Canadian Equity

Sector/Specialty

The Portfolio Management Team

■ Fred Sturm, Executive Vice President and Chief Investment Strategist, has been a member of Mackenzie’s
investment team since 1981, and has established a reputation as one of the country’s leading investors in
natural resource-based companies. In addition to the Canadian mutual funds and private accounts he manages
for Mackenzie, Fred also manages the Ivy Global Natural Resources Fund in the United States for Waddell &
Reed Financial, Inc.*, of Kansas City.
■ Fred holds a Bachelor of Commerce and Finance degree from the University of Toronto and the Chartered

Financial Analyst (CFA) designation.

Fred Sturm ■ Fred was awarded Canadian Investment Awards’ Fund Manager of the Year Award for 2004.

Executive Vice President &

Chief Investment Strategist,
Mackenzie Financial Corporation

■ Lead Manager of Mackenzie Universal Precious Metals Fund and Mackenzie Universal World Precious
Metals Class.
■ Benoit Gervais joined Mackenzie Financial Corporation in 2001 as an Investment Analyst after completing a

Master in Mineral Economics at Colorado School of Mines.

■ He also holds a Bachelor of Engineering from École Polytechnique and McGill University.

■ Benoit has also gained valuable experience in the resource industry working for organizations such as Inco Ltd.,

Fording Inc., ICI PLC and the International Institute for Environment and Development in London, England.
Benoit Gervais
Vice President, Mackenzie
Financial Corporation

■ Kevin Kelly joined Mackenzie in 2007 as an equities analyst and works with Fred Sturm as an integral part of the
diversified resources team
■ Kevin’s experience prior to joining Mackenzie focused on quantitative and qualitative research of energy equities

and energy commodity fundamentals

■ He holds a Bachelor of Commerce (Hon.) from Queen’s University, the Canadian Investment Manager (CIM)

designation and is a CFA charterholder.

Kevin Kelly
Investment Analyst,
Mackenzie Financial Corporation

Responsibilities:
Mackenzie Growth Fund Mackenzie Universal World Resource Class
Mackenzie Universal Canadian Resource Fund Mackenzie Founders Fund (co-manager)
Mackenzie Universal Precious Metals Fund Mackenzie Founders Income & Growth Fund (co-manager)
Mackenzie Universal World Precious Metals Class
11190-Team Blue_28

* The portfolio sub-advisor is Ivy Investment Management Company, a wholly-owned subsidiary of Waddell & Reed Financial, Inc.
 Mackenzie Universal Canadian Resource Fund
Sector/Specialty

DATA AS OF
september 30, 2009

Compound Annual Returns – Series A Key Fund Data

Since Total Fund Assets:
1 3 Year- 1 3 5 10 Inception $1,409.5 Million
Month Month to-Date Year Year Year Year (Jan. 1978)
NAVPS:
10.3% 17.4% 56.5% -3.0% -2.1% 7.7% 13.3% 10.5% $Cdn 20.45  $US 19.11
MER (As of March 2009):
Calendar Year Returns 2.43%
Distribution Frequency (Series A):
56.5% Annual
60
41.1% 43.8% Last Paid Distribution Dec. 21, 2007:
35.5%
36 22.3% 22.8% 27.0% 21.1% 24.7% $4.3807
18.3%
6.9% Fund Numbers:
12 2.7%
Series
($CDN) FE BE LL
-12
-10.2% A 653 643 3199
-36 -28.7% F 092
I 230
-60
-56.2% Series
($USD) FE BE LL
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 YTD
A 712 812 3526
F 2559
Major Holdings* Major Holdings Represent 28.8%

