| EXHIBIT 3 - INVESTMENT TERMS | |||||||||||||
| INSTRUMENT | ISSUER | INT_RATE | DATE_BGT | DATE_SOLD | BOUGHT | SOLD | BANK | LENGTH | W AVG LENGTH | DAYS to MAT | W AVG MAT | 12/31/2008 | |
| BOND | BMO | 4.30 | 03-Jan-2008 | 03-Jan-2009 | 2,000,000.00 | 2,000,000.00 | BMO | 366 | 732,000,000 | 3 | 6,000,000 | ||
| T-BILLS | ONT | 1.95 | 15-Oct-2008 | 16-Jan-2009 | 6,965,420.00 | 7,000,000.00 | TD | 93 | 647,784,060 | 16 | 111,446,720 | ||
| BDN | HONGKONG | 2.62 | 23-Oct-2008 | 21-Jan-2009 | 14,903,700.00 | 15,000,000.00 | HK | 90 | 1,341,333,000 | 21 | 312,977,700 | ||
| CD | MANULIFE | 2.76 | 04-Nov-2008 | 22-Jan-2009 | 5,600,000.00 | 5,633,452.71 | CAN | 79 | 442,400,000 | 22 | 123,200,000 | ||
| BOND | FARM CREDIT | 4.19 | 24-Jan-2008 | 24-Jan-2009 | 1,000,000.00 | 1,000,000.00 | WG | 366 | 366,000,000 | 24 | 24,000,000 | ||
| BOND | BNS | 4.40 | 25-Jan-2008 | 25-Jan-2009 | 1,000,000.00 | 1,000,000.00 | WG | 366 | 366,000,000 | 25 | 25,000,000 | ||
| BOND | ACFA | 4.09 | 28-Jan-2008 | 28-Jan-2009 | 3,000,000.00 | 3,000,000.00 | WG | 366 | 1,098,000,000 | 28 | 84,000,000 | ||
| BOND | ONT | 4.35 | 31-Jan-2008 | 31-Jan-2009 | 1,000,000.00 | 1,000,000.00 | WG | 366 | 366,000,000 | 31 | 31,000,000 | ||
| Less than 1 month | 35,469,120 | 14.1% | |||||||||||
| T-BILLS | ONT | 2.00 | 24-Nov-2008 | 04-Feb-2009 | 9,960,700.00 | 10,000,000.00 | TD | 72 | 717,170,400 | 35 | 348,624,500 | ||
| BA | BMO | 2.34 | 19-Nov-2008 | 17-Feb-2009 | 14,913,900.00 | 15,000,000.00 | TD | 90 | 1,342,251,000 | 48 | 715,867,200 | ||
| BA | CIBC | 2.34 | 19-Nov-2008 | 17-Feb-2009 | 14,913,900.00 | 15,000,000.00 | TD | 90 | 1,342,251,000 | 48 | 715,867,200 | ||
| BA | CIBC | 2.22 | 21-Nov-2008 | 17-Feb-2009 | 4,973,400.00 | 5,000,000.00 | TD | 88 | 437,659,200 | 48 | 238,723,200 | ||
| BA | TD | 1.88 | 02-Dec-2008 | 02-Mar-2009 | 11,944,680.00 | 12,000,000.00 | TD | 90 | 1,075,021,200 | 61 | 728,625,480 | ||
| BOND | CHT | 3.61 | 17-Mar-2004 | 15-Mar-2009 | 998,780.00 | 1,000,000.00 | WG | 1,824 | 1,821,774,720 | 74 | 73,909,720 | ||
| BOND | CHT | 4.30 | 24-Apr-2006 | 15-Mar-2009 | 2,947,500.00 | 3,000,000.00 | BMO | 1,056 | 3,112,560,000 | 74 | 218,115,000 | ||
| BOND | CIBC | 4.38 | 26-Mar-2004 | 26-Mar-2009 | 10,365,000.00 | 10,000,000.00 | RBC | 1,826 | 18,926,490,000 | 85 | 881,025,000 | ||
| BOND | MANITOBA | 3.73 | 25-Mar-2008 | 31-Mar-2009 | 3,000,000.00 | 3,000,000.00 | WG | 371 | 1,113,000,000 | 90 | 270,000,000 | ||
| Between 1 and 3 months | 74,017,860 | 29.4% | |||||||||||
