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December 31, 2011

	1 Year %	3 Year %	5 Year %	10 Year %	Since Incept. %
Canadian Money Market
MD Money Fund ¹
- Series A	0.85	0.63	1.79	2.10	5.14
Canadian Short-Term Fixed Income
MD Bond & Mortgage Fund
- Series A	3.42	3.06	3.74	3.60	4.50
MD Stable Income Fund ^2,5
	2.86	3.03	3.23	3.75	4.02
MD Income Fund ^2,3,4
	-	-	-	-	-
Canadian Fixed Income
MD Bond Fund
- Series A	7.57	6.92	5.34	5.39	7.53
Other
MD Balanced Fund
- Series A	-7.16	8.58	1.05	4.31	6.66
- Series T	-7.12	-	-	-	-4.77
MD Dividend Fund
- Series A	-2.76	8.78	1.32	5.95	7.51
- Series T	-2.59	-	-	-	-0.64
Canadian Equity
MD Equity Fund
- Series A	-8.82	8.17	-1.92	5.25	8.17
- Series T	-5.97	-	-	-	-1.94
MD Income & Growth Fund
- Series A	1.76	15.02	-	-	3.11
- Series T	1.87	-	-	-	3.33
MD Select Fund
- Series A	-18.43	10.41	-3.15	1.91	5.06
- Series T	-18.22	-	-	-	-16.98
MDPIM Canadian Equity Pool ⁴
- Series A	-15.38	10.10	-0.44	5.46	3.07
- Series T	-14.95	-	-	-	-14.20
US Equity
MD American Growth Fund
- Series A	-2.22	9.09	-3.37	-4.48	5.45
- Series T	-2.17	-	-	-	1.01
MD American Value Fund
- Series A	-3.88	4.40	-3.31	-1.79	-1.94
- Series T	-3.71	-	-	-	0.10
MDPIM US Equity Pool ⁴
- Series A	-2.39	3.61	-5.87	-3.87	-4.71
- Series T	-1.79	-	-	-	-3.96
International Equity
MD Growth Fund
- Series A	-7.28	1.90	-7.03	-1.20	10.11
MD International Growth Fund
- Series A	-13.70	3.19	-6.30	-1.18	-3.61
- Series T	-12.26	-	-	-	-12.81
MD International Value Fund
- Series A	-12.04	-3.34	-9.19	-	-1.92
- Series T	-10.70	-	-	-	-11.39
Portfolio Solutions
MD Conservative Portfolio
- Series A	0.56	-	-	-	3.79
MD Moderate Balanced Portfolio
- Series A	-2.71	-	-	-	2.69
MD Balanced Growth Portfolio
- Series A	-5.54	-	-	-	1.40
MD Maximum Growth Portfolio
- Series A	-7.83	-	-	-	0.66

¹ For the seven-day period ending Dec.31, 2011 the MD Money Fund had a current yield of 0.65% and an effective yield of 0.65%
² These products are distributed by MD Insurance Agency Limited.
³ Projected yields for MD Income Fund for the period Oct.. 1, 2011, to Dec. 31, 2011: annualized 3.600% - 4.000%, and per annum compounded quarterly 3.550% - 3.950%. Actual returns displayed are to June 30, 2011, and are updated quarterly.
⁴ Closed to new subscribers as of February 10, 2003.
⁵ MD Stable Income Fund is not a mutual fund; it is a segregated group annuity policy issued by MD Life Insurance Company. Important information about this product can be found in the MD Stable Income Fund Group Annuity Policy Certificate, which can be obtained by calling 1 800 267-2332. All life licensed MD Management advisors and MD insurance consultants have life licences with MD Insurance Agency Limited.

The board of directors approved all series T funds on October 25, 2010. Assets first flowed into the series T funds as follows; MD American Growth, MD American Value, MD Equity and MD Dividend on November 22, 2010; MD Balanced on December 2, 2010; MD Income & Growth on December 7, 2010; MD International Growth, MD International Value and MD Select on December 21, 2010.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated. To obtain a copy of the prospectus, please call your MD advisor or the MD TradeCentre at 1 800 267-2332.

MD Physician Services provides financial products and services, the MD family of mutual funds, investment counselling services and practice management products and services through the MD group of companies. For a detailed list of these companies, visit md.cma.ca.

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