600 SH SOLE 1,600
Johnson & Johnson COM 478160104 2,511 42,400 SH SOLE 42,400
Johnson Matthey PLC COM 479142309 2,500 50,600 SH SOLE 50,600
Kimberly Clark COM 494368103 33 575 SH SOLE 575
Kinder Morgan Inc COM 49455P101 791 8,600 SH SOLE 8,600
Kohls Corporation COM 500255104 37 700 SH SOLE 700
Lilly (Eli) and Co COM 532457108 1,770 32,000 SH SOLE 32,000
Lincoln National Corp COM 534187109 47 870 SH SOLE 870
Lowe's Cos Inc COM 548661107 45 700 SH SOLE 700
MDS Inc COM 55269P302 7,269 403,700 SH SOLE 403,700
MRV Communications Inc COM 553477100 6,305 1,537,907 SH SOLE 1,537,907
Magna International Inc COM 559222401 7,394 98,030 SH SOLE 98,030
Manulife Financial Corp COM 56501R$AA 266 4,242 SH SOLE 4,242
Manulife Financial Corp COM 56501R106 14,277 227,500 SH SOLE 227,500
Masco Corp COM 574599106 36 1,100 SH SOLE 1,100
Medco Health Solutions COM 58405U102 349 6,100 SH SOLE 6,100
Methanex Corp COM 59151K108 369 18,000 SH SOLE 18,000
Microsoft Corp COM 594918104 3,682 135,300 SH SOLE 135,300
Monro Muffler Brake Inc COM 610236101 223 6,000 SH SOLE 6,000
Monsanto Co COM 61166W101 509 6,000 SH SOLE 6,000
Morgan Stanley Co COM 617446448 2,764 44,000 SH SOLE 44,000
Motorola Inc COM 620076109 1,077 47,000 SH SOLE 47,000
Nasdaq 100 COM 631100104 14,035 334,000 SH SOLE 334,000
National Oilwell Varco COM 637071101 64 1,000 SH SOLE 1,000
Neurochem Inc COM 64125K101 233 16,700 SH SOLE 16,700
New Gold Inc COM 644535106 33 3,500 SH SOLE 3,500
Nippon Tel & Tel Co COM 654624105 3,556 165,000 SH SOLE 165,000
Nokia Corp COM 654902204 207 10,000 SH SOLE 10,000
Nomura Holdings Inc COM 65535H208 4,101 185,000 SH SOLE 185,000
Nortel Networks Corp COM 656568102 3,231 1,056,700 SH SOLE 1,056,700
North Am Palladium COM 656912102 165 14,100 SH SOLE 14,100
North Fork Bancorporation COM 659424105 61 2,100 SH SOLE 2,100
Northgate Minerals Corp COM 666416102 125 51,900 SH SOLE 51,900
Nova Chemicals Corp COM 66977W109 6,288 220,500 SH SOLE 220,500
Novartis AG COM 66987V109 2,107 38,000 SH SOLE 38,000
Novelis Inc COM 67000X106 4,159 202,615 SH SOLE 202,615
Onyx Pharmaceuticals Inc COM 683399109 205 7,800 SH SOLE 7,800
PDL BioPharma Ic COM 69329Y104 449 13,700 SH SOLE 13,700
PPG Industries COM 693506107 190 3,000 SH SOLE 3,000
Petro Canada Limited COM 71644E102 2,116 44,600 SH SOLE 44,600
Pfizer Inc COM 717081103 5,682 228,000 SH SOLE 228,000
Potash Corp of Sask Inc COM 73755L107 431 4,900 SH SOLE 4,900
Precision Drilling Trust COM 740215108 574 17,800 SH SOLE 17,800
Procter & Gamble Co COM 742718109 230 4,000 SH SOLE 4,000
Prudential Financial Inc COM 744320102 53 700 SH SOLE 700
Quebecor World Inc COM 748203106 1,861 189,600 SH SOLE 189,600
