Mackenzie Maxxum Canadian Equity Growth Class

(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)

canadian equity

Interim Unaudited Financial Statements

For the Six-Month Period Ended September 30, 2009

These Interim Unaudited Financial Statements do not contain the Interim Management Report of Fund Performance (“MRFP”) of the investment fund. You may obtain a copy
of the Interim MRFP, at no cost, by calling the toll-free number 1-800-387-0614, by writing to us at Mackenzie Financial Corporation, 180 Queen Street West, Toronto, Ontario
M5V 3K1, by visiting our website at www.mackenziefinancial.com or by visiting the SEDAR website at www.sedar.com. Copies of the Annual Financial Statements or Annual MRFP
may also be obtained, at no cost, using any of the methods outlined above.
Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record
or quarterly portfolio disclosure.

NOTICE OF NO AUDITOR REVIEW OF THE INTERIM FINANCIAL STATEMENTS

Mackenzie Financial Corporation, the Manager of the Fund, appoints independent auditors to audit the Fund’s Annual Financial Statements. Under Canadian securities
laws (National Instrument 81-106), if an auditor has not reviewed the Interim Financial Statements, this must be disclosed in an accompanying notice.
The Fund’s independent auditors have not performed a review of these Interim Financial Statements in accordance with standards established by the Canadian Institute
of Chartered Accountants.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Statements of Net Assets Statements of Operations

In thousands (except per security figures) For the periods ended September 30 (note 1)
In thousands (except per security figures)
Sep. 30 Mar. 31 2009 2008
2009 2009 $ $
(Audited) Income
$ $ Dividends 133 146
Assets Interest 10 23
Investments at fair value 11,224 9,040 Less withholding taxes (2) (2)
Cash and short-term investments 683 408 Revenue from securities lending – 8
Accrued interest and dividends receivable 17 21 141 175
Receivables for securities sold 127 47
Subscriptions receivable 1 1 Expenses (note 4)
12,052 9,517 Management fees 113 153
Administration fees 19 31
Liabilities Interest charges – –
Payables for securities purchased 1 9 Capital tax – 2
Redemptions payable – 7 132 186
Operating expenses payable – – Net investment income (loss) before
1 16 rebated and absorbed expenses 9 (11)
Net assets 12,051 9,501 Rebated and absorbed expenses – 11
Series net assets (note 2) Net investment income (loss) before income taxes 9 –
Series A 10,088 8,046 Income taxes – –
Series F 221 212 Net investment income (loss) for the period 9 –
Series I 1,100 937 Realized gain (loss) on sale of investments 5 88
Series O 47 19 Change in unrealized appreciation (depreciation) 2,043 (1,559)
Series R 145 – Transaction costs (note 2) (9) (9)
Series T6 37 2 Net gain (loss) on investments 2,039 (1,480)
Series T8 413 285
Net assets per security (note 2) Increase (decrease) in net assets from operations 2,048 (1,480)
Series A 12.96 10.73 Increase (decrease) in net assets from operations
Series F 13.53 11.14 per series
Series I 9.27 7.65 Series A 1,735 (1,330)
Series O 13.23 10.83 Series F 43 (17)
Series R 10.76 – Series I 196 (115)
Series T6 11.41 9.72 Series O 7 13
Series T8 11.10 9.55 Series R 1 –
Series T6 2 (3)
Series T8 64 (28)
Increase (decrease) from operations per security
Series A 2.20 (1.59)
Series F 2.51 (1.57)
Series I 1.61 (0.88)
Series O 2.58 0.49
Series R 0.41 –
Series T6 1.02 (1.58)
Series T8 1.99 (3.98)

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

Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Statements of Changes in Net Assets

For the periods ended September 30 (note 1)
In thousands
2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
Series A Series F Series I Series O Series R
$ $ $ $ $
Net assets – beginning of period 8,046 11,550 212 157 937 1,441 19 545 – –
Increase (decrease) in net assets from operations 1,735 (1,330) 43 (17) 196 (115) 7 13 1 –
Dividends paid to securityholders:
Ordinary – – – – – – – – – –
Capital gains – – – – – – – – – –
Return of capital – – – – – – – – – –
Total dividends paid to securityholders – – – – – – – – – –
Security transactions:
Proceeds from securities issued 1,342 3,463 7 38 3 13 21 – 144 –
Reinvested dividends – – – – – – – – – –
Value of securities redeemed (1,035) (1,514) (41) (1) (36) (52) – (303) – –
Total security transactions 307 1,949 (34) 37 (33) (39) 21 (303) 144 –
Total increase (decrease) in net assets 2,042 619 9 20 163 (154) 28 (290) 145 –
Net assets – end of period 10,088 12,169 221 177 1,100 1,287 47 255 145 –