| TERM ON | TD | 3.40 | 14-May-2008 | 14-May-2009 | 5,000,000.00 | 5,170,000.00 | TD | 365 | 1,825,000,000 | 134 | 670,000,000 | ||
| BOND | ONT | 4.19 | 03-May-2004 | 19-May-2009 | 2,980,260.00 | 3,000,000.00 | RBC | 1,842 | 5,489,638,920 | 139 | 414,256,140 | ||
| BA | BNS | 3.10 | 02-Jun-2008 | 25-May-2009 | 9,705,700.00 | 10,000,000.00 | TD | 357 | 3,464,934,900 | 145 | 1,407,326,500 | ||
| BOND | GOV CAN | 4.20 | 10-Jul-2003 | 01-Jun-2009 | 2,138,920.00 | 2,000,000.00 | RBC | 2,153 | 4,605,094,760 | 152 | 325,115,840 | ||
| BOND | RBC | 4.19 | 24-Aug-2008 | 24-Aug-2009 | 5,000,000.00 | 5,000,000.00 | WG | 365 | 1,825,000,000 | 236 | 1,180,000,000 | ||
| BOND | CMHC | 4.20 | 20-Sep-2004 | 15-Sep-2009 | 1,020,270.00 | 1,000,000.00 | WG | 1,821 | 1,857,911,670 | 258 | 263,229,660 | ||
| BOND | LONDON | 4.58 | 19-Sep-2003 | 19-Sep-2009 | 498,830.00 | 500,000.00 | WG | 2,192 | 1,093,435,360 | 262 | 130,693,460 | ||
| BOND | BMO | 4.55 | 25-Sep-2008 | 25-Sep-2009 | 4,000,000.00 | 4,000,000.00 | BMO | 365 | 1,460,000,000 | 268 | 1,072,000,000 | ||
| BOND | TORONTO | 4.59 | 25-Sep-2003 | 25-Sep-2009 | 499,100.00 | 500,000.00 | MER | 2,192 | 1,094,027,200 | 268 | 133,758,800 | ||
| BOND | TORONTO | 4.59 | 25-Sep-2003 | 25-Sep-2009 | 499,100.00 | 500,000.00 | WG | 2,192 | 1,094,027,200 | 268 | 133,758,800 | ||
| BOND | MANITOBA | 4.10 | 15-Sep-2008 | 01-Oct-2009 | 3,000,000.00 | 3,000,000.00 | WG | 381 | 1,143,000,000 | 274 | 822,000,000 | ||
| CD | MANULIFE | 3.68 | 26-Nov-2008 | 26-Nov-2009 | 8,000,000.00 | 8,294,400.00 | CAN | 365 | 2,920,000,000 | 330 | 2,640,000,000 | ||
| Between three months and one year | 42,342,180 | 16.8% | |||||||||||
| BOND | CHT | 3.63 | 27-Sep-2005 | 15-Sep-2010 | 998,910.00 | 1,000,000.00 | WG | 1,814 | 1,812,022,740 | 623 | 622,320,930 | ||
| BOND | CHT | 4.04 | 09-Dec-2005 | 15-Sep-2010 | 1,964,800.00 | 2,000,000.00 | BMO | 1,741 | 3,420,716,800 | 623 | 1,224,070,400 | ||
| BOND | CHT | 4.02 | 18-Jan-2006 | 15-Sep-2010 | 2,945,340.00 | 3,000,000.00 | BMO | 1,701 | 5,010,023,340 | 623 | 1,834,946,820 | ||
| BOND | TORONTO | 4.80 | 25-Sep-2003 | 25-Sep-2010 | 499,900.00 | 500,000.00 | WG | 2,557 | 1,278,244,300 | 633 | 316,436,700 | ||
| BOND | TD | 4.55 | 08-Dec-2008 | 18-Jan-2011 | 2,988,900.00 | 3,000,000.00 | WG | 771 | 2,304,441,900 | 748 | 2,235,697,200 | ||
| BOND | YORK | 4.21 | 25-May-2005 | 25-May-2011 | 997,900.00 | 1,000,000.00 | WG | 2,191 | 2,186,398,900 | 875 | 873,162,500 | ||
| BOND | CIBC | 4.40 | 11-Mar-2008 | 01-Nov-2011 | 3,999,520.00 | 4,000,000.00 | BMO | 1,330 | 5,319,361,600 | 1,035 | 4,139,503,200 | ||