Reed Elsevier NV COM 758204101 1,778 62,000 SH SOLE 62,000
Research In Motion COM 760975102 1,703 20,100 SH SOLE 20,100
Rexam plc COM 761655406 2,763 57,000 SH SOLE 57,000
Rogers Communication
Class B COM 775109200 427 11,200 SH SOLE 11,200
Royal Bank of Canada COM 780087102 18,622 441,581 SH SOLE 441,581
SPDR Trust COM 78462F103 633,264 4,877,643 SH SOLE 4,877,643
St. Jude Medical Inc. COM 790849103 398 9,700 SH SOLE 9,700
Siemens AG COM 826197501 4,416 47,400 SH SOLE 47,400
Sierra Wireless Inc COM 826516106 145 12,453 SH SOLE 12,453
Smurfit Stone Container COM 832727101 54 4,000 SH SOLE 4,000
Statoil ASA COM 85771P102 1,222 42,900 SH SOLE 42,900
Sun Life Financial Inc COM 866796105 1,335 31,400 SH SOLE 31,400
Suncor Energy Inc COM 867229106 3,240 42,200 SH SOLE 42,200
TLC Vision Corp COM 872549100 58 8,900 SH SOLE 8,900
Talisman Energy Inc COM 87425E103 2,922 55,000 SH SOLE 55,000
Telus Corp COM 87971M202 943 24,370 SH SOLE 24,370
Tesco Corp COM 88157K101 173 9,200 SH SOLE 9,200
Thomson Corp COM 884903105 1,684 45,135 SH SOLE 45,135
3M Company COM 88579Y101 4,224 55,800 SH SOLE 55,800
Tomkins PLC COM 890030208 3,677 156,000 SH SOLE 156,000
Toronto Dominion Bank COM 891160509 10,096 181,133 SH SOLE 181,133
Total SA COM 89151E109 237 1,800 SH SOLE 1,800
Toyota Motor Corporation COM 892331307 3,703 34,000 SH SOLE 34,000
TransAlta Corp COM 89346D107 3,529 185,100 SH SOLE 185,100
TransCanada Corp COM 89353D107 11,179 387,579 SH SOLE 387,579
TransGlobe Energy
Corporation COM 893662106 71 13,363 SH SOLE 13,363
Tyco Intl Ltd COM 902124106 3,847 143,100 SH SOLE 143,100
United Technologies Corp COM 913017109 1,878 32,400 SH SOLE 32,400
UPM Kymmene Corporation COM 915436109 4,097 173,600 SH SOLE 173,600
Vasogen Inc COM 92232F103 50 23,800 SH SOLE 23,800
Verizon Comm COM 92343V104 3,644 107,000 SH SOLE 107,000
Viacom Inc COM 92553P201 2,328 60,000 SH SOLE 60,000
Vodafone Group Plc COM 92857W100 34 1,650 SH SOLE 1,650
Volvo AB COM 928856400 2,783 59,700 SH SOLE 59,700
WPP Group PLC COM 929309409 1,920 32,000 SH SOLE 32,000
Wal Mart Stores Inc COM 931142103 3,741 79,200 SH SOLE 79,200
Wellpoint Inc COM 94973V107 50 650 SH SOLE 650
Wyeth COM 983024100 2,775 57,200 SH SOLE 57,200
Yamana Gold Inc COM 98462Y100 63 6,800 SH SOLE 6,800
Deutsche Bank AG COM D18190898 3,850 33,700 SH SOLE 33,700
Nabors Industries Ltd COM G6359F103 394 5,500 SH SOLE 5,500
Noble Corp COM G65422100 81 1,000 SH SOLE 1,000
Weatherford Intl Ltd COM G95089101 46 1,002 SH SOLE 1,002
UBS AG COM H8920M855 1,793 16,300 SH SOLE 16,300
Check Point Software Tech
Ltd COM M22465104 1,425 71,200 SH SOLE 71,200
2,165,703