Emerging Markets Equity Pool

Summary of Investment Portfolio as at December 31, 2011
PORTFOLIO BREAKDOWN

Category		  
Percentage
of Net
Asset
Value (%)

Country Allocation		   
Cash & Equivalents20.4
Brazil13.3
South Korea9.2
China6.0
Hong Kong5.4
Thailand4.8
Taiwan4.7
Indonesia3.8
U.S.A.3.6
U.K.3.5
Mexico3.3
South Africa3.1
Russia2.3
India2.2
Netherlands2.1
Switzerland2.0
Cayman Islands1.6
Bermuda1.5
Czech Republic1.3
Turkey1.2
Chile1.2
Japan1.0
Israel0.9
Canada0.6
Netherlands Antilles0.4
Germany0.3
Singapore0.2
Other Assets (net)0.1

Sector Allocation		   
Cash & Equivalents20.4
Financials18.6
Information Technology11.7
Energy9.9
Materials8.7
Consumer Discretionary7.7
Consumer Staples7.7
Telecommunication Services5.1
Health Care3.7
Industrials3.7
Utilities2.7
Other Assets (net)0.1
  
TOP 25 HOLDINGS

Security Name
Percentage
of Net
Asset
Value (%)
Cash & Equivalents 20.4
Samsung Electronics Co., Ltd. 3.3
Semen Gresik Persero Tbk PT 2.1
Royal Dutch Shell PLC, Class A 2.1
Yahoo! Inc. 2.0
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2.0
CNOOC Ltd., ADR 1.5
Banco Santander Brasil SA 1.5
Bangkok Bank PCL 1.4
Komercni Banka AS 1.3
Companhia de Concessoes Rodoviarias 1.3
Sberbank CLS 1.3
Siam Cement PCL 1.3
PetroChina Co., Ltd., ADR 1.2
Turkiye Garanti Bankasi AS 1.2
Odontoprev SA 1.2
MTN Group Ltd. 1.2
China Shenhua Energy Co., Ltd., Class H 1.1
Wumart Stores Inc., Class H 1.1
Bharti Tele Ventures Ltd. 1.1
Syngenta AG 1.1
Mobile Telesystems OJSC, ADR 1.1
Life Healthcare Group Holdings Ltd. 1.0
Wal-Mart de Mexico SA de CV 1.0
LG Life Sciences Ltd. 1.0
Total Net Asset Value (thousands of dollars) : $ 79,710
The summary of investment portfolio may change due to ongoing portfolio transactions of the investment fund and updates will be available on a quarterly basis.

The prospectus and other information about the fund are available on the internet at www.unitedfinancial.ca. 		 
Quarterly Portfolio Disclosure as at December 31, 2011 CIG-9621