| BOND | HALTON | 4.68 | 13-Feb-2004 | 12-Feb-2012 | 989,018.00 | 991,000.00 | WG | 2,921 | 2,888,921,578 | 1,138 | 1,125,502,484 | ||
| BOND | CIBC | 4.90 | 15-Feb-2008 | 10-Sep-2012 | 4,025,560.00 | 4,000,000.00 | BMO | 1,669 | 6,718,659,640 | 1,349 | 5,430,480,440 | ||
| BOND | BNS | 5.40 | 12-Dec-2008 | 01-Nov-2012 | 2,445,510.00 | 3,000,000.00 | WG | 1,420 | 3,472,624,200 | 1,401 | 3,426,159,510 | ||
| BOND | TD | 5.00 | 08-Apr-2008 | 01-Nov-2012 | 5,000,000.00 | 5,000,000.00 | BMO | 1,668 | 8,340,000,000 | 1,401 | 7,005,000,000 | ||
| BOND | TD | 4.67 | 02-Jun-2008 | 01-Nov-2012 | 3,272,600.00 | 4,000,000.00 | WG | 1,613 | 5,278,703,800 | 1,401 | 4,584,912,600 | ||
| BOND | BCMFA | 5.03 | 22-Apr-2004 | 22-Apr-2013 | 998,900.00 | 1,000,000.00 | CAN | 3,287 | 3,283,384,300 | 1,573 | 1,571,269,700 | ||
| BOND | BCMFA | 4.01 | 29-Sep-2008 | 12-May-2013 | 3,000,000.00 | 2,500,000.00 | BMO | 1,686 | 5,058,000,000 | 1,593 | 4,779,000,000 | ||
| BOND | TD | 5.15 | 28-Nov-2007 | 03-Jun-2013 | 5,143,750.00 | 5,000,000.00 | BMO | 2,014 | 10,359,512,500 | 1,615 | 8,307,156,250 | ||
| BOND | CIBC | 5.35 | 13-Jun-2008 | 06-Jun-2013 | 4,971,500.00 | 5,000,000.00 | BMO | 1,819 | 9,043,158,500 | 1,618 | 8,043,887,000 | ||
| BOND | RBC | 5.59 | 06-Oct-2008 | 06-Jun-2013 | 1,958,000.00 | 2,000,000.00 | WG | 1,704 | 3,336,432,000 | 1,618 | 3,168,044,000 | ||
| BOND | RBC | 5.61 | 28-Nov-2008 | 06-Jun-2013 | 2,936,700.00 | 3,000,000.00 | BMO | 1,651 | 4,848,491,700 | 1,618 | 4,751,580,600 | ||
| BOND | BNS | 4.66 | 27-May-2008 | 27-Sep-2013 | 1,960,700.00 | 2,500,000.00 | WG | 1,949 | 3,821,404,300 | 1,731 | 3,393,971,700 | ||
| BOND | YORK | 4.04 | 27-Sep-2005 | 27-Sep-2013 | 1,986,000.00 | 2,000,000.00 | WG | 2,922 | 5,803,092,000 | 1,731 | 3,437,766,000 | ||
| ACCRUAL | BMO | 4.65 | 05-Mar-2007 | 01-Mar-2014 | 3,000,000.00 | 4,124,700.00 | BMO | 2,553 | 7,659,000,000 | 1,886 | 5,658,000,000 | ||
| BOND | ONT | 5.05 | 08-Oct-2004 | 08-Mar-2014 | 1,000,830.00 | 1,000,000.00 | CAN | 3,438 | 3,440,853,540 | 1,893 | 1,894,571,190 | ||
| BOND | CIBC | 4.84 | 14-Mar-2005 | 22-Dec-2014 | 1,994,880.00 | 2,000,000.00 | WG | 3,570 | 7,121,721,600 | 2,182 | 4,352,828,160 | ||
| BOND | ONT | 4.32 | 24-Oct-2005 | 08-Mar-2015 | 3,052,200.00 | 3,000,000.00 | RBC | 3,422 | 10,444,628,400 | 2,258 | 6,891,867,600 | ||
| BOND | ONT | 4.28 | 22-Jul-2005 | 08-Mar-2015 | 1,021,050.00 | 1,000,000.00 | WG | 3,516 | 3,590,011,800 | 2,258 | 2,305,530,900 | ||
| BOND | TD | 5.10 | 08-Aug-2008 | 02-Apr-2015 | 4,098,880.00 | 4,000,000.00 | BMO | 2,428 | 9,952,080,640 | 2,283 | 9,357,743,040 | ||