Increase (decrease) in fund securities (note 5): Securities Securities Securities Securities Securities
Securities outstanding – beginning of period 750 757 19 10 123 134 2 36 – –
Issued for cash 113 211 1 2 – 1 2 – 13 –
Reinvested from dividends – – – – – – – – – –
Redeemed (85) (96) (4) – (4) (5) – (18) – –
Securities outstanding – end of period 778 872 16 12 119 130 4 18 13 –

Series T6 Series T8 Total

$ $ $
Net assets – beginning of period 2 – 285 7 9,501 13,700
Increase (decrease) in net assets from operations 2 (3) 64 (28) 2,048 (1,480)
Dividends paid to securityholders:
Ordinary – – – – – –
Capital gains – – – – – –
Return of capital (1) – (13) (5) (14) (5)
Total dividends paid to securityholders (1) – (13) (5) (14) (5)
Security transactions:
Proceeds from securities issued 34 27 124 268 1,675 3,809
Reinvested dividends – – 3 – 3 –
Value of securities redeemed – – (50) (47) (1,162) (1,917)
Total security transactions 34 27 77 221 516 1,892
Total increase (decrease) in net assets 35 24 128 188 2,550 407
Net assets – end of period 37 24 413 195 12,051 14,107

Increase (decrease) in fund securities (note 5): Securities Securities

Securities outstanding – beginning of period 0.2 – 30 0.5
Issued for cash 2.8 2 12 18
Reinvested from dividends – – – –
Redeemed – – (5) (3)
Securities outstanding – end of period 3.0 2 37 15

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

Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Statement of Investments
As at September 30, 2009

Average Fair
No. of Cost Value
Country Sector Shares/Units ($ 000s) ($ 000s)
EQUITIES
Agnico-Eagle Mines Ltd. Canada Materials 1,900 83 138
Astral Media Inc. Class A non-voting Canada Consumer Discretionary 10,500 378 346
The Bank of Nova Scotia Canada Financials 12,500 554 610
Barrick Gold Corp. Canada Materials 14,800 578 600
Birchcliff Energy Ltd. Canada Energy 18,800 119 155
Bombardier Inc. Class B Sub. voting Canada Industrials 50,233 302 248
Brookfield Asset Management Inc. Class A limited voting Canada Financials 4,100 78 100
Canadian Imperial Bank of Commerce Canada Financials 5,300 386 346
Canadian National Railway Co. Canada Industrials 7,900 365 414
Canadian Natural Resources Ltd. Canada Energy 6,000 443 431
EnCana Corp. Canada Energy 9,200 559 570
Goldcorp Inc. Canada Materials 5,100 192 219
Husky Energy Inc. Canada Energy 13,700 444 412
Intact Financial Corp. Canada Financials 14,600 420 495
Loblaw Companies Ltd. Canada Consumer Staples 4,200 125 133
Manulife Financial Corp. Canada Financials 22,200 632 499
Nexen Inc. Canada Energy 8,900 270 215
Potash Corp. of Saskatchewan Inc. Canada Materials 3,800 422 368
Research In Motion Ltd. Canada Information Technology 4,600 437 333
Rogers Communications Inc. Class B non-voting Canada Telecommunication Services 6,300 202 190
Royal Bank of Canada Canada Financials 15,700 713 902
Shaw Communications Inc. Class B non-voting Canada Consumer Discretionary 21,100 415 408
Shoppers Drug Mart Corp. Canada Consumer Staples 7,500 355 329
Suncor Energy Inc. Canada Energy 13,200 558 489
Talisman Energy Inc. Canada Energy 20,600 325 382
Teck Resources Ltd. Class B Sub. voting Canada Materials 4,600 138 136
Thomson Reuters Corp. Canada Consumer Discretionary 11,600 367 416
Toromont Industries Ltd. Canada Industrials 10,500 267 240
The Toronto-Dominion Bank Canada Financials 8,700 535 602
TransCanada Corp. Canada Energy 4,300 153 143
Tristar Oil & Gas Ltd. Canada Energy 9,300 138 145
Total Equities 10,953 11,014

INCOME TRUSTS
Bonavista Energy Trust Canada Energy 10,300 287 210
Total Income Trusts 287 210

Transaction costs (see note 2) (15) –

Total investments 11,225 11,224

Cash and short-term investments 683

Other assets less liabilities 144
Total net assets 12,051

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

Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

1. The information provided in these financial statements and notes thereto is for the six-month period ended or as at September 30, 2009 and 2008,
except for the comparative information presented in the Statements of Net Assets and notes thereto, which is as at March 31, 2009. 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 Mackenzie Financial Capital Corporation
(“Capitalcorp”), 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 Capitalcorp have also been prepared.