Chesapeake Energy Corp. United States Oil & Gas Exploration & Prod. 3.7%
Risk Tolerance
El Paso Corp. United States Oil & Gas Storage & Transport 3.5%
VERY LOW TO MODERATE
Gazprom OAO Russia Oil & Gas Exploration & Prod. 3.2% LOW MODERATE TO HIGH
Potash Corp of Saskatchewan Inc. Canada Fertilizers/Agricult. Chem. 3.1%
First Quantum Minerals Ltd. Canada Diversified Metals & Mining 3.0% LOW MODERATE HIGH
Athabasca Oil Sands Corp. Canada Oil & Gas Drilling 2.8%
Advantage Oil & Gas Ltd. Canada Oil & Gas Exploration & Prod. 2.6%
Cameron International Corp. United States Oil & Gas Equipment/Services 2.4% Fund Investment Philosophy
Sino-Forest Corp. Canada Forest Products 2.4%
Canadian Natural Resources Ltd. Canada Oil & Gas Exploration & Prod. 2.1% bbInvests primarily in natural resource
companies across a broad spectrum of
industries including energy, mining, forestry,
Regional Allocation Sector Allocation agriculture and others
bbThe Fund seeks to maximize returns by
Canada 47.5% Energy 60.0% employing various strategies including:
United States 30.3% (Oil & Gas Producers 40.1%, Energy Services
and Drilling 13.6%, Alternative Energy 5.4%, seeking leading companies that typically
Brazil 7.0%
Integrated Oil & Gas 0.9%) have low-cost, low debt and /or outstanding
Cash & Equivalents 4.6%
Russia 3.6% Metals 18.2% assets; investing in companies expected
(Diversified Base Metal 9.2%, Gold Mining 7.7%, to increase shareholder value through
Australia 3.0% Silver Mining 0.9%, Platinum Group Metal
United Kingdom 1.0% successful exploration and development;
Mining 0.4%) utilizing cash and other defensive strategies
China 0.8% Agriculture 5.0%
Israel 0.7% and to rotate among resource sectors
Forest & Paper 4.8%
Denmark 0.4% Cash & Equivalents 4.6% bbThe experienced team has established
Other 1.1% Utilities 4.1% a leading reputation for natural resource
Industrials 3.3% investing in Canada and the U.S.
Portfolio Managers

Fred Sturm
Benoit Gervais
Kevin Kelly

For detailed portfolio manager commentary,

visit mackenziefinancial.com/universal
Note: O
 n February 28, 2007, the Fund changed its mandate from investing primarily in Canadian securities to permit the Fund to invest up
to 49% of its assets in foreign securities (previously limited to 35%). The past performance before this date was achieved under the
previous objectives.
* The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are
selected for their overall significance in evaluating the investment portfolio. Please see mackenziefinancial.com/currency to view funds/
products using currency derivatives to hedge exchange rate risk.
 Mackenzie Universal World Resource Class
Global Sector

DATA AS OF
september 30, 2009

Compound Annual Returns* – Series A Key Fund Data

Since Total Fund Assets:
1 3 Year- 1 3 5 Merger $137.8 Million
Month Month to-Date Year Year Year (May 24, 2002)
NAVPS:
9.6% 14.4% 53.9% -11.8% -4.2% 4.9% 7.1% $Cdn 27.69 
MER (As of March 2009):
Calendar Year Returns 2.50%
Distribution Frequency (Series A):
60 53.9% Annual
30.3% 32.2% Last Paid Distribution (n/a):
22.8% 27.3% 23.6%
30 –
0 Fund Numbers:
Series
-30 ($CDN) FE BE LL
A 1044 1194 2201
-60 F 1354 – –
-62.1% I 1254 – –
-90
Series
2003 2004 2005 2006 2007 2008 YTD ($US) FE BE LL
A 2544 3518 3519
F 2545 – –
Major Holdings** Major Holdings Represent 29.5%
Risk Tolerance
Sino-Forest Corp. Canada Forest Products 4.3%
PetroHawk Energy Corp. United States Oil & Gas Exploration & Prod. 3.6% VERY LOW TO MODERATE
Potash Corp of Saskatchewan In Canada Fertilizers/Agricult. Chem. 3.5% LOW MODERATE TO HIGH
Uralkali Russia Agricultural Products 3.3%
Cameron International Corp. United States Oil & Gas Equipment/Services 3.1% LOW MODERATE HIGH
Transocean Ltd. United States Oil & Gas Drilling 3.0%
Randgold Resources Ltd. United Kingdom Gold Mining 2.8%
Gazprom OAO Russia Oil & Gas Exploration & Prod. 2.7% Fund Investment Philosophy
Migao Corp. Canada Fertilizers/Agricult. Chem. 2.6%
COPASA Brazil Water Utilities 2.4% bbInvests primarily in natural resource
companies across a broad spectrum of
industries including energy, mining, forestry,
Regional Allocation Sector Allocation agriculture and others
bbThe fund seeks to maximize returns by
United States 35.8% Energy 61.8% employing various strategies including:
Canada 25.5% (Oil & Gas Producers 24.6%, Energy Services & Drilling 20.0%,
seeking leading companies that typically
Brazil 8.1% Alternative Energy 12.4%, Integrated Oil & Gas 4.8%)
have low-cost, low debt and /or outstanding
Russia 7.1% Agriculture 8.5%
assets; investing in companies expected
Cash & Equivalents 3.6% Metals 10.3%
to increase shareholder value through
China 3.4% (Gold Mining 7.4%, Diversified Base Metal 2.9%)
successful exploration and development;
United Kingdom 3.0% Cash & Equivalents 3.6%
Indonesia 1.7% Industrials 5.9% utilizing cash and other defensive strategies
Switzerland 1.7% Forest & Paper 4.0% and to rotate among resource sectors
Hong Kong 1.6% Utilities 5.9% bbThe experienced team has established
Other 8.5% a leading reputation for natural resource
investing in Canada and the U.S.
Portfolio Managers