| BOND | TD | 5.33 | 10-Sep-2008 | 02-Apr-2015 | 2,024,000.00 | 2,000,000.00 | BMO | 2,395 | 4,847,480,000 | 2,283 | 4,620,792,000 | ||
| BOND | TD | 6.14 | 22-Oct-2008 | 02-Apr-2015 | 1,940,000.00 | 2,000,000.00 | WG | 2,353 | 4,564,820,000 | 2,283 | 4,429,020,000 | ||
| BOND | BMO | 5.71 | 22-Oct-2008 | 10-Jun-2015 | 3,901,600.00 | 4,000,000.00 | BMO | 2,422 | 9,449,675,200 | 2,352 | 9,176,563,200 | ||
| BOND | ONT | 4.47 | 26-Apr-2007 | 08-Mar-2017 | 1,485,315.00 | 1,500,000.00 | WG | 3,604 | 5,353,075,260 | 2,989 | 4,439,606,535 | ||
| BOND | ONT | 4.57 | 26-Nov-2008 | 08-Mar-2017 | 1,970,560.00 | 2,000,000.00 | RBC | 3,024 | 5,958,973,440 | 2,989 | 5,890,003,840 | ||
| ACCRUAL | BMO | 5.11 | 02-May-2007 | 02-May-2017 | 4,000,000.00 | 6,586,400.00 | BMO | 3,653 | 14,612,000,000 | 3,044 | 12,176,000,000 | ||
| BOND | YORK | 4.94 | 25-Sep-2008 | 30-May-2017 | 1,470,000.00 | 1,500,000.00 | WG | 3,169 | 4,658,430,000 | 3,072 | 4,515,840,000 | ||
| BOND | YORK REGION | 4.66 | 30-May-2007 | 30-May-2017 | 1,999,200.00 | 2,000,000.00 | WG | 3,653 | 7,303,077,600 | 3,072 | 6,141,542,400 | ||
| BOND | YORK REGION | 4.39 | 07-Mar-2008 | 30-May-2017 | 1,529,250.00 | 1,500,000.00 | WG | 3,371 | 5,155,101,750 | 3,072 | 4,697,856,000 | ||
| BOND | ONT | 4.73 | 29-Oct-2008 | 08-Mar-2018 | 1,928,640.00 | 2,000,000.00 | RBC | 3,417 | 6,590,162,880 | 3,354 | 6,468,658,560 | ||
| BOND | ONT | 4.41 | 12-Dec-2008 | 08-Mar-2018 | 1,974,860.00 | 2,000,000.00 | WG | 3,373 | 6,661,202,780 | 3,354 | 6,623,680,440 | ||
| BOND | BMO | 5.63 | 09-Sep-2008 | 02-May-2018 | 1,552,500.00 | 1,500,000.00 | WG | 3,522 | 5,467,905,000 | 3,409 | 5,292,472,500 | ||
| BOND | ONT | 5.11 | 05-Nov-2008 | 02-Jun-2018 | 2,999,999.57 | 4,835,979.00 | BMO | 3,496 | 10,487,998,497 | 3,440 | 10,319,998,521 | ||
| BOND | TORONTO | 5.05 | 27-Jun-2008 | 27-Jun-2018 | 996,960.00 | 1,000,000.00 | WG | 3,652 | 3,640,897,920 | 3,465 | 3,454,466,400 | ||
| BOND | RBC | 5.26 | 10-Oct-2007 | 04-Nov-2018 | 3,039,990.00 | 3,000,000.00 | BMO | 4,043 | 12,290,679,570 | 3,595 | 10,928,764,050 | ||
| Over 1 year | 100,064,223 | 39.6% | |||||||||||
| Portfolio excluding Bonds | $ 106,881,400 | Average Length of Investment (days) | 1,214.6 | ||||||||||
| Bond/Accrual Portfolio | $ 145,011,983 | ||||||||||||
| Weighted Average Days to Maturity | 849.6 | ||||||||||||
| Portfolio Balance Dec 31, 2008 | $ 251,893,383 | ||||||||||||
| General Fund and Other Reserves | |||||||||||||
| (not including DCA) | |||||||||||||