2. Significant Accounting Policies

These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) and follow the
same accounting policies and methods as those used in preparing the annual financial statements and should be read in conjunction with the Fund’s
March 31, 2009 annual financial statements. GAAP requires management to make estimates and assumptions that affect the amounts reported in
the financial statements. Actual results may differ from such estimates.
(a) 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.
The adoption of these new standards does not impact the daily valuation of the Fund’s investments or net assets.
The CICA has issued amendments to Section 3862 to align with International Financial Reporting Standards (“IFRS”) 7, Financial Instruments -
Disclosures. The amendments require all financial instruments measured at fair value to be classified into one of three levels that distinguish fair
value measurements by the inputs used for valuation. The amendments are effective for annual financial statements relating to fiscal years ending
after September 30, 2009. The Fund will include these disclosures in its annual financial statements for the year ending March 31, 2010.
(b) 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.
(c) Investment transactions and income recognition
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. Gains or losses
on the sale of investments, including foreign exchange gains or losses 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 gains (losses) on sale of investments, as appropriate.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

2. Significant Accounting Policies (cont’d)
(c) Investment transactions and income recognition (cont’d)
Income, realized gains (losses) and unrealized gains (losses) 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.
(d) 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 as a receivable in the Statements of
Net Assets –Margin on futures contracts. 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 for
purchased options or received for written 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. Realized gains and losses 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
September 30, 2009.
(e) 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.
(f) Foreign exchange
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.
(g) 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.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

2. Significant Accounting Policies (cont’d)
(h) 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.

3. Income Taxes
Capitalcorp qualifies as a mutual fund corporation under the provisions of the Income Tax Act (Canada). The taxation year-end for Capitalcorp was
changed from January 31 to March 31 effective March 31, 2009.
Taxable Canadian dividends received and capital gains realized by Capitalcorp 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 Capitalcorp redeemed by securityholders. Payment
of Canadian dividends, if any, will be made by March 31 and capital gains dividends, if any, will be paid within 60 days of Capitalcorp’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 Capitalcorp, no taxes are currently payable in respect of these types of income.
Capitalcorp 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 Capitalcorp
may be applied against the income and/or capital gains attributable to Capitalcorp 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 Capitalcorp to the extent possible. Any residual taxable income would be refundable upon payment of capital gains or ordinary dividends
by Capitalcorp. This eliminates the requirement for a net tax provision for the Fund.
Capitalcorp 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.
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 March 31 of the years indicated. As at the last taxation year-end, the following loss carryforwards were
available for tax purposes.

Non-Capital Loss Capital Loss

Year of Expiry ($’000s) ($’000s)
2010 11,384 –
2028 6,966 –
2029 5,089 –
No expiration – 512,371
23,439 512,371
Capitalcorp 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.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

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”), as applicable, 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 September 30, 2009 and 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 September 30, 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 investment
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 September 30, 2009, they have been identified in the Statement of Investments.
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 summarizes the Fund’s exposure, if applicable and significant, to
currency risk.
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.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

6. Financial Instruments Risk (cont’d)
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 September 30, 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 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.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

8. Fund Specific Information (in ’000s, except for (a))

(a) Fund Formation and Series Information

Date of Formation November 5, 2003
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.
Series A securities are offered to retail investors investing a minimum of $500.
Series F securities are offered to investors who are enrolled in a dealer-sponsored fee-for-service or wrap program and who are subject to an asset-
based fee rather than commissions on each transaction, and employees of Mackenzie and its subsidiaries and directors of Mackenzie.
Series I securities are offered to investors investing a minimum of $500,000 in Mackenzie Funds (excluding the Mackenzie Segregated Funds).
Series O securities are offered to investors investing a minimum of $5,000,000 in Mackenzie Funds (excluding the Mackenzie Segregated Funds) and
who have entered into a Series O account agreement with Mackenzie, and also available for employees of Mackenzie and its subsidiaries without
the minimum investment requirement. 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.
Series R securities are offered only to other affiliated funds and certain institutional investors in connection with fund-of-fund arrangements.
Series T6 securities are offered to retail investors investing a minimum of $5,000 in Mackenzie Funds (excluding the Mackenzie Segregated Funds)
who want to receive a regular monthly cash flow of 6% per annum.
Series T8 securities are offered to retail investors investing a minimum of $5,000 in Mackenzie Funds (excluding the Mackenzie Segregated Funds)
who want to receive a regular monthly cash flow of 8% per annum.
An investor in the Fund may choose among different purchase options that are available under each series. These purchase options include a sales
charge purchase option, a redemption charge purchase option and a low-load purchase option. The charges under the sales charge purchase option
are negotiated by an investor with their dealer. The charges under the redemption charge and low-load purchase options are paid to Mackenzie if
an investor redeems securities of the Fund during specific time periods. Not all series of the Fund are available under each purchase option and the
charges under each purchase option may vary amongst the different series. For further details on these purchase options please refer to the Fund’s
Simplified Prospectus.
Inception/ Management Administration Net Asset Value per Security ($)
Series Reinstatement Date Fees Fees* Sep. 30, 2009 Mar. 31, 2009
Series A November 24, 2003 2.00% 0.24% 12.99 10.78
Series F May 12, 2004 1.00% 0.24% 13.55 11.19
Series I February 21, 2006 1.35% 0.24% 9.29 7.68
Series O March 2, 2004 – (1)
0.15% 13.26 10.88
Series R July 29, 2009 – (2)
– (2)
10.78 –
Series T6 July 22, 2008 2.00% 0.24% 11.44 9.76
Series T8 February 4, 2008 2.00% 0.24% 11.13 9.58