Fred Sturm
Benoit Gervais
Kevin Kelly

For detailed portfolio manager commentary,

visit mackenziefinancial.com/universal
* Notes: On May 24, 2002, the Fund acquired the assets of another Mackenzie-sponsored fund in a merger that was considered a material
change for the Fund. Therefore, the Fund’s performance is provided from the date of the merger rather than its inception, as required
under applicable securities laws.
** The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are
selected for their overall significance in evaluating the investment portfolio. Please see mackenziefinancial.com/currency to view funds/
products using currency derivatives to hedge exchange rate risk.

55
 Mackenzie Universal Precious Metals Fund
Sector/Specialty

DATA AS OF
september 30, 2009

Compound Annual Returns – Series A Key Fund Data

Since Total Fund Assets:
1 3 Year- 1 3 5 10 Inception $452.1 Million
Month Month to-Date Year Year Year Year (Jan. 1994)
NAVPS:
13.6% 16.5% 52.3% 30.6% 0.8% 9.3% 16.2% 9.3% $Cdn 14.99  $US 14.00
MER (As of March 2009):
Calendar Year Returns 2.44%
Distribution Frequency (Series A):
100 89.7% Annual
Last Paid Distribution Dec. 21, 2007:
44.4% 49.2% 52.3% $1.6728
45 34.1% 30.8% 26.8% Fund Numbers:
6.5% 5.1% 8.6% 6.6% Series
($CDN) FE BE LL
-10
A 433 434 3202
-21.6% -20.5% F 098
-35.2% I 236
-45.7%
-65
Series
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 YTD ($USD) FE BE LL
A 707 807 3527
F 2561
Major Holdings* Major Holdings Represent 48.2%

Silver Wheaton Corp. Canada Silver Mining 7.4%

Risk Tolerance
Moto Goldmines Ltd. Australia Gold Mining 6.4%
VERY LOW TO MODERATE
Agnico-Eagle Mines Ltd. Canada Gold Mining 6.4% LOW MODERATE TO HIGH
Barrick Gold Corp. Canada Gold Mining 6.0%
Randgold Resources Ltd. United Kingdom Gold Mining 5.8% LOW MODERATE HIGH
Cia de Minas Buenaventura SA Peru Gold Mining 3.5%
Gold Fields Ltd. South Africa Gold Mining 3.3%
Mvelaphanda Resources Ltd. South Africa Gold Mining 3.2% Fund Investment Philosophy
Great Basin Gold Ltd. Canada Gold Mining 3.2%
Aquiline Resources Inc. Canada Gold Mining 3.0% bbThe Fund looks for long-term growth
primarily by investing directly in bullion
or in equity securities of precious metals
Regional Allocation Sector Allocation exploration companies or in production
companies around the world
Canada 62.2% Gold Mining 73.6% bbPrimary emphasis is on gold, but also
South Africa 12.0% Platinum Group Metal Mining 6.0%
seeks to diversify by investing in companies
Australia 10.2% Silver Mining 7.5%
involved with silver, diamond, platinum, and
Cash & Equivalents 6.1% Base/Diversified Metal Mining 5.8%
palladium sectors
United Kingdom 5.8% Energy 1.0%
Peru 3.5% Cash & Equivalents 6.1% bbSuitable for investors wishing to participate
Ireland 0.2% in the movements of precious metals prices
bbPrecious metals investments tend to exhibit
very low correlation to the performance of
other assets, so investors with a diversified
portfolio may wish to add extra protection
against inflation by including this asset class
Portfolio Managers in their portfolio

Fred Sturm
Benoit Gervais
Kevin Kelly

For detailed portfolio manager commentary,

visit mackenziefinancial.com/universal
Note: O
 n February 28, 2007, the Fund changed its mandate from investing primarily in Canadian securities to permit the Fund to invest up
to 49% of its assets in foreign securities (previously limited to 30%). The past performance before this date was achieved under the
previous objectives.
* The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are
selected for their overall significance in evaluating the investment portfolio. Please see mackenziefinancial.com/currency to view funds/
products using currency derivatives to hedge exchange rate risk.
 Mackenzie Universal World Precious Metals Class
Global Sector

DATA AS OF
september 30, 2009

Compound Annual Returns – Series A Key Fund Data

Since Total Fund Assets:
1 3 Year- 1 3 5 Inception $92.0 Million
Month Month to-Date Year Year Year (Oct. 2000)
NAVPS:
14.3% 17.2% 54.0% 34.4% 2.6% 11.3% 20.5% $Cdn 52.77 
MER (As of March 2009):
Calendar Year Returns 2.51%
Distribution Frequency (Series A):
90 Annual
64.3% Last Paid Distribution (n/a):
60 47.3% 53.8% 54.0%
–
31.4% 30.1%
30 Fund Numbers:
7.6% Series
0 ($CDN) FE BE LL
A 1042 1192 2199
-30 -19.4% F 1352 – –
-45.0% I 1252 – –
-60
Series
2001 2002 2003 2004 2005 2006 2007 2008 YTD ($US) FE BE LL
A 2546 3520 3521
F 2547 – –
Major Holdings* Major Holdings Represent 47.8%
Risk Tolerance
Randgold Resources Ltd. United Kingdom Gold Mining 8.1%
Moto Goldmines Ltd. Australia Gold Mining 6.9% VERY LOW TO MODERATE
Agnico-Eagle Mines Ltd. Canada Gold Mining 6.9% LOW MODERATE TO HIGH
Silver Wheaton Corp. Canada Silver Mining 6.4%
Barrick Gold Corp. Canada Gold Mining 5.8% LOW MODERATE HIGH
Impala Platinum Holdings Ltd. South Africa Platinum Group Metal Mining 4.4%
Gold Fields Ltd. South Africa Gold Mining 3.9%
Mvelaphanda Resources Ltd. South Africa Gold Mining 3.8% Fund Investment Philosophy
GoldCorp Inc. Canada Gold Mining 3.5%
CGA Mining Ltd. Australia Gold Mining 3.2% bbThe Fund looks for long-term growth
primarily by investing directly in bullion
or in equity securities of precious metals
Regional Allocation Sector Allocation exploration companies or in production
companies around the world
Canada 61.7% Gold Mining 73.3% bbPrimary emphasis is on gold, but also
South Africa 11.9% Silver Mining 7.5% seeks to diversify by investing in companies
Australia 10.1% Cash & Equivalents 6.8%
involved with silver, diamond, platinum, and
Cash & Equivalents 6.8% Platinum Group Metal Mining 6.0%
palladium sectors
United Kingdom 5.8% Base/Diversified Metal Mining 5.5%
Peru 3.4% Energy 0.9% bbSuitable for investors wishing to participate
Ireland 0.3% in the movements of precious metals prices
bbPrecious metals investments tend to exhibit
very low correlation to the performance of
other assets, so investors with a diversified
portfolio may wish to add extra protection
against inflation by including this asset class
Portfolio Managers in their portfolio

Benoit Gervais
Fred Sturm
Kevin Kelly

For detailed portfolio manager commentary,

visit mackenziefinancial.com/universal

* The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are
selected for their overall significance in evaluating the investment portfolio. Please see mackenziefinancial.com/currency to view funds/
products using currency derivatives to hedge exchange rate risk.

54
 Mackenzie Growth Fund
Canadian Equity

DATA AS OF
September 30, 2009

Compound Annual Returns* – Series A Key Fund Data

Since Total Fund Assets:
1 3 Year- 1 3 5 10 Inception $320.4 Million
Month Month to-Date Year Year Year Year (Oct. 1967)
NAVPS
8.4% 14.2% 53.5% 1.4% -10.6% -2.3% 2.6% 10.2% $Cdn 12.26
MER (As of March 2009):
Calendar Year Returns 2.40%
Distribution Frequency (Series A):
Portfolio manager change Annual
60 53.5% Last Paid Distribution Dec. 21, 2007:
$0.62
30 20.5% 26.1% 23.2% 17.7%
13.1% 14.2% 10.5% 11.9% 8.3% Fund Numbers:
5.8% Series
0 ($CDN) FE BE LL
-1.5%
A 292 282 3164
-30 -19.3% -20.2% F 029 – –
I 192 – –
-60
-60.0%
Risk Tolerance
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 YTD
VERY LOW TO MODERATE
LOW MODERATE TO HIGH
Major Holdings** Major Holdings Represent 38.4%
LOW MODERATE HIGH
Sino-Forest Corp Canada Forest Products 6.3%
Turkiye Garanti Bankasi AS Turkey Regional Banks 4.4%
Migao Corp Canada Fertilizers/Agricult. Chem. 4.2% Fund Investment Philosophy
Vinacapital Vietnam Opportunity Fund Vietnam Diversified 4.1%
Bank of India India Regional Banks 3.6% bbThe Portfolio Manager applies a systematic
SJM Holdings Ltd Hong Kong Casinos & Gaming 3.4% analysis of economic and market cycles to
Canadian Natural Resources Ltd Canada Oil & Gas Exploration & Prod. 3.2% identify themes and sectors that are seen as
Bank Rakyat Indonesia Indonesia Regional Banks 3.1% poised to outperform over the next 1-3 years
Potash Corp of Saskatchewan In Canada Fertilizers/Agricult. Chem. 3.0% bbThe Portfolio Manager aims to anchor the
Itau Unibanco Holding SA Brazil Diversified Banks 3.0% portfolio with world-class leading companies
bbOpportunistically seeks out select higher
Regional Allocation Sector Allocation return potential securities where superior
growth or bargain opportunities can be
Canada 46.4% Financials 27.2% found
United States 10.0% Materials 26.3%
bbThe Fund has the freedom to emphasize
Cash & Equivalents 7.0% Energy 19.4%
value, growth, quality, or momentum,
Brazil 6.9% Cash & Equivalents 7.0%
depending on market prospects and current
Turkey 5.0% Information Technology 5.2%
conditions
China 4.7% Other 4.6%
India 4.3% Utilities 3.6% bbInvestors with a well-diversified portfolio
Vietnam 4.1% Consumer Discretionary 3.4% comprised of quality, growth and value,
Hong Kong 3.4% Industrials 1.5% may consider this Fund as an active-tilt
Indonesia 3.4% Health Care 1.3% component
Other 4.8% Fixed Income 0.5%

Portfolio Managers

Fred Sturm
Benoit Gervais
Kevin Kelly

For detailed portfolio manager commentary,

visit mackenziefinancial.com/mackenzie

* On January 1, 2002 Fred Sturm assumed management of the Fund.

** The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are
selected for their overall significance in evaluating the investment portfolio. Please see mackenziefinancial.com/currency to view funds/
products using currency derivatives to hedge exchange rate risk.

30