* Does not include any implementation period adjustments, as applicable.

(1) The management fee for Series O securities is negotiable by the investor and is payable directly to Mackenzie by Series O investors, not by the Fund. The rate will not exceed the
Series I management fee rate, if any. Prior to January 1, 2008, the management fee for Series O was charged to the Fund at a rate of 0.75%.
(2) No management fees or administration fees are charged to the investor or the Fund in respect of the Series R securities.
(b) Investments by Other Funds and Affiliates
As at September 30, 2009, other funds and/or affiliates had an investment of $145 (March 31, 2009 – $Nil) in the Fund.
(c) Securities Lending
During the periods ended September 30, 2009 and March 31, 2009, the Fund did not enter into securities lending, repurchase or reverse repurchase
transactions.
Mackenzie Maxxum Canadian Equity Growth Class
(Renamed Mackenzie maxxum all-canadian equity class on October 2, 2009)
interim unaudited financial statements  |  September 30, 2009 canadian equity

Notes to Financial Statements

8. Fund Specific Information (in ’000s, except for (a)) (cont’d)

(d) Commissions
The brokerage commissions paid to certain dealers included an amount of $0.1 (2008 – $Nil) that was available for payment to third party vendors
for the provision of investment decision making services. This amount represented 1.2% (2008 – Nil%) of the total commissions and other
transaction costs paid during the period.
(e) Change in Mandate and Name Change
Effective October 2, 2009, the Fund changed its investment strategy by primarily investing in Canadian securities. Concurrent with this change, the
Fund was renamed from Mackenzie Maxxum Canadian Equity Growth Class to Mackenzie Maxxum All-Canadian Equity Class.
(f) Risks Associated with Financial Instruments
i. Risk exposure and management
The Fund aims to increase investors’ capital over the long term by investing primarily in Canadian stocks. The portfolio manager follows a growth
style of investing. This means that he looks for companies that he believes are growing at rates faster than market rates, and considers whether
those companies’ share prices are likely to follow suit. The portfolio manager examines the earnings, cash flow, revenues and, for resource
companies, reserves of companies to determine where to invest the Fund’s assets.
ii. Currency risk
The table below indicates currencies to which the Fund had significant exposure as at period end in Canadian dollar terms, including the underlying
principal amount of any forward currency contracts. Other financial assets and liabilities (including accrued interest and dividends receivable, and
receivables/payables for securities sold/purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk.
Sep. 30, 2009 Mar. 31, 2009
Cash and Forward Cash and Forward
Short-Term Currency Net Short-Term Currency Net
Investments Investments Contracts Exposure* Investments Investments Contracts Exposure*
Currency ($) ($) ($) ($) ($) ($) ($) ($)
U.S. Dollars – – – – 1,493 – – 1,493
U.K. Pounds – – – – 239 – – 239
Swiss Francs – – – – 46 – – 46
Total – – – – 1,778 – – 1,778
As Percent of Net Assets (%) – – – – 18.7 – – 18.7
* Includes both monetary and non-monetary financial instruments
As of September 30, 2009, had the Canadian dollar increased or decreased by 5% relative to all foreign currencies, with all other variables held
constant, net assets would have decreased or increased, respectively, by approximately $Nil or Nil% of total net assets (March 31, 2009 – $89 or
0.9%). In practice, the actual trading results may differ and the difference could be material.
iii. Interest rate risk
As of September 30, 2009 and March 31, 2009, the Fund did not have a significant exposure to interest rate risk.
iv. Other price risk
The Fund’s most significant exposure to price risk arises from its investment in equity securities, income trusts and index funds. As at September 30,
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 $1,122 or 9.3% of total net assets (March 31, 2009 – $904 or 9.5%). In practice,
the actual trading results may differ and the difference could be material.
v. Credit risk
As of September 30, 2009 and March 31, 2009, the Fund did not have a significant exposure to credit